TIDLOR Announced New High in Q1/24 Net Profit of Baht 1,104.1 Million, a 15.6% Increase, Loan Portfolio Reaching Baht 100 Billion Milestone. Continuous Growth in Lending and Insurance Brokerage Business with a Focus on Healthy-Quality Business Growth
Ngern Tid Lor Public Company Limited ("TIDLOR" or "the Company") disclosed the Q1/2024 performance in line with the targets, achieving a new high in net profit of Baht 1,104.1 million, marking an increase of 15.6% YoY, and total revenue of Baht 5,309.1 million, rising by 22.2% YoY. This growth was driven by continuous expansion in both lending and insurance brokerage business, coupled with effective cost management over the past 2-3 years.
As of the end of Q1/2024, the outstanding loan portfolio stood at Baht 100,133.3 million, marking a rise of 20.6% YoY. This growth was supported by the expansion of the overall lending portfolio across more than 1,700 branches nationwide, alongside other channels such as telesales, agents, and online platforms. Investments in technology and developments have been key factors driving the growth of the lending business. Notably, by the end of March 2024, the Company had issued more than 666,000 Tidlor Cards, and the loan transfer service through the NTL application continued to see increased usage. The Non-Performing Loan (NPL) ratio stood at 1.6%, within the targeted range, with a consistently high NPL coverage ratio of 264%
The insurance brokerage business also continued to grow robustly. As of the end of Q1/2024, the Company reported a non-life insurance premium of Baht 2,549.5 million, a rise of 22.9% YoY, with strong growth across offline channels, and the insurance marketplace platform (Areegator) has empowered independent brokers with access to professional sales management systems. Moreover, the online insurance brokerage platform (heygoody) has been developed to cater the comparison and selection of insurance online for individual customers. The sustained success of insurance brokerage business is built on more than a decade of continuous investment, development and implementation of insurance technology. This dedication has established a solid foundation for the insurance brokerage operations and also ensures ongoing enhancement to support and drive our business activities, both now and the future. Furthermore, the Company underwent a rebranding from "Prakan TIDLOR" to "Shield Insurance" to differentiate its brand identity and enhance service quality across all stages, from sales to claims processing, as well as for potential future diversification into additional insurance product lines.
Piyasak Ukritnukun, Managing Director, stated that the overall performance in Q1/2024 remained focused on quality growth with leveraged technological advancements to enhance the business and services to meet customer demands for accessibility, comprehensiveness, and specificity. This strategy is intended to support sustainable long-term growth. We are confident that the planned strategies for 2024 will lead to achieving the set goals, aiming to manage a growth of 10-20% in both the lending and insurance brokerage businesses to build a sustainable growth foundation for TIDLOR. Investors and those interested can follow TIDLOR's updates on website www.tidlorinvestor.com