Shares in Barclays PLC (LON:BARC) rose despite a 25% slide in profits in the first quarter of 2016.
New boss Jes Staley said the dip in profits stemmed from the non-core businesses and it was stepping up efforts to dispose of operations in France and in areas such as public sector loans.
Profits in the three months to March fell to £793mln (£1.06bn), with net income 13% lower at £4.6bn.
Bad debts rose 15% to £443mln while operating expenses jumped to £3.75bn.
Staley took charge last year and has already instigated a division of the bank in to its UK arm and international businesses ahead of the ring-fencing deadline in 2019.
He confirmed it has received approaches for its African operation, but did not say if it was former Barclays chief executive Bob Diamond who had made the offer.
Diamond said yesterday he had the funds if Barclays decided to sell its 62.5% stake.
Analysts said performance of ‘core’ businesses was better than expected with an 18% profit rise to £1.61bn and this was why the shares rose this morning.
“Results were sUBStantially better than we or consensus had forecast, driven primarily by higher revenues,” said UBS.