Vatican bank boasts increased profits, top ranking
June 06, 2023
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CWN Editor's Note: The Vatican bank, the Institute for Religious Works (IOR) has released an annual report, showing a marked increase in revenue and a high ranking from European banking regulators.
The IOR reported €29.6 million ($31.7 million) in income, up from just €18.1 million the previous year.
The commission of cardinal supervising the IOR voted to distribute €5.2 million in dividends, with €3 million going to the Pope’s charities, €2 million to charities of the commission, and the remainder to charities chosen by the IOR’s prelate, Msgr. Battista Ricca. The commission adopted a “prudent policy” on the distribution of dividends, mindful of the need to protect the institution against any potential banking crisis, the report indicated.
Cardinal Santos Abril y Castelló, the president of the commission of cardinals, noted in an introduction to the report that in the past year the IOR has seen the prosecution of legal cases involving “abuses perpetrated against it,” resulting in the confiscation of “significant sums.” He hailed the recovery of over €17 million “illegally taken from the Institute before 2014.”
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