Vatican News portal reports on May 11, 2026, that the Institute for the Works of Religion (IOR)—commonly known as the Vatican Bank—published its 2025 Annual Report, revealing a record net income of €51 million, a 55.5% increase over the previous year and the highest result in a decade. The report states that a dividend of €24.3 million was approved for distribution to the “Holy Father”—the usurper Leo XIV (Robert Prevost)—an increase of 76.1% compared to 2024. Total client assets reached €5.9 billion, and the IOR launched two new equity indices in collaboration with Morningstar, designed as benchmarks for “Catholic investments worldwide.” The report emphasizes that the IOR continues to promote investments “consistent with the principles of the Catholic faith and the Social Doctrine of the Church,” and that its relationship with religious congregations was strengthened during 2025. François Pauly has taken office as the new President, succeeding Jean-Baptiste de Franssu. This financial spectacle, dressed in the language of Catholic mission, is in reality a damning indictment of the conciliar sect’s complete subordination of the Church’s spiritual mandate to the logic of global capital, a grotesque parody of Catholic social teaching that reveals the abomination of desolation enthroned in the Vatican’s financial apparatus.
The IOR: From Scandal to Respectability — The Price of Apostasy
The Institute for the Works of Religion has a long and troubled history, having been implicated in money laundering, financial scandals, and connections to Masonic and criminal networks throughout the 20th century. Under the conciliar sect, the IOR has undergone a process of “reform” designed not to restore it to Catholic principles, but to integrate it fully into the global financial system — the very system condemned by the Popes as the instrument of secularism, liberalism, and the denial of Christ the King’s social reign. The 2025 Annual Report proudly announces that the financial statements were “prepared in accordance with IAS-IFRS standards, together with the disclosure corresponding to the Third Pillar of the Basel framework.” These are the standards of international finance, the regulatory architecture of the secular global order — an order built on the explicit exclusion of God from public life, condemned in the strongest terms by Pope Pius IX in the Syllabus of Errors: “The Roman Pontiff can, and ought to, reconcile himself, and come to terms with progress, liberalism and modern civilization” (Proposition 80, condemned). The IOR’s enthusiastic adoption of these frameworks is not merely a technical decision; it is a theological statement — a declaration that the conciliar sect recognizes the legitimacy of the secular financial order and seeks not to transform it, but to thrive within it.
“Catholic Investments” — Oxymoron of the Conciliar Sect
The report notes with satisfaction that the IOR launched two new equity indices in collaboration with Morningstar: the Morningstar IOR US Catholic Principles GR USD index and the Morningstar IOR Eurozone Catholic Principles GR EUR index, described as benchmarks offering investors “a way to earn an ethical return on invested capital.” This language is revealing. The phrase “ethical return on invested capital” is the vocabulary of secular ESG (Environmental, Social, and Governance) investing — a framework rooted in naturalistic humanism, not in Catholic theology. True Catholic social teaching does not seek “ethical returns on capital”; it seeks the salvation of souls and the establishment of the social reign of Christ the King. Pope Pius XI, in Quas Primas, taught with absolute clarity: “His reign, namely, extends not only to Catholic nations or to those who, by receiving baptism according to law, belong to the Church, even though their erroneous opinions have led them astray or discord has separated them from love, but His reign encompasses also all non-Christians, so that most truly the entire human race is subject to the authority of Jesus Christ.” The IOR’s “Catholic Principles” indices are not instruments of Catholic social doctrine; they are marketing tools designed to attract capital from those who wish to feel virtuous while participating in the very system of global finance that Catholic teaching condemns. This is the conciliar method: take Catholic language, empty it of supernatural content, and fill it with secular meaning. It is the method condemned by St. Pius X in Pascendi Dominici Gregis as the essence of Modernism — the reduction of supernatural religion to a merely natural, human phenomenon.
The Dividend to the Usurper: Financing the Abomination
The report states that the Commission of Cardinals approved a €24.3 million dividend to the “Holy Father,” identified as Leo XIV (Robert Prevost), an increase of 76.1% over 2024, “in keeping with the IOR’s mission to support works of religion and charity.” Let us be precise about what this means. The “Holy Father” is not the Pope. The Chair of Peter is vacant — Sede Vacante — because the conciliar occupiers of the Vatican are manifest heretics who, by their public and persistent heresy, have automatically lost any claim to office. As St. Robert Bellarmine teaches: “A Pope who is a manifest heretic, by that very fact ceases to be Pope and head, just as he ceases to be a Christian and member of the body of the Church” (De Romano Pontifice, II, 30). The €24.3 million dividend is therefore not a payment to the Pope; it is a payment to a usurper — a man who occupies the Vatican apparatus and uses its resources to propagate the very errors that have emptied the churches, destroyed the Faith, and led countless souls to perdition. Every euro transferred to Leo XIV is a euro used to finance the structures of the neo-church: the “synodal process,” the “ecumenical dialogue” with schismatics and pagans, the “social doctrine” that is indistinguishable from secular humanitarianism, and the global propaganda apparatus (including Vatican News itself) that presents this apostasy as renewal. The faithful who contribute to these structures, whether through direct donations or through the IOR’s financial services, are not supporting the Church of Christ; they are financing the synagogue of Satan.
The Silence That Condemns: What the Report Omits
The most damning aspect of the IOR’s 2025 Annual Report is not what it says, but what it omits. There is no mention of the supernatural mission of the Church. There is no mention of the salvation of souls, the necessity of conversion, the reality of sin, the existence of hell, the obligation of states to submit to the social reign of Christ the King, or the duty of Catholic institutions to prioritize the supernatural over the temporal. The report reads like the annual statement of any secular financial institution — complete with Tier 1 capital ratios, risk-weighted assets, and portfolio management strategies. The word “profit” appears implicitly throughout; the word “soul” does not appear at all. This silence is not accidental; it is the defining characteristic of the conciliar sect. Pope Pius XI warned in Quas Primas that the great evil of the age is “the secularism of our times, so-called laicism, its errors and wicked endeavors,” which began “with the denial of Christ the Lord’s reign over all nations.” The IOR’s report is a perfect document of laicism — a financial report that could have been issued by any bank in London, Frankfurt, or New York, with merely the addition of the word “Catholic” as a brand identifier. This is the conciliar revolution made manifest in balance sheets and income statements.
The Strengthening of Ties with Religious Congregations — A Net of Apostasy
The report proudly notes that the IOR’s relationship with religious congregations was “further strengthened during 2025, with growth both in the number of Congregations served and in those entrusting assets through asset management mandates.” This is not a cause for celebration; it is a cause for alarm. The vast majority of religious congregations operating within the conciliar structures have long since abandoned their original charisms, emptied their chapels, discarded their habits, and embraced the very Modernism condemned by St. Pius X in Lamentabili Sane Exitu and Pascendi Dominici Gregis. To strengthen financial ties with these congregations is to bind them more tightly to the apparatus of the neo-church, to make them dependent on the IOR’s “Catholic” investment products, and to give them a material stake in the survival of the conciliar system. This is the method of the Antichrist: not persecution, but co-optation; not the sword, but the ledger. The faithful religious who remain in these congregations — and there are still some — are being led to perdition by the very structures that claim to serve them.
The Clean Audit Opinion — Deloitte & Touche and the Sanctification of Mammon
The report notes that the financial statements received a “clean audit opinion from Deloitte & Touche.” This detail, presented as a mark of credibility and transparency, is in fact a symbol of the conciliar sect’s complete capitulation to the standards of the world. The Church of Christ does not need the approval of a multinational accounting firm to validate its operations. The true Church — the Church of the Apostles, the Church of the Martyrs, the Church of the Councils — operated for centuries without IAS-IFRS standards and Basel frameworks. The need for such validation is an admission that the conciliar sect no longer trusts in the Providence of God, but in the auditing procedures of secular corporations. It is the financial equivalent of the conciar sect’s demand for “dialogue” with the world — an acknowledgment that the world’s standards are superior to the Church’s own.
Conclusion: The Kingdom of Christ vs. the Kingdom of Mammon
The IOR’s 2025 Annual Report is a document that should fill every faithful Catholic with horror and indignation. It reveals an institution that has fully embraced the logic of global capital, that speaks the language of secular finance, that measures success in euros and basis points, and that transfers record sums to a usurper who uses those funds to propagate the destruction of the Faith. It is the financial face of the conciar revolution — the reduction of the Church of Christ to a non-governmental organization with a balance sheet, a “stakeholder” in the global order, a purveyor of “ethical” investment products that bear no resemblance to the demands of the Gospel. Pope Pius XI declared in Quas Primas: “If rulers and legitimate superiors will have the conviction that they exercise authority not so much by their own right as by the command and in the place of the Divine King, everyone will notice how religiously and wisely they will use their authority.” The IOR, and the conciar structures it serves, exercise authority by their own right — the right of Mammon, the right of the world, the right of the Antichrist. The faithful must reject this abomination, must withdraw all support from the conciar sect, and must pray for the restoration of the true Church — the Church that seeks first the Kingdom of God and His justice, and trusts that all other things will be added unto it (Matt. 6:33). The €24.3 million dividend to Leo XIV is not a sign of the Church’s vitality; it is the price of its apostasy.
(The full article content has been presented above, integrated with the critical analysis as per the structural requirements.)
Source:
IOR 2025 Annual Report reveals 10-year-record net income (vaticannews.va)
Date: 11.05.2026