By Kate Hanaghan, 13 December 2001 11:35
NEWS UK internet bank Egg.com has reported a profit for the first time ever despite its much publicised battles with security fears and website outages. Last month, the company hit below the line profitability and is now on target to break even during Q4 - mostly thanks to its credit card customers. The results match its promise made at IPO in June 2000. Losses for last quarter were £18.4m. Latest figures from the bank show Egg has claimed 129,300 new customers in this quarter so far. This bring the total number of customers up to 1.92m. Egg said in a statement to the London Stock Exchange: "The book is now large enough to earn sufficient revenues to cover ongoing operational, marketing and bad debt costs in addition to the costs of the upfront incentive offers on the product." The bank's figures indicate that customers aren't jumping ship as soon as their 0 per cent interest period has expired on their Egg credit cards. During early trading this morning, its share price rose 3.25 per cent to 158p.
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