TIDLOR Shows Steady Performance in 1Q23 with THB955 Million of Net Profit

Ngern Tid Lor Public Company Limited (SET: TIDLOR) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
955.12 940.36
Earning Per Share
0.3800 0.4100
% Change 1.57

TIDLOR had total revenue for the first quarter of 2023 of Baht 4,345.3 million, which increased by 29.3%, derived from the interest income on loans and hire-purchase receivables, which increased by 29.0% (YoY), and from the fee and service income, which rose 28.6% (YoY).

The company recorded Baht 955.1 million of net profit in 1Q23, increased 1.6% (YoY) from THB 940.4 million at the same period of the previous year.

At the end of the first quarter of 2023, the loan portfolio grew by 26.4% (YoY). The outstanding loan portfolio amounted to Baht 83,039.9million and TIDLOR card is still a key factor for business expansion as well as non-life insurance premiums which increased by 28.2% (YoY). Moreover, the Company was able to maintain the portfolio quality with non-performing loans (NPLs) at 1.5%. 

In the first quarter of 2023, the company had an interest income ratio from lending businesses at 17.4%, which was at the same level as the first quarter of 2022, while funding costs rose to 1.9%, which increased from 1.7%, due to the rising of policy rate.

The NPL to total lending receivables (%NPL) as of March 31, 2023, was at 1.5%, a slight decrease from 1.6% as of December 31, 2022. The Company still managed asset quality effectively although facing with uncertainty from macroeconomic factors, inflation rate, and the end of debt relief program. At the end of the first quarter of 2023, the NPL coverage ratio was at 269. 7%, a decrease from the same period in 2022 which was at 317.4%. However, this ratio was still at a high level reflecting risk management policy and prudent business operating.