Nama profit falls 53% in first half as wind-down continues

The National Asset Management Agency (Nama) saw its net profit fall 53 per cent in the first half of the year to €26 million, amid an ongoing decline in the size of its loan portfolio as it prepares to wind up in a little over two years.

Still, the performance for the first half leaves the State-owned bad bank on track for a 13th consecutive year of profitability.

Nama’s loan portfolio had a carrying value of about €507 million at the end of June, less than 2 per cent of the value of €32 billion paid by the agency to acquire loans on its establishment.

Total cash generated by the agency in the six-month period amounted to €121 million, with a further €47 million generated in the three months to September. That brings total cash generated since its inception in 2009 to €47.6 billion, it said.

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Nama has transferred €3.5 billion of surplus cash to the exchequer to date. A further €1 billion surplus is projected before it is wound down by the end of 2025, subject to market conditions. Some €350 million is on track to be transferred to the exchequer later this year.

The agency, which was established 14 years ago to take over risky commercial property loans from Irish banks, has funded or facilitated the delivery of 30,545 new homes since 2015.

So far in 2023, 294 new homes have been delivered, with a further 445 under construction and an additional 155 having conditional funding committed by Nama, it said.

Nama has identified scope to deliver about 17,000 additional new homes, chiefly after 2025. However, these homes can be delivered only if they are commercially viable, with the necessary supporting infrastructure put in place by other parties and planning permission obtained, it said in June.