M&T Bank, in which AIB has a 24% stake, said today that its first quarter profit rose by 15%, as a gain from Visa's initial public offering helped offset rising credit costs.
Net income for the Buffalo, New York-based company, which counts Warren Buffett's Berkshire Hathaway company among its largest investors, increased to $202.2m, or $1.82 per share, from $176m, or $1.57 per share, a year earlier.
Operating earnings also increased by 15% to $215.6m, or $1.94 per share, M&T said.
