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Vatican bank reports decline in profit

May 13, 2016

The Vatican bank, the Institute for the Works of Religion (IOR), had a net profit of 16.1 million euros ($18.3 million) in 2015, a 77% decline from the previous year.

In an interview with Vatican Radio, director-general Gian Franco Mammì cited “objective difficulties of the market, its volatility, and the crises that have occurred, such as Greece.”

As of December 31, 2015, the bank had 14,801 customers. Between June 2013 and December 2015, 4,935 accounts were closed, often because they were “inactive for decades, or because they were accounts with tiny amounts in them,” said Mammì.

By the end of 2015, assets stood at 5.8 billion euros ($6.59 billion), down from 6.0 billion euros the previous year.

“These assets consisted of 1.9 bn euros (2.1bn euros in 2014) in customer deposits, 3.2 bn euros (unchanged from 2014) held in managed portfolios and 0.7 bn euros (unchanged from 2014) held for customers under custody agreement,” according to the Holy See Press Office.


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