Trust Bank's Million-Customer Milestone Sets the Stage For Profitability
Trust Bank’s second full year in business delivered blockbuster growth.
The Singapore digital lender crossed one million customers, doubled deposits, and slashed its operating loss, putting profitability firmly within reach.
By the end of 2024, the bank’s revenue had surged 148 percent to S$97 million while costs inched up just 4 percent, underscoring the scalability of its cloud-native platform, the bank announced in a media release last Friday. Click here for the full-year financial statement.
Customer Base Hits Critical Mass
Word-of-mouth momentum continued to work in Trust Bank’s favour. Customer numbers reached 974,000 in December and topped the one-million mark in early 2025 – about one in five adults in Singapore – making Trust the city-state’s fourth-largest retail bank by customers.
Over 70 percent of new sign-ups came via referrals, and credit-card holders used their cards an average of 21 times a month, signalling deep engagement with the brand’s expanding ecosystem.
Deposits Double as Lending Surges
Customers also trusted the bank with their cash. Savings balances soared from S$1.9 billion to S$3.8 billion, fuelled by the launch of the premium Trust+ offering, salary-crediting incentives, and the app’s gamified savings pots.
On the lending side, balances jumped 156 percent to S$0.8 billion after the bank introduced split purchase loans, balance-transfer loans, and a new cashback credit card.
Road to Profitability Narrows
The top-line boost and disciplined cost control shrank operating losses to S$93 million, compared with a S$128 million shortfall the previous year, bringing break-even tantalisingly close.
With a swelling customer community, a differentiated product suite, and a sharply narrowing loss line, the digital upstart is poised to turn the corner of profitability in the future, potentially redefining how Singaporeans think about everyday banking
