The wealth management businesses of M&T Bank turned in a strong first-quarter performance, according to the bank's earnings results released Monday.
The Buffalo-based bank generated $120 million in first-quarter revenue from trust services, up 8% year-over-year. Revenue from its brokerage operations increased even more, rising 9% to $17 million from $16 million in the same quarter a year earlier.
The bank has been looking to grow its wealth management businesses ever since it acquired Wilmington Trust in 2011. Last August, it recruited an executive from BNY Mellon to assume a new position leading Wilmington Trust's wealth unit. The new executive would help M&T and Wilmington "capitalize on opportunities going forward," the bank said in its announcement.
Overall, the bank earned $349 million, or $2.12 per share, in the first quarter, compared with $299 million, or $1.73 per share, in the same quarter of 2016.
"M&T's financial performance for the first quarter was strong, led by a 26 basis point widening of the net interest margin that resulted in growth in taxable-equivalent net interest income of 4% as compared with the preceding quarter," M&T's CFO said in a statement.
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