First Hawaiian Bank's 1st Quarter 2016 Business Activity Report Credit and Debit Sales Volume Up 5.35 Percent
25th Consecutive Quarter of Positive Growth Overall
(Honolulu, Hawaii, April 15, 2016) – The first quarter 2016 First Hawaiian Bank Business Activity Report (BAR) showed a 5.35 percent increase for debit and credit “same store sales” over the comparable period of 2015. It was the 25th consecutive quarter of positive growth overall since first quarter 2010.
According to the report, 12 out of 16 sectors had positive growth in the first quarter 2016. Four sectors had double-digit gains with Supermarkets topping the list with 21.54 percent followed by Shipping 12.94 percent, Home Improvement 12.25 percent, and Utilities, Communications 11.15 percent.
This was the third consecutive quarter that Supermarkets took the top spot. Their 21.54 percent for first quarter 2016 was their second highest first quarter increase since first quarter 2012 with 21.83 percent. The sector has been posting positive growth for 9 consecutive quarters since first quarter 2014. In the last 7 quarters since third quarter 2014, the Supermarkets sector has consistently posted double-digit increases, ranking it among the top five sectors.
This was Shipping’s seventh consecutive quarter of positive growth since third quarter 2014 and the fifth time it posted double digit gains during that time period.
Home Improvement has posted positive growth 24 out of the 25 quarters measured and achieved their third consecutive quarter of double-digit increase since third quarter 2015. This first quarter’s 12.25 for Home Improvement was the second highest first quarter increase since first quarter 2014 with 12.92 percent.
The Utilities, Communications has posted positive growth all 25 out of the 25 quarters since first quarter 2010 and has ranked among the top 5 in the last 5 consecutive quarters since first quarter 2015. Their 11.15 percent increase for first quarter 2016 marked their fifth consecutive quarter of double digit growth.
The BAR tracks debit and credit card sales activity in 16 different economic sectors including automotive, retail, hotel, home improvement, restaurants, shipping and travel, among other categories. The report offers a broad measure of economic activity in the state.
First Hawaiian Bank is the largest local processor of credit and debit card transactions in Hawaii. In 2015, the bank processed $4.8 billion worth of customer credit and debit card sales transactions.
First Hawaiian Bank (fhb.com) with total assets of $19.3 billion was founded in 1858 and is Hawaii’s largest bank. The bank processes all major U.S. credit cards as well as JCB, China Union Pay and BC Global Card.