*

Q3 pretax profit $1.72 billion vs $633 mln a year ago

*

Upgrades forecast for return of tangible equity

*

Sees 2024 income up around 10% vs prior estimate of

towards 7%

*

StanChart shares in Hong Kong up 2.3%

(Adds share price change, results details from paragraph 10)

By Selena Li and Lawrence White

HONG KONG/LONDON, Oct 30 (Reuters) - Standard

Chartered's ( SCBFF ) quarterly profit more than doubled from a

year ago, topping analyst estimates, as it recovered from

China-related impairments while wealth and markets businesses

bolstered the emerging-market focused lender's revenue.

StanChart, which earns most of its revenue in Asia,

third-quarter pretax profit reached $1.72 billion, above the

$1.49 billion average of 17 analyst estimates compiled by the

bank.

The profit compared with $633 million a year earlier, when

StanChart took a nearly $1 billion combined hit from its

exposure to China's real estate and banking sectors.

StanChart also upgraded its performance outlook on

the back of its strong results. Income this year will now grow

by around 10%, it said, up from a previous estimate of towards

7%. The lender also said it plans to return at least $8 billion

to shareholders over 2024-2026, up from $5 billion.

StanChart, which is focused on Asia, Africa and the Middle

East, is doubling down on boosting its non interest rate income

streams as central banks cut rates, squeezing banking margins.

The London-headquartered bank did not announce a fresh share

buyback for the quarter, unlike rival HSBC ( HSBC ).

Hong Kong shares of StanChart rose 2.3% after the results on

Wednesday, as it joined European peers in making robust progress

on sustaining profits even as rates fall.

HSBC ( HSBC ) reported a 10% quarterly year-on-year profit

increase on Tuesday, sending its shares to an at least six-year

high as investors turned bullish on its outlook.

WEALTH DOUBLE-DOWN

Income from StanChart's wealth solutions unit jumped 32% to

$694 million, logging the highest growth rate among the lender's

main businesses.

The bank is "doubling investment" in its wealth management

business, Group CEO Bill Winters said in a statement.

StanChart said it would fund investment in its wealth

business by cutting more of its mass retail business, following

rival HSBC ( HSBC ) which in recent years has slashed its retail banking

business in Western markets such as the U.S., Canada and France

to focus on more lucrative areas where it has scale.

StanChart said it is exploring the opportunity to sell "all

or part of a small number of businesses" which no longer make

strategic sense.

The lender has been selectively exiting wealth market that

does not fall within its strategy. In India, it is offloading

its personal loan business to local peer Kotak Mahindra Bank

.

Winters said in the statement the bank will continue to

"reshape" its mass retail business to focus on future affluent

and international clients.

Its global markets business reported 16% growth - the second

largest growth across main businesses - in the July-September

period from a year ago, to $840 million.

The London-headquartered bank, which has not been competing

with its Wall Street and European investment banking rivals on

large deals, has in recent months launched a reorganisation in

corporate and investment banking to boost competitiveness.

"In our CIB business, we are taking actions to focus on

larger global clients who rely on our unique cross-border

capabilities," Winters said.

StanChart created a new banking team within its CIB division

last month aimed at boosting cross-border business, Reuters has

reported. The bank also folded its industries coverage team into

its dedicated mergers and acquisitions advisory team in August.