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(Reuters) - M&T Bank on Thursday reported a 41% rise in fourth-quarter profit, as it earned more in fees from institutional services and the wealth management business after markets soared on interest rate cuts and U.S. presidential election results.
Equities markets have jumped as the Federal Reserve started to cut rates last year for the first time in three years. The sentiment was further boosted by pro-business statements from President-elect Donald Trump.
M&T's fees from institutional services and the wealth management business rose 11% to $175 million in the reported quarter from a year ago due to higher sales and fees from its capital markets business, the company said.
Buffalo, New York-based M&T's provision for credit losses fell to $140 million from $225 million.
Net income available to common shareholders rose to $644 million, or $3.86 per share, in the three months ended Dec. 31, from $457 million, or $2.74 per share, a year earlier.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel)