The National Asset Management Agency said today that it will report a profit for 2023 - its 13th consecutive year of profitability.
NAMA reported a half year profit of €26m for the six months from January to June 2023.
The agency was set up in 2009 to clean the property crash related debts from the balance sheets of the main Irish banks.
It generated €319m cash in 2023 through its disposal and portfolio management activities and said that a total of €47.7 billion in cash has been generated since its inception, through asset and loan sales.
NAMA transferred €350m cash from its lifetime surplus to the Exchequer last month.
Transfers totalling €3.85 billion cash have now been made to the State from the agency's surplus and a further €400m paid in corporate tax.
This brings the overall NAMA contribution to date to over €4.25 billion.
The projected total lifetime contribution by NAMA to the State by the end of 2025 is currently forecast to be €4.9 billion.
During 2023, NAMA said its residential delivery programme continued to deliver housing across Ireland, with 420 new homes delivered from NAMA-secured sites.
Another 440 homes are currently under construction or with funding approved on NAMA-secured sites which will be delivered over the next two years - subject to commercial viability.
A total of of 34,000 homes have been funded and facilitated by NAMA between 2014 and the end of 2023.
Meanwhile, NAMA has also provided 2,985 homes for social housing to local authorities and approved housing bodies. This figure does not include social housing units provided under Part V arrangements on NAMA-funded residential developments, it added.
Brendan McDonagh, NAMA's chief executive, said that despite challenging market conditions, NAMA continues to generate cash from a much-reduced portfolio, with over €319m achieved in 2023.
"During 2023, NAMA took steps to prepare for the wind down its operations, yet we continue to add value for the State and generate profits from our work," Mr McDonagh said.
"We have just paid a further €350m cash from our surplus to the Exchequer, and we are proud to report a €26m profit for the first half of 2023. NAMA has continued to make profits in H2 2023 and we will report a 13th consecutive full year of profit by mid-2024, post completion of the year-end audit," Mr McDonagh added.
Aidan Williams, Chairman of NAMA, said the agency's contribution to the State is ongoing with significant progress made in 2023.
"NAMA's objective for 2024-2025 is to complete the final phase of its work, while continuing to deliver the largest return possible to the taxpayer; this includes focused asset management of residential sites in order to maximise the potential for housing delivery post-2025," Mr Williams added.
