Bank’s profits soar Premium28 May 2015 | by Hannah Roberts in Rome
Profits AT the Vatican bank soared 20-fold in 2014 as Pope Francis’ clean-up of financial malpractice nears completion, writes Hannah Roberts.At the once-scandal-plagued bank, profits last year rebounded from €2.9 million to €69.3m, after 2013 results that had been hit by “extraordinary” operating expenses, the institution said in its annual report. In 2013 the bank had suffered a loss in income after being forced to pay consultants and other experts to help it meet international standards to fight money laundering.“The improvement was mainly due to the performance of the results from trading securities and the decrease in operating costs of an extraordinary nature,” the bank, formally known as the Institute for Religious Works (IOR), said.The
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