The leading US bank, M&T Bank Corporation has posted an impressive first-quarter net income. The common equity of the bank has climbed up to $138.34 million in the first quarter of the year 2010. This was around $55.32 million for the same time in the preceding year. The diluted earnings per share have touched $1.15 while it was around $0.49 an year before.

The net operating income of the company has been found out to be $160.95 million as compared to $75.03 million in the pervious year. The diluted net operating earnings per common share were $1.23 compared to $0.59 an year before. This excludes the effect of amortization of core deposit and other intangible assets and merger-related expenses.

The net interest income was $556.33 million for the quarter contrasted to $447.81 million last year. Apart from that the taxable-equivalent net interest income was around$562 million.

Executive Vice President and CFO of M&T René Jones have informed that lower credit costs have helped the bank to produce such strong financial result.