HONOLULU – Bank of Hawaii Corporation (NYSE: BOH) reported third-quarter earnings that exceeded analyst estimates, as revenue increased 18.4% from the prior quarter.
The bank posted net income of $40.4 million, or $0.93 per diluted share, in the third quarter of 2024. This compares to the $0.82 earnings per share expected by analysts. Revenue came in at $162.73 million, and beat the consensus estimate of $160.3 million.
Net profit increased 2.4% quarter-over-quarter to $117.6 million, driven by higher returns on assets and balances. The interest margin grew to 2.18%, up 3 basis points from Q2.
“For the third quarter of 2024, we are pleased to report improved interest income and non-interest income, as well as controlled costs and stable loan and deposit performance,” said Peter Ho, Chairman and CEO.
Total loans and leases increased 0.6% from the previous quarter to $13.9 billion. Total deposits increased 2.8% to $21.0 billion.
The bank maintained strong capital levels, with its Tier 1 capital ratio increasing to 14.05% from 13.96% in Q2.
Bank of Hawaii paid a quarterly dividend of $0.70 per share, which is payable on December 13, 2024 to shareholders of record beginning on November 29, 2024.
This article was created with the support of AI and reviewed by an editor. For more information see our T&C.
