Ann: QUARTER: BIT: BIT - Interim Management State

• Release Date: 30/08/12 10:30
• Summary: QUARTER: BIT: BIT - Interim Management Statement
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BIT
30/08/2012 08:30
QUARTER

REL: 0830 HRS The Bankers Investment Trust Plc

QUARTER: BIT: BIT - Interim Management Statement

THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

29 AUGUST 2012

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement
Review of the period from 1 May 2012 to 31 July 2012

Portfolio Review: The gearing has been marginally reduced and cash balances
increased during the period, reflecting sales of securities in the UK and US.
 We have reduced cyclical industrials through the sale of Emerson Electric in
the US.  The emerging market exposure has been broadened with new purchases
in Mexico and Brazil, favouring financials and domestic service industries.
With the generally subdued economic activity globally, the portfolio
continues to reflect an overweight stance toward higher quality, less geared
companies with good prospects for dividend growth.

Gearing: The net gearing position (borrowings and debentures minus cash as a
percentage of net assets) was 2.0% (30 April 2012: 3.1%).

Dividends: A first interim dividend of 3.30p per ordinary share net (2011:
3.175p) in respect of the year ending 31 October 2012 was paid on 31 May 2012
to shareholders registered on 4 May 2012.  The Company's shares went
ex-dividend on 2 May 2012.

A second interim dividend of 3.30p per ordinary share net (2011: 3.175p) in
respect of the year ending 31 October 2012 will be paid on 31 August 2012 to
shareholders registered on 27 July 2012.  The shares went ex-dividend on 25
July 2012.

Discount:  The share price discount to net asset value at 31 July 2012 was
10.1% (30 April 2012: 12.2%).

Share Capital: During the period the Company did not buy-back any shares.

The directors are not aware of any other significant events or transactions
up to the date of this report which would have a material impact on the
financial position of the Company.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)

 At 31 July 2012 At 30 April 2012
Total assets ( '000)  538,000  521,000
Net asset value per ordinary share (cum income) 456.7p 472.9p
Net asset value per ordinary share (ex income) 452.7p 466.5p
Ordinary share price mid-market price 410.5p 415.0p
Discount 10.1% 12.2%
Net Gearing 2.0% 3.1%

Total Return Performance at 31 July 2012  3 months 1 year 3 years 5 years
Share Price 0.6% 4.4% 39.6% 14.2%
Net Asset Value per ordinary share -0.8% 1.2% 37.5% 11.7%
FTSE All Share Index   -1.0% 0.4% 37.7% 6.9%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index -0.1%
1.3% 37.0% 14.3%
Sources:  AIC Services Limited and Datastream. For the 3 months, 1 and 3
years the cum income net asset value is shown, for the 5 year total return
net asset value current year income is excluded

THE PORTFOLIO
(Distribution of total investments employed)

Top 10 Investments   % of total assets at 31 July 2012 % of total assets
at 30 April 2012
BP  2.8 2.8
British American Tobacco  2.5 2.2
GlaxoSmithKline  2.2 2.0
Catlin 2.0 1.9
Royal Dutch Shell  1.9 1.9
Vodafone   1.9 1.7
BG Group  1.5 1.7
HSBC  1.4 1.4
National Grid  1.3 1.2
Apple  1.3 1.2

Geographic Breakdown % at 31 July 2012 % at 30 April 2012
United Kingdom 45.0% 44.7%
North America 21.9% 22.6%
Europe 10.1% 10.2%
Pacific (ex Japan) 11.6% 11.2%
Japan 9.6% 9.4%
Other 1.8% 1.9%

Sector Breakdown % at 31 July 2012 % at 30 April 2012
Financials 20.2% 20.3%
Oil & Gas 15.0% 15.1%
Industrials 14.4% 14.7%
Consumer Goods 12.3% 12.4%
Consumer Services 9.4% 9.3%
Technology 7.7% 7.4%
Health Care 7.1% 6.5%
Basic Materials 5.9% 6.5%
Telecommunications 5.1% 4.5%
Utilities 2.9% 3.3%

- MORE -

The objective of The Bankers Investment Trust PLC is to achieve long term
asset growth in excess of the FTSE All-Share Index and, to achieve regular
dividend growth in excess of the increase in the Retail Prices Index.

The Manager is Henderson Global Investors Limited. Further information on the
Company, including an up to date NAV and share price information, can be
found on the Manager's website www.itshenderson.com or
www.bankersinvestmenttrust.com.

For further information, please contact:

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

James de Sausmarez
Head 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

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:00226638 For:BIT    Type:QUARTER    Time:2012-08-30 08:30:21