M&T Bank Corporation reported net income of $681 million for the fourth quarter of 2024, equivalent to $3.86 per diluted share. Full-year 2024 net income reached $2.59 billion, or $14.64 per diluted share, according to the earnings announcement published on 16 January 2025.
Net interest margin for the fourth quarter stood at 3.58 per cent, down from 3.62 per cent in the third quarter, reflecting a lower contribution of interest-free funds partly offset by a higher net interest spread. Return on average tangible common equity, on M&T's net operating basis, was 14.66 per cent for the quarter, compared with 15.47 per cent in the third quarter. Return on average assets for the period was 1.28 per cent.
CET1 RATIO RISES FOR SEVENTH STRAIGHT QUARTER
The Common Equity Tier 1 capital ratio rose to 11.67 per cent in the fourth quarter, marking the seventh consecutive quarterly increase in the ratio.
LOANS AND CREDIT QUALITY
Average loans rose by $972 million from the third quarter at M&T Bank, driven by commercial and industrial and consumer loans, partly offset by a decline in commercial real estate balances.
Non-accrual loans declined 12 per cent quarter-over-quarter to $1.69 billion, although net charge-offs rose to 0.47 per cent of average loans from 0.35 per cent in the third quarter.