In a landmark move on October 1, the Institute for Works of Religion also known as Vatican Bank said in its first annual report that it received 86.6 billion euros in revenues in 2012. A year earlier the profits totaled 20.3 billion euros.
The net earnings in 2012 rose to the tune of 52.2 million euros; the indicator is calculated as the difference between the revenues from the assets and interest payments. Yet more 12.2 million euros were derived from fees and commissions for asset management services; the revenue from trading activity rose to 51.1 million euros. Operational costs which include pension tax and personnel costs accounted to 23.9 million euros. Other operational expenses increased to 11.8 million euros.
The document also reads that the bank will earmark 54.7 million euros to the Vatican’s budget, whereas the rest of the assets are the retained earnings.
This May the Vatican’s Financial Information Authority (FIA), established in 2010 to oversee financial activity of the Holy See, also published its first financial report. The document was mostly devoted to Vatican’s efforts to tighten controls on suspicious transactions, in the response to complaints of the international regulator.
Earlier the Vatican bank was accused of a series of scandals and money-laundering for many years. In attempt to restore its reputation, the Holy See initiated the cases investigation to admit no wrongdoing at the bank. The regulators carried out the inspection; however the results were not disclosed yet. Moreover, in a drive for more financial transparency, Vatican started to publish financial reports.
