The 40 German companies listed on the DAX reported higher profits in the first quarter. Revenues fell by an average of 3.7 percent, while earnings before interest and taxes rose by 4.4 percent.
According to an analysis by consulting firm EY, the financial sector in particular benefited from the development. It recorded a record profit increase of 15.9 percent. Industrial companies, by contrast, grew by only 0.5 percent.
Deutsche Telekom achieved the highest quarterly profit at 5.8 billion euros, followed by Allianz with 4.5 billion euros and E.ON with 3.9 billion euros. E.ON, Siemens Energy and Munich Re posted particularly strong growth.
Henrik Ahlers, Chairman of the Executive Board at EY, said: “Despite the economic slowdown, the financial sector is posting very strong figures.” All car manufacturers listed on the DAX, however, reported falling profits.