M&T Bank Exceeds Q2 Estimates, Net Income More Than Tripled On Asset Sale Gain
Portfolio Pulse from Lekha Gupta
M&T Bank Corporation (NYSE:MTB) reported Q2 FY23 revenue of $2.60 billion, beating the consensus of $2.39 billion. Net income of $867 million was significantly higher than $218 million a year ago, largely due to the sale of its Collective Investment Trust (CIT) business which resulted in a pre-tax gain of $225 million. The bank's shares are trading higher by 2.02% at $137.48 in premarket trading.
July 19, 2023 | 1:19 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
M&T Bank's Q2 FY23 results exceeded estimates, with significant gains from the sale of its CIT business. This positive news has led to a premarket increase in the bank's share price.
M&T Bank's strong Q2 FY23 results, particularly the significant increase in net income due to the sale of its CIT business, are likely to have a positive impact on investor sentiment and the bank's share price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100