Ngern Tid Lor Public Company Limited (TIDLOR) reported its 2022 business performance reflecting strong growth, leading to a new net profit high of 3.640 billion baht. The overall performance rose 15% year-on-year, reflecting the economic recovery after Covid-19 subsiding. The credit loan portfolio projected a 32% expansion while the brokerage agent service generated outstanding growth of 34%, with the non-life insurance segment performing especially well. The excellent performance was further enhanced by a low of only 1.58% non-performing loans (NPLs).
Piyasak Ukritnukun, Managing Director, Ngern Tid Lor Public Company Limited (TIDLOR), stated: “The business performance in 2022 affirms the strong growth generated by vehicle title loan and insurance brokerage services. The profitable business reflects the economic recovery following Covid-19 subsiding. While the company has been impacted by inflation and spiking interest rates, it has yielded overall revenue of 15.274 billion baht, up 27% year-on-year, generating net profit of 3.640 billion baht, up 15% year-on-year.”
“The vehicle title loan portfolio generated 81.265 billion baht, up by 32%, contributed by the successful TIDLOR Card campaign for motorcycles and passenger cars, effective branch expansion and marketing campaigns as well as increased demand for loans among underbanked small business owners whose cashflow requires liquidity to support business rebound. Other influential factors included strong insurance brokerage service and non-life insurance premium growth, rising by 34% to 7 billion baht and achieving the target of 30-35% growth.”
“Meanwhile, the company continues to proceed with cautious loan approval consideration to prevent overwhelming NPLs which only slightly increased from 1.52% in Q3/2022 to 1.58% at the end of 2022. The 2022 NPL figure has been controlled under the target of 2% or below and remains low compared to other industries and competitors where substitute debt financing is also relatively high.”
“Moreover, in 2022, TIDLOR and its senior bonds was bestowed an ‘A’ credit rating by Tris Rating Company Limited with ‘Stable’ outlook, indicating a positive trend for the company’s financing costs despite the interest rate spike.” “TIDLOR’s performance testifies to its commitment driven by digital technology and innovative loan and insurance products. Our performance is also contributed to by the tremendous response to the TIDLOR Card campaign launched to facilitate vehicle title loan customers with eligibility to access cash withdrawals from over 50,000 ATM of leading commercial banks nationwide. As of the end of 2022, TIDLOR had issued over 490,000 TIDLOR cards and offered customers omni-channel service outlets via offline, and accumulated online and other digital platforms amounting to 1,628 branches in total. Moreover, TIDLOR Insurance Broker and insurance renewal service in Ngern Tid Lor Application were launched in 2022 to positive responses, helping to build strong customer relations and enabling enhanced convenience for customers.”
For more information, visit
www.tidlor.com and
Facebook ngerntidlor or contact the 24-hour call centre at 088-088-0880.