German bank Commerzbank insisted it was on a "successful course" despite operating profits at its investment banking unit slipping 7% to €174m ($236.3m) in the first quarter, following a one-fifth cut in the amount of money it bets on deals.

Profits at Commerzbank's corporates and markets arm, which was revamped under Nicholas Teller at the end of 2004, slipped from a record €188m in the first quarter last year as revenues dipped €7m to €431m and costs rose by the same amount to €257m.