M&T Bank (MTB) FY2013 results: revenue $4.5 billion, up 6.4% on the year
M&T Bank Corp. (MTB) reported revenue of $4.5 billion for fiscal 2013, the year ended 31 December 2013, up 6.4% on the year before. Net income was $1.1 billion, up 10.6%, and diluted earnings per share $8.20. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$4.5 billion
+6.4% on the year
FY2007FY2013
Operating margin
n/a
FY2007FY2013
Net income
$1.1 billion
+10.6% on the year
FY2007FY2013
Diluted EPS
$8.20
+8.8% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,538
4,266
3,973
+6.4%
Interest expense
284
343
402
-17.2%
Pre-tax income
1,766
1,553
1,225
+13.7%
Income tax
627
523
365
+19.9%
Effective tax rate
35.5%
33.7%
29.8%
Net income
1,138
1,029
859
+10.6%
Net margin
25.1%
24.1%
21.6%
Diluted EPS
$8.20
$7.54
$6.35
+8.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
932
500
1,772
+86.5%
Capital expenditure
130
92.0
70.0
+41.3%
Free cash flow
802
408
1,702
+96.7%
Cash from investing
-2,204
-4,061
369
Cash from financing
958
4,095
-1,623
-76.6%
Depreciation and amortisation
91.5
n/a
n/a
Share-based compensation
55.0
57.0
56.0
-3.5%
Dividends paid
365
358
350
+2.1%
Dividend per share
$2.80
$2.80
$2.80
0.0%
Diluted shares, weighted
130m
126m
123m
+2.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
11,306
10,203
9,271
+10.8%
Deposits
67,119
65,611
59,395
+2.3%
Repurchase agreements
260
1,074
732
-75.8%
Debt
5,369
5,682
7,468
-5.5%
Other liabilities
1,108
438
1,058
+152.9%
Total liabilities and equity
85,162
83,009
77,924
+2.6%
Fixed assets
634
595
581
+6.5%
Goodwill
3,525
3,525
3,525
0.0%
Intangible assets
68.9
116
176
-40.5%
Securities held for sale or to maturity
8,365
5,661
7,091
+47.8%
Loans
63,156
65,645
59,188
-3.8%
Trading assets
376
489
562
-23.1%
Cash and equivalents
1,673
1,987
1,452
-15.8%
Other assets
7,365
4,992
5,349
+47.5%
Total assets
85,162
83,009
77,924
+2.6%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.