Vatican bank displays financial decline, moral gains after papal reforms
Despite diminished profits, the Vatican bank appears ready to turn a new page in the wake of years of financial scandals.
Faithful gather to attend the Catholic Easter Sunday Mass led by Pope Francis in St. Peter's Square at the Vatican, April 17, 2022. For many Christians, the weekend marked the first time in three years that they gathered in person to celebrate Easter Sunday. (AP Photo/Alessandra Tarantino)
June 8, 2022
By Claire Giangravé
VATICAN CITY (RNS) — Pope Francis has been clear about his vision for Catholicism as a “poor church for the poor” and the 2021 annual report of the Vatican bank shows that the pope’s wish is closer than ever to becoming a reality.
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In the report published on Tuesday (June 7), the bank, officially the Institute for Religious Works, announced that it made a net profit of 18.1 million euros (about $19.3 million) last year, a significant decrease from the 36.4 million euros it netted in 2020, but which Vatican officials defended as an able effort in difficult times.
“This is certainly an important result considering the low yields on financial markets,” said Cardinal Santos Abril y Castelló, president of the Commission of Cardinals, which oversees the bank, in a statement accompanying the report.