, , ) (DE:840400: news, chart,profile) - which had already announced that its profit rose 34% -- on Friday said the profit was driven by a doubling of operating profit at its Dresdner Bank unit. Allianz eased 0.9%. Another decliner was Spanish telecoms giant Telefonica (ES:0178430E1: news, chart,profile) which fell 2.6%. The company said that its first-quarter net income rose 39.6% to 1.27 billion euros ($1.62 billion) as revenue rose 45.4% to 12.04 billion euros. Telefonica said much of the growth was due to the acquisition of U.K. mobile operator O2.

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