Egg Profits Up
Online bank Egg sees profits rise sharply, Prudential to retain ownership
26th October 2005
Online bank Egg plc has announced a jump in UK profits of 29%, up to £17.8m from £13.1m last year. The bank described its performance as 'solid' despite a fiercely competitive industry.
On releasing the figures, Prudential, who own 79% of Egg, indicated that they intended to retain their stake in the company, a reversal after longstanding hints that their shareholding was open for bids.
In fact, the insurer may go even further as it is considering bringing the whole Egg company fully into its group, feeling that Egg's younger, more affluent customer base of 3 million complements Prudential's existing brand and customer profile.
Read More: BBC : Prudential to keep stake in Egg
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