Debt collector Credit Corp has maintained last year's strong earnings momentum with a 23 per cent increase in net profit for the first half of the 2011/12 financial year.Yesterday, Credit Corp reported a net profit of A$13 million for the six months to December - up 23 per cent on the previous corresponding period.The company reported earnings growth of 55 per cent for the 2010/11 financial year.Revenue in the latest half was up 12 per cent, to $63.8 million. The company's core business is purchasing debt ledgers from financial institutions.Credit Corp chief executive Thomas Beregi said the debt purchasing pipeline was strong. The company spent $46.7 million on debt purchases during the half and expects to spend as much as $85 million this financial year.The company has strong cash flow and was able to reduce debt while increasing spending on debt ledgers. Net bank debt fell from $35.1 million in December 2010, to $13.5 million at the end of the latest half.The face value of its debt portfolio rose from $3.2 billion to $3.4 billion during the half.Beregi said credit issuers were "in cost reduction mode" and were eager to sell more of their impaired debt.Credit Corp took the business in new directions during the half. It started a lending business, targeting consumers with impaired credit histories. Its loan portfolio at the end of December was $2.5 million. And it started buying debt ledgers in the United States. It spent $1 million on US purchases during the half.