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Indian Overseas Bank

BSE: 532388 | NSE: IOB |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE565A01014 | SECTOR: Banks - Public Sector

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BSE Live

Feb 20, 16:00
9.00 -0.14 (-1.53%)
Volume
AVERAGE VOLUME
5-Day
110,535
10-Day
178,090
30-Day
114,720
95,021
  • Prev. Close

    9.14

  • Open Price

    9.14

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 20, 15:57
9.00 -0.15 (-1.64%)
Volume
AVERAGE VOLUME
5-Day
1,081,654
10-Day
1,938,863
30-Day
1,244,794
960,306
  • Prev. Close

    9.15

  • Open Price

    9.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    9.00 (41021)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of Indian Overseas Bank as at 31st March 2008, the Profit and Loss Account and Cash Flows Statement of the Bank for the year ended 31st March 2008 and annexed thereto in which are incorporated the returns of 20 branches and 38 Regional Offices audited by us and 1522 branches including 6 Overseas Branches audited by other auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by Reserve Bank of India. Also incorporated in the Balance Sheet and Profit & Loss Account, the returns from 341 branches / centres which have not been subjected to audit. These unaudited branches account for 1.27% of advances, 5.08% of deposits, 0.38% of interest income and 2.41 % of interest expenses. These financial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statements. An audit includes examination on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes -assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 3. The. Balance Sheet and the Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949. 4. Reference is invited to:- i) Significant Accounting Policy No.2.2, 2.5 & 2.7 (Schedule - 17) regarding revenue recognition which are not in conformity with Accounting Standard - 9 issued by the Institute of Chartered Accountants of India. ii) Note No. 3(a) to Notes on Accounts (Schedule - 18) regarding recoverability of claims pending and / or yet to be lodged with Guarantee Institutions. The impact of the items stated herein above on the Profit & Loss Account, Balance Sheet and Capital Adequacy Ratio and business ratios as stated in Notes on Accounts (Schedule-18) is not ascertainable. Reference is also invited to Note No.3(e) to Notes on Accounts (Schedule 18) regarding non - classification of advance as per prudential norms of RBI. 5. The additional disclosures made in Note No. 4.2, 5, 6 and 7 to the Notes on Accounts (Schedule 18) with regard to information in respect of Restructured Accounts, Business Ratios, Maturity Pattern of Assets and Liabilities and Exposure to Sensitive Sectors, respectively are based on the records/ information as certified by the Bank and relied upon by us. 6. Subject to the limitation of the audit indicated in Paragraph 1 above, and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 and subject to the limitation of disclosure required therein and also subject to our observations in Paragraph 4 & 5 above, we report as under: a) In our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank maintained in accordance with generally accepted Accounting Principles in India. i) The Balance Sheet is a full and fair Balance Sheet containing the necessary particulars, and is properly drawn up so as to exhibit a true and fair view of the affairs of the Bank as at 31st March 2008 and ii) The Profit and Loss Account shows a true balance of Profit for the year ended 31st March 2008. iii) The Cash Flows Statement gives a true and fair view of the cash flow for the year ended 31st March 2008. b) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found the same to be satisfactory. c) The transactions of the Bank, which have come to our notice have been within the powers of the Bank. d) The returns received from the offices and branches of the Bank have been found adequate for the purpose of our audit. For S.K. Singhania & Co For SRRK. Sharma Associates For R.S. Sipayya & Co Chartered Accountants Chartered Accountants Chattered Accountants (RAJESH SINGHANIA) (SRRK. SHARMA) (R.S. SIPAYYA) Partner Partner Partner M.No. 52722 M. No. 18088 M. No.17762 For Vaithisvaran & Co For Maharaj N.R. Suresh & Co For 0m Agarwal & Co Chartered Accountants Chartered Accountants Chartered Accountants (R. VENKATESH) (N.R. SURESH) (O.P. AGARWAL) Partner Partner Partner M.No.203816 M.No. 21661 M.No.016603 Place: Chennai Date: 28.04.2008