M&T Bank's second-quarter profit lifted by interest income growth

July 15 (Reuters) - M&T ‌Bank posted ​a ​rise in second-quarter profit on Wednesday, driven by higher interest income and ‌trust income.

Elevated interest rates have helped banks ⁠generate stronger interest income, as businesses and consumers ‌adapt to the higher-rate ‌environment and continue to pursue borrowing and investment opportunities.

Here are some more details:

• M&T's ​net interest income, the difference between what banks pay customers on deposits and earn ⁠as interest on loans, rose 4.6% to $1.79 billion in the ​second quarter from a year earlier.

• The Buffalo, New York-based bank's quarterly net ​interest margin widened 8 ‌basis points to 3.70%.

• Non-interest income rose to $740 million in the ⁠second quarter from $683 million a year ago.

• Trust income rose to $197 million from $182 million, while mortgage ⁠banking revenue fell 2% to $127 million.

• The lender's provision ​for credit losses fell to $120 million from $125 million a year earlier.

• Loans for the quarter increased to $141.4 billion ‌from $135.4 billion.

• Net income available to common shareholders rose to $781 million, ‌or $5.32 per share, for the three months ⁠ended June 30, from $679 ‌million, or $4.24 per ​share, a year earlier.

(Reporting by Pragyan Kalita in Bengaluru; Editing by Maju ‌Samuel)

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