Vatican Bank reports RM159 million profit in 2024
The Vatican Bank. (CNA/Andrea Gagliarducci
VATICAN: The Vatican Bank, officially known as the Institute for the Works of Religion (IOR), reported a net profit of €32.8 million (RM158,952 million) for 2024, a seven per cent increase from the previous year. The growth was driven by higher interest, commission, and brokerage income, along with tighter cost control. The total volume of client assets rose to €5.7 billion (RM27 billion), and net assets increased to €731.9 million (RM3.5 billion). The IOR's strong performance also led to a dividend of €13.8 million (RM66 million) being allocated to the Holy Father, reaffirming its mission to support the Church's religious and charitable works. All investments were conducted in line with Catholic social teaching, with 100 per cent of asset management lines posting gains and 79 per cent outperforming their benchmarks. The bank's Tier 1 capital ratio — a key indicator of financial stability — reached 69.43 per cent, a 16.1 per cent rise from 2023, due to reduced risk exposure and stronger equity. This places the IOR among the most well-capitalised financial institutions globally in terms of liquidity and solvency.
Improvements in technology and staffing in 2024 further enhanced the IOR's operations and customer service. As the only financial institution authorised to operate within Vatican City, its audited financials confirmed compliance with international accounting standards and another year of stable, sustained growth. --CNA
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