Wonga profits shoot up

<p>Profits are up at payday loans company Wonga.</p>

Wonga has revealed a large rise in its profits, as well as a boost to its total lending.

In its annual statement, the payday loans company announced £1.2 billion in lending, which represents an increase of 68 per cent, as well as a 35 per cent rise in profits to record a figure of £84.5 million for 2012.

Errol Damelin, Wonga founder and chief executive, explained Wonga is playing its part in the economy by lending responsibly.

Wonga has drawn criticism in recent months from a wide range of parties, especially after it earned a profile boost when it confirmed its name would be on Newcastle United's shirts this season in the Premier League.

The team's Senegal international striker Papiss Cisse initially refused to wear the Wonga-branded shirt before coming to an agreement with the club.

Mr Damelin said: "Access to practical and affordable sources of credit is a big issue for our society."

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