By Liz Moyer
JPMorgan Chase said Tuesday it would hike its quarterly dividend by 9.5%, its second raise in the past year after notching a record profit for 2023.
The bank said its board approved a quarterly dividend of $1.15 a share, up from $1.05 a share. JPMorgan last raised its dividend in October, to $1.05 a share from $1.
The company reported net income of $49.5 billion for last year.
The announcement arrived on a day when JPMorgan’s stock hit a record high. It also comes as banks push back against proposals to increase the amount of capital they need to hold in case of an economic downturn.
JPMorgan CEO Jamie Dimon testified to the Senate Banking Committee in December the proposed increase to capital requirements would have a harmful ripple effect on the economy.
The Federal Reserve will publish the results of its annual stress test on the biggest banks, including JPMorgan, in June. The test measures how well banks hold up against hypothetical stresses in the economy, such as a drop in real estate values or a consumer credit downturn.
Shares of JPMorgan were little changed in after-hours trading, at around $193.80.
Write to Liz Moyer at liz.moyer@barrons.com