Update
UK Banks' Returns on Equity
UK banks' returns on equity are estimated at 9% to 14% by Edelsten, who considers this lower than their own measure. Third-quarter return on tangible equity at Barclays, Lloyds, and NatWest were 11.7%, 17.9%, and 21.6% respectively. Edelsten prefers emerging markets where governments protect banks, and his fund owns China's ICBC at half its book value.