Citizens Financial Group (CFG) will raise its quarterly dividend by 22.7 percent to $0.27 per share. This is the company's second dividend hike in 2018. In January the dividend was already hiked by 22 percent.

“We are pleased to report another successful CCAR submission which reflects our strong capital position and the improvements we’ve made to our balance sheet, business model and earnings power,” said Bruce Van Saun, Chairman and Chief Executive Officer. “Our 2018 Capital Plan provides the ability to increase our dividend per common share by 23% next quarter and increase our total common share repurchases by 20% compared with our prior year’s Capital Plan. While we do not believe the Federal Reserve’s PPNR model in the stress test is delivering accurate results for Citizens, nonetheless our expected glide path to reduce our common equity tier one capital ratio remains on track and we remain confident in our ability to continue to drive improving financial performance and attractive returns to shareholders.”

Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania. Headquartered in Providence, Rhode Island, Citizens offers retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens has branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance.