Trust Bank, the Singapore-based digital bank, said Friday that it has narrowed its operating losses amid increased revenue.

The bank said in a statement the bank is in good progress towards profitability.

According to the statement, the bank’s 2024 revenue increased 148 percent from S$39 million ($30.3 million) in 2023 to S$97 million ($75.36 million), while costs rose only 4 percent.

Its operating losses narrowed to S$93 million ($72.25 million) from a loss of S$128 million ($99.44 million) in 2023.

“2024 was a fantastic year for Trust. We saw continued strong financial progress as we move towards profitability,” said Dwaipayan Sadhu, Chief Executive Officer of Trust Bank.

“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,” he added.

The bank’s customer numbers reached 974,000 by the end of December of 2024 and 1 million early in 2025, making the Singaporean digital bank the fourth largest retail bank in Singapore by customer numbers.

The bank highlighted that word-of-mouth remained its biggest source of new sign-ups, with over 70 percent of new customers coming from existing customer referrals.

The firm also significantly expanded its 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.

The firm’s deposit balances doubled to S$3.8 billion ($2.95 billion) from S$1.9 billion ($1.48 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.

The bank’s customer lending balances increased 156 percent from S$300 million ($233 million) to S$800 million ($621 million) as the bank expanded its personal loan offering to three products and launched its innovative cashback card.

Singapore’s Trust Bank reaches 1M customer; launches investment solution with abrdn