The National Asset Management Agency (NAMA) has reported an after-tax profit of €81m for last year.
This is its 12th year in a row to deliver a profit.
In its annual report, the agency said it is on track to deliver a total contribution of €4.9bn to the Exchequer over its lifetime.
It said cash dividends of €3.5bn were paid to the Exchequer by the end of 2022, with an additional €350m scheduled for this year.
NAMA generated cash of €500m last year, bringing its total cash generation since its inception to €47.4bn.
When it comes to housing, NAMA funded or facilitated the delivery of close to 30,000 new homes between the start of 2014 and the end of March 2023.
Of these 30,000 homes, close to 14,000 were directly funded by NAMA and close to 16,000 were delivered indirectly on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs before they were disposed of.
"NAMA's residential delivery programme aims to strike an appropriate balance between direct and indirect delivery, de-risking a portion of the programme and delivering significant numbers of new units without putting taxpayer capital at risk," the agency said.
It said an additional 850 units are under construction or have funding approved in active developments.
"NAMA has identified scope to deliver approximately 17,000 additional new homes, chiefly post 2025 – but these homes can only be delivered if they are commercially viable, with the necessary supporting infrastructure put in place by other parties and planning permission obtained," the agency added.
The report also sets out that NAMA's work programme of regenerating the Dublin Docklands SDZ (Strategic Development Zone) is now materially complete.
NAMA said it is implementing its plan to wind down and conclude its work no later than end-December 2025.
"As we enter our final phase, we are focused on two overarching aims – maximising value and delivery from our remaining portfolio, and resolving our outstanding workstreams in an orderly and well-managed fashion," said NAMA Chief Executive Brendan McDonagh.
"Our 2022 profit shows our continued success in value maximisation against a backdrop of a loan portfolio that is now less than 2% of what we originally acquired," he added.
The Minister for Finance, Michael McGrath said today's report highlights the important contribution NAMA continues to make.
"During 2022, NAMA transferred €500m from its surplus to the Exchequer bringing the total surplus of cash transfers to date to €3.5 billion, with a further €1 billion surplus projected, subject to market conditions.
"I would like to thank NAMA’s staff and its Board for their efforts in delivering this surplus and for their commitment and focus on delivering the best value from its remaining assets," Minister McGrath said.
