Zaim Credit Systems PLC said it issued a record number of loans in the three months ending in December.

Loans issued reached £ 6.3million in the quarter, up from £ 5.21million three months earlier and £ 1.6million a year ago.

Defaults are also on the rise with a total of 20.8% for the March quarter, although this reflects a strategy to grow market share as quickly as possible and grow online loans, Zaim said. .

The Standard-listed subprime lender said it continued to be profitable during the June quarter, making it the fourth consecutive quarter of profitable growth, according to a statement.

Siro Cicconi, CEO of Zaim, said; “In the second quarter of 2021, we continued to perform well and business growth remains strong with a 24% quarter-on-quarter increase in loans issued.

“The fact that almost all of Zaim’s business, with the exception of some flagship and legacy stores, is now generated through our online channel is of critical importance.

“Our continued investment in our platform and our proprietary processes, including the launch of a mobile application, which represents an additional sales channel and an important growth engine for the company, allows us to believe that the part in The company’s line is now very well positioned to capture additional market share.