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 14, 1998
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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 1998 on
April 14, 1998, as filed in exhibit 99 under Item 7.
Item 7. Financial Statements and Exhibits
Exhibits
Exhibit 99: Additional Exhibits
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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 14, 1998 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,
1998 1997
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income................................ $ 175,573 $ 180,779
Provision for possible credit losses............... 88,598 58,405
Other operating income............................. 699,510 642,620
Other operating expense............................ 545,135 559,791
Net income....................................... 149,396 123,942
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PER COMMON SHARE DATA FOR THE PERIOD(a):
Earnings........................................... $ .29 $ .23
Earnings-assuming dilution......................... .28 .22
Dividends.......................................... .09 .08
Book value......................................... 3.57 2.91
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RATIOS:
Return on average total assets..................... 2.81% 2.88%
Return on average stockholders' equity............. 31.19 29.89
Average receivables to average deposits............ 87.22 97.12
Stockholders' equity to total assets............... 9.17 9.37
Loan Portfolio:
Delinquency(b)................................... 3.49 3.30
Net credit losses................................ 2.57 1.99
Managed Loans(c):
Delinquency...................................... 4.66 4.23
Net credit losses................................ 4.19 3.75
Net interest margin(d)........................... 7.37 7.54
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1998 1997
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(unaudited)
MANAGED LOAN DATA(c):
At Period End:
Loans held for securitization.................... $ 2,608,773 $ 3,143,495
Loan portfolio................................... 8,465,051 6,819,781
Securitized loans................................ 39,117,821 30,312,516
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Total managed loans............................ $ 50,191,645 $ 40,275,792
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Average:
Loans held for securitization.................... $ 3,069,935 $ 2,842,503
Loan portfolio................................... 8,430,283 7,387,913
Securitized loans................................ 38,191,753 28,948,853
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Total managed loans............................ $ 49,691,971 $ 39,179,269
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For the Period:
Sales and cash advance volume.................... $ 17,973,231 $ 14,097,427
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and money market instruments. $ 4,962,553 $ 3,846,509
Loans held for securitization...................... 2,608,773 3,143,495
Credit card loans.................................. 6,086,130 5,210,951
Other consumer loans............................... 2,378,921 1,608,830
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Total loans...................................... 8,465,051 6,819,781
Reserve for possible credit losses................. (178,297) (127,828)
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Net loans........................................ 8,286,754 6,691,953
Total assets....................................... 21,860,752 18,107,831
Total deposits..................................... 12,988,109 10,908,647
Stockholders' equity............................... 2,005,237 1,695,975
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1998 1997
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and money market instruments. $ 4,410,639 $ 3,384,088
Loans held for securitization...................... 3,069,935 2,842,503
Credit card loans.................................. 6,051,111 5,253,425
Other consumer loans............................... 2,379,172 2,134,488
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Total loans...................................... 8,430,283 7,387,913
Reserve for possible credit losses................. (168,646) (119,214)
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Net loans........................................ 8,261,637 7,268,699
Total assets....................................... 21,591,244 17,481,967
Total deposits..................................... 13,184,579 10,533,860
Stockholders' equity............................... 1,942,667 1,681,685
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Weighted average common shares outstanding(000)(a). 501,248 501,229
Weighted average common shares outstanding and
common stock equivalents(000)(a).................. 528,165 525,280
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NOTES:
(a) For comparative purposes, per common share data and weighted average
common shares outstanding and common stock equivalents have been
restated to reflect the adoption of Statement of Financial Accounting
Standards No. 128, "Earnings per Share" (Statement No. 128), and the
three-for-two split of the Corporation's Common Stock, effected in the
form of a dividend, issued October 1, 1997, to stockholders of record as
of September 15, 1997. The Corporation adopted Statement No. 128,
effective for financial statements issued for periods ending after
December 15, 1997. In accordance with Statement No. 128, earnings per
common share is computed using net income applicable to common stock and
weighted average common shares outstanding, whereas, earnings per common
share-assuming dilution includes the potential dilutive effect of common
stock equivalents which are solely related to employee stock options. The
Corporation has no other common stock equivalents.
(b) Loan portfolio delinquency does not include loans held for securitization
or securitized loans.
(c) Managed loans include the Corporation's loans held for securitization,
loan portfolio, and securitized loans.
(d) Managed net interest margin is presented on a fully taxable equivalent
basis.
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