HONOLULU (HAWAIINEWSNOW) - Hawaiian Electric Industries has posted a third quarter profit of $34 million, down $4 million from the same quarter last year. Electric profit rose slightly, American Savings Bank profit fell, but still accounted for a third of total profit.
The bank set aside $5 million as a provision for loan losses, twice as much as a year ago. CEO Connie Lau said the company did good cost control in a difficult economic cycle. American Savings Bank is the state's third largest deposit institution, after first Hawaiian and Bankoh.
Hawaiian Electric Industries also owns the electric utilities across the state except Kauai.
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