US mid-Atlantic regional bank M&T Bank – which is 22.5 per cent owned by AIB – reported better-than-expected earnings as its first-quarter profit jumped 135 per cent from a year earlier.

The Buffalo, New York company posted net profit of $151 million (€112 million), or $1.15 per diluted share.

Excluding items such as merger-related expenses, MT Bank posted profit of $1.23 per share, an 108.5 per cent increase from a year earlier. – (Reuters)