Trust Bank revenue doubles to S$97m whilst losses narrow in 2024

Costs reportedly rose only 4% in 2024, the Singapore-based digital bank said.

Trust Bank’s revenue rose 148% to S$97m in 2024 from S$39m in 2023, according to a report.

Operating losses narrowed to S$93m, from S$128m in 2023.

The Singapore-based digital bank said that its costs only rose 4% during this period.

Deposit balances doubled to S$3.8b in end-2024 and now has 1 million customers as of early 2025.

Trust Bank attributed this to the launch of Trust+, strong usage of the bank’s gamified savings pots, and an increasing number of customers crediting their salaries to their Trust savings accounts.

Customer lending balances more than doubled (156%) to S$0.8b, which Trust Bank said is due to their expanded loan offerings and the launch of its cashback card.