The National Asset Management Agency generated €2.8 billion last year from the disposal of assets, according to its results for 2012.

The agency generated a total of €4.5 billion in cash last year, which includes rental income from properties in its portfolio.

The agency recorded a profit of €824m in 2012, however it also recorded an impairment charge of €518m for the year.

After tax, this brought its profits for last year to €230m.

NAMA said it had generated a total of €10.6 billion in cash between its establishment in late 2009 and the end of 2012, €6.8 billion of which has come from disposals.

The agency said its loan portfolio was valued at €22.8 billion at the end of the year, down from €25.6 billion.

It also said it agreed 268 rent abatements with small and medium-sized businesses up to the end of the year, which had a total value of €13.5m.