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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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Info

BSE Live

Feb 19, 16:00
9.15 0.06 (0.66%)
Volume
AVERAGE VOLUME
5-Day
151,254
10-Day
182,957
30-Day
117,028
63,382
  • Prev. Close

    9.09

  • Open Price

    9.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 19, 15:58
9.15 0.05 (0.55%)
Volume
AVERAGE VOLUME
5-Day
1,318,283
10-Day
2,026,500
30-Day
1,255,306
553,119
  • Prev. Close

    9.10

  • Open Price

    9.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    9.15 (2225)

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 2009, the Profit and Loss Account and Cash Flows Statement of the Bank for the year ended 31st March 2009 annexed thereto in which are incorporated the returns of 20 branches and 41 Regional Offices audited by us and 1602 branches including 6 Overseas Branch 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 are the returns from 326 branches/centres which have not been subjected to audit. These unaudited branches account for 7.27 % of advances, 0.68 % of deposits, 2.47 % of interest income and 2.30 % 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. Those 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 and 2.5 (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. 3.2 in 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. iii) Note No.3.5 in Notes on Accounts (Schedule 18) regarding non - classification of an advance as per prudential norms of RBI. 5. The additional disclosures made in Note No. 4.2.1, 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, and further subject to : Note no.4.2.4 in additional disclosures dealing with restructuring of loans after 31st March 2009, which is not in accordance with Reserve Bank of India Circular dated 17th April 2009, due to which Gross MPA/Net NPA are understated to the extent of Rs.315.80 crores and Rs.283.31 crores respectively with consequential effect on relevant ratios. However, there is no impact on the Profit for the year and reserves/advance as at March 31, 2009 as the additional provision required of Rs.25.44 crores (net of sacrifice Rs.7 04 crores) is covered by surplus provision available for NPA accounts. 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 2009, ii) The Profit and Loss Account shows a true balance of Profit for the year ended 31st March 2009 and iii) The Cash Flows Statement gives a true and fair view of the cash flow for the year ended 31st March 2009. 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 Vaithisvaran & Co For Maharaj N.R. Surech & Co Chartered Accountants Chartered Accountants (S.GANESAN) (N.R.JAYADEVAN) Partner Partner M.No.019530 M.No. 023838 For Varma & Varma Far PKF Sridhar & Santhanam Chartered Accountant Chartered Accountants (K.M.SUKUMARAN) (S.RAJESHWARI) Partner Partner M.No.015707 M. No.024105 For Om Agarwal & Co Chartered Accountants (ASHOK KUMAR JAIN) Partner M.No.074250 For Bhaskaran & Ramesh Chartered Accountants (S.REMESH) Partner M.No.022183 Place: Chennai Dale : 04.05.2009