The National Asset Management Agency has reported an after tax profit of €458m for last year.
That's over double the 2013 figure of €214m.
The agency also announced that it has repaid 64pc of its senior debt. A €1.75bn repayment earlier today brought the total redeemed so far to €19.35bn.
Nama also claimed that as part of its target of delivering 4,500 residential units by the end of next year, 4000 have either been delivered or are under construction.
Chief executive Brendan McDonagh said 2014 was a very strong performance.
"Nama made tremendous progress in 2014 in reducing its senior debt and we are very hopeful that we can generate a surplus for the taxpayer over our lifetime, " he said.