So here we are with another large U.S. financial conglomerate featuring a 4% or better yield and a nearly single-digit forward multiple. No, not Citigroup (NYSE:C), Wachovia (NYSE:WB), or JP MorganChase (NYSE:JPM) -- I did those already. Now we're going to talk about Bank of America (NYSE:BAC), even though the story will sound pretty familiar.

Its third-quarter overall revenue was up nicely at 16% over the prior year, and each of the major reporting units chipped in double-digit revenue growth to carry their share of the load. Overall profitability was not so hot, though, as provisioning expenses bit into earnings and reduced net income growth to 10%. At the end of the quarter, Bank of America featured a return on assets of almost 1.3% and a return on equity of 16.3% -- solid B-plus-type numbers.

Overall net interest income rose about 2% while non-interest income was up a stellar 39% due in part to strong debit card usage trends. Bank of America's consumer banking business did well. Net income growth, return on equity, and the efficiency ratio were all above average, though deposit growth was pretty soft. On the corporate banking side, higher provisioning led to a drop in net income even though loan growth was pretty solid.

Non-banking activities chipped in their share, but performance was mixed. The capital markets and investment banking units showed good growth in trading and investment banking revenue. But expenses chewed away the profits. In the company's wealth management business, revenue and profits were both up nicely on a solid mid-single-digit gain in assets under management.

Fools also shouldn't forget that there is still the impending acquisition of MBNA (NYSE:KRB) to consider. This will be a major deal for Bank of America; it will expand both its credit card business as well as its lending operations.

With so many large banks trading at seemingly low valuations, it's pretty tempting to say that not much is expected out of this industry over the next six to 12 months. And sure, the yield curve is difficult and the economy isn't roaring, so the next few quarters might not be blowouts. Still, I like the idea of buying solid and well-run companies with good brands at nearly single-digit multiples. After all, it worked for investors in big steel and energy companies a year or two ago.

For more financial Foolishness:

JPMorgan Chase is a Motley Fool Income Investor recommendation.

The Motley Fool has kicked off its ninth annual Foolanthropy campaign! Nominate your favorite charities on our Foolanthropy discussion board through Nov. 1. For guidelines on what makes a charity Foolish, visit .

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares