July 25, 2012 / 10:41 AM / 5 years ago

Ireland's NAMA makes profit, takes more impairments

DUBLIN, July 25 (Reuters) - Ireland's state-run National Asset Management Agency (NAMA) made a profit of 247 million euros ($298.50 million) in 2011 as increased income from fees, interest and the sale of loans offset an impairment charge of 1.27 billion euros for the year.

Created to purge Irish banks of their risky land and development loans, NAMA made a loss of 1.18 billion in its first year of operation in 2010 after taking a 1.49 billion euro charge to cover potential losses from the loans it acquired.

NAMA, which had cash balances of 3.8 billion euros at the end of 2011, said on Wednesday that its total impairment charge to date was 2.75 billion euros. ($1 = 0.8275 euros) (Reporting by Padraic Halpin)

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