NAMA continues to be profitable according to the 2013 Annual Report Summary released this morning. Nama reports a profit after impairment, tax and dividends of €211m, making an operating profit, before tax and impairment charges, of €1,198m in 2013, an increase of 45% over 2012.
In the chairman’s report it states NAMA invested €600m in commercially viable projects in their Irish portfolio and have committed to investing at least €2.5 billion in total development funding in Ireland by the end of 2016 if suitable commercial opportunities present themselves. 92% of NAMA’s Irish portfolio is located in Dublin, in the counties contiguous to Dublin and in Cork, Limerick and Galway and it is in these areas that demand for commercial and residential assets has emerged most strongly over the past year. NAMA generated cash proceeds of €4.5 billion in 2013.
Another major objective NAMA has to fulfil is their commercial remit within the shortest feasible timespan. Of the €30.1 billion of the senior Bonds that NAMA originally issued, just under €20 billion was outstanding by the end of march 2014.