Ngern Tid Lor reveals strong Q1/22 performance
published : 19 May 2022 at 08:06
Notches record profit high of 940 million baht, up +18% YoY and +20% QoQ, reflecting lower costs, higher quality debtors and strong debt service reserve account. Now ready to drive ahead with Tid Lor card and branch expansion.
Ngern Tid Lor Public Company Limited, or TIDLOR, revealed that its Q1/22 performance remained strong amid the prevailing outlook of recovery in economic and business sectors. The company generated a new profit high of 940 million baht on revenue of 3.361 billion baht. The performance reflects its outstanding growth resulting from record high credit leasing and positive premium rates in March, building on the positive response to its Tid Lor Card campaign offering vehicle loan customers extended instalment payment periods. The company’s costs were reduced thanks to higher quality debtors while its debt service reserve account remained strong at 317%.
“The Q1/22 performance reflects Ngern Tid Lor’s steady strong growth with new high profit record and YoY growth after the government lifted lockdown measures and started opening the country to welcome foreign tourists to Thailand,” commented Piyasak Ukritnukun, Managing Director, Ngern Tid Lor, or TIDLOR. “As a result, the overall economic outlook is gradually recovering as entrepreneurs return to doing business while consumers increase their spending and travelling by personal cars which drives our vehicle credit loan and insurance business.”
As of Q1/22, Ngern Tid Lor’s generated net profit of 940 million baht, up 18% YoY and higher than the previous quarter. A surge in demand for credit loans and insurance explains the growth which is reflected in higher leasing volume and insurance premium growth. The progressive performance also reflects the company’s extended 0% interest with 10-month-cash insurance premium payment product. The vehicle credit loan campaign helped lift loan demand and uptake of convenient cash withdrawal at over 50,000 commercial bank ATMs.
Meanwhile, Tris Rating announced a higher rating for Ngern Tid Lor, reducing its financial costs. Bond and stock trading over the previous year brought the company’s IPO value to 5 billion baht. Debtor quality was higher and credit costs lower than previously forecasted while NPLs (non—performing loans) increased slightly. Most customers were financeable while cost to income was reduced.
Over 330,000 Tid Lor Cards were issued as of Q1/22 and 102 new branches established out of 300 branches planned for 2022, which will bring the total to 1,388 branches nationwide. The expansion of the branch network is to meet the rising demand for loans and insurance.
Ngern Tid Lor executive concluded that: “Overall demand for credit loans and insurance in Q2/22 showed a positive trend due to the easing of lockdown measures encouraging business owners to get going again which, in turn, increased demand for liquidity. Although new Covid-19 cases remain high, symptoms are not as severe as before and don’t prevent people from travelling and doing out-of-home activities. Ngern Tid Lor expects to achieve its target growth and remains committed to reducing the financial burden on people who need access to finance for business liquidity and to meet the high cost of living resulting from spikes in inflation and fuel prices.”
For more information, please contact call centre 088-088-0880 for 24 hours or visit www.tidlor.com or Facebook Fan page : ngerntidlor
- Ngern Tid Lor