Citi announces Stress Capital Buffer of 4.3%, to raise dividend to 53c from 51c

Citi announced that it has completed the Federal Reserve’s 2023 Comprehensive Capital Analysis and Review stress test process. The Firm’s indicative Stress Capital Buffer requirement is 4.3%, up from the current 4.0%, and the Firm’s preliminary Standardized Common Equity Tier 1 capital ratio regulatory requirement is 12.3%, up from the current 12.0%, effective October 1, 2023. As of March 31, 2023, Citi’s Standardized CET1 capital ratio, which includes a 100-basis-point management buffer, stood at 13.44%, above the new regulatory requirement. The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2023, and that requirement will become effective on October 1, 2023, and will remain in effect until September 30, 2024. Citi’s Board of Directors approved a plan to increase the current quarterly common stock dividend of 51c to 53c per share for the third quarter of 2023. The Firm’s quarterly common stock dividends are subject to approval by the Board of Directors at the customary times that those dividends are declared.