M&T Bank Corporation reported net income of $681 million for the fourth quarter of 2024, resulting in diluted earnings per common share of $3.86. For the full year 2024, net income was $2.59 billion, or $14.64 per diluted common share.
Taxable-equivalent net interest income for Q4 2024 was $1,740 million, stable from the prior quarter and up from $1,735 million in Q4 2023. The full-year taxable-equivalent net interest income was $6.90 billion, a 4% decrease from $7.17 billion in 2023. The provision for credit losses in Q4 was $140 million, contributing to a full-year provision of $610 million, down from $645 million in 2023.
Asset quality continued to improve, with nonaccrual loans at $1.7 billion at December 31, 2024, a decrease of $236 million sequentially and $476 million year-over-year. The Common Equity Tier 1 (CET1) capital ratio was an estimated 11.67% at year-end 2024, and M&T repurchased 957,988 shares of its common stock for $200 million during the fourth quarter.
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