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 12, 2000
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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 19884-0141
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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 2000 on
April 12, 2000, 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 12, 2000 By: /s/ Victor P. Manning
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Victor P. Manning
Assistant Treasurer
Exhibit 99
MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
2000 1999
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(unaudited)
INCOME STATEMENT DATA FOR THE PERIOD:
Net interest income................................ $ 283,071 $ 226,781
Provision for possible credit losses............... 99,846 84,464
Other operating income............................. 1,111,036 903,730
Other operating expense............................ 915,310 745,573
Net income....................................... 234,571 185,993
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PER COMMON SHARE DATA FOR THE PERIOD:
Earnings(a)........................................ $ .29 $ .23
Earnings-assuming dilution(a)...................... .28 .22
Dividends.......................................... .08 .07
Book value......................................... 5.08 4.27
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RATIOS:
Return on average total assets..................... 3.02% 2.81%
Return on average stockholders' equity............. 22.46 21.69
Average receivables to average deposits............ 90.62 83.99
Stockholders' equity to total assets............... 13.66 13.21
Loan Portfolio:
Delinquency(b)................................... 3.35 3.90
Net credit losses................................ 2.29 2.42
Managed Loans(c):
Delinquency...................................... 4.35 4.65
Net credit losses................................ 4.06 4.36
Net interest margin(d)........................... 7.10 7.60
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
2000 1999
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(unaudited)
MANAGED LOAN DATA(c):
At Period End:
Loans held for securitization.................... $ 8,172,508 $ 5,422,954
Loan portfolio................................... 9,339,039 10,258,602
Securitized loans................................ 55,488,220 46,462,404
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Total managed loans............................ $ 72,999,767 $ 62,143,960
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Average for the Period:
Loans held for securitization.................... $ 9,475,492 $ 2,128,460
Loan portfolio................................... 7,943,671 11,170,774
Securitized loans................................ 54,584,913 45,777,689
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Total managed loans............................ $ 72,004,076 $ 59,076,923
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For the Period:
Sales and cash advance volume.................... $ 28,260,846 $ 21,630,626
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BALANCE SHEET DATA AT PERIOD END:
Investment securities and money market instruments. $ 4,905,722 $ 4,323,313
Loans held for securitization...................... 8,172,508 5,422,954
Credit card loans.................................. 6,579,232 8,002,288
Other consumer loans............................... 2,759,807 2,256,314
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Total loans...................................... 9,339,039 10,258,602
Reserve for possible credit losses................. (368,108) (303,717)
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Net loans........................................ 8,970,931 9,954,885
Total assets....................................... 31,419,464 27,521,688
Total deposits..................................... 19,246,790 16,321,213
Stockholders' equity............................... 4,291,166 3,635,082
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MBNA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
2000 1999
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(unaudited)
AVERAGE BALANCE SHEET DATA:
Investment securities and money market instruments. $ 4,874,972 $ 6,671,866
Loans held for securitization...................... 9,475,492 2,128,460
Credit card loans.................................. 5,707,560 8,626,984
Other consumer loans............................... 2,236,111 2,543,790
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Total loans...................................... 7,943,671 11,170,774
Reserve for possible credit losses................. (356,000) (226,592)
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Net loans........................................ 7,587,671 10,944,182
Total assets....................................... 31,196,236 26,819,180
Total deposits..................................... 19,223,202 15,834,223
Stockholders' equity............................... 4,201,148 3,477,043
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Weighted average common shares outstanding(000).... 801,849 798,538
Weighted average common shares outstanding and
common stock equivalents(000)..................... 824,445 834,887
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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. 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.
