Ngernturbo (“TURBO”) is a non-bank financial services provider focused on serving customers who lack access to traditional banking services through a branch network in high-potential areas with a focus on fast, simple, and convenient service. Currently, the company offers personal loans secured by vehicle registration (“Title Loans”), personal loans secured by land title (“Land Title Loans”), nano-finance loans (“Nano Finance”), as well as insurance brokerage services. Lending businesses are operated under licenses from the Bank of Thailand (BOT) and in compliance with all applicable laws and regulations.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 3,094.69 | 3,033.21 | 2,430.75 | 1,778.67 |
| Expenses | 2,076.50 | 2,421.24 | 2,275.06 | 1,169.51 |
| Net Profit (Loss) | 503.12 | 141.56 | 131.66 | 338.37 |
| Assets | 12,677.24 | 12,816.99 | 12,111.69 | 8,794.08 |
| Liabilities | 8,899.94 | 10,205.92 | 9,640.87 | 6,454.92 |
| Shareholders' Equity | 3,777.30 | 2,611.06 | 2,470.82 | 2,339.16 |
| Operating | 855.91 | -327.41 | -2,475.58 | -1,820.90 |
| Investing | -26.42 | -59.44 | -430.67 | -265.99 |
| Financing | -811.83 | 370.10 | 2,973.52 | 2,180.21 |
| EPS (Baht) | 0.21 | 0.06 | 0.06 | 0.17 |
| GP Margin (%) | - | - | - | - |
| NP Margin (%) | 16.26 | 4.67 | 5.42 | 19.02 |
| D/E Ratio (x) | 1.15 | 1.71 | 1.64 | 0.97 |
| ROE (%) | 15.75 | 5.75 | 5.47 | 20.20 |
| ROA (%) | 7.99 | 4.91 | 4.55 | 8.22 |
Our company strives to achieve sustainable growth by designing its business structure to align with the digital transformation era. By integrating technology and Artificial Intelligence (AI) into key operational processes—including credit assessment, risk management, and customer service—we aim to enhance operational efficiency, optimize long-term cost management, and elevate satisfaction among both employees and customers. This approach is guided by our commitment to fostering a “Happy People & Happy Customer” culture.
Business Strategies
- Expand customer reach: Grow branches in high-potential areas nationwide while maintaining fast, simple, and convenient service standards.
- Deliver tailored financial solutions: Offer flexible, personalized loan products and introduce solutions that better meet target customer needs.
- Strengthen credit quality: Enhance credit screening using internal and external data, supported by segment-based debt collection strategies.
- Grow insurance brokerage: Diversify revenue by expanding sales channels, building partnerships with non-life insurers, and broadening product offerings.
- Advance technology and innovation: Embed AI and technology at the core of operations to improve efficiency, support data-driven decisions, and sustain long-term cost discipline.
For 2025, the Company reported Net Profit of THB 503.1 million, up 255.3% YoY. Q4 2025 Net Profit was THB 141.5 million, increasing 12.6% QoQ. Growth was driven by loan portfolio expansion and stronger insurance brokerage performance versus Q3 2025. Continued AI integration and branch rationalization reduced administrative expenses, while enhanced credit approval and debt collection improved asset quality, with the NPL (Stage 3) ratio declining from 4.18% to 3.96% from Q3 to Q4 2025.
Overview of 2025 Operating Results
For FY2025, Total Income reached THB 3,094.7 million (+2.0% YoY). Net Profit increased to THB 503.1 million (+255.3% YoY).
The strong profit growth was driven by:
- Effective portfolio management: Interest income continued to grow despite a slight reduction in the loan portfolio.
- Cost efficiency: Administrative expenses declined by 10.6% YoY to THB 1,475.6 million, supported by branch optimization and AI integration.
- Improved asset quality: ECL decreased by 21.3% YoY to THB 600.2 million due to enhanced risk management and stronger debt recovery.
- Lower funding costs: Finance costs fell by 10.9% YoY, reflecting lower interest rates and reduced borrowings in line with a cautious lending strategy.
Financial Position Overview
- Assets: As of 31 December 2025, total assets were THB 12,677.2 million, down 1.1% from 2024. Net loans and hire purchase receivables decreased 0.3% following a more prudent lending approach.
- Liabilities: Total liabilities declined 12.8%, mainly due to excess liquidity being used to repay borrowings, reducing interest expenses in line with the smaller loan portfolio.
- Shareholders’ Equity: Equity increased 44.7%, driven by the IPO of ordinary shares and higher retained earnings from continued business growth.
- 2017: Established the company.
- 2018: Opened the First Branch in Nonthaburi Province, beginning physical expansion.
- 2022: Became a strategic partner with major financial institutions, MTL and KBANK.
- 2023: Received a credit rating of BBB- from TRIS.
- 2025: Listed on the SET.
The Company’s Risk Management Policy, aligned with international standards, aims to ensure customer satisfaction , protect the Company’s reputation, and support sustainable growth. The Risk Management Committee oversees a comprehensive framework covering six key risk areas: Financial, Operational, Strategic, Compliance, Reputational, and ESG.
Risk management is the responsibility of all employees and is integrated into decision-making, strategic planning, and daily operations. The policy mandates adherence to best practices, guides risk prevention and mitigation, and promotes the use of advanced IT systems for ongoing monitoring, evaluation, and reporting.
- Turbo won an award at the Thailand Social Awards 2026.
- Turbo won an award at the Thailand Social Awards 2025.
- Turbo received the HR Asia Best Companies to Work for in Asia 2025 award.
| as of 30/12/25 | TURBO | FIN | SET |
|---|---|---|---|
| P/E (X) | 8.55 | 13.79 | 15.44 |
| P/BV (X) | 0.98 | 0.95 | 1.19 |
| Dividend yield (%) | - | 2.73 | 3.71 |
| 30/12/25 | - | - | |
|---|---|---|---|
| Market Cap (MB) | 3,551.10 | N/A | N/A |
| Price (B/Share) | 1.33 | N/A | N/A |
| P/E (X) | 8.55 | N/A | N/A |
| P/BV (X) | 0.98 | N/A | N/A |