Barclays plc has reported an 8% fall in statutory pre-tax profits for 2015 to £2.073 billion.

The bank, which has had a long-term involvement in Africa, revealed its intention to reduce its 62.3% stake in Barclays Africa Group Limited (BAGL).

Barclays made additional UK customer redress provisions of £2.7bn, included £2.2bn rating to PPI and £270m in the third quarter relating to the settlement of two residential mortgage backed securities claims with the National Credit Union Administration and the settlement of certain other legacy benchmark litigation.

“Our 2015 performance demonstrates the strength of Barclays’ core business, as well as the importance of continuing to make progress in running down Non-Core and controlling our costs to deliver the returns our shareholders deserve in a reasonable timeframe,” said Jes Staley, group chief executive officer of Barclays.

“PCB and Barclaycard delivered excellent results, and Africa Banking also performed well despite currency headwinds. The investment bank year on year performance was stronger as the benefits of the strategy implemented since May 2014 were realised. 

“What all of this illustrates is that Barclays is fundamentally on the right path, and is, at its core, a very good business. There is of course more we need to do and areas where I believe we can move much faster to deliver the high performing group that Barclays can and should be. 2016 will consequently be a year of accelerated delivery from a good base.”

Graham Spooner, investment research analyst at The Share Centre, said: “Barclays has reported a 2% drop in underlying profits today, while also announcing that it will cut its dividend by more than half. These poor results have led the bank to accelerate its strategy to simplify the business, which include selling down a 62% stake in its Barclays Africa Group. This may please investors who have been looking to the new chief executive, Jes Staley, to take some significant steps to strengthen its operations.

“Investors will note that Barclays will pay a final dividend of 3.5 pence per share, giving a total of 6.5 pence per share for 2015 financial year. It expects to pay a dividend of 3 pence per share in 2016 and 2017.

“With the sector still under a cloud, the share price close to a three year low and the uncertainty over the investment banking division, we view the stock as no more than a hold for the time being.”