Ahead of banks' Q3 earnings release, we share our expectations for our coverage in this report. We expect Q3 earnings to grow vs Q2'21 and Q3'20, respectively. Our earnings expectation is premised on higher quarterly yields (following interest rate normalization from last year's weakness) and higher net fee income. However, this projected Q3 improvement is unlikely to paper over the H1'21 cracks for banks such as FCMB, GTCO and STANBIC, who, in our view, are still likely to report weaker 9M'21 earnings.