The National Asset Management Agency (NAMA) made a profit after tax of €247 million last year compared to a loss of over €1 billion in 2010.

However the annual report of the agency shows it recorded an impairment charge of €1.27 billion in 2011.

The agency acquired a further €2.8 billion worth of loans last year bringing the total to €74 billion which NAMA paid the banks €35 billion for.

This represents a discount of 57%.

It says it is very happy with the progress of its 80:20 Deferred Payment Initiative.

115 properties were allocated in the pilot scheme to assist first home buyers which was launched in May.

The agency says 42 of the houses and apartments have been sold generating €9.3 million.

Brendan McDonagh is the Chief Executive of NAMA.

He says 2011 was a year of great progress with the agency making its first profit.

He also expects there will be more buyer interest after the summer break.