Latest news with #PSB
Mint
20-05-2025
- Business
- Mint
SBI fundraising: India's largest PSB approves raising long-term funds up to $3 billion in FY26; Check details
SBI fundraising: State Bank of India (SBI) announced on Tuesday, May 20, that its board has approved raising up to $3 billion in long-term funds in fiscal 2025-26 (FY26). India's largest public sector bank (PSB) said that it will raise funds in single or multiple tranches through a public offer or private placement of unsecured notes. '….We submit that the Executive Committee of the Central Board in its meeting held on May 20, 2025, has approved, inter alia, to examine the status and decide on long term fund raising in single /multiple tranches of up to $3 billion under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US dollar or any other major foreign currency during FY 2025-26,' said SBI in a regulatory filing to the stock exchanges today. SBI announced its January March quarter results for fiscal 2024-25 (Q4FY25) on May 3, reporting a drop of 10 per cent in standalone net profit to ₹ 18,642.59 crore, compared to ₹ 20,698.35 crore in the corresponding period last year. The public sector bank (PSB)'s net interest income (NII) stood at ₹ 42,774 crore. The state-run lender's operating profit for FY25 crossed ₹ 1 lakh crore and grew by 17.89 per cent year-on-year (YoY) to ₹ 1,10,579 crore, while operating profit for Q4FY25 grew by 8.83 per cent YoY to ₹ 31,286 crore. The PSB declared a dividend of ₹ 15.90 per share (1,590 per cent) for FY25. The record date of the dividend was fixed on May 16, and the payment date is May 30, 2025. SBI also declared fundraising of upto ₹ 25,000 crore in FY26 via qualified institution placement (QIP) or follow on public offer (FPO). SBI's asset quality improved, with gross non-performing assets (NPAs) declining to 1.82 per cent of the total advances in the fourth quarter from 2.24 per cent as at March-end 2024. Similarly, net NPAs eased to 0.47 per cent as against 0.57 per cent.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
DesertBoard: A sustainable solution rooted in the Palm Groves of the Gulf
On the outskirts of Abu Dhabi, nestled within the Khalifa Economic Zones (KEZAD), sits a factory that may hold one of the Gulf's most intriguing sustainability secrets. Here, amidst the mechanical hum of pressed fibre, millions of discarded palm fronds — once destined for landfills or burn pits — are being transformed into high-performance construction boards. It is the home of DesertBoard, the world's first industrial-scale facility to manufacture engineered wood boards from pruned palm fronds. A product born of necessity and vision - DesertBoard's Palm Strand Board (PSB®) is a rare example of environmental innovation thriving in the arid Gulf landscape. At a time when global construction is under increasing pressure to decarbonise, this UAE-made material may offer something revolutionary: a building product that is carbon negative, zero formaldehyde, and circular by design. 'We are not just producing a board,' says Kamal Farah, one of the visionaries behind the project and part of the leadership team at DesertBoard. 'We're producing the most sustainable wooden board in the world — and doing it right here in the Emirates.' An idea rooted in the past DesertBoard's chairman Hatem Farah recalls speaking to a friend years ago about the volumes of palm raw material generated across the UAE — branches that are pruned annually by the government to maintain the health of the trees, yet had no productive end use. The thought struck him: could these fronds, layered and pressed, form something stronger? Initial trials were unsuccessful. Prototypes failed multiple times. 'The engineers told us to abandon the idea,' Hatem says. 'But I insisted on one final attempt. That was the breakthrough.' From that moment, DesertBoard invested heavily in R&D, engineering the first machinery of its kind to process palm raw material into building-grade wooden boards. The effort has resulted in an operational facility that spans 55,000 square metres — described by some visitors as 'a mini oil refinery', given its scale and automation. The result is a sustainable wooden board that has quietly started replacing traditional plywood, MDF, and gypsum-based products in construction and interior fit-outs, with applications ranging from fire-rated doors and wall partitions to wardrobes, cabinets, flooring and shuttering. Green credentials At a glance, DesertBoard looks like any other engineered wood board. But its environmental credentials are game-changing. Unlike conventional particle boards, which are notorious for their formaldehyde emissions and heavy reliance on virgin timber, DesertBoard's PSB® contains zero formaldehyde, emits no volatile organic compounds (VOCs), and is manufactured entirely from agricultural byproduct . An independent life-cycle assessment by IMQ (Istituto Italiano del Marchio di Qualità), an Italian certification institute that verifies the safety, quality, and performance of building materials, found the board to be carbon negative — even after factoring in logistics, processing energy, and transport emissions. In climate accounting terms, it functions as a carbon sink: locking in the CO2 absorbed by palm trees through photosynthesis and preventing it from re-entering the atmosphere via decomposition or combustion. 'No other building board on the market can claim that,' Kamal says. 'We're taking something nature has grown, and turning it into a value-added, circular-economy material that contributes directly to the UAE's 2050 Sustainability Vision. Specifically, it supports Abu Dhabi's Industrial Diversification Strategy by decreasing reliance on imported materials. It also contributes to the UAE's 2030 Green Agenda, particularly through the 'Green Diversification Program,' which incentivises factories to support green manufacturing and minimise industrial waste. The global appetite for such products is growing. DesertBoard's PSB® is already being exported to Saudi Arabia, India, Japan, and the United Kingdom, with interest from Canada and Europe. In fact, Emaar, one of the UAE's largest developers, has approved the use of the board in wardrobes, kitchens, and doors across its new projects. Other leading UAE-based developers, including Aldar Properties and Select Group, have also incorporated DesertBoard's PSB® into their projects — using it for doors, flooring, vanities, walls, cupboards, wardrobes, cabinets, rails, and other bespoke interior installations. Despite this international traction, Kamal remains firm: 'This is not an experiment—it's industrialised. We can produce enough boards in a single day to fill 16 20-feet shipping containers. And we're scaling up.' A sustainable product with Emirati roots Part of the PSB® wooden board's allure is its deep cultural connection to the UAE. Palm trees, especially date palms, have long been central to the country's identity — used for shade, food, building, and ritual. The late Sheikh Zayed bin Sultan Al Nahyan, founding father of the UAE, famously offered cash incentives in the 1970s to citizens who planted date palms and spearheaded cloning programmes in Al Ain to conserve the species. Hatem sees DesertBoard as an extension of that legacy. 'If Sheikh Zayed were alive today, I'm sure he would have been very proud of this factory. It's everything he stood for — preserving nature, giving back to the land, and creating something useful for society.' Currently, palm raw material in the UAE is either buried or burnt, both environmentally problematic. Buried fronds decompose slowly, releasing methane, while burning emits CO2 and creates fire hazards. 'We've found a productive solution for a long-ignored problem,' Kamal notes. With millions of date palms across the UAE, the raw material supply is abundant. Still, sourcing requires coordination with farms and municipal authorities. 'It's a challenge,' Kamal admits. 'But it's a necessary part of creating a circular supply chain.' Technical versatility meets regulatory demand DesertBoard's PSB® wooden board is more than a green alternative — it's also technically robust. The boards have passed rigorous strength, shear, and fire-resistance tests, meeting the UAE, Saudi Arabian, European and American standards for structural and interior use. Its lightweight, high-strength profile also makes it ideal for modular and prefabricated construction, especially in earthquake-prone regions. Crucially, the product aligns with Scope 3 emissions reduction — a coveted benchmark in corporate sustainability. Few construction products globally meet this bar, particularly in regions with limited access to sustainable forests or biomass. 'We're building as if we have forests — except we're not cutting any trees,' says Kamal. Authorities in Dubai and Abu Dhabi have acknowledged the board's environmental performance in their own certifications, particularly its zero-emission status — certified by Al Sa'fat (Dubai Green Building Evaluation System) — and its fire resistance of up to 90 minutes, which has been locally certified by the Ministry of Defence. Yet Hatem and Kamal are still hoping for more structured support. 'We'd love to see stronger recognition for local manufacturers,' Hatem says. 'This isn't just good for the climate; it's good for the 'Made in the Emirates' brand.' What's Next? The company is already in discussions to build a second production facility, either within the UAE or in neighboring Saudi Arabia. Plans are also afoot to develop prefabricated housing elements using DesertBoard's PSB®, in line with growing demand for fast, factory-built units. In 2022, Engineering Contracting Company LLC used the DesertBoard's PSB® to construct 25 refugee houses between the Jordan-Syria border in collaboration with the Red Crescent. It has since built live site mock-ups and is actively working with regulators to enable broader adoption in residential construction. Back in KEZAD, the factory's operations continue to scale. From raw fronds to finished wooden PSB® boards, the process is fully automated, enabling consistent quality and higher margins. Labour is sourced both locally and internationally, with upskilling programmes in place to train workers in this niche, first-of-its-kind technology. And yet, for all the technical prowess and export milestones, Hatem keeps returning to a simpler truth: 'In 50 years of construction, we've always believed that reputation matters more than profit. If we're going to build, let's build for the future. Let's build for the planet.'
Hospitality Net
14-05-2025
- Business
- Hospitality Net
Chirag Zubin Lacca has been appointed Director of Sales at JW Marriott Mumbai Sahar
JW Marriott Mumbai Sahar is pleased to announce the appointment of Mr. Chirag Zubin Lacca as the new Director of Sales. A proactive, ambitious hospitality professional, Chirag brings with him a deep-rooted commitment to excellence and exceptional industry expertise with over 10 years of experience. Armed with a B.A. (Hons.) degree in Hotel Management from IHM Aurangabad, Chirag thrives in deadline driven hospitality environments. With a track record of Profit and Loss focused success, he has excelled in cultivating excellent relationships with not just the existing clients, but also newer prospects. Over the years, Chirag has driven revenue growth and ensured profitability across clients globally. Chirag's contributions have earned him numerous achievements, he has successfully fostered key partnerships with Public Sector Bank (PSB)'s to tie-up for Holiday Home Plan across 40 hotels of IHCL Portfolio thereby increasing account contribution by 115% over preceding years. Chirag has retained key accounts which contribute to a tune of 20% of Non-Resident Banquet Revenue to the Flagship - Taj Mahal Palace & Tower. Ancillary programs of the group were effectively leveraged to increase segment sales to PSU, PSB's and Key corporates in the portfolio. His illustrious career spans across esteemed brands like Taj Hotels and Accor Hotels. Prior to joining JW Marriott Mumbai Sahar, Chirag was at GSO Pune and held the position of the Associate Director of Sales for Taj. He has also played a pivotal role as the Director of Sales in Taj Wellington Mews, Mumbai; Account Manager at Indian Hotels Company Limited, South Mumbai (PSU, Corporates); Sales Manager at Taj Wellington Mews, Luxury Residencies, Mumbai; and Assistant Sales Manager at Novotel Hotels, Goa. In his new role, Chirag will be responsible for handling complex negotiations and implementing strategic sales initiatives that align seamlessly with the brand's pursuit of elevated guest experiences. With a strong belief in a Collaborative Workstyle, Chirag will work closely with all the business segments emphasizing teamwork, trust, and tolerance, thus fostering an environment conducive to achieving financial objectives while maintaining high levels of customer satisfaction. JW Marriott Mumbai Sahar is thrilled to welcome Chirag Lacca and looks forward to his contributions in furthering the hotel's growth and success.
The Star
06-05-2025
- General
- The Star
Collaborative library initiative aims to enhance ‘Bruneiana' collection
Head of Brunei History Centre Dr Muhammad Hadi Muhammad Melayong delivers a speech. - Photo: Borneo Bulletin/ANN BANDAR SERI BEGAWAN: The Forum of Chief Librarians (Focal) collaborative project was launched at the Brunei History Centre (PSB) on Monday (May 5) to improve and strengthen the Bruneiana collection in the library for ease of preservation and access. Head of PSB Dr Muhammad Hadi Muhammad Melayong, the guest of honour, said, 'The Focal collaborative project is a pure initiative that unites expertise and power from various parties in an effort to preserve and expand collection of local materials and resources that are available in the country through Bruneiana Collection.' Bruneiana Collection, he explained, 'is not only a compilation of materials in historical, culture and the country's heritage, but also a high value treasure that reflects the identity and values of the nation as 'Anak Brunei'. Therefore, efforts to upgrade, strengthen and further expand such collection are a wise and relevant strategic measure for the use of current generation in general.' He hoped that the collaborative efforts will help the development of a Bruneiana database system that is more stable and user friendly as well as establishing guidelines in preserving local materials in line with international standard. Organised by the Brunei Darussalam Library Association and represented by 14 members of Focal with the cooperation of the PSB, the event also saw a forum on 'Apa yang difahamkan sebagai koleksi Bruneiana' featuring panellists of three Focal members senior librarian from Universiti Brunei Darussalam's library Ahmad Safwan Jalil, senior history officer from PSB's library Muhammad Syahmi Halimshah and Assistant Library Officer I from the Language and Literature Bureau's library Fatin Nuramalina Muhd Syafie. The forum was moderated by Nellie Sunny. - Borneo Bulletin/ANN
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Business Standard
06-05-2025
- Business
- Business Standard
Bank of Baroda share price plunges 15% on poor Q4 results; check highlight
Bank of Baroda share price today, Bank of Baroda Q4 results: Bank of Baroda shares fell sharply on the BSE today, after the public sector bank reported a weak set of results for the March 2025 quarter (Q4FY25). Bank of Baroda share price plunged 14.9 per cent on the BSE to hit a low of ₹212.10 per share, soon after the PSB announced poor results for the March quarter. Investors rushed to sell Bank of Baroda shares with volumes rising on the exchange after Q4FY25 result announcement. Nearly 1.8 million shares have, till now, changed hands on the BSE as against a two-week average volume of 0.5 million shares. Bank of Baroda Q4 results: Key highlights On Tuesday, May 6, Bank of Baroda reported a mere 3.3 per cent year-on-year (Y-o-Y) increase in net profit at ₹5,048 crore for Q4FY25. Net profit in Q4FY24 was ₹4,886 crore. On a sequential basis, the net profit increased 4.3 per cent from ₹4,837 crore reported in Q3FY25. The muted increase in Bank of Baroda Q4 net profit was on the back of higher provisions and a weak net interest income. Bank of Baroda Q4 NII Bank of Baroda reported a net interest income (NII) of ₹11,020 crore in Q4FY25, down 6.6 per cent from ₹11,793 crore reported in the year-ago period. NII was weak even on a Q-o-Q basis as it declined from ₹11,417 crore seen in Q3FY25. The bank's domestic net interest margin (NIM) squeezed to 3.02 per cent from 3.11 per cent Q-o-Q. This was the bank's lowest NIM in 14 quarters. Its operating profit was flat Y-o-Y at ₹8,132 crore vs ₹8,106 crore reported in Q4FY24. It rose sequentially from ₹7,664 crore. Bank of Baroda Q4 Loans and Deposits At the end of March 2025, Bank of Baroda had total deposits worth ₹14.72 trillion, up 10.3 per cent Y-o-Y and 4.9 per cent Q-o-Q. Its Total Advances stood at ₹12.30 trillion, including global advances, up 12.8 per cent Y-o-Y and 4.9 per cent Q-o-Q. Bank of Baroda Q4 Asset Quality The bank's gross slippages rose to ₹3,159 crore in Q4FY25 from ₹2,915 crore at the end of the December quarter. Its write-off, too, increased to ₹1,662 crore from ₹1,167 crore Q-o-Q. The state-owned bank's non-performing asset (NPA) ratios clocked slight improvement. GNPA ratio came at 2.26 per cent compared to 2.43 per cent Q-o-Q, and NNPA ratio stood at 0.58 per cent as against 0.59 per cent Q-o-Q. In absolute terms, Bank of Baroda reported gross NPAs of ₹27,835 crore, lower than ₹28,471.2 crore reported in Q3FY25. However, net NPAs came at ₹6,994.2 crore, higher than ₹6,825 crore seen in Q3FY25. Bank of Baroda's total provisions in Q4FY25 surged 19.2 per cent to ₹1,552 crore from ₹1,302 crore in Q4FY24. They were also higher than provisions worth ₹1,082 crore set aside in Q3FY25. Provisions for NPA and Bad Debts jumped massively on a quarterly basis to ₹1,297 crore, up from ₹871 crore of Q3FY25.
