IOR reports net profit of 30.6 million euro in 2023
The Institute for Works of Worship (IOR) publishes its annual report for 2023, revealing a profit of 30.6 million euros.
By Vatican News
For the twelfth consecutive year, the Institute of Works of Religion (IOR), commonly known as the Vatican Bank, has published its annual report containing its 2023 financial statements prepared in accordance with international accounting standards IAS-IFRS.
A press release accompanying the publication of the financial statements states: “These financial statements received an unqualified opinion from the auditor, Mazars Italia SpA, and, on April 30, 2024, they were unanimously approved by the IOR Board of Superintendence and, as provided for in the Statutes, they were then sent to the Commission of Cardinals for examination.
The IOR is among the strongest institutions in terms of capitalization and liquidity, and constitutes a benchmark for investments consistent with Catholic ethics.
“In accordance with the objectives of its strategic plan,” the statement continued, “and while fulfilling its primary role of working for the religious works of His Holiness Pope Francis and for the Church in the world in 2023, the IOR has obtained the following results:
• Net profit of 30.6 million euros,
• + 23% net interest margin, + 49% intermediation margin, + 31% net commission margin,
• Total Client assets +4% amount to EUR 5.4 billion,
• A TIER 1 ratio of 60% and a cost/income ratio of 48%.
The IOR informs that “taking into account the solidity of the 2023 financial statements, and taking into account the capital requirements of the IOR, the Commission of Cardinals has decided to distribute 13.6 million euros for works of religion and charity.
In 2023, net profit growth was achieved thanks to the positive contribution of interest margin, intermediation margin and commission margin. “Cost control remained at the heart of management efforts, even as investments in improving customer service and digitalization were made.”
Finally, “in terms of asset management, the Institute is very attached to principles consistent with the Catholic faith (Faith Consistent Investment). The quality of the products managed by IOR demonstrates the work accomplished over the years, allowing IOR to become a global benchmark in ethical investments.
