Profit jumps 21 per cent at credit-card company MBNA

Monday 26 July 2004 09:59 CET | News

Wilmington-based MBNA has reported net income of $660.3 million US, or 51 cents a share, compared with $543.3 million, or 42 cents a share, in the same quarter a year ago.

For the first six months of the year, MBNA, the worlds largest independent credit-card lender, had net income of $1.18 billion, or 90 cents a share, up 20 per cent from the $975.9 million, or 75 cents a share, a year before. As of quarters end, MBNA had $30.5 billion in loan receivables, up $1.2 billion from a year ago. Managed loans stood at $118.2 billion, a jump of $7.7 billion, or seven per cent, from a year earlier. Signifying the improvement in credit quality, the company said its provision for possible credit losses was $94.0 million lower in the latest quarter than it was in second-quarter 2003. The company added 2.5 million new accounts during the latest quarter.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce