M&T Bank (MTB) FY2019 results: revenue $6.2 billion, up 4.4% on the year
M&T Bank Corp. (MTB) reported revenue of $6.2 billion for fiscal 2019, the year ended 31 December 2019, up 4.4% on the year before. Net income was $1.9 billion, up 0.6%, and diluted earnings per share $13.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$6.2 billion
+4.4% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.9 billion
+0.6% on the year
FY2012FY2019
Diluted EPS
$13.75
+7.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,192
5,928
5,632
+4.4%
Interest expense
749
526
387
+42.3%
Pre-tax income
2,547
2,508
2,324
+1.6%
Income tax
618
590
916
+4.7%
Effective tax rate
24.3%
23.5%
39.4%
Net income
1,929
1,918
1,408
+0.6%
Net margin
31.2%
32.4%
25.0%
Diluted EPS
$13.75
$12.74
$8.70
+7.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,358
2,090
2,782
+12.8%
Capital expenditure
178
98.0
79.0
+81.6%
Free cash flow
2,180
1,992
2,703
+9.4%
Cash from investing
727
-1,410
3,395
Cash from financing
-3,254
-495
-6,077
Depreciation and amortisation
n/a
105
110
Share-based compensation
76.0
66.0
61.0
+15.2%
Buybacks
1,350
2,194
1,206
-38.5%
Dividends paid
552
510
457
+8.2%
Diluted shares, weighted
134m
144m
153m
-6.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
15,717
15,460
16,251
+1.7%
Deposits
94,770
90,157
92,432
+5.1%
Debt
7,049
12,843
8,317
-45.1%
Other liabilities
2,337
1,637
1,594
+42.8%
Total liabilities and equity
119,873
120,097
118,593
-0.2%
Fixed assets
1,141
647
646
+76.2%
Goodwill
4,593
4,593
4,593
0.0%
Intangible assets
29.0
47.1
71.6
-38.3%
Securities held for sale or to maturity
8,976
11,999
14,249
-25.2%
Loans
89,872
87,447
86,972
+2.8%
Trading assets
n/a
186
133
Cash and equivalents
1,436
1,605
1,421
-10.5%
Other assets
13,826
13,573
10,507
+1.9%
Total assets
119,873
120,097
118,593
-0.2%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.