TIDLOR Records THB927 Million of Net Profit in 2Q23 as Loan Portfolio Continues to Expand

Ngern Tid Lor Public Company Limited (SET: TIDLOR) announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
927.23 981.41
Earning Per Share
0.3500 0.4100
% Change -5.52
6 Months 2023 2022
Net Profit (Loss)
Million Baht
1,882.35 1,921.77
Earning Per Share (Baht) 0.7300 0.8100
% Change -2.05

TIDLOR reported a net profit of Baht 927.2 million, indicating a 5.5% (YoY) decrease from Baht 981.4 million at the same period of the previous year. This decline can partly be attributed in part to an elevated provision that aligns with the ongoing expansion of the total loan portfolio.

The outstanding loan portfolio at the end of the second quarter in 2023 reached Baht 87,245.7 million, showcasing a 23.5% (YoY) expansion. The primary drivers of this business growth remain the success of the TIDLOR card, which continues to penetrate the market, and a noteworthy 28.9% (YoY) surge in non-life insurance premiums. Additionally, the company’s well-managed portfolio quality, with non-performing loans (NPLs) standing at 1.54%, a slight increase from 1.50% in the first quarter, positioning it favorably compared to the industry average.

Moreover, in the second quarter of 2023, the company achieved total revenue of Baht 4,529.7 million, marking a 25.3% (YoY) increase. This growth was underpinned by a 25.3% (YoY) rise in interest income from loans and hire-purchase receivables, as well as a 24.7% (YoY) increase in fee and service income. However, total expenses amounted to Baht 3,366.0 million, came from credit loss increased by 135.8% (YoY), financial costs increased by 48.9% (YoY), and service and administrative expenses increased by 24.5% (YoY).

Throughout the second quarter, the company’s total lending portfolio continued its expansion and the non-life insurance brokerage business demonstrated consistent growth. These contributed to robust revenue generation from both interest income and fee and service income. The company’s prudent management of assets and provision levels facilitated its ability to accommodate business growth and economic uncertainties.

Despite increased operating expenses due to the expansion of the lending and insurance brokerage business, as well as rising funding costs aligned with policy interest rates and market conditions, the company remained steadfast in its commitment to foster portfolio growth within the boundaries of effective risk management. This approach enabled the company to generate decent profit while maintaining a healthy financial position.