Bear Stearns Cos. reported today that its fiscal first quarter profit rose to a record level due to a strong global-clearing business and revenues from fixed income business. 

Profit  rose 5% to $379 million, or $2.64 a share, from $361.1 million, or $2.57 a share, in the previous year. Analysts were expecting $2.34 a share. 

Revenue rose 6.5% to $1.84 billion from $1.73 billion.

The securities-clearing division's profit rocketed 20% $270.4 million from $217.6 million.