Vatican bank's profit takes big dip amid reform

(Pascal Le Segretain, Getty Images)
(Pascal Le Segretain, Getty Images)
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 7/08 9:21 am

VATICAN CITY (AP) — The Vatican Bank has reported a big dip in profits as Pope Francis presses reforms to make the scandal-tainted institution more transparent.

The Institute for Religious Works released its 2013 balance sheets on Tuesday. The figures show a plunge in net profit last year to 2.9 million euros ($4 million) from 86.6 million euros ($118 million) in 2012.

The bank listed a loss of 14.4 million euros ($19.5 million) attributed to a "donation" of securities to a Holy See foundation. It didn't elaborate, but this year news reports said a top Vatican cardinal had transferred some 15 million euros to an Italian film company considered close to the Vatican and that the transaction was under investigation.

The bank continues to close accounts that don't meet tighter standards.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

The views expressed here do not necessarily represent those of FOX23 News.

No comments yet!
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.