The provision for credit losses was $1.1 billion, compared with $1.8 billion in the prior year and $1.9 billion in the prior quarter. The current-quarter provision reflected a $700 million reduction in the allowance for loan losses and total net charge-offs of $1.8 billion. The prior-quarter provision reflected a $955 million reduction in the allowance for loan losses and total net charge-offs of $2.8 billion, including $880 million of incremental charge-offs reported in accordance with regulatory guidance for Chapter 7 loans. For more information, see the Consumer Credit Portfolio section of the Firm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.Noninterest expense was $8.0 billion, an increase of $1.2 billion from the prior year, driven by costs related to mortgage-related matters, including the impact of the Independent Foreclosure Review settlement and the write-off of intangible assets associated with a non-strategic relationship in Credit Card.
|Key Metrics and Business Updates: (All comparisons refer to the prior-year quarter except as noted; banking portal ranking is per compete.com, as of November 2012)|
- Number of branches was 5,614, an increase of 106 from the prior year and 18 from the prior quarter.
- Number of active mobile customers was 12.4 million, an increase of 51% compared with the prior year and 7% compared with the prior quarter.
- Number of active online customers was 31.1 million, an increase of 5% compared with the prior year and 1% compared with the prior quarter; Chase.com is the #1 most visited banking portal in the U.S.
- #1 in American Customer Satisfaction Index (ACSI) survey for customer satisfaction in retail banking among large banks.