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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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Feb 14, 16:00
9.37 -0.22 (-2.29%)
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Feb 14, 15:59
9.35 -0.20 (-2.09%)
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Annual Report

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

Auditor's Report

1. We have audited the accompanying financial statements of Indian Overseas Bank as at 31st March, 2013, which comprise the Balance Sheet as at March 31, 2013, and Profit and Loss Account and the Cash Flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1320 branches including 6 overseas branches audited by branch auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Loss are the returns from 1628 branches which have not been subjected to audit. These unaudited branches account for 12.71 per cent of advances, 22.64 per cent of deposits, 12.63 per cent of interest income and 11.24 per cent of interest expenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with Banking Regulations Act 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


6. In our opinion, as shown by books of the Bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2013 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the Cash Flows for the year ended on that date.

Emphasis of Matter

7. We draw attention to :

a) Note No.8 regarding amortization of pension and gratuity liability of Rs. 1005.21 crore over a period of 5 years from 31.3.2011.

b) Note No. 3.6 regarding partial write off of secured portion of certain doubtful advances Our opinion is not qualified in respect of the above.

Report on Other Legal and Regulatory Requirements

8. 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.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(c) The returns received from the offices and branches of the Bank have been found adequate for the purpose of our audit except for return of Singapore branch relating to security wise assets classification of the loans outstanding of Rs.8656.61 crore (secured by tangible assets Rs.3881.39 crore, covered by Bank Guarantee Rs.2346.20 crore and unsecured Rs.2429.02 crore) which was not certified by the Statutory Branch Auditor. We have relied upon this return as certified by branch management and internal auditor.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For S R Mohan & Co For Badari, Madusudhan For B Thiagarajan & Co

Chartered Accountants & Srinivasan Chartered Accountants

FRN 002111S Chartered Accountants FRN 004371S

FRN 05389S


Partner Partner Partner

M. No.021361 M.No.020378 M.No.18270

For Sankar & Moorthy For P R Mehra & Co. For Dass Khanna & Co

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 003575S FRN 000051N FRN 000402N


Partner Partner Partner

M. No. 028519 M No.082648 M.No.083142

Place: Chennai

Date: 29.04.2013