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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 28, 16:00
8.73 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
89,764
10-Day
100,149
30-Day
107,256
81,423
  • Prev. Close

    8.73

  • Open Price

    8.53

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 28, 15:57
8.70 -0.05 (-0.57%)
Volume
AVERAGE VOLUME
5-Day
1,389,687
10-Day
1,235,670
30-Day
1,309,497
1,100,595
  • Prev. Close

    8.75

  • Open Price

    8.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    8.70 (941)

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 2010, the Profit and Loss Account and Cash Flows Statement of the Bank for the year ended 31s March 2010 annexed thereto in which are incorporated the returns of 20 branches and 41 Regional Offices audited by us and 1705 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 are the returns from 305 branches / centres which have not been subjected to audit. These unaudited branches account for 1.35 % of advances, 4.99 % of deposits, 2.19% of interest income and 2.35% 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 recoverablility 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, Capital Adequacy Ratio and business ratios as stated in Notes on Accounts (Schedule-18) is not ascertainable. 5. The additional disclosures made in Note No.4.2, 5, 6,7, 8.7 and 10.1 to the Notes on Accounts (Schedule 18) with regard to information in respect of Restructured Accounts, Business Ratios, Maturity Pattern of Assets and Liabilities, Exposure to Sensitive Sectors, Unsecured Advances and Concentration of Deposits, Advances, Exposures and NPAs respectively are based on the records / information as certified by the Bank and relied upon by us. 6. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 and subject to i) the limitation of the audit indicated in Paragraph 1 above, and the limitation of disclosure required therein ii) our observations in Paragraph 4 & 5 above, and iii) Note No. 11 in Notes on Accounts (Schedule 18) regarding the write off of a sum of Rs 8217 Crores being one third of the deficit arising on the takeover of the specific assets and liabilities of a bank - as permitted by Reserve Bank of India - as against writing off the entire deficit of Rs 246.52 Crores as is the Generally Accepted Accounting Practice. 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 31sMarch 2010. ii) The Profit and Loss Account shows a true balance of Profit for the year ended 31st March 2010 and iii) The Cash Flows Statement gives a true and fair view of the cash flow for the year ended 31s March 2010. 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 Om Agarwa l & Co For Varma & Varma For PKF Sridhar & Santaam Chartered Accountants Chartered Accountants Chartered Accountants P.GUPTA) (K.M.SUKUMARAN) (TVBAUSUBRAAMNWN) Partner Partner Partner M.No. 072936 M.No.015707 M.No.027251 FRN000971C FRN004532S FRN003990S For Bhaskaran & Ramesh For M Bhaskara Rao & Co For Mittal Gupta & Co Chartered Accountants Chartered Accountants Chartered Accountants (J.RANGMRAWN) (PRATNAM) (B.LGUPTA) Partner Partner Partner M.No.024327 M.No.002316 M.No.073794 FRN000462S FRN000459S FRN001874C Place: Chennai Date : 29.04.2010