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.