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BlackRock quarterly profit beats estimates as rise in assets boosts fee income

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Oct 13 (Reuters) – BlackRock Inc (BLK.N), the world’s largest cash supervisor beat third-quarter profit estimates as an enhancing economic system helped increase its assets beneath administration, driving up fee income.

BlackRock ended the previous quarter with $9.46 trillion in assets beneath administration, up from $7.81 trillion from a yr earlier.

Asset managers have benefited from rising world monetary markets in latest quarters as traders put cash to work to profit from the post-pandemic financial reopening, pushed by progress on vaccinations and powerful fiscal and financial help.

Adjusted web income rose to $1.69 billion, or $10.95 per share, in the quarter ended Sept. 30, from $1.42 billion, or $9.22 per share, a yr earlier.

Analysts on common had been anticipating the corporate to report a profit of $9.35 per share, based on IBES information from Refinitiv.

Reporting by Sohini Podder in Bengaluru and Saqib Iqbal Ahmed in New York; Editing by Vinay Dwivedi

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