The Institute for the Works of Religion (IOR, or Vatican Bank) has reported a net profit of €30.5 million ($32.8 million) in 2023.
“Cost control continued to be core to management efforts, though investments aimed at improving customer services and digitalization were made,” according to the bank.
“Given the soundness of the 2023 financial statements, and taking into account IOR’s capital requirements,” the commission of cardinals that oversees the bank donated €13.6 million ($14.6 million) to religious and charitable works.