MBNA (KRB) 10-Q 2003 Q3 Quarterly report

Exhibit 12.1: Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements(dollars in thousands) (unaudited)

	For the Nine Months
	Ended September 30,
	2003			2002
Including Interest on Deposits
Earnings:
Income before income taxes	$	2,558,082		$	1,933,429
Fixed charges		1,151,485			1,207,663
Interest capitalized during period, net of amortization of previously capitalized interest		(10,563	)		(5,864	)
Earnings, for computation purposes	$	3,699,004		$	3,135,228
Fixed Charges and Preferred Stock Dividend Requirements:
Interest on deposits, short-term borrowings, and long-term debt and bank notes,expensed or     capitalized	$	1,150,071		$	1,204,733
Portion of rents representative of the interest factor		1,414			2,930
Fixed charges		1,151,485			1,207,663
Preferred stock dividend requirements		16,507			16,814
Fixed charges and preferred stock dividend requirements, including intereston deposits, for    computation purposes	$	1,167,992		$	1,224,477
Ratio of earnings to combined fixed charges and preferred stock dividend requirements, including     interest on deposits		3.17			2.56
Excluding Interest on Deposits
Earnings:
Income before income taxes	$	2,558,082		$	1,933,429
Fixed charges		300,142			265,258
Interest capitalized during period, net of amortization of previously capitalized interest		(10,579	)		(5,880	)
Earnings, for computation purposes	$	2,847,645		$	2,192,807
Fixed Charges and Preferred Stock Dividend Requirements:
Interest on short-term borrowings and long-term debt and bank notes,expensed or capitalized	$	298,728		$	262,328
Portion of rents representative of the interest factor		1,414			2,930
Fixed charges		300,142			265,258
Preferred stock dividend requirements		16,507			16,814
Fixed charges and preferred stock dividend requirements, excluding intereston deposits, for    computation purposes	$	316,649		$	282,072
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,   excluding interest on deposits		8.99			7.77

The ratio of earnings to combined fixed charges and preferred stock dividend requirements is computed by dividing (i) income before income taxes and fixed charges less interest capitalized during such period, net of amortization of previously capitalized interest, by (ii) fixed charges and preferred stock dividend requirements. Fixed charges consist of interest, expensed or capitalized, on borrowings (including or excluding deposits, as applicable), and the portion of rental expense which is deemed representative of interest. The preferred stock dividend requirements represent the pre-tax earnings which would have been required to cover such dividend requirements on the Corporation's Preferred Stock outstanding.