M&T Bank outperforms expectations in second quarter

UPDATE: This story now includes quotes from M&T’s chief financial officer and commentary from an analyst who covers the bank.

M&T Bank outperformed second-quarter expectations, driven by a spike in noninterest income.

Noninterest income at the Buffalo, New York-based company rose by 17% in the second quarter compared with the same period a year ago.

The increase reflected a sharp rise in residential mortgage banking revenue, which swelled by 23%, and an increase in trust income, which grew 7.1%, due to higher revenues from the company’s global capital markets and wealth advisory services businesses.

M&T’s revenue totaled $2.4 billion, marginally surpassing analysts’ expectations of $2.38 billion and marking a 4.1% increase from the second quarter of 2024. Net income for the three…