U.S. banks are likely to report “record level” earnings in 2021 as the American economy recovers and financial markets remain buoyant, according to the Institute of International Finance, an industry association.

Tim Adams, chief executive of the IIF, said Friday that the improving economy will help bank lending and fee income to pick up while more investing activity will boost trading revenue.

“I think we’re going to see record-level earnings this year so it’s a good year for banks. We see it in the bank stocks, and I think it’ll continue to reflect those underlying, really strong fundamentals for at least the rest of this year,” Adams told CNBC’s “Street Signs Asia.”

Matteo Colombo | DigitalVision | Getty Images

Bank stocks in the U.S. have climbed higher this year. Among the big banks, shares of Goldman Sachs have jumped 40.8% so far this year as of Thursday’s close, while Bank of America and JPMorgan have gained around 40.4% and…

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