First Hawaiian Bank's Third Quarter 2016 Business Activity Report - Credit and Debit Sales Volume Up 10.91 Percent
27th Consecutive Quarter of Positive Growth Overall
Download the 3rd Quarter BAR Report (6.96 kb)
(Honolulu, Hawaii, October 16, 2016) – The third quarter 2016 First Hawaiian Bank Business Activity Report (BAR) showed a 10.91 percent increase for debit and credit “same store sales” over the comparable period of 2015. This was the best third quarter performance overall in 7 years and it was the 27th consecutive quarter of positive growth overall since first quarter 2010.
According to the report, all 16 sectors had positive growth in the third quarter 2016. This was the third time in 27 quarters that all sectors saw positive growth – two other quarters where all 16 sectors made gains were in first quarter 2013 overall 10.81 percent and fourth quarter 2012 overall 11.31 percent.
Seven out of 16 sectors in third quarter 2016 posted double-digit gains. Utilities/Communications topped the list with 20.54 percent followed by Insurance 17.13 percent, Hotels 16.47 percent, Home Furnishings 14.29 percent, and Automotive 12.72 percent as the top five sectors.
This was the third time that Utilities/Communication took the top spot – the last time was second quarter 2014 with 11.38 percent and in fourth quarter 2011 with 17.76 percent. Utilities/Communications has posted double-digit gains for 7 consecutive quarters since first quarter 2015.
Third quarter 2016 was the highest third quarter performance in any year for Utilities/Communication, Insurance, Home Furnishings, Automotive and Auto Parts/Services. This was also the best quarterly performance in 27 quarters for Utilities/Communications, Insurance, and Home Furnishings.
This was the second time in 27 quarters that Insurance came in at the second place spot – the last time being third quarter 2013 with 11.36 percent.
The Retail sector with a positive 3.89 percent increase came in at the bottom for the third consecutive quarter, but it reversed a negative trend that began in first quarter 2015.
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 as Bishop & Co. and today 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.