Profits up 19% at AIB’s M

PROFIT growth of 19% at US bank M&T exceeded expectations but it had a modest positive impact on the shares price of its largest shareholder, AIB bank.

M&T Bank Corp, which counts billionaire Warren Buffett as its third-largest shareholder, said quarterly profit rose by 19% boosted by growing fees and a drop in bad loans.

The Buffalo, New York-based company, whose $3 billion purchase in 2003 of scandal-riddled Allfirst Financial Inc from AIB made it one of the 20 largest US banks, said third-quarter net income increased to $186.4 million, or $1.56 per share, from $156.5m, or $1.28 per share, a year earlier.