M&T Bank Q2 net interest income slightly beats on loan growth

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M&T Bank Corporation

MTB

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Overview

  • US regional bank's Q2 adjusted EPS beat analyst expectations

  • Q2 net interest income slightly beat analyst expectations

  • Company repurchased $465 mln in shares during the quarter


Outlook

  • Company did not provide specific guidance for the current quarter or full year in the press release


Result Drivers

  • LOAN GROWTH - Co said net interest income rose due to broad-based loan growth across commercial, residential, and consumer categories

  • NONINTEREST INCOME - Co attributed higher noninterest income to a larger distribution from its investment in Bayview Lending Group, increased trust income, and higher revenues from interest rate swap agreements for commercial customers

  • LOWER NONINTEREST EXPENSE - Co said noninterest expense declined from the prior quarter mainly due to seasonal salaries and employee benefits expense recognized in Q1


Company press release: ID:nPn2ftcj0a


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Adjusted EPS

Beat

$5.35

$4.66 (18 Analysts)

Q2 EPS

$5.32

Q2 Net Income

$818 mln

Q2 Net Interest Income

Slight Beat*

$1.79 bln

$1.78 bln (9 Analysts)

Q2 CET1 Capital Ratio

10.19%

Q2 Net Interest Margin

3.70%

Q2 Provision for Credit Loss

$120 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 13 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy."

  • Wall Street's median 12-month price target for M&T Bank Corp is $242.00, about 0.1% below its July 14 closing price of $241.85

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


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