Internet-only bank Egg today said losses shrank faster than expected in the first half of the year, moving the bank closer to its goal of break-even in the fourth quarter.
The bank's pre-tax loss for the six months to June 30th, 2001, narrowed 21 per cent to £63.4 million sterling($90.21 million), from a loss of £80.7 million in the first half of last year.
The result looked slightly better than expected. Analysts had forecast losses of between £65 million and £70 million.
Chief executive Mr Paul Gratton said Egg was continuing to attract customers at a rapid rate but spending less on acquiring them.
Europe's largest Internet bank signed up 370,000 net new customers in the six months, an increase of 19 per cent over the first half last year, giving it a total customer base of 1.72 million.
This is particularly pleasing given the accompanying 10 per cent fall in total marketing spend, Mr Gratton said."We remain bang on track for our targeted break-even during Q4 this year."