This was the cornerstone of a new financial-services division, also selling personal loans, insurance and unit-trust investments.

ECONOMIST: BUSINESS BRITAIN

The defects scandal came on top of disastrous performance last year by its US division, which handed out cheap loans in an effort to boost sales, but then found that many customers were unable to make their repayments.

BBC: NEWS | Business | Mitsubishi crashes into the red

The retail banking division also saw an increase in the amount of loans advanced.

FORBES: U.K. Bank Biz Helps RBS Get Back on Track