UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 9, 1997
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
MBNA Corporation released earnings for the first quarter of 1997 on
April 9, 1997, as filed in exhibit 99 under Item 7.
Item 7. Financial Statements and Exhibits
Exhibits
Exhibit 99: Additional Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MBNA CORPORATION
Date: April 10, 1997 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
Exhibit 99
MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1997 1996
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income................................ $ 180,779 $ 151,195
Provision for possible credit losses............... 58,405 49,488
Other operating income............................. 642,620 397,548
Other operating expense............................ 559,791 346,532
Net income(a).................................... 123,942 92,222
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PER COMMON SHARE DATA FOR THE PERIOD(b):
Earnings(c)........................................ $ .34 $ .26
Dividends.......................................... .12 .11
Book value......................................... 4.36 3.47
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RATIOS:
Return on average total assets..................... 2.88% 2.79%
Return on average stockholders' equity............. 29.89 29.85
Average receivables to average deposits............ 97.12 92.68
Stockholders' equity to total assets............... 9.37 9.69
Loan Portfolio:
Delinquency(d)................................... 3.30 3.36
Net credit losses................................ 1.99 2.32
Managed Loans(e):
Delinquency...................................... 4.23 3.85
Net credit losses................................ 3.75 3.28
Net interest margin(f)........................... 7.54 7.68
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1997 1996
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(unaudited)
MANAGED LOAN DATA(e):
At Period End:
Loans held for securitization.................... $ 3,143,495 $ 2,418,371
Loan portfolio................................... 6,819,781 5,249,224
Securitized loans................................ 30,312,516 20,125,383
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Total managed loans............................ $ 40,275,792 $ 27,792,978
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Average:
Loans held for securitization.................... $ 2,842,503 $ 3,014,301
Loan portfolio................................... 7,387,913 5,146,383
Securitized loans................................ 28,948,853 18,850,045
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Total managed loans............................ $ 39,179,269 $ 27,010,729
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For the Period:
Sales and cash advance volume.................... $ 14,097,427 $ 9,455,820
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and money market instruments. $ 3,846,509 $ 3,073,078
Loans held for securitization...................... 3,143,495 2,418,371
Credit card loans.................................. 5,210,951 4,322,272
Other consumer loans............................... 1,608,830 926,952
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Total loans...................................... 6,819,781 5,249,224
Reserve for possible credit losses................. (127,828) (106,904)
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Net loans........................................ 6,691,953 5,142,320
Total assets....................................... 18,107,831 13,529,533
Total deposits..................................... 10,908,647 8,983,381
Stockholders' equity............................... 1,695,975 1,310,361
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1997 1996
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and money market instruments. $ 3,384,088 $ 2,662,366
Loans held for securitization...................... 2,842,503 3,014,301
Credit card loans.................................. 5,253,425 4,233,784
Other consumer loans............................... 2,134,488 912,599
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Total loans...................................... 7,387,913 5,146,383
Reserve for possible credit losses................. (119,214) (106,243)
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Net loans........................................ 7,268,699 5,040,140
Total assets....................................... 17,481,967 13,318,150
Total deposits..................................... 10,533,860 8,805,150
Stockholders' equity............................... 1,681,685 1,242,533
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Weighted average common shares outstanding and
common stock equivalents(000)(b).................. 350,187 344,844
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NOTES:
(a) Net income for the three months ended March 31, 1996, includes a $32.8
million tax benefit related to deductions for the amortization of
Customer-based intangible assets acquired in connection with the 1991
initial public offering of the Corporation's Common Stock, and a charge of
$32.8 million ($54.3 million pretax) related to the launch of the
MBNA Platinum Plus Visa and MasterCard program.
(b) Per common share data and weighted average common shares outstanding and
common stock equivalents have been restated to reflect the three-for-two
split of the Corporation's Common Stock, effected in the form of a
dividend, issued January 1, 1997, to stockholders of record as of
December 16, 1996.
(c) Earnings per common share is computed using net income applicable to
common stock and weighted average common shares outstanding (including
common stock equivalents).
(d) Loan portfolio delinquency does not include loans held for securitization
or securitized loans.
(e) Managed loans include the Corporation's loans portfolio, loans held for
securitization, and securitized loans.
(f) Managed net interest margin is presented on a fully taxable equivalent
basis.
