PRESS RELEASE
IOR: RESULTS AT 31 DECEMBER 2024 APPROVED
THE INSTITUTE FOR THE WORKS OF RELIGION (ISTITUTO PER LE OPERE DI RELIGIONE, IOR), THE ONLY INSTITUTION AUTHORIZED TO PROVIDE FINANCIAL SERVICES IN THE VATICAN CITY STATE, IS THE FINANCIAL INSTITUTION OF REFERENCE FOR THE CATHOLIC CHURCH WORLDWIDE
THE INSTITUTE'S ECONOMIC, FINANCIAL AND PRODUCTIVITY INDICATORS CONFIRM ANOTHER YEAR OF GROWTH IN THE SERVICE OF ITS CUSTOMERS
NET PROFIT UP, TOTALLING 32.8 MILLION EUROS
TIER 1 RATIO UP, AT 69.43%
TOTAL DEPOSITS OF 5.7 BILLION EUROS
79% OF ASSETS UNDER ASSET MANAGEMENT EXCEEDED THE BENCHMARK RETURN
ALL MANAGEMENT LINES REPORTED POSITIVE GROSS RETURNS, IN COMPLIANCE WITH THE SOCIAL DOCTRINE OF THE CHURCH
Vatican City, 11 June 2025 – The Institute for the Works of Religion (Istituto per le Opere di Religione, IOR) has published the thirteenth edition of the Annual Report containing the 2024 Financial Statements, prepared in accordance with IAS-IFRS.
Consistent with the objectives of the strategic plan and fulfilling its primary role of serving the Catholic Church around the world, the Institute achieved the following results in 2024:
- EUR 32.8 million net profit, up 7% compared to 2023.
- +5.8% interest margin, +13.2% commission margin, +3.6% net interest and other banking income compared to 2023.
- +16.1% over 2023 for Tier 1 ratio, at 69.43%, due to a general decrease in risks and an increase in equity.
- EUR 5.7 billion in total funding (deposits, current accounts, asset management and securities under custody) managed by the Bank compared to EUR 5.4 billion in 2023.
- EUR 731.9 million in shareholders’ equity, an increase of EUR 64.3 million compared to 2023.
The growth in net profit was achieved with the positive contribution of net interest income, commission margin and net interest and other banking income, together with careful cost control.
Numerous non-financial improvements were also evident, as the IOR strengthened key functions and recruited new specialized resources. Targeted investments enabled the development of an improved digital and IT infrastructure, with the aim of better serving customers.
The robust Tier 1 ratio, as well as the liquidity ratios, place the Institute among the most solid financial institutions in the world in terms of capitalization and liquidity.
The financial statements obtained an ‘unqualified’ report from the auditing firm Mazars Italia S.p.A., and on 29 April 2025 were unanimously approved by the Institute's Board of Superintendence and, as required by the Articles of Association, forwarded to the Commission of Cardinals for their respective evaluations.
In light of the soundness of the financial data of the 2024 Annual Report and in view of the capitalisation needs of the Institute, the Commission of Cardinals resolved to distribute a dividend of 13.8 million Euro to the Holy Father, in line with the Institute's mission to support religious and charitable works.
During 2024, the IOR continued to expand its range of banking and investment services, all in full adherence to the principles of the Social Doctrine of the Catholic Church.
The quality of the investment services is confirmed by the performance of the Institute's asset management lines, which reported positive returns and, in 79% of cases, above the benchmark.
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The Institute for the Works of Religion (Istituto per le Opere di Religione, IOR) offers its clients banking and investment services, managing the assets entrusted to it in accordance with the Social Doctrine of the Catholic Church and the highest international standards.
The only institution authorized to professionally carry out activities of a financial nature in Vatican City State, the IOR serves over 12,000 clients belonging to or serving the Catholic Church in more than 110 countries around the world.
Using a management model developed in-house over time, the IOR operates in the financial markets with an active investment process, combining careful selection of investable assets with clients' risk and return objectives.
https://www.ior.va/rapporti-annuali/
Media Contacts: Community
Roberto Patriarca – +39 335 6509568
Paolo Volterra – +39 338 8240585
Silvia Tavola – +39 338 6561460
Lucia Fava – +39 366 5613441
ior@community.it
