NAMA reports €33m Profit After Tax for Q1 2022

The report is accompanied by a letter to the Minister for Finance which includes the following information:
  
•    Profit After Tax for Q1 (January - March  2022): €33 million (Q1 2021: €20m)
  
•    NAMA generated €0.1 billion in cash in Q1 bringing total cash generation from inception to 31st March 2022 to €47 billion.  NAMA generated a further €0.2 billion in cash in the period from 31st March 2022 to 24th June 2022 bringing cumulative cash generated since inception to €47.2 billion.  Cash, cash equivalent and liquid asset balances held at 31 March 2022 were €789m.
  
•    NAMA completed a payment of €250m to the Exchequer on 28th June 2022, representing the sixth transfer from NAMA's projected lifetime surplus.  The Agency has now transferred a cumulative €3.65 billion cash to the State; €3.25 billion from its lifetime surplus and a further €0.4bn in corporation tax payments.  NAMA's continued strong performance has enabled the Board to revise the projected lifetime surplus upward from €4.25 billion to €4.5 billion.  Accordingly, NAMA's expected lifetime contribution to the Exchequer between the projected surplus of €4.5 billion and projected total tax payments, will be in the region of €4.9 billion.
  
•    To date, NAMA has funded and facilitated the delivery of over 25,204 new homes, including over 20,000 units delivered since 2015 thus exceeding the Board-set residential delivery target. Of these, 13,425 were directly funded by NAMA either though the provision of funding directly to debtors and receivers or facilitating development via licence agreement or joint venture. A further 11,779 were delivered on former NAMA-secured sites which benefitted from NAMA asset management and/or funding prior to their sale or refinance.
  
•    NAMA-secured sites have a residential pipeline of circa 21,500 additional units, of which 2,900 units are potentially deliverable by NAMA (600 units currently under construction and 2,300 units with NAMA-funding approved). Delivery of these units is subject to commercial viability.  The remaining pipeline of 18,600 units is comprised of; 1,300 units that have been granted planning permission and will be sold or refinanced by debtors; 6,800 units in the planning system either with planning applications lodged (5,900 units) or being prepared (900 units); 8,500 units on long-term residential zoned land on which NAMA is funding pre-planning and feasibility work and 2,000 units on unzoned land with long term residential development potential. It should be noted that the development of some of the sites secured to NAMA may be currently inhibited by one or more constraints relating to commercial viability, infrastructure and / or suitable planning permission. Accordingly, much of the delivery potential of the remaining portfolio can only occur over the medium to long term. Recognising this, NAMA aims to advance sites through the planning system to maximise the number of sites that are ready for future development.
  
•    2,687 social housing homes had been delivered or committed by NAMA, excluding those delivered under Part V arrangements on NAMA-funded residential developments

Read the report in full here.