Vatican Bank Reports New Profit To Go With New Reforms
The Vatican bank reported its profits were back to normal after a difficult 2013.By Matt Patston | May 25, 2015
The Vatican bank reported a strong 2014, showing signs of recovery after 2013 reforms cut its profit margin by 97 percent.
The bank's profits jumped from 2.9 million euros in 2013 to 69.3 million euros, or about $76 million, last year. The numbers indicate a recovery from exhaustive and costly reforms enacted by Pope Francis.
The bank — officially known as the Institute for Religious Works, or IOR — only began reporting financial holdings in 2013 after the bank was hit with a money-laundering scandal. That report listed 2012 profits at 86 million euros, or about $94 million, and laid out a sort of mission statement for bank reform.