M&T profits up 39% to $184m

M&T BANK, the American regional bank in which AIB has a 22.5% stake, said it was on course to meet full-year expectations after it delivered profits of $184 million (€150m), a 39% increase on the same period last year.

The results were flattered by an adjustment relating to a mortgage securitisation programme that added $13m to the bottom line, but were still ahead of most analysts’ expectations.

Earnings per share came in at $1.53, ahead of the consensus estimate of $1.45.