Australia's bank profits seen doubling after COVID-19 hit

On Monday, Westpac Banking Corp will kick off earnings where writebacks for loan provisioning will help drive cash earnings for the six months to March 31 to about A$3.28 billion ($2.56 billion), according to a Reuters poll. That will be more than triple its interim cash profit a year earlier.

SYDNEY: Three of Australia's Big Four banks are set to unveil a more than doubling in interim profits, higher dividends and lower provisioning for bad debts next week, as the economy recovers from the COVID-19 pandemic.

Australia's economy has emerged from recession and all signs are that 2021 has started on a firm footing helped by massive monetary and fiscal stimulus. The government's successful virus containment efforts, soaring house prices and improved job market have helped to boost consumer confidence and spending.