The profits for MBNA Corp., one of Maine’s largest private employers, topped $2 billion last year.

The credit-card lender based in Wilmington, Del., earned $2.3 billion in 2003, it reported Thursday, up over 2002 profits of $1.7 billion.

The company, which operates offices in Belfast, Camden, Rockland, Orono, Farmington, Fort Kent, Presque Isle and Portland, closed out the year with earnings of $703 million in the fourth quarter. That represents a 32 percent increase over the fourth quarter earnings of 2002, which were $540 million.

MBNA employs about 4,500 in Maine, about 20 percent of its total work force. It also operates offices in New York, New Jersey, Baltimore, Atlanta, Cleveland, San Francisco, Dallas and Southern California, as well as in Canada, the United Kingdom, Ireland and Spain.

MBNA is the second-largest issuer of credit cards in the world.

During 2003, MBNA added 10.7 million accounts, it announced.

MBNA’s primary source of income comes through credit card loans, marketed through what it calls affinity groups. Organizations and businesses, in exchange for a portion of the interest income, agree to endorse the MBNA card for use by its members and employees.

Among the 384 endorsements MBNA added in 2003 were: Merrill Lynch, Arizona State University, eBay and Royal Caribbean International.

The company also renewed 1,400 group contracts in 2003, including: the NFL, University of Michigan, Cleveland Indians, American College of Surgeons, and the American Society of Mechanical Engineers.

Total managed loans at Dec. 31 were $118 billion, an increase of $11.2 billion over the end of 2002.

Net interest income for 2003 was $10.2 billion. Other operating income was $4.3 billion.

MBNA’s Brian Dalphon said the final quarter of 2003 was especially strong for the company.

“This was probably one of the best fourth quarters we’ve ever had,” he said Friday. “Our customers spent 15 percent more than they did in the fourth quarter of last year.”

Loan losses were 4.6 percent for loan receivables, and 4.9 percent for managed loans for the fourth quarter. For the year, loan losses were 4.8 percent on loan receivables and 5.2 percent on managed loans.

Delinquency on loan receivables and managed loans was 3.8 percent and 4.9 percent, respectively, at Dec. 31.

The company said loan losses continue to be at lower rates than industry averages.

MBNA set aside $5.7 billion for possible credit losses last year.

MBNA’s stock was selling at $26.94 at early on Friday afternoon.

The company’s board of directors announced a 20 percent increase in the annual stock dividend to 48 cents per share.

The world’s largest dealer in credit card loans, New York-based CitiGroup Inc., had $148.8 billion in credit card lending at the close of the year. CitiGroup issues the Diner’s Club card, and last acquired the $29 billion customer base of Sears Roebuck’s card.

CitiGroup’s net income for 2003, of which credit card lending represents a small part, was $17.8 billion.