The Vatican’s financial office, the Administration of the Patrimony of the Apostolic See (APSA), announced a robust 62 million euro ($63 million) profit for 2024 on Monday, a 16 million euro increase from 2023. This marks one of the strongest financial performances in recent years, offering a glimmer of hope as Pope Leo XIV confronts the Holy See’s chronic financial challenges.

APSA’s 2024 report revealed that 46 million euros of the profit were allocated to cover the Holy See’s operating costs, with 10.5 million euros driven by savvy investment returns. Real estate profits held steady at 35 million euros, matching 2023 figures, despite high maintenance costs of 3.8 million euros.

The Vatican manages 5,434 properties across Italy, London, Paris, Geneva, and Lausanne, but only 20% are leased at market rates, with 70% generating no income due to use by church offices and 11% rented at discounted rates to employees.

Pope Leo XIV, a Chicago-born math major with a knack for numbers, has prioritized financial reform early in his pontificate, holding meetings with key Vatican economic bodies. The Holy See faces a persistent 50-60 million euro annual deficit and a looming 1 billion euro pension fund shortfall. Analysts point to underutilized real estate as a potential revenue source, but APSA’s limited funds for property renovations hinder efforts to command higher rents.

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