MBNA continues to pump out about 100 affinity programs per quarter and an average of two million new accounts every ninety days according to data gathered by CardData ([www.carddata.com]). MBNA reported yesterday that net income for the second quarter of 1999 rose 28.6% during the second quarter of this year compared to last year. The company says it has produced consistent earnings increases, averaging 25%, in each of the thirty-four quarters since it became a public company. Total managed loans grew $2.4 billion during the second quarter to end up at $64.5 billion for 2Q/99. MBNA has approx. $2.0 billion in non-card loans and about $5.0 billion in international card receivables. Delinquency on total managed loans was 4.64% at June 30, 1999 compared to 4.60% for 2Q/98. Managed charge-offs for the second quarter logged in at 4.41% compared to 4.42% last year. MBNA says 2Q/99 charge volume, which includes purchases and cash advances, tallied up to $25,929,706,000 compared to $19,764,469,000 for 2Q/98. The firm’s net interest margin surged to 7.70% for 2Q/99 from 7.45% for 2Q/98. For complete current and historical financials for MBNA visit CardData ([www.carddata.com]).
PERIOD AFFINITY NEW ACCTS NET REVENUE
First Quarter 1998 110 1.7 million $149.4 million
Second Quarter 1998 111 2.5 million $172.0 million
Third Quarter 1998 121 2.4 million $216.6 million
Fourth Quarter 1998 133 2.7 million $238.3 million
First Quarter 1999 81 1.7 million* $186.0 million
Second Quarter 1999 99 1.4 million $227.2 million
*excludes 3.3 million accounts from PNC portfolio acquisition and
200,000 accounts from First Virginia portfolio acquisition.