The National Asset Management Agency said today it expects to report a full-year profit for 2022 - its 12th consecutive year of profitability.
NAMA reported a half year profit of €56m for the months from January to June.
In today's end of year review, NAMA said it generated €492m cash last year. Since its inception, the agency has generated €47.4 billion from its operations.
NAMA also said it transferred €500m cash from its lifetime surplus to the Exchequer during 2022, bringing total surplus cash remitted to the State to €3.5 billion.
Including €400m in corporate tax payments, NAMA's total return to the State so far is €3.9 billion.
A further €1 billion in surplus transfers are projected in the coming years, subject to market conditions. It forecasts that it will deliver a total return of €4.9 billion to the State, including corporate tax payments.
NAMA was set up in 2009 to clean the property crash related debts from the balance sheets of the main Irish banks.
Meanwhile, the agency's residential delivery programme saw 600 new homes delivered from NAMA-secured sites during 2022.
NAMA said it will directly fund the delivery of 400 homes in 2023.
A total of 28,000 homes have been funded and facilitated by NAMA between 2014 and the end of 2022.
This consists of 13,700 homes funded directly by NAMA as well as 14,300 homes completed on sites for which NAMA had funded planning permission.
It also reported "significant progress" in the Dublin Docklands Strategic Development Zone (SDZ), with 99% of its original interest now completed or sold.
NAMA also retains a 20% interest in the development sites with the Poolbeg West SDZ, which has potential to deliver 3,800 residential units and 1 million square feet of commercial space.
Brendan McDonagh, NAMA's chief executive, said the agency continued to generate cash throughout 2022, with almost €450m achieved from disposals and asset sales.
He said the agency was proud that it is still returning a profit from its significantly reduced portfolio.
"As we look toward the final phase of NAMA's work, through to the end of 2025, we are determined to deliver the largest return possible to the taxpayer and to maximise the value of the remaining assets," Mr McDonagh said.
"Our residential delivery programme continues to fund and facilitate housing with 1,000 units being delivered in 2022 and 2023 in areas of high demand. NAMA remains focused on preparing our remaining secured sites to be shovel ready for housing development post-2025," he added.
