The Institute for the Works of Religion (IOR), known as the Vatican bank, has published its Sustainability Report 2025, reaffirming that all its financial activity is governed by an investment policy compatible with the social doctrine of the Church. According to the document, 100% of the Institute’s own assets and the investment portfolios it manages comply with these ethical criteria, except for temporary exceptions subject to specific oversight.
This is the second sustainability report prepared by the IOR, in which the entity explains how it integrates economic, social, and environmental criteria into its activity, always subordinate to its mission as an institution at the service of the Church.
No abortion, pornography, weapons, or gambling
The IOR’s investment policy excludes financing companies whose activity is incompatible with Catholic doctrine. These include those related to abortion, contraceptives, embryonic stem cell research, weapons production, gambling, pornography, tobacco, alcohol, and certain activities with a high environmental impact.
The report highlights that this investment model, called Faith-Consistent Investment Policy (Faith-Consistent Investment), applies both to the Institute’s own resources and to the portfolios it manages for its clients. In exceptional cases where an investment no longer fully meets the established criteria, the IOR has a review procedure with strict limits on time, amount, and supervision.
Increase in the value generated by the Institute
The report also includes the main economic results for 2025. The value generated by the IOR amounted to 67.6 million euros, compared to 50 million the previous year.
This value was distributed among various recipients: the Holy Father, the Institute’s staff, suppliers, and the strengthening of the entity’s own assets, with the aim of ensuring its long-term stability and operational capacity. The document reflects an increase in the amount allocated to the Holy Father compared to the previous year.
A sustainability linked to the Church’s mission
In addition to the financial results, the report outlines the actions carried out during the past year in governance, training, digitalization, and environmental protection.
The IOR explains that it will continue to incorporate environmental, social, and governance indicators into its internal processes, while insisting that all these initiatives are developed with reference to the social doctrine of the Church and its mission to provide financial services to institutions and individuals linked to the Catholic Church.