DBRS: M&T Bank unchanged

DBRS said that the ratings for M&T Bank Corp., including its A (low) issuer and senior debt rating, are unchanged following the release of 1Q11 results.

The trend is negative.

Despite the slow growing economy, M&T reported a marginal increase in net income to $206.3 million for 1Q11, up from $204.4 million for 4Q10, the agency said. Higher linked-quarter earnings reflected stabilizing credit costs and an increase in non-interest income, partially offset by a slight decline in spread income and higher non-interest expense.

Despite macroeconomic headwinds, M&T's asset quality remains relatively sound with slowly improving trends that reflects positively on the company's conservative underwriting standards, the agency added.

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