Vatican bank showed healthy profit for 2016
June 12, 2017
The Vatican bank, the Institute for Religious Works (IOR) has released a financial report for 2016, showing a net profit of €36 million ($40.3 million).
The IOR’s profit for 2016 more than doubled the figure (€16.1 million) for the previous year. The financial statement attributed the healthy increase to “a prudent approach in managing IOR’s investments in a year characterized by high volatility, global political uncertainty due to unexpected outcomes of major electoral events and low interest rates.”
The IOR served 15,000 clients in 2016, with assets amounting to €5.7 billion. The bank’s equity at the close of 2016 stood at €636.6 million: a figure that the audited statement descriibed as “highlighting high solvency and low risk profile.”
The IOR statement also pointed to strides that the bank has made in conforming to international regulatory standards, and reaching mutual accords with authorities in several countries. After years of operating under a cloud, the IOR was placed on the “white list” of trusted institutions by Italian authorities in March of this year.
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