Asia still cash-cow for bank

Pretax profits of HSBC's core business in Asia fell 11 percent last year. The bank's Hong Kong business also saw a significant fall in the same period.

HSBC's profit before tax in Asia declined to $11.9 billion in 2008, while its earnings in Hong Kong slumped 26 percent to $5.46 billion, weighed down by the weak equity market performance in the territory.

Chief Executive Officer Michael Geoghegan said the decline in earnings of the bank's business in Hong Kong was "mainly reflected in the lower wealth management and insurance income in the deteriorating economic climate."