Barclays suffers $1.6 billion loss

LONDON: Barclays reported a 1.2 billion pound ($1.57 billion)attributable loss for the first half of the year, as it took a 2.5 billion pound hit from the sale of its Africa business.

The lender on Friday reported a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and a further 1.1 billion pound impairment charge on the sale.

Barclays in June cut its stake in Barclays Africa Group to 15 percent, ending more than 90 years as a major presence in the continent as the bank shifts its focus back to Britain and the United States.

The bank also completed the run-down of its non-core division of assets earmarked for sale to below its goal of 25 billion in assets, meaning the remainder can be folded back in to Barclays.