In 2004, Standard Chartered posted a 1.8 billion shilling profit, down 33% from 2.8 billion in 2003. Much was blamed on the low interest rates and during year, the bank transferred much of its lending away from the government and toward the public. Loans to the public increased from 19 to 27 billion shillings, while government securities held by Stanchart fell from 32 to 24 billion. Commission and fee income reduced by 166 million, while other income also dropped by 700 million. Unlike Barclays, which reduced its staff costs by 40%, Stanchart staff costs increased by 8% to 1.6 billion.

The Bank closed the year with deposits of 57 billion, and even though earnings and dividends have reduced from 2003, shareholders will still be happy with a 6.50 per share dividend (on earnings of 6.74 per share) as their share prices have almost dipped to their 12 month low of 130 shillings.