June 28, 2024 at 4:30 PM Eastern
Bank of America Comments on Stress Test Results; Plans to Increase Quarterly Dividend eight percent to twenty six cents per Share
CHARLOTTE, North Carolina – Bank of America today commented on the results of the Federal Reserve’s twenty twenty four Comprehensive Capital Analysis and Review (C C A R) and announced plans to increase its quarterly common stock dividend to twenty six cents per share beginning in the third quarter of twenty twenty four.
Based on the twenty twenty four C C A R results, Bank of America’s stress capital buffer (S C B) will be three point two percent and the C E T one minimum requirement will be ten point seven percent when finalized. This new S C B will be effective from October first twenty twenty four to September thirtieth twenty twenty five. At March thirty first twenty twenty four Bank of America had one hundred ninety seven billion dollars of regulatory C E T one capital and a C E T one ratio of eleven point nine percent which exceeds our current regulatory minimum requirement of ten point zero percent.
The common stock dividend is subject to approval from the Company’s Board of Directors.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of nineteen ninety five. 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 eight K dated October twentieth twenty twenty one, announcing Bank of America’s common stock repurchase program, under Item one A. “Risk Factors” of Bank of America’s Annual Report on Form ten K for the year ended December thirty first twenty twenty three, and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.
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 A T Ms (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 (N Y S E B A C).
Lee McEntire, Bank of America
Phone 1 9 8 0 3 8 8 6 7 8 0
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone 1 2 1 2 4 4 9 3 1 1 2
jonathan.blum@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone 1 6 4 6 7 4 3 3 3 5 6
jocelyn.seidenfeld@bofa.com
June 28, 2024 at 4:30 PM Eastern
Bank of America Comments on Stress Test Results; Plans to Increase Quarterly Dividend eight percent to twenty six cents per Share
CHARLOTTE, North Carolina – Bank of America today commented on the results of the Federal Reserve’s twenty twenty four Comprehensive Capital Analysis and Review (C C A R) and announced plans to increase its quarterly common stock dividend to twenty six cents per share beginning in the third quarter of twenty twenty four.
Based on the twenty twenty four C C A R results, Bank of America’s stress capital buffer (S C B) will be three point two percent and the C E T one minimum requirement will be ten point seven percent when finalized. This new S C B will be effective from October first twenty twenty four to September thirtieth twenty twenty five. At March thirty first twenty twenty four Bank of America had one hundred ninety seven billion dollars of regulatory C E T one capital and a C E T one ratio of eleven point nine percent which exceeds our current regulatory minimum requirement of ten point zero percent.
The common stock dividend is subject to approval from the Company’s Board of Directors.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of nineteen ninety five. 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 eight K dated October twentieth twenty twenty one, announcing Bank of America’s common stock repurchase program, under Item one A. “Risk Factors” of Bank of America’s Annual Report on Form ten K for the year ended December thirty first twenty twenty three, and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.
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 A T Ms (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 (N Y S E B A C).
Lee McEntire, Bank of America
Phone 1 9 8 0 3 8 8 6 7 8 0
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone 1 2 1 2 4 4 9 3 1 1 2
jonathan.blum@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone 1 6 4 6 7 4 3 3 3 5 6
jocelyn.seidenfeld@bofa.com
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