M&T Bank Corp.'s second-quarter earnings rose 71% as the regional bank posted lower reserves for credit losses.
The bank, which operates in the Northeastern and Mid-Atlantic states, has posted improved results in recent quarters on improving credit quality, like most of the industry.
Rival regional-lender KeyCorp reported Tuesday its second-quarter profit soared on improved credit quality and sharply lower loan loss provisions, though revenue slipped 8.2%.
M&T Bank reported a profit of $297.2 million, or $2.42 a share, up from $173.6 million, or $1.46 a share, a year earlier. Excluding items, such as amortization and merger and acquisition costs, earnings rose to $2.16 from $1.53. Analysts polled by Thomson Reuters had most recently forecast earnings of $1.55 a share.
Credit-loss provisions fell to $63 million from $85 million a year earlier and $75 million in the first quarter. Net charge-offs, or loans it doesn't think are collectible, decreased to 0.43% of average loans from 0.64% year-over-year and 0.58% sequentially.
Total deposits were $59.2 billion at June 30, from $47.5 billion a year earlier.
Shares closed at $86.80 and were inactive premarket. The stock has risen 2% over the past year.