Fifth Third Bancorp reported third quarter 2011 net income was $373 million compared with second quarter net income of $328 million and net income of $175 million in the third quarter of 2010.

Fifth Third said credit trends continued to improve as net charge-offs declined 14% from last quarter to $262 million, which was the lowest level since the fourth quarter 2007. Net charge-offs were 73% lower than third quarter 2010 net charge-offs of $956 million. Provision charges in the quarter were $87 million, down sequentially from $113 million, and 81% lower than the $457 million reported for the same quarter last year.

“While the current environment is characterized by a significant level of uncertainty, particularly related to Europe, Fifth Third is delivering solid results and expects to continue to do so in the future. We do not have significant direct exposure to Europe, particularly the peripheral nations of most concern”, said Kevin T. Kabat, president and CEO of Fifth Third.

To read the full text of Fifth Third Bancorp news release click here.