Bank Of Hawaii Q3 Net Profit Climbs

(RTTNews) - Bank of Hawaii Corporation (BOH) on Monday reported a rise in net profit for the third quarter, supported by improved net interest income.

For the three-month period to September 30, the company posted a net income of $48.076 million, or $1.20 per share, higher than $36.922 million, or $0.93 per share, in the same period last year. Pre-provision net revenue was $70.254 million, up from the previous year's $55.636 million.

Net interest income moved up to $136.675 million from $117.618 million a year ago, primarily due to lower interest-bearing deposit rates and higher earning assets due to deposit growth.

Total noninterest income was $45.966 million, compared with $45.110 million last year. Average deposits stood at $21.068 billion as against the prior year's $20.484 billion. Average loans and leases moved up to $13.982 billion from $13.809 billion a year ago.

The Board will pay a quarterly cash dividend of $0.70 per share on December 12 to shareholders of record as of November 28.

BOH was up by 2.64% at $65.59 in the pre-market trade on the New York Stock Exchange.