Trust Bank has announced its full-year financial results for 2024, highlighting significant growth and innovation. The bank’s customer numbers soared to 974,000 by December 2024, reaching 1m early in 2025, making it the fourth largest retail bank in Singapore. This growth was largely driven by word-of-mouth, with over 70% of new customers coming from referrals.
The bank’s deposit balances doubled to $2.8b (S$3.8b), up from $1.4b (S$1.9b) the previous year, thanks to the launch of Trust+ and the popularity of gamified savings pots. Customer lending balances also saw a substantial increase of 156%, rising from $0.22b (S$0.3b) to $0.59b (S$0.8b), following the expansion of personal loan offerings and the introduction of a cashback card.
Revenue for 2024 increased by 148%, reaching $71m (S$97m), whilst costs rose by only 4%, demonstrating the scalability of Trust Bank’s modern, automated platform. Operating losses narrowed to $68m (S$93m) from $94m (S$128m) in 2023.
CEO Dwaipayan Sadhu expressed optimism about the bank’s progress, stating, “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.”
Trust Bank also maintained its status as a top-rated bank on the Singapore Apple App Store and received numerous industry accolades, including being named the best digital bank in Singapore by The Asian Banker. As the bank continues to innovate, it aims to enhance customer experiences by making banking easy, transparent, and rewarding.
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