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MBNA CORPORATION REPORTS 16.2 PERCENT INCREASE IN NET INCOME; ANNOUNCES QUARTERLY DIVIDEND

 MBNA CORPORATION REPORTS 16.2 PERCENT INCREASE IN NET INCOME;
 ANNOUNCES QUARTERLY DIVIDEND
 NEWARK, Del., April 14 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) today reported that net income for the first quarter of 1992 rose 16.2 percent to $35.9 million or $ .72 per share, compared with $30.9 million or $.62 per share for the first quarter of 1991.
 In addition, MBNA's board of directors declared a quarterly cash dividend of $ .44 per share, payable July 1, 1992, to stockholders of record as of June 24, 1992.
 Total managed loans at March 31, 1992 were $8.6 billion, a $1.3 billion increase over the first quarter of 1991. For the quarter, 450 thousand new cardholders were added.
 Delinquency on total managed loans continued a decline that began in the fourth quarter of 1991 to 4.14 percent at March 31, 1992, as compared to 4.40 percent at Dec. 31, 1991, and 4.49 percent at March 31, 1991. Managed loan losses for the first quarter were 3.27 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 over $8.6 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 1,600 membership organizations and 900 financial institutions.
 MBNA CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited; dollars in thousands, except per share amounts)
 For the three months ended March 31 1992 1991
 INCOME STATEMENT DATA FOR THE PERIOD:
 Net interest income $ 78,199 $ 55,664
 Net interest margin (percent)(A) 6.02 5.29
 Provision for possible credit losses $25,556 $22,095
 Other operating income 134,713 115,799
 Other operating expense 130,731 100,722
 Net income 35,894 30,878
 PER SHARE DATA FOR THE PERIOD:
 Earnings (B) $ 0.72 $ 0.62
 Dividends 0.44 0.40
 Book value 12.08 10.82
 RATIOS:
 Return on average assets (percent) 2.40 2.54
 Return on end of period
 stockholders' equity 24.13 23.39
 Average receivables to average
 deposits 64.53 78.60
 Stockholders' equity to total
 assets 10.08 10.44
 Loan portfolio:
 Delinquency (C) 4.17 4.21
 Net credit losses 3.05 2.61
 Managed loans (D):
 Delinquency 4.14 4.49
 Net credit losses 3.27 2.85
 Net interest margin (A) 6.52 6.31
 MANAGED LOAN DATA (D):
 At Period End:
 Credit card loans held for
 securitization $1,000,000 $ 600,000
 Loan portfolio 2,352,069 2,444,489
 Securitized loans 5,262,256 4,268,175
 Total managed loans $8,614,325 $7,312,664
 Average:
 Credit card loans held for
 securitization $ 604,395 $ 567,367
 Loan portfolio 2,746,335 2,825,328
 Securitized loans 5,300,471 3,957,346
 Total managed loans $8,651,201 $ 7,350,041
 For the Period:
 Sales and cash advance volume $3,092,872 $ 2,710,924
 BALANCE SHEET DATA AT PERIOD END:
 Investment securities and money
 market instruments $ 1,824,110 $ 1,213,412
 Credit card loans held for
 securitization 1,000,000 600,000
 Credit card loans 1,767,849 1,949,019
 Other consumer loans 584,220 495,470
 Total loans 2,352,069 2,444,489
 Reserve for possible credit losses (97,580) (97,580)
 Net loans 2,254,489 2,346,909
 Total assets 5,937,202 5,129,960
 Total deposits 5,157,100 4,430,191
 Stockholders' equity 598,314 535,425
 AVERAGE BALANCE SHEET DATA:
 Investment securities and money
 market instruments $ 1,903,121 $ 871,740
 Credit card loans held for
 securitization 604,395 567,367
 Credit card loans 2,156,981 2,341,337
 Other consumer loans 589,354 483,991
 Total loans 2,746,335 2,825,328
 Reserve for possible credit losses (97,580) (95,003)
 Net loans 2,648,755 2,730,325
 Total assets 6,023,913 4,933,282
 Total deposits 5,192,409 4,316,376
 Stockholders' equity 590,530 435,634
 NOTES:
 (A) Net interest margin is presented on a fully taxable equivalent basis.
 (B) Earnings per share data for the three months ended March 31, 1992 and 1991 is computed using weighted average shares outstanding (including common stock equivalents) of 50.2 and 49.5 million, respectively.
 (C) Loan portfolio delinquencies do not include credit card loans held for securitization or securitized loans.
 (D) Managed loans include the Corporation's on-balance sheet loan portfolio, credit card loans held for securitization, and securitized loans.
 /delval/
 -0- 4/14/92
 /CONTACT: David W. Spartin, senior vice president-investor relations of MBNA, 800-362-6255, or 302-456-8588/
 (KRB) CO: MBNA Corporation ST: Delaware IN: FIN SU: ERN DIV


MP -- PH003 -- 8063 04/14/92 08:31 EDT
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