The Greek Orthodox Church racked up profits of €7 million last year, according to a newspaper report. The church's total income was €20 million in 2008 and the institution made much of its fortune by renting out properties across Greece, said Greek daily Kathimerini.

"A systematic effort took place last year and thanks to efficient planning... the balance sheet is once again in surplus," according to Balance 2008, an internal Church document obtained by the paper.

"The majority of revenues (€12.7 million) come from renting out Church property," according to the report, cited by Kathimerini.

Subsidies given to the Church rose to €2 million while income from investments in financial institutions reached €4.5 million.

The Church bought a further 1.6 million shares in the National Bank of Greece last year, meaning it now owns 7.7 million shares.

Its outgoings topped €12 million, including 4.1 million in grants and benefits.

The Greek Orthodox Church owns considerable assets, in particular property, and its use of them to generate large profits has caused controversy.