TIDLOR Records 11% Growth in 1Q21 Earnings from an Increase in Fee and Service Income
Due to a significant increase in fee and service income of TIDLOR, the company recorded 783 million baht of profit in 1Q21, increased 11%.
Ngern Tid Lor Public Company Limited (TIDLOR) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
TIDLOR reported a net profit of 783 million baht in 1Q21, increased 11.72% from a net profit of 701 million baht in 1Q20.
Total revenues increased by 0.5% to 2,882.8 million baht, as compared with the same quarter of the previous year of 2,869.0 million baht. Despite COVID-19 impact, the company showed a slightly increase in interest income on loans which was in line with an increase in loan receivables, together with an increase in revenue from life and non-life insurances.
Fee and service incomes from non-life insurance broker grew significantly by 47.2% from the same quarter of the previous year. It was a result of online platform development for non-life insurance, channel expansion and the offering of 0% interest installment on motor insurance plans.
Service and administrative expenses increased by 5.9% to 1,591.9 million baht, as compared with the same quarter of the previous year of 1,502.7 million baht. It was a result of a rise in advertising and promotional campaign of “TIDLOR” card which allows customers to access cash at any time without relying only on branches; coupled with branch expansion which led to an increase in number of employees, information technology and digital transformation related expenses which is in line with the company’s business expansion plan for both lending and insurance businesses.
Non-performing loan ratio as of March 31, 2021 was 1.5%, decreased from the end of 2020 which was at 1.7%. While, debt-to-equity ratio as of March 31, 2021 was 3.5 times, slightly decreased from the end of 2020.
Number of branches across all 74 provinces nationwide as of March 31, 2021 was 1,135 branches which increased by 59 branches from the end of 2020. This is in line with the company’s strategy to continue expanding 500 branches within 2023.