Money lender Wonga said strong demand for credit during the downturn drove a big jump in profits.
However, the firm, which offers short term loans up to £1,000, denied it was benefitting from the desperation of customers.
Net profit more than trebled to £45.8m in 2011, from £12.4m in 2010, on revenues that rocketed to £185m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company made almost 2.5m loans, almost four times the amount of the previous year.
It has now made six million loans since it launched in 2007.
"It is not about the desperation of customers - we reject about 60% of applicants," Wonga Chief Executive Errol Damelin told the Reuters news agency.
"This is about a service that is important to people, because they do run out of cash from time to time."
In the past the firm has been criticised for or using aggressive and misleading debt collection methods as well as the high interest rates on its loans.
The firm has said the debt collection problems were isolated incidents and its loans are not meant for long periods, only a month.
-
Could your family be at risk of an unexpected tax bill? How to keep your loved ones in the loopMany families are out of the loop when it comes to planning the financial aspects of both retirement and inheritance
-
Rightmove: Glut of homes for sale in southern England drives asking price dropAsking prices are 0.1% lower than a year ago, according to the property website, driven by challenges in affordability-stretched London and the south
