Analysts surveyed by Thomson Financial expect Northern Trust Corp. (NASDAQ: NTRS) and State Street Corp. (NYSE: STT) to report profit gains in the first quarter. Both companies are scheduled to post results on Tuesday.

Northern Trust is expected to earn 95 cents per share, which is up 13% from the same period in 2007 when it earned 84 cents. The company has tended to beat quarterly estimates recently. In the third quarter of 2007, it beat the consensus estimate by 6.7%, and in the fourth quarter it beat it by 4.8%.

Chicago-based Northern Trust provides banking and trust services to the affluent and to financial institutions and corporations. In the past year, its revenues were $5.4 billion and its net income totaled $726 million. Its EPS growth forecast for the year is 9.6%, which is better than the banking industry average and the S&P 500. But the consensus recommendation of analysts is still to hold Northern Trust.

The stock has gained 11.2% in the past year and trades at a P/E of 18.37. Shares closed Friday at $67.22.

State Street is expected to earn $1.30, up 39% from the same period in 2007 when it earned 93 cents. The company has tended to beat quarterly estimates recently. In the third quarter of 2007, it beat the consensus estimate by 22.6%, and in the fourth quarter by 2.3%.

Boston-based State Street is among the top providers of mutual fund and pension processing and custody services for large-scale institutional investors and corporations. In the past year, its revenues were $11.8 billion and its net income totaled $1.2 billion. Its EPS growth forecast for the year is 13.3%, which is also better than the banking industry average and the S&P 500. The consensus recommendation of analysts is to buy State Street, and has been for at least 120 days.

The stock has gained 19.9% in the past year and trades at a P/E of 22.99. Shares closed Friday at $79.33.

For more on the big banks reporting this week, see Q1 expectations for big banks look familiar.