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25/07/2012
Nama Records After Tax Profit Of €247m
Nama, the agency set up to buy bad loans and help banks balance their books, recorded a net profit of €247 million in 2011.
Publishing its second annual report today, the agency said it made an operating profit, before loan impairment charges, of €1.28 billion last year, compared €305 million in 2010.
The report said the agency had acquired €74 billion in bank assets, some €2.8 billion of which was added in 2011, and had generated cash income of €8.4 billion up to July of this year.
The agency said it had approved asset sales totalling €9.2 billion since its inception, with total sales completed of €5 billion by end of May this year, and that a further €2 billion was in the pipeline.
The National Asset Management Agency bought commercial property loans with a face value of €74 billion from the country's lenders for €32 billion.
Chief executive Brendan McDonagh insisted the agency was making the best possible return on its loans.
"Cash flow generation is vitally important for Nama and remains very strong," Mr McDonagh said.
"The task before us is significant, but I am optimistic that Nama will succeed in doing the job set out for it."
(H)
Publishing its second annual report today, the agency said it made an operating profit, before loan impairment charges, of €1.28 billion last year, compared €305 million in 2010.
The report said the agency had acquired €74 billion in bank assets, some €2.8 billion of which was added in 2011, and had generated cash income of €8.4 billion up to July of this year.
The agency said it had approved asset sales totalling €9.2 billion since its inception, with total sales completed of €5 billion by end of May this year, and that a further €2 billion was in the pipeline.
The National Asset Management Agency bought commercial property loans with a face value of €74 billion from the country's lenders for €32 billion.
Chief executive Brendan McDonagh insisted the agency was making the best possible return on its loans.
"Cash flow generation is vitally important for Nama and remains very strong," Mr McDonagh said.
"The task before us is significant, but I am optimistic that Nama will succeed in doing the job set out for it."
(H)
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