We like this. This is apparently due to lower securities lending revenue, lower brokerage fees, and lower foreign currency and securities trading revenue. Some of this may relate to July and August being slower months for investment activities. The decline is primarily due to the sale of Mellon's credit card business. This is a reflection of the company's focus on expense management.
Asset turnover is represented by total revenues divided by total tangible assets.
See How to Value Stocks for much more. The favorable lower expense resulted from a lower provision for credit losses following the sale of the credit card business, as well as higher net revenue from acquired property. If Mellon can manage its business to consistently crank out comparable results, on average, over the years, we'll be cookin' with oil. Dividends have been added to the total return of the index. Click here for a history of all Drip Port transactions.