By Cindy Wooden, OSV
The Institute for Works of Religion (IOR), commonly known as the Vatican bank, reported higher profits in 2024 and gave a slightly larger dividend check to Pope Francis, who used the entire amount for charity.
On June 11, the bank published its financial report 2024, detailing in almost 200 pages its objectives, achievements and ethical investment criteria.
Its net profit in 2024 was €32.8 million (about $37.6 million), up 7% from 2023, according to the report.
The institute paid Pope Francis a dividend of 13.8 million euros ($15.8 million), it said. The dividend for 2023 was 13.6 million.
"The Holy Father decided for the first time to allocate the entire dividend paid to charitable works," wrote Jean-Baptiste de Franssu, president of the institute, in the introduction to the report. No further details on the charitable activities supported by Pope Francis were included.
Vatican bank projects
The bank also has its own charitable projects, approved by a charity committee. Around €1 million was distributed, according to the report. "The most common donations from the Charity Committee are direct financial aid to needy families, generally through parishes, specific aid for missionary and charitable works, or contributions to young student priests to complete their university studies."
The institute also offers low-cost or free rent to some nonprofit charities that provide housing for migrants, refugees, single mothers, people with mental health problems and families with financial difficulties, he said.
The bank has about 12,000 clients in more than 110 countries around the world; clients are limited to Catholic entities such as Vatican offices, religious orders, cardinals, Vatican employees and bishops' conferences.
The financial report indicated that the bank managed some €5.7 billion ($6.5 billion) in total assets, including deposits, current accounts, assets under management and securities. This total represented a slight increase from the €5.4 billion managed in 2023.
Investments consistent with faith
The 2024 report also detailed the principles included in its "faith-consistent investment" guidelines. "The Institute does not invest in companies that, directly or indirectly through subsidiaries, own or operate hospitals or specialized centers that provide abortion services, produce abortion products, produce contraceptive products, or are involved in the use of embryonic stem cells or tissues derived from human embryos or fetuses," it stated.
It does not invest in: arms manufacturers, including those that produce or distribute small arms; companies that have a negative impact on the environment; and companies directly or indirectly involved in gambling, pornography, lending at usurious rates, the production and sale of tobacco or the production and sale of alcohol.
The report notes that the bank also does not invest in companies that "seriously violate the 10 principles of the UN Global Compact" by violating human rights, workers' rights, business ethics or environmental protection.
