Vatican bank profits tumble as Pope Francis orders an overhaul
The Vatican Bank is housed in the Bastion of Nicholas V in Vatican City. The space was formerly used as a papal prison. Profits at the bank, formally known as the Institute for the Works of Religion, have decreased from 86 million euros in 2012 to 2.9 million euros last year after extensive internal reforms.
VATICAN CITY (RNS) The bank said the slump was due to extraordinary expenses, losses related to externally managed investment funds and fluctuations in the price of gold.