Operating profits at RBS’s markets unit grew to £1.5bn in its first year since being restructured, but a £1.4bn bill relating to past misdemeanours took the gloss off the figures.

The markets unit, which together with an international banking unit was formed when the bank restructured its former global banking and markets business in January last year, generated £1.5bn in operating profits, up 68% from the £899m that business earned in 2011 under the old divisional structure.