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MBNA REPORTS 15.6 PERCENT INCREASE IN NET INCOME; ANNOUNCES QUARTERLY DIVIDEND

 MBNA REPORTS 15.6 PERCENT INCREASE IN NET INCOME;
 ANNOUNCES QUARTERLY DIVIDEND
 NEWARK, Del., July 14 /PRNewswire/ -- MBNA Corporation (NYSE: KRB) today reported that net income for the second quarter of 1992 rose 15.6 percent to $38.3 million or $.77 per share, compared with $33.2 million or $.67 per share for the second quarter of 1991.
 For the first six months of this year, net income rose 15.9 percent to $74.2 million or $1.48 per share, compared with $64.0 million or $1.29 per share for the first half of 1991.
 In addition, MBNA's board of directors declared a quarterly dividend of $.44 per share, payable Oct. 1, 1992, to stockholders of record as of Sept. 16, 1992.
 Total managed loans at quarter's end were $8.9 billion, a $1.1 billion increase over second quarter 1991. Year to date, almost 1 million new cardholders have been added, a 36 percent increase over the first half of 1991. The characteristics of these new cardholders are consistent with the superior quality of the corporation's existing cardholders.
 Delinquency on total managed loans continued a downward trend from 4.40 percent at year end 1991 and 4.14 percent at March 31, 1992, to 3.98 percent at June 30, 1992. Annualized managed loan losses year to date are 3.36 percent. Delinquency and loan losses continue to be significantly lower than published industry levels.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with $8.9 billion in managed loans to 8 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 1,700 membership organizations and 950 financial institutions.
 MBNA CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited; dollars in thousands, except per share amounts)
 For the Three Months For the Six Months
 Ended June 30, Ended June 30,
 1992 1991 1992 1991
 INCOME STATEMENT DATA FOR THE PERIOD:
 Net interest income $ 86,240 $ 55,005 $ 164,439 $110,669
 Net interest margin
 (percent)(A) 7.02 4.87 6.51 5.08
 Provision for possible credit
 losses 25,046 21,683 50,602 43,778
 Other operating income 135,480 128,730 270,193 244,529
 Other operating expense 136,388 110,285 267,119 211,007
 Net income 38,344 33,158 74,238 64,036
 PER SHARE DATA FOR THE PERIOD:
 Earnings (B) $ 0.77 $ 0.67 $ 1.48 $ 1.29
 Dividends 0.44 0.40 0.88 0.80
 Book value 12.38 11.07 -- --
 RATIOS (percent):
 Return on average assets 2.67 2.54 2.53 2.54
 Return on end of period
 stockholders' equity 25.15 24.26 24.35 23.56
 Average receivables to average
 deposits 68.28 72.57 66.37 75.53
 Stockholders' equity to total
 assets 11.06 10.57 -- --
 Loan portfolio:
 Delinquency (C) 3.89 4.08 -- --
 Net credit losses 2.95 2.69 3.00 2.65
 Managed loans (D):
 Delinquency 3.98 4.20 -- --
 Net credit losses 3.46 3.12 3.36 2.98
 Net interest margin (A) 7.02 6.16 6.77 6.23
 MANAGED LOAN DATA (D):
 At Period End:
 Credit card loans held for
 securitization $ 890,000 $ 600,000 -- --
 Loan portfolio 2,370,907 2,455,855 -- --
 Securitized loans 5,625,384 4,696,236 -- --
 Total managed loans $8,886,291 $7,752,091 -- --
 Average:
 Credit card loans held for
 securitization $ 998,791 $ 580,220 $ 801,593 $573,829
 Loan portfolio 2,398,656 2,641,536 2,572,495 2,732,924
 Securitized loans 5,367,784 4,310,823 5,334,127 4,135,061
 Total managed loans 8,765,231 7,532,579 8,708,215 7,441,814
 For the Period:
 Sales and cash advance
 volume 3,581,348 3,207,062 6,674,220 5,917,986
 BALANCE SHEET DATA AT PERIOD END:
 Investment securities and
 money market instruments $1,394,020 $1,384,630 -- --
 Credit card loans held for
 securitization 890,000 600,000 -- --
 Credit card loans 1,761,932 1,921,810 -- --
 Other consumer loans 608,975 534,045 -- --
 Total loans 2,370,907 2,455,855 -- --
 Reserve for possible credit
 losses (97,580) (97,580) -- --
 Net loans 2,273,327 2,358,275 -- --
 Total assets 5,545,989 5,186,671 -- --
 Total deposits 4,757,744 4,451,855 -- --
 Stockholders' equity 613,165 548,127 -- --
 AVERAGE BALANCE SHEET DATA:
 Investment securities and
 money market
 instruments 1,562,786 1,338,378 1,732,954 1,106,348
 Credit card loans held for
 securitization 998,791 580,220 801,593 573,829
 Credit card loans 1,799,603 2,116,076 1,978,292 2,228,084
 Other consumer loans 599,053 525,460 594,203 504,840
 Total loans 2,398,656 2,641,536 2,572,495 2,732,924
 Reserve for possible credit
 losses (97,580) (92,568) (97,580) (93,779)
 Net loans 2,301,076 2,548,968 2,474,915 2,639,145
 Total assets 5,771,648 5,216,618 5,897,781 5,075,732
 Total deposits 4,975,587 4,439,334 5,083,997 4,378,194
 Stockholders' equity 586,574 534,799 588,552 485,491
 -----------
 Weighted average common
 shares outstanding and common
 stock equivalents (000) 49,993 49,759 50,097 49,647
 (A) Net interest margin is presented on a fully taxable equivalent basis.
 (B) Earnings per share data for the three and six months ended June 30, 1992 and 1991 is computed using weighted average shares outstanding (including common stock equivalents).
 (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- 7/14/92
 /CONTACT: David W. Spartin, senior vice president-investor relations of MBNA, 800-362-6255, or 302-456-8588/ CO: MBNA Corporation ST: Delaware IN: FIN SU: ERN


JS-LJ -- PH021 -- 9090 07/14/92 12:16 EDT
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