Royal Bank sees Q4 profit decline 2 per cent but annual profit rises to record high
The Royal Bank of Canada sign is seen at its former head office in downtown Toronto, Dec. 2, 2011. (Nathan Denette / THE CANADIAN PRESS)
The Canadian Press
Published Wednesday, November 30, 2016 7:21AM EST
Last Updated Wednesday, November 30, 2016 10:45AM EST
TORONTO - Royal Bank saw its fourth-quarter net income dip two per cent to $2.54 billion, down from $2.59 billion a year ago when the bank benefited from a lower effective tax rate.
The earnings amounted to $1.65 per diluted share, down nine cents from $1.74 a year ago.
Revenue for the three-month period ended Oct. 31 was $9.27 billion, compared with $8.02 billion during the same period last year.
The bank (TSX:RY) also reported $358 million in provisions for credit losses, up from $318 during the previous quarter, primarily due to low oil prices.
For the full fiscal year, RBC had net income of $10.46 billion, a record for the bank and up four per cent from $10.03 billion last year.
That annual profit amounted to $6.78 per diluted share, compared with $6.73 per diluted share in fiscal 2015.