Ngern Tid Lor has seen satisfactory growth in the first half of 2016, with its NEA (Net Earning Assets) reaching almost 19 billion baht, or 28.4% year-on-year growth, from 2015. NTL, the leader in auto-for-cash industry, hopes to exceed 20 billion baht by the end of 2016 through the more aggressive opening of 100 new branches (41 in the first half and 59 in the second) to serve more Thais, introduction of new product features and strengthened brand image. By the end of the year, this will bring NTL to a total of 482 branches nationwide, allowing the company to make good on its promise to help people’s lives “roll onward”, in the words of its new tagline. Additionally, it confirms its place as Thailand’s leading retail creditor with the good intentions, sincerity, responsibility and commitment required to constantly develop financial products and services to meet the needs of Thai people.
Its core vehicle-for-cash product which was launched early this year, targeting sedan and pickup truck owners with the benefit of “100,000 Baht Instant Cash” has been highly successful, bringing in 1,500 million baht’s worth of new bookings. Income from insurance premiums has also increased more significantly than expectations, with total sales of 160 million baht. Loan quality management is still above the market average with its NPL decreasing to below 1.5%.
Piyasak Ukritnukun, Managing Director at Ngern Tid Lor and sole owner of Srisawad Ngern Tid Lor brand under Krungsri group, presented the company’s performance as of the end of the second quarter, revealing that the company has a 19 billion baht loan portfolio, which is a 2 billion baht increase (or 12%) from the end of 2015, or 28.4% year-on-year growth. He expects the portfolio will exceed 20 billion baht by the end of the year, making 18.5% annual growth for 2016. Total insurance premium income has now reached 160 million baht, a 51.4 million baht increase (or 49%) from last year.
Mr. Piyasak added that the rebranding campaign, active since early this year, has been praised by customers – especially the new tagline promising to help their lives “roll onward”, distinguishing NTL’s identity and reducing brand confusion with other companies using the name “Srisawad” similar to “Srisawad Ngern Tid Lor”. Most importantly, it communicates the brand’s good intentions to solve the informal debt problem with transparent, sincere responsible sources of funds and to raise the industry standard. This is clearly something customers value most besides promptness, convenience and an easy-to-follow application process, which have already helped NTL to become a market leader. Because we believe that access to fair, transparent and responsible financial services is everyone’s right.
“We put our money where our mouth is, and continue to realize our brand promise and tagline, helping our customers’ lives to ‘roll onward’ by giving away free personal accident insurance to more than 150,000 policies. In addition to that, we launch local events under the theme Million subsidized eggs at the price of 1 Baht. We buy eggs directly from local vendors at the market price and sell them to the community at only 1 baht each, with a maximum 40 eggs per person. In total, we will sell one million underpriced eggs across the country to subsidize the cost of living for working people and revitalize local economies.”