Vatican Bank Reveals £72.3m Profit For 2012 In First Ever Annual Report

Vatican Bank Profits QUADRUPLE In A Year
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CAGLIARI, ITALY - SEPTEMBER 22: Pope Francis waves to the faithful as he arrives at the Cagliari Cathedral for a meeting with prisoners and poors on September 22, 2013 in Cagliari, Italy. Pope Francis heads to Cagliari on the Italian island of Sardinia for a pastoral visit that includes celebrating mass at the Sanctuary of Our Lady of Bonaria. The Pope announced in May that he wished to visit the Marian Shrine of Bonaria or 'Good Air' because it gave his hometown of Buenos Aires its name. Durin
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The Vatican's bank enjoyed profits of €86.6 million (£72.3m) in 2012, more than four times higher than in 2011, according to its annual report.

The Institute of Religious Works (IOR) has published its annual accounts for the first time in its 125-year history in order to become more financially transparent.

The bank said its quadrupling of profits for 2012 owed to favourable trading reuslts and a surge in the value of the bonds it held. Most of the profit, €54.7m, was given to Pope Francis to carry out the Catholic Church's mission around the world.

The Vatican's bank handles the payroll of around 5,000 Vatican staff and the accounts of the Church's clergy.

Pope Francis Quotes On The Poor
Stealing from the tables of the the poor(01 of21)
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Throwing food away is like stealing from the tables of the the poor, the hungry! I encourage everyone to reflect on the problem of thrown away and wasted food to identify ways and means that, by seriously addressing this issue, are a vehicle of solidarity and sharing with the needy. Read more (credit:AP)
'Money Has To Serve, Not To Rule!'(02 of21)
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Pope Francis has denounced the global financial system, blasting the "cult of money" that he says is tyrannizing the poor and turning humans into expendable consumer goods.Read more (credit:AP)
'Poor Church For The Poor'(03 of21)
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'Oh, how I would like a poor Church, and for the poor."Read more (credit:Getty Images)
Men And Women Sacrificed To the Idols Of Profit (04 of21)
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Man is not in charge today, money is in charge, money rules. God our Father did not give the task of caring for the earth to money, but to us, to men and women: we have this task! Instead, men and women are sacrificed to the idols of profit and consumption: it is the "culture of waste." On World Environment Day (credit:AP)
'If Banks Fail It is A Tragedy, If People Die Of Hunger It's Nothing'(05 of21)
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"Today, and it breaks my heart to say it, finding a homeless person who has died of cold, is not news. Today, the news is scandals, that is news, but the many children who don't have food - that's not news. This is grave. We can't rest easy while things are this way."Read more (credit:AP)
Choose A Humble Car(06 of21)
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Pope Francis waves to faithful upon his arrival at the Pontiff's residence of Castel Gandolfo, near Rome, Sunday July 14, 2013, in a Ford Focus.The down-to-earth Pope called for greater austerity from religious figures last week, saying, “It hurts me when I see a priest or nun with the latest-model car. You can’t do this. A car is necessary to do a lot of work, but, please, choose a more humble one. If you like the fancy one, just think about how many children are dying of hunger in the world." The Ford Focus is a compact car with a starting sticker price of just about $16,000.Read more (credit:AP Photo/Gregorio Borgia)
'Slave Labor Goes Against God' (07 of21)
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"A headline that really struck me on the day of the tragedy in Bangladesh was 'Living on 38 euros a month'. That is what the people who died were being paid. This is called slave labour." "Not paying fairly, not giving a job because you are only looking at balance sheets, only looking at how to make a profit. That goes against God!" Read more (credit:AP)
(08 of21)
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"To live charitably means not looking out for our own interests, but carrying the burdens of the weakest and poorest among us." (credit:@pontifex)
(09 of21)
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"We cannot sleep peacefully while babies are dying of hunger and the elderly are without medical assistance." (credit:@pontifex)
(10 of21)
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"There are many people in need in today’s world. Am I self-absorbed in my own concerns or am I aware of those who need help?" (credit:@pontifex)
(11 of21)
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"True charity requires courage: let us overcome the fear of getting our hands dirty so as to help those in need." (credit:@pontifex)
(12 of21)
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"The “throw-away” culture produces many bitter fruits, from wasting food to isolating many elderly people." (credit:@pontifex)
(13 of21)
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"If money and material things become the center of our lives, they seize us and make us slaves." (credit:@pontifex)
(14 of21)
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"Let us ask the Lord to give us the gentleness to look upon the poor with understanding and love, devoid of human calculation and fear." (credit:@pontifex)
(15 of21)
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"Take care of God’s creation. But above all, take care of people in need." (credit:@pontifex)
(16 of21)
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"To live charitably means not looking out for our own interests, but carrying the burdens of the weakest and poorest among us." (credit:@pontifex)
(17 of21)
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"How marvellous it would be if, at the end of the day, each of us could say: today I have performed an act of charity towards others!" (credit:@pontifex)
No More 'Profit At Any Cost'(18 of21)
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"My thoughts turn to all who are unemployed, often as a result of a self-centred mindset bent on profit at any cost." (credit:@pontifex)
'Prayer, Humility, Charity'(19 of21)
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"Prayer, humility, and charity toward all are essential in the Christian life: they are the way to holiness." (credit:@pontifex)
'Moral And Material Poverty'(20 of21)
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"How many kinds of moral and material poverty we face today as a result of denying God and putting so many idols in his place!" (credit:@pontifex)
On Waste(21 of21)
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"Consumerism has accustomed us to waste. But throwing food away is like stealing it from the poor and hungry." (credit:@pontifex)

The bank has €4.98 billion in assets, primarily held in bonds and money market accounts, along with €769m in equity funds.

The IOR also has €41.3m in gold, coins and other metals, along with a stake in an Italian real estate company.

IOR President Ernst Von Freyberg said: "The annual report seeks to contribute to the transparency which the Catholic Church, our customers, our correspondent banks, our authorities and the public rightfully expect."