BNY Mellon, America’s oldest bank, announced its intention to increase its quarterly common stock dividend by 14 percent to $0.42 per share. The decision reflects the bank’s strong resilience and capital position as demonstrated by the 2023 bank stress test conducted by the Federal Reserve.
The stress test results highlight BNY Mellon’s ability to withstand extreme stress scenarios and navigate uncertain markets. Robin Vince, President and CEO of BNY Mellon, stressed the importance of resiliency as a commercial attribute and a key differentiator for the bank. He emphasized that the bank’s resilience positions it to deliver value for shareholders, which is why they intend to increase the common dividend while maintaining strong capital ratios.
Furthermore, BNY Mellon continues to be authorized to repurchase common shares under its existing share repurchase program approved by the Board of Directors. The exact timing, manner, and amount of repurchases will be determined based on the bank’s capital position and prevailing market conditions.
Established in 1784, BNY Mellon is a leading financial institution that powers capital markets globally. The bank provides comprehensive solutions to help clients manage and service their financial assets throughout the investment life cycle. As of March 31, 2023, BNY Mellon had $46.6 trillion in assets under custody and/or administration and $1.9 trillion in assets under management.
BNY Mellon has been recognized as one of Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. The bank prides itself on its long history and commitment to delivering exceptional services to its clients.
It is important to note that this press release contains forward-looking statements, subject to significant risks and uncertainties. The actual outcomes may differ from the expectations expressed in the statements due to various factors, including those beyond BNY Mellon’s control.
In conclusion, BNY Mellon’s announcement to increase the quarterly common stock dividend by 14 percent reflects the bank’s resilience and strength, as evidenced by the results of the 2023 bank stress test. The decision emphasizes the importance of delivering value for shareholders while maintaining strong capital ratios. BNY Mellon’s long-established presence and commitment to providing comprehensive financial solutions position it as a leading player in the industry.
