Bank of America Increases Dividend by 14%

Bank of America has announced a 14% increase in its quarterly dividend on common shares, or 4 cents, bringing the total dividend per share to 32 cents.

The bank's Chief Executive Officer, Brian Moynihan, noted that the decision reflects the company's commitment to returning excess capital to shareholders.

Last month, several major U.S. banks announced increases in dividends and new share buyback programs following the publication of results from the Federal Reserve's annual stress tests.

Bank of America also exceeded Wall Street expectations with its second-quarter earnings earlier this month. The results were supported by increased trading activity in the markets, which occurred against a backdrop of global financial volatility, as well as growth in corporate deals in the investment banking division.