Ann: QUARTER: BIT: BIT-Interim Management Stateme

• Release Date: 30/08/13 10:30
• Summary: QUARTER: BIT: BIT-Interim Management Statement
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BIT
30/08/2013 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 2013

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement
Review of the period from 1 May 2013 to 31 July 2013

Portfolio Review: The portfolio's exposure to banks has been increased with
purchases of Lloyds in the UK and JP Morgan and PNC Financial in the USA.
There is increasing evidence of a pick up in loan demand in both these
countries, combined with more confidence that they are past the peak of loan
write-downs.  Valuations are reasonable and there should be further upgrades
to profits in coming months.  New holdings included Brammer in the UK,
Westfield Retail Trust in Australia and ING (US).  These purchases were
funded from sales of BAT, BG and Shell in the UK, Tabcorp in Australia and
Verizon Communications in the US.  Gearing has fallen, predominantly because
dividend income received over the period from investments has yet to be
reinvested into new investments.

During June, the Trust received permission from the Chinese State
Administration of Foreign Exchange (SAFE) for a quota of $25m to invest in
Chinese 'A' Shares under the Qualified Foreign Institutional Investor (QFII)
scheme.  The investment will be completed by November 2013 and allows Bankers
to gain access to Remnimbi denominated A shares listed on China's mainland
exchanges.  The investments will complement the existing holdings of Chinese
shares, listed in Hong Kong.

Gearing: The net gearing position (borrowings and debentures minus cash as a
percentage of net assets) was 3.2% (30 April 2013: 4.1%).

Dividends: A first interim dividend of 3.465p per ordinary share net (2012:
3.30p) in respect of the year ending 31 October 2013 was paid on 31 May 2013
to shareholders registered on 3 May 2013.  The Company's shares went
ex-dividend on 1 May 2013.

A second interim dividend of 3.465p per ordinary share net (2012: 3.30p) in
respect of the year ending 31 October 2013 will be paid on 30 August 2013 to
shareholders registered on 26 July 2013.  The shares went ex-dividend on 24
July 2013.

Premium / (Discount):  The share price premium to net asset value at 31 July
2013 was 1.8% (30 April 2013: discount (1.9%)).

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

Board Changes: On 19 June 2013 Mr Peter Sullivan, due to his other work
commitments, resigned as a non-executive director of the Company.

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 2013 At 30 April 2013
Total assets ('000) 661,000 644,000
Net asset value per ordinary share (cum income) 564.3p 547.2p
Net asset value per ordinary share (ex income) 560.1p 540.4p
Ordinary share price mid-market price 574.5p 536.5p
Premium / (Discount) 1.8% (1.9)%
Net Gearing 3.2% 4.1%

Total Return Performance at 31 July 2013  3 months 1 year 3 years 5 years
Share Price 8.4% 43.8% 73.7% 77.3%
Net Asset Value per ordinary share 4.4% 26.8% 48.0% 58.0%
FTSE All-Share Index   4.4% 24.3% 43.4% 53.1%
Source: Morningstar for the AIC using cum income net asset value.

THE PORTFOLIO
(Distribution of total investments employed)

Top 10 Investments   % of total assets
at 31 July 2013 % of total assets
at 30 April 2013
BP  2.4% 2.5%
GlaxoSmithKline  2.0% 2.0%
HSBC  1.8% 1.7%
Vodafone   1.6% 1.6%
British American Tobacco  1.5% 2.2%
Catlin 1.4% 1.5%
Sports Direct 1.4% 1.0%
Royal Dutch Shell  1.2% 1.6%
ITV  1.2% 0.9%
Galliford Try 1.2% 1.2%

Geographic Breakdown % at 31 July 2013 % at 30 April 2013
United Kingdom 42.6% 43.0%
North America 21.5% 20.7%
Europe 12.1% 10.5%
Pacific (ex Japan) 11.4% 12.6%
Japan 9.9% 10.2%
Other 2.5% 3.0%

Sector Breakdown % at 31 July 2013 % at 30 April 2013
Financials 21.9% 22.3%
Industrials 15.7% 14.7%
Consumer Goods 13.3% 12.8%
Consumer Services 12.7% 13.1%
Oil & Gas 11.3% 12.4%
Health Care 7.4% 6.9%
Technology 6.3% 6.3%
Telecommunications 4.9% 5.3%
Basic Materials 4.6% 4.5%
Utilities 1.5% 1.7%
Other (Unit Trusts) 0.4% 0.4%

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:00240440 For:BIT    Type:QUARTER    Time:2013-08-30 08:30:38