Photo Credit: Reuters/Stringer/Files
By Katrina Bishop
The Vatican bank published its annual accounts for the first time on Tuesday in an attempt to boost transparency and distance itself from a string of scandals.
The bank – known as the Institute for Religious Works, or IOR – described 2012 as an “economically successful year” for its customers, as net profit shot up to 86.6 million euros ($117 million) – a 325 percent rise on the year before.
Related Reading:
Pope Francis to ‘rip up and rewrite’ Vatican constitution
