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. To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: email@example.com.