MBIA Inc. reported yesterday that net income declined 10% in the first quarter from the same period a year ago, dropping to $65.7 million, or $1.56 per share, from $72.7 million, or $1.71 per share.

Profits for the municipal bond industry's biggest player rose 10% for the quarter when the effect of a nonrecuring accounting change in 1993 is excluded.

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