By Jonathan Davies

The Vatican Bank has reported a 20-fold increase in its annual profits.

The bank posted profits of €69.3 million (£49m), up from €2.9m last year when it was hit by bad investments and clean-up costs.

The bank, officially known as the Institute for Religious Works (IOR), was forced to replace key management after the Pope sought to end corruption.

"The main focus is on fundamentally improving our overall client service standards and further professionalising our asset management services," IOR chairman Jean-Baptiste de Franssu said in a statement.