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Nama records €222m profit

THE National Asset Management Agency (Nama) has recorded a net profit of €222m for the first half of the year.

The agency generated total income of €685m in interest payments and management fees over the period. An additional €115m profit was generated by sales of loans.

Nama paid €31.5bn to acquire loans valued on the Irish bank books at €74bn: its latest accounts show that it has had to revise downwards the value of the loans acquired by €2.9bn.

The agency has repaid €3.25bn of the €31.5bn in senior bonds used to fund the acquisition of the loans, and intends to repay another €4.25bn between now and the end of next year.

This is in line with targets agreed with the Troika as part of Ireland's bailout deal.

The state institution will also spend €2bn developing properties between now and the end of 2016.

The agency has approved working capital and capital for development of €1.3bn to the end of June.

The total value of Nama's loan book was €24.8bn at the end of last June.