MBNA Profit Grows 10.5 pct as Credit Card Business Grows

WILMINGTON, DE – MBNA Corporation announced today that net income for the third quarter of 2004 rose to $728.3 million or $.56 per common share, an increase of 10%, compared with $658.8 million or $.51 per common share for the third quarter of 2003. For the first nine months of this year, net income rose to $1.908 billion or $1.46 per common share, an increase of 17% compared to $1.635 billion or $1.25 per common share for the first nine months of 2003.

“MBNA has implemented a wide range of strategic initiatives in 2004 further positioning ourselves for the future,” said Bruce Hammonds, President and Chief Executive Officer of MBNA Corporation. “These initiatives include our preparations to issue MBNA American Express credit cards in the next few weeks, the acquisitions of several companies that open new lines of business for us, and the launch of terrific rewards programs with several key affinity partners.”

Loan receivables at September 30, 2004 were $32.1 billion, an increase of $3.3 billion or 11.5% over the third quarter of 2003. Total managed loans at September 30, 2004 were $117.8 billion, an increase of $5.1 billion or 4.5% over the third quarter of 2003.

The Corporation added 2.3 million new accounts during the third quarter of 2004. The characteristics of new cardholders are consistent with the quality of the Corporation’s existing cardholders. New endorsements acquired in the third quarter of 2004 include the Philadelphia Phillies, Starwood Hotels & Resort (Canada), Athabasca University (Canada), Ipswich Town Football Club (UK), Manchester City Football Club (UK), and Circulo de Lectores (Spain). The Corporation also renewed a number of group contracts during the third quarter of 2004, including the National Trust for Historic Preservation, American College of Emergency Physicians, Santa Clara University, Virginia Nurses Association, American Association of University Professors, University of Liverpool (UK), and the Association of International Cancer Research (UK).

Losses on loan receivables and managed loans for the third quarter of 2004 were 4.28% and 4.61%, respectively. Loan losses continue to be lower than published industry levels. Delinquency on loan receivables and managed loans was 3.45% and 4.11%, respectively, at September 30, 2004. Based on improving asset quality trends, the provision for possible credit losses was $60.7 million lower in the third quarter of 2004 than in the third quarter of 2003.

This earnings release includes managed data. Please refer to MBNA Corporation and Subsidiaries Financial Highlights — Exhibit A for a quantitative reconciliation of reported and managed data. A business presentation that provides supplemental information regarding the third quarter of 2004 is available in the Investor Relations section of MBNA’s Web site (www.mbna.com).

About MBNA Corporation
MBNA (NYSE: KRB), the largest independent credit card lender in the world and the recognized leader in affinity marketing, is an international financial services company providing lending, deposit, and credit insurance products and services. MBNA credit cards and related products and services are endorsed by more than 5,000 organizations worldwide. MBNA employs more than 28,000 people, each of whom is committed to satisfying the Customer. For more information, visit the company’s web site at http://www.mbna.com.