The Vatican Bank turns a profit

Over the years, the Vatican bank has been a regular character in news stories and novels, often with a whiff of scandal. Popes seem to regularly promise to clean it up. "The Institute for Works of Religion, or the Vatican Bank as it's known, provides traditional banking services and oversees investments for institutions tied to the church. Last year, it continued to draw in new cash, increasing its assets under management to a 10-year high, and is seeking to build on the record by showing it can continue to beat its benchmarks even by sticking to investments in line with the ethics of the faith," reports Bloomberg. The bank this week reported a rise in profits of 7 percent to €32.8 million in 2024, which won't put much of a dent in the Vatican's debts. "But it indicates the bank is making some strides toward shedding the reputation for mismanagement and secrecy that resulted in several public scandals surrounding investment losses, criminal probes and clandestine love affairs. De Franssu and Mammì -- a more than three-decade employee who has been director general since 2015 -- said Pope Leo XIV has indicated that he intends to continue the process started by Pope Francis to clean up the institution that effectively serves as the family office for the world's largest faith."