New Delhi, Aug. 4 -- European banking stocks, which have been on the back foot for over a decade and a half, have made a remarkable turnaround, rallying to their highest levels since September 2008, when the global financial crisis hit the world markets.

The STOXX 600 Europe Banks index has been in an uptrend during five of the last six trading sessions, buoyed by improved profits and resilience amid the tariffs imposed by US President Donald Trump. Shares of HSBC, Barclays and Santander hit their 2008 highs while Italy's UniCredit rose to its highest level since 2011, according to a Financial Times report.

The gains were bolstered by a latest report from the European Banking Authority (EBA) on Friday as it presented the outcome of its ...