After news of the Bank of Thailand (BOT) discussing with the Thai Hire-Purchase Association to prepare for regulating car and motorcycle hire-purchase business, expected to be effective by Nov 1, 2023, causing concern that it would widely affect operators, Mr. Piyasak Ukritnukun Managing Director of Ngern Tid Lor Public Company Limited or TIDLOR expressed confidence and lack of worry regarding the situation. Currently, the Company's main loan portfolio is loans with vehicle registration as collateral, with only a small portion of hire-purchase portfolio which is truck hire-purchase. Ngern Tid Lor is also a subsidiary of Bank of Ayudhya, operating with transparency all along. In the past, it had the intention to operate business to create fair and transparent financial opportunities for low-income groups or independent career practitioners. Thus, it has been a pusher for creating standards for loans with vehicle registration as collateral business, such as being an initiator of the Vehicle Title Loan Trade Association (VTLA) to gather and support business operation data for the Bank of Thailand (BOT) and relevant government agencies to be able to supervise loans with vehicle registration as collateral business appropriately and effectively. Additionally, it has helped push for setting standards and guidelines for providing loans with vehicle registration as collateral together among association members, such as providing sufficient loan information to customers for decision making, providing evidence and important documents to customers, setting standards for vehicle registration book return periods, fair debt collection, and customer rights to redeem cars. Furthermore, Ngern Tid Lor is considered a role model in disclosing interest rate information on the website and other company media to create transparency in business operations. Subsequently, these things have been accepted widely and have contributed to the current business standards for loans with vehicle registration as collateral.
For this year, Ngern Tid Lor PCL maintains the loan growth target at 10-20%, while Q1/2023 grew 26% compared to the same period last year. The target for strong continuous growth for non-life insurance premiums remains at 20-25%, while Q1/2023 grew 28% compared to the same period last year. Including focusing on strategies to improve efficiency and invest in technology continuously to support sustainable business growth. For interested parties, follow TIDLOR news at the website www.tidlorinvestor.com