M&T Banks trust and brokerage businesses posted another strong quarter, the Buffalo, N.Y.-based bank announced Wednesday.
Trust services generated $124.7 million in income during the second quarter of 2013, up 2% from the same period last year. Meanwhile, income from brokerages services in the second quarter jumped 7% to $17.3 million from $16.2 million. It was the third consecutive quarter of income growth for both businesses, according to the banks earnings release.
The increased revenue in trust services in the second quarter benefited from the normal seasonal uptick in tax preparation fees, Rene Jones, executive vice president and chief financial officer of M&T Bank, said during the earnings call on Wednesday.
For the first six months of 2013, trust services generated $246.3 million, while brokerage services generated $33 million, up 3% and 10%, respectively, from the mid-year mark last year.
M&T Bank acquired Wilmington Trust in May 2011 in a deal that was widely viewed as positive. As a result of the acquisition, M&T Bank nearly tripled its wealth management business less than two years after the purchase.
Overall, M&T Bank earned $348 million in the second quarter, up 49% from $233 million a year ago and up 27% from the previous quarter.
Earnings quality in the second quarter continued to be supported by improved net interest income and strong mortgage banking revenues. These factors combined with above average credit quality, Jones said in a statement.
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