The Institute for the Works of Religion, commonly known as the Vatican bank, reported increased profits in 2024 and gave a slightly larger dividend cheque to Pope Francis, who gave the entire amount to charity. Source: CNS.
The bank released its 2024 financial report this week, detailing in almost 200 pages its goals, achievements and ethical investment criteria.
Its net income for 2024 was 32.8 million euros (about $A58.3 million), up 7 per cent over 2023, the report said.
The institute gave Pope Francis a dividend payment of 13.8 million euros ($24.5 million), it said. The dividend for 2023 was $24.2 million.
“The Holy Father decided for the first time to use the entire amount of the dividend paid to charitable work,” Jean-Baptiste de Franssu, president of the institute, wrote in the report’s introduction.
Further details about the charitable activities supported by Pope Francis were not included.
The bank also has its own charitable projects, which are approved by a charity committee. About 1 million euros ($1.78 million) were distributed, the report said.
“The most common donations from the Charity Committee are direct financial aid for destitute families, usually via parishes, specific help for missionary and charity work or contributions to young student priests for the completion of university studies.”
The institute also provides low- or no-cost rent to some non-profit charities that provide housing to migrants, refugees, single mothers, people with mental health issues and families in financial difficulty, it said.
The bank has about 12,000 clients in more than 110 countries; the clients are limited to Catholic entities like Vatican offices, religious orders, cardinals, Vatican employees and bishops’ conferences.
The financial report said the bank handled some 5.7 billion euros ($10.1 billion) in total assets, including deposits, current accounts, managed assets and securities. The total was a slight increase over the 5.4 billion euros handled in 2023.
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Vatican bank reports increased profits, charitable giving (By Cindy Wooden, CNS via OSV News)
