The National Asset Management Agency (NAMA) now expects to provide an overall surplus to the Exchequer over its lifetime of €4.25 billion, up from the previous estimate of €4 billion.
The body will provide a further payment to the exchequer of €300m this month and it hopes to make an additional contribution of €500m during the second half of the year.
NAMA has already given €2.2 billion to the state over the past year, meaning than by the end of this year its total contribution should have reached €3 billion.
It said the additional €1.25 billion will be transferred to the Exchequer in subsequent years.
"The strength of NAMA's continued profitability has allowed the board to increase the agency's projected lifetime surplus to €4.25 billion," said NAMA chairman Aidan Williams.
"This is a remarkable achievement that will provide valuable financial resources for the State and allow everyone to share in a dividend from NAMA," Mr Williams said.
A further €400m in corporation tax has also been paid so far by the agency.
"I welcome NAMA revising upwards its projected lifetime surplus from €4 billion to €4.25 billion with €2.2 billion of this having already been transferred to the Exchequer," said Finance Minister Paschal Donohoe.
"This highlights the positive work which NAMA continues to undertake despite the challenging economic environment which it has been operating in over the past 12 months," Mr Donohoe said.
The body, set up in 2009 to clean the property crash related debts from the balance sheets of the main Irish banks, recorded an after-tax profit of €192m last year, its tenth consecutive year in which a surplus was achieved.
At the end of March this year, 173 debtors remained under its management, with 103 in support or forbearance strategies and 70 the subject of enforcement action.
"We remain resolutely focused on managing our remaining assets with one overriding goal - generating the greatest achievable financial return in accordance with the mandate given to us by the Oireachtas," said Mr Williams.
So far NAMA has delivered 20,000 new homes, 12,800 of which were funded by the organisation itself, with the balance delivered indirectly.
An additional 1,400 homes remain either under construction or approved for funding, while 4,600 more have planning permission.
Planning applications for a further 7,400 have either been submitted or are being prepared.
NAMA's original aim to provide 2,000 social housing homes has also been exceeded by 30%.
The agency recently sold an 80% stake in its Poolbeg site in Dublin for €200.1m.
Project Pembroke is expected to yield 3,800 homes, including 950 social housing units.
Launching its annual report for 2020 today, NAMA said that at the end of last year its €32 billion deleveraging programme was 97% complete.
The value of its remaining debtor loans stood at €0.85 billion at the start of the year.
€0.92 billion in cash was generated last year, bringing the lifetime total so far to €46.6 billion.
Last year also saw the redemption of the final portion of its €31.8 billion debt in March.
In relation to the Dublin Docklands Strategic Development Zone, NAMA said 42% of its original interests have been completed and sold.
Construction is underway on a further 588,000 sq ft of commercial space and 195 residential units.
"While many challenges remain, we aim to continue generating profits for the State while successfully delivering much-needed new homes; social housing; office and commercial space; and major projects in the Docklands and Pembroke that will leave a lasting positive legacy for decades," Brendan McDonagh, NAMA's chief executive, said.
Mr McDonagh said recent Government changes to the rules around bulk purchases of homes by investment funds don't really effect NAMA.
He said the agency has primarily been delivering houses in recent years that are aimed at the first time buyer market where demand remains strong.
Some of the sites that NAMA is disposing of are sites for apartments, he added, and are commercially challenging in terms of viability.
But people buying those sites are going to have to make an assessment about what they are going to do, he added.