Shares of Nara Bank rose12 percent Tuesday after the company announced a profitable third quarter.
The Koreatown bank on Monday reported net income of $4 million (11 cents per share), compared $2.9 million (11 cents) a year ago.
The $4 million net income was noteworthy for its contrast with a loss of $17 million (45 cents) during the second quarter of this year.
The company credited the sale of $61 million worth of bad loans at better than expected prices as the reason for the turnaround.
“Our return to profitability reflects our progress in generating increasing revenue while also reducing our credit costs,” Chief Executive Alvin Kang said in a statement.
The company released its earnings after markets closed on Monday. Nara shares gained 84 cents or 12 percent on Tuesday to close at $7.64 on the Nasdaq Stock Exchange.
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