Royal Bank of Scotland on Friday posted a small profit for the first half of 2010 as a decline in loan loss charges offset a second-quarter slowdown in its investment banking arm. The state-controlled bank said it made a net profit of £9m in the first six months of 2010, a swing back from a loss of £1.04bn in the first half of 2009. The rebound reflected a year-on-year drop in impairment losses on loans and securities, which fell by a third to £5.16bn. Richard Stovin-Bradford discusses the latest results.