SAO PAULO, May 12 (Reuters) - Brazilian stock exchange operator B3 SA Brasil Bolsa Balcao on Thursday reported a drop in first-quarter net profit as trading volumes fell amid higher interest rates, and also revised part of its outlook for 2022.

B3's net income was 1.1 billion reais ($214.25 million), down 12.3% from a year earlier but roughly in line with an expected 1.27 billion-real profit from analysts polled by Refinitiv.

B3 noted in a securities filing that the war in Ukraine led to financial markets' entering a risk-averse mode and contributed to higher inflation levels and interest rates, affecting trading activity.

It also mentioned the absence of initial public offerings as companies chose to postpone them given the current climate.

The company had already disclosed operational data for the first three months of the year, showing that March, which was the best in terms of trading volumes, was still 11.4% below last year's level.

In a separate filing, B3 said it now sees expenses and capital expenditure (CAPEX) with new initiatives and business reaching between 585 million and 665 million reais this year, up from a previous forecast of 380 million to 440 million reais.

The stock exchange operator also expects depreciation and amortization to total 1.05 billion to 1.13 billion reais in 2022, versus a range of 990 million to 1.045 billion reais earlier.

Revenue-linked expenses were projected at between 265 million and 325 million reais, up from 255 million to 305 million reais.

Other financial outlooks were reaffirmed.

In the first quarter, higher expenses were mainly linked to the addition of Neoway to B3's portfolio, the company said, in a reference to the data analysis firm it acquired in late 2021.

B3's quarterly net revenue fell 4.7% to 2.28 billion reais, above an analyst forecast of 2.21 billion reais. ($1 = 5.1342 reais) (Reporting by Gabriel Araujo Editing by Chris Reese and Leslie Adler)