Barclays Bank Kenya announced their results this week, and in 2004 their profits increased to Kshs. 3.7 billion, up from 3.3 billion in 2003.

Looking through the numbers, loans increased from 56 to 63 billion and deposits increased from 77 to 80 billion. However with income remaining flat at 13 billion, the main source of profits appears to be from a 40% reduction in staff costs – from 3.1 billion in 2003 to Kshs. 1.9 billion in 2004.

Still shareholders will not be complaining when they convene at KICC on April 8th for the bank’s AGM where they will be asked to approve a dividend payment of 11 shillings per share.