BlackRock first-quarter profit beats on robust inflows

BlackRock Inc has reported a better-than-expected quarterly profit, as investors continue to pump money into its various funds, which partially offset fee income losses due to the banking system crisis that affected financial markets globally.

In comparison to $86 billion a year earlier, net inflows for the first quarter amounted to $110 billion.

BlackRock Chief Executive Larry Fink recently said: “I believe today’s crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player.”

The value of various securities dwindled, and there were fears of liquidity shortage after the banking crisis occurred in the U.S. in the later part of the Q1, which resulted in market downturns.

BlackRock, the world’s largest asset manager, had $9.1 trillion in assets under management at the end of Q1, which is down from $9.57 trillion a year ago but up from $8.59 trillion in Q4 last year.

After the banking crisis, Fink used his annual letter to CEOS and investors to warn against potential “liquidity mismatches” within the financial industry.

The majority of BlackRock’s revenue comes from investment advisory and administration services, and the adjusted profit was $7.93 per share, which beat analysts’ estimated profit of $7.76 per share, according to Refinitiv IBES data.

However, the quarterly revenue decreased from $4.7 billion to $4.2 billion.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru and Davide Barbuscia in New York; Editing by Shounak Dasgupta)

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