MBNA Posts 27% Rise in 4th-Quarter Profit

MBNA Corp., the largest publicly traded U.S. credit card company, said fourth-quarter net income rose 27% to $238.3 million, or 30 cents a share, a penny higher than analysts expected, as it added new customers through agreements with groups that offer MBNA’s cards. For the full year, Wilmington, Del.-based MBNA’s earnings rose 25% to $776.3 million, or 97 cents a share. The company also said it formed an agreement with New York-based American International Group, which will underwrite auto, homeowners and personal umbrella insurance for MBNA’s customers. MBNA has been without an underwriter for its insurance programs since July, when it canceled a 2-year-old contract with TIG Holdings Inc. of New York.