Irish bad bank the National Asset Management Agency has posted a €473m (£350m) profit before tax for the six months to the end of June 2015.
The flow of profits was weighted to the second quarter when the operating income of the bank was a reported €358m.
The majority of that cash flow came from the successful disposal of assets during the quarter with the agency cutting more than €1.4bn from its books over the period.
Some €1.2bn was cut through a reduction of loans held within Nama.
However, by the end of June more than €13.3bn remained on Nama’s books. Of that total, net loans and receivables accounted for €11.3bn.
Loans originally issued by Allied Irish Bank were the largest portion of what remained on the books at the end of June. Combined senior and subordinated debt from the failed bank comprised a total of €8bn of remaining assets.
Bank of Ireland loans were the second-largest tranche of assets on the balance sheet at a considerably lower €2.5bn of outstanding loans. Permanent TSB loans were third largest, at more than €1.2bn.
The loan portfolio was also income producing for the agency with income from borrowers totalling more than €3.4bn for the first six months of 2015.
Despite the size of remaining assets, Nama looks on track to close its disposal programme ahead of the 2018 deadline with more, and larger, sales just closed or imminent.
As a result, a greater flow of operating income and reduction of Nama’s ownership will appear in the second half’s results as the effects from the sales of Project Arrow and Jewel come into force.
Project Arrow alone is expected to remove €7.2bn from the balance sheet in the coming quarter. Jewel’s sale to Hammerson and Allianz had already removed a further €2.4bn.
