BlackRock reported operating income of $2.07bn for Q4 2024, a 31% increase from $1.58bn in the same period a year ago. Credit: Tada Images/Shutterstock.

BlackRock has reported a strong fourth quarter (Q4 2024), with profit surging 21% year-on-year and assets hitting $11.6tn.

The US-based asset manager’s net income attributable to shareholders reached $1.67bn, or $10.63 per share, in the three months ending 31 December 2024, up from $1.38bn, or $9.15 per share, a year earlier.

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Net income for the full year of 2024 stood at $6.37bn, marking a 16% increase from $5.5bn in 2023.

BlackRock generated $20.41bn in full-year 2024 revenue, compared with $17.86bn in the previous year.

The company attributed the 14% rise in full-year revenue to a range of factors including growth in organic base fee, and fees on AUM acquired in the Global Infrastructure Partners (GIP) deal.

Additionally, higher performance fees and technology service revenue contributed to the growth.

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Revenues amounted to $5.68bn in Q4 2024, growing 22.6% from Q4 2023.

The full-year operating income for 2024 was $7.57bn, a 21% increase from $6.27bn in 2023.

For Q4 2024, operating income was $2.07bn, a 31% jump from $1.58bn in the same quarter of the prior year.

Assets handled by BlackRock increased to $11.55tn as of 31 December 2024, buoyed by $641.35bn of full-year net inflows, from $10.01tn a year ago.

In Q4 2024, BlackRock registered $201bn in long-term net inflows, with total net inflows reaching $281.4bn, up from $95.6bn in the prior year.

BlackRock chairman and CEO Laurence D Fink said: “Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth. Our operating model delivered exceptional performance in a year of meaningful change. As adjusted operating income grew by 23%, and our industry-leading margin of 44.5% was up 280 basis points.

“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin.

“In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500. BlackRock enters 2025 with more growth and upside potential than ever.”’

Last week, Bloomberg reported that BlackRock was trimming its workforce size by approximately 1%, impacting nearly 200 employees.

The move is said to be part of the company’s strategic realignment and follows its announcements to acquire private credit manager HPS Investment Partners and private markets data provider Preqin.