Based on the revised 2023 CCAR results, Bank of America’s Stress Capital Buffer will be 2.5%, which is the minimum requirement. As a result, Bank of America’s minimum Common Equity Tier 1 (CET1) ratio requirement will be 9.5%, effective October 1, 2023. At June 30, 2023, Bank of America’s CET1 ratio was 11.6% with $190 billion of CET1 capital. As previously announced, on January 1, 2024, Bank of America’s minimum CET1 requirement will increase 50 basis points, aligned with planned growth in the global systemically important bank surcharge.

Earlier this month, the company’s board of directors declared a quarterly common stock dividend of $0.24 per share payable on September 29, 2023, to shareholders of record as of September 1, 2023, a 9 percent increase from the second quarter common stock dividend of $0.22 per share. As of June 30, 2023, the company had $14.1 billion remaining in a previously communicated $25 billion share repurchase program authorized in October 2021.

Forward-Looking Statements

Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results, revenues, expenses, dividends, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America’s filings with the Securities and Exchange Commission, including in Bank of America’s Current Report on Form 8-K dated October 20, 2021, announcing Bank of America’s common stock repurchase program, under Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2022, and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.