The figures were revealed in the 2016 Sector Global Accounts review, the financial performance of the 20 registered housing associations in Northern Ireland.
They were unveiled by PwC at the Northern Ireland Federation of Housing Associations (NIFHA) Housing Finance Conference.
There was over £197 million of housing capital additions in 2015/16 and a 4% increase in stock, with nearly 48,000 homes owned and managed by housing associations.
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Operating costs have also increased, by 8%, making the positive turnover and operating surplus particularly encouraging as an indicator of the underlying strength of housing associations' balance sheet.
Jennie Donald, Deputy Chief Executive of NIFHA, said: "As social enterprises, housing associations reinvest surpluses back into the business. Therefore continued growth in operating surplus in 2015/16 means more money for key areas of activity such as the development of new social and affordable housing.
"The significant additional borrowing by the sector reinforces those surpluses and adds to the funding available for new homes. Government wants to see 8,000 new social and 2,600 new affordable homes delivered by 2020; the positive financial position of housing associations, reflected in the global accounts, will support them in meeting those ambitious targets."
(CD/LM)
