Nama reports first quarter profit of €129m
Published 16/07/2015 | 02:30
Nama made a profit of €129m during the first three months of the year, as it sold off more than €1bn worth of assets.
According to the agency's quarterly accounts, which were published yesterday, Nama posted an operating profit of €103m, but was boosted by a €26m tax credit.
The agency provides its accounts every three months to Finance Minister Michael Noonan. As part of that process the accounts are then made public. In the first quarter of 2014, Nama earned €190m, driven largely by asset sales.
The accounts show Nama has loans worth about €12.5bn remaining on its books, as it continues to sell down its portfolio ahead of the winding down of the agency later this decade.
Between January and March the firm redeemed around €1bn of its 'Nama bonds', which it used to buy assets from the banks when it was being set up. It has now redeemed about two thirds of its bonds.
In a letter to Mr Noonan, Nama chief executive Brendan McDonagh and chairman Frank Daly said the agency had provided just over 1,500 new residential units in Ireland by the end of March.
Nama is planning to make available a total of 4,500 residential units by the end of 2016.
Overall there were 204 units completed between January and March. That building rate would put the agency on track to deliver fewer units in 2015 than in 2014. Last year the agency said a little more than 1,360 housing units were brought on stream thanks to Nama.
Nama did not take an impairment charge during the quarter.
The bad bank said it generated €1.4bn in the first quarter of this year, but in their letter to the minister Mr Daly and Mr McDonagh noted that it had generated a further €2.1bn since the end of March.