JPMorgan Chase today reported record revenue of $27.7 billion after soaring ahead of struggling bank rivals in global debt, equity and investment banking business.

Profit at the bank rose 36 per cent to $2.7 billion despite taking a $1.1 billion hit from repaying the bank’s $25 billion Troubled Asset Relief Program loan last month.

JPMorgan Chase put aside another $2 billion against bad debts, taking its credit reserves to $30 billion, as customers continued to default on their loans and credit card debts.

Jamie Dimon, chairman and chief executive of JPMorgan Chase, said that he was pleased with the strong performance in investment banking but warned that the level of souring consumer loans would “remain elevated for the foreseeable future”.

The bank took advantage of competitors’ weakness to snap up investment banking business, pushing its earnings in the division to $1.5 billion, up from $1.1 billion last year.

Fees were a record $2 billion as JPMorgan Chase advised on more high value mergers and acquisitions and underwriting debt and equity issues than any other bank.

As seen at Goldman Sachs on Tuesday, the fixed income business also made record gains on all products.

However, the bank’s portfolio of credit products made a loss of $575 million after it marked down the value of hedges that it had taken out against some of its loans.