Feeds

Egg mulls US expansion

Losses narrow

  • alert
  • submit to reddit

High performance access to file storage

Egg - the UK-based Internet bank owned by Prudential - is looking to crack the US market.

The outfit is researching the possibilities of expanding into new countries and has already gone some way to test customer opinion in the US.

News that Egg remains committed to developing a global business comes as the bank reported losses for 2002 had narrowed to £16.6m, down from £87.8m in 2001.

Publishing its interim results today the company reported that group operating income rose 73 per cent to £327.3m in 2002 from £189.4m in 2001.

The ebank has now launched itself in France following last year's £3.5m acquisition of French ebank Zebank. The operation recorded a loss of £46.7m in 2002, taking the group into the red. In the UK the company recorded a profit of £34.8m, against a loss of £75.7m in 2001, and claimed 610,000 net new customers.

Shares in Egg were down 0.25p (0.22 per cent) at 113.25p in early trading. ®

Related link, story

Egg results press release
Egg gets Zebank

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.