Profits Soar At MBNA

WILMINGTON, Del. - (10/17/03) -- MBNA Corp., the nation's largestcredit card bank, said third quarter earnings rose 70% to $658.8million, or 51 cents a share, from $398 million, or 30 cents ashare, for last year's third quarter. The company said it added 2.7million new accounts in the third quarter and eight million throughthe first three quarters and now has $112.8 billion in assets undermanagement, up $10 billion from a year ago. MBNA said itsdelinquency ratio for loan receivables and for managed loans was3.75% and 4.48%, respectively, for the quarter, wile loan lossesfor receivables and managed loans was 4.70% and 5.13%. Profits forthe first three quarters surged 34% to $1.6 billion, or $1.25 ashare. The company, one of the leading lobbies in favor ofbankruptcy reform, reported a return-on-average assets (ROA) of4.56% for the third quarter, up from 3.21% for the same quarterlast year, and of 5.38% for the first three quarters, down slightlyfrom 5.50% for the same period last year.