VATICAN CITY
The Tablet
12 June 2017 | by Christopher Lamb
Results will be seen as a boost for Pope Francis’ Vatican financial reforms, which he has entrusted to Australian Cardinal George Pell
The Vatican Bank has reported a more than 100 per cent increase in profits in their latest annual report thanks to what they describe as a “prudent approach” to managing investments.
In the 136 page annual report, the Institute for the Works of Religion (IOR) report that net profits for 2016 were €36 million up from €16.1 million the year before, with these gains then being distributed in aid of the Holy See’s mission.
The latest statement, released this afternoon (12 May), also reveals a €4 million decrease in expenses to €19.1 million which was achieved by a “rationalisation” of outside contractors.
These results will be seen as a boost for Pope Francis’ Vatican financial reforms, which he has entrusted to Australian Cardinal George Pell. Soon after taking over as Prefect of the Secretariat of the Economy, Cardinal Pell announced a new management of the bank, including appointing billionaire hedge fund guru Michael Hintze to its board.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.