WILMINGTON, Del. - (07/19/05) -- Credit card bank MBNA Corp., whichhas agreed to be acquired by Bank of America in a $32 billion deal,said net income for its second quarter dipped by 4% to $632.1million, or 50 cents a share, partly due to a $14.4 billion chargefor the company's ongoing restructuring. For the first six monthsof the year, earnings plunged by 44%, due to a $782 million chargefor the restructuring. Without the restructuring, earnings wouldhave been $1.16 billion, down from $1.18 billion for the first halflast year. For the second quarter MBNA said its delinquency ratiofell to 3.98%, compared to 4.08% for the same period last year; andits net credit loss declined to 4.60%, from 4.95%. Net interestmargin continued to fall to 7.74% for the second quarter, from7.92% for the second quarter last year. The company's total loanportfolio rose to $117.4 billion at the end of the secondquarter.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3