Wednesday, January 24, 2001
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Posted on: Wednesday, January 24, 2001

Business briefs

Advertiser Staff and News Services

Bank’s parent earnings jump

The parent company of Central Pacific Bank yesterday reported a 16.9 percent increase in fourth-quarter profits. CPB Inc. said net income for the quarter ended Dec. 31 was $5.12 million, or 59 cents a share, compared to $4.38 million, or 47 cents a share, in the same quarter the previous year.

For the year, net income was $19.4 million, a 19 percent increase over 1999. Per-share earnings for 2000 rose 28 percent to $2.18 a share.

CEO Joichi Saito said the company’s growth can be attributed to continued efforts to manage credit risks, improved efficiency and expanded products and services. CPB is the state’s third-largest bank, with 24 branches statewide and assets of $1.82 billion.

Isle vehicle sales hit 10-year high

A strong demand for trucks helped drive new vehicle sales in Hawaii up 16.4 percent last year to a 10-year high. Isle consumers purchased 52,456 new cars and trucks last year, up from 1999’s 45,054, according to a report released yesterday by the Hawaii Automobile Dealers Association. Last year’s total is the third-highest behind 54,544 in 1990 and the record 57,456 in 1989.

Sales of trucks and sport utility vehicles surged 28.2 percent last year. Car sales were up 13.4 percent.

Eric Miyasaki, chief executive of Nissan Motor Corp. of Hawaii, said the increase can be credited to a new line of trucks and SUVs. Local consumers also are expressing more confidence in the economy, he said.

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