Cartel performs well over 2008 24 June 2009 4:43PM Ian Rogers Bank profits declined in Australia over the course of calendar 2008, according to APRA's industry performance data for 2008.Big bank profits, though, declined only a little.Return on assets for the entire industry fell to 0.7 per cent in 2008 from 1.0 per cent in 2007. Return on equity fell to 13.7 per cent in 2008 from 17.9 per cent in 2007.The four major banks minimised their decline in profit. Their combined return on assets fell to 0.9 per cent in 2008 from 1.0 per cent in 2007. Their return on equity fell to 16.5 per cent in 2008 from 18.8 per cent in 2007.Banks generated $84.3 billion in operating income in 2008, which, interestingly, was at the same level as in 2007.Net interest income increased about $7 billion for banks over 2008 but other sources of income declined.Total lending for the banking sector was $1.8 trillion at December 2008, up $200 billion on the year before.Lending provisions were $17.2 billion, up from $9.9 billion a year earlier.