Profits slip at Nama as loan sales generate less cash

Nama’s first-quarter profit dipped from €59 million (£52 million) in 2016 to €37 million (£33 million) this year as it generated less cash from loan sales.

The state’s bad bank recorded income of €1.1 billion (£0.99 billion) in the first three months of the year compared with €1.3 billion (£1.17 billion) in the same period last year.

Of the total income, €767 million (£688 million) related to the receipt of proceeds for two significant loan sales that were contracted in December 2016 but completed in 2017. Nama generated a further €0.2 billion (£0.18 billion) in cash in the period from the end of March to May 31, bringing cumulative cash generated since its inception to €39.4 billion (£35 billion).