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The National Asset Management Agency (Nama) recorded a €41 million profit in the first quarter of the year, down from €59 million for the same period in 2018, according to figures published by the so-called bad bank on Friday.
Total cash generated during the reporting period came to €320 million, bringing the total generated since Nama’s inception in 2010 to €44.3 billion. Proceeds from the sale of property collateral and loans during the quarter totalled €288 million, it said.
Debtor’s loans at the end of March amounted to €1.78 billion, down from €1.92 billion in December. Nama’s level of cash and liquid assets rose from €3.18 billion to €3.33 billion during the period.
Nama paid five lenders a discounted price of €32 billion for €74 billion of toxic commercial property loans between 2010 and 2011, representing a 57 per cent discount to their original value, and sold portfolios of assets at pace as the property market recovered from the crash.
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The agency moved at the end of May to upgrade its full-year surplus forecast to €4 billion, which it expects to hand over to the State between 2020 and 2021 as it is wound up.