Trust Bank hits first month of net profit 3 years after launch

Trust Bank CEO Dwaipayan Sadhu / Photo credit: Trust Bank

Trust Bank, a Singapore-based digital bank backed by Standard Chartered and FairPrice Group, announced today that it made a net profit for the month of March – over three years after its launch.

It’s unclear if this puts the bank on track for full-year profit. Trust Bank CEO Dwaipayan Sadhu declined to provide forward quarterly or yearly guidance, but he said the profit figure was “not a one-off.”

Between 2024 and 2025, the digital bank narrowed losses before tax from S$93 million (US$72.6 million) to S$54 million (US$42.1 million).

“Globally, digital banks take between five to seven years to break even,” Sadhu said in an address to the press. “Looking forward, we believe we are in a strong financial position.”

In 2025, Trust Bank’s revenue grew by 39% year on year to US$105.3 million. This was partly driven by its growing range of products, which includes savings accounts, loans, credit cards, insurance, and stock trading.

At the same time, total costs fell by 7% year on year to US$113.9 million in 2025, with Trust Bank automating tasks on its back-end and integrating AI to its front-end. Close to 50% of all customer queries are handled end-to-end by an AI chatbot, the bank said.

“If you look at the shape of our performance over the last two years … revenue has continued growing in excess of 40% to 50% whereas costs have either stayed flat or come down. So that gives us a lot of confidence,” Sadhu added.

Unlike its digital bank peers in Singapore, Trust Bank holds a full bank license thanks to its major shareholder Standard Chartered. Its partnership with FairPrice Group also gave it a head start in growing its initial customer base.

Moving forward, Trust Bank will continue to invest in new products, including on credit cards and borrowing. New digital wealth products are also in the works for this year, Sadhu shared.

In Singapore, Trust Bank serves over 1 million customers. Last year, the firm disbursed over US$702 million in loans. To date, it has sold over 75,000 insurance policies.

This week, Sea Group-owned MariBank’s Singapore entity posted a net loss of US$43.4 million in 2025, up from US$40.1 million the year prior.

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Currency converted from Singapore dollar to US dollar: US$1 = S$1.28.