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Vatican Bank Discloses Annual Earnings Report for First Time

The Vatican bank disclosed its annual report for the first time in the institute’s history as it seeks to improve financial transparency after several corruption scandals.

The bank, formally called the Institute for Works of Religion, or IOR, expects 2013 to be marked by extraordinary expenses “for the ongoing reform and remediation process”and the effects of rising interest rates, according to a statement. The bank earlier this year reported that 2012 profit more than quadrupled to 86.6 million euros ($117 million).