Hawaii’s largest electrical utility increased its financial return in the second quarter partly due to higher rates, but earnings for its parent company were pulled down by banking operations.

Hawaiian Electric Industries Inc. reported Friday that its income slipped nearly 8% to $43 million in the three months ended June 30 from $46.5 million in the same quarter last year.

Revenue was up 4% to $715.5 million from $685.3 million.

The Honolulu-based parent of Hawaiian Electric Co., Maui Electric Co. and Hawaii Electric Light Co. on the Big Island said utility revenue was similarly up 4% to $633.8 million in the recent quarter from $608.1 a year earlier, partly due to state-regulated rate increases. That helped utility operating income rise slightly to $55.7 million from $55.1 million in the same period.

However, income from HEI’s bank subsidiary, American Savings Bank, fell 17.5% to $17 million from $20.6 million largely due to lower interest rates and higher costs, and that dragged down HEI’s consolidated income in the second quarter.

Connie Lau, HEI president and CEO, said in a statement that the results were in line with expectations.

Lau, in a conference call with stock analysts, said the company anticipates filing a request with the state to adjust electricity rates for Oahu customers later this month or in September, and recently sought proposals to develop up to 900 megawatts of power generation from renewable sources that would be one of the largest renewable energy projects ever undertaken by a U.S. utility and help HEI meet a goal of 100% clean energy production by 2045.

Shares of HEI stock dipped 25 cents to $44.36 Friday after the earnings report was released.