Bank of Hawaii Corp. reports profit - Hawaii News Now - KGMB and KHNL

Bank of Hawaii Corp. reports profit

HONOLULU (AP) - Bank of Hawaii Corp. is reporting its second-quarter profit jumped 50 percent. That beat Wall Street expectations.

Gradual improvement in Hawaii's economy helped the bank trim its provision for credit losses.

Bank of Hawaii on Monday reported net income for the three months ended June 30 of $46.6 million, or 96 cents per share.

That's up from a profit of $31 million, or 65 cents per share, in last year's first quarter.

Meanwhile, Bank of Hawaii announced its president and chief banking officer, Peter Ho, will be promoted to chairman, CEO and president.

The 45-year-old Ho will replace 62-year-old Allan Landon, who in April announced his plans to retire this year. Landon's retirement will become effective Wednesday.

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