Egg reports first profit

The Internet-only banking model has received a boost from the announcement that online bank Egg has reported its first profit.

The Internet-only banking model has received a boost from the announcement that online bank Egg has reported its first profit.

Last week Egg reported a modest recovery in its credit card business, winning nearly 130,000 new card customers over the fourth quarter this year. This month's profit was predicted by Egg when it floated on the stock market last year.

Launched in 1998 as a subsidiary of insurance giant Prudential, Egg has gained a reputation as a technology trailblazer in the e-business arena. However, some industry observers have been sceptical about whether its Internet-only service could win market share or satisfy customers used to visiting high street banks.

Nationwide building society last week announced its one millionth online banking registration - up from 500,000 in only one year.

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