Hawaiian Electric Industries Inc. said today its profits fell by 10 percent in the third quarter as a decline in earnings at its banking unit more than offset a small earnings increase at its utility subsidiary.

HEI reported net income of $33.5 million, or 37 cents a share in the third quarter, down from $37.3 million, or 44 cents a share in the same period a year earlier.
“Given our expectations at the outset of the quarter for continued difficult economic conditions and delays in the regulatory process, our operating companies instituted disciplined efforts to control costs which contributed commendably to mitigating these effects and we are pleased with our companies’ overall performance,” said Constance H. Lau, HEI president and chief executive officer.
Third-quarter net income for American Savings Bank was $11.3 million, compared to $15.4 million for the same quarter last year.
Hawaiian Electric Co. recorded third-quarter net income of $26.5 million compared with net income of $25.9 million in the third quarter of 2008.
HEI's shares were up 48 c ents at $18.33 in late trading today.