CHARLOTTE, N.C., June 28,
2024 /PRNewswire/ -- Bank of America today commented
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. At March 31, 2024 Bank of America had $197 billion of regulatory CET1 capital and a
CET1 ratio of 11.9% which exceeds our current regulatory minimum
requirement of 10.0%.
The common stock dividend is subject to approval from the
Company's Board of Directors.
Forward-Looking Statements
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 the fact that they do not relate
strictly to historical or current facts. These statements often use
words like "expects," "anticipates," "believes," "estimates,"
"targets," "intends," "plans," "predict," "goal" and other similar
expressions or future or conditional verbs such as "will," "may,"
"might," "should," "would" and "could." Forward-looking statements
speak only as of the date they are made, and Bank of America
undertakes no obligation to update any forward-looking statement to
reflect the impact of circumstances or events that arise after the
date the forward-looking statement was made.
Forward-looking statements represent Bank of America's current
expectations, plans or forecasts of its future results, revenues,
expenses, dividends, efficiency ratio, capital measures, and future
business and economic conditions more generally, and other future
matters. These statements are not guarantees of future results or
performance and involve certain known and unknown risks,
uncertainties and assumptions that are difficult to predict and are
often beyond Bank of America's control. Actual outcomes and results
may differ materially from those expressed in, or implied by, any
forward-looking statements due to a variety of factors. You should
not place undue reliance on any forward-looking statement and
should consider all of the precautionary statements, uncertainties
and risks discussed in Bank of America's filings with the
Securities and Exchange Commission, including in Bank of America's
Current Report on Form 8-K dated October 20,
2021, announcing Bank of America's common stock repurchase
program, under Item 1A. "Risk Factors" of Bank of America's Annual
Report on Form 10-K for the year ended December 31, 2023, and in any of Bank of
America's other subsequent Securities and Exchange Commission
filings.
Bank of America
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 and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 57 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
Investors may contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America
(Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters may contact:
Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com
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SOURCE Bank of America Corporation