MBNA (KRB) 10-Q 2004 Q1 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 Three Months
	Ended March 31,
	2004			2003
Including Interest on Deposits
Earnings:
Income before income taxes	$	803,258		$	676,853
Fixed charges		371,274			392,798
Interest capitalized during period, net of amortization of previously capitalized interest		(4,722	)		(3,377	)
Earnings, for computation purposes	$	1,169,810		$	1,066,274
Fixed Charges and Preferred Stock Dividend Requirements:
Interest on deposits, short-term borrowings, and long-term debt and bank notes,   expensed or capitalized	$	370,337		$	392,046
Portion of rents representative of the interest factor		937			752
Fixed charges		371,274			392,798
Preferred stock dividend requirements		5,434			5,502
Fixed charges and preferred stock dividend requirements, including interest   on deposits, for computation purposes	$	376,708		$	398,300
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,    including interest on deposits		3.11			2.68
Excluding Interest on Deposits
Earnings:
Income before income taxes	$	803,258		$	676,853
Fixed charges		125,275			99,936
Interest capitalized during period, net of amortization of previously capitalized interest		(4,727	)		(3,382	)
Earnings, for computation purposes	$	923,806		$	773,407
Fixed Charges and Preferred Stock Dividend Requirements:
Interest on short-term borrowings and long-term debt and bank notes,   expensed or capitalized	$	124,338		$	99,184
Portion of rents representative of the interest factor		937			752
Fixed charges		125,275			99,936
Preferred stock dividend requirements		5,434			5,502
Fixed charges and preferred stock dividend requirements, excluding interest   on deposits, for computation purposes	$	130,709		$	105,438
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,   excluding interest on deposits		7.07			7.34

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.