M&T Bank reports $156 million profit

M&T Bank Corporation, in which AIB has a 22.5% stake, reported third quarter profits of $156 million yesterday, up 42% on last year due to the acquisition of Allfirst from the Irish bank.

New Jersey-based M&T said earnings per share had risen by 10% to $1.28, driven by strong growth in its loan book.

M&T acquired Allfirst from AIB last year in a $3 billion cash and share deal months after $691m in currency losses were uncovered.