Bank earnings impress investors, leave analysts asking — ‘What crisis?’

Banking crisis? What banking crisis?

That was the message delivered by some of the largest US lenders on Friday as they discussed their performance during one of the most challenging periods for the banking industry since the 2008 financial crisis.

JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and PNC (PNC) all reported surging revenue and profits in the first quarter even as regulators seized some regional lenders and panic spread across the financial system in March. Their top executives offered multiple assurances that the worst was over.

“We’ve had a rough spell in March but things were looking better now,” JPMorgan CFO Jeremy Barnum told reporters. His boss, CEO Jamie Dimon, said “you’ve already seen things calm down quite a bit.” Citigroup CEO Jane Fraser added: “Our banking system as a whole is very strong.”

Dimon was, as ever, the most emboldened among bank executives who met with Wall Street analysts on Friday, at one point chafing at a question about a…

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