Profit Soars at the Vatican Bank After a Governance Overhaul
By
Jean-Baptiste de Franssu, the president of the Vatican bank, last year after his appointment.CreditAngelo Carconi/European Pressphoto Agency
ROME — The Vatican bank said on Monday that its 2014 net profit had soared, recovering from the expense of last year’s extraordinary overhaul of the organization’s governance.
The Institute for the Works of Religion, as the bank is officially called, reported 69.3 million euros, or about $76 million, in net profit, more than 20 times the €2.9 million reported for the previous year. In 2013, the bank lost money on investments and on the decreased value of its gold holdings, and had to face the costs of meeting stricter standards against money laundering…
Profit Soars at the Vatican Bank After a Governance Overhaul
