Bank of America commented today on the results of the Federal Reserve’s 2024 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend to $0.26 per share beginning in the third quarter of 2024.
Based on the 2024 CCAR results, Bank of America’s stress capital buffer (SCB) will be 3.2%, and the CET1 minimum requirement will be 10.7% when finalized. This new SCB will be effective from October 1, 2024, to September 30, 2025. As of March 31, 2024, Bank of America had $197 billion of regulatory CET1 capital and a CET1 ratio of 11.9%, which exceeds the current regulatory minimum requirement of 10.0%.
The common stock dividend is subject to approval from the Company’s Board of Directors.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by their reference to future events or conditions rather than past or present facts.
Forward-looking statements speak only as of their date and are not guarantees of future results or performance. They involve certain known and unknown risks, uncertainties, and assumptions that are difficult to predict and often beyond Bank of America's control. Actual outcomes may differ materially from those expressed in these statements due to various factors.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial services. The company serves approximately 69 million consumer and small business clients through approximately 3,800 retail financial centers and around 15,000 ATMs with digital banking services for about 57 million verified users.
Investors may contact Lee McEntire at Bank of America at +1-980-388-6780 or lee.mcentire@bofa.com; Jonathan G. Blum at +1-212-449-3112 or jonathan.blum@bofa.com for fixed income inquiries.
Reporters may contact Bill Halldin at +1-916-724-0093 or william.halldin@bofa.com.