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Business Description
MBNA Corporation (MBNA) is the parent company of MBNA America Bank, N.A. (the Bank). Through the Bank, the Company operates as an independent credit card lender and issuer of endorsed credit cards, marketed primarily to members of associations and customers of financial institutions and other organizations. In addition to its credit card lending, MBNA makes other consumer loans, including installment and revolving unsecured loan products, and offers insurance and deposit products. The Bank has two wholly owned foreign bank subsidiaries, MBNA Europe Bank Limited and MBNA Canada Bank, through which the Company conducts its business in Europe and Canada, respectively. MBNA is also the parent company of MBNA America (Delaware), N.A., a national bank that offers mortgage loans, aircraft loans and business loan products.

Financial Information
For the nine months ended 9/30/04, net interest income after loan loss provision rose 45% to $983.6 million. Net income before Preferred Dividends rose 17% to $1.91 billion. Net interest income reflects growth in managed loans outstanding and higher managed net interest margins. Earnings were partially offset by higher costs for services provided by 3rd-party vendors.