A recovery in investment banking, driven by trading profits and cost cuts, helped narrow the losses at Commerzbank Securities in 2003.

Trading profits increased by more than 50% to €783m ($1.1bn) from €500m in 2002, while net income fell from €95m in 2002 to €62m last year and net income from commissions decreased from €229m to €96m. Commerzbank Securities also cut its operating expenses from €1.1bn in 2002 to €932m last year.