On Thursday, M&T Bank Corporation (NYSE: MTB) posted its results for the fourth quarter, with both revenue and earnings beating estimates.
According to the company, for the fourth quarter, revenue of the bank increased from $1.35 billion for the same period last year to $1.46 billion, beating analysts’ estimates of $1.42 billion. Adjusted net operating earnings for the fourth quarter were reported to be $2.66 per share, surpassing estimates of $2.40 per share.
For the full year 2017, revenue of the bank rose 6.4% from that of 2016 to $5.6 billion. The result was in line with expectations. In addition, the bank posted net operating earnings of $1.43 billion or $8.82 per share, increasing from $1.36 billion or $8.08 per share in 2016.
“Financial results in 2017 highlight what was a successful year for M&T. Strong growth in net interest income, credit costs that were significantly below our historical norms, and well controlled expenses led to a 12% rise in earnings per common share for the year,” Darren J. King, the Executive Vice President and Chief Financial Officer of the bank, said in the statement on Thursday.
“Fourth quarter results were negatively impacted by the newly enacted tax legislation, but a lower corporate tax rate in the future should provide many benefits to M&T. We are proud to carry on the legacy of our long-time Chairman and Chief Executive Officer, Bob Wilmers, through investing in the communities we serve by contributing $50 million during 2017 to The M&T Charitable Foundation, the highest annual amount in our history,” he commented.