Archive · 11 Jun 2025
Vatican Bank Makes Gains in Profit and Transparency
The Vatican's bank, the Institute for Works of Religion (IOR), is doing better financially.
The bank manages money for church-related organizations and is working to be more open about its finances.
Profits went up, but it's still not enough to cover all the church's costs.
The bank is trying to improve its image after past problems and aims to make ethical investments.
The bank is overseen by Pope Leo XIV, who is continuing the work to clean up and improve the bank's reputation.
The Vatican Bank's assets reached a 10-year high in 2024, with profits up about 7% to €32.8 million.
The bank, also known as the Institute for Works of Religion (IOR), provides traditional banking services and oversees investments for church institutions.
Pope Leo XIV is continuing the process initiated by Pope Francis to clean up the institution and improve financial transparency.
The IOR has been working to shed a reputation for mismanagement and secrecy by publishing annual reports and revamping its management.
The IOR board proposed a €13.8 million dividend for 2024 to the Commission of Cardinals.
- Who
- The IOR, led by President Jean-Baptiste Douville de Franssu and Director General Gian Franco Mammì, is overseen by Pope Leo XIV.
- What
- The Vatican Bank, the Institute for Works of Religion (IOR), is making strides in improving its financial standing and transparency.
- When
- In 2024, the bank's profits rose by approximately 7%.
- Where
- The IOR operates from offices near St. Peter's Square in the Vatican.
- Why
- The bank aims to improve its reputation and manage finances ethically after past mismanagement issues.
- Bank Name
- Institute for Works of Religion (IOR)
- Assets Under Management
- €5.7 billion ($6.5 billion)
- 2024 Profit Increase
- Approximately 7%
- 2024 Dividend Proposed
- €13.8 million
- Key Personnel
- Jean-Baptiste Douville de Franssu, Gian Franco Mammì
- Primary Function
- Provides banking services and oversees investments for institutions tied to the church