VATICAN CITY
Wall Street Journal
By FRANCIS X. ROCCA
May 25, 2015
ROME—The Vatican bank said its 2014 net profit skyrocketed to €69.3 million ($77 million) from €2.9 million a year earlier, owing largely to a steep rise in net trading income and a decline in extraordinary operating expenses. The increase also reflected an exceptionally low net profit for 2013, largely from write-downs on legacy investments.
In its third annual report, released Monday, the Vatican bank, officially known as the Institute for the Works of Religion, or IOR, also described its efforts to bolster compliance with international financial norms, as part of a continuing effort to repair its scandal-plagued reputation.
The 2014 profit will allow the bank to turn over €55 million to the Holy See, for charitable purposes at the discretion of the pope, an amount in line with previous years. Last year, the bank drew from its reserves to give the Holy See €54 million.
The bank has been reviewing accounts to ensure compliance with anti-money-laundering regulations and to make sure all its clients belong to one of four categories consistent with its mission to serve “works of religion”: Catholic institutions; individual clergy and members of religious orders; Vatican employees and pensioners; and foreign diplomats accredited to the Holy See.
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