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Wonga, which sponsors Newcastle United, sees profits hit £62.5m
PAYDAY lender Wonga has seen profits surge after more than one million cash-strapped customers used its services to secure short-term financial support.
The company, which courted controversy when it revealed it would sponsor Newcastle United's shirts, says profits after tax increased 36 per cent to £62.5m during 2012, the equivalent of more than £1m every week.
It also saw revenues rise 67 per cent to £309.3m, and lent £1.2bn in the year, a rise of 68 per cent.
Earlier this year, the Archbishop of Canterbury, The Most Reverend Justin Welby said he wanted the Church of England to compete Wonga out of existence.
The former Bishop of Durham's remarks came as he launched a credit union for clergy and church staff in July.
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