Nama on target as it generates €308m profit

The National Asset Management Agency (Nama) made a €308m profit before tax for 2012 compared with €11m the previous year.

The impairment charge for 2012 was €518m, which is a considerable improvement on the €1.5bn booked in 2010. Total impairment charges to date have reached €3.26bn, which is a 12.5% coverage ratio.

The agency released its annual report yesterday which showed that it is on track to redeem a total of €6.25bn senior bonds by the end of June and €7.5bn in senior bonds by the end of the year.