The Institute for the Works of Religion (IOR) has published its Annual Report, showing results that include a dividend of €13.8 million for the Pope
Newsroom, June 11, 2025, Gaudium Press – The Institute for the Works of Religion (IOR), the only institution authorized to provide financial services in Vatican City State and the reference financial institution for the Catholic Church worldwide, has released its thirteenth Annual Report, detailing its 2024 Financial Statements. Prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), the report highlights a net profit of €32.8 million, a 7% increase from 2023, and a €13.8 million dividend allocated to the Pope to support religious and charitable initiatives.
Serving over 12,000 clients across more than 110 countries, the IOR manages €5.7 billion in total assets (including deposits, current accounts, asset management, and securities in custody), up from €5.4 billion in 2023. Key financial metrics include a 5.8% rise in interest margin, a 13.2% increase in commission margin, and a 3.6% growth in intermediation margin compared to 2023. The Institute’s Tier 1 ratio, a measure of financial stability, rose 16.1% to 69.43%, reflecting a general reduction in risks and an increase in net equity to €731.9 million, up €64.3 million from the previous year.
The growth in net profit was driven by positive contributions from interest, commission, and intermediation margins, combined with careful cost control. The IOR’s economic, financial, and productivity indices confirm another year of growth in service to its customers, positioning the Institute among the world’s most robust financial entities in terms of capitalization and liquidity.
Significant non-financial improvements include strengthened key functions, the hiring of specialized personnel, and targeted investments in enhanced digital and IT infrastructure to better serve clients. The IOR continued to expand its banking and investment services in 2024, all in full compliance with the principles of the Catholic Church’s Social Doctrine. The quality of its investment services is evidenced by the performance of its asset management lines, which delivered positive gross returns and outperformed benchmarks in 79% of cases.
On April 29, 2025, Mazars Italia S.p.A. issued an unqualified audit opinion on the financial statements, which were unanimously approved by the IOR’s Board of Superintendence and forwarded to the Commission of Cardinals for review, as required by the Institute’s Statutes. In light of the solid financial results and the Institute’s capitalization needs, the Commission authorized a €13.8 million dividend to the Holy Father, aligning with the IOR’s mission to support religious and charitable works.
Raju Hasmukh with Sources from:
-Vatican News, “IOR publishes the thirteenth edition of its Annual Report,” 2025.
-Institute for the Works of Religion (IOR), Annual Report 2024.
-Press release, Institute for the Works of Religion, June 11, 2025.
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