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Home » » Vatican bank issues first-ever annual report

Vatican bank issues first-ever annual report

Posted by on November 19, 2015 0 Comment

epa03890812 A handout image dated 29 January 2009 and made available by Osservatore Romano on 02 July 2013 showing an exterior view of the Institute of Religious Works (IOR) in Vatican city, Vatican. The Vatican's bank on 01 October 2013 issued its first-ever annual report, as part of an efforts to achieve more transparency at the scandal-hit financial institution. The Institute for Religious Works (IOR), as the bank is known, reported profit of 86.6 million euros (117 million dollars) last year, more than four times the 20.3 million euros it earned in 2011. The profit was buoyed by gains in the value of securities held and sold by the bank, which rose to 51.1 million euros from a loss of 38.2 million euros in 2011, it said in a statement. EPA/OSSERVATORE ROMANO / HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES

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