Shares of M&T Bank Corp. were up by 1.7 percent Wednesday, a day after the bank reported a 28 percent drop in quarterly profits.
The Buffalo-based bank’s earnings, however, were 3 cents better than analysts’ projections.
On track to become the local deposit leader in the Rochester market, M&T Bank reported second-quarter net income of $214.7 million, or $1.71 a diluted share, attributable to common shareholders.
Wall Street estimated earnings per share of $1.68.
M&T reported income of $297.2 million, or $2.42 per diluted share, in the second quarter of 2011.
“M&T continues to perform well for both our customers and our shareholders,” Chief Financial Officer Rene Jones said in a statement Tuesday announcing the results.
The bank had significant revenue growth in net interest income, mortgage banking and trust services, Jones said.
Shares were trading in the $87 range Wednesday afternoon.
M&T ranked second to HSBC Bank USA N.A. in the Rochester market with local deposits of more than $3 billion as of June 30, 2011, data from the Federal Deposit Insurance Corp. shows.
The local HSBC branches were acquired in May by First Niagara Bank N.A.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.