Nama records €41m profit in the first three months of the year
Total cash generated by the State’s bad bank over the period comes to €320m
Nama moved at the end of May to upgrade its full-year surplus forecast to €4bn.
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.
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.