Citi raises quarterly dividend to 56c per share from 53c

Citi announced that it has completed the Federal Reserve Board’s 2024 annual supervisory stress test process. Citi’s indicative Stress Capital Buffer (“SCB”) requirement is 4.1%, down from the current 4.3%, and Citi’s preliminary Standardized Common Equity Tier 1 (CET1) capital ratio regulatory requirement is 12.1%, down from the current 12.3%, effective October 1, 2024. As of March 31, 2024, Citi’s Standardized CET1 capital ratio, which includes a 100-basis-point internal management buffer, stood at 13.5%, above the new regulatory requirement. The Federal Reserve Board will provide the Firm with its final SCB requirement by August 31, 2024, and that requirement will become effective on October 1, 2024, and will remain in effect until September 30, 2025. Citi’s planned capital actions include an increase of Citi’s quarterly common stock dividend from $0.53 to $0.56 per share, subject to quarterly approval by Citi’s Board of Directors, starting in the third quarter of 2024. Citi will continue to assess share repurchases on a quarter-to-quarter basis.