The Financial Times notes the result came as something of a surprise and could serve to ease funding pressures for both countries.
It was discovered that eight lenders had an aggregate capital shortfall of around €2.5 billion ($3.5 billion), but the promising finds for Spain and Italy could prove beneficial for institutions such as BBVA and Santander in Spain and Intesa Sanpaolo in Italy, which have been affected by mounting money concerns in their nation's wider economies.
Daniel Davies, banks analyst at Credit Suisse, commented: "The results draw a distinction between those banks that have unquestionably strong funding and capital and those that don't."
The stress tests were carried out by the European Banking Authority, which is the successor to the Committee of European Banking Supervisors and was established at the beginning of this year.
By Asim Shah