M&T Bank (MTB) FY2018 results: revenue $5.9 billion, up 5.3% on the year
M&T Bank Corp. (MTB) reported revenue of $5.9 billion for fiscal 2018, the year ended 31 December 2018, up 5.3% on the year before. Net income was $1.9 billion, up 36.2%, and diluted earnings per share $12.74. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$5.9 billion
+5.3% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$1.9 billion
+36.2% on the year
FY2011FY2018
Diluted EPS
$12.74
+46.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,928
5,632
5,296
+5.3%
Interest expense
526
387
426
+36.1%
Pre-tax income
2,508
2,324
2,058
+7.9%
Income tax
590
916
743
-35.5%
Effective tax rate
23.5%
39.4%
36.1%
Net income
1,918
1,408
1,315
+36.2%
Net margin
32.4%
25.0%
24.8%
Diluted EPS
$12.74
$8.70
$7.78
+46.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,090
2,782
1,183
-24.9%
Capital expenditure
98.0
79.0
108
+24.1%
Free cash flow
1,992
2,703
1,075
-26.3%
Cash from investing
-1,410
3,395
-721
Cash from financing
-495
-6,077
-510
Depreciation and amortisation
105
110
107
-4.3%
Share-based compensation
66.0
61.0
65.0
+8.2%
Buybacks
2,194
1,206
641
+82.0%
Dividends paid
510
457
442
+11.6%
Diluted shares, weighted
144m
153m
157m
-5.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
15,460
16,251
16,487
-4.9%
Deposits
90,157
92,432
95,494
-2.5%
Repurchase agreements
n/a
n/a
163
Debt
12,843
8,317
9,657
+54.4%
Other liabilities
1,637
1,594
1,648
+2.7%
Total liabilities and equity
120,097
118,593
123,449
+1.3%
Fixed assets
647
646
675
+0.1%
Goodwill
4,593
4,593
4,593
0.0%
Intangible assets
47.1
71.6
97.7
-34.3%
Securities held for sale or to maturity
11,999
14,249
15,437
-15.8%
Loans
87,447
86,972
89,864
+0.5%
Trading assets
186
133
324
+39.6%
Cash and equivalents
1,605
1,421
1,321
+13.0%
Other assets
13,573
10,507
11,137
+29.2%
Total assets
120,097
118,593
123,449
+1.3%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.