M&T's Profits Up

Third-quarter profits rose 10% at the bank.
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Earning at M&T Bank rose 10% in the third quarter compared to a year ago, when the bank was saddled with a large charge.

In the quarter, the Buffalo, N.Y.-based bank earned $210 million, or $1.85 a share, up from $191 million, or $1.64 a share. The bank exceeded the Thomson Financial consensus forecast by a penny.

Earnings in the quarter were fueled by a gain in fee income and a decline in the amount of money the bank set aside in the quarter for poor performing loans. Net interest income of $462 million was largely unchanged from the year ago quarter.