HONOLULU – Bank of Hawaii Corporation (NYSE: BOH) reported third quarter earnings that exceeded analyst estimates, as net income rose 18.4% from the previous quarter.
The bank posted net income of $40.4 million, or $0.93 per diluted share, for the third quarter of 2024. This compares to earnings of $0.82 per share expected by analysts. Revenue came in at $162.73 million, also beating the consensus estimate of $160.3 million.
Net interest income increased 2.4% quarter-over-quarter to $117.6 million, driven by higher earning asset yields and balances. The net interest margin expanded to 2.18%, up 3 basis points from Q2.
“For the third quarter 2024, we are pleased to report improved net interest income and noninterest income, alongside controlled expenses and steady loan and deposit performance,” said Peter Ho, Chairman and CEO.
Total loans and leases grew 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 rising to 14.05% from 13.96% in Q2.
Bank of Hawaii declared a quarterly cash dividend of $0.70 per share, payable on December 13, 2024 to shareholders of record as of November 29, 2024.
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