The National Asset Management Agency has generated net cash of €828m from operating activities, according to its report for the second quarter of 2011.
However, only 23% of its loans are described as performing, which is unchanged from the first three months of the year.
In the second quarter, the agency was paid €874m by debtors and benefited from derivative payments of €51m.
But it paid €75m to developers to provide them with working capital and to enable to them to finish projects.
The accounts published today do not take account of impairments to property loans that NAMA has spent €31.7bn purchasing from Ireland's banks.
NAMA Chief Executive Brendan McDonagh has already indicated that he expects the agency to suffer an impairment charge for 2011. That will happen at the end of the year.
In its quarterly accounts, the agency said its operating profits during the second quarter was €118m.
NAMA redeemed €500m of bonds in issue during the quarter and has cash balances of over €1bn and a further €182m of investment assets at the end of June.
