NEW
YORK, June 30, 2023 /PRNewswire/ -- Today,
BNY Mellon (NYSE: BK) announced its intention to increase its
quarterly cash dividend on its common shares by 14% from
$0.37 to $0.42 per share, commencing as early as the third
quarter of 2023, subject to approval by the company's Board of
Directors.
On June 28, 2023, the Federal
Reserve released the results of its 2023 bank stress test, which
demonstrate the resilience and strength of BNY Mellon's business
model and capital position. The Federal Reserve also notified the
company that its preliminary Stress Capital Buffer (SCB)
requirement will remain 2.5%, equal to the regulatory floor. This
SCB is expected to be effective from October
1, 2023 to September 30,
2024.
"The results of the Federal Reserve's 2023 bank stress test once
again highlight BNY Mellon's capacity to withstand extreme stress
scenarios," said Robin Vince,
President and Chief Executive Officer of BNY Mellon. "Combined with
the power and stability of our platforms and demonstrated ability
to help clients navigate uncertain markets, resiliency is a
commercial attribute and a key differentiator for us. This
resiliency also positions us to deliver value for our shareholders,
and so we are pleased to announce the company's intention to
increase our common dividend while remaining committed to
maintaining strong capital ratios."
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. The timing, manner and amount of repurchases are
subject to various factors, including the company's capital
position and prevailing market conditions.
About BNY Mellon
Established in 1784, BNY Mellon is America's oldest bank and the
first company listed on the New York Stock Exchange (NYSE: BK).
Today, BNY Mellon powers capital markets around the world through
comprehensive solutions that help clients manage and service their
financial assets throughout the investment life cycle. BNY Mellon
had $46.6 trillion in assets under
custody and/or administration and $1.9
trillion in assets under management as of March 31, 2023. BNY Mellon has been named among
Fortune's World's Most Admired Companies and Fast Company's Best
Workplaces for Innovators. BNY Mellon is the corporate brand of The
Bank of New York Mellon Corporation. Additional information is
available on www.bnymellon.com. Follow us on LinkedIn or visit our
Newsroom for the latest company news.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements, which may be expressed in a variety of
ways, including the use of future or present tense language, relate
to, among other things, BNY Mellon's repurchases of common stock,
common stock dividends, capital base, performance and ability to
meet regulatory requirements. These statements are based upon
current beliefs and expectations and are subject to significant
risks and uncertainties (some of which are beyond BNY Mellon's
control). Actual outcomes may differ materially from those
expressed or implied as a result of risks and uncertainties,
including, but not limited to, the factors identified above and the
risk factors and other uncertainties set forth in BNY Mellon's
Annual Report on Form 10-K for the year ended December 31,
2022, the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2023 and BNY Mellon's other filings with
the Securities and Exchange Commission. All statements in this
press release speak only as of the date on which such statements
are made, and BNY Mellon undertakes no obligation to update any
statement to reflect events or circumstances after the date on
which such forward-looking statement is made or to reflect the
occurrence of unanticipated events.
Contacts:
Media
Garrett
Marquis
+1 949 683 1503
garrett.marquis@bnymellon.com
Analysts
Marius
Merz
+1 212 298 1480
marius.merz@bnymellon.com
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SOURCE BNY Mellon