19 March 2003 12:00am

HSBC Bank is back in the black in Australia, recording a profit before tax of $31.5 million in the year to December 2002, compared with a loss of $200,000 in 2001.

After tax, HSBC recorded a profit of $71.0 million for the year, compared with a net profit in 2001 of $1.1 million.

The bank had been carrying forward more than $50 million in future income tax benefit, but through a change in accounting policy, recorded an income tax credit of $39.5 million this year. Excluding the income tax credit, HSBC recorded a net profit of $31.5 million.

HSBC recorded...