Bangkok--22 Mar--DC Consultants
CFG Services Co, Ltd — best known under the ‘Srisawad Ngern Tid Lor’ (Money on Wheels) brand — reported a 100 percent increase in loan growth from 1.6 billion baht in 2009 to 3.2 billion baht in 2010. Under its successful “Fast And Easy” strategy, the company will continue to focus on expanding its customer base and increasing its presence in the auto refinancing market.
The company believes the market has room to grow and aims to achieve at least 45 percent lending assets growth in the current year, with a lending target of 4.5 billion baht. Srisawad Ngern Tid Lor plans to increase its local branch network from 183 outlets to 220 by the end of 2011.
“2010 was one of the most successful years as the company had a strong turnover and achieved profits and growth both in terms of the loan portfolio and customer base. It granted a total of 3.2 billion baht in loans to 80,000 customers last year, an increase of 100 per cent from the previous year,” said Tanyapong Thamavaranukupt, Managing Director of CFG Services Company Limited.
Of the total customer base, about 70 per cent are motorcycle owners and the remaining 30 percent of new customers comprise owners of cars and commercial vehicles such as trucks and tractors.
In addition, Srisawad Ngern Tid Lor succeeded in strengthening its brand awareness, based on its “Fast And Easy” branding. It has become one of the leading domestic brands that is top of mind for customers when they consider auto financing. The success has been attributed to the company’s quick service delivery that is designed to meet customers’ needs.
The company’s continued growth has been further strengthened by proactive marketing campaigns through the local media, including in print, on television and radio. It includes the expansion of its 183 branch network covering 73 provinces across the nation. Continued enhancement of internal management, risk management, credit control and debt collection processes contributed to bottom-line growth. Non-performing loans (NPL) also decreased by 30 percent last year.
Tanyapong added that 2011 will prove to be a challenging year in comparison, given the previous year’s significant successes. “It will be more difficult for us to achieve our growth goals but we are confident that, given our strong management team and employee dedication, we will achieve our targeted 35 per cent loan volume growth target this year,” he said.
“We can achieve this by focusing on continuous improvement of our service to ensure our customers continue to receive the attention they have come to expect from us. This is consistent with the “Fast And Easy” strategy which we are well known for in the marketplace,” he said.
Srisawad Ngern Tid Lor plans to grow by opening another 40 branches within this year, as well as introduce new products to its customers. For example, earlier this year the company launched a tractor financing program designed to meet the needs of farmers. Lastly, “The Fast Man” campaign is being launched to reinforce the company’s swift loan approval and processing services. This budget for this campaign will be 30 million Baht.
For more information please contact:
CFG Services Co., Ltd.
Nutthanun Vichaidith
Tel: 0-2792-1891
DC Consultants and Marketing Communications Ltd.
Pimpakarn Chaisung / Paponpat Natweerapoj
Tel: 0-2610-2383