Home News Business This company got huge benefit due to the drowning of banks, its assets became 3 times of India’s GDP

This company got huge benefit due to the drowning of banks, its assets became 3 times of India’s GDP

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This company got huge benefit due to the drowning of banks, its assets became 3 times of India’s GDP

The US Banking Crisis that started from America is not over yet. Its adverse effect is being seen on various sectors. However, this banking crisis has also benefited at some places. BlackRock is the main name to benefit from this. This company has benefited so much from the banking crisis that its assets have become more than three times of India’s GDP during the March 2023 quarter.

the total assets became so much

According to a Bloomberg report, BlackRock Inc’s total managed assets rose to $9.09 trillion during the first quarter of this year. If we compare it with the size of India’s economy, it proves many times bigger. The size of India’s GDP is also around $3 trillion. This means that due to the banking crisis, BlackRock’s wealth increased so much that it became more than 3 times of India’s GDP.

The net flow of the company was

According to Bloomberg’s report, due to the closure of many banks in the US, depositors have started looking for safe havens. Along with this, there has been a boom in the stock and bond markets. Blackrock has benefited a lot from this. Blackrock said in a statement on Friday that the net inflow in all its funds reached $ 110 billion. The company received the maximum amount of $ 103 billion in long-term investment products. Such products include mutual funds and ETFs.

The result of the company was like this

BlackRock Inc. is an investment management company headquartered in New York. The company’s assets under management may have reached a record level during the March quarter, but the company’s profits have come down during this period. During the quarter, the company’s net profit came down by 19 percent to $ 1.1 billion. In this way, BlackRock’s revenue decreased by 10 percent to $ 4.2 billion in the March quarter on an annual basis.

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Just below record level

BlackRock’s assets under management increased by almost $ 500 billion during the March quarter. BlackRock’s assets under management may have just crossed $ 9 trillion, but it is still below its record level. In the last months of the year 2021, the total managed assets of Blackrock had crossed 10 trillion.

read this also: Help to loss-making government insurance companies, government can give so many thousand crores

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