Trust Bank’s FY2024 loss narrows to S$93.4 million

[SINGAPORE] Trust Bank on Friday (May 23) reported a loss of S$93.4 million for the financial year ended Dec 31, 2024, narrowing from a loss of S$128.4 million a year ago.

Revenue more than doubled to S$96.9 million, from S$39.1 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and FairPrice Group, said in a press release.

Its net interest income was S$72.9 million, up 125.2 per cent from S$32.4 million a year ago.

Deposit balances doubled to S$3.8 billion, from S$1.9 billion a year ago. The group attributed this to the launch of Trust+, a banking product with a bonus tier of interest on deposit balances, as well as use of its gamified savings pots and more customers crediting their salaries to Trust savings accounts.

Customer numbers reached 974,000 by the end of December and one million early in 2025, Trust noted.

Dwaipayan Sadhu, CEO of Trust Bank, said: “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.”