2023-06-30 17:31:57 ET
Citizens Financial Group ( NYSE: CFG ) said Friday that its preliminary stress capital buffer is now 4.0%, effective Oct. 31, 2023, following the release of the Federal Reserve's stress test results.
That took the company's regulatory minimum common equity tier 1 (CET1) ratio to 8.5% from 7.9%. Furthermore, Citizens ( CFG ) expects its Q2 CET1 ratio to be around 175 basis points above the implied regulatory minimum.
As of June 30, 2023, the company said the remaining capacity under the board's February 2023 authorization of share buybacks stood at $1.344B.
More on the Fed Stress Tests:
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Capital One, Citizens Financial, Truist screen poorly in 2023 Fed stress test
- All 23 banks pass Federal Reserve's stress test on capital levels
- Morgan Stanley plans 9.7% dividend hike, $20B multi-year stock buyback
For further details see:
Citizens Financial says its minimum CET1 ratio rises to 8.5%