First Hawaiian Bank's 4th Quarter 2015 Business Activity Report
CREDIT AND DEBIT SALES VOLUME UP BY 8.44 PERCENT
12 of 16 sectors Increased for the Year, Overall up by 7.00 percent
(Honolulu, Hawaii, January 17, 2016) – The fourth quarter 2015 First Hawaiian Bank Business Activity Report (BAR) showed an 8.44 percent increase for debit and credit “same store sales” over the comparable period of 2014, according to an announcement by Keith Nagata, First Hawaiian Bank senior vice president and Business Services Division manager. For all of 2015, credit and debit sales transactions increased by 7.00 percent over the previous year.
“We are seeing consistent increases with this being the 24th consecutive quarter of overall positive growth, 6 straight years -- up 8.44 percent for fourth quarter and 7 percent for the year,” Nagata said. “Supermarkets not only once again grabbed the top spot this quarter with 24.72 percent; it was also the strongest performing sector for the year with 22.51 percent growth in 2015.”
According to the report, 13 out of 16 sectors had positive growth in the fourth quarter 2015. Six sectors had double-digit gains with Supermarkets topping the list with 24.72 percent followed by Utilities/Communications 16.93 percent, Hotels 12.80 percent, Automotive 12.06 percent, Home Improvement 11.82 percent and Restaurants at 10.74%.
This was the second consecutive quarter that Supermarkets topped the list, exceeding 20 percent growth in both quarters. This was the strongest fourth quarter performance for this sector in 6 years.
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. The bank provides merchant services to nearly 7,000 First Hawaiian Bank merchant locations throughout Hawaii, Guam, the CNMI and the U.S. Mainland.
First Hawaiian Bank (fhb.com) with total assets of $18.9 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.