MBNA this week reported that cardholder fees increased nearly 29% to $163 million on its non-securitized accounts during the first quarter, and that cardholder fee income generated by securitized loans increased 14% to $733.5 million. MBNA has $87 billion in securitized loans out of a total of about $117 billion in managed loans. MBNA says the increase in credit card fees for the first quarter was primarily the result of the growth in the Company’s loan receivables, an increase in the number of accounts, an increase in the average fees assessed related to the implementation of modified late and cash advance fee structures, and a modification of payment due dates on credit card accounts. MBNA also reported that interchange income for its non-securitized accounts increased $11.9 million or 13.3% to $101.6 million for the three months ended March 31, 2004, as compared to $89.7 million for the same period in 2003. The increase in interchange income was primarily the result of an increase in cardholder sales volume and helped by recent increases in MasterCard and VISA interchange rates.