Vatican City, Jun 8, 2020 / 10:30 am
The Institute for the Works of Religion (IOR), commonly called the Vatican Bank, said it had made a net profit of 38 million euros in 2019 as it released its annual report Monday.
According to the report, the IOR recorded a net profit more than double that of the 17.5 million euros it reported in 2018. This could be due to the boom in global markets in 2019, a year in which the S&P 500 grew by more than 28%.
An IOR press release June 8 attributed the net result to a "risk-based and faith consistent investment process," adding that the "priority and commitment of the Institute to the ethical and social principles of Catholic teaching is applied to the management and investment policies of its own account and to those of its clients."
The 2019 Vatican bank financial statements were audited by Mazars Worldwide.