Citizens Financial announced the board of governors of the Federal Reserve System has communicated to the company its preliminary Stress Capital Buffer, or SCB, of 4.5%, effective October 1, following the release of the Federal Reserve’s DFAST stress test results on June 26. The company’s regulatory minimum CET1 ratio implied by the preliminary SCB is 9%. Citizens expects its second quarter 2024 CET1 ratio to be approximately 160 basis points above the implied regulatory minimum, reaffirming the capital strength of the company. The company also announced that its board of directors has increased the capacity of the company’s common share repurchase program to $1.25B, an increase of $656M above the $594M of capacity remaining as of June 28 under the prior February 2023 authorization.
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