BancWest income rises 11.5%

Advertiser Staff

•	BancWest Corp. 2nd Quarter: Net income increased to $107.7 million, up 11.5 percent from a year ago. Revenue was $421.8 million, up 2.8 percent from a year ago. Total assets: Rose 7.3 percent to $36.4 billion in the 2nd quarter.

Walter Dods, chairman of BancWest Corp., said both of the company's two main subsidiaries, First Hawaiian and Bank of the West, achieved double-digit percentage income increases during the quarter.

BancWest said it had total assets of $36.4 billion as of June 30, up 7.3 percent from a year earlier. Loans and leases totaled $25.1 billion, up 3.7 percent. Deposits were $25 billion, up 3.8 percent.

The bank said its nonperforming assets were reduced to 0.75 percent of loans and foreclosed properties as of June 30, compared with 0.98 percent on March 31 and 1.04 percent a year ago. The provision for credit losses was reduced to $18.9 million for the second quarter from $22.9 million a year ago.

Revenue was $421.8 million, up 2.8 percent from the same quarter a year earlier. Net interest margin was down to 4.39 percent points, compared with 4.65 for the same quarter a year ago.

BancWest is a wholly-owned subsidiary of Paris-based BNP Paribas. First Hawaiian has 61 branches in Hawai'i, Guam and Saipan. Bank of the West has 296 branches in California, Oregon, New Mexico, Nevada, Washington state and Idaho.