The Purana for Nama

In the first Canto, Sage Suta talks about the great Purana called Srimad Bhagavatam with the following sloka:
Idam bhAgavatam nAma purANam brahma samhitam |
(…such is the Purana by name Bhagavatam, a text which is verily the essence of all the Vedas…)

Our way of interpreting this is,
Idam bhAgavatam nAma purANam brahma samhitam |
(…such is Bhagavatam, which is verily a Purana of Nama, and also the essence of all the Vedas…)