Asia Bizz: BlackRock Inc. Earns Record Quarterly Profits
BlackRock Inc., which is the world’s largest asset manager has seen a very strong increase in it’s quarterly earnings for third quarter. The increase came in because of the positive inflows from the clients and the strong September stock rally. The company’s share prices reached an adjusted price of $2.75, thumping the experts prediction of $2.46.
Along with this total net income of the firm touched $551 million compared to the $317 million last year. Showing positive increase in quarterly earnings the company is showing very good signs of improvement, and compared to the growth of America’s economy, this is quite impressive.
Asset management of the company showed really strong growth, as it rose to $3.45 trillion compared to $3.15 trillion in the second quarter. The ratio of asset growth in the company will be strengthening its presence in the market. Revenue earned by the firm touched $2.09 billion compared to $2.03 billion of the second quarter this year.