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 13, 1999
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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.)
Item 5. Other Events
MBNA Corporation released earnings for the first quarter of 1999 on
April 13, 1999, 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 13, 1999 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,
1999 1998
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income................................ $ 226,781 $ 175,573
Provision for possible credit losses............... 84,464 88,598
Other operating income............................. 903,730 699,510
Other operating expense............................ 745,573 545,135
Net income....................................... 185,993 149,396
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PER COMMON SHARE DATA FOR THE PERIOD(a):
Earnings........................................... $ .23 $ .19
Earnings-assuming dilution......................... .22 .18
Dividends.......................................... .07 .06
Book value......................................... 4.27 2.38
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RATIOS:
Return on average total assets..................... 2.81% 2.81%
Return on average stockholders' equity............. 21.69 31.19
Average receivables to average deposits............ 83.99 87.22
Stockholders' equity to total assets............... 13.21 9.17
Loan Portfolio:
Delinquency(b)................................... 3.90 3.49
Net credit losses................................ 2.42 2.57
Managed Loans(c):
Delinquency...................................... 4.65 4.66
Net credit losses................................ 4.36 4.19
Net interest margin(d)........................... 7.60 7.37
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1999 1998
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(unaudited)
MANAGED LOAN DATA(c):
At Period End:
Loans held for securitization.................... $ 5,422,954 $ 2,608,773
Loan portfolio................................... 10,258,602 8,465,051
Securitized loans................................ 46,462,404 39,117,821
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Total managed loans............................ $ 62,143,960 $ 50,191,645
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Average:
Loans held for securitization.................... $ 2,128,460 $ 3,069,935
Loan portfolio................................... 11,170,774 8,430,283
Securitized loans................................ 45,777,689 38,191,753
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Total managed loans............................ $ 59,076,923 $ 49,691,971
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For the Period:
Sales and cash advance volume.................... $ 21,630,626 $ 17,973,231
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and money market instruments. $ 4,323,313 $ 4,962,553
Loans held for securitization...................... 5,422,954 2,608,773
Credit card loans.................................. 8,002,288 6,086,130
Other consumer loans............................... 2,256,314 2,378,921
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Total loans...................................... 10,258,602 8,465,051
Reserve for possible credit losses................. (303,717) (178,297)
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Net loans........................................ 9,954,885 8,286,754
Total assets....................................... 27,521,688 21,860,752
Total deposits..................................... 16,321,213 12,988,109
Stockholders' equity............................... 3,635,082 2,005,237
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
1999 1998
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and money market instruments. $ 6,671,866 $ 4,410,639
Loans held for securitization...................... 2,128,460 3,069,935
Credit card loans.................................. 8,626,984 6,051,111
Other consumer loans............................... 2,543,790 2,379,172
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Total loans...................................... 11,170,774 8,430,283
Reserve for possible credit losses................. (226,592) (168,646)
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Net loans........................................ 10,944,182 8,261,637
Total assets....................................... 26,819,180 21,591,244
Total deposits..................................... 15,834,223 13,184,579
Stockholders' equity............................... 3,477,043 1,942,667
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Weighted average common shares outstanding(000)(a). 798,538 751,871
Weighted average common shares outstanding and
common stock equivalents(000)(a).................. 834,887 792,247
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NOTES:
(a) Per common share data and weighted average common shares outstanding and
common stock equivalents reflects the three-for-two split of the
Corporation's Common Stock, effected in the form of a dividend, issued
October 1, 1998, to stockholders of record as of September 15, 1998.
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 in accordance with Statement of
Financial Accounting Standards No 128, "Earnings per Share". The
Corporation's common stock equivalents 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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