How the IOR became the Vatican’s most bankable institution

The Institute for Works of Religion posted banner-year profits in its annual report, but can it keep its team together?

The Institute for Works of Religion, the Vatican’s only commercial bank, has recorded another year of increased profits, enhanced financial stability, and high regulatory vigilance. 

IOR ATM machine in Vatican City. Credit: Pillar Media.

The institution was, for decades, a byword for scandal, corruption and conspiracy theories. But its 2023 annual report,…