the one that didn’t get away

Royal Bank of Scotland thinks the risks of it being destroyed in financial Armageddon have fallen. But the UK bank is not much more optimistic about the pace at which it will return to health. Third-quarter results demonstrate why. There were some reasons for cheer. The net interest margin - the return RBS generates on its assets net of funding costs - came in at a better-than-expected 1.75%. That suggests RBS is managing to pass on some of its own higher credit costs to customers. What’s more,...