Ann: FLLYR: BIT: BIT - Final Results

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					BIT
21/01/2014 08:30
FLLYR

REL: 0830 HRS The Bankers Investment Trust Plc

FLLYR: BIT: BIT - Final Results

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THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2013

This announcement contains regulated information

MANAGEMENT REPORT
Chairman's Statement:

o Net Asset Value increase of 23.8%
o Share price increase of 33.9%
o 47th consecutive year of dividend increases

Performance
As our 125th year draws to an end it is pleasing to be able to report one of
the strongest sets of results in Bankers' recent history. A net asset value
increase of 23.8% was the key catalyst for the significant reduction in the
discount to which the shares traded at during the year, resulting in a share
price return of 33.9%. The twin objectives of long term capital appreciation
and dividend growth have resulted in Bankers cementing its position as a core
holding in many private client portfolios and has created the demand to allow
us to issue shares, the first time since 1994. In the last year 350,000
shares were issued at a premium to net asset value, and since the year end we
have issued a further 400,000 shares.

This performance was achieved against a positive global equity market
background with strong returns being reported by all major markets. Further
detail as to geographic returns and market reports can be found in the Annual
Report and Financial Statements.

Revenue and Dividends
The underlying portfolio has continued to generate revenue growth which has
enabled the Company to continue its 46 year record of increasing dividend
payments to shareholders whilst also adding modestly to reserves. It is one
of the key objectives of the Company to increase dividends in excess of the
Retail Prices Index. This has been achieved consistently. A significant
revenue reserve is one of the key strengths of Bankers. The reserve allows
the Board and shareholders to have confidence in our dividend objective being
met.

We are recommending a final dividend of 3.6p per share, making a total of
14.13p for the year, an
increase of 6% and marking the 47th consecutive year of dividend increases.
As we look forward, the Board would expect to be paying out the great
majority of the revenue generated each year in the form of dividends.
Accordingly, the current level of revenue reserve is not expected to grow
significantly from the 2013 year end levels. We feel confident in being able
to forecast a dividend per share of not less than 14.7p per share, an
increase of 4%.

Governance and Board Changes
I would like to take this opportunity to thank my predecessor Richard
Brewster who joined the Board in 1994 and became Chairman in 2005. I thank
him for all of his hard work and wise counsel to me and the Board of Bankers
during his long association with the Company. Over the years we have aimed to
achieve a level of continuity in regard to the Board and thus we believe the
efficient management and oversight of your Company will continue in the same
vein as it has under Richard's tenure.

In this regard I am pleased to report that David Wild will be joining the
Board on 26 February 2014. David has a commercial background, having served
in a number of senior positions in the retail sector. He is currently the
non-executive Chairman of Premier Foods PLC. Further detail on David's
biography can be found in the Report and Financial Statements. A resolution,
seeking shareholder approval for his appointment will be proposed at the
forthcoming Annual General Meeting.

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THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2013

David will bring the Board up to five non-executive directors following the
resignation of Peter Sullivan in June 2013. The Board would also like to
formally thank Peter for his contribution to the Company during his tenure
and wish him well for the future.

Much of the work of the Board is spent reviewing and agreeing the
implementation of, and decisions required resulting from, the flow of
regulatory and corporate governance change. Whilst not a glamorous part of
the role, your Board takes these matters seriously and has this past year
been presented with significant challenges as a result of the Alternative
Investment Fund Managers Directive ('AIFMD') from the European Union. As a
result the Board has agreed, in principle, to appoint its Manager as its
Alternative Investment Fund Manager ('AIFM'). Further change will be required
in regard to our Custodian and Depositary relationships. I must confess that
I am not sure whether investors will be any better protected as a result of
these changes but the deadline for compliance is 22 July 2014, a date which
we will meet. These changes will not result in a material increase in the
Company's ongoing charges.

Audit Tender
In light of recent UK and emerging European regulations on audit tendering
and rotation, the Board has agreed that 2014 is a suitable time to put the
audit out for tender. The Company will report on the outcome of the process
to shareholders later in the year. Due to impending European legislation on
mandatory audit firm rotation and length of tenure of our current auditors,
PricewaterhouseCoopers LLP will not be participating in the audit tender.
Subject to shareholder approval at the Annual General Meeting,
PricewaterhouseCoopers LLP will continue as the Company's auditors until
another audit firm is appointed.

Management Fee Changes
As my predecessor indicated in his statement last year, the performance fee
was dropped with effect from 1 January 2013, and the management fee was
changed to 0.4% per annum of net assets and then, following a satisfactory
review with the Manager, was increased to 0.45% of net assets with effect
from 1 November 2013.

Annual General Meeting ('AGM')
The Annual General Meeting will this year be held at 12 noon at Trinity
House, London, EC3N 4DH on 26 February 2014. Full details of the business to
be conducted at the meeting are set out in the Notice of Meeting which has
been sent to shareholders with this report. Directions and a map showing the
location of the AGM can also be found in the Notice of Meeting. The Board and
I look forward to seeing many of you at this meeting at which Alex Crooke and
his investment team will be making a presentation on their investment views
and how these are being reflected in the composition of the Company's
portfolio. Following the formal business of the meeting light refreshments
will be served.

Outlook
Following such a strong year for global equity markets in 2013 it is probably
sensible to be cautious for prospects for the year ahead. However, a low and
stable interest rate environment, growing investor confidence and a better
corporate outlook, especially in North America and the United Kingdom, give
grounds to remain optimistic regarding equity returns. Whilst many headwinds
remain, Continental European growth being a key one, investor sentiment has
turned positive and, with large global institutions repositioning their asset
allocation back towards equities for the first time in over five years,
support for current market levels remains strong.

It is against this broadly positive backdrop that your Board approaches the
new year with confidence for both equity markets and corporate dividend
growth. The investment approach of the Company has evolved over many years
and I anticipate that it will continue to deliver the consistency of returns
experienced in the past regardless of the broader market challenges which
will lie ahead.

Richard Killingbeck, Chairman

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THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2013

Principal Risks and Uncertainties
The Board has drawn up a matrix of risks facing the Company and has put in
place a schedule of investment limits and restrictions, appropriate to the
Company's investment objectives and policy,
in order to mitigate these risks as far as practicable. The principal risks
which have been identified and the steps taken by the Board to mitigate these
are as follows:

o Portfolio and market
Although the Company invests almost entirely in securities that are quoted on
recognised markets, share prices may move sharply. The companies in which
investments are made may operate unsuccessfully, or fail entirely. A fall in
the market value of the Company's portfolio would have an adverse effect on
the shareholders' funds. The Board reviews the portfolio each meeting and
mitigates this risk through diversification of investments in the portfolio.

o Investment activity and performance
An inappropriate investment strategy (for example, in terms of asset
allocation or the level of gearing) may result in underperformance against
the Company's various Indices and the companies in its peer group. The Board
monitors investment performance at each Board meeting and regularly reviews
the extent of its borrowings.

o Tax and regulatory
A breach of section 1158 of the Corporation Taxes Act 2010 could lead to a
loss of investment trust status, resulting in capital gains realised within
the portfolio being subject to corporation tax. A breach of the UKLA Listing
Rules could result in suspension of the Company's shares, while a breach of
the Companies Act 2006 could lead to criminal proceedings.  Any such breaches
could also lead to financial or reputational damage. The Company must also
ensure compliance with the listing rules of the New Zealand Stock Exchange.
The Manager has contracted to provide investment, company secretarial,
administration and accounting services through qualified professionals. The
Board receives internal control reports produced by the Manager on a
quarterly basis, which confirmed regulatory compliance during the year.

o Financial
By its nature as an investment trust, the Company's business activities are
exposed to market risk (including market price risk, currency risk and
interest rate risk), liquidity risk, and credit and counterparty risk.
Details of these risks and how they are managed are contained in the notes in
the Financial Statements.

o Operational
Disruption to, or failure of, the Manager's accounting, dealing or payment
systems or the Custodian's records could prevent the accurate reporting and
monitoring of the Company's financial position. The Company is also exposed
to the operational risk that one or more of its suppliers may not provide the
required level of service.  Details of how the Board monitors the services
provided by the Manager and its other suppliers, and the key elements
designed to provide effective internal control, are explained further in the
internal controls section in the Financial Statements.

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THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2013

Related Party Transactions
Other than the relationship between the Company and its directors, the
provision of services by Henderson is the only related party arrangement
currently in place.  Other than the fees payable by the Company in the
ordinary course of business and the provision of sales and marketing services
by Henderson, there have been no material transactions with this related
party which have affected the financial position or performance of the
Company in the financial year.

Statement of Directors' Responsibilities under DTR 4.1.12
Each of the directors confirms that, to the best of his or her knowledge:

o the Company financial statements, which have been prepared in accordance
with IFRSs as adopted by the European Union, give a true and fair view of the
assets, liabilities, financial position and profit of the Company; and

o the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that it faces.

For and on behalf of the Board of Directors

Richard Killingbeck
Chairman

For further information contact:

Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447

Richard Killingbeck
Chairman
The Bankers Investment Trust PLC
Telephone: 020 7818 4233

James de Sausmarez
Director of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349

Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198

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THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2013
End CA:00246224 For:BIT    Type:FLLYR      Time:2014-01-21 08:30:08