“For the twelfth consecutive year, the Institute for Works of Religion (IOR) publishes its Annual Report containing the 2023 Financial Statement prepared by international IAS-IFRS accounting standards.” This is stated in a press release accompanying the publication of the balance sheet.
«These financial statements obtained an “unreserved” report from the auditing company Mazars Italia S.p.A. and, on April 30, 2024, it was unanimously approved by the Superintendency Council of the Institute and, according to the Statute, sent to the Commission of Cardinals for evaluations.
«Consistent with the objectives of the strategic plan – the statement continues – and fulfilling its primary function of serving the Works of Religion of His Holiness, Pope Francis and the Church in the world, in 2023 the Institute achieved the following results:
30.6 million euros of net profit; +23% interest margin, +49% intermediation margin, +31% commission margin; total customer collection +4% to €5.4 billion; TIER 1 ratio equal to 60% and cost/income ratio equal to 48%.
The IOR reports that the Commission of Cardinals, given the solidity of the financial data of the 2023 accounts and taking into account the capitalization needs of the Institute, has decided to distribute 13.6 million euros for works of religion and charity. Also in 2023, the growth in net profit was obtained with the positive contribution of the interest margin, the intermediation margin and the commission margin. Cost control has been management’s main commitment, despite the implementation of investments aimed at improving customer service and digitalization.
Finally, with regard to asset management services, the Institute is firmly committed to respecting principles consistent with the Catholic faith (Investments consistent with Catholic ethics). The quality of the IOR’s asset management products attests to the work carried out over the years, which has allowed the Institute to become a global benchmark in ethical investments. The strength of the TIER 1 relationship, as well as the liquidity ratios, position the Institute among the strongest financial institutions in the world in terms of capitalization and liquidity.
