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National Bank Posts Drop in 2010 Profits

National Bank, Malawi’s biggest bank, registered a drop of about half a billion kwacha in profits in 2010. Bank audit results for the year also show projections that the bank's economy would grow by 6.8 percent in 2011 down from 7.1 in 2010.The downward trend has been attributed to scarcity of foreign exchange and the rise in fuel prices.

As a result the bank predicts a continued rise in commodity prices.

Bank Chief Executive Officer George Patridge and Board chair Dr. Mathews Chikaonda approved the statement.

Nonetheless the bank has declared to share holders a 1.2 billion kwacha divided representing 2.68 tambala per share. Zodiak Online

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