The Institute for the Works of Religion, often referred to as the Vatican bank, made a profit of 38 million euros in 2019, more than twice the profit reported in the previous year, according to its annual report.
In the report, which was released by the Vatican on 8th June, Jean-Baptiste de Franssu, president of the bank’s board of supervisors, said that 2019 was “a favourable year” and the profit reflected “a prudent approach in the management of the institute assets and its costs base”.
The bank held assets worth 5.1 billion euros at year’s end, which included deposits and investments from close to 14,996 clients – mostly Catholic religious orders around the world, Vatican offices and employees, and Catholic clergy.
“In 2019, the institute continued to provide, with rigour and prudence, financial services to the Vatican City State and the Catholic Church worldwide,” the institute said in an 8th June statement.
According to the report, the bank’s assets are worth 630 million euros placing its tier 1 capital ratio – which measures the bank’s financial strength – at 82.4 per cent compared to 86.4 per cent in 2018.
The decreased ratio, the bank said, is attributable to the decrease in common equity and the higher credit risk of assets.
Picture: The tower of the Institute for the Works of Religion, often referred to as the Vatican bank, is pictured in this 2019 photo. The Vatican bank made a profit of 38 million euros in 2019, more than twice the profit reported in the previous year, according to an annual report released on 8th June 2020. (CNS photo/Paul Haring).