Vatican City • Profits plunged by more than $100 million at the Vatican bank last year after thousands of accounts were shut down in a radical overhaul of the scandal-scarred institution.
In its 2013 annual report released Tuesday, the bank, officially known as the Institute for Religious Works, said its net profit totaled 2.9 million euros ($3.9 million) last year, a dramatic drop from the 86.6 million euros ($117.8 million) it reported in 2012.
The bank said the slump was due to extraordinary expenses, losses related to externally managed investment funds and fluctuations in the price of gold.
Losses included a controversial $20.5 million loan granted to a production company owned by a friend of Cardinal Tarcisio Bertone, the former Vatican secretary of state who has faced criticism for mismanagement as the church's No. 2 official under retired Pope Benedict XVI.