The National Asset Management Agency made an after-tax profit of €1.8bn last year.
It is four times the size of its profit in 2014.
In its annual report for 2015, NAMA has said it achieved its target of delivering 2,000 homes by the end of last year for social housing and is continuing to work with stakeholders to deliver additional units.
NAMA Chief Executive Brendan McDonagh said: “This was an outstanding performance that delivered a very substantial profit.
“We continue to make excellent progress in achieving what the Oireachtas asked us to achieve – eliminating a €30.2bn contingent liability for the taxpayer and maximising the financial return from our assets.”
NAMA Chairman Frank Daly said: ““NAMA has come a long way since it was set up. The debate has changed dramatically from how much NAMA will lose over its lifetime to how big its surplus will be.
“We are currently projecting that NAMA may, if current market conditions prevail, deliver a lifetime surplus of €2.3bn.”