Homepage / Currency / Barclays suffers loss of $1.6 billion on Africa sale, CEO Staley says feels 'good about next chapter'
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Currency, United States Finance

Barclays suffers loss of $1.6 billion on Africa sale, CEO Staley says feels 'good about next chapter'

U.K. lender Barclays reported a net loss of £1.21 billion ($1.58 billion) for the first half of 2017, hit by the fall in sterling, a charge from the mis-selling of payment protection insurance and a loss from the sale of its Africa unit.

Here are the key metrics:

  • H1 profit before tax: £2.3 billion ($3.01 billion) before the impact of the Africa sale vs. expected £2.7 billion, according to an average of projections compiled by the bank.
  • CET1 ratio rises to 13.1 percent.
  • £2.5 billion loss recorded from the sale of its Africa unit.

Barclays sold 33 percent of its Africa unit with a loss of £1.4 billion, and a further £1.1 billion loss over the charge of that sale, it said in the earnings report.

“We feel good about how the bank is positioned, our strategy of being a transatlantic, consumer, corporate and investment bank is now free of all the legacy issues,” Jes Staley, chief executive of Barclays, told CNBC on Friday.

Last month, the bank slashed its stake in Barclays Africa Group to 15 percent. The lender had spent almost a century as a major presence in the continent before switching its focus back to the U.K. and the United States.

“We are now a clean bank, restructuring is over,” Staley added.

Source: cnbc
Barclays suffers loss of .6 billion on Africa sale, CEO Staley says feels 'good about next chapter'

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