photo: vaticannews.va
The Institute for Religious Works is one of the most solid institutions in terms of capitalization and liquidity and is a benchmark for investments in line with Catholic ethics, we read in its annual report. As the press release adds, 13.6 million euros have been earmarked for religious works and charity.
Vatican News
"For the twelfth consecutive year, the Institute for Religious Works (IOR) is publishing its annual report containing its 2023 financial statements prepared in accordance with International Accounting Standards-IFRS," reads the press release accompanying the publication of the financial statements.
The aforementioned financial statements were rated "unqualified" by the auditing firm Mazars Italia S.p.A. and on 30 April 2024 were unanimously approved by the Institute's Supervisory Board and, in accordance with the Statutes, submitted to the Cardinal Commission for examination.
"In accordance with the objectives of the Strategic Plan," the statement continues, "and in fulfilling its primary task of serving the religious works of His Holiness Pope Francis and the Church worldwide, the Institute achieved the following results in 2023:
Net profit of EUR 30.6 million; +23 % net interest income, +49 % net brokerage margin, +31 % commission margin; total client deposits +4 % to EUR 5.4 billion; TIER 1 ratio of 60 % and cost/income ratio of 48 %."
The IOR informs that "the Cardinal's Commission has decided to distribute 13.6 million euros to religious and charitable works, given the solidity of the financial data of the 2023 accounts and taking into account the Institute's capitalization needs. The increase in net profit in 2023 was again driven by a positive interest margin, net interest and commission income. Cost control was a major commitment of management despite the implementation of investments aimed at improving customer service and digitalization."
Finally, "with respect to asset management services, the Institute holds firm to principles that are consistent with the Catholic faith (Investing in Accordance with Catholic Ethics). The quality of IOR's asset management products is a testament to the work done over the years that has made the Institute a global benchmark in ethical investing. The robustness of the TIER 1 indicator, as well as the liquidity indicators, places the Institute among the most solid financial institutions in the world in terms of capitalisation and liquidity".
Vaticannews.va/gnews.cz-roz_07
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