As for customer acquisition costs, Trust’s integration with its ecosystem partners allowed the bank to attract clients organically, especially at the initial stages. Additionally, about 70% of all sign-ups come from existing customer referrals, which is the cheapest way to acquire customers. As such, Sadhu explains that Trust’s acquisition cost is just one-seventh of the market average.
Other key business metrics include its customer growth, which reached 800,000 in 1HFY2024 ended June. Customer deposits reached $3 billion, 2.6 times higher than those recorded in 1HFY2023 ($1.2 billion). Total customer loans and advances grew 3.1 times y-o-y, with total balances at $486 million compared to $157 million in 1HFY2023.
Trust posted a loss of $128.4 million for FY2023, widening by 3% y-o-y. Net interest income was $32.4 million, growing from the $4.9 million reported in FY2022. The bank’s net fee and commission income in FY2023 was $6.8 million, growing from the expense of $1.9 million in the preceding year. Income before operating expenses was $39.1 million compared to $3 million in FY2022. Its accumulated loss (a balance sheet item) expanded to $361.6 million as of Dec 31, 2023.
In FY2023, Trust’s customer deposit balance reached $1.86 billion, with customer loans and credit card balances exceeding $300 million.
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While its digital bank peers may be pressured to meet a minimum paid-up capital of $1.5 billion within three to five years from the commencement of business, Sadhu clarifies that Trust does not have the same obligation the bank has a full bank license which it received as a result of StanChart’s enhanced Significantly Rooted Foreign Bank (SRFB) status. As of Dec 31, 2023, Trust’s shareholders funds had fallen to $168 million, down 10% y-o-y.
In conjunction with its second anniversary, Trust has launched a cash-back card, which provides a quarterly bonus rate of up to 15% on customers’ preferred spending category. New Trust customers get unlimited 1.5% cashback on all other spending with no caps until Dec 31, 2024, while existing customers get 1%.
Trust’s full suite of products includes a savings account, Link credit card, instant loan, and insurance, among others.
