In Brief: M&T Bank's Profits Up 20% in Quarter

M&T Bank Corp. reported a 20% gain in profits for the third quarter, to $67.5 million, or $8.29 a share.

The performance, which included $2.2 million in one-time charges, beat Wall Street expectations by 4 cents. The $21.8 billion-asset banking company completed its acquisition of 29 Chase Manhattan Corp. branches in northern and central New York in September.

Net interest income rose 10%, to $193 million. Nonperforming loans rose to $116.3 million at the end of the quarter from $119.2 million a year earlier. Other income rose 12%, to $71 million. Expenses declined 5%, to $60.8 million.