Ngern Tid Lor Public Company Limited (SET: TIDLOR) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 1Q24 | 1Q23 |
| Net Profit (Loss) Million Baht |
1,104.07 | 955.12 |
| Earning Per Share (Baht) |
0.3900 | 0.3800 |
| % Change | 15.59 | |
TIDLOR reported a net profit of Baht 1,104.1 million in 1Q24, strong growth of 15.6% (YoY), led by insurance brokerage businesses that continued to expand across branches, online and digital platforms with a focus on healthy-quality business growth.
This growth stemmed from increased revenue and efficient cost management. The Company achieved a total revenue of Baht 5,309.1 million, a rise of 22.2% (YoY) driven by business expansion. The main revenue was derived from the interest income on loans and hire-purchase receivables, which experienced 22.6% growth (YoY), and fee and service income, which rose by 21.3% (YoY).
Meanwhile, total expenses amounted to Baht 3,935.2 million, increasing by 24.9% (YoY), primarily due to increased service and administrative expenses associated with business expansion and higher financial costs resulting from adjustments made in the policy rates. However, the cost-to-income ratio stood at 54.1%, reflecting effective cost control measures implemented over the past 2-3 years.
As of the end of the first quarter of 2024, the Company’s outstanding loan portfolio stood at Baht 100,133.3 million, marking a growth of 20.6% (YoY). One of the significant growth drivers included investments and enhancements to technology, notably the TIDLOR Card and loan transfer service (E-Withdraw) through NTL application, which continued to experience growing usage.
The Non-Performing Loan (NPL) ratio was at 1.60%, a slight increase from 1.45% at the end of 2023, however the loan portfolio quality remained within the set targets and still maintained a high NPL coverage ratio at 264.1%. Additionally, the insurance brokerage business continued to experience sustained growth, propelled by diverse sales and service channels, with premiums increasing by 22.9% (YoY) in this quarter.
