IOR closes its 2021 balance sheet with a net result of 18.1 million

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For the tenth consecutive year, the Istituto per le Opere di Religione (IOR) publishes its annual report.

By Vatican News

For the tenth consecutive year, the Istituto per le Opere di Religione (IOR) publishes its annual report containing its 2021 financial statements prepared in accordance with international accounting standards IAS-IFRS.

These financial statements received an unqualified opinion from the statutory auditor Mazars Italia SpA and, on April 26, 2022, they were unanimously approved by the Supervisory Board of the IOR. Subsequently, as provided for in the Statutes, they were then sent to the Commission of Cardinals for their examination.

Given the strength of the 2021 accounts, and given IOR’s capital requirements, the Commission of Cardinals has decided on the distribution of profits.

In 2021, the IOR achieved the following results in line with its strategic plan:

• 18.1 million euros of net profit

• + 15% net interest margin, + 22% net commission income, + 4% assets under management

• 38.54% TIER 1 ratio

• 59% cost/revenue ratio

Earnings are in line with expectations, with the new HTCS (Held To Collect and Sell) business model adopted for investments and with a conservative risk profile.

The growth of assets under management is reflected positively in the performance of investments delivered to clients in accordance with the principles of the Social Doctrine of the Church. 70% of the performances of the management lines are higher than the 5-year benchmark.

The cost/income ratio reflects good cost control, in particular thanks to the Institute’s decision to continue the digitization of customer services, the strengthening of IT defense tools and the hiring of new resources with seniority and specialization profiles. different.

The Institute has maintained all efforts to comply with all rules and regulations at all times, confirming the cultural transformation of the Institute. The best illustration of this strong culture of compliance and risk management in 2021 was illustrated in the Moneyval magazine of the Holy See.

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