First Hawaiian Bank's 2nd Quarter 2016 Business Activity Report - Credit and Debit Sales Volume Up 8.36 Percent
26th Consecutive Quarter of Positive Growth Overall
(Honolulu, Hawaii, July 24, 2016) – The second quarter 2016 First Hawaiian Bank Business Activity Report (BAR) showed a 8.36 percent increase for debit and credit “same store sales” over the comparable period of 2015. It was the 26th consecutive quarter of positive growth overall since first quarter 2010.
According to the report, 15 out of 16 sectors had positive growth in the second quarter 2016 with only the Retail sector flat at -0.24 percent. Five sectors had double-digit gains with Supermarkets topping the list with 21.52 percent followed by Utilities/Communications 17.23 percent, Automotive 14.76 percent, Hotels 13.40 percent, and Shipping 10.20 percent.
This was the fourth consecutive quarter that Supermarkets took the top spot. Second quarter 2016 was the highest second quarter in any year for both Supermarkets and for Utilities/Communications, the number two ranked sector. In the last 8 quarters, since third quarter 2014, the Supermarkets sector has consistently posted double-digit gains, ranking it among the top five sectors. Utilities/Communication also saw 6 consecutive quarters of double-digit gains since first quarter 2015.
This was the first time that Automotive ranked third and it was their highest second quarter increase since 2010. Their 14.76 percent was the second highest quarterly increase coming in after first quarter 2011 at 14.94 percent. It was also only the fourth time in 26 quarters that Automotive posted double-digit gains.
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 $19.1 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.