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25/02/2002
Online bank Egg slashes pre-tax losses
Internet bank Egg has revealed it reached its breakeven target for the October to December period.
The company also slashed its pre-tax losses by £67 million to £88 million in 2001 as well as reporting a 103 per cent rise in operating income. The bank's income also reached £189 million compared with £93 million a year earlier.
While the company is currently developing its international business in France through the acquisition of Zebank and associated distribution partnerships, it has also entered a deal with the software giant Microsoft to offer digital payments services to Hotmail users in the UK.
However Egg's expansion plan relies on support from investors who had been keen to see strong performance in the UK towards the end of 2001 before investing more in Egg's international business.
(MB)
The company also slashed its pre-tax losses by £67 million to £88 million in 2001 as well as reporting a 103 per cent rise in operating income. The bank's income also reached £189 million compared with £93 million a year earlier.
While the company is currently developing its international business in France through the acquisition of Zebank and associated distribution partnerships, it has also entered a deal with the software giant Microsoft to offer digital payments services to Hotmail users in the UK.
However Egg's expansion plan relies on support from investors who had been keen to see strong performance in the UK towards the end of 2001 before investing more in Egg's international business.
(MB)
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Internet bank Egg announce reduced losses
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Online bank turns profit for first time
Europe's largest internet-only bank, Egg has revealed that in November it turned a profit for the first time. The news meet targets set in June last year when the bank was floated. The online bank credited its prosperity down to earnings gained from credit card customers.
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