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Bank earnings preview: Week ending Oct. 20

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Bank earnings preview: Week ending Oct. 20

The week of Oct. 16 through Oct. 20 will be brimming with quarterly results of large and midsize U.S. banks and thrifts. Below are some of the highlights:

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* Comerica Inc. is the biggest bank slated to report third-quarter earnings Tuesday, Oct. 17, before markets open. The Dallas company earned 84 cents per share in the third quarter of 2016, and the S&P Capital IQ consensus estimate for normalized EPS in the third quarter of 2017 is $1.22.

Actions under the company's Growth in Efficiency and Revenue, or GEAR Up, initiative are projected to bring in approximately $180 million more in income for full-year 2017.

* Bank of New York Mellon Corp., BB&T Corp. and KeyCorp are all expected to announce quarterly earnings before markets open Thursday, Oct. 19, while People's United Financial Inc. is scheduled to announce results after markets close. The consensus EPS estimates for all four companies are higher than their year-ago EPS.

During BNY Mellon's second-quarter earnings call, Vice Chairman and CFO Todd Gibbons said the company expected to see a $10 million decline in noninterest expenses for each of the last two quarters, or about $20 million in total, "mainly from reduced consulting fees related to the resolution plan."

For KeyCorp, management said during the company's second-quarter earnings that average loans for the full year 2017 are projected to be at the lower end of the previous guidance of $87 billion to $88 billion.

Executives of People's United, on the company's second-quarter earnings call, said loan growth is projected to finish the year within the 11% to 13% range. In addition, deposit growth and net interest income growth are both estimated to be 12% to 14%.

* Analysts expect SunTrust Banks Inc. and Citizens Financial Group Inc. to report year-over-year increase in earnings before markets open Friday, Oct. 20.

SunTrust CFO Aleem Gillani, during the company's second-quarter earnings call, said that the company is looking for its margin to expand by only about 2 basis points at most in the third quarter.

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