HSBC LOOKS BACK TO ITS ROOTS IN ASIA ; Britain's Biggest Bank Has Had a Turbulent Time with Its US Business, but It Now Sees Emerging Markets as Leading Its Growth. by Sean Farrell ++ Business Analysis

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It is a cruel irony that as the world has woken up to the huge potential of emerging markets in Asia, HSBC - whose roots in Asia go back to the 19th Century - has been trying to shore up its reputation against problems in the US, the world's most advanced economy.

HSBC tried yesterday to draw a line under the most turbulent period in its recent history by ramming home the message that emerging markets are leading the bank's growth. Britain's biggest bank announced record pre-tax profit, up 13 per cent to $14.2bn ([pound]7.0bn) for the first half of 2007, beating analysts' estimates, despite a $1.3bn profit drop in North America.

The bulk of the profit rise came …