Swiss private bank Pictet has posted a net profit of CHF422m for the year ended 31 December 2016, a fall of 7% from the prior year.

The bank’s annual operating income stood at CHF2.17bn, a 2% from the year ago.

Assets under management or custody reached CHF462bn at the end of December 2016, an increase of CHF25bn from 1 January 2016. Net new money totalled CHF12.4bn in 2016.

The group's core tier 1 capital ratio was 20.4%, while the liquidity coverage ratio was 166%.

Pictet senior managing partner Nicolas Pictet said: "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."