Vatican Bank Has Halved Its Profits

The profit of the Vatican Bank (IOR) has decreased to €18.1M (2020: 36.4M) according to its 2021 Financial Statement.

The money will go to Francis’ coffers. The profits are in line with expectations and there is a growth in assets under management.

In 2021, the IOR closed more than 400 accounts after periodic checks. Its clients are religious orders (50%), Vatican entities (23%), dioceses and parishes (9%), cardinals, bishops and clergy (8%), Vatican employees and pensioners (7%), foundations and other canon law bodies (3%).

The stock of deposits amounted only to €1.8B.

Picture: IOR © Heiko Merkelbach, wikicommons, CC BY-SA, #newsKreoqrtdyu