RTTNews | Jun 28, 2021 10:48PM EDT

22:48 Monday, June 28, 2021 (RTTNews.com) - Bank of America (BAC) said that it expects to increase the quarterly common stock dividend by 17 percent to $0.21 per share, beginning in the third quarter of 2021. The bank announced a plan in April to repurchase up to $25 billion of common stock over time.

Based on the results of the Federal Reserve's 2021 Comprehensive Capital Analysis and Review (CCAR), Bank of America will be subject to a preliminary 2.5 percent stress capital buffer (SCB), unchanged from the current level.

The SCB will be effective from October 1, 2021 to September 30, 2022 and, when combined with the Basel 3 common equity tier 1 (CET1) minimum of 4.5 percent, and the Global Systemically Important Bank Surcharge of 2.5 percent, will equate to a minimum CET1 ratio under applicable regulatory standards of 9.5 percent, which is unchanged from its current level.

At March 31, 2021 Bank of America's CET1 ratio was 11.8 percent, which equated to about $35 billion in excess CET1 capital.

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