(ZENIT News / Vatican City, 06.06.2023).- For the eleventh consecutive year, the Istituto per le Opere di Religione (IOR) publishes its Annual Report containing its 2022 Financial Statements prepared in accordance with IAS-IFRS international accounting standards.
These Financial Statements received a clean opinion from the auditor Mazars Italia S.p.A. and, on April 25th 2023, they were unanimously approved by the IOR Board of Superintendence and, as provided for in the Statutes, they were then sent to the Commission of Cardinals for their review.
Given the soundness of the 2022 Financial Statements, and taking into account IOR’s capital requirements, the Commission of Cardinals decided upon the distribution of profits.
In line with the goals of its strategic plan, in 2022 IOR achieved the following results:
- EUR 29.6 million Net Income
- + 3.7% Net Interest Margin, + 20.9% Net Commission Margin
- 46.14% TIER 1 ratio
- 67% cost/income ratio
IOR has continued to fulfil its primary role which is to work for the Works of Religion of His Holiness Pope Francis and for the Church around the world. Throughout 2022, IOR continued to expand its banking and investment services, further develop its IT platforms, hire experienced professionals in managerial roles, promote generational turnover, as well as introduce a transparent and structured remuneration and incentive system.
The growth in net profit was achieved thanks to the positive contribution of interest margin and commission margin, as well as to cost control and investments that were aimed at improving customer services, and digitalization. In terms of asset management, the Institute is highly committed to the principles consistent with the Catholic faith (Faith consistent Investment), and the high standards achieved by the IOR in Asset Management amply confirm the choice made.
The strength of IOR TIER 1 ratio, as well as its liquidity, sets the Institute amongst the strongest financial institutions in the world in terms of capital and liquidity.
In all those activities, the Institute maintained its commitment to the highest ethical and regulatory international standards to continue to follow the transformation journey started in 2014. IOR Moneyval rating puts the Institute as one of the best ranked institutions in the world. It now operates with more than 45 different financial counterparties.
