According to a recently released financial report for 2014, the Vatican’s official bank, the Institute for Religious Works, disclosed net profits of approximately $76.1 million which is about 25 times the $3.1 million from the previous year.
The Vatican's bank has reported a significant earnings rebound in 2014.
According to recently released figures, net profits reached approximately $76.1 million, nearly 25 times the $3.1 million collected the previous year.
Officials have attributed the gains to an improvement in the overall market, but many experts point to its efforts to divest itself from past missteps and rebuild credibility amongst the international financial community.
Profits were diminished in 2013 when the group spent nearly $9 million hiring consultants to help it