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MBNA CORPORATION REPORTS 16 PERCENT INCREASE IN NET INCOME, RAISES DIVIDEND 10 PERCENT

 MBNA CORPORATION REPORTS 16 PERCENT INCREASE IN NET INCOME,
 RAISES DIVIDEND 10 PERCENT
 NEWARK, Del., Jan. 21 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) today reported that net income for the fourth quarter of 1991 rose 16.2 percent to $44.9 million or $.90 per share, compared with $38.6 million or $.78 per share for the fourth quarter of 1990.
 For the full year, net income rose 15.7 percent to $149.2 million or $3.00 per share, compared with $129.0 million or $2.61 per share for 1990.
 In addition, MBNA's board of directors declared a 10 percent increase in the quarterly cash dividend to $.44 per share, payable April 1, 1992, to stockholders of record as of March 25, 1992.
 Total managed loans at year's end reached $8.8 billion, a $1.4 billion increase during 1991. For the year, more than 1.5 million new cardholders were added. Total deposits at year's end reached $5.1 billion, a 6.6 percent increase for the fourth quarter and a 21.2 percent increase for the year.
 Delinquency on total managed loans at year-end 1991 was 4.40 percent and managed loan losses for 1991 were 3.05 percent, both significantly below published industry levels.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with over $8.8 billion in managed loans to more than 7 million customers nationwide. MBNA, the country's third largest lender through bank credit cards, also provides retail deposit, individual loan, card acceptance, and financial transaction processing services. The company is endorsed by more than 1,500 membership organizations and 850 financial institutions.
 MBNA CORPORATION AND SUBSIDIARIES
 (Dollars in thousands, except per share amounts)
 Periods Three Months 12 Months
 Ended Dec. 31 1991 1990 1991 1990
 INCOME STATEMENT DATA FOR THE PERIOD:
 Net interest income $53,984 $52,991 $225,271 $164,315
 Net interest
 margin (pct.) (A) 4.25 6.24 4.85 5.92
 Provision for possible
 credit losses 20,237 17,938 86,723 57,951
 Other operating income 164,701 119,587 555,036 451,863
 Other operating expense 127,817 93,660 459,035 354,462
 Net income 44,851 38,604 149,213 128,998
 Managed Net Interest
 Margin (pct.) (A) 6.32 6.62 6.36 6.54
 PER SHARE DATA FOR THE PERIOD:
 Earnings (B) $0.90 $0.78 $3.00 $2.61
 Dividends 0.40 --(C) 1.60 --(C)
 Book value 12.06 --(C) -- --
 BALANCE SHEET DATA AT PERIOD END:
 Investments, federal funds sold,
 and interest bearing time deposits
 in other banks $ 1,768,048 $540,660
 Credit card loans
 held for sale 600,000 567,000
 Credit card loans 2,299,912 2,216,604
 Other consumer loans 586,493 456,129
 Total loans 2,886,405 2,672,733
 Reserve for possible
 credit losses (97,580) (97,580)
 Net loans 2,788,825 2,575,153
 Total assets 6,009,028 4,579,514
 Deposits 5,094,011 4,202,159
 Stockholders' equity 596,993 218,861
 AVERAGE BALANCE SHEET DATA:
 Investments, federal funds sold,
 and interest bearing time deposits
 in other banks $2,039,665 $242,643 $1,401,469 $160,356
 Credit card loans
 held for sale 501,087 817,000 560,447 707,632
 Credit card loans 1,965,639 1,850,732 2,176,144 1,529,759
 Other consumer loans 568,267 457,317 531,391 377,449
 Total loans 2,533,906 2,308,049 2,707,535 1,907,208
 Reserve for
 possible credit losses (92,771) (72,825) (93,284) (76,509)
 Net loans 2,441,135 2,235,224 2,614,251 1,830,699
 Total assets 5,783,445 4,094,778 5,347,990 3,330,155
 Deposits 4,923,715 3,624,343 4,553,186 2,526,109
 Stockholders' equity 573,490 285,857 527,484 263,482
 RATIOS (pct.):
 Return on end of period
 stockholders'
 equity 29.81 -- (C) 24.99 -- (C)
 Return on average assets 3.08 3.74 2.79 3.87
 Average loans to
 average deposits 61.64 86.22 71.77 103.51
 Stockholders' equity to
 total assets 9.93 -- (C) -- --
 Loan Portfolio:
 Delinquency (D) 4.39 4.15 -- --
 Net credit losses 2.67 1.94 2.65 1.79
 Managed Loans (E):
 Delinquency 4.40 4.52 -- --
 Net credit losses 3.06 2.34 3.05 2.21
 MANAGED LOAN DATA (E):
 At Period End:
 Credit card loans
 held for sale $600,000 $567,000 -- --
 Loan portfolio 2,886,405 2,672,733 -- --
 Securitized loans 5,327,901 4,137,950 -- --
 Total managed loans 8,814,306 7,377,683 -- --
 Average:
 Credit card loans
 held for sale 501,087 817,000 560,447 707,632
 Loan portfolio 2,533,906 2,308,049 2,707,535 1,907,208
 Securitized loans 5,373,626 3,940,466 4,563,279 3,798,409
 Total managed loans 8,408,619 7,065,515 7,831,261 6,413,249
 For The Period:
 Sales and cash
 advance volume 3,621,221 3,235,970 12,915,104 11,541,181
 (A) Net interest margin is presented on a fully taxable equivalent basis. The decline in net interest margin during 1991 results from the significant growth of investments. See average balance sheet data.
 (B) Earnings per share data for the three and twelve months ended Dec. 31, 1991 is computed using weighted average shares outstanding (including common stock equivalents) of 50.0 and 49.8 million, respectively. For comparative purposes, 1990 earnings are presented on a pro forma basis using 49.5 million shares.
 (C) During 1991, the company became a public corporation and raised $308 million in capital. Accordingly, dividends and book value per share and equity ratios for 1990 have not been presented.
 (D) Loan portfolio delinquencies do not include securitized loans or credit card loans held for sale.
 (E) Managed loans include the company's on-balance sheet loan portfolio, credit card loans held for sale, and loans sold in credit card securitization transactions.
 /delval/
 -0- 1/21/92
 /CONTACT: David W. Spartin, senior vice president of MBNA, 800-362-6255/ CO: MBNA Corporation ST: Delaware IN: FIN SU: ERN DIV


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