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) October 7, 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 third quarter of 1999 on
October 7, 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: October 7, 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 For the Nine Months
Ended September 30, Ended September 30,
1999 1998 1999 1998
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income....... $ 209,021 $ 198,429 $ 702,863 $ 540,885
Provision for possible
credit losses............ 105,020 78,569 319,240 245,709
Other operating income.... 1,118,307 831,211 3,050,569 2,295,917
Other operating expense... 751,413 601,163 2,295,809 1,721,986
Net income.............. 291,484 216,593 704,659 537,977
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PER COMMON SHARE DATA FOR THE PERIOD:
Earnings(a)............... $ .36 $ .28 $ .87 $ .70
Earnings-assuming
dilution(a).............. .34 .27 .83 .67
Dividends................. .07 .06 .21 .18
Book value................ 4.68 2.70
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RATIOS:
Return on average total
assets................... 4.02% 3.66% 3.39% 3.23%
Return on average
stockholders' equity..... 30.15 39.77 25.67 35.26
Average receivables to
average deposits......... 82.92 90.69 86.93 87.36
Stockholders' equity to
total assets............. 13.42 9.42
Loan Portfolio:
Delinquency(b).......... 4.00 3.87
Net credit losses....... 2.98 2.42 2.72 2.53
Managed Loans(c):
Delinquency............. 4.67 4.69
Net credit losses....... 4.34 4.42 4.37 4.34
Net interest margin(d).. 7.33 7.55 7.54 7.46
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1999 1998 1999 1998
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(unaudited)
MANAGED LOAN DATA(c):
At Period End:
Loans held for
securitization......... $ 5,815,060 $ 2,571,323
Loan portfolio.......... 8,875,364 10,012,324
Securitized loans....... 52,662,759 43,703,887
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Total managed loans... $67,353,183 $56,287,534
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Average For the Period:
Loans held for
securitization......... $ 4,322,598 $ 2,768,037 $ 3,917,198 $ 2,810,644
Loan portfolio.......... 9,771,086 9,921,478 10,403,686 8,923,457
Securitized loans....... 51,512,620 41,375,203 48,282,248 39,672,626
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Total managed loans... $65,606,304 $54,064,718 $62,603,132 $51,406,727
=========== =========== =========== ===========
For the Period:
Sales and cash advance
volume................. $27,745,666 $21,953,559 $75,305,998 $59,691,259
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and
money market instruments. $ 6,778,901 $ 4,565,455
Loans held for
securitization........... 5,815,060 2,571,323
Credit card loans......... 7,104,049 7,413,371
Other consumer loans...... 1,771,315 2,598,953
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Total loans............. 8,875,364 10,012,324
Reserve for possible
credit losses............ (328,095) (206,202)
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Net loans............... 8,547,269 9,806,122
Total assets.............. 29,547,080 23,815,025
Total deposits............ 17,624,369 14,125,314
Stockholders' equity...... 3,966,163 2,242,502
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1999 1998 1999 1998
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and
money market instruments. $ 5,457,428 $ 4,535,542 $ 5,618,592 $ 4,642,489
Loans held for
securitization........... 4,322,598 2,768,037 3,917,198 2,810,644
Credit card loans......... 8,053,465 7,096,284 8,314,658 6,442,452
Other consumer loans...... 1,717,621 2,825,194 2,089,028 2,481,005
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Total loans............. 9,771,086 9,921,478 10,403,686 8,923,457
Reserve for possible
credit losses............ (327,877) (197,943) (290,067) (184,063)
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Net loans............... 9,443,209 9,723,535 10,113,619 8,739,394
Total assets.............. 28,779,036 23,475,319 27,811,533 22,294,470
Total deposits............ 16,997,305 13,992,638 16,474,678 13,431,922
Stockholders' equity...... 3,835,340 2,160,643 3,669,629 2,039,879
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Weighted average common
shares outstanding
(000).................... 801,890 751,806 800,756 751,828
Weighted average common
shares outstanding and
common stock equivalents
(000).................... 838,608 787,685 837,436 790,100
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NOTES:
(a)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.
