JP Morgan’s investment bank has shrugged off a regulatory clampdown and uncertain markets to post its second most-profitable quarter ever, nearly matching its record performance in the first quarter of last year in results that set the bar high for rivals in this reporting season.

The investment bank brought in $2.4bn in net profits during the first quarter, helped by record fees from debt underwriting of $971m, up 33% on last year, and a 41% increase in advisory fees, which rose to $429m.