BlackRock, profits down by 16% (and revenues by 15%) in the third quarter – Corriere.it
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US asset management giant BlackRock posted net income of $ 1.406 billion, down 16% from 1.681 billion a year ago. As for the quarterly revenues fell 15% to $ 4.311 billion and operating profit decreased 21% to 1.526 billion with the margin dropped to 35.4% from 38.3% – In the period Blackrock had long-term net flows of 65 billion dollars.
The third quarter
In the third quarter of 2022, Blackrock reported net income of $ 1.406 billion, down 16% from 1.681 billion a year ago. Diluted earnings per share were $ 9.25, down 15% from the same period a year ago ($ 10.89), reflecting a lower effective tax rate and lower stock dilution, partially offset by lower non-operating income. Adjusted eps of $ 9.55, down 16% year-on-year (versus $ 11.34).
Net flows
Quarterly revenues fell 15% to $ 4.311 billion and operating income dropped 21% to $ 1.526 billion with the margin dropped to 35.4% from 38.3%. In the third quarter, Blackrock had long-term net flows of $ 65 billion. Total net flows totaled $ 17 billion, down from $ 75.3 million a year ago, reflecting AUM advisory and cash management outflows. Blackrock generated long-term net inflows of $ 248 billion in the first nine months of 2022, of which $ 65 billion in the third quarter.
Benefits for customers
Once again we saw strong growth in bond ETFs, with $ 37 billion in net inflows, said Laurence D. Fink, president and CEO of Blackrock. We continue to evolve our organization, we think about the our customer portfolio and innovate to meet their needs. We are uniquely positioned to meet the needs of our clients with integrated investment management, technology and advisory skills. And we are relentlessly committed to bringing together the best of Blackrock to deliver better results that will benefit our customers, employees and shareholders, he added.
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