Royal Bank of Scotland's third-quarter results will be impacted by the financial market turmoil that has hit banks around the world, although some analysts see the part-nationalised lender making a profit on accounting debt gains.

The market volatility caused by Europe's sovereign debt crisis is likely to result in lower overall revenues at RBS, especially at its GBM investment banking arm.

However, RBS may follow rivals Barclays and Morgan Stanley in booking a gain from a fall in the value of its own debt.

The debt valuation adjustment (DVA) rule works on the assumption that if a buyer went into the market today to buy back the bank's debt, and the bonds have fallen in value since they were issued, then the institution can recognise a gain on this difference.

Credit Suisse analysts expect this to help push RBS into a third-quarter net profit of 335 million pounds, while West LB has forecast a 14 million pound net profit for RBS.

However, Investec and Keefe, Bruyette & Woods (KBW) expect RBS to remain in the red, with Investec forecasting a net loss of 982 million pounds and KBW pencilling in a 166 million pound loss.

The government owns around 83 percent of RBS after having to rescue the Scottish bank with a taxpayer-backed bailout in 2008.

RBS shares closed down 1.4 percent at 22.80 pence on Thursday -- still well below the average 49.9 pence price at which the British taxpayer acquired its stake in the bank.

RBS shares have fallen by nearly 50 percent over the last year.

(Reporting by Sudip Kar-Gupta; Editing by Elaine Hardcastle)