22 Sep

NAMA reports €222 million profit for halfyear

first_imgTHE NATIONAL ASSET Management Agency has recorded a net profit of €222 million for the first half of 2012.The agency published its second quarterly report for the year today, revealing a net profit of €89 million for the three-month period between 1 April and 30 June.NAMA said it has generated €8.1 billion in cash from borrowers since its inception.As of 30 June, the amounts due to NAMA were €72.4 billion. Of that, the ‘NAMA value’ or accounting value was €24.8 billion.According to the organisation’s filing, 19 per cent of its portfolio’s par value is performing. Senior management noted that as NAMA disposes of income-generating assets, the performance of the loan portfolio may deteriorate.In the three-month period, there was no money recovered from property sales.In its annual statement to government, NAMA said it will continue to be heavily focused on asset management in 2013. It will also concentrate on its management of debtors and on maximising the proceeds to be realised from its portfolio.The agency plans to invest at least €2 billion in Ireland in development capital over the next three years “in order to preserve, enhance and complete commercial and residential projects”.Over the coming months, the so-called bad bank believes its staff numbers will “increase moderately”. In addition to staff directly employed by NTMA for assignment to NAMA, about 550 employees at AIB, Bank of Ireland and IBRC have also been assigned to deal with NAMA debtors and its associated administrative work. The projected cost of this service for next year is €68 million.The agency projects its total direct costs for 2013 to be €140 million, about €27 million less than 2012.Another 180 houses now available through NAMA’s 80:20 schemeIreland to raise €500 million on bond marketslast_img

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