BlackRock Inc. (NYSE:BLK), the world’s largest money manager, said first-quarter earnings climbed 27%, helped by a lower tax rate, higher fees and risk-management revenue.
Net income rose to US$1.1bn, or US$6.70 a share from US$862mln, or US$5.23 a share, a year earlier, the company said in a statement. Revenue advanced 17% to US$3.53bn and assets under management totaled US$6.32trn.
Strong start to 2018
The shares advanced 1.7% to US$525.31 in pre-market trading.
“In a challenging environment, BlackRock continued to perform well, Chief Executive Officer Laurence Fink said in the statement. “Building on a strong start to 2018, we remain committed to investing for growth and delivering the benefits of our scale to both clients and shareholders.”