(Adds details of cost plan, dividend and background) May 3...

(Adds details of cost plan, dividend and background)

May 3 (Reuters) - Westpac Banking Corp (WBC) laid out a three-year plan to cut costs on Monday as its first-half cash earnings more than tripled from last year's plunge with the lender releasing more money it had set aside to cover potential loan losses.

Australia's second-largest bank also declared an interim dividend of 58 cents per share, in line with estimates. It did not pay one last year as its profit dived due to massive write downs and provisions to account for the uncertainty and economic deterioration arising from the pandemic.

It intends to bring costs down to A$8 billion ($6.17 billion) by fiscal 2024, though the bank expects it to increase over the year as it sells non-core businesses and beefs up its digital offerings, before starting to fall from fiscal 2022.

Westpac, which has been under greater regulatory scrutiny over the past year and half, has sold a number of non-core assets in a bid to simplify its business and also agreed to an enforceable undertaking with the banking regulator to address risk governance concerns.

Cash earnings for the six months ended March 31 rose to A$3.54 billion ($2.73 billion), compared with A$993 million last year. This was above a forecast of A$3.28 billion in a Reuters poll. ($1 = 1.2960 Australian dollars)

($1 = 1.2960 Australian dollars)