Barclays and NatWest are UBS's top picks, with Lloyds results expect to see a focus on motor finance, share buybacks and the 2026 hedge tailwind. As for the more overseas-looking banks, HSBC Holdings PLC (LSE:HSBA) and Standard Chartered PLC (LSE:STAN) have gained 5.6% and 8% respectively in the year to date. "Both benefit from hopes that higher US$ yields will support margins with the key risk that those gains are offset by lower loan growth in Hong Kong in particular given the rate differential with mainland China," the analysts said. For HSBC, media headlines around have raised expectations about cost cuts but what the analysts think matters most would be more concrete guidance, helped potentially by higher US dollar rates, but potentially dented by disposals and likely lower loan growth. The key questions at the results will be around the magnitude of restructuring charges, and clarity of new targets for NII, costs and payouts would be needed "to shift the debate".