2022 Profit Share Explanation

2022 Profit Sharing Calculations

Dividend 

A Common Share Dividend of 5.50% has been declared for the 2022 financial year.

The dividend payment is based on the average of the sum of the minimum balances held in your common share account between November 2021 and October 2022.

Example

November 2021 (lowest balance)      $500.00

December 2021                                    $500.00

January 2022                                         $500.00

February 2022                                      $1,000.00

March 2022                                           $1,000.00

April 2022                                              $1,000.00

May 2022                                               $2,000.00

June 2022                                              $2,000.00

July 2022                                               $2,000.00

August 2022                                         $3,000.00

September 2022                                  $3,000.00

October 2022                                       $3,500.00

Sum of Minimums Balances   =        $20,000.00

Divided by 12 months              =        $1,666.67

$1,666.67 x 5.50% = $91.67 Dividend Payment

Savings Interest Bonus

A savings interest bonus of 7.50% based on interest received during the financial year (Nov 2021-Oct 2022) has also been declared.

This means if you received interest of $250.00 during the financial year then you would receive an additional $18.75 ($250.00 x 7.50%) savings interest bonus.

Both payments should be made to accounts during the early part of January 2023, savings interest bonus’ will be paid into savings account and Dividend payments will be paid to Common Share accounts, UNLESS you hold the maximum amount of $3,500.00 in that account, in which case the dividend will also be paid to your savings account.