In a sign of growing confidence in its ability to improve profitability despite the global economic uncertainty, HSBC raised its near-term return on tangible equity goal to at least 12% from 2023 onwards.

The London-headquartered lender reported on Monday a pretax profit of US$9.2 billion for the six months ending June 30, down from US$10.84 billion a year ago but beating the US$8.15 billion average estimate of analysts compiled by the bank.

The bank said it would pay an interim dividend of 9 cents per share and that it intends to revert to paying quarterly dividends from the start of 2023. It also said share buybacks remain unlikely this year.

“We understand and appreciate the importance of dividends to all of our shareholders. We will aim to restore the dividend to pre-Covid-19 levels as soon as possible,” Chief executive Noel Quinn, who has been running HSBC for more than two years, said in the results statement.

HSBC said Asia’s share of profit went up to 69% in the first half from 64% a year ago.

The bank has come under pressure from its largest shareholder, Ping An Insurance Group Co of China Ltd, to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value.

Since then, the proposal has won support from some retail investors in Hong Kong who were disgruntled with dual-listed HSBC’s decision to cancel its dividend payment in 2020.

A Hong Kong politician has urged HSBC to spin off its Asia business and appoint representatives of Ping An to its board, as the global lender prepares to meet with Hong Kong shareholders on Tuesday.

HSBC reported a US$1.1 billion charge for expected credit losses, as heightened economic uncertainty and rising inflation put more of its borrowers into difficulties.