Royal Bank of Scotland this morning reported maiden results for its Markets business as a standalone entity, with the costs of restructuring the division eased by strong performance on its rates desk.

RBS's Markets business this morning reported revenues of £1.7bn for the first three months of the year, down 17.8% from £2.1bn generated in the same period a year ago. Operating profits for the division were £824m for the first quarter, down 20% year-on-year but a reversal on the £109m loss reported in the fourth quarter of 2011.