Vatican Bank's Managed Client Assets Exceed Rp 100 Trillion

The Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, is a financial institution that specifically manages the assets of the Catholic Church.

The Vatican Bank is led by a group of cardinals appointed directly by the Holy Father.

"This institution provides asset custody and administration services, transferred or entrusted by individuals or legal entities, for religious or charitable activities," stated the IOR management in its 2023 Annual Report.

"The IOR strives to serve the global mission of the Catholic Church through asset management and by providing payment services for the Holy See and Vatican City State, related entities, religious orders, other Catholic institutions, clergy, Holy See employees, and accredited diplomatic bodies," it continued.

The value of assets managed by the Vatican Bank has increased significantly in recent years.

According to the IOR's financial report, in 2020 they managed client assets totaling EUR 4.96 billion.

This value gradually increased to EUR 5.39 billion at the end of 2023, as shown in the graph.

Converted to Indonesian Rupiah, the client assets managed by the Vatican Bank at the end of 2023 were equivalent to Rp 100.4 trillion (assuming an exchange rate of EUR 1 = Rp 18,640).

"The IOR does not accept clients, either individuals or institutions, who do not have a close relationship with the Holy See and the Catholic Church," stated the IOR management in its financial report.

"Most IOR clients are active in missions or charitable work in institutions such as schools, hospitals, or refugee camps," it continued.

The Vatican Bank manages assets by investing funds in various instruments, such as deposits, securities, pension funds, and loan disbursement.

From this financial business, in 2023 the Vatican Bank generated a net profit of EUR 30.6 million, or approximately Rp 570 billion.

"The net profit for 2023 increased by 3.4% compared to 2022, mainly due to higher core business results," they stated.