Ngern Tid Lor Public Company Limited (“TIDLOR” or the “Company”) reported a record-high net profit of THB 4,230.5 million for 2024, reflecting an 11.6% year-on-year (YoY) growth. This impressive performance was driven by an expansion in lending operations, an improvement in net interest margin, and strong results in the insurance brokerage business.
For 2024, the company posted total revenue of THB 22,160.9 million, a 16.8% YoY increase, mainly due to higher interest income and fee and service income. The outstanding loan portfolio at the end of 2024 reached THB 103,933.7 million, up 6.6% YoY, while maintaining excellent asset quality with a non-performing loan (NPL) ratio of 1.81%, well below the 2% target. Additionally, non-life insurance premiums totalled THB 10,176.8 million, rising 16.4% YoY, driven by the success of the integrated insurance brokerage business in meeting diverse customer needs.
In Q4 2024, the company recorded a net profit of THB 1,044.5 million, reflecting 15.9% YoY growth and a 5.4% quarter-on-quarter (QoQ) increase. The QoQ profit growth was mainly attributed to a 30.2% reduction in credit loss provisions, alongside higher total revenue growth, supported by a rebound in loan portfolio expansion and non-life insurance premium growth of 23.8% QoQ.
As of the end of 2024, TIDLOR operated 1,778 branches nationwide and continued to harness its technological strengths, developed over more than a decade. In the lending business, the Tidlor Card remained a key growth driver, with over 735,000 cards issued by December 2024, representing a 14% YoY increase. 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 TIDLOR’s efficiency-driven lending strategy, which aims to reduce customers' costs of accessing formal financial services and provide more convenient access to emergency funds. This continued focus on innovation and customer-centric solutions underscores TIDLOR’s leadership in delivering accessible financial services.
TIDLOR continues to show strong business growth, driven by its InsurTech Platform, which supports the company’s insurance brokerage business under three key brands:
- Shield Insurance: Market leader in face-to-face insurance brokerage, supported by over 5,000 professional advisors at TIDLOR branches nationwide and a 24/7 Call Centre (1501).
- Areegator: An online insurance platform, serving a network of over 10,000 member insurance brokers.
- heygoody.com: A digital insurance platform enabling customers to purchase insurance independently, 24/7, with highly positive customer feedback. This platform has become an essential part of TIDLOR’s strategy, filling market gaps and expanding its insurance brokerage ecosystem.
According to Mr. Piyasak Ukritnukun, Managing Director, TIDLOR achieved total non-life insurance premiums exceeding THB 10 billion, while outstanding loans surpassed THB 100 billion in 2024. Despite the gradual economic recovery, the company maintained its portfolio quality with an NPL ratio of 1.81%, improving from Q3 2024 and staying well below the 2% target. This was achieved through enhanced credit approval policies, better-quality loan originations, and improved collection efficiency. The NPL coverage ratio remained strong at 242.7%.
Solid Financial Position and Strong Demand for Bonds
TIDLOR maintained a low debt-to-equity (D/E) ratio of 2.5 times, supported by THB 26 billion in available credit facilities. The company’s bond issuance in 2024 was oversubscribed, driven by its “A/Stable” credit rating from TRIS Rating, the highest among its peers. This reflects the company’s sound financial management and strong investor confidence.
Commitment to Sustainable Growth and Financial Inclusion
Looking ahead, TIDLOR remains committed to sustainable growth, closely monitoring economic trends and proactively adjusting strategies. In 2024, the company enabled over 362,000 customers to build financial credit and provided insurance protection to more than 999,000 people. Additionally, TIDLOR prioritised financial literacy by training over 780 participants in communities, organisations, and universities.
The company’s long-term growth strategy includes a focus on environmental sustainability, responsible resource usage, and community development to enhance both business operations and societal well-being.
Tender Offer Process Underway
The Office of the Securities and Exchange Commission (SEC) has approved the application and registration for securities offering by Tidlor Holdings. The tender offer is expected to take place in the first half of 2025, with finalised information to be disclosed in the draft prospectus.
For further updates, shareholders and investors can visit www.tidlorinvestor.com.