Coverage: weekly note · Information to 25 July 2025
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TGB Weekly Research Note · 25 July 2025
Deposits at Grab's two digital banks more than tripled in 2024 and Trust Bank's doubled, but Grab's financial services arm stayed in the red at adjusted EBITDA level and Standard Chartered expects Trust to be profitable only in 2026.
The desk view
Southeast Asia's digital banks found depositors faster than profits in 2024. Deposits at Grab's GXS Bank and GX Bank rose from US$374 million to US$1,225 million, and Trust Bank's doubled to US$2.8 billion. Grab's financial services segment still posted negative adjusted EBITDA of US$105 million, and Standard Chartered expects Trust and Mox to be profitable in 2026. Positive results came by other routes: Bank Neo Commerce swung to a profit while shrinking, and Sea's digital financial services arm posted positive adjusted EBITDA on a US$5.1 billion consumer and SME loan book. Gathering deposits is no longer the constraint; turning them into performing credit is.
Deposits arrived quickly
Deposits at GXS Bank and GX Bank stood at US$374 million at end-2023 and reached US$1,225 million in the fourth quarter of 2024, then US$1,432 million in the first quarter of 2025. Trust Bank doubled its deposit balances to US$2.8 billion in 2024 and reached 974,000 customers, an 18% share of Singapore's adult population. Maya closed 2024 with ₱39 billion of deposits. In Malaysia, the three digital banks that had launched held RM2.3 billion of deposits from 1.3 million customers as of December 2024, Bank Negara Malaysia reported.
Deposits at GXS Bank and GX Bank, US$ million
Source: Grab Holdings, Grab Reports Fourth Quarter and Full Year 2023 Results and Announces Inaugural Share Repurchase Program of Up to $500 Million, 22 February 2024; Grab Holdings, Grab Reports First Quarter 2025 Results, 30 April 2025.
Earnings trail the deposit base
Lending has lagged. Trust's customer lending balances rose 149% to US$0.6 billion, about a fifth of its deposits, and Malaysia's digital banks only began rolling out financing at end-2024. Grab's financial services revenue grew 44% to US$253 million in 2024 and negative adjusted EBITDA narrowed to US$105 million from US$170 million. In the first quarter of 2025, however, the segment's negative adjusted EBITDA widened 9% to US$30 million as expected credit loss provisions increased with loan disbursals. Standard Chartered's Ventures segment, which houses Trust and Mox, lost US$390 million before tax in 2024 even as income from the two banks rose 60%. This suggests that the move into credit brings provisioning costs forward before it brings returns.
Grab financial services adjusted EBITDA, US$ million
Source: Grab Holdings, Grab Reports Fourth Quarter and Full Year 2024 Results, 20 February 2025; Grab Holdings, Grab Reports First Quarter 2025 Results, 30 April 2025.
Where profits appeared
In Indonesia, Bank Neo Commerce made a profit of Rp19.88 billion in 2024 after a Rp573 billion loss in 2023. It did so while shrinking and lending more selectively: third-party funds fell to Rp13.06 trillion from Rp13.87 trillion and loans to Rp8.82 trillion from Rp10.78 trillion. Sea's digital financial services segment, which earns mainly from consumer and SME credit, reported adjusted EBITDA of US$712.2 million in 2024 on a US$5.1 billion loan book. In both cases earnings rested on how credit was managed, not on deposit growth.
Deposits and earnings, 2024
| Bank | Market | Deposits | Earnings |
|---|---|---|---|
| GXS and GX Bank | Singapore, Malaysia | US$1,225m | Grab financial services adjusted EBITDA -US$105m |
| Trust Bank | Singapore | US$2.8bn | Profit expected 2026 |
| Maya | Philippines | ₱39bn | Not given in source |
| Three digital banks | Malaysia | RM2.3bn | Not given in source |
| Bank Neo Commerce | Indonesia | Rp13.06tn | Rp19.88bn profit |
Source: Grab Holdings, Grab Reports First Quarter 2025 Results, 30 April 2025; Grab Holdings, Grab Reports Fourth Quarter and Full Year 2024 Results, 20 February 2025; Standard Chartered PLC, 4Q'24 and FY'24 Results, 21 February 2025; Maya Bank, Maya Redefines Banking with Record Growth in 2024, 15 January 2025; Bank Negara Malaysia, Annual Report 2024, 24 March 2025; Bank Neo Commerce, Siaran Pers: Balikkan Rugi Menjadi Laba, Bank Neo Commerce Lakukan Transformasi Finansial yang Signifikan, 27 March 2025.
What to watch
- 2026: Standard Chartered expects Mox and Trust to be profitable
Primary sources: Grab Holdings, Grab Reports First Quarter 2025 Results, 30 April 2025; Grab Holdings, Grab Reports Fourth Quarter and Full Year 2023 Results and Announces Inaugural Share Repurchase Program of Up to $500 Million, 22 February 2024; Standard Chartered PLC, 4Q'24 and FY'24 Results, 21 February 2025; Grab Holdings, Grab Reports Fourth Quarter and Full Year 2024 Results, 20 February 2025; Bank Neo Commerce, Siaran Pers: Balikkan Rugi Menjadi Laba, Bank Neo Commerce Lakukan Transformasi Finansial yang Signifikan, 27 March 2025; Sea Limited, Sea Limited Reports Fourth Quarter and Full Year 2024 Results, 4 March 2025; Bank Negara Malaysia, Annual Report 2024, 24 March 2025; Maya Bank, Maya Redefines Banking with Record Growth in 2024, 15 January 2025.