M&T Bank Corp beat Wall Street estimates for first-quarter profit on Monday, as the U.S. Federal Reserve's rapid rate hikes to tame high inflation boosted the lender's interest income.
Buildings are reflected in the window of an M&T Bank branch in New York August 27, 2012. REUTERS/Brendan McDermid/File Photobeat Wall Street estimates for first-quarter profit on Monday, as the U.S. Federal Reserve's rapid rate hikes to tame high inflation boosted the lender's interest income.
Shares of M&T Bank rose nearly 3% to $120 in premarket trading. They have lost roughly 20% of their value this year. Total deposits for M&T Bank fell nearly 3% to $159.1 billion, compared with $163.5 billion at the end of the previous quarter.
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