M&T Bank earned a record $818m as commercial lending grew across every category

M&T Bank's second-quarter results were reported by John Reosti at American Banker. Net income was $818m, up 14.2 percent from $716m a year earlier, and diluted earnings per common share of $5.32 was a company record. Net interest income rose 4.6 percent, to $1.79bn. The net interest margin held at 3.70 percent. Average commercial and industrial loans reached $66bn, up 8 percent from a year earlier, while average commercial real estate loans of $25.6bn rose 0.39 percent from the first quarter, the first quarterly increase in that portfolio since 2021. The consumer book grew 5 percent, to $26.7bn. M&T lifted its year-end loan guidance to a range of $141bn to $143bn, from $140bn to $142bn. Nonaccrual loans stood at $1.2bn.