(Image: AAP/Dan Himbrechts)

Australia’s fifth biggest bank Macquarie Group released its full year results this morning. After a deluge of reporting over the past two weeks, we’ve now a good sense of how our banking giants are coping with the COVID-19 crisis.

Despite booking credit and equity write-downs of $1.04 billion, Macquarie is in the best shape of them all, delivering a $2.73 billion net profit, just 8% down on the record $2.98 billion it made in 2018-19.

Westpac took the biggest bad-debt hit and probably has the largest restructuring challenge ahead given its business is more complex and diverse than others.