MBNA Corp., the world’s largest independent credit card lender, on Thursday said quarterly profit fell 94 percent, reflecting a big restructuring charge, and said 2005 earnings growth will be “significantly below” forecasts.
Shares of MBNA fell 9 percent, to $21 in pre-market trading on the Inet electronic brokerage network.
First-quarter net income for Wilmington, Delaware-based MBNA fell to $31.7 million, or 2 cents a share, from $519.7 million, or 40 cents a share, a year earlier.
For this complete story, please visit MBNA Profit Sinks 94 pct on Restructuring Charges.
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