Trust Bank’s FY2024 net interest income soars 124.7% to S$72.8 million; losses narrow

[SINGAPORE] Trust Bank on Friday (May 23) reported net interest income of S$72.8 million for the financial year ended Dec 31, 2024, up 124.7 per cent from S$32.4 million a year ago.

Revenue more than doubled to S$97 million, from S$39 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and Fairprice Group, said in a press release.

However, the group continues to be loss-making. Its loss for the year narrowed to S$93.4 million, from a loss of S$128.4 million in FY2023.

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.”