Trust Bank, a digital bank based in Singapore, said on Friday that its business losses have decreased because its revenue has increased.
The bank said in a statement that it is making good progress toward becoming profitable.
The bank said its revenue in 2024 grew by 148%, going from S$39 million (about $30.3 million) in 2023 to S$97 million (about $75.36 million), while its costs only went up by 4%.
The bank’s operating losses dropped to S$93 million (about $72.25 million), down from S$128 million (about $99.44 million) in 2023.
“2024 was a fantastic year for Trust. We saw continued strong financial progress as we moved towards profitability,” said Dwaipayan Sadhu, Chief Executive Officer of Trust Bank.
The bank’s operating losses dropped to S$93 million (about $72.25 million), down from S$128 million (about $99.44 million) in 2023.
“Our growth has come from gaining more customers and quickly adding new and creative products and services,” the bank said.
“We’ll continue to work with our customers to build a differentiated experience that makes banking easy, transparent, and rewarding,” he added.
By the end of December 2024, the bank had 974,000 customers, reaching 1 million early in 2025. This makes it the fourth largest retail bank in Singapore based on the number of customers.
The bank said that most of its new customers came through word-of-mouth, with over 70% joining because they were referred by people who already use the bank.
In 2024, the bank also added value for its customers by launching several new and creative products. These included split purchase and balance transfer loans, a cashback credit card, and Trust+, Singapore’s first fully digital premium banking experience.
Customer activity stayed strong, with credit card users making about 21 purchases per month on average.
The bank’s total deposits doubled from S$1.9 billion ($1.48 billion) last year to S$3.8 billion ($2.95 billion) this year.
This growth happened because of the launch of Trust+, more people using our fun savings features, and more customers putting their salaries directly into their Trust savings accounts.
The bank’s loans to customers grew by 156%, rising from S$300 million ($233 million) to S$800 million ($621 million). The bank added two more personal loan products and a new cashback credit card.
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