JPMorgan Chase & Co. (JPM) has raised its quarterly dividend to stockholders by 5% to $1.05 U.S. per share.
The New York-based lender said that its board of directors approved an increase to the dividend, taking it to $1.05 U.S. per share from $1 U.S. previously.
The new dividend is payable beginning on October 31 to shareholders of record at the close of business on October 6 of this year.
The dividend increase comes after JPMorgan Chase successfully completed the U.S. Federal Reserve’s latest stress test process, ensuring that it is well capitalized and able to withstand any financial pressures that arise.
Executives at the bank had previously said that they intend to continue raising the bank’s dividend payment.
JPMorgan Chase is the world’s largest bank with more than $3 trillion U.S. of assets under management.
The stock of JPMorgan has gained nearly 30% in the last 12 months to trade at $148.93 U.S. per share.
