NEW
YORK, June 27, 2022 /PRNewswire/ -- On
June 23, 2022, the Federal Reserve
released the results of its 2022 bank stress tests, 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, 2022 to September 30, 2023.
The company intends to increase its quarterly cash dividend on its
common shares by 9% from $0.34 to
$0.37 per share, commencing as early
as the third quarter of 2022, subject to approval by the company's
Board of Directors. 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
June 2021. The timing, manner and
amount of repurchases are subject to various factors, including the
company's capital position and prevailing market conditions.
Todd Gibbons, Chief Executive
Officer of BNY Mellon said: "The Federal Reserve's 2022 bank stress
tests once again show that our resilient business model and strong
balance sheet are well positioned to weather periods of even severe
stress while continuing to support our clients and the broader
economy. As we remain committed to maintaining strong capital
ratios and delivering value to our shareholders, we are pleased to
announce our intention to increase our dividend in the coming
quarter."
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment and wealth management and investment
services in 35 countries. As of March 31,
2022, BNY Mellon had $45.5
trillion in assets under custody and/or administration, and
$2.3 trillion in assets under
management. BNY Mellon can act as a single point of contact for
clients looking to create, trade, hold, manage, service, distribute
or restructure investments. BNY Mellon is the corporate brand of
The Bank of New York Mellon Corporation (NYSE: BK). Additional
information is available on www.bnymellon.com. Follow us on
Twitter @BNYMellon or visit our newsroom
at www.bnymellon.com/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, 2021, the Quarterly Report on Form
10-Q for the quarter ended March 31,
2022 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