Wednesday 7 December 2016

Profits at Nama soar to €647m

Published 02/11/2016 | 16:54

The National Asset Management Agency Treasury building in Dublin
The National Asset Management Agency Treasury building in Dublin

Profits at Nama increased to €647m in the first half of the year, from €473m a year ago.

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The State's bad bank, set up to manage billions of property loans transferred out of struggling banks, says it expects to  have largely paid off its debts by the end of next year.

Results for the first half of the year include impairment releases - or write backs - of €247m, around four times higher than in the same period of 2015.

The latest results do not take into account any knock on for asset valuations of the UK's Brexit referendum in June, which will be looked at for year end, however Nama has sold the bulk of its once large stock of UK loans, including controversially a huge book of Northern Ireland loans sold to US fund Cerberus.

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