In Brief: BlackRock Reports 4Q Profit Rose 43%

January 17, 2001, 2:00 a.m. EST 1 Min Read

Fourth-quarter earnings of BlackRock Inc., PNC Financial Services asset management arm, jumped 43% from the year earlier, to $24.5 million, the company said Tuesday.

The profit was 6% higher than in the third quarter. Assets under management totaled $203.8 billion, up 24% for the year and 7% from the third quarter.

Net income for the year was up 47%, to $87.4 million. Revenue rose 28%, to $128.5 million, for the year.

Paul Audet, BlackRocks chief financial officer, said last years revenue increase was driven by internal growth.

MORE FROM AMERICAN BANKER

Consumer banking

20 banks and thrifts with the most assets

The top five banks and thrifts have combined total assets of nearly $13 trillion.

Just now
Litigation

If Supreme Court sides with CFPB, 'flurry' of litigation moves forward

Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.

By Kate Berry

15m ago
Politics

Democrats push back against Corporate Transparency Act ruling

Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.

By Claire Williams

1h ago
Commercial lending

'Credit darling' Webster Financial reports uptick in defaulted loans

The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.

By Allissa Kline

3h ago
Earnings

Zions, Comerica foresee turnaround on loan growth in late 2024

The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.

By Catherine Leffert

4h ago
Cryptocurrency

Sen. Warren calls for increased safeguards in stablecoin legislation

In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.

By Frank Gargano

6h ago