Interest on the Profit Share for 2022 will be paid to customers on 1 June 2023. The interest rate for 2022 is 4.45%. This consists of a base rate of 3.25% and an additional interest rate of 1.20% in honour of OP’s 120th anniversary. The return target for 2023 is 4.50%.
What is a Profit Share?
Profit Shares are long-term equity contributions made by owner-customers to their local OP cooperative banks. By investing in them, customers will strengthen their OP cooperative bank’s capital adequacy and support local business.
A Profit Share is not a deposit and is not protected by the deposit guarantee. In addition, it is not capital guaranteed and there is a risk of losing the capital invested.
Interest on Profit Shares is paid out of the bank’s distributable surplus. The payment and amount of such interest depend on the bank’s earnings.