Barclays Bank Africa Q1 2016 profits dip

Barclays Bank income on the African continent fell for the fourth consecutive time during the first quarter of 2016.

Barclays said first quarter profits fell to 793 million pounds ($1.15 billion), just below the average forecast of 846 million pounds from analysts polled by the company, Reuters reports.

However, the investment bank said it would continue to “explore opportunities” to reduce its stake in Barclays Africa Group. The Bank had said in March that it planned to shed its 62.3 percent interest in the business, which has proved to be a regulatory drag on the bank.

The update came a day after the investment company Atlas Mara Limited, a firm backed by the former Barclays chief executive Robert E. Diamond Jr., said it was in discussion with a group of investors exploring a bid for Barclays business Africa.

The African business was considered one of four pillars of Barclays’ strategy, alongside its credit card and its consumer and investment banking operations under Antony Jenkins, who was ousted as chief executive in July.

The bank reported an attributable profit of 433 million pounds for the quarter, down 7 percent.

Barclays had flagged the poor performance in its investment banking division, warning on April 5 that it expected weak results in the unit compared to the same period in 2015.