29 Jul 2009

Bank of Hawaii Corporation reports a drop in second-quarter profit

11:21 am on 29 July 2009

Bank of Hawaii Corporation says its second-quarter profit fell by 36 percent, as its profit was eroded by a fourfold increase in its provision for soured loans.

Net income was 31 million US dollars, or 65 cents a share, compared with 48.3 million, or $1 a share, in the year-earlier quarter.

The results were hurt by an increase in the company's provision for credit losses to $28.7 million, compared with $7.2 million a year earlier.