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Mbna America (Delaware), N.A.

Wilmington, DE · Cert 34680

FDIC

Q2 2006

$7.5BAssets
$4.9BLoans
$75.3MDeposits
$2.1BEquity
Deposit mix
0%Interest-bearing $0.0M100%Noninterest $75.3MQ2 2005Q2 2006

NIM

6.70%Q2 ’046.38%Q2 ’056.64%Q2 ’06-16%-10%

Non-interest income vs. expense

6.91%Q2 ’044.83%Q2 ’052.91%Q2 ’06+27%-14%

Executive Summary

  • Earnings: ROA of 1.70%, down 160 bps year over year; NIM at 3.48%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.21%.
  • Funding: loans stand at 6476.16% of deposits as of Q2 2006.

Financial Results

Return on Assets (quarter, annualized)

1.70%-160 bps YoY

Net Interest Margin (quarter, annualized)

3.48%-37 bps YoY

Efficiency Ratio (quarter, annualized)

31.37%-977 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2005Q3 2005Q4 2005Q1 2006Q2 2006YoY ΔTrend
Earnings
Return on Assets3.30%2.85%1.27%2.31%1.70%-160 bps
Return on Equity20.70%15.70%6.79%8.84%5.61%-1,510 bps
Net Interest Margin3.85%3.64%3.44%3.97%3.48%-37 bps
Efficiency Ratio41.14%44.41%49.09%42.60%31.37%-977 bps
Non-Interest Burden-1.76%-1.92%-1.02%-1.06%-2.01%-24 bps
Growth
Asset Growth (YoY)64.77%50.29%39.20%22.41%37.35%-2,742 bps
Loan Growth (YoY)59.11%43.82%31.83%5.14%12.09%-4,702 bps
Deposit Growth (YoY)17.47%64.13%59.83%103.30%41.14%+2,367 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.65%1.47%1.86%0.28%1.21%-44 bps
Allowance / Loans1.31%1.40%1.60%1.77%2.21%+90 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital16.24%17.66%17.68%16.52%14.84%-140 bps
Equity / Assets17.38%18.90%18.47%32.62%28.23%+1,085 bps
Liquidity & Funding
Loans / Deposits8154%5406%5427%5440%6476%-167,814 bps
Liquid Assets / Assets1.84%2.44%2.02%2.93%2.97%+113 bps
CRE / Total Capitaln/an/an/an/an/an/an/a