M&T 1Q profit tops expectations

M&T Bank Corp. reported a 15 percent increase in net income for the first quarter, exceeding analyst estimates.

The Buffalo-based company had net income for the three months ended March 31 of $202.2 million, or $1.82 a share compared to $175.9 million, or $1.57 a share, a year ago. The report includes $29 million, or 26 cents per share, in gains associated with M&T's status as a member bank in Visa Inc., which went public last month.

Analysts had expected net income of $1.56 a share.

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"M&T's financial results for the first three months of this year demonstrate a certain resilience to the ongoing disarray in the financial markets," said Rene Jones, chief financial officer of M&T.

M&T cited additional factors such as continued strong growth in commercial and commercial real estate loans, and an improvement in its fee income.

Total assets stood at $66.1 billion at the end of March, up 14.3 percent from $57.8 billion last year.

M&T shares were up 5.6 percent, or $4.59, to $85.26 Tuesday afternoon.