Ann: HALFYR: BIT: BIT-Half Yearly Report

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BIT
20/06/2013 08:30
HALFYR

REL: 0830 HRS The Bankers Investment Trust Plc

HALFYR: BIT: BIT-Half Yearly Report

Page 1 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

This announcement contains regulated information

Chairman's Statement

Review of the period including material events and transactions
A well positioned portfolio and the improving confidence in equity markets
has resulted in a strong performance in the first 6 months of the financial
year. I am pleased to report that Bankers' net asset value per share has
risen by 16.6%, compared to a rise of 12.1% in the FTSE All-Share Index
during this reporting period.

Last year's momentum has continued to drive equity share prices higher in
2013, with many stock markets progressing to new all time highs. The
liquidity that has been provided by central banks in the US, Europe and Japan
has undoubtedly acted as a support to both bonds and equities. However,
current market levels are also being supported by growth in corporate
earnings, meaning that valuations, whilst at higher levels, do not yet appear
overvalued compared with previous market peaks. Challenges still remain.  The
pace of profit growth has recently eased for many industry sectors,
reflecting the lack of growth in Europe and lower commodity prices for both
energy and mining companies. The benefits of lower corporate tax and interest
rates are now fully reflected in profit forecasts and companies must innovate
or invest to drive further increases in turnover or improved margins.

The sharpest recovery in share prices over recent months has been in Japan
where the government has made a strong commitment to end deflation by
purchasing long-term debt through a doubling of the Bank of Japan's balance
sheet. The scale of this commitment has surprised many commentators and the
sharp fall in the value of the Yen reflects the first phase of the plan. It
is still too early to be certain that Japan has turned the corner in its
fight against deflation but the potential for a significant increase in
earnings from Japanese exporters could mean that the stock market can make
further progress.  Our patience in maintaining roughly 10% of our portfolio
invested directly in Japanese companies has been rewarded over the period.

The US has been exhibiting solid economic growth despite the US
administration raising taxes and cutting spending; these actions are
estimated to have reduced GDP growth by over 1%. Nevertheless, the underlying
economy is showing resilience, with new jobs being created, house prices
recovering and new home building expanding. Also, durable goods orders have
recovered but still remain below their long-term average level which bodes
well for further recovery over the coming twelve months. For these positive
reasons, the US should be the first major country to withdraw from
quantitative easing and the abundant liquidity which is supporting markets.

Europe, including the UK, continues to report very weak economic numbers with
austerity sucking life from their economies. Rising unemployment in mainland
Europe is a growing concern leading to unrest and indecisive election
results, as evidenced in Italy during the spring. Furthermore, the
strengthening Euro is not helping the region recover its exports. Despite the
malaise, European government bond yields and equity prices have both
recovered, possibly showing that investors do have confidence that there will
be a brighter future even though there is no credible recovery plan yet
endorsed by the politicians. On the other hand, it may be just the scarcity
of investment opportunities around the world that is accounting for some of
the improving stock prices.

Page 2 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

Asian prospects have been overshadowed by the change of leadership in China
and concerns that their economy is following a slower growth path than many
expected. It appears that controlling inflation and the property market in
China are key imperatives for the government over the coming years and
therefore commodity prices have reacted negatively to a lack of demand.
However, we continue to see interesting investment opportunities in the
region focussed on consumer rather than government spending. We need to be
patient and focus on improving domestic consumption rather than the
traditional export-driven focus of the past.

The portfolio has benefited from an increase in gearing during the early part
of the calendar year combined with wise stock selection in the UK, Europe and
Asia. The extra  borrowings were  invested in Europe and Asia, where
valuations are lower and where the companies are targeting growth in places
like the US and China. Increasingly, the countries in which stocks are listed
and traded bear little relationship to where their operations are located or
profits are generated. Fortunately politics and local investment flows can
create anomalies in valuations that global investors such as Bankers can
capitalise on. We remain committed to seeking investments that satisfy our
objectives and that will provide long-term growth of both capital and income
to our investors.

Revenue Return and Dividends
Ordinary dividend growth remains positive but has moderated reflecting the
more subdued growth in corporate profits and a normalisation in payout
ratios. There seems to be a return to the healthy practice of companies
showing a strong commitment to growing dividends and rewarding shareholders.
Since the recession, company managements have focused on reducing levels of
debt and restructuring borrowing, while lower tax and interest costs have
boosted free cash flow. With little demand for greater levels of capital
expenditure to build or expand production the increasing cash flow is being
used to boost dividends and improve payout ratios. Some companies are now
finding that levels of cash on the balance sheet exceed borrowings and there
is a growing trend towards special dividends.

Another factor that has helped to improve our revenue during the period is
the increase in investment enabled by higher borrowings and currency
movements. Over the period a lower level of Sterling against the US dollar
has improved the translation of income from dollar-denominated assets. The
Company's revenue generation shows a good degree of growth and underpins our
intention to increase dividends to our shareholders for the 46th consecutive
year. In January, I stated that we would pay a minimum of 13.86p for the full
year, an increase of 4%. It is our intention to pay a second interim dividend
of 3.465p per ordinary share on 30 August 2013.

Board Changes
Peter Sullivan steps down today as a director due to his other commitments.
He brought valuable commercial experience to the Board from both his business
career and his extensive time working in the Far East for which we thank him.
The Board wish him every success in the future and will miss his
contribution.

Outlook
Falls in equity markets tend to come when investors expectations run ahead of
reality. The recent strong recovery in share prices has come against a
backdrop of deep scepticism amongst many commentators and sluggish economic
activity in developed markets. The high level of debt amassed by governments
and consumers will result in the recovery phase being long and drawn out but
the average corporate balance sheet shows little sign of strain following a
number of years of reducing indebtedness. The levels of profit and dividend
generated by companies continue to increase and despite share prices reaching
new highs for most companies, valuations are not extreme. It is the corporate
sector that has the resources and cash which, when finally used to invest
again, will create jobs and start to deliver real growth in economies
throughout the world.

Page 3 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

As your Company marks its 125th year, it is clear to me that Bankers has an
investment style that has stood the test of time and delivered considerable
returns to investors over the long term.  The simple philosophy of investing
in high quality companies, whilst not overpaying, remains at the core of
Bankers and this should result in many more years of success. My retirement
in September will herald the start of Richard Killingbeck's tenure as
Chairman and I wish him and the Company a prosperous future.

DIRECTORS' RESPONSIBILITY STATEMENT
The directors confirm that, to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance
with IAS 34;

(b) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.8R (disclosure of related
party transactions and changes therein).

On behalf of The Bankers Investment Trust PLC
R D Brewster, Chairman

For further information contact:

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

Page 4 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

FINANCIAL HIGHLIGHTS (Unaudited)
30 April
2013  (Audited)
31 October 2012  %
Change
Assets
Net asset value per ordinary share (with debt at book value)  553.2p  474.5p
+16.6%
Ordinary share mid-market price 536.5p 433.1p +23.9%
Discount (share price to net asset value) 3.0% 8.7%
Total assets less current liabilities ('000) 638,575  551,214  +15.8%

Indices
FTSE All-Share Index 3,390.18  3,024.40  +12.1%
S&P 500 Composite Index 1,597.57  1,412.66  +17.1%#
FTSE World Developed Europe (ex UK) Index () 216.13  185.40  +16.6%
TOPIX (Tokyo First Section Index) 1,165.13  742.33  +33.3%#
FTSE World (ex UK) Index () 407.74  347.98  +17.2%

# -  adjusted

 (Unaudited)
Half year
ended
30 April
2013  (Unaudited)
Half year
ended
30 April
2012  %
Change
Revenue
Gross revenue ('000) 9,284  8,689  +6.8%
Earnings per ordinary share 6.76p  6.36p  +6.3%

Page 5 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 30 April 2013

 (Unaudited)
Half year ended
30 April 2013 (Unaudited)
Half year ended
30 April 2012 (Audited)
Year ended
31 October 2012
 Revenue return '000 Capital return '000
Total '000 Revenue return '000 Capital return '000
Total '000 Revenue return '000 Capital return '000
Total
'000

Gains on investments held at fair value through profit or loss

-

88,474

88,474

-

29,771

29,771

-

31,623

31,623
Investment income 9,222 - 9,222 8,584 - 8,584 18,349 - 18,349
Other operating income 62 - 62 105 - 105 244 - 244
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Total income 9,284 88,474 97,758 8,689 29,771 38,460 18,593 31,623 50,216
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Expenses
Management fees (617) (333) (950) (513) (276) (789) (1,026) (552) (1,578)
Other expenses (364) - (364) (377) - (377) (725) - (725)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit before finance costs and taxation
8,303
88,141
96,444
7,799
29,495
37,294
16,842
31,071
47,913

Finance costs (348) (812) (1,160) (339) (792) (1,131) (678) (1,582) (2,260)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit before taxation 7,955 87,329 95,284 7,460 28,703 36,163 16,164 29,489
45,653

Taxation (459) - (459) (402) - (402) (805) - (805)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit for the period 7,496 87,329 94,825 7,058 28,703 35,761 15,359 29,489
44,848
 ===== ===== ===== ===== ===== ===== ===== ===== =====
Earnings per ordinary share (note 2)
6.76p
78.74p
85.50p
6.36p
25.86p
32.22p
13.84p
26.58p
40.42p

The total columns of this statement represent the Consolidated Statement of
Comprehensive Income, prepared in accordance with IFRS as adopted by the
European Union.  The revenue return and capital return columns are
supplementary to this and are prepared under guidance published by the
Association of Investment Companies.

All income is attributable to the equity shareholders of The Bankers
Investment Trust PLC.

The accompanying condensed notes are an integral part of the financial
statements.

As permitted by the Companies Act 2006, the Company has not presented its own
Statement of Comprehensive Income.  The net profit of the Company for the
period was 94,825,000 (30 April 2012: 35,761,000; 31 October 2012:
44,848,000).

Page 6 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 30 April 2013

Half year ended 30 April 2013 (Unaudited)  Called up
share capital
'000  Share premium
account
'000 Capital  redemption
reserve
'000 Other capital
reserves
'000
Revenue reserve
'000

Total
'000
Balance at 31 October 2012 27,727 452 12,483 454,080 31,472 526,214
Total comprehensive income:
Profit for the period - - - 87,329 7,496 94,825
Transactions with owners, recorded directly to equity:
Payment of 3rd interim dividend (3.30p) in respect of the year ended 31
October 2012
-
-
-
-
(3,660)
(3,660)
Payment of final dividend (3.43p) in respect of the year ended 31 October
2012
-
-
-
-
(3,804)
(3,804)
 ---------- ---------- ---------- ---------- ---------- ----------
Balance at 30 April 2013 27,727 452 12,483 541,409 31,504 613,575
 ====== ====== ====== ====== ====== ======

Half year ended 30 April 2012 (Unaudited)  Called up
share capital
'000 Share premium
account '000 Capital  redemption
reserve
'000 Other capital
reserves '000
Revenue reserve '000

Total
'000
Balance at 31 October 2011 27,763 452 12,447 425,185 30,484 496,331
Total comprehensive income:
Profit for the period - - - 28,703 7,058 35,761
Transactions with owners, recorded directly to equity:
Buy back of 145,000 ordinary shares (36) - 36 (594) - (594)
Payment of 3rd interim dividend (3.175p) in respect of the year ended 31
October 2011
-
-
-
-
(3,526)
(3,526)
Payment of final dividend (3.175p) in respect of the year ended 31 October
2011
-
-
-
-
(3,525)
(3,525)
 ---------- ---------- ---------- ---------- ---------- ----------
Balance at 30 April 2012 27,727 452 12,483 453,294 30,491 524,447
 ====== ====== ====== ====== ====== ======

Year ended 31 October 2012 (Audited)  Called up
share capital
'000  Share premium
account '000 Capital  redemption
reserve '000 Other capital
reserves '000
Revenue reserve '000

Total '000
Balance at 31 October 2011 27,763 452 12,447 425,185 30,484 496,331
Total comprehensive income:
Profit for the year - - - 29,489 15,359 44,848
Transactions with owners, recorded directly to equity:
Buy back of 145,000 ordinary shares (36) - 36 (594) - (594)
Payment of 3rd interim dividend (3.175p) in respect
of the year ended 31 October 2011
-
-
-
-
(3,526)
(3,526)
Payment of final dividend (3.175p) in respect of the
year ended 31 October 2011
-
-
-
-
(3,525)
(3,525)
Payment of 1st interim dividend (3.30p) in respect
of the year ended 31 October 2012
-
-
-
-
(3,660)
(3,660)
Payment of 2nd interim dividend (3.30p) in respect
of the year ended 31 October 2012
-
-
-
-
(3,660)
(3,660)
 ---------- ---------- ---------- ---------- ---------- ----------
Balance at 31 October 2012 27,727 452 12,483 454,080 31,472 526,214
 ====== ====== ====== ====== ====== ======
The accompanying condensed notes are an integral part of the financial
statements.

Page 7 of 12

THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

CONSOLIDATED BALANCE SHEET
as at 30 April 2013

(Unaudited)
30 April
2013
'000
(Unaudited)
30 April
2012
'000
(Audited)
31 October
2012
'000

Non-current assets
Investments held at fair value through profit or loss 638,465 539,332 546,819

 ---------- ---------- ----------

Current assets
Investments (note 3) 21 2,810 1,301
Other receivables 8,836 2,860 2,046
Cash and cash equivalents 2,497 5,168 3,126
 ---------- ---------- ----------
 11,354 10,838 6,473
 ---------- ---------- ----------
Total assets 649,819 550,170 553,292
 ---------- ---------- ----------
Current liabilities
Bank loan (5,500) - (1,000)
Other payables (5,744) (723) (1,078)
 ---------- ---------- ----------
 (11,244) (723) (2,078)
 ---------- ---------- ----------
Total assets less current liabilities 638,575 549,447 551,214

Non-current liabilities
Debenture stocks (25,000) (25,000) (25,000)
 ---------- ---------- ----------
Net assets 613,575 524,447 526,214
 ====== ====== ======

Equity attributable to equity shareholders
Called up share capital (note 4) 27,727 27,727 27,727
Share premium account 452 452 452
Capital redemption reserve 12,483 12,483 12,483
Retained earnings:
  Other capital reserves 541,409 453,294 454,080
  Revenue reserve 31,504 30,491 31,472
 ---------- ---------- ----------
Total equity 613,575 524,447 526,214
 ====== ====== ======
Net asset value per ordinary share (note 5) 553.2p 472.9p 474.5p
 ====== ====== ======

The accompanying condensed notes are an integral part of the financial
statements.

Page 8 of 12

THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

CONSOLIDATED CASH FLOW STATEMENT
for the half year ended 30 April 2013

 (Unaudited)
Half year ended
 30 April
2013
'000 (Unaudited)
Half year
ended
30 April
2012
'000   (Audited)
Year
ended
31 October 2012
'000

Net profit before taxation 95,284 36,163 45,653
Add back interest paid 1,160 1,131 2,260
Less: gains on investments held at fair value through profit or loss
(88,474)
(29,771)
(31,623)
Increase in accrued income (1,656) (1,507) (573)
Decrease in other debtors 3 2 2
Increase/(decrease) in other creditors 158 (22) (123)
Purchases of investments (75,832) (61,721) (131,873)
Sales of investments 72,710 64,531 128,980
Purchases of current asset investments (1,500) (8,904) (22,899)
Sales of current asset investments 2,780 9,777 25,364
(Increase)/decrease in amounts due from brokers (5,308) 1,258 1,179
Increase/(decrease) in amounts due to brokers 4,505 (2,819) (2,363)
Dealing profits - (33) (116)
 ---------- ---------- ----------
Net cash inflow from operating activities before interest and taxation
3,830
8,085
13,868

Interest paid (1,157) (1,131) (2,260)
Taxation on investment income (288) (387) (831)
 ---------- ---------- ----------
Net cash inflow from operating activities 2,385 6,567 10,777

Financing activities
Equity dividends paid (7,464) (7,051) (14,371)
Purchase of ordinary shares - (594) (594)
Drawdown of loan 4,500 - 1,000
 ---------- ---------- ----------

Net cash used in financing (2,964) (7,645) (13,965)
 ---------- ---------- ----------

Decrease in cash (579) (1,078) (3,188)
Cash and cash equivalents at start of period 3,126 6,360 6,360
Exchange movements (50) (114) (46)
 ---------- ---------- ----------
Cash and cash equivalents at end of period 2,497 5,168 3,126
 ====== ====== ======

The accompanying condensed notes are an integral part of the financial
statements.

Page 9 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

NOTES:

1. Accounting policies
 The condensed half year financial statements have been prepared on the basis
of the accounting policies set out in the Group's financial statements for
the year ended 31 October 2012 and in accordance with IAS34.  The tax charge
is based on overseas tax suffered during the period.

2. Earnings per ordinary share
 The earnings per ordinary share figure is based on the net profit for the
half year of 94,825,000 (half year ended 30 April 2012: 35,761,000; year
ended 31 October 2012: 44,848,000) and on 110,906,839 (half year ended 30
April 2012: 110,986,262; year ended 31 October 2012: 110,946,334) ordinary
shares, being the weighted average number of ordinary shares in issue during
the period.

 The return per share detailed above can be further analysed between revenue
and capital, as below.

  (Unaudited)
Half year ended
30 April 2013
'000 (Unaudited)
 Half year ended
30 April 2012
'000 (Audited)
Year ended
31 October 2012
'000

 Net revenue profit 7,496 7,058 15,359
 Net capital profit 87,329 28,703 29,489
  ---------- ---------- ----------
 Net total profit 94,825 35,761 44,848
  ====== ====== ======
 Weighted average number of ordinary
  shares in issue during each period
110,906,839
110,986,262
110,946,334

 Revenue earnings per ordinary share 6.76p 6.36p 13.84p
 Capital earnings per ordinary share 78.74p 25.86p 26.58p
  ---------- ---------- ----------
 Total earnings per ordinary share 85.50p 32.22p 40.42p
  ====== ====== ======

3. Current asset investment
 The Group has a holding in a Deutsche Bank Liquidity Fund, (formerly
Henderson Liquid Assets Fund) a money market fund that is used to hold what
would otherwise be short term cash balances.  At 30 April 2013 this holding
had a value of 21,000 (30 April 2012: 2,810,000; 31 October 2012: 1,301,000).

4. Called up share capital
 At 30 April 2013 there were 110,906,839 ordinary shares of 25p each in issue
(30 April 2012: 110,906,839; 31 October 2012: 110,906,839).  During the half
year ended 30 April 2013 there were no shares bought in the market for
cancellation (half year ended 30 April 2012: 145,000; year ended 31 October
2012: 145,000).  The cost of the share buy-backs, including stamp duty,
amounted to nil (half year ended 30 April 2012: 594,000; year ended 31
October 2012: 594,000).

5. Net asset value per ordinary share
 The net asset value per ordinary share is based on the net assets
attributable to equity shareholders of 613,575,000 (30 April 2012:
524,447,000; 31 October 2012: 526,214,000) and on 110,906,839 (30 April 2012:
110,906,839; 31 October 2012: 110,906,839), being the number of ordinary
shares in issue at the period end.

6. Related party transactions
 Details of related party transactions are contained in the annual report.
Other than the fees payable by the Company in the ordinary course of business
there have been no material transactions with any related party during the
six month period affecting the financial position or performance of the
Group.

7. Going concern
 The directors believe that it is appropriate to adopt the going concern
basis in preparing the financial statements.  The assets of the Company
consist mainly of securities that are readily realisable and, accordingly,
the Company has adequate financial resources to continue in operational
existence for the foreseeable future.

Page 10 of 12

THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

8. Interim dividend
 The directors have declared a second interim dividend of 3.465p (2012:
3.30p) net per ordinary share, payable on 30 August 2013 to shareholders
registered on 26 July 2013.   The shares will be quoted ex-dividend on 24
July 2013.  Based on the number of ordinary shares in issue at 19 June 2013
of 110,906,839 the cost of this dividend will be 3,843,000.  A first interim
dividend of 3.465p (2012: 3.30p) was paid on 31 May 2013 at a total cost of
3,843,000.

9. Comparative information
 The financial information contained in this half year report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006.  The financial information for the half years ended 30 April 2013 and
2012 has not been audited or reviewed by the auditors.

The figures and financial information for the year ended 31 October 2012 have
been extracted from the latest published accounts of the Company.  These
accounts have been delivered to the Registrar of Companies and included the
report of the auditors which was unqualified and did not contain a statement
under either section 498(2) or 498(3) of the Companies Act 2006.

10. Half year update
 A copy of the update for the half year ended 30 April 2013 will be posted to
shareholders in July and will be available on the Company's website
(www.bankersinvestmenttrust.com).  Copies can also be requested thereafter
from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M
3AE.

11. General Information
 a) Objectives
o To achieve long term asset growth in excess of FTSE All-Share Index.
o To achieve regular dividend growth in excess of the increase in the Retail
Prices Index.

b) Policy
o To achieve both these objectives by investing in a broadly diversified
international portfolio of shares.

c) Company Status
The Company is a UK domiciled investment trust company, registered number
00026351.

d) Directors, Secretary and Registered Office
The Directors of the Company are Richard Brewster, (Chairman), Richard
Killingbeck, Richard Burns, Matthew Thorne and Susan Inglis.  The Secretary
is Henderson Secretarial Services Limited, represented by Wendy King FCIS.
The registered office is 201 Bishopsgate, London EC2M 3AE.

 e) Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, profiles
of the Board, copies of announcements, reports and details of general
meetings can be found at www.bankersinvestmenttrust.com

Page 11 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

LARGEST INVESTMENTS at 30 April 2013
The 50 largest investments (convertibles, fixed interest and all classes of
equity in any one company being treated as one investment) were as follows:

Holding Market value
'000

Holding Market value
'000
BP 15,929  Nielsen 4,559
British American Tobacco 13,684  Fomento Economico Mexicano     4,553
GlaxoSmithKline 12,819 Mitsubishi UFJ Financial 4,508
HSBC 10,763  Petrofac 4,458
Vodafone 10,410  Shire 4,404
Royal Dutch Shell 10,139  SK Telecom  4,383
Catlin    9,695  Deutsche Post 4,362
Galliford Try 7,661  Walgreen 4,293
BG 6,832  Mapletree Greater China 4,285
Sports Direct International 6,558  American Tower
     4,232
Amcor 6,046  American International 4,230
ITV 5,994  Malayan Banking 4,152
Reckitt Benckiser 5,635  PNC Financial 4,142
Jardine Lloyd Thompson 5,612  Wetherspoon (J.D.) 4,086
Christian Dior 5,375  Hyundai Motor 4,068
Rolls-Royce        5,289  Covidien 4,059
Prudential 5,208  Taiwan Semiconductor Manufacturing 4,048
Fisher (J) & Sons 5,201  Novartis  4,041
Smiths News 4,929  Dollar General 4,015
Microsoft 4,901  General Electric 4,006
Anadarko Petroleum 4,899  Bank of China 3,974
Pfizer      4,760  Rio Tinto 3,894
UnitedHealth         4,658  Kinder Morgan Delaware
3,892
Citigroup 4,628  Celanese 3,872
Time Warner Cable 4,584  United Parcel Service 3,860

These investments total 286,585,000 which represents 44.9% of the portfolio.

Page 12 of 12
THE BANKERS INVESTMENT TRUST PLC
Unaudited Results for the half year ended 30 April 2013

GEOGRAPHICAL DISTRIBUTION

Valuation of investments Currency exposure of operational assets
 30 April
2013
% 31 October
2012
% 30 April
2013
% 31 October
2012
%
UK 40.3 45.5 43.0 43.2
Europe 11.0 10.8 10.5 11.2
North America 21.6 20.9 20.7 21.8
Japan 10.7 8.7 10.2 9.1
Pacific (ex Japan) 13.3 11.7 12.6 12.2
Emerging Markets 3.1 2.4 3.0 2.5
 ------ ------ ------ ------
 100.0 100.0 100.0 100.0
 ==== ==== ==== ====

SECTOR ANALYSIS
 30 April 2013
% 31 October 2012
%
Oil & Gas 12.4 14.6
Basic Materials 4.5 5.6
Industrials 14.7 15.2
Consumer Goods 12.8 11.9
Health Care 6.9 6.8
Consumer Servcies 13.1 11.1
Telecommunications 5.3 5.2
Utilities 1.7 2.0
Financials 22.3 20.3
Technology 6.3 7.3
 ------ ------
 100.0 100.0
 ==== ====

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

- ENDS -
End CA:00237602 For:BIT    Type:HALFYR     Time:2013-06-20 08:30:18