Vatican bank reports profits down, focus on ethics
May 23, 2018
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CWN Editor's Note: In its annual report, released on May 22, the Vatican bank reports a drop in profits, but emphasizes its commitment to ethical investing. The Institute for Religious Works (IOR) showed a profit of €31.9 million in 2017, down from €36 million the previous year. The IOR report attributed the decreased profits to low interest rates, but also to a “commitment to affirm the importance of ethics over profit” by choosing ethical investments and refusing to reach out-of-court settlements with former officials charged with financial misconduct.
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