- JPMorgan Chase raises quarterly dividend by 5 cents to 30 cents per share.
- Board authorizes $15 billion buyback, of which $12 billion for 2012.
- Fed does not object to firm's proposed capital plans, bank says.
The bank said it will raise quarterly dividend to 30 cents per share from 25 cents per share earlier. It also authorized a new share repurchase program of $15 billion, of which up to $12 billion is approved for 2012 and up to an additional $3 billion is approved through the end of the first quarter of 2013.
The bank's announcement came as a surprise, as the Fed was expected to announce the results of its annual Comprehensive Capital Analysis and Review only after the bell on Thursday.But JPMorgan said the regulator had informed the bank that it had completed its review and did not object to its proposed capital distribution plans that it had submitted under the CCAR. "We are pleased to be in a position to increase our dividend and to establish a new equity repurchase program. We expect to generate significant capital and deploy that capital to the benefit of our shareholders," CEO Jamie Dimon said in a statement.
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