Rate Cuts Help MBNA Increase Profit 30%

MBNA Corp., a leading credit card lender, said third-quarter profit rose 30% to $478.3 million, or 54 cents a share, a penny better than analyst expectations, with help from falling interest rates.

However, an increase in late payments spooked investors and sent the company’s shares down 57 cents to $31.19 in NYSE trading.

Wilmington, Del.-based MBNA said it postponed charging some accounts as delinquent to help customers affected by the Sept. 11 terrorist attacks.

Without the delay, delinquencies would have been 4.85% to 4.95% at the end of September, in contrast with 4.23% when factoring in the actions. Delinquencies were 4.65% in the year-ago quarter.