NEW YORK, July 24 (Reuters) – Bank of America said on Friday it has increased its quarterly common stock dividend by 4 cents or 14%, to 32 cents a share, with its CEO Brian Moynihan citing the lender’s commitment to return excess capital to shareholders.
Some banks announced increased dividends, as well new share buyback programs last month, after the Federal Reserve released results of its stress test.
Bank of America exceeded Wall Street estimates for second-quarter profit earlier this month, as global market chaos fueled record trading, while a corporate dealmaking surge spurred investment banking.
(Reporting by Saeed Azhar, Editing by Nick Zieminski)
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