Business in brief WILMINGTON, DEL.: MBNA REPORTS DROP IN FIRST-QUARTER PROFITS

loading...
MBNA Corp., the world’s largest independent credit card lender, on Thursday said first-quarter earnings plummeted, hurt by a hefty restructuring charge and unexpectedly high payment volumes from U.S. credit card customers. The company said full-year earnings likely would fall short of its 10 percent growth goal. Quarterly income…
Sign in or Subscribe to view this content.

MBNA Corp., the world’s largest independent credit card lender, on Thursday said first-quarter earnings plummeted, hurt by a hefty restructuring charge and unexpectedly high payment volumes from U.S. credit card customers. The company said full-year earnings likely would fall short of its 10 percent growth goal. Quarterly income was $31.7 million, or 2 cents a share, sharply lower than $519.7 million, or 40 cents a share, reported last year. Excluding a pretax restructuring charge of $767.6 million, earnings in the latest period were $514.1 million, or 40 cents a share. Analysts surveyed by Thomson Financial expected MBNA to earn 46 cents a share in the January-March quarter. Net interest income fell to $666.1 million from $667.8 million. (The Associated Press)


Have feedback? Want to know more? Send us ideas for follow-up stories.

comments for this post are closed

By continuing to use this site, you give your consent to our use of cookies for analytics, personalization and ads. Learn more.