Bank of America Plans to Raise Its Dividend

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July 5, 2023 at 5:30 PM EDT

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Bank of America Plans to Raise Its Dividend

The announcement Wednesday makes it the last of the six biggest U.S. banks to announce dividend-increase plans following the release last week of stress-test results. It intends to boost its dividend by two cents to 24 cents per share, starting in the third quarter.

Bank of America was notably absent after five other banks announced their plans after markets closed Friday. It said Monday that it is working to understand the difference between the results of its own stress test results and those performed by the Fed.

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