Despite 28 per cent growth in revenue in the six months to December, short-term lender Cash Converters suffered a 7.5 per cent fall in net profit for the half.The company's interim financial report, filed with the Australian Securities Exchange yesterday, shows a 59 per cent increase in payments to suppliers and employees making a sizeable dent in the bottom line.Net profit for the half was $13.2 million - down from $14.3 million in December 2010.The company said there were some one-off items that contributed to the fall in net profit. Excluding the one-offs, cash earnings were up seven per cent.However, the only one-off item identified in the financial report is "investment associated with the implementation of the growth strategy."The company has a chain of company-owned and franchised pawnshops in Australia and the United Kingdom, and a personal loan portfolio. Personal lending makes the biggest contribution to total income and is the fastest growing part of the business. The personal loan book in Australia grew by 31 per cent, from $47.3 million at December 2010 to $62.1 million in the latest half.The bad debt charge (principal written off as a percentage of principal advanced) for the Australian lending business was 6.17 per cent - down from 6.3 per cent in the previous corresponding period. The UK bad debt charge was 11 per cent. The UK business has since reviewed its lending criteria.The company said it would open eight new stores in the June half - six in the UK and two in New South Wales. It has 54 stores in the UK and 43 in Australia.