Brookfield Asset Management Q1 Distributable Profit Rises

(RTTNews) - Brookfield Asset Management Ltd. (BAM, BAM.TO) reported that its first quarter net income attributable to Brookfield increased to $516 million from $348 million, prior year. Earnings per share was $0.32 compared to $0.21. Distributable earnings increased to $563 million from $491 million. Distributable earnings per share was $0.34 compared to $0.30.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.33, for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $966 million from $755 million, last year. Analysts on average had estimated $1.11 billion in revenue.

"We have raised $19 billion of capital year to date, increasing trailing twelve months to nearly $100 billion. We expect this will be another strong year for fundraising," said Connor Teskey, President of Brookfield Asset Management Ltd.

The board of Brookfield Asset Management Ltd. declared a quarterly dividend of $0.32 per share, payable on June 30, 2023 to shareholders of record as at the close of business on May 31, 2023.

Shares of Brookfield Asset Management Ltd. are up 3% in pre-market trade on Wednesday.

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