M&T Says Iran War Drove One-Quarter of Bank’s Reserve Boost

M&T Bank Corp. bulked up its reserves because of the war in Iran, as the fight over the Strait of Hormuz drives up oil prices and boosts expenses for US consumers and companies.

Chief Financial Officer Daryl Bible said in an interview Wednesday that the lender sought to be more conservative because of potential ripple effects from the Middle East conflict. Higher gas prices and potential supply-chain disruptions risk increasing costs for companies and pressuring the financial situation of consumers, he added.