Are there any cheap bank shares left?

Banks across the world have rallied sharply in the last 12 months, the shares featuring among the best performing stocks in many indices but, after a sharp climb, are there any opportunities left for investors?

As fears about a eurozone break-up have eased and some economies have begun to show signs of growth, bank share prices have ticked upwards. On an individual stock level, big banks such as RBS and Lloyds in the UK, have gained more than 40%, and on a wider index level the story is much the same. The Dow Jones US Banks Total Return index made 22.5% in sterling terms in the last 12 months, while in the UK the FTSE 350 Banks index rose 23.2%. The FTSE All World Asia Pacific Banks index delivered 26.4%, while the FTSE All World Banks index delivered 19.8%. The only region to have la...