BlackRock, Inc. (BLK) has reported an 1.16 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $851 million, or $5.13 a share in the quarter, compared with $861 million, or $5.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $852 million, or $5.14 a share compared with $801 million or $4.75 a share, a year ago.
Revenue during the quarter went up marginally by 0.94 percent to $2,890 million from $2,863 million in the previous year period. Total expenses were 57.61 percent of quarterly revenues, down from 60.29 percent for the same period last year. This has led to an improvement of 267 basis points in operating margin to 42.39 percent.
Operating income for the quarter was $1,225 million, compared with $1,137 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,232 million compared to $1,143 million in the prior year period.
"In a year of dramatic change and uncertainty around the world, clients continued to put their trust in BlackRock, allowing us to deliver the strongest annual net inflows in our firm's history," commented Laurence D. Fink, chairman and chief executive officer of BlackRock. "2016 total net inflows of $202 billion were positive across product types and included $181 billion of long-term net inflows. Our full year results reflect our continued commitment to optimize the growth of our diverse investment, technology and risk management capabilities in the most efficient way possible."
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