Increased volumes of letter of credit (L/C) transactions have driven Nara Bank's reported net income to a record of US$10.5 million for the year ended 31 December 2000, up 129 per cent from US$4.0 million in the previous year.

According to a statement issued by the bank, the record performance was fuelled by a consistent contribution from all of the bank's operating units, including a 71 per cent increase in non-interest income to US$13.8 million in 2000, compared with US$8.1 million in the previous year.

A higher volume of L/C transactions and strong deposit growth generated additional fees. Total trade finance turnover rose to nearly US$32.3 million in 2000 compared with nearly US$23.6 million in the previous year.

Nara Bank is the only Korean community bank in the US headquartered in Los Angeles, California with branches located in Silicon Valley, Oakland, New York, Seattle and Chicago.