M&T Bank Corporation reported net income of $721 million for the third quarter of 2024, translating to diluted earnings per common share of $4.02. This represents an increase from $655 million and $3.73 per share in the second quarter of 2024, and $690 million and $3.98 per share in the year-ago third quarter.
The bank's taxable-equivalent net interest income increased by 1% from the prior quarter to $1,739 million, with the net interest margin expanding to 3.62% from 3.59%. The provision for credit losses decreased to $120 million, down from $150 million in both the second quarter of 2024 and the third quarter of 2023, reflecting improved credit quality.
Asset quality showed notable improvement, with nonaccrual loans decreasing by $98 million sequentially and $416 million year-over-year to $1.9 billion at September 30, 2024. M&T's Common Equity Tier 1 (CET1) capital ratio was an estimated 11.54%, and the company repurchased 1,190,054 shares of its common stock for $200 million during the quarter.
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