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ZURICH, Feb 8 (Reuters) - Pictet, Switzerland's fourth-biggest private bank, said on Wednesday 2016 consolidated net profit fell 7 percent to 422 million Swiss francs ($422.2 million).
Geneva-based Pictet also said net new money, an important indicator of future revenue in private banking, totaled 12.4 billion francs in 2016.
"In 2016 we have seen encouragingly strong net inflows of new money on both the wealth and the asset management side, and although market conditions remain demanding, we believe we are in a strong competitive position," Nicolas Pictet, senior managing partner, said in a statement.
$1 = 0.9996 Swiss francs Reporting by Joshua Franklin; Editing by Michael Shields