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REUTERS reports:

Bank of America (BofA) (BAC.N) said on Wednesday it planned to increase its quarterly common stock dividend to 24 cents per share from 22 cents per share beginning in the third quarter of 2023.

BofA, unlike other major U.S. banks, had held back a decision on the dividend last week. Rivals JPMorgan Chase (JPM.N), Citigroup (C.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) hiked their third-quarter dividends on Friday after sailing through the Federal Reserve’s stress test.

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