The hit to profit was largely due to credit costs totaling $10.5 billion: The bank had $1.6 billion in net charge-offs and added $8.9 billion to its credit reserves as it continues to brace for losses stemming from the coronavirus crisis. Its average deposits spiked 20% year-over-year to $832 billion, a considerable increase from the 8% YoY growth in deposits recorded last quarter.
Although the pandemic has limited access to branches, Chase didn't see accelerating active mobile customer growth. The bank's total rose 10% YoY in the quarter to hit 39 million users.
While Chase doesn't disclose total digital active customers more broadly, the slight deceleration in mobile customer growth amid this crisis suggests that Chase may be approaching a saturation point, at which all of its customers who can be convinced to try mobile banking are already using it. Chase could boost mobile banking growth by ensuring users have positive app interactions amid the crisis — and leveraging that to attract new customers who leave their other banks due to a poor digital experience.
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