There is a question I ask myself every morning when I walk into our office: Are we building something that truly matters? After another record-breaking year, I am more convinced than ever that the answer is a resounding yes.
Fiscal year 2025 was the strongest in Ngernturbo’s history. We achieved record revenue and profit, expanded our customer base significantly, and strengthened every dimension of our balance sheet. More importantly, we did it the right way—by serving real people with real financial needs, by staying disciplined in how we deploy capital, and by investing in the talent and culture that make this company exceptional. As we enter 2026, our early indicators tell us we are on track to do it again.
Numbers tell a story, and our 2025 numbers tell a story of disciplined execution. We delivered a record total income of THB 3,094.7 million, representing 2.0% year-on-year growth. Net profit reached a new high of THB 503.1 million, up 255.3% from the prior year. These are not vanity metrics. They reflect a business that is scaling profitably while investing aggressively in its future.
Underneath the headline figures, the quality of our earnings improved substantially. Credit cost declined to 5.2%, a significant improvement from 6.8% in the prior year, driven by smarter underwriting models and more granular portfolio monitoring. Our operating cost-to-income ratio fell to 54.8%, down from 64.2%, as we leveraged technology and process automation to do more with less. When revenue grows and costs compress simultaneously, that is the signature of a business hitting its stride.
Perhaps the most transformative milestone of 2025 was our successful Initial Public Offering. Taking Ngernturbo public was more than a capital markets event—it was a declaration. A declaration that a young company built to serve grassroots borrowers in Thailand can stand on the same stage as any financial institution in this country and compete on merit. The IPO brought us not only growth capital, but a broader base of shareholders who believe in our vision and hold us to the highest standards of governance and transparency. We welcome that accountability. It makes us better.
We also continued to raise the bar on talent. Our team is stronger, leaner, and more capable than it has ever been—and in a talent-driven industry, that matters as much as any line on the income statement.
Let me be direct about what drives us. In Thailand today, millions of hardworking people—street vendors, motorcycle taxi drivers, small shop owners, young families just getting started—are effectively locked out of the formal financial system. They have ambition, they have discipline, and they have the willingness to repay. What they lack is access. Traditional banks look at them and see risk. We look at them and see potential.
Our mission is to democratize access to capital and financial services for grassroots communities across Thailand. This is not charity. This is recognizing an enormous market failure and building a scalable, technology-driven business to fix it. When you lend to people who have never been lent to before, and they repay you because your product is designed intelligently and your service treats them with dignity, you create value that compounds—for customers, for shareholders, and for society.
I founded Ngernturbo on three pillars. They are not slogans on a wall. They are operating principles that shape every decision we make.
First, sustainable profitability. Growth without profit is just motion. We are building a company that generates the earnings needed to reinvest in its own future—to fund new products, enter new markets, and weather economic storms without depending on the goodwill of external capital alone. Profit, in our view, is not the goal. It is the fuel.
Second, products and services that customers love. In financial services, “good enough” is the enemy of great. We refuse to accept it. Every application process, every repayment experience, every interaction with our service team—we obsess over these details because our customers deserve excellence. We are not competing for their wallet. We are competing for their trust and their hearts. That is a higher bar, and we hold ourselves to it.
Third, an organization where the best people want to build their careers. We are in a talent-driven industry. The quality of our underwriting models, the speed of our product cycles, the creativity of our customer solutions—all of it comes down to people. I want Ngernturbo to be the place where Thailand’s brightest minds in fintech, data science, operations, and customer experience come to do their best work.
I will not pretend the environment has been easy. It has not. Thailand’s economy continues to face structural headwinds—sluggish consumer spending, elevated household debt, an aging society, political instability, and cautious sentiment across the lending sector. This is the macroeconomic reality, and no CEO letter should gloss over it.
But here is what I believe: the job of management is not to wait for favorable conditions. It is to build a company that performs in any condition. We have navigated past crises like COVID-19 and emerged stronger on the other side. We adapted our credit models, tightened our operations, and supported our customers through it all. That experience forged something in this organization—a resilience and a resourcefulness that I see every day in our teams.
In 2025, even as the broader economy presented challenges, we grew our loan portfolio, improved our cost-to-income ratio, and maintained asset quality within our target range. We did this by working harder and smarter—by using data more intelligently, by automating processes that once required manual effort, and by never losing sight of the fundamentals. We do not control the weather. But we build ships that can sail through storms.
We are still a relatively young company. I say that not as a caveat, but as a statement of possibility. The best chapters of the Ngernturbo story have not been written yet. We have the foundation, we have the momentum, and most importantly, we have the people.
Our ambition is clear, but it is also highly focused. We do not aspire to be a traditional bank chasing corporate clients or high-net-worth individuals. Ngernturbo is, and will always be, a champion for the Thai grassroots economy. Looking ahead, we intend to deepen our footprint across provincial Thailand, reaching further into sub-districts where fair and transparent credit remains scarce. We will continue designing financial products specifically attuned to the unique cash flow realities of informal workers, local merchants, and agricultural households.
We will be the definitive financial partner for the everyday Thai citizen, and we will remain the organization that the most talented professionals join when they want to make a tangible difference. We will build all of this on a foundation of disciplined growth and genuine, localized impact in the communities we serve.
That future is not guaranteed. It must be earned—quarter by quarter, customer by customer, product by product. But if you look at what this team has accomplished in the years since our founding, I believe you will see, as I do, that we are building something extraordinary.
To our shareholders: thank you for your trust and your investment. In a market environment where trust has often been eroded, you have placed your confidence in our vision, our team, and our execution. We do not take that lightly. Every capital allocation decision we make is guided by a simple question—is this worthy of the trust our investors have placed in us?
To our customers: you are the reason we exist. Your lives, your aspirations, and your families are at the center of everything we build. Ironically, our goal is not to serve you forever. We want you to use our capital to grow, build stability, and eventually reach a point of financial independence. When that day comes, we only ask that you pass on the opportunity by referring others who need that same stepping stone.
To our team: I firmly believe we have assembled an exceptional team. You are the engine. Your dedication, your creativity, and your refusal to settle for mediocrity are what make Ngernturbo special. I am honored to build alongside you.
The work continues. The opportunity is immense. And I have never been more optimistic about what lies ahead.
With conviction and gratitude,
Chief Executive Officer
Ngernturbo Public Company Limited
