M&T Bank Corp. (NYSE: MTB) reported Monday that its first quarter ended March 31, 2011 net income rose to $190.12 million, $1.59 per share, from $136.43 million, or $1.15 per share, in the year-earlier quarter. Net interest income rose to $568.80 million from $556.33 million last year.
Rene Jones, Executive Vice President and Chief Financial Officer, stated, "M&T experienced a positive start to 2011 by recording solid financial results in the first quarter. Exclusive of net securities gains and losses, revenue showed noticeable improvement from last year's first quarter, even more impressive when considering the negative impact regulatory changes had on fee income from deposit service charges. We are also encouraged by continuing improved credit quality, which resulted in lower credit costs in the recent quarter."
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