Vatican central bank reports 40% increase in surplus for 2023
Of the total profit, 27.6 million euros came through investments
THE Vatican’s central bank on Monday (Jul 29) reported a surplus of 45.9 million euros (S$66.7 million) for its financial and real estate holdings over the course of 2023, a 40 per cent increase over the previous year.
Of the total profit, 27.6 million euros came through investments, its annual budget statement said.
The Administration of the Patrimony of the Holy See (APSA) said it had passed on 37.93 million euros for use by the various Vatican offices that oversee the global Catholic Church and would retain 7.93 million euros.
APSA, which acts as both a bank and treasury for the Vatican, manages real estate and investments, pays salaries, and functions as a purchasing office and human resources department.
Financial disclosure is relatively new to the Vatican agency. It publicly disclosed its budget and holdings for the first time in 2021 and has done so annually since. The latest report is a consolidated financial statement for 2023.
The report comes as the Vatican’s real estate holdings have been in the spotlight, with a senior cardinal convicted by a Vatican court last year of embezzlement and fraud in connection to a luxury London property.
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The cardinal, Angelo Becciu, is appealing the sentence.
One of the other people convicted in the trial, a financial broker, has launched a lawsuit against the Vatican before the British High Court in London, which is expected to deliver a verdict later this year.
The Vatican maintains more than 5,000 real estate holdings worldwide, according to the report. Some 92 per cent of the holdings are in the area around Rome; about 1,200 are abroad, including in cities such as Paris, Geneva, Lausanne, and London, the report states.
Last year, the Vatican department reported a total profit of 32.3 million euros, all of which was passed on for use by other Vatican entities.
The report said the Vatican invests its portfolio in “non-speculative, low-risk” assets and aimed to generate “the best possible return”. REUTERS
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