BlackRock Reports Net Income of $1.16 Billion in First Quarter of 2023

BlackRock, Inc.(BLK), the world's largest as set manager, announced its financial results for the first quarter of 2023, revealing a net income of $1.16 billion. The company's revenue for the quarter amounted to $4.24 billion, surpassing analysts' expectations. Let's take a closer look at BlackRock's financial statements to understand the factors driving its performance.

Financial Statements

BlackRock's condensed consolidated statements of financial condition as of March 31, 2023, showed total assets of $121.40 billion, a slight increase compared to $117.63 billion as of December 31, 2022. The company's assets were primarily composed of investments, separate account assets, intangible assets, and goodwill.

On the liability side, BlackRock reported total liabilities of $82.33 billion, compared to $78.84 billion in the previous quarter. The liabilities included accrued compensation and benefits, accounts payable, borrowings, and deferred income tax liabilities.