July 1 (Reuters) - JPMorgan Chase ( JPM ) said on

Tuesday it had approved a new $50 billion share repurchase

program and plans to raise its quarterly dividend to $1.50 per

share, after passing the U.S. Federal Reserve's annual stress

test.

The buyback authorization is effective from July 1 and gives

the bank flexibility to repurchase shares at its management's

discretion, depending on market and economic conditions.

The planned dividend increase, up from $1.40, is expected in

the third quarter, pending board approval.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini

Ganguli)