Ireland’s National Asset Management Agency raked in a €102m (£80.7m) profit in the first half of this year as a result of the recovering Irish market.
The bad bank said it had been helped by a “resurgence of transactional activity”, prompted by the introduction of REIT legislation in Ireland in 2013.
Profits for the half year were up by more than 85% on the same period last year.
The agency’s loan book was €15.3bn at the end of H1, down from €18bn at the end of March, and €21.5bn in H1 2013, after loan portfolios sold briskly.
This includes the €373m Project Holly, secured against offices, hotels and land in Dublin and Meath, as well as its Northern Irish loan book, Project Eagle, its biggest loan portfolio sale to date, at €5.6bn.
Nama reported impairment charges of €57m during the first six months of the year, down from €385m during the same period in 2013.
According to Nama’s annual statement, much of the agency’s work will now be complete by the end of 2017 or mid-2018.
The bank is also on track to meet its target of redeeming 80% of senior bonds, a cumulative total of €24bn, by the end of 2016.
