NEW YORK ( TheStreet)-- Fifth Third Bancorp ( FITB) beat Wall Street analyst estimates and announced a plan to repay the Troubled Asset Relief Program.

The bank on Thursday reported net income of $270 million or 33 cents per share.

Analysts polled by Thomson Reuters expected earnings of 24 cents per share.

Fifth Third's net income was up 40% from the third quarter of 2010.

Fifth Third announced it is raising $1.7 billion of common stock through a public offering to repay the Troubled Asset Relief Program.

"We believe this action, and the anticipated repurchase of TARP preferred stock, will close a chapter for Fifth Third and open a new and better one," said Fifth Third CEO Kevin Kabat in a press release.

Fifth Third also reported that its pre-provision net revenue was $583 million. Net charge-offs for the quarter were $356 million vs. $956 million in the third quarter of 2010.

--Written by Maria Woehr in New York.

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