FRANKFURT (Reuters) - Deutsche Post (DPWGn.DE: Quote, Profile, Research) gave an upbeat assessment of first-quarter results on Monday despite a sharp U.S. economic slowdown that has hit rivals such as UPS (UPS.N: Quote, Profile, Research).

"Business in the first quarter of 2008 was very satisfactory with underlying profits making progress year on year and being in line with our targets and guidance," the German logistics group said in a preview of quarterly results due on May 14.

Shares in Deutsche Post gained 2.6 percent at 20.76 euros by 0854 GMT, making them the leading gainer among German blue chips GDAXI a day before Frank Appel appears before shareholders at the annual meeting for the first time as group chief executive.

"After a few U.S. rivals reported weak numbers, negative comments from Post as well were expected. This was a positive surprise," one dealer said.

Deutsche Post noted that volume growth and general trends, particularly in the logistics and express business divisions, were similar to what it saw in late 2007, while new orders from major accounts and at logistics were encouraging.

"In its customer business Deutsche Postbank (DPBGn.DE: Quote, Profile, Research) recorded, adjusted for the impact from capital market turbulence, a good operating result in line with plan," it said of its banking unit without elaborating.

"We continue to make progress in refining our plan to improve performance substantially in the U.S. Express business. We will make a further announcement on our initiative, as guided, by the end of May," it said.

(Reporting by Michael Shields and Stefan Schaaf; Editing by Quentin Bryar)