The Vatican bank, officially, the Institute for Works of Religion (IOR), announced that it had made a profit of about $19 million in 2021. The net profit of $19 million is lower than the $44 million in 2020 and $46 million in 2019. The annual report of the IOR was published on June 7, and notes that financial assets are directed to funding organizations with Catholic values and principles.
In the report the Vatican trial prosecuting ten people for financial crimes was mentioned. The crimes are associated with the Secretariat of State’s purchase of a 350 million euro (nearly $375 million USD) London investment property. The IOR is seeking damages as is the Secretariat of State, the Administration of the Patrimony of the Apostolic See (APSA), the Financial Information and Supervision Authority (ASIF), and former Secretariat of State official Monsignor Alberto Perlasca.
The IOR, located in Vatican City State, employs 110 people serving 14,519 clients. It manages 5.2 billion euros ($5.6 billion USD) of assets.