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MBNA charge-offs up over 5% from same time last year

ARLINGTON, Va.- MBNA, a noted purchaser of credit union's credit card portfolios, saw its charge-offs climb from 4.82% in the second quarter of 2001 to 5.09% in the second quarter of 2002, an increase of 5.6%, according to Cardweb.com. Cardweb.com is a site on the World Wide Web that tracks...

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ARLINGTON, Va.- MBNA, a noted purchaser of credit union’s credit card portfolios, saw its charge-offs climb from 4.82% in the second quarter of 2001 to 5.09% in the second quarter of 2002, an increase of 5.6%, according to Cardweb.com. Cardweb.com is a site on the World Wide Web that tracks credit card trends. The good news for MBNA was that the jump in its charge-offs was actually among the least in the top 10 card issuers as, collectively, they saw their lost loans jump 22% from last year, driven in large part from losses among the sub-prime issuers. Providian and Direct Merchants, both large sub-prime issuers, reported losses of 70% and 38% respectively.

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