For the fourth time consecutively, Barclays’ earnings in Africa decreased, in the first quarter of 2°16, Ecofin noticed after reading its financial results for the period. With £818 million ($1.19 billion), operation banking products fell by 9.91% from £908 million ($1.32 billion) in Q1 2015.

Barclays’ global net banking product in the regions also slumped by 13.4% to £707 million against £817 million in Q1 2015.

Despite the low performance, pre-tax profit is £166 million. Down when compared to that in the first quarter of 2015 but up 64% when compared to that in Q4 2015. This as result of a signicant cut in operation cost, associated with depreciation of Rand to Pound Sterling. Net profit soared 244% over the period to $86 million compared to the previous quarter but low when compared to 2015’s first semester (£105 million).

Globally, revenues of Barclays in Africa have been deemed as unstable. The group still aims to reduce its stake in its African operation to 62.3% so as to deconsolidate overall financial results. Barclays also indicated, officially, that it received offers for its stakes, and that the transaction could be done via stock market or privately.

Regarding this deal, Barclays’ former chief executive Bob Diamond recently teamed with Carlyle Group to acquire assets worth £52.7 billion. Barclays’ operations in Africa include Barclays Africa which is present various African nations, Barclays Zimbabwe and Barcalys Egypt.

Idriss Linge