Reporting for the sector season starts with NatWest Group PLC (LSE:NWG) next Friday, 16 February, then continues the week after with Barclays PLC on Tuesday, HSBC on Wednesday, Lloyds on Thursday and Standard Chartered PLC (LSE:STAN) is the last of the blue-chip lenders on Friday 23. A softer finish to 2023 has generally been well-flagged, said Barclays research analyst Aman Rakkar in a sector preview, and subdued guidance for 2024 should be expected. Rising deposit costs and weak mortgage margins are set to drive the Q4 declines in net interest margin – the difference between interest charged for lending and paid on borrowing – while uncertainty around rate cuts is the big challenge to issuing margin guidance, "which may drive conservatism".