Ngern Tid Lor Public Company Limited (TIDLOR) disclosed that Q3/2023 performance was on track as planned. The company has a total revenue of 4,834 million Baht, increasing by 23.0% YoY. Meanwhile, the total expenses amount to 3,574 million Baht, primarily resulting from an increase in sales and administrative expenses due to business expansion, and financial costs that have increased in line with the rising policy interest rates. The 3Q/2023 net profit propelled 1,007 million Baht, a 11.7% YoY increase. Furthermore, the net profit for the first nine months of 2023 was 2,889 million Baht, representing an increase of 2.3% YoY”
At the end of 3Q/2023, the outstanding loan portfolio reached 91,888 million Baht, expanding by 21.1% YoY. TIDLOR card continues to be one of the main factors supporting the growth of the loan business, with the card usage volume expanding consistently. Additionally, the quality of the loan portfolio had been well-managed, with the Non-Performing Loans (NPL) ratio standing at 1.51%, slightly decreasing from 1.54% in the previous quarter, outperforming industry standards. TIDLOR also maintained a high NPL coverage ratio of 264% to support business expansion and economic uncertainties. Simultaneously, the Credit Cost for this quarter remains within the set target.
Besides the lending business, the insurance business broker is another main business that bolsters the robust performance of the company. The business operates under the “TIDLOR Insurance Broker” brand, which is a #1 face-to-face marketing insurance broker focused on retailed customers. In Q3/2023, the non-life insurance premium saw substantial growth, aligning with the established target, and for the nine months of 2023, the cumulative non-life insurance premium reached 6,052 million Baht, an increase of 27.6% YoY, demonstrating strong growth across various channels, including offline, digital channel, and Areegator platform.
Piyasak Ukritnukun, Managing Director, stated that "The overall performance in the first nine months of 2023 had seen continuous growth in total loan portfolio and insurance brokerage business, with NPL and Credit Cost moving in with the direction of the set target. Additionally, the company revised this year’s NPL target downward from not exceeding 1.8% to no more than 1.65%. The company demonstrated robust revenue growth, effective cost management, and stringent loan quality control. Moreover, appropriate and sufficient reserves have been set aside to support business expansion and risks arising from the economic landscape and volatile geopolitical. TIDLOR remained steadfast in elevating sustainable growth is paramount, anchored in stringent loan quality control and comprehensive risk management policy. This has enabled TIDLOR to generate profits while maintaining a strong financial position. Furthermore, the Company persistently emphasizes on leveraging a robust technological foundation, continuously developing products and services, with the aim of minimizing the gap in accessing financial resources and offering insurance protection to retail customers"
As of October 2023, TIDLOR continues to maintain its corporate credit rating and unsecured bond rating at 'A', with a 'Stable' credit rating outlook from TRIS Rating. This is currently considered the highest credit rating among peers. Furthermore, TIDLOR has received a CGR 5-star or 'Excellent' CG Scoring for the first time. Investors and those interested can follow news and information about TIDLOR on the website. www.tidlorinvestor.com