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MBNA Reports 28.6% Increase in Earnings Per Common Share;
Managed Loans Grow $10.1 Billion to $56.3 Billion;
Record 8.0 Million New Customers Added
WILMINGTON, Del., Oct. 7 /PRNewswire/ -- MBNA Corporation (NYSE:
KRB) announced today that net income for the third quarter of 1998 rose to
$216.6 million or $.27 per common share (equivalent to $.41 per common
share on a pre-split basis), an increase of 28.6%, compared with $171.8
million or $.21 per common share for the third quarter of 1997. Earnings per
common share reflect the 3-for-2 stock split effective October 1, 1998. For
the first nine months of this year, net income rose to $538.0 million or $.67
per common share, compared with $434.2 million or $.53 per common share
for the first nine months of 1997.
Total managed loans at September 30, 1998 were $56.3 billion, a $3.5 billion
increase over second quarter 1998, a $7 billion increase year-to- date, and a
$10.1 billion increase over the third quarter of 1997. In the first nine months
of 1998, the Corporation has acquired 342 new endorsements from
organizations and added 8.0 million new Customers (6.6 million new
accounts). The characteristics of new cardholders are consistent with the
superior quality of the Corporation's existing cardholders.
Delinquency on total managed loans was 4.69% at September 30, 1998.
Managed loan losses for the first nine months of 1998 were 4.34%. Loan
losses continue to be significantly lower than published industry levels.
The company expects to continue its 18-year record of consistent growth.
MBNA has produced significant earnings increases averaging 25% in every
one of the thirty-one quarters since it became a public company. It has been
successful since 1982 in all economic environments and will continue this
record of good performance without interruption.
The market for MBNA's securitizations remains strong. MBNA completed
six securitizations totaling $4 billion in the third quarter and additional
securitizations are on schedule. All of these transactions were priced
favorably and were oversubscribed by investors.
MBNA Corporation, a bank holding company and parent of MBNA America
Bank, N.A., a national bank, has $56.3 billion in managed loans. MBNA, the
largest independent credit card lender in the world, also provides retail
deposit, consumer loan, and insurance products. |
