Nama generated €1bn in first three months of year
In its latest quarterly accounts, published yesterday, the agency said it generated €1.1bn in the first three months of the year.
That amount — marginally down on the €1.3bn generated in the first quarter of 2016 — included €767m received for two significant loan sales that were actually contracted in December of last year but not completed until the first quarter of this year.
Nama said it generated a further €200m in cash between the end of March and the end of May this year, bringing the total amount of money it has raised through the disposal of loans and assets, since its inception in 2009, to €39.4bn.
The accounts also showed that Nama posted a profit of €37m for the first quarter of this year. That was down from €59m for the corresponding period last year but accounted for by the fact it had a smaller asset portfolio this year.
The carrying value of Nama’s loan portfolio, as of the end of March, was €3.8bn.
The agency is intending to redeem all remaining senior bonds by the end of the year.
Updating on its Dublin docklands development project, Nama said 64% of the strategic development zone is either under construction or has a successful planning permission granted.
“Nama is also working through a substantial pipeline of new projects in the context of the financing of construction activity and the progression of planning permissions,” the agency said in relation to residential delivery.
