The Vatican bank's profits rose sharply last year to reach 69.3 million euros compared with 2.9 million euros in 2013 - a more than 20-fold increase - as it recovered from a trading lost and past scandals.
The bank, officially called the Institute for Religious Works (IOR)'s net trading result jumped to 36.7 million euros from a 16.5 million euro loss in 2013, due to more stable gold prices, more profitable trades in government bonds.
Falling one-off expenses linked to the restructuring of the bank also improved its results and a drop in operating costs helped boost profits, according to the IOR.
The Vatican bank also said it was making a "great effort [...] in addressing the abuse the Institute was subjected to in the past," in compliance with tougher Vatican financial supervision standards and a recently signed tax agreement between the Vatican and Italy.
Some 4,600 accounts were closed since May 2013, either because they were dormant or were not related to the church, while a further 274 were being shut down, the bank said.
The IOR's focus now is to improve services to the remaining 15,181 account holders and offering low-risk asset management services.
Pope Francis had blocked a proposal by IOR president Jean-Baptiste de Franssu to invest some assets in a Luxembourg-based investment scheme with variable capital on the grounds that IOR should not act like an ordinary investment bank.
"We need to get back to our roots and to the original reason the Church possesses wealth," secretary general of the Italian Bishops Conference, Nunzio Galantino, told Adnkronos.
"Being Christian does not mean being a pauper, but possessing wealth to share it with others who are needier and to do charitable work, which is also the IOR's mission," Galantino said.
De Franssu was named president last summer as the bank began the second phase of a reform process aimed at cleaning up its operations.
Since it was founded in 1942, the IOR has been accused of going far beyond its remit of assisting worldwide operations and has been targeted by money-laundering probes. A top prelate was arrested in 2013 and two top managers resigned.
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