The US banking sector made record profits in the first three months of the year, helped by the turmoil that rippled through the sector following the collapse of the likes of Silicon Valley Bank and Credit Suisse.

About half the increase in profits across the industry came from one-time gains recorded by First Citizen and Flagstar.

They bought what was left of Silicon Valley Bank and Signature Bank respectively after they were seized by regulators in March and sold off at a discount.

In all, US bank profits reached an all-time high of about $80bn (£63.4bn) in the first quarter, up 33pc from the same period a year ago.

Only 197 out of America's 4,400 banks made losses in the first three months of the year according to data provider BankRegData, which collates quarterly reports given to the Federal Deposit Insurance Corporation by US lenders.

JPMorgan Chase, the nation's largest bank by assets which this month bought the failed lender First Republic, had the highest profit of $11.7bn (£9.3bn).

Troubled lender PacWest, which has been the subject of a record selloff of its shares amid investor jitters, lost more than any other lender, down $1.2bn. 

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