Ngern Tid Lor Public Company Limited (SET: TIDLOR) announced a new record-high net profit of THB 4,230.5 million for the year 2024, marking an 11.6% (YoY) increase. This growth was driven by an expansion in lending operations, an improvement in net interest margin, and strong performance in the insurance brokerage business.
For 2024, the company reported a total revenue of THB 22,160.9 million, a 16.8% (YoY) increase, primarily from interest income and fee and service income. As of the end of 2024, the outstanding loan portfolio stood at THB 103,933.7 million, reflecting a 6.6% (YoY) increase, while maintaining strong asset quality with the non-performing loan (NPL) ratio decreasing to 1.81%, well below the 2% target. Additionally, the company achieved total non-life insurance premiums of THB 10,176.8 million, a 16.4% (YoY) increase, driven by an efficiently integrated insurance brokerage business, meeting the diverse needs of customers.
In 4Q24, the company posted a net profit of THB 1,044.5 million, reflecting a 15.9% (YoY) growth and a 5.4% (QoQ) increase. The QoQ profit increase was mainly attributed to a 30.2% (QoQ) reduction in credit loss provisions, alongside higher total revenue growth, supported by a rebound in loan portfolio expansion after a slowdown in the previous quarter and strong non-life insurance premium growth of 23.8% (QoQ).
As of the end of 2024, TIDLOR operated 1,778 branches nationwide and continued to leverage its technological strengths, which have been developed over more than a decade. In the lending business, Tidlor Card remained a key driver, with over 735,000 cards issued to customers as of December 2024, marking a 14% (YoY) increase. Additionally, the E-Withdrawal feature, a cash transfer service for loans via the NTL application, accounted for 70% of total loan disbursements across all channels. These innovations reflect the success of TIDLOR’s efficiency-driven lending strategy and its efforts to elevate financial services, intending to help customers reduce the cost of accessing formal financial sources and provide more convenient access to emergency funds.
The insurance brokerage business also maintained its strong growth momentum, driven by its InsurTech Platform, which enables seamless products tailored to diverse customer needs. The Company operates the brokerage business under three main brands:
- Shield Insurance: The market leader in face-to-face insurance brokerage, supported by over 5,000 professional advisors across TIDLOR branches nationwide, along with 24/7 Call Center 1501.
- Areegator: An online insurance platform, currently serving a network of over 10,000-member insurance brokers.
- com: A digital insurance brokerage platform that allows customers to purchase insurance independently, 24/7. heygoody.com has received highly positive customer feedback and has become a critical part of TIDLOR’s strategy, filling market gaps and enhancing the company’s overall insurance brokerage ecosystem.
Mr. Piyasak Ukritnukun, Managing Director, stated that despite a gradual economic recovery, TIDLOR delivered strong and continuous business growth in 2024, by achieving total non-life insurance premiums exceeding THB 10 billion, while total outstanding loans surpassed THB 100 billion. The Company’s overall portfolio quality remained well-managed, with the NPL ratio standing at 1.81% at the end of 2024, decreasing from Q3 2024 and staying within the target of below 2.0%. This improvement was driven by better quality in new loan originations, supported by adjustments to credit approval policies and enhanced collection efficiency through strategic resource allocation. Meanwhile, the NPL coverage ratio remained robust at 242.7%.
Furthermore, with strong profitability growth over the past year and effective capital structure management, the debt-to-equity (D/E) ratio remained at a low level of 2.5 times. TIDLOR maintained a strong financial position, with over THB 26 billion in available credit facilities and a solid ability to meet its debt obligations. As a result, the Company’s bond issuance in 2024 received strong investor demand, exceeding the offering size (oversubscribed). This was partly attributed to TIDLOR’s “A/Stable” credit rating from TRIS Rating, the highest among peers in its sector.
Looking ahead, TIDLOR remains committed to sustainable growth, driven by a team of experienced professionals. The Company will continue to closely monitor domestic and global economic trends, proactively adjust strategies in response to economic shifts, and uphold strict regulatory compliance and corporate governance principles. Beyond financial growth, TIDLOR is dedicated to enhancing financial inclusion and improving customer well-being. In 2024, the Company enabled over 362,000 customers to build financial credit, provided insurance protection to more than 999,000 people, and trained over 780 participants through financial literacy programs in communities, organizations, and universities. TIDLOR also prioritizes environmental sustainability, responsible resource usage, and community development as integral parts of its long-term growth strategy.
The Office of the Securities and Exchange Commission has approved the application form and the registration statement for securities offering together with a tender offer for securities of Tidlor Holdings and a major shareholder of the Company, has received the approval from the regulatory authorities to accept a tender offer for securities of Tidlor Holdings. Currently, Tidlor Holdings is in the process of finalizing the information to be disclosed in the draft prospectus, which will be effective, with the Tender Offer expected to take place within the first half of 2025.
