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.
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SOURCE BNY Mellon