Atlas Mara, an African financial services group set up by former Barclays boss Bob Diamond in 2013, has posted a sharp fall in first-half profits and has said it will cut costs and jobs as it continues “managing through macroeconomic headwinds”.

Net profits of $1.2 million in the first six months of 2016 were 71% lower than the same period a year earlier. But that was still a return to profit after a $6.7 million loss for the first three months of 2016.