Nama generates €1.1bn in first quarter as it declares €37m profit

The National Asset Management Agency (Nama) generated €1.1 billion in cash during the first three months of the year, bring the total raised through disposal of assets and loans since its inception to €39.2 billion.

New figures published on Friday show the agency recorded a €37 million after-tax profit in the January to March period, compared to €59 million a year earlier on a smaller loan book.

The agency said it continues to generate significant cash through disposals of assets and loans and non-disposal income.

The €1.1 billion generated in the first quarter was down compared to the €1.3 billion raised for the same period in 2016, particularly given that €767 million of the total related to the receipt of proceeds from two loan sales that were contracted in December but completed in 2017.

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The carrying value of Nama’s loan portfolio at the end of March, net of cumulative impairment provision of €1.5 billion, was €3.8 billion.

The agency, which was established in 2009 to address the serious problems which arose in the banking sector as the result of excessive property lending, is intending to redeem all remaining senior bonds by the end of this year.

Nama said the total cumulative amount redeemed to date is €29.7 billion, equivalent to 98 per cent of the €30.2 billion in senior bonds issued in 2010 and 2011.

The agency also issued an update on its Dublin docklands project which is being carried out under fast-track SDZ zoning. Nama said approximately two-thirds of the docklands SDZ is now either under construction or has been granted planning permission.