M&T Bank (MTB) FY2020 results: revenue $6.0 billion, down 3.8% on the year
M&T Bank Corp. (MTB) reported revenue of $6.0 billion for fiscal 2020, the year ended 31 December 2020, down 3.8% on the year before. Net income was $1.4 billion, down 29.9%, and diluted earnings per share $9.94. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$6.0 billion
-3.8% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$1.4 billion
-29.9% on the year
FY2013FY2020
Diluted EPS
$9.94
-27.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,955
6,192
5,928
-3.8%
Interest expense
326
749
526
-56.4%
Pre-tax income
1,770
2,547
2,508
-30.5%
Income tax
416
618
590
-32.6%
Effective tax rate
23.5%
24.3%
23.5%
Net income
1,353
1,929
1,918
-29.9%
Net margin
22.7%
31.2%
32.4%
Diluted EPS
$9.94
$13.75
$12.74
-27.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
789
2,358
2,090
-66.5%
Capital expenditure
172
178
98.0
-3.4%
Free cash flow
617
2,180
1,992
-71.7%
Cash from investing
-22,020
727
-1,410
Cash from financing
21,348
-3,254
-495
Depreciation and amortisation
n/a
n/a
105
Share-based compensation
80.0
76.0
66.0
+5.3%
Buybacks
374
1,350
2,194
-72.3%
Dividends paid
568
552
510
+2.9%
Diluted shares, weighted
129m
134m
144m
-4.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
16,187
15,717
15,460
+3.0%
Deposits
119,806
94,770
90,157
+26.4%
Debt
4,442
7,049
12,843
-37.0%
Other liabilities
2,166
2,337
1,637
-7.3%
Total liabilities and equity
142,601
119,873
120,097
+19.0%
Fixed assets
1,162
1,141
647
+1.8%
Goodwill
4,593
4,593
4,593
0.0%
Intangible assets
14.2
29.0
47.1
-51.2%
Securities held for sale or to maturity
6,572
8,976
11,999
-26.8%
Loans
96,799
89,872
87,447
+7.7%
Trading assets
n/a
n/a
186
Cash and equivalents
1,553
1,436
1,605
+8.1%
Other assets
31,908
13,826
13,573
+130.8%
Total assets
142,601
119,873
120,097
+19.0%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.