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24/07/2001
Internet bank Egg announce reduced losses
Internet banking company Egg has announced a reduction in the company’s losses for the first six months of the year.
Egg said that pre-tax losses were down 21 per cent to £63.4m in the first half of the year compared to £80.7m in the same period a year ago. The results were better than expected, with analysts previously anticipating a loss of between £65-70 million.
However, Egg's foray into the mortgage market has been less successful. Egg branded mortgage sales were down to £164m compared with £318m the previous year.
Egg revealed that 370,000 net new customers were signed up during the six month period, a 19 per cent rise on the first half of the previous year.
Egg claims they are on target to break even at some point during the last three months of the year. However, Egg did not reveal how many customers had taken their banking away from Egg during the first six months of the year.
The bank now has around 1.7 million people using Egg’s financial services.
(MB)
Egg said that pre-tax losses were down 21 per cent to £63.4m in the first half of the year compared to £80.7m in the same period a year ago. The results were better than expected, with analysts previously anticipating a loss of between £65-70 million.
However, Egg's foray into the mortgage market has been less successful. Egg branded mortgage sales were down to £164m compared with £318m the previous year.
Egg revealed that 370,000 net new customers were signed up during the six month period, a 19 per cent rise on the first half of the previous year.
Egg claims they are on target to break even at some point during the last three months of the year. However, Egg did not reveal how many customers had taken their banking away from Egg during the first six months of the year.
The bank now has around 1.7 million people using Egg’s financial services.
(MB)
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