Apollo Profit Jumps 26% on Fee Growth, Private Credit Growth
- Adjusted net income of $1.72 a share falls short of estimates
- Fee-related earnings increased 16%, fueled by Athene clients
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Apollo Global Management Inc. reported higher first-quarter profit as the firm raked in more management fees and originated a record $40 billion of private credit, a key area of growth.
Adjusted net income rose 26% to $1.06 billion, or $1.72 a share, New York-based Apollo said Thursday in a statement. That was 7 cents less than the average estimate of analysts surveyed by Bloomberg.