There is "the risk of a double whammy," Ricardo Garcia, chief euro zone economist at UBS told CNBC via email, ahead of Friday's results.
"Banks are already under pressure due to losses on their Italian BTP holdings. If you add potential issues in ECB bank stress tests, the banks would be under pressure from two sides," he explained.
Out of the 48 banks under analysis, four are Italian. They are: UniCredit, Intesa Sanpaolo, Banco BPM and Unione di Banche Italiane.
"The Italian banking sector will be under particularly scrutiny given market concerns about the still relatively high stock of non-performing loans," Fabio Trussardi, banking analyst at UBS Global Wealth Management, told CNBC via email.
The European Banking Authority (EBA) said in a report that non-performing loans (NPLs) have fallen in the last year, coming down to an average of 3.6 percent in the second quarter of this year across the region. However, the same report showed that the ratio of NPLs in Italy was 9.7 percent in the same period, much higher than the EU average.
"While this year macro assumptions will be harsher, we would expect an overall reassuring set of results," Trussardi said about Italy's banks. He noted that the NPL ratio, though high, has come down from last year and the macro assumptions for Italy are not particularly harsh compared to other countries.