Ngern Tid Lor Public Company Limited (SET: TIDLOR) announced its financial results for the first nine months of 2024, reporting a net profit of THB 3,186 million, marking a 10.3% (YoY) increase. Total revenue rose by 19.5% (YoY) compared to the same period in 2023, primarily driven by increased interest income from loan business expansion and an improvement in net interest margin (NIM). This growth aligns with TIDLOR’s strategic focus on risk-based pricing and adjustments in the loan portfolio mix. Additionally, fee and service income saw a significant rise, supported by continuous growth in the insurance brokerage business.
For 3Q24, TIDLOR reported a 16.1% increase in total revenue compared to the same period last year, with a net profit of THB 990.6 million. The total outstanding loan portfolio as of 3Q24 reached THB 102,699.6 million, increasing 11.8% (YoY). This growth was largely driven by the increasing usage of TIDLOR cards and the expanding adoption of cash transfer service for loan via NTL application. The company remains focused on asset quality, with a non-performing loan (NPL) ratio of 1.88%, well within the set threshold of 2%. Additionally, TIDLOR’s NPL coverage ratio remained robust at 230.6%.
The insurance brokerage business continued its strong growth, with non-life insurance premiums reaching THB 2,376.7 million in Q24, a 15.1% (YoY) increase. This growth was driven by TIDLOR’s proprietary InsurTech platform, which has been developed over more than a decade to drive the insurance brokerage business. This platform enables a comprehensive range of products and channels tailored to the diverse needs of various customer segments. The Company operates its insurance brokerage business under “Shield Insurance” brand (formerly Prakan TIDLOR), which is now a leading provider of face-to-face insurance consultations through over 5,000 expert staffs across 1,747 TIDLOR branches nationwide (as of September 2024). The “Areegator” brand offers an online insurance platform through a network of over 9,000-member insurance brokers, built on the principles of transparency, empathy, and mutual growth. Additionally, the ‘heygoody’ digital brokerage platform allows customers to purchase insurance directly online 24/7, providing immediate coverage without a need of telesale staffs.
Mr. Piyasak Ukritnukun, Managing Director, stated that during the first nine months, the company maintained healthy profitability, supported by an increase in net interest margin (NIM) and effective cost management, He expressed confidence in the company’s ability to keep the NPL ratio within the target of 2%, noting that the current NPL ratio remains low compared to industry averages, with robust provisioning levels. Looking ahead, the company anticipates further growth in new loan volumes and expansion in the insurance brokerage business in the upcoming quarter.
The company remains committed to quality growth, operating within a stringent risk management framework, maintaining a robust financial position, and driving fee income while efficiently managing expenses. Additionally, TIDLOR continues to secure access to funding sources and maintains its credit rating of “A/Stable” from TRIS Rating, the highest ratings among peers in the industry.
Regarding the shareholding and management restructuring plan, the is currently in the process of obtaining approvals from relevant regulatory agencies. The share swap (Tender Offer) is expected to take place from December 2024 through early 2025, with Tidlor Holdings anticipated to be listed on the Stock Exchange of Thailand in Q1 2025. The company will provide further updates to shareholders once all necessary regulatory approvals are obtained. Investors and interested parties can stay informed about TIDLOR’s updates at www.tidlorinvestor.com.
