M&T profit in Q1 falls short

M&T BANK, the American regional bank in which AIB has a 22.5% stake, had mixed news for investors yesterday as it disappointed with its first quarter profits, but said full-year results would still be on track.

M&T delivered profits of $160 million (€133m), or $1.30, for the three months to March. This was ahead of the $1.23 recorded in the same quarter last year, but failed to meet the $1.39 expected by analysts.

However, most of the shortfall was down to a once-off $7m charge, related to a mortgage securitisation programme. The bank also said mortgage lending was lower than expected.