Trust Bank swings to profit for the first time in March; Q1 still loss-making

[SINGAPORE] Trust Bank turned profitable in March 2026, making it one of the fastest digital banks globally to swing into the black just over three years after its launch.

This was driven by revenue growth and lower costs. In March 2026, Trust’s risk-adjusted revenue growth, revenue net of credit losses, stood at 67 per cent; its costs fell 9 per cent year on year for that month. The digital bank did not disclose the base numbers.

However, Trust will still report a loss for the first quarter of 2026 ending Mar 31. The digital bank reported a loss of S$54 million in FY2025, narrowing from S$93 million the year before.

Revenue for FY2025 grew to S$135 million from S$97 million in FY2024. Costs were lower at S$146 million in FY2025 from S$157 million the year before.

Customer deposits increased to S$4 billion in FY2025 from S$3.8 billion in FY2024. Loans and advances were higher at S$1.2 billion in FY2025 from S$800 million the preceding year.

Chief executive officer Dwaipayan Sadhu believes that the digital bank is on a sustainable path. An expanded product range is driving clients to use Trust more and boosting revenue per client, which gives him confidence that being profitable is sustainable for the rest of the year and beyond.

“If you look at how we got to profitability, we saw growth in risk-adjusted revenue supported by lower costs at the same time; it’s sustainable profitability,” he said.

Trust did not disclose which specific products drove revenue growth.

Sadhu reiterated that the expanded product range has enabled the digital bank to attract a wide demographic of customers in Singapore.

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The digital bank has disbursed over S$900 million in loans, its credit cards are now used about 25 times every month per customer, and 30 per cent of deposit balances are held by customers doing salary transfer. These are proof of customers using Trust for a range of activities, he noted.

He added: “We do see ourselves being very fortunate that we have gained scale and relevance in the market in a very short period of time, so this has helped accelerate our growth of revenue every quarter.”

In its outlook, Sadhu said that he believes that Trust will be able to continue being profitable despite macroeconomic uncertainty, with disciplined execution and risk management being key.

For example, Trust’s asset book grew by 46 per cent, but its credit losses widened by only 29 per cent, a reflection of disciplined risk management, he noted.

Travel is one of the key segments for Trust, with its zero foreign-exchange fees proposition for its cards now having 22 per cent of Visa’s overseas spend. The conflict in the Middle East is disrupting travel plans in 2026, but Sadhu is unfazed, noting that customers also use the card for online shopping.

“We are seeing a large adoption of our card for online shopping. In addition to that, we have seen that the travel momentum for the first quarter of the year has continued to sustain,” he explained.

In 2026, Trust will expand its current offerings and unveil new products. The digital bank will not launch products just to match those of its competitors, said the CEO.

There will be new credit card products, loan products and an expansion of the digital wealth offerings to include a new feature and a new product. Sadhu was mum about when these products will launch in 2026. “We still know we have products we need to build, we still know there are specific client needs we don’t support today, so this is no way the end.”