Nergn Tid Lor

Ngern Tid Lor Public Company Limited (TIDLOR) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows; TIDLOR reported a net profit of 812 million baht in 3Q21, stable when compared to the same period of last year. However, its nine-month period grew 32.38% to 2,373 million baht of net profit. The increase was mainly due to an increase of interest income from lending businesses, and fee and service income from non-life insurance and life insurance businesses. The number of branches across all 74 provinces nationwide as of September 30, 2021 was 1,260, increased by 184 branches from the end of the previous year and 60 branches from the end of June 30, 2021, which is in line with the company’s strategy to continue expanding 500 branches within 2023. Total revenues for the nine-month period ended of 2021 reported at THB 8,722.5 million, increased by 13.2% from the same period of the previous year which was at THB 7,706.3 million. Fee and service income increased by 23.4% from the same period of the previous year mainly due to the increase of life insurance fee income and non-life insurance fee income that improved continuously from the expansion of insurance businesses. Meanwhile, service and administrative expenses were THB 4,600.8 million, increased by 11.2% as compared with the same period of the previous year of THB 4,138.1 million, which aligned with branch expansions and the expansion of lending businesses, insurance business, and Tidlor cards, as well as increasing in information technology and digital transformation related expenses. Total liabilities were THB 40,028.6 million, increased by 3.7% from THB 41,587.0 million as of December 31, 2020, mainly due to a reduction in short-term borrowings and long-term borrowings from financial institutions. Non-performing loan as of September 30, 2021 was 1.4%, decreased by 0.3% from 1.7% as of December 31, 2020. Despite the surging of the third wave of COVID-19 outbreak, the Company managed asset quality effectively. Debt-to-equity ratio as of September 30, 2021 was 1.9 times, significantly decreased from the 3.5 times as of December 31, 2020, which was due to capital increase from being listed in the Stock Exchange of Thailand since May 2021, and effectively manage borrowings.