Egg promises profitability despite loss increase

Internet bank Egg increased losses to £155.3m last year but has insisted that it will break even in the last three months 2001.

Fourth quarter financial results released today show a jump on last year's loss of £149.7m, but according to the company the results are in line with expectations, and stem from investment in new insurance and investment products. Despite the poor financial showing, customer figures for the year increased 70 per cent to 1.35 million people.