BlackRock's net profit
BlackRock Inc., the world's largest investment firm by assets under management, increased its net income by 49% in the first quarter of 2021, thanks to a rebound in global markets as the global economy recovered from the pandemic coronavirus crisis.
BlackRock said in a press release that its net profit rose 49%, or 1.5 times, to $1.2 billion in January-March from $806 million in the same period a year earlier. Net income per share rose to $7.77 from $5.15 a year earlier.
BlackRock's quarterly revenue rose 19% to $4.4bn from $3.7bn.
FactSet reported that experts surveyed had on average forecast net profit of $7.71 per share for the company on revenues of $4.31 billion.
BlackRock Inc. had $9 trillion in assets under management at the end of the first quarter, up from $6.5 trillion a year earlier.
Net inflows to investors in the past quarter reached a record $172 billion, compared with $35 billion in January-March of last year. BlackRock chief executive Laurence Douglas Fink said that the net inflow of funds from investors in BlackRock funds exceeds $100 billion for four consecutive quarters.
BlackRock shares gained 1.5% in pre-market trading on Thursday. Their value has risen 75% over the past year.