BlackRock Inc. reported a quarterly profit Friday that beat analysts' estimates as investors continued to pour money in its various funds, cushioning the hit to its fee income from a global banking rout that rippled through financial markets.

Net inflows for the first quarter were at $110 billion, compared with $86 billion a year earlier.

"I believe today's crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player," BlackRock Chief Executive Larry Fink said.

Markets took a beating in the later part of the first quarter as recent bank collapses in the U.S. triggered liquidity fears which eroded the value of several securities amid continued interest rate hikes.

BlackRock, the world's largest asset manager, ended the first quarter with $9.1 trillion in assets under management, down from $9.57 trillion a year earlier and up from $8.59 trillion in the fourth quarter.

Last month, Fink in his annual letter to CEOs and investors, wrote that after the banking turmoil, the financial industry could see what he termed "liquidity mismatches."

BlackRock, which makes most of its money from fees charged for investment advisory and administration services, reported an adjusted profit of $7.93 per share.

Analysts had estimated a profit of $7.76 per share, according to Refinitiv IBES data.

Quarterly revenue fell to $4.2 billion from $4.7 billion.