M&T Bank, in which AIB has a 23.5% stake, has reported net income of $210m for the third quarter of 2006, up 10% from the $191m reported in the third quarter of 2005.
Third quarter earnings per share of $1.85 were almost 13% ahead of the same time last year and 1% higher than forecasts.
The bank said the figures reflected the impact of the June acquisition of 21 branch offices in Buffalo and Rochester, New York from Citibank.
'Despite a less than desirable rate environment and modest loan growth, M&T posted strong results for the third quarter, commented Rene F.Jones, Executive Vice President and Chief Financial Officer.
'Highlights of the quarter included the integration of 21 branches in upstate New York acquired at the end of the second quarter of 2006, a stable net interest margin, strong credit quality and continued success at managing operating expense levels,' he added.
