The Vatican IOR is growing in revenues (51 million euros, 55.5 % more), and deposits.

The new IOR, Istituto per le Opere di Religione (IOR), commonly referred to as the Vatican Bank, has just published the fourteenth edition of its Annual Report, which includes the 2025 financial statements, with a remarkable growth path in its indicators.

Frenchman Jean-Baptiste de Franssu concluded his term of office as president with the approval of these annual accounts for 2025. The Institute paid tribute to his work, carried out at the encouragement of Pope Francis. François Pauly, from Luxembourg, has been the new president since April 28.

Main indicators

Among the most relevant data of these annual accounts, The IOR highlights the following.

- 51 million in net income in the last fiscal year, up 55.5 % from 2024, thanks also to an increase in customer deposits.

- 5.9 billion euros in total deposits (customer deposits, assets under management, assets under custody) managed by the bank, up 3 percent from 5.7 billion euros in 2024.

- 815.3 million euros of net assets, an increase of 83.4 million euros compared to 2024.

- 32.3 million euros net interest income, compared with 29.4 million euros in 2024; 26.2 million euros net fee and commission income, in line with 26.5 million euros in the previous year; net interest income of 66.3 million euros, compared with 51.5 million euros in 2024.

- Tier 1 ratio of 71.9 %, 3.5 % higher than in 2024, mainly due to an overall decrease in risks and an increase in total capital.

Some comments

The significant increase in net income was mainly due to improved operating results, reflecting active and disciplined portfolio management, as well as favorable market conditions.

Overall profitability increased substantially, further supported by the positive performance of pension fund reserves.

All client portfolio management (CPM) strategies, with positive performance across the board, confirm IOR's position as one of the world's leading asset managers to the service of Catholic asset owners. 

Deloitte's “unqualified” audit report

The financial statements presented have received an “unqualified” audit opinion from the auditing firm Deloitte & Touche, and were unanimously approved on April 28, 2026 by the Institute's Board of Superintendents, as required by the Bylaws.

In light of “the solid data,” and taking into account the Institute's capitalization needs, the Commission of Cardinals approved the distribution of a dividend of €24.3 million to the Holy Father, an increase of 76.1 % over 2024, in line with the Institute's mission to support works of religion and charity.

The note adds that in full conformity with the Social Doctrine of the Church, the IOR has continued to offer a diversified product range, combining its management expertise with that of more than 11 international asset managers. 

More religious congregations customers

In the section on client assets under management, €5.9 billion at the end of the year, the IOR reports that during 2025 there was an increase both in the number of religious congregations that are clients of the Institute and in those that entrusted their assets by subscribing to asset management mandates. 

The IOR highlights “the soundness of the Tier 1 ratio, as well as the liquidity ratios”, which “place the Institute among the strongest financial institutions in the world in terms of capitalization and liquidity”.

Online banking and strategic plan

The Institute has also introduced an online banking service, expanding access channels and ensuring simpler, safer and more immediate operating methods, in line with the highest international standards.

The 2026-2028 Strategic Plan approved by the Board of Superintendents is based on three key principles: customer focus, prudent growth, and financial security and soundness.

In February 2026, the IOR launched, in collaboration with Morningstar, two new stock market indexes. “Developed in accordance with best market practices and in full compliance with the principles of the Social Doctrine of the Catholic Church, both indexes are intended to serve as a benchmark for Catholic investments worldwide.”.