Egg cracking the e-banking market

Back in the red, though...

Back in the red, though...

Online bank Egg has released strong quarterly results demonstrating its continuing leadership of the UK online banking market. However, the firm posted a loss of £1.2m on revenues of £80m across the group. Last quarter Egg posted a £2.4m profit, its first ever, but was pushed back into the red by the cost of building up its newly acquired French business Zebank. Egg's international business lost £5.8m, totally wiping out the £4.6m profit from UK operations. Egg said it was still on course to launch its French operation, based on the Zebank purchase, later this year. Egg gained another 205,000 customers in the period to give it a total of 2.3 million. Datamonitor analyst Alex Boorman said that despite the loss, the figures showed the firm was going from strength to strength. He added that its online rivals had not received anywhere near the scale of business that Egg had.