Futures exchange operator CME Group Inc reported a near 24% rise in quarterly profit on Wednesday, helped by market volatility spurred by the Russia-Ukraine war and as investors hedged against rising interest rates.

Demand for CME's interest rate futures bounced back in the quarter, after the U.S. Federal Reserve lifted its benchmark rate for the first time since 2018 in March, with several rate hikes on the cards due to soaring inflation.

Average daily volumes in the segment jumped 20.6% in the first quarter.

Revenue from clearing and transactions fees, which makes up for a majority of CME's income, rose to $1.14 billion in the quarter, from $1 billion a year ago.

Total revenue was up 7.4% at $1.3 billion.

Net income attributable to the company rose to $711 million, or $1.95 per share, in the quarter ended March 31, from $574.4 million, or $1.60 per share, a year earlier.

(Reporting by Sohini Podder in Bengaluru and John McCrank in New York; Editing by Amy Caren Daniel)