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Egg to break even in Q4

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Egg is "bang on track" to break even at the end of the year, the British online bank reported today.

Despite reporting losses for the year of £155 million - up from £150 million in 1999 - the bank remains bullish it can turn things around during the next ten months.

And it points to a host of numbers which show that the bank is gaining strength in the competitive retail banking sector.

Operating income is up 375 per cent to £93.2 million; its customer base has increased 70 per cent to 1.35 million and brand awareness is up 20 points compared to last year.

It also intends to continue widening its margins while keeping a lid on costs as it eats into its deficit.

Indeed, the City appears reasonably content with Egg's performance with its share price holding steady at 132p by lunchtime.

Of course, Egg's plans to break even depend on its Web site functioning and fully operational. Last month the bank suffered extended hardware problems depriving customers of access to their accounts. ®

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