M&T Bank dips despite earnings beat as margin narrows and expenses rise
-1.54% to $215.28 from $218.65
What moved MTB
- M&T reported adjusted operating earnings of $5.08 per share on $2.54 billion in revenue, above analyst forecasts of $4.93 per share on $2.53 billion.
- GAAP net income was $775 million, or $5.04 per diluted share, down from $818 million, or $5.32 per share, in the second quarter.
- Net interest margin narrowed 5 basis points sequentially to 3.65%, while noninterest expenses rose 3.3% from the prior quarter to $1.39 billion.
- Shares slipped about 0.3% in premarket trading, with the move attributed to margin pressure and higher expenses rather than the earnings beat itself.
Sources: StockTitan · M&T Bank newsroom · Investing.com