Buffalo-based M&T Bank Corporation has announced the Q2 Fiscal results on Monday April 20, 2020. According to the PR News Wire News Agency, the bank has got the diluted earnings of $1.93 per common share in the first quarter as compared with the $3.53 in the initial quarter.
The GAAP-based net income for the first quarter of the Bank stood at 90% and 7.00% as compared to previous 1.68% and 13.14%.
CFO and Executive Vice President of M&T Bank Corporation, Darren J. King, said, “I am extremely proud of the way the M&T team has responded to the COVID-19 crisis. From tellers and relationship bankers to operational teams and head office staff, the efforts of our colleagues to ensure that customers are receiving relief and outstanding service when they need it most have been extraordinary. During difficult times M&T has always been a steady and reliable source of strength.”
The first quarter results of the M&T Bank hugely impacted by the Covid-19 pandemic, as the country imposed a total lockdown to stop further the spread of the virus. The US Government brought a CARES Act law, which also help to provide much needed economic relief to the borrowers.
The Bank has also provided a lot of options to its customers, including payment deferrals, loan maturity extensions, low interest rate loan products ad fee waivers.
The non-interest expenses of the Bank rose up to 906 Million USD from the initial quarter of 894 Million USD. The factors which are chiefly accounted to the surge of non-interest expenses are employee benefits, increased costs for salaries.
The Bank witnessed the surge in commercial loans as Bank granted $.2.4 Billion USD commercial loans and $1.1 Billion USD amount granted to commercial real estate loans. Much of the commercial loan occurred alone in the month of March as commercial customers has previously approves line of credit before issuance of the loan.