Summary by Moomoo AI
Citigroup Inc. has reported a decrease in its indicative Stress Capital Buffer (SCB) requirement from 4.3% to 4.1%, effective October 1, 2024. The preliminary Standardized Common Equity Tier 1 (CET1) capital ratio regulatory requirement will also be reduced by 20 basis points to 12.1%. As of March 31, 2024, Citigroup's Standardized CET1 capital ratio stood at 13.5%. The Federal Reserve Board is set to provide Citigroup with its final SCB requirement by August 31, 2024, which will be in effect until September 30, 2025. Additionally, Citigroup plans to increase its quarterly common stock dividend from $0.53 to $0.56 per share starting in the third quarter of 2024, pending quarterly approval by its Board of Directors. The company cautions that these forward-looking statements are subject to uncertainties and changes, and actual results may differ materially due to various factors, including macroeconomic conditions, regulatory changes, and legal proceedings.