NAMA reports after-tax profit of €247m for 2011
THE state's bad bank has made a profit of €247m as it deals with toxic assets from the main banks.
The National Asset Management Agency (Nama) made the revelation after tax figures for last year despite taking impairment charges of €1.27bn on loans.
Brendan McDonagh, the agency's chief executive, said the losses showed the overall state of the property market but that the crash was bottoming out in Dublin.
"I think it's reflective of the market conditions that we are involved in, primarily the declines in the Irish market," he said.
"But it's not all bad news.
"We have unrealised surpluses on our books - we've a number of debtors and assets where we expect that we would get a profit when they are sold.
"Primarily from overseas assets."
In 2010, Nama suffered a loss of €1.18bn.
Mr McDonagh said that after 27 months in operation, the agency was starting to see movement in the Dublin property market.
"We are seeing evidence on the ground," he said.
"We are seeing real real transactions.
"We never expected to see a V-shaped recovery but we do see the market bottoming out, particularly in Dublin."
Its annual report showed that 90pc of its €17.5bn Irish property portfolio was in or around counties with large urban centres such as the greater Dublin area, Cork, Limerick and Galway.
Some €11bn alone was in Dublin and two billion euro in Cork.
There was also an €11bn portfolio in Britain, with €6bn located in London.
In Northern Ireland the portfolio was worth €1.3bn and included about €600m in Belfast.
Overseas there were loans linked to €1bn of property in Germany and more than €400mn in the US, with the bulk of the remainder in Portugal, France and Belgium.
Nama said it had taken control of €74bn worth of loans, after it brought in another €2.8bn.
It said it had approved asset sales of €9.2bn, with sales of €5bn by the end of May, with a further €2bn in the pipeline;
Fianna Fail finance spokesman Michael McGrath said the profit figures put out by Nama did not tell anything.
"I welcome the fact that Nama is reporting an after tax profit for 2011 of €247m, this measure doesn't really tell us a whole lot," he said.
"Nama is a vast agency and its financial success in managing a loan book with a value of €74bn can only really be gauged towards the latter part of the agency's 10 year life span."