The Institute for the Works of Religion has published its Annual Report, showing results that include a dividend of €13.8 million for the Pope, in line with the Institute’s mission to support religious and charitable works.
By Vatican News
The Institute for the Works of Religion (IOR), the only entity authorized to professionally carry out financial activities in the Vatican City State, has released the thirteenth edition of its Annual Report, which includes the 2024 Financial Statements, prepared in accordance with international accounting principles IAS (International Accounting Standards) and IFRS (International Financial Reporting Standards).
The IOR serves over 12,000 clients who belong to or serve the Catholic Church, in more than 110 countries worldwide.
A press release outlines the results achieved, which are tied to the IOR’s mission of serving the Catholic Church worldwide and are “in line with the objectives of the strategic plan.”
The figures reported include: €32.8 million in net profit, up 7% from 2023; +5.8% in interest margin, +13.2% in commission margin, +3.6% in intermediation margin compared to 2023; +16.1% increase in the Tier 1 ratio compared to 2023, now at 69.43%, due to a general reduction in risk and an increase in equity.
It also reports €5.7 billion in total assets under management (deposits, current accounts, asset management, and securities in custody), up from €5.4 billion in 2023; and €731.9 million in equity, up €64.3 million from 2023.
The increase in net profit was achieved through the “positive contribution of interest margin, commission margin, and intermediation margin, along with careful cost control.”
Numerous non-financial improvements are also evident, as the IOR has strengthened key functions and hired new specialized personnel. Targeted investments have enabled the development of improved digital and IT infrastructure, with the aim of better serving clients. The strength of the Tier 1 ratio, as well as liquidity ratios, place the Institute among the most solid financial institutions in the world in terms of capitalization and liquidity.
The audit firm Mazars Italia S.p.A., on April 29, 2025, issued a clean opinion (“senza rilievi”) on the IOR’s financial statements, which were unanimously approved by the Institute’s Board of Superintendence and, as required by its Statutes, transmitted to the Commission of Cardinals for review. “In light of the solid financial results of the 2024 Financial Statements and considering the Institute’s capitalization needs,” the report states, “the Commission of Cardinals approved the distribution to the Pope of a €13.8 million dividend, in line with the Institute’s mission to support religious and charitable works.”
Throughout 2024, the IOR “continued to expand its offering of banking and investment services, all in full adherence to the principles of the Catholic Church’s Social Doctrine.” The quality of investment services is confirmed by the performance of the Institute’s asset management lines, which delivered positive returns and, in 79% of cases, outperformed the benchmark.
