Vatican bank clean-up wipes out profit for 2013

The Vatican bank has seen its 2013 profit almost wiped out largely due to a clean-up process which has seen it end relationships with 3,000 customers. The bank, known officially as the Institute for Religious Works, reported a 2.9m euro (£2.3 million) profit for the year, down from 86.6 million euros in 2012. Most of its losses came from the winding up of investments made before its reform programme began. Without these, it said profit would have been 70 million euros. Pope Francis has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church. He pledged to clean up the bank following accusations of money laundering and a lack of due diligence which allowed non-religious, and even crony, businessmen to hold accounts, according to a news agency.