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Lower PPI costs boost Chester Based MBNA

Annual profit has surged by almost £60m at MBNA as the Chester-based credit card provider was boosted by lower payment protection insurance (PPI) costs and an expected windfall from Visa Europe changing hands.

MBNA, part of Bank of America, has posted profits of £165.8m for the 2015 calendar year, up by 54 per cent on 12 months earlier. Operating income climbed by 12 per cent to £700.7m over the same period.

The accounts also show that the group added £211m to its regulatory provision in respect of PPI redress in the UK and Ireland during the year, resulting in a total regulatory provision of £244m as of 31 December 2015. Read More