Trust Bank reported strong growth in 2024, narrowing its net loss as revenue surged and deposits and lending volumes more than doubled.
The bank’s customer base reached 974,000 by the end of 2024 and crossed the one million mark in early 2025, making it the fourth largest retail bank in Singapore by customer numbers.
According to the bank, over 70 percent of new customers were referred by existing users.
Deposits rose to S$3.8 billion from S$1.9 billion the previous year, supported by increased usage of savings tools like gamified pots, more customers crediting their salaries to Trust accounts, and the rollout of Trust+, its fully digital banking experience.
Customer lending balances grew by 156 percent from S$0.3 billion to S$0.8 billion, driven by the expansion of personal loan products and the introduction of a cashback credit card.
Revenue for the year jumped 148 percent to S$97 million, up from S$39 million in 2023, while total operating expenses rose just 4 percent.
As a result, the bank reduced its net loss to S$93 million from S$128 million the year before.
Total assets more than doubled to S$4.13 billion at the end of 2024, up from S$2.10 billion in 2023, reflecting growth in customer funds and investments in government treasury bills.
Dwaipayan Sadhu, CEO of Trust Bank, said,
“2024 was a fantastic year for Trust. We saw continued strong financial progress as we move towards profitability. Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.
We’ll continue to work with our customers to build a differentiated experience that makes banking easy, transparent and rewarding.”
Featured image: Edited by Fintech News Singapore, based on image by Trend2023 via Freepik
