Skip to main content

Barclays plc (BCS) Friday reported a heavy loss in the first half after the disposal of its Africa unit.

The U.K. lender reported a loss of £1.2 billion ($1.57 billion) in the first half, down from a profit of £1.1 billion in the same time period last year. In the second quarter, overall revenues were down 15% to £5.06 billion, and the bank reported a loss of £1.4 billion. Analysts had on average expected revenues of £5.28 billion and profits of £727 million.

Barclays recorded a £2.5 billion hit from selling a 33% stake in its African operations and the lender had to add an extra £700 million provision for PPI mis-selling.

The banks CET1 ratio is now 13.1% due to the sale of its Barclays Africa Group, it expected to realize a further 26 basis point uplift from the sale. The sale has also marked the end of the bank's restructuring efforts.

"Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns," CEO Jes Staley said.

Barclays shares gained 1.03% in the first 15 minutes of trading, changing hands at 210.80 pence. Shares have lost 6.91% over the past three months.

More of What's Trending on TheStreet: