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MBNA CORPORATION REPORTS 16.5 PERCENT INCREASE IN NET INCOME; MANAGED LOANS EXCEED $10 BILLION; ANNOUNCES QUARTERLY DIVIDEND

 NEWARK, Del., April 13 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) today reported that net income for the first quarter of 1993 rose 16.5 percent to $41.8 million or $.42 per share, compared with $35.9 million or $.36 per share for the first quarter of 1992.
 In addition, MBNA's board of directors declared a quarterly cash dividend of $.24 per share, payable July 1, 1993, to stockholders of record as of June 24.
 Total managed loans at March 31, 1993 were $10.0 billion, a 16.2 percent increase over the first quarter of 1992. For the quarter, over 670,000 new cardholders were added, a 49 percent increase over the first quarter of 1992. The characteristics of these new cardholders are consistent with the superior quality of the Corporation's existing cardholders.
 Delinquency on total managed loans continued to decline to 3.70 percent compared to 4.14 percent at March 31, 1992, and 3.99 percent at Dec. 31, 1992. Managed loan losses for the first quarter were 3.28 percent. Delinquency and loan losses continue to be significantly lower than reported industry levels.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with $10.0 billion in managed loans. MBNA, the country's third largest lender through bank credit cards, also provides retail deposit, individual loan, card acceptance, and financial transaction processing services.
 MBNA CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (dollars in thousands, except per share amounts)
 For the Three Months
 Ended March 31,
 1993 1992
 INCOME STATEMENT DATA FOR THE PERIOD:
 Net interest income $ 115,977 $ 78,199
 Net interest margin (percent) (A) 9.00 6.02
 Provision for possible credit losses 27,116 25,556
 Other operating income 148,953 134,713
 Other operating expense 171,333 130,731
 Net income 41,816 35,894
 PER SHARE DATA FOR THE PERIOD (B):
 Earnings(C) $ 0.42 $ 0.36
 Dividends 0.24 0.22
 Book value 6.85 6.04
 RATIOS (percent):
 Return on average assets 2.67 2.40
 Return on end of period
 stockholders' equity 25.01 24.13
 Average receivables to average deposits 87.90 64.53
 Stockholders' equity to total assets 11.13 10.08
 Loan Portfolio:
 Delinquency(D) 3.52 4.17
 Net credit losses 2.76 3.05
 Managed Loans(E)
 Delinquency 3.70 4.14
 Net credit losses 3.28 3.27
 Net interest margin (A) 8.26 6.52
 MANAGED LOAN DATA (E):
 At Period End:
 Credit card loans held for
 securitization $ 485,000 $1,000,000
 Loan portfolio 3,286,099 2,352,069
 Securitized loans 6,236,998 5,262,256
 Total managed loans $10,008,097 $8,614,325
 Average:
 Credit card loans held
 for securitization $ 691,356 $ 604,395
 Loan portfolio 3,242,449 2,746,335
 Securitized loans 5,899,713 5,300,471
 Total managed loans $ 9,833,518 $8,651,201
 For the Period:
 Sales and cash advance volume $ 3,775,186 $3,092,872
 BALANCE SHEET DATA AT PERIOD END:
 Investment securities and money
 market instruments $ 1,228,966 $1,824,110
 Credit card loans held for
 securitization 485,000 1,000,000
 Credit card loans 2,640,775 1,767,849
 Other consumer loans 645,324 584,220
 Total loans 3,286,099 2,352,069
 Reserve for possible credit losses (97,580) (97,580)
 Net loans 3,188,519 2,254,489
 Total assets 6,093,833 5,937,202
 Total deposits 4,525,621 5,157,100
 Stockholders' equity 677,987 598,314
 AVERAGE BALANCE SHEET DATA:
 Investment securities and money
 market instruments $ 1,310,316 $1,903,121
 Credit card loans held for
 securitization 691,356 604,395
 Credit card loans 2,598,686 2,156,981
 Other consumer loans 643,763 589,354
 Total loans 3,242,449 2,746,335
 Reserve for possible credit losses (97,580) (97,580)
 Net loans 3,144,869 2,648,755
 Total assets 6,340,202 6,023,913
 Total deposits 4,475,315 5,192,409
 Stockholders' equity 667,388 590,530
 Weighted average common shares
 outstanding and common stock
 equivalents (000) (B) 99,979 100,402
 (A) Net interest margin is presented on a fully taxable equivalent basis.
 (B) Per share data and weighted average common shares outstanding and common stock equivalents for 1992 reflect the two-for-one stock split of the Corporation's common shares effected in the form of a dividend on Feb. 12, 1993.
 (C) Earnings per share data is computed using weighted average shares outstanding (including common stock equivalents).
 (D) Loan portfolio delinquency does not include credit card loans held for securitization or securitized loans.
 (E) Managed loans include the corporation's loan portfolio, credit card loans held for securitization, and securitized loans.


/delval/
 -0- 04/13/93
 /CONTACT: David W. Spartin, executive vice president-investor relations of MBNA, 800-362-6255, or 302-456-8588/
 (KRB)


CO: MBNA Corporation; MBNA America Bank, N.A.

ST: Delaware

IN: FIN

SU: ERN DIV

MP -- PH005 -- 5051 04/13/93 08:21 EDT
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Date:Apr 13, 1993
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