JPMorgan Chase & Co., the largest U.S. bank by assets, raised its quarterly dividend 9.1 percent to 48 cents a share.

The distribution is payable on July 31 to stockholders of record at the close of business July 6, the New York-based lender said Tuesday in a statement.

The bank said in March it can buy back an additional $1.88 billion in stock through June after getting clearance from the Federal Reserve. That would be on top of the $6.4 billion in buybacks approved by regulators in last year’s capital plan, the firm said in a statement at the time.

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