It’s official – our 2024 numbers are in and it’s been a year of strong progress for us.

Continued growth in our community and strong customer engagement

Customer numbers reached 974,000 by the end of December and 1 million early in 2025, making us the fourth largest retail bank in Singapore by customer numbers. That’s 1 in 5 adults in Singapore who put their trust in us.

Word-of-mouth remained our biggest source of new sign-ups, with over 70% of new customers coming from existing customer referrals.

We also significantly expanded our customer proposition during 2024, rolling out several innovative products and features including split purchase and balance transfer loans, a cashback credit card and Singapore’s first fully digital elevated experience called Trust+.

Customer engagement levels remained high with credit card customers making an average of 21 transactions each month.

We remained a top-rated bank on the Singapore Apple App Store and received extensive industry awards and recognition. This included the best digital bank in Singapore by The Asian Banker and the best mobile banking app globally by The Digital Banker.

Strong progress across our businesses

Deposit balances doubled to S$3.8 billion from S$1.9 billion the year before. This was driven by the launch of Trust+, strong usage of our gamified savings pots and an increasing number of customers crediting their salaries to their Trust savings accounts.

Customer lending balances increased 156 per cent from S$0.3 billion to S$0.8 billion as we expanded our personal loan offering to three products and launched our innovative cashback card.

This resulted in good progress towards profitability. 2024 revenue increased 148 per cent from S$39 million in 2023 to S$97 million, while costs rose only 4 per cent showing how scalable our modern, automated platform is. Operating losses narrowed to S$93 million from a loss of S$128 million in 2023.

Dwaipayan Sadhu, CEO of Trust Bank, said: “2024 was a fantastic year for Trust. We saw continued strong financial progress as we move towards profitability. Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services. We’ll continue to work with our customers to build a differentiated experience that makes banking easy, transparent and rewarding.”

Click here for our Full-Year Financial Statement.