Nama reports €247m profit for 2011, after €1.18bn loss

The National Asset Management Agency (Nama) reported a €247m after-tax profit for 2011 compared with a loss of €1.18bn for 2010.

Before impairment charges, the agency made an operating profit of €1.28bn last year. It took an impairment charge of €1.27bn for 2011, which brings cumulative impairment charges of €2.75bn on its assets under management.

Other key figures include a total repayment of €3.55bn in senior bonds as of the end of June 2012. Nama says it is on course to repay €7.5bn of its senior bonds by the end of 2013.