The board of the National Asset Management Agency (NAMA) has revised upwards its projected lifetime surplus to €4.8bn from the previous estimate of €4.5bn.
The more optimistic outlook was contained in the agency's latest quarterly report.
It shows that NAMA recorded a profit after tax for the first three months of the year of €22m, up from €7m in the same period last year.
The Agency has now transferred a cumulative €4.25 billion cash to the Exchequer.
€3.85 billion of that is from its lifetime surplus and over €400m is from corporation tax payments.
Between the revised projected surplus of €4.8 billion and the projected corporation tax payments, it is now expected that its lifetime surplus will be in the region of €5.2 billion.
€39m in cash was generated in the January to March period, while a further €68m in cash was generated in the period from April to June.
That brings the cumulative cash generated since inception to €47.8 billion.
The agency’s activities have now delivered 37,734 homes.
Of these, 14,291 were delivered directly through NAMA funding and 23,443 delivered indirectly on sites sold by NAMA debtors or refinanced.
So far this year, 73 residential units have been directly delivered and a further 369 units that are to be directly delivered are under construction.
The agency added that up to March, 2,957 social housing homes have been either directly or indirectly delivered or committed, excluding those delivered under Part V arrangements on NAMA-funded residential developments.
NAMA is expected to conclude its work at the end of next year.
A resolution unit to manage residual NAMA activity from 2026 is to be set up in the National Treasury Management Agency.
Preparations are also ongoing for the transfer of any residual assets and liabilities of the Irish Banking Resolution Corporation, which is in liquidation, to NAMA at the start of 2025.
