Banks' Q3 earnings to reflect reserve releases, weak loan activity, analysts say

seekingalpha2021-10-11

Banks start reporting their Q3 results on Wednesday, and they're likely to benefit from another quarter of loan loss reserve releases and increased stock buybacks as loan growth remains tepid, ...

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kcwang4982
2021-10-11
kcwang4982
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2021-10-11
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Tonica
2021-10-11
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This week wed start
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2021-10-11
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Q3 net interest income for large banks are expected to be in the flat to low-single-digit gains, he adds.\n\"We are likely to see low to moderate credit risk for credit cards, commercial and industrial loans, commercial real estate, and trading/counterparty losses,\" Leon said in a note.\nAnalysts' picks:Going into earnings season, Morgan Stanley's Graseck likes JPMorgan Chase (JPM) as she expects improvement in card loan growth and sees potential for the bank to boost its net interest margin by reinvesting some excess liquidity in longer dated paper.\nShe also notes Synchrony Financial(NYSE:SYF)on the expectation that loan growth turns positive in the quarter and consumer credit quality continues to stay strong.\nState Street(NYSE:STT)stands to gain as it's one of the most rate-sensitive names in Graseck's coverage.\nJefferies analysts increase their Q3 EPS estimates for Goldman (GS) and Morgan Stanley (MS) to reflect strength in investment banking, particularly M&A, and \"still-healthy, but moderating trading (below 1H21). Inflows and positive markets should contribute to durable streams.\"\nTheir Goldman (GS) estimate increases 10% to $9.72 Morgan Stanley (MS) estimate by 12% to $1.71.\nOther analysts have been boosting quarterly EPS estimates for Goldman as seen in the chart below.\n\n\n\nLooking at regional banks and specialty finance, \"Outlooks will be key, and we expect positive management comments on peaking card payment rates and a potential bottoming in line utilization,\" writes Evercore ISI analyst John Pancari.\nHe's constructive on Synchrony (SYF) and KeyCorp(NYSE:KEY). SYF is well positioned to capture market share in consumer lending as Delta concerns fade ahead of holiday season.\nNote that SA'sQuant rating on SYF is Very Bullish, assigning high grades for Growth and Profitability. In the past three months, analysts have increased its Q3 EPS estimates by 22%. See chart below.\n\n\n\nKeyCorp (KEY) management has commented that loans increased from June to August and momentum was continuing in August, Pancari said. In addition, the bank has observed record backlog in M&A, he added.\nEarnings schedule:Here's when the bigger financial firms are due to report earnings:\nOct. 13: JPMorgan (JPM) and BlackRock(NYSE:BLK)\nOct. 14: Bank of America(NYSE:BAC), Citigroup(NYSE:C), Morgan Stanley (MS), Wells Fargo(NYSE:WFC), and U.S. Bancorp(NYSE:USB).\nOct. 15: Goldman Sachs (GS), PNC Financial(NYSE:PNC)\nOct. 18: State Street (STT)\nOct. 19: Synchrony Financial (SYF), Bank of New York Mellon(NYSE:BK)\nOct. 21: Blackstone(NYSE:BX), KeyCorp (KEY)\nOct. 22: American Express(NYSE:AXP)","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":828584539,"gmtCreate":1633925103325,"gmtModify":1633925103712,"author":{"id":"3574547862188011","authorId":"3574547862188011","name":"kcwang4982","avatar":"https://static.tigerbbs.com/c04d43cdb908fc01d7c2eb3734205700","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574547862188011","authorIdStr":"3574547862188011"},"htmlText":"Go&nbsp;","listText":"Go&nbsp;","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828584539","repostId":1161884052,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828584141,"gmtCreate":1633925087785,"gmtModify":1633929669848,"author":{"id":"3574547862188011","authorId":"3574547862188011","name":"kcwang4982","avatar":"https://static.tigerbbs.com/c04d43cdb908fc01d7c2eb3734205700","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574547862188011","authorIdStr":"3574547862188011"},"htmlText":"Okngo&nbsp;","listText":"Okngo&nbsp;","text":"Okngo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828584141","repostId":1161884052,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828253359,"gmtCreate":1633918341407,"gmtModify":1633918341542,"author":{"id":"3579673211261157","authorId":"3579673211261157","name":"BabySim","avatar":"https://static.tigerbbs.com/5c6f0cd54fab9f24929e66e54e08e3aa","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579673211261157","authorIdStr":"3579673211261157"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828253359","repostId":1161884052,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828288631,"gmtCreate":1633916646904,"gmtModify":1633916647011,"author":{"id":"4093583449913140","authorId":"4093583449913140","name":"Tonica","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4093583449913140","authorIdStr":"4093583449913140"},"htmlText":"This 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