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HomeprTIDLOR's Strong Q3 Performance: Net Profit Surpasses 1 Billion Baht

TIDLOR's Strong Q3 Performance: Net Profit Surpasses 1 Billion Baht

Ngern Tid Lor Public Company Limited (TIDLOR) has reported strong financial results for the third quarter of 2023, surpassing expectations. The company achieved a total revenue of 4,834 million Baht, marking a robust 23.0% year-over-year growth. Total expenses amounted to 3,574 million Baht, primarily due to increased sales and administrative costs resulting from business expansion, along with rising financial costs in line with policy interest rate hikes. Notably, TIDLOR recorded a net profit of 1,007 million Baht in 3Q23, reflecting an impressive 11.7% YoY increase. Moreover, the net profit for the first nine months of 2023 reached 2,889 million Baht, demonstrating a solid 2.3% YoY growth.

By the end of the third quarter of 2023, TIDLOR’s outstanding loan portfolio had expanded to 91,888 million Baht, a significant 21.1% YoY increase. The TIDLOR card played a pivotal role in supporting the loan business’s growth, with consistent growth in card usage volume. Remarkably, the company effectively managed the quality of its loan portfolio, resulting in a Non-Performing Loans (NPL) ratio of 1.51%, a slight decrease from the previous quarter’s 1.54%, surpassing industry standards. TIDLOR maintained a high NPL coverage ratio of 264% to support its business expansion and navigate economic uncertainties, all while keeping Credit Costs within target levels.

In addition to its lending business, TIDLOR’s insurance brokerage segment, operating under the “TIDLOR Insurance Broker” brand, significantly contributed to the company’s robust performance.

Non-life insurance premium growth in Q3/2023 aligned with targets, with cumulative non-life insurance premium reaching 6,052 million Baht for the first nine months of 2023, an impressive 27.6% YoY increase. This growth extended across various channels, including offline, digital, and the Areegator platform.

Piyasak Ukritnukun, Managing Director of TIDLOR, emphasised, “Despite challenges posed by elevated interest rates and economic uncertainties both domestically and globally, TIDLOR has maintained strong growth throughout the first nine months of 2023. Our commitment to leveraging technology to develop products and services in lending and insurance brokerage remains unwavering.” TIDLOR’s expansion in the loan portfolio and insurance brokerage business, coupled with NPL and credit cost management, aligns with set targets.

Furthermore, TIDLOR has revised its NPL target downward from not exceeding 1.8% to no more than 1.65%, a testament to its prudent approach. The company’s revenue growth, effective cost management, and stringent loan quality control have resulted in appropriate reserves to support business expansion and mitigate risks stemming from economic dynamics and geopolitical uncertainties. TIDLOR prioritises sustainable growth anchored in stringent loan quality control and comprehensive risk management.

As of October 2023, TIDLOR maintains its corporate credit rating and unsecured bond rating at ‘A’ with a ‘Stable’ credit rating outlook, according to TRIS Rating—currently the highest rating among peers. Additionally, TIDLOR has received a CGR 5-star or ‘Excellent’ CG Scoring for the first time. For news and information about TIDLOR, interested parties can visit

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