August 15, 2005

Egg the Internet bank, which has seen recent worries about the way that they’re fortunes were going, has took a big step forward with a reported £15 million profit, being made in the first 6 months of the year.

And with this news, the Prudential who are the major stake owners in Egg, will renew they’re interest in trying to sell the Internet bank, as they were trying to do not to long ago and this has seen investors look to cash in if they do decide to go along with a sale, after the 2% increase in share prices.

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The upturn in profits have been put down to the 5% growth in the credit card side, which is 3% more than the equivalent for the rest of the industry and seen Egg overturn a loss for the same period for last year of £1.7 million to a pre-tax profit of £15 million for the same period this year, though this could also be down to the falling costs to income ratio, with Egg reporting a £10 million fall in costs and expenditure.

This is hoped will be the same case, come the second part of the year and with the Prudential still looking to sell Egg, then the chances are that there will be more companies willing to take the Internet bank into they’re group, the signs are the future is looking a little stronger for Egg and I feel that they are a company that deserve a boost, as they have to me given some of the best deals on for some time now.

With 3 call centres all in, employing around 2 thousand people then the future will seem a little more secure as far as they’re jobs are concerned.