The Vatican Bank Posts Strong Financial Results for 2023
The Institute for the Works of Religion (IOR), known commonly as the Vatican Bank, has recently released its Annual Report for 2023, showcasing impressive financial results. With a profit of 30.6 million euros, the IOR has once again demonstrated its position as a solid and highly ethical financial institution.
Prepared in accordance with international accounting standards, the IOR’s Financial Statements for 2023 have been approved by the Board of Superintendence and are now under review by the Commission of Cardinals. The auditor, Mazars Italia S.p.A., has given a clean opinion on these statements, highlighting the robust financial position of the Vatican Bank.
One of the key highlights of the report is the +23% increase in Net Interest Margin, along with impressive gains in Intermediation Margin (+49%) and Net Commission Margin (+31%). In total, client assets grew by 4%, reaching 5.4 billion euros. With a TIER 1 ratio of 60% and a cost/income ratio of 48%, the IOR remains a benchmark for sound investments aligned with Catholic ethics.
The Commission of Cardinals has decided to allocate 13.6 million euros towards works of religion and charity, reflecting the institution’s commitment to social responsibility. The growth in net profit in 2023 was driven by positive contributions across various margins, coupled with strategic investments in customer service and digitalization.
Moreover, the IOR’s focus on Faith Consistent Investment has solidified its reputation as a global leader in ethical asset management. The quality of products offered by the Vatican Bank underscores its dedication to upholding the values of the Catholic faith.
As the IOR continues to implement its strategic plan and support the mission of Pope Francis, the future looks promising for this renowned financial institution.
By Vatican News
