MBNA Continues To Fly High

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WILMINGTON, Del. - (10/25/04) -- MBNA Corp., the world's largestcredit card-only bank, reported a 10% rise in third quarterearnings to $728.3 million, or 56 cents a share, as the companyadded 2.3 million new accounts during the quarter. MBNA said netinterest margin declined slightly to 5.16%, compared to 5.36% forthe same period last year, but return on average assets (ROA) roseto 4.73%, from 4.56% for last year's third quarter. Loandelinquencies declined to 3.45%, from 3.75% in last year's thirdquarter; while net credit losses (charge-offs) also declined to4.28%, from 4.70%. For the first three quarters of the year MBNAreported a 17% rise in net income to $1.9 billion, or $1.46 ashare. The company's loan portfolio continues to increase, growingto $117.8 billion at Sept. 30, up $5.1 billion from a yearbefore.

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