US bank stocks hit their highest level since before the collapse of Silicon Valley Bank on Friday as better than expected profits from JPMorgan Chase and Wells Fargo boosted hopes of an economic “soft landing” in the country.
Quarterly earnings fell at both the largest and fourth-largest US banks by assets, compared with a year earlier. Third-quarter net income at JPMorgan declined 2 per cent to $12.9bn, while at Wells it fell 11 per cent to $5.1bn.
However analysts had forecast that JPMorgan would report quarterly net income of $12.1bn and Wells $4.5bn. JPMorgan’s shares rose 4.4 per cent in New York on Friday, while Wells’ gained 5.6 per cent.
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