UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549



                                   FORM 8-K

                                CURRENT REPORT


                    Pursuant to Section 13 or 15(d) of the
                       Securities Exchange Act of 1934




    Date of Report (Date of earliest event reported)    March 31, 2003
                                                    -------------------------

                                   MBNA Corporation
   --------------------------------------------------------------------------
              (Exact name of registrant as specified in its charter)



           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)



             Wilmington, Delaware                             19884-0141
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)


   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------


   --------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)












Item 5.  Other Events

      The net credit losses and loan delinquency ratios for MBNA Corporation
("The Corporation"), for its loan receivables and its managed loans for the
month ended March 31, 2003, are presented in the table below.

                                          Net Credit
                                          Losses (a)           Delinquency (b)
                                         ------------          ---------------
                                         (Annualized)

Loan Receivables (c)..............           4.88%                  3.88%

   Credit Card Loan
      Receivables.................           4.05                   3.51

   Other Consumer
      Loan Receivables............           6.71                   4.73


Managed Loans (d).................           5.39                   4.74

   Managed Credit
      Card Loans..................           5.05                   4.62

   Managed Other
      Consumer Loans..............           7.60                   5.52


After a typical seasonal increase in loss rates in January, net credit loss
rates and managed net credit loss rates declined sequentially in February and
March. Net credit loss rates were 5.35%, 5.11%, and 4.88% for January,
February, and March 2003, respectively.  Managed net credit loss rates were
5.55%, 5.48%, and 5.39% for January, February, and March 2003, respectively.
Although there may be minor monthly fluctuations, management expects the
declining trend in managed net credit loss rates to continue throughout the
year.

The following tables reconcile loan receivables data to managed loans data
presented above.
















Reconciliation of Loans Receivable to Managed Loans:

                                      For the month ended March 31, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    62,149    $  18,393,060        4.05%
Other Consumer..............         46,518        8,315,394        6.71
                                -----------    -------------
Total Loan Receivables (c)..    $   108,667    $  26,708,454        4.88
                                ===========    =============

Securitized Loans:
Credit Card.................    $   322,257    $  72,951,783        5.30%
Other Consumer..............         42,173        5,681,256        8.91
                                -----------    -------------
Total Securitized Loans.....    $   364,430    $  78,633,039        5.56
                                ===========    =============

Managed Loans:
Credit Card.................    $   384,406    $  91,344,843        5.05%
Other Consumer..............         88,691       13,996,650        7.60
                                -----------    -------------
Total Managed Loans (d).....    $   473,097    $ 105,341,493        5.39
                                ===========    =============


                                              At March 31, 2003
                                ----------------------------------------------
                                Delinquent     Ending Loans      Delinquency
                                Balances (b)    Outstanding        Ratio (b)
                                ------------   -------------    --------------
                                     (Dollars in 000's)
Loan Receivables:
Credit Card.................    $   670,536    $  19,123,664        3.51%
Other Consumer..............        393,070        8,301,607        4.73
                                ------------   -------------
Total Loan Receivables (c)..    $ 1,063,606    $  27,425,271        3.88
                                ============   =============

Securitized Loans:
Credit Card.................    $ 3,585,016    $  73,022,907        4.91%
Other Consumer..............        377,783        5,675,671        6.66
                                ------------   -------------
Total Securitized Loans.....    $ 3,962,799    $  78,698,578        5.04
                                ============   =============

Managed Loans:
Credit Card.................    $ 4,255,552    $  92,146,571        4.62%
Other Consumer..............        770,853       13,977,278        5.52
                                ------------   -------------
Total Managed Loans (d).....    $ 5,026,405    $ 106,123,849        4.74
                                ============   =============
                                    For the month ended February 28, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    68,154    $  18,904,994        4.33%
Other Consumer..............         47,795        8,318,790        6.89
                                -----------    -------------
Total Loan Receivables (c)..    $   115,949    $  27,223,784        5.11
                                ===========    =============

Securitized Loans:
Credit Card.................    $   322,663    $  72,982,465        5.31%
Other Consumer..............         44,943        5,691,710        9.48
                                -----------    -------------
Total Securitized Loans.....    $   367,606    $  78,674,175        5.61
                                ===========    =============

Managed Loans:
Credit Card.................    $   390,817    $  91,887,459        5.10%
Other Consumer..............         92,738       14,010,500        7.94
                                -----------    -------------
Total Managed Loans (d).....    $   483,555    $ 105,897,959        5.48
                                ===========    =============


                                     For the month ended January 31, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    75,390    $  19,911,374        4.54%
Other Consumer..............         50,197        8,232,050        7.32
                                -----------    -------------
Total Loan Receivables (c)..    $   125,587    $  28,143,424        5.35
                                ===========    =============

Securitized Loans:
Credit Card.................    $   323,306    $  73,015,049        5.31%
Other Consumer..............         44,953        5,687,379        9.48
                                -----------    -------------
Total Securitized Loans.....    $   368,259    $  78,702,428        5.61
                                ===========    =============

Managed Loans:
Credit Card.................    $   398,696    $  92,926,423        5.15%
Other Consumer..............         95,150       13,919,429        8.20
                                -----------    -------------
Total Managed Loans (d).....    $   493,846    $ 106,845,852        5.55
                                ===========    =============

(a)  The Corporation's net credit loss ratio is calculated by dividing net
     credit losses, which exclude uncollectible accrued interest and fees and
     fraud losses, for the period by average loan receivables, which include
     the billed interest and fees for the corresponding period.

(b)  Delinquency represents loans that are 30 days or more past due.

(c)  Loan receivables include loans held for securitization and the loan
portfolio.

(d)  Managed loans include loan receivables and securitized loans. The
     Corporation allocates resources on a managed basis, and financial data
     provided to management reflects the Corporation's results on a managed
     basis.  Managed data assumes the Corporation's securitized loan principal
     receivables have not been sold and presents the net credit losses and
     delinquent balances on the securitized loan principal receivables in the
     same fashion as the Corporation's owned loans.

     Management, analysts, and others evaluate the Corporation's operations on
     a managed basis because the loans that are securitized are subject to
     underwriting standards comparable to the Corporation's owned loans, and
     the Corporation services the securitized and owned loans, and the related
     accounts, together and in the same manner without regard to ownership of
     the loans.  In a securitization, the account relationships are not sold to
     the trust.  The Corporation continues to own and service the accounts that
     generate the securitized loan principal receivables.  The credit
     performance of the entire managed loan portfolio is important to
     understand the quality of loan originations and the related credit risks
     inherent in the owned portfolio and the Corporation's retained interests
     in its securitization transactions.




























                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.








                                                      MBNA CORPORATION


Date:  April 14, 2003                     By:  /s/   Vernon H. C. Wright
                                               -------------------------------
                                                     Vernon H. C. Wright
                                                   Chief Financial Officer
[{"type": "8-K", "sequence": "1", "filename": "aq8kmar.txt", "secsgml_size_bytes": 12107}]
{"company-data": {"conformed-name": "MBNA CORP", "cik": "0000870517", "assigned-sic": "6021", "irs-number": "521713008", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10683", "film-number": "03649248"}, "business-address": {"street1": "1100 N KING ST", "street2": "C/O MBNA AMERICA BANK NA", "city": "WILMINGTON", "state": "DE", "zip": "19884", "phone": "8003626255"}, "mail-address": {"street1": "1100 NORTH KING STREET", "city": "WILMINGTON", "state": "DE", "zip": "19884"}}
UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT

                    Pursuant to Section 13 or 15(d) of the
                       Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported)    March 31, 2003
                                                    -------------------------

                                   MBNA Corporation
   --------------------------------------------------------------------------
              (Exact name of registrant as specified in its charter)

           Maryland                    1-10683             52-1713008
   --------------------------------------------------------------------------
   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)

             Wilmington, Delaware                             19884-0141
   --------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)

   Registrant's telephone number, including area code     (800) 362-6255
                                                      -----------------------

   --------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Item 5.  Other Events

      The net credit losses and loan delinquency ratios for MBNA Corporation
("The Corporation"), for its loan receivables and its managed loans for the
month ended March 31, 2003, are presented in the table below.

                                          Net Credit
                                          Losses (a)           Delinquency (b)
                                         ------------          ---------------
                                         (Annualized)

Loan Receivables (c)..............           4.88%                  3.88%

   Credit Card Loan
      Receivables.................           4.05                   3.51

   Other Consumer
      Loan Receivables............           6.71                   4.73

Managed Loans (d).................           5.39                   4.74

   Managed Credit
      Card Loans..................           5.05                   4.62

   Managed Other
      Consumer Loans..............           7.60                   5.52

After a typical seasonal increase in loss rates in January, net credit loss
rates and managed net credit loss rates declined sequentially in February and
March. Net credit loss rates were 5.35%, 5.11%, and 4.88% for January,
February, and March 2003, respectively.  Managed net credit loss rates were
5.55%, 5.48%, and 5.39% for January, February, and March 2003, respectively.
Although there may be minor monthly fluctuations, management expects the
declining trend in managed net credit loss rates to continue throughout the
year.

The following tables reconcile loan receivables data to managed loans data
presented above.

Reconciliation of Loans Receivable to Managed Loans:

                                      For the month ended March 31, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    62,149    $  18,393,060        4.05%
Other Consumer..............         46,518        8,315,394        6.71
                                -----------    -------------
Total Loan Receivables (c)..    $   108,667    $  26,708,454        4.88
                                ===========    =============

Securitized Loans:
Credit Card.................    $   322,257    $  72,951,783        5.30%
Other Consumer..............         42,173        5,681,256        8.91
                                -----------    -------------
Total Securitized Loans.....    $   364,430    $  78,633,039        5.56
                                ===========    =============

Managed Loans:
Credit Card.................    $   384,406    $  91,344,843        5.05%
Other Consumer..............         88,691       13,996,650        7.60
                                -----------    -------------
Total Managed Loans (d).....    $   473,097    $ 105,341,493        5.39
                                ===========    =============

                                              At March 31, 2003
                                ----------------------------------------------
                                Delinquent     Ending Loans      Delinquency
                                Balances (b)    Outstanding        Ratio (b)
                                ------------   -------------    --------------
                                     (Dollars in 000's)
Loan Receivables:
Credit Card.................    $   670,536    $  19,123,664        3.51%
Other Consumer..............        393,070        8,301,607        4.73
                                ------------   -------------
Total Loan Receivables (c)..    $ 1,063,606    $  27,425,271        3.88
                                ============   =============

Securitized Loans:
Credit Card.................    $ 3,585,016    $  73,022,907        4.91%
Other Consumer..............        377,783        5,675,671        6.66
                                ------------   -------------
Total Securitized Loans.....    $ 3,962,799    $  78,698,578        5.04
                                ============   =============

Managed Loans:
Credit Card.................    $ 4,255,552    $  92,146,571        4.62%
Other Consumer..............        770,853       13,977,278        5.52
                                ------------   -------------
Total Managed Loans (d).....    $ 5,026,405    $ 106,123,849        4.74
                                ============   =============
                                    For the month ended February 28, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    68,154    $  18,904,994        4.33%
Other Consumer..............         47,795        8,318,790        6.89
                                -----------    -------------
Total Loan Receivables (c)..    $   115,949    $  27,223,784        5.11
                                ===========    =============

Securitized Loans:
Credit Card.................    $   322,663    $  72,982,465        5.31%
Other Consumer..............         44,943        5,691,710        9.48
                                -----------    -------------
Total Securitized Loans.....    $   367,606    $  78,674,175        5.61
                                ===========    =============

Managed Loans:
Credit Card.................    $   390,817    $  91,887,459        5.10%
Other Consumer..............         92,738       14,010,500        7.94
                                -----------    -------------
Total Managed Loans (d).....    $   483,555    $ 105,897,959        5.48
                                ===========    =============

                                     For the month ended January 31, 2003
                                ----------------------------------------------
                                                                  Net Credit
                                 Net Credit    Average Loans        Losses
                                 Losses (a)     Outstanding        Ratio (a)
                                -----------    -------------    --------------
                                     (Dollars in 000's)          (Annualized)
Loan Receivables:
Credit Card.................    $    75,390    $  19,911,374        4.54%
Other Consumer..............         50,197        8,232,050        7.32
                                -----------    -------------
Total Loan Receivables (c)..    $   125,587    $  28,143,424        5.35
                                ===========    =============

Securitized Loans:
Credit Card.................    $   323,306    $  73,015,049        5.31%
Other Consumer..............         44,953        5,687,379        9.48
                                -----------    -------------
Total Securitized Loans.....    $   368,259    $  78,702,428        5.61
                                ===========    =============

Managed Loans:
Credit Card.................    $   398,696    $  92,926,423        5.15%
Other Consumer..............         95,150       13,919,429        8.20
                                -----------    -------------
Total Managed Loans (d).....    $   493,846    $ 106,845,852        5.55
                                ===========    =============

(a)  The Corporation's net credit loss ratio is calculated by dividing net
     credit losses, which exclude uncollectible accrued interest and fees and
     fraud losses, for the period by average loan receivables, which include
     the billed interest and fees for the corresponding period.

(b)  Delinquency represents loans that are 30 days or more past due.

(c)  Loan receivables include loans held for securitization and the loan
portfolio.

(d)  Managed loans include loan receivables and securitized loans. The
     Corporation allocates resources on a managed basis, and financial data
     provided to management reflects the Corporation's results on a managed
     basis.  Managed data assumes the Corporation's securitized loan principal
     receivables have not been sold and presents the net credit losses and
     delinquent balances on the securitized loan principal receivables in the
     same fashion as the Corporation's owned loans.

     Management, analysts, and others evaluate the Corporation's operations on
     a managed basis because the loans that are securitized are subject to
     underwriting standards comparable to the Corporation's owned loans, and
     the Corporation services the securitized and owned loans, and the related
     accounts, together and in the same manner without regard to ownership of
     the loans.  In a securitization, the account relationships are not sold to
     the trust.  The Corporation continues to own and service the accounts that
     generate the securitized loan principal receivables.  The credit
     performance of the entire managed loan portfolio is important to
     understand the quality of loan originations and the related credit risks
     inherent in the owned portfolio and the Corporation's retained interests
     in its securitization transactions.

                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                      MBNA CORPORATION

Date:  April 14, 2003                     By:  /s/   Vernon H. C. Wright
                                               -------------------------------
                                                     Vernon H. C. Wright
                                                   Chief Financial Officer