The Institute for the Works of Religion, known as the “Vatican Bank”, published its 2017 report on May 22, 2018. The annual net result was 31.9 million euros ($37.6 million), compared to 36 million in 2016, the year that saw its profits double.
According to the statement from the financial institution, these positive results are the fruit of a “prudent” management policy in a “complex” financial environment. The institute has also “continued the process of optimizing costs initiated in previous years”, reducing its cost base to 18.7 million euros in 2017 (19.1 million euros in 2016).
The IOR’s Board of Superintendence unanimously approved a proposal to allocate all profits to the Holy See.
With 15,000 clients in 112 different countries, the Vatican bank’s equity, or holdings, was 627 million euros at the end of the year 2017.