Chemical Banking Corp. expects its credit costs to fall this quarter and its interest revenue to remain high, its chief financial officer said Wednesday.

However, some analysts expressed concern over the rising level of expenses at the nation's third-largest bank company.

Chemical, which merged last year with Manufacturers Hanover Corp., should meet its goal of realizing $280 million of merger-related savings by the end of 1993, said Peter Tobin.

The executive made his remarks to analysts one day after Chemical reported a 35% jump in third-quarter earnings.

Stable Interest Margin

The bank's healthy net interest margin "will be relatively stable" for the next few quarters, Mr. Tobin said. The margin hit 3.84% in the third quarter, its highest level in seven quarters.

Mr. Tobin said that Chemical's loan-loss provision should fall to about $300 million this quarter from an average of $350 million in the first nine months of the year, and that foreclosed-property expenses should fall to about $65 million this quarter from $92 million in the third.

Savings on Target

Chemical will realize $90 million of merger-related savings this quarter and hit its 1992 savings target of $280 million, Mr. Tobin said. He also projected noninterest expense growth of 4% annually.

Some analysts, however, were skeptical.

"If you add up all the numbers [expense growth] is probably closer to 5%," said Judah S. Kraushaar, an analysts with Merrill Lynch & Co. He also said that some of Chemical's projections for systems-driven savings may be overstated because they are "harder to control."

Mr. Kraushaar lowered his 1993 earnings estimate for Chemical to $4.45 per share from $4.60.

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