The Institute for the Works of Religion earned NZ$106 million in 2014, compared to NZ$4.4 million in 2013.

The bulk of the profit - NZ$84.4 million - was given to the Holy See for its operating costs.

Releasing its annual report on May 25, the institute said the increase "was mainly due to an increase in the net trading income from securities and to a decline in extraordinary operating expenses", which included the costs of outside consultants.

The consultants were hired to help the institute reform practices and procedures in line with new Vatican regulations and international standards.

The IOR's prelate said the institute's goal was not to "pursue the accumulation of wealth", but to serve the mission of the Church.

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