The document provides an executive summary of SEB's performance in Q1 2008. Key points include: - Operating profit of SEK 2.4bn, down 42% from Q1 2007 due to valuation losses and higher credit losses. - Net interest income grew 8% due to higher lending volumes and margins despite higher funding costs. Fee income was down in retail and capital markets. - Cost control efforts kept costs flat excluding acquisitions while credit losses increased in Estonia and Latvia. - The outlook remains uncertain due to ongoing financial turbulence and potential economic slowdowns. SEB is focused on operational excellence and long-term investments.