The Institute for the Works of Religion (IOR) has released the thirteenth edition of its Annual Report, underscoring its financial achievements and continued dedication to supporting religious and charitable initiatives. The 2024 Financial Statements reveal a €13.8 million dividend for the Pope, reinforcing the Institute’s core mission.

As the Vatican's sole financial institution authorized to conduct professional banking activities, the IOR’s latest report follows International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Serving over 12,000 clients across 110 countries, the Institute remains a pillar of financial support for the global Catholic Church.

Key financial results highlight a net profit of €32.8 million, reflecting a 7% increase from 2023, alongside growth in interest margin (+5.8%), commission margin (+13.2%), and intermediation margin (+3.6%). The Tier 1 ratio has improved by 16.1%, now at 69.43%, as a result of prudent risk management and equity expansion.

Total assets under management have climbed to €5.7 billion, up from €5.4 billion in 2023, while equity has risen by €64.3 million to €731.9 million. This financial growth is attributed to strengthened revenue streams and careful cost management.

Beyond financial performance, the IOR has implemented strategic non-financial initiatives, including the recruitment of specialized personnel and the enhancement of digital and IT infrastructure to better serve clients. Its robust Tier 1 and liquidity ratios place the Institute among the world's most well-capitalized financial entities.

On April 29, 2025, Mazars Italia S.p.A. provided an unqualified audit opinion on the IOR’s financial statements, which were unanimously approved by the Board of Superintendence and reviewed by the Commission of Cardinals. In light of the Institute’s strong financial position, the Commission endorsed the €13.8 million dividend distribution to the Pope.

Throughout 2024, the IOR has continued expanding its range of banking and investment services while ensuring full alignment with the Catholic Church’s Social Doctrine. Its asset management offerings have demonstrated solid performance, with 79% of investment lines exceeding benchmarks, reaffirming its role as a trusted financial steward within the Church.