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The Bank of New York Mellon (NYSE:BK) said Friday it’s planning to hike its dividend by 12% to $0.47 a share, starting as early as Q3.
As a result of the Federal Reserve’s stress test, BNY Mellon’s (BK) preliminary stress capital buffer requirement will stay at 2.5%, equivalent to the regulatory floor. This SCB is expected to be effective from Oct. 1, 2024, to Sept. 30, 2025.
“The results of the Federal Reserve’s annual bank stress tests showcase BNY’s resilient business model and our strength to support clients through extreme stress scenarios.” said Robin Vince, President and Chief Executive Officer of BNY.
The company continues to be authorized to repurchase common shares under its existing share repurchase program approved by the Board of Directors, as announced in January 2023 and April 2024.
