westpac bank royal commission AUSTRAC
(Image: AAP/Kelly Barnes)

By the time Westpac, ANZ, NAB and Macquarie Group have all finished releasing their half-year results by the end of next week, they are likely to have collectively added more than $4 billion in COVID-19 related bad debt write-offs to their bottom lines.

NAB was the first to reveal on Monday morning, dropping a surprisingly small $828 million COVID-19 bad debt provision into the books while pressing go on an emergency $3.5 billion capital raising to fortress its balance sheet for the stormy months ahead.

Westpac followed yesterday by disclosing an additional $1.6 billion COVID-19 bad debt provision with the half-year results to be released in full next Monday.