Payday lender Wonga has reported a year of surging profits as its number of cash-strapped customers swelled to more than one million.
The controversial company, which offers short-term loans to households and businesses, said profits after tax rose 36% to £62.5 million during 2012 - the equivalent to more than £1 million a week.
Revenues surged 67% to £309.3 million and it lent £1.2 billion in the year, a rise of 68%.
The company, which was involved in a storm of controversy recently when the Archbishop of Canterbury said he wanted the Church of England to "compete" it out of existence, cast doubt over whether the Church can be a realistic competitor.
Founder and chief executive Errol Damelin said the online lender operates in an "upfront and transparent" way, adding it makes 5p of profit on every £1 it lends.
He said: "This is not about people on breadlines being desperate and us being a lender of last resort. We reject two-thirds of applications."
Instead he said the industry has been tarred by behaviour of other high-interest lenders.
"There's a lot wrong in how other parts of the industry operates," he said.
And Mr Damelin insisted the company's profit margins are "not outrageous in any way to us".
He added: "Our customers are telling us that we provide very good value for money."