M&T profits jump 40% in Q3

M&T BANK, the US bank in which AIB holds a near 23% stake, has reported a 40% year-on-year increase in third quarter net profits but has still seen a like-for-like fall of 46% in profit for the year to date.

The Buffalo, New York-based bank, which has recently been at the centre of renewed asset disposal speculation concerning AIB, said that income for the three months to the end of September was boosted by acquisitions, most notably that of the Baltimore-based Bradford Bank.

Net income for the three months to the end of September reached $127.6m (€85.6m), up by 40% on the same period last year, while basic earnings per share were up by 17% at 97c. For the nine months up to the end of September, however, net profit was down by 46% year-on-year, at $243.07m (€162.85m), and basic earnings per share were down by 55%, at 184c.