The Vatican bank said Monday its profit soared by more than 20 times last year as it recovered from trading losses the year prior and continued its reform away from its scandal-marred past.

The bank, officially named the Istituto per le Opere di Religion (or Institute for Religious Works) said it earned 69.3 million euros ($93 million Cdn) in 2014, up from 2.9 million euros the previous year.

The bank's net trading result jumped to 36.7 million euros from a loss of 16.5 million euros in 2013, mainly on an increase in profits in its bond portfolio.

2013's figure was uncharacteristically low mainly due to a large number of one-time writedowns that the bank took on some legacy assets it had on its books.

The strong financial showing will allow the bank to hand over 55 million euros to the Vatican itself, which the church earmarks for various charitable initiatives.

Widespread reforms implemented

Profits were also boosted by a drop in operating costs. In 2013, operating expenses jumped by some 8 million euros as it paid outside consultants to help review its client base and bring it into compliance with anti-money-laundering norms.

That review resulted in some 4,600 accounts being closed. Most were closed because they were dormant, but about 550 were closed because clients didn't fit an approved client base aimed at limiting money laundering and tax evasion across borders.

And additional 274 accounts are in the process of being closed for similar reasons, the bank said.

Strictly speaking, the only people who are now allowed to use the bank are select members of various religious orders, Catholic institutions, clerics, employees or former employees of the Vatican, as well as embassies and diplomats accredited to the Holy See.

Bank president Jean-Baptiste de Franssu said the bank's focus now is to improve services to the remaining 15,181 account holders and offering low-risk asset management services.

De Franssu was named president last summer as the bank, which has been caught up in money-laundering probes over the years by Italian magistrates, began the second phase of a reform process aimed at cleaning up its operations.