BlackRock, Inc. (NYSE: BLK) Friday reported a sharp increase in adjusted profit for the first quarter of 2024 when the asset management company’s revenues grew 11%.
First-quarter adjusted earnings increased to $9.81 per share from $7.93 per share in the comparable period of 2023. On an unadjusted basis, net income attributable to shareholders was $1.57 billion or $10.48 per share in Q1, compared to $1.16 billion or $7.64 per share in the prior-year period.
Total revenue increased 11% year-over-year to $4.73 billion in the March quarter. Organic asset and base fee growth accelerated into the end of the quarter, and long-term net inflows came in at $76 billion.
“BlackRock’s momentum continues to build, with accelerating client activity and line of sight into the funding of significant wealth, institutional, and Aladdin mandates,” said CEO Laurence Fink.