LONDON: Barclays reported a better than expected 8% fall in first quarter profits on Thursday, but put share buyback plans on hold pending discussions with US regulators over a possible restatement of its 2021 earnings.

The British bank disclosed last month it had exceeded a US limit on sales of structured products, triggering an estimated 450 million pound ($563.22 million) loss and regulatory scrutiny.

Barclays previously said the 1 billion pound buyback would commence in the second quarter, after the mistake was disclosed.

The bank on Wednesday posted a profit before tax for the three months ended March of 2.2 billion pounds ($2.75 billion), above an average analyst forecast of 1.3 billion pounds and below the 2.4 billion pounds booked in the same period last year.