Nama made a profit of €317m in the third quarter of last year, according to its figures.
Combined profits at the Government’s ‘bad assets bank’, for the first nine months of 2011, amounted to €526m, with the agency’s total cash balances coming to €1.9bn as of the end of September.
Although Nama is not set to issue its full annual report for 2011 until the summer, the agency said it had a “very strong” final quarter of last year and ended the year with €3.8bn of liquidity.
The percentage of performing loans on the its books as of the end of September was 21%. This was down slightly from 23% at the end of the second quarter.
Cash outflows during the latest quarter included €500m in net debt repayment. This brought the total amount of debts repaid by the agency, since its inception, to €1.6bn. Other outflows included €199m in interest, expenses and other funding costs; and €71m advanced to debtors to enable them to complete projects and to fund working capital.
The body also generated more than €1.4bn net cash from operating activities during the third quarter, with this being largely driven by cash receipts from debtors valued at €1.8bn.
Nama also yesterday issued its key priorities for this year — including ensuring the implementation of schedules for asset sales that have been agreed with debtors and optimising cashflow from loans and debtors, with a view to paying down 25% of the agency’s €7.5bn worth of debts by the end of 2013.
The agency will also, this year, develop its deferred mortgage initiative for residential properties — aimed at boosting the number of property transactions — which received Government approval last year.
On the issue of its outstanding debt, Nama said it is generating “significant cashflows”, with agency chairman Frank Daly saying it remains “on course” to meet the target of paying down 25% of its debt by the end of 2013.
Mr Daly also said the Nama board had approved a new estimate of costs for this year, amounting to €194m. This represents a 20% reduction on provisional estimates made last September.
Yesterday’s update also shows that Nama has appointed Deloitte as the single receiver to properties within the Liam Carroll Group. Previously, four receivers (appointed by various banks, prior to the establishment of Nama) had been appointed to the properties owned by Mr Carroll.
Nama has also updated its website listing of properties that have been subject to enforcement action by the agency. The list — covering the whole of 2011 — includes 43 properties added last month. The total number comes to 1,093.
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