Use the right metrics
HSBC Holdings (HKEX: 0005) and Standard Chartered (HKEX: 2888) are global banks; Ping An Insurance (HKEX: 2318) is an insurance-led financial group. Banks are better judged through RoTE, CET1, credit costs, earnings, dividends and buybacks. Insurers also require OPAT, NBV, investment returns and solvency. The real comparison is long-term value created per unit of shareholder capital.
HSBC: closest to a long-term Quality Core
For H1 2026, HSBC reported $38.2 billion of revenue excluding notable items and 19.1% annualised RoTE excluding notable items. It resumed a buyback of up to $1 billion and retained a roughly 50% payout target. Hong Kong, the UK, corporate banking and wealth provide a durable earnings base. At the report's Sep. 4 reference price near HK$166.7, much of that quality was already recognized.
Standard Chartered: from Value toward Quality Compounder
H1 2026 profit before tax reached a record $4.8 billion, up 9%, while RoTE rose to 17.6%. EPS increased 17% and a new $1 billion buyback was announced. Wealth and global banking are improving the revenue mix. This is a quality-plus-re-rating thesis, but the share price has already moved sharply: wait for better entry odds rather than chase.
Ping An: cheapest, with the strongest recovery character
H1 2026 attributable operating profit rose 8.3%, net profit 36.1%, life and health NBV 11.2%, and the interim dividend 3.2%. Life reform is producing evidence, but low rates, reinvestment returns, property and capital markets still shape valuation. This is Deep Value + Earnings Recovery, not a set-and-forget compounder.
The best choice depends on the portfolio job
For a low-maintenance five-to-ten-year holding, HSBC has the clearest certainty. For three-to-five-year quality plus potential excess return, Standard Chartered is the key entry watch. For higher recovery upside, Ping An offers better odds with greater macro risk. Cheapness is only admission; sustained earnings and capital returns determine whether time works for the investor.
Next verification
- HSBC RoTE, payout and buyback durability
- Standard Chartered wealth and global banking growth
- Whether a pullback restores Standard Chartered's margin of safety
- Ping An NBV and operating-profit recovery
- China rates, property exposure and insurer investment returns
- Whether shareholder distributions remain earnings-funded