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.