UPDATE 1-Bank of Hawaii Q3 profit beats on improving credit

* Q3 EPS $0.91 vs est. $0.79 * Q3 provision for credit
losses down

* Q3 net-charge offs down 66 pct

Oct 25 (BestGrowthStock) – Bank of Hawaii Corp (BOH.N: ) posted
better-than-expected quarterly results, helped by a drop in
provision for credit losses. For the third quarter, net income
was $44.1 million, or 91 cents a share, compared with $36.5
million, or 76 cents a share, in the year-ago quarter.

Analysts on average were expecting the company to post
earnings of 79 cents a share in the third quarter, according to
Thomson Reuters I/B/E/S.

Net interest income was down 10 percent to $98.8 million
due to lower interest rates and lower loan balances.

Provision for credit losses more than halved to $13.4
million. Net charge-offs equaled provision for credit losses in
the third quarter and fell 66 percent compared to the year-ago
quarter’s performance.

Non-performing assets have also reduced 6.8 percent to
$45.2 million.

Shares of the company closed at $46.36 Friday on the New
York Stock Exchange. They have lost close to 10 percent of
their value since July, when the company named Peter Ho chief
executive and posted second-quarter results above market
expectations. (Reporting by Rachel Chitra in Bangalore; Editing
by Anil D’Silva)

UPDATE 1-Bank of Hawaii Q3 profit beats on improving credit