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TIDLOR notches 17% QoQ net profit increase in Q1/23

12 May 2023
TIDLOR notches 17% QoQ net profit increase in Q1/23
Ngern Tid Lor Public Company Limited, or TIDLOR has unveiled its Q1/23 performance, achieving 955 million baht in net profit, representing a 16.9% increase compared to the previous quarter. The company attributes this success to its effective strategies focused on asset quality control, cost management, and service enhancement. The strong performance reflects remarkable portfolio growth and outstanding growth in the insurance brokerage business, while maintaining a low non-performing loan (NPLs) ratio of 1.5%.

Piyasak Ukritnukun
, Managing Director of Ngern Tidlor or TIDLOR, stated, "The Q1/23 performance reflects the company's key strategies set in Q4/22 with a solid commitment to driving growth with a focus on quality. We have implemented a more rigorous credit approval policy and emphasized cost management resulting in positive improvements in both credit-related and operating efficiency. Technology remains a crucial driver for our service development, differentiating us from our competitors and enhancing the customer experience."

Looking at Q1/23, the company showed strong performances in the vehicle-title loan business and insurance brokerage business, in line with the recovering economic outlook, particularly in the tourism sector. Despite pressures from inflation, rising interest rates, and macroeconomic uncertainties, TIDLOR generated a net profit of 955 million baht, representing a 16.9% increase compared to the previous quarter.

In Q1/23, the vehicle-title loan portfolio demonstrated significant growth, reaching 83,040 billion baht, a 26.4% increase year-on-year (Y-o-Y). This growth was driven by the issuance of TIDLOR Cards to motorcycle and personal car owners, with over 532,000 members registered. The insurance brokerage business also experienced steady growth, contributing non-life insurance premiums of 2,070 million baht in the previous quarter, a 28.2% increase Y-o-Y, surpassing the industry benchmark growth rate of 5%.

"The company has implemented strict loan approval measures since the end of 2022, resulting in a lower NPL ratio of 1.5% at the end of the first quarter, outperforming industry benchmarks and competitors. We have also maintained high level of loan loss reserves and coverage ratio. There has been a slight increase in the cost of funds due to rising interest rates. Moreover, we are proud to have maintained an A credit rating, indicating a positive trend for funding costs and positioning us as the highest-rated company in our industry," stated by Piyasak.

Looking ahead to the full-year 2023 strategy, Ngern Tidlor will continue to drive progressive growth and remain committed to achieving the set objectives, focusing on the vehicle-title loan and insurance brokerage businesses while improving operational efficiency. The company aims to become a technology and innovation-driven organization, utilizing technology and digital platforms such as the TIDLOR Card, Ngern Tidlor application, and Areegator platform, which have been well-received for their convenience in vehicle title loan and insurance brokerage services. Ngern Tidlor is committed to leveraging its services in these areas to sustain its leadership and foster future growth.

For more information on the shareholders meeting, please visit the Stock Exchange of Thailand website or follow TIDLOR stock at www.tidlorinvestor.com or visit www.tidlor.com or Facebook Fan page ngerntidlor.

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