M&T Bank (MTB) FY2023 results: revenue $9.6 billion, up 17.9% on the year
M&T Bank Corp. (MTB) reported revenue of $9.6 billion for fiscal 2023, the year ended 31 December 2023, up 17.9% on the year before. Net income was $2.7 billion, up 37.6%, and diluted earnings per share $15.79. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.
Revenue
$9.6 billion
+17.9% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$2.7 billion
+37.6% on the year
FY2016FY2023
Diluted EPS
$15.79
+36.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,905
4,574
2,715
-14.6%
Capital expenditure
256
214
149
+19.6%
Free cash flow
3,649
4,360
2,566
-16.3%
Cash from investing
-4,764
16,593
-13,632
Cash from financing
4,180
-20,984
10,701
Depreciation and amortisation
304
282
n/a
+7.8%
Share-based compensation
118
111
85.0
+6.3%
Buybacks
594
1,800
n/a
-67.0%
Dividends paid
868
784
580
+10.7%
Dividend per share
$5.20
$4.80
n/a
+8.3%
Diluted shares, weighted
167m
164m
129m
+1.8%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
26,957
25,318
17,903
+6.5%
Deposits
163,274
163,515
131,543
-0.1%
Repurchase agreements
316
355
n/a
-10.9%
Debt
13,517
7,520
3,532
+79.7%
Other liabilities
4,200
4,022
2,128
+4.4%
Total liabilities and equity
208,264
200,730
155,107
+3.8%
Fixed assets
1,739
1,654
1,145
+5.2%
Goodwill
8,465
8,490
4,593
-0.3%
Intangible assets
147
209
4.0
-29.8%
Securities held for sale or to maturity
25,770
24,279
6,690
+6.1%
Loans
131,939
129,639
91,443
+1.8%
Cash and equivalents
29,800
26,479
1,338
+12.5%
Other assets
10,404
9,980
49,894
+4.2%
Total assets
208,264
200,730
155,107
+3.8%
10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.