Vatican City, Jun 8, 2020 / 11:30 am (CNA).- The Institute for the Works of Religion (IOR), commonly called the Vatican Bank, said it had made a net profit of 38 million euros in 2019 as it released its annual report Monday.

According to the report, the IOR recorded a net profit more than double that of the 17.5 million euros it reported in 2018. This could be due to the boom in global markets in 2019, a year in which the S&P 500 grew by more than 28%.