Bank of America comments on Federal Reserve’s 2023 CCAR

The company states: “Based on the revised 2023 CCAR results, Bank of America’s Stress Capital Buffer will be 2.5%, which is the minimum requirement. As a result, Bank of America’s minimum Common Equity Tier 1, or CET1, ratio requirement will be 9.5%, effective October 1, 2023. At June 30, 2023, Bank of America’s CET1 ratio was 11.6% with $190 billion of CET1 capital. As previously announced, on January 1, 2024, Bank of America’s minimum CET1 requirement will increase 50 basis points, aligned with planned growth in the global systemically important bank surcharge. Earlier this month, the company’s board of directors declared a quarterly common stock dividend of $0.24 per share payable on September 29, 2023, to shareholders of record as of September 1, 2023, a 9 percent increase from the second quarter common stock dividend of $0.22 per share. As of June 30, 2023, the company had $14.1B remaining in a previously communicated $25B share repurchase program authorized in October 2021.”