Thursday, October 23, 2008 10:52 AM
Symbols: FNM, FRE, MTB 
(Source: Belfast Telegraph)
M&T Bank, the US institution in which Allied Irish Bank has a 24% stake, said yesterday that third-quarter profit fell 54%, as income was hit by its exposure to Fannie Mae and Freddie Mac although deposits climbed and delinquencies fell. The New York-based lender increased to $781m the amount it set aside to cover bad debt, while loans it doesn't expect to be paid back rose to $710m. M&T's largest investors also include Warren Buffett's Berkshire Hathaway.
Net income fell to $91.2m, or 82c per diluted share, from $199.2m, or $1.83 per share, a year earlier.
Earnings had been forecast at $1.07 a share.
M&T - with more than 700 branches in seven mid-Atlantic states and the District of Columbia - said operating earnings fell 52% to $100.8m, or 91c per share. The bank set aside $101m for credit losses, up from $34m a year earlier, while net charge-offs increased to $94m from $22m.
M&T has been known as one of the steadiest performers in the banking industry.
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