Key Takeaways
- Tidlor’s Q3 net profit surged 43% year-on-year to 1.42 billion baht
- Total loan portfolio grew to 107 billion baht with NPL ratio at industry-low 1.66%
- Insurance brokerage outperformed with 9.7% premium growth despite market contraction
Tidlor Holdings reported a record quarterly net profit despite economic challenges, driven by strong performance in both vehicle title loans and insurance brokerage services.
Chief Financial Officer Cholthicha Thongthai announced the company achieved a 1.42 billion baht net profit in the third quarter, representing a 43% year-on-year increase and 8.5% quarterly growth.
Financial Performance Highlights
Total revenue increased 5.7% year-on-year to 5.93 billion baht, supported by loan portfolio expansion and higher insurance brokerage fees. Meanwhile, total expenses declined by 4.9% due to reduced credit losses.
“The insurance brokerage business performed exceptionally well, with total non-life premiums reaching 2.61 billion baht, an increase of 9.7% year-on-year, besting the industry’s contraction during the first eight months of the year,” Ms Cholthicha said.
Insurance Business Growth
Tidlor’s InsurTech platform and three brokerage brands—Shield Insurance Broker, Areegator and heygoody.com—drove this momentum by expanding customer coverage and improving market access across all segments.
Lending Business Expansion
The company’s total loan portfolio grew 4.5% year-on-year to 107 billion baht, supported by continued growth in vehicle title loans and a 9.6% increase in active borrowers. Tidlor leveraged its financial technology, including the Tidlor Card and mobile app, enabling digital loan management.
Asset Quality Improvement
Asset quality remained strong with the non-performing loan ratio declining to 1.66%—the lowest in the industry—while the NPL coverage ratio improved to 284%. Credit costs fell significantly to 2.2% from 3.9% a year earlier.
For the nine-month period, net profit totalled 3.92 billion baht, up 23.2% year-on-year, reflecting steady income growth and prudent cost management.
Future Strategy
Managing Director Piyasak Ukritnukun said the company will continue focusing on its two revenue pillars while leveraging fintech and insurtech capabilities to enhance growth and efficiency.
Despite economic uncertainty and tight liquidity, Tidlor’s strong balance sheet and solid cash position enable continued customer support.
The company’s flagship subsidiary Ngern Tidlor launched a special campaign with reduced interest rates on car and pickup title loans from 24% to 19% annually between October 20, 2024 and December 31, 2025, to ease consumer financial burdens.
