Microlender Dolla Financial Services Limited made a profit of $419 million in the year ending December, bettering the previous year's performance by 50 per cent as more customers offered up their luxury possessions as collateral for new loans.
The company released its audited report yesterday.
Dolla chairman Ryan Reid says the business of asset-based lending has proven to be a rewarding one for the group, as evidenced by the performance of Ultra Financier.
Mr Reid says Dolla grew the loan book at Ultra from zero to $900 million in 12 months.
Ultra Financier, which offers loans against a raft of luxury items, was launched by Dolla to specifically target high-net-worth clients. The move was unusual for a microfinance company in a sector that mainly targets salaried workers and micro- and small businesses for loans.