Chase Q3 mobile user growth rate stayed flat from Q2

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JPMorgan Chase posted revenues of $29.9 billion in the quarter—exceeding analyst expectations by approximately $1.5 billion, according to CNBC. The bank also shrank its firmwide allowances for pandemic-related credit losses by $569 million, representing a stark departure from the first half of the year, across which it added over $15 billion to loan loss reserves.

As of the end of Q3, Chase had $33.8 billion set aside in reserves. Meanwhile, the bank’s average customer deposits continued to spike, jumping 28% year over year (YoY) to $887.1 billion, an acceleration from the 20% YoY growth seen in Q2 2020.

Although the ongoing coronavirus pandemic is likely depressing branch usage, Chase’s mobile banking user growth has flattened out. Total active mobile banking users rose 10% YoY in Q2 2020 to hit 39 million, marking a slight deceleration from the 11% YoY growth in Q1. In Q3, Chase again saw a 10% YoY growth in active mobile customers, to reach 40.1 million users. This pattern is somewhat surprising, as the continuing coronavirus crisis set the stage for an influx of first-time mobile banking users, as branches closed and customers sought to limit in-person …read more

Source:: Businessinsider – Finance


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