M&T Bank Corp., the lender that counts Warren Buffett’s Berkshire Hathaway Inc. among its largest shareholders, rose the most in almost a year after posting a third-quarter profit that beat analysts’ estimates.
M&T climbed 6.4 percent to $103.57 at 9:49 a.m. in New York, the most since November. Shares advanced 28 percent this year through yesterday, matching the gains of the 24-company KBW Bank Index.
Net income rose 60 percent to $293 million, or $2.17 a share, compared with $183 million, or $1.32, a year earlier, the Buffalo, New York-based lender said today in a statement. Excluding merger-related costs and other non-operating expenses, profit was $2.24 cents a share, beating by 38 cents the average estimate of 26 analysts surveyed by Bloomberg.
“Loan growth, wider margins, prudent expense management and continuing improvement in credit quality combined for an impressive quarter,” Chief Financial Officer Rene F. Jones said in the statement.