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The Institute of Religious Works (IOR), better known as the Vatican's bank, said Friday its profits remained relatively stable last year despite "very challenging" coronavirus-related circumstances.
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An exterior view of the tower of the Institute for Works of Religion (IOR) in Vatican City in 2011. REUTERS/Stringer The Institute of Religious Works (IOR), better known as the Vatican’s bank, said Friday its profits remained relatively stable last year despite “very challenging” coronavirus-related circumstances. The IOR posted a 2020 net profit of 36.4 million euros ($44.2 million) down from 38 million euros in 2019, the bank said in a statement. It added that three-quarters of the sum, around 27 million euros, will be turned over to Pope Francis who has a personal charity fund or other targeted Holy See entities. The IOR, which called 2020 “a very challenging year for the world economy,” routinely subsidises other Vatican bodies. Last year’s contribution was over twice the size of 2019’s subsidy of 12 million euros, an indication of the Vatican’s need for cash during the coronavirus crisis.