The Vatican Financial institution studies a revenue of 38 million euros in 2019

The Vatican Financial institution studies a revenue of 38 million euros in 2019

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The Institute for Religious Works, often referred to as the Vatican Bank, achieved a profit of 38 million euros in 2019, more than double the profit reported in the previous year.

In the report released by the Vatican on June 8, Jean-Baptiste de Franssu, president of the bank's board of directors, said that 2019 was "a good year" and the profit "reflected a prudent approach to the management of the institute and its cost base. "

The bank had assets of $ 5.1 billion ($ 5.7 billion) at the end of the year, including deposits and investments from nearly 14,996 customers – primarily Catholic orders around the world, Vatican offices and employees, and Catholic clergymen.

"In 2019, the institute continued to provide the State of Vatican City and the Catholic Church with strict and prudent financial services worldwide," said a statement on June 8.

According to the report, the bank's assets totaled EUR 630 million (USD 720 million). The core capital ratio – which measures the bank's financial strength – is 82.4 percent compared to 86.4 percent in 2018.

The reduced rate, the bank said, is due to the decrease in share capital and the higher credit risk of assets.

"The priority and commitment of the institute to the ethical and social principles of Catholic teaching apply to management and investment policies for its own account and for those of its customers," said the institute.

The Vatican Bank, the statement said, continues to invest in companies that conduct activities in accordance with Catholic ethics and respect for creation, human life and human dignity.

The IOR, the Italian acronym for the Institute for Religious Works, said it also "contributed to numerous and social activities" and awarded rents with subsidized leases to associations and Catholic institutions that "due to their limited budgets" I could do it myself can't afford to rent at the market price. "

It also lent property for free use "to organizations that provide hospitality and support to people under special fragility or risk conditions, such as young single mothers or victims of violence, refugees, the sick and needy," the institute said.

The institute said that the coronavirus pandemic, while making estimates for 2020 “highly uncertain”, “will continue to serve the Holy Father in his mission as a universal pastor by providing a dedicated financial advisory service in full accordance with the Vatican and the Vatican international laws. "

Before the publication of the report, the 2019 financial statements had been audited by Mazars and reviewed by the Cardinal Commission, which oversees the work of the institute, the press release said.

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