The National Asset Management Agency (NAMA) is now forecasting a surplus of €4.5bn across its lifetime, up from a previous estimate of €4.25bn.

Including €400m in corporation tax paid, the organisation's total contribution back to the exchequer could be up to €4.9bn.

NAMA is due to pay €500m more in cash dividends to the state by the end of this year, on top of €3bn already paid to the end of last year.

The agency was set up by the Government in 2009 to help clean up the balance sheets of the main Irish banks.

It has done this by acquiring their problems loans and managing them down with the aim of achieving the best financial return possible for the State.

The latest update on its lifetime performance came as the organisation reported a profit of €195m on its activities for last year, up from €192m in 2020.

"Our profit in 2021 is the result of long-term value-add strategies implemented by NAMA over many years," said Brendan McDonagh, NAMA chief executive.

"It is our eleventh year of profitability in a row but the size of our profit is remarkable in the context of the late stage of our operations and the much smaller portfolio that we are now managing."

The agency said its €32 billion deleveraging programme was 98% complete by the end of 2021.

During the year, NAMA generated cash of €0.67 billion, including €0.62 billion made through the sale of loans and property, bringing the total cash generated over its lifetime to €47 billion.

In total, the organisation has now delivered 24,400 new homes, with funding for 13,300 of those coming from NAMA itself and the balance delivered indirectly.

There are a further 3,000 homes coming in the pipeline which are either currently being built or which have funding approval.

Applications for planning permission have been lodged for a further 5,100 homes and 1,300 more on sites with planning already are to be sold for development.

In the Docklands Strategic Development Zone around 95% of the NAMA properties, consisting of 4m square feet of commercial space and more than 2,000 homes, have been completed or sold.

An additional 215,000 square feet of commercial space, making up the remaining 5%, is currently being built.

Last June the agency sold an 80% stake in the former Irish Glass Bottle site for €200m and continues to hold the remaining 20%.

Planning permission has already been granted for 570 homes on the site.

The development could eventually have up to 3,800 homes, a million square feet of commercial space and other amenities delivered on it, through what is known as Project Pembroke.

NAMA plans to wind itself down between now and the end of 2025 and during the period it says it will be deleveraging of its loans and assets, providing funding for commercially viable residential and managing key strategic residential sites in preparation for their sale.

"This report highlights the positive contribution which NAMA continues to make, notwithstanding the recent challenging economic and operating environment," said the Minister for Finance, Paschal Donohoe.