That was almost double the net income of $15.5 million booked last year at the same time, reflecting utility rate hikes and cheaper credit for the banking division, which improved its operating profit despite 5% lower revenue.
Operating margin for the parent company improved from almost 7% to almost 10%.
"Lower credit costs and lower operating expenses at our banking operations were mainly responsible for the improvement in our second quarter results," said HEI CEO Connie Lau. "At the utility, we are seeing modest recovery from a long period of under-earning our authorized rates of return."
American Savings Bank is the third largest banking institution in Hawaii and HEI also owns Hawaiian Electric Co., Maui Electric Co., and the Big Island's Hawaii Electric Light Company.