Trust Bank, a retail bank in Singapore, saw strong growth in 2024. Revenue surged 148% to S$97 million (US$75.38 million), while costs rose just 4%.

Operating losses narrowed to S$93 million (US$72.28 million), down from S$128 million (US$99.48 million) in 2023, showing clear progress toward profitability.

CEO Dwaipayan Sadhu credited customer growth and product expansion for the improved performance.

By December 2024, the bank’s customer base reached 974,000 and surpassed 1 million in early 2025, making it the fourth-largest retail bank in Singapore. Over 70% of new sign-ups came from customer referrals.

Deposit balances doubled year-on-year to S$3.8 billion (US$2.95 billion).

Lending balances rose 156% to S$0.8 billion (US$621.72 million), boosted by new products like a cashback credit card, personal loans, and the launch of Trust+, a fully digital banking platform.

🔗 Source: Trust Bank

🧠 Food for thought

1️⃣ Singapore leads Asia’s digital banking revolution with high consumer adoption

Trust Bank’s success reflects broader trends in Singapore’s thriving digital banking landscape, which is leading adoption across Asia.

A recent FIS survey shows 43% of Singaporean consumers are likely to try a digital bank within the next year, with 29% already using one, demonstrating strong market potential beyond Trust’s current base 1.

Digital-focused customers show higher satisfaction levels and lower switching intent compared to traditional banking users, explaining Trust’s high referral rate (70%) and strong customer retention 2.

Singapore’s position as the top-ranked country in the Asia-Pacific Open Banking Readiness Index has created a favorable environment for digital-first institutions like Trust 3.

The APAC digital banking market is projected to reach $19.56 billion by 2029, positioning Trust at the forefront of a rapidly expanding sector 4.

2️⃣ Customer experience directly correlates with financial performance in banking

Trust Bank’s strong revenue growth (148%) aligns with industry research showing banks that optimize customer experience grow 3.2 times faster than those that don’t 5.