04:53 PM EDT, 06/28/2024 (MT Newswires) -- Bank of America ( BAC ) said Friday it plans to increase its quarterly dividend by 8% to $0.26 per share, to be implemented starting in Q3.

The bank also said its stress capital buffer, or SCB will be 3.2% and the CET1 minimum requirement will be 10.7% when finalized, based on the results of the Federal Reserve's 2024 Comprehensive Capital Analysis and Review.

The new SCB will be effective between Oct. 1 and Sept. 30 next year, it said.

The bank said it had $197 billion of regulatory CET1 capital and a CET1 ratio of 11.9% as of March 31, exceeding its current regulatory minimum requirement of 10.0%.

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