BIT – Half Year Report

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69 24 June 2022

THE BANKERS INVESTMENT TRUST PLC
(‘ the Company’)

Unaudited results for the half-year ended 30 April 2022

This announcement contains regulated information

INVESTMENT OBJECTIVE
Over the long term, the Company aims to achieve capital growth in excess of the FTSE World Index and dividend
growth greater than inflation, as measured by the UK Consumer Price Index (‘CPI’), by investing in companies
listed throughout the world.

INVESTMENT POLICY
The following investment ranges apply:
• Equities: 80% to 100%
• Debt securities and cash investments: 0% to 20%
• Investment trusts, collective funds and derivatives: 0% to 15%

To achieve an appropriate spread of investment risk the portfolio is broadly diversified by geography, sector and
company. The Manager (‘Janus Henderson’) has the flexibility to invest in any geographic region and any sector
with no set limits on individual country or sector exposures and, therefore, the make-up and weighting of the
portfolio may differ materially from the FTSE World Index.

The Manager primarily employs a bottom-up stock picking investment process, across six regional portfolios, to
identify suitable opportunities. While each regional portfolio manager employs their own investment style, they
all pay particular regard to cash generation and dividend growth over the medium term.

The Company can, but normally does not, invest up to 15% of its gross assets in any other investment companies
(including listed investment trusts).

Derivatives
The Company may use financial instruments known as derivatives for the purpose of efficient portfolio
management while maintaining a level of risk consistent with the risk profile of the Company.

Gearing
The Company can borrow to make additional investments with the aim of achieving a return that is greater than
the cost of the borrowing. The Company can borrow up to 20% of net assets at the time of draw down.

PERFORMANCE HIGHLIGHTS
30 April 2022 30 April 2021
Net asset value (‘NAV’) per share 113.0p 114.3p
Share price 105.9p 114.2p
Revenue return per share 1.08p 0.97p
Dividends paid or declared in respect of the period
1
1.128p 1.076p

Total return performance to 30 April 2022 (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
2
-5.6 0.8 29.6 58.2 205.4
Index
3
-2.6 6.1 40.6 66.6 164.2
Share price
4
-6.3 -5.6 24.2 53.9 226.2

1 The first interim dividend for 2022 was paid on 31 May 2022; the second interim dividend has been declared and will be paid on 31 August 2022
2 Net asset value total return per share with income reinvested and with debt at par
3 Composite of FTSE All-Share Index for the period to 31 October 2017 and FTSE World Index from 1 November 2017 to 30 April 2022
4 Share price total return using mid-market closing price

Sources: Janus Henderson, Morningstar Direct and Refinitiv Datastream

INTERIM MANAGEMENT REPORT

Review
In February I became Chair and I look forward to working with the Board and the Investment Manager, and to
meeting many of our shareholders over the coming years. Founded in 1888, Bankers has a distinguished history.
It has experienced a variety of financial and economic crises as well as, of course, its share of bull markets. Its
strength has been its ability to adapt to changing circumstances and to grow. I have been involved in the
investment trust sector for 30 years and Bankers struck me as interesting for a variety of reasons. First it is an
old established and substantial trust. Second it has a sound record on both income and capital growth. Third it
is unique in the way in which it manages separate portfolios under the same roof. As a result, it has the ability
to appeal to a wide range of investors.

We have entered a more uncertain period for markets, with inflationary pressures everywhere and interest rates
being raised to counter price demand for goods and services. Over the six months ended 30 April 2022, the
NAV total return was -5.6% and the share price total return was -6.3%, both underperforming the FTSE World
Index total return of -2.6%. The underperformance was due to mixed performance from stock selection in various
regional sleeves combined with weakness in Asia, particularly China. The accompanying Fund Manager’s
Report contains more information together with a useful market commentary.

Dividends
The Company’s income has continued to recover this year and our investment income for the six months ended
30 April 2022 was £17.8 million compared to £15.6 million for the same period last year, an increase of
14.1%. This increase reflects continued dividend growth, the strengthening US dollar and a resumption in
dividends from the few remaining companies who suspended dividends. Our net revenue for the six months was
£14.2 million (2021: £12.6 million), equivalent to 1.08p per share (2021: 0.97p).

A first interim dividend of 0.55p per share (2021: 0.538p) was paid on 31 May 2022. The Board has declared a
second interim dividend of 0.578p (2021: 0.538p) per share, which will be payable on 31 August 2022 to
shareholders on the register on 29 July 2022.

The Company aims over the long-term to grow dividends in excess of inflation, as measured by the UK
Consumer Price Index (‘CPI’). This year has seen the highest level of CPI inflation in a generation and while it
will not be possible to grow our payments in line with inflation this year, Bankers’ long-term record is healthy.
Over the past 10 years, to 31 October 2021, dividends have grown by 71% compared to a 20% increase in CPI.
The improving outlook for our investment income combined with the revenue reserve leads us to increase our
forecast for dividend growth for the current financial year, from at least 3% to at least 5%.

Share buy-backs
The market uncertainty has led to the Company’s shares trading at a discount which has offered an opportunity
to buy back shares from the market. This activity is beneficial to ongoing shareholders, as shares are only
purchased below net asset value. A total of 4,243,874 shares were bought back at an average discount of 6%
to the net asset value in the six months ended 30 April 2022 (30 April 2021: nil), for a total consideration of £4.5
million. The discount at 30 April 2022 was 6.3% (2021: 0.1%). Since the period end, a further 4,256,126 shares
have been bought back, for a total consideration of £4.3 million.

There have been no share issues in the financial year to date.

The Board and Investment Manager

Sue Inglis stepped down from the Board at the Annual General Meeting in February 2022, after nine years on
the Board and three years as Chair. I should like to thank her on behalf of the Board for her outstanding
contribution. The Board will miss her deep knowledge, experience and understanding of the investment trust
world. The search for a new non-executive director has begun and will conclude before the end of the year.

A change in Chair allows the Board to reflect on the operation of the Company. The timing of this is prescient,
given the market volatility. In the Board’s view there is no requirement to alter our long-term objectives but rather
there are opportunities to tighten up the way in which the Company operates, communicates and attracts new
investors.

As part of this process the Company’s Manager, Janus Henderson, has decided to appoint Mike Kerley as
deputy to Alex Crooke. This appointment recognises the size and importance of the Company to Janus
Henderson and the provision of this additional resource is welcomed by the Board. Mike has been in the
investment management business for 37 years and he has been managing the Bankers’ Pacific (ex Japan and
China) portfolio since 2006. To support Mike with his portfolio role, Sat Duhra will co-manage the Pacific portfolio.
Sat joined Janus Henderson in 2011 and has over 22 years of experience in financial markets. We are fortunate
to have access to such experienced and knowledgeable investment professionals within Janus Henderson.

Outlook

Events this past year were impossible to predict. The rapid economic recovery from Covid restrictions created
rising demand when there were still supply bottlenecks of goods. The war in the Ukraine places further
restrictions on the provision of energy and food supplies. There are some parallels to the economic conditions
in the 1970’s and 80’s but, as is often the case, there are also key differences. Activity will slow this year but
market share prices are adjusting to this outturn and, with the banking sector and corporates well capitalised,
there should be a solid foundation to rebuild investors’ confidence.

Simon Miller
Chair
24 June 2022

FUND MANAGER’S REPORT

Market review
The highest level of price inflation for over 30 years and potential central bank reactions have dominated markets
throughout the past half year under review. The reasons for inflation touching 10% in the UK are manyfold but
stem from disruption to both labour movement and supply chains throughout the Covid lockdowns. Goods price
inflation has been compounded by rising service prices and, more recently, energy and food prices following the
invasion of Ukraine. The equity markets have fallen in value since the end of December, with inflation proving
far from transitory as central banks assured investors last year. Historically, such levels of inflation would provoke
central banks to raise interest rates rapidly to curtail demand and bring prices back down but investors fear that
the increase in rates has been too slow.

Longer term bond yields have also risen over the period, signalling unusual conditions where both bonds and
equities have fallen in value. Essentially, market prices are signalling that central banks will not contain inflation
quickly and that it is increasingly likely that a recession will follow. Growth equities, especially technology
companies, have been especially hard hit, while energy and other defensive sectors such as utilities and
healthcare have been relatively better performers. Ironically, corporate profits are proving resilient and are even
rising, but the market valuation of those earnings by investors has been derated because of their cautious
outlook. Typically, markets derate stocks well ahead of actual earnings falling.

The most resilient stock market has been the UK which has risen in value over the period under review. This
has less to do with the strength of the UK economy but rather the high weighting of oil and mining companies
and those with large overseas earnings within the market. The US dollar has appreciated by almost 9% over the
period against sterling reflecting a flight to quality and the expectation that the Federal Reserve will raise interest
rates quicker than the UK. The remaining major markets, the US, Japan and Europe have broadly fallen by the
same amount in local currencies, approximately 10% but in sterling terms the US has delivered the better
underlying return despite the sell-off in technology shares. China has been a notable laggard in terms of market
performance as the policy of zero Covid cases in the community is having a detrimental impact on economic
growth. It is proving challenging to understand when this policy will be overturned.

Performance
Overall, the portfolio has lagged the FTSE World Index by 3% which is largely attributable to a lower exposure
to the US market and the poor performance of the China portfolio. There has also been underperformance in
the US and European portfolios that has impacted the return, as both of these portfolios have a significantly
higher weight to growth stocks which have derated in current market conditions. The UK and Asian portfolios
have delivered performance ahead of their respective benchmarks attributable to good stock picking and the
more value based, cash generative and dividend emphasis of the respective managers. Higher yielding stocks
have been a noticeable outperformer in Asian markets this year. Unusually, quality as a factor in stock selection
has performed poorly during this period which emphasises how macroeconomic events have driven stock market
returns rather than fundamentals.

The portfolio’s income has continued to recover with almost all companies reinstating dividends that were
withheld through Covid restrictions. The banking and consumer services sectors were the last to return to normal
patterns of dividend payments. The challenging economic outlook combined with many companies facing rising
labour and input inflation is likely to limit further dividend growth this year. Similarly, the receipt of special
dividends is trending lower than last year.

Outlook
While we desperately hope that there will be an end to the conflict in Ukraine, it is clear that energy and food
prices are likely to be elevated for some time to come as supply shortages persist. While there is a real risk that
economic activity contracts in Europe and elsewhere, purely through demand falling as consumers pay more for
basic goods and services, shares are already pricing in a slowing growth outlook. The resilience of the UK stock
market should continue despite the uncertainty stemming from UK politics. US interest rates are forecast to rise
to over 2% by December, which will have a cooling effect on the US economy, but we still expect US growth to
remain positive and therefore US corporate earnings to grow this year. Stock markets will remain volatile until
there is a clear downward direction in inflationary pressures and investors can gain confidence in stock
valuations.

Alex Crooke
Fund Manager
24 June 2022

MANAGING OUR RISKS

The principal risks and uncertainties associated with the Company’s business are divided into the
following main areas:

• Investment Activity and Performance Risks
• Portfolio and Market Risks
• Tax, Legal and Regulatory Risks
• Financial Risks
• Operational and Cyber Risks
• Risks associated with Climate Change

Information on these risks and uncertainties and how they are managed are given in the Annual Report for
the year ended 31 October 2021. However, risks associated with the global Covid pandemic and other
health emergencies are now considered within Portfolio and Market Risks, a grouping which has been
extended to cover risks relating to heightened political and military tensions and inflationary pressures.
Following a recent review, the Board believes that these principal risks and uncertainties are as applicable
to the remaining six months of the financial year as they were to the six months under review.



DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors (listed in note 15) confirm that, to the best of their knowledge:

(a) the unaudited condensed set of financial statements has been prepared in accordance with IAS
34 – Interim Financial Reporting (‘IAS 34’) and gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company as required by Disclosure Guidance and
Transparency Rule 4.2.4R;

(b) the interim management report includes a fair review of the information required by Disclosure
Guidance 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
Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions that have
taken place in the first six months of the current financial year and that have materially affected
the financial position or the performance of the Company during the period; and any changes
in related party transactions described in the latest annual report that could have an impact in
the first six months of the current financial year).
On behalf of the Board
Simon Miller
Chair
24 June 2022

For further information contact:
Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447

Simon Miller
Chair
The Bankers Investment Trust PLC
Telephone: 020 7818 4233
Dan Howe
Deputy Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 4458
Harriet Hall
PR Manager, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2636

CONDENSED STATEMENT OF COMPREHENSIVE INCOME


The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance
with UK adopted international accounting standards. 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.



(Unaudited)
Half-year ended
30 April 2022
(Unaudited)
Half-year ended
30 April 2021
(Audited)
Year ended
31 October 2021
Revenue
return
£'000
Capital
return
£'000

Total
£'000
Revenue
return
£'000
Capital
return
£'000

Total
£'000
Revenue
return
£'000
Capital
return
£'000

Total
£'000
(Losses)/gains on
investments held at fair
value through profit or loss
- (100,441) (100,441) - 220,218 220,218
- 308,991 308,991
Investment income
17,822 - 17,822 15,610 - 15,610
34,939 - 34,939
Other operating income
62 - 62 53 - 53
88 - 88
--------- ----------- --------- --------- --------- --------- --------- --------- ---------
Gross revenue and
capital (losses)/gains
17,884 (100,441) (82,557) 15,663 220,218 235,881
35,027 308,991 344,018
---------- ------------ --------- ---------- ----------- --------- --------- --------- ---------
Expenses
Management fees (note 2)
(992) (2,314) (3,306) (880) (2,055) (2,935)
(1,843) (4,300) (6,143)
Other expenses
(687) - (687) (535) - (535)
(1,074) - (1,074)
--------- ----------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss) before
finance costs and
taxation
16,205 (102,755) (86,550) 14,248 218,163 232,411
32,110 304,691 336,801





Finance costs
(695) (1,550) (2,245) (454) (1,058) (1,512)
(1,037)
(2,423)
(3,460)
--------- ------------ --------- --------- ---------- --------- --------- --------- ---------
Profit/(loss) before
taxation
15,510 (104,305) (88,795) 13,794 217,105 230,899 31,073 302,268
333,341





Taxation
(1,337) - (1,337) (1,232) - (1,232)
(2,705) - (2,705)
--------- ------------ --------- --------- ----------- --------- --------- --------- ---------
Profit/(loss) for the
period
14,173 (104,305) (90,132) 12,562 217,105 229,667 28,368
302,268 330,636
===== ======= ===== ===== ======= ===== ===== ===== =====
Earnings/(loss) per
ordinary share (note 3) 1.08p (7.95)p (6.87)p
0.97p 16.70p 17.67p
2.17p 23.13p 25.30p
===== ====== ======
===== ======= =====
===== ===== =====

CONDENSED STATEMENT OF CHANGES IN EQUITY





Half-year ended 30 April 2022
(Unaudited)
Called
up

share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital

reserves
£’000

Revenue
reserve
£’000


Total
£’000
Total equity at 1 November 2021 32,827 159,797 12,540 1,343,631 38,589 1,587,384
Buy-back of shares into treasury 2021
(note 5) 51 - (51) - - -
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 1 November 2021 32,878 159,797 12,489 1,343,631 38,589 1,587,384
Total comprehensive income:
(Loss)/profit for the period - - - (104,305) 14,173 (90,132)
Transactions with owners, recorded
directly to equity:
Buy-back of shares to treasury - - - (4,533) - (4,533)
Ordinary dividends paid - - - - (14,289) (14,289)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2022 32,878 159,797 12,489 1,234,793 38,473 1,478,430
====== ====== ====== ======== ====== ========




Half-year ended 30 April 2021
(Unaudited)
Called up
share
capital
£'000
Share
premium
account
£'000
Capital
redemption
reserve
£'000
Other
capital

reserves
£'000

Revenue
reserve
£'000


Total
£'000
Total equity at 1 November 2020 32,289 134,125 12,489 1,043,682 38,386 1,260,971
Total comprehensive income:
Profit for the period - - - 217,105 12,562 229,667
Transactions with owners, recorded
directly to equity:
Issue of new shares 471 20,580 - - - 21,051
Share issue costs - (190) - - - (190)
Costs relating to sub-division of shares - - - (45) - (45)
Ordinary dividends paid - - - - (14,043) (14,043)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2021 32,760 154,515 12,489 1,260,742 36,905 1,497,411
====== ====== ====== ======== ====== ========





Year ended 31 October 2021 (Audited)
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital

reserves
£’000

Revenue
reserve
£’000

Total
£’000
Total equity at 1 November 2020 32,289 134,125 12,489 1,043,682 38,386 1,260,971
Total comprehensive income:
Profit for the year - - - 302,268 28,368 330,636
Transactions with owners, recorded
directly to equity:
Buy-back of shares to treasury (51) - 51 (2,274) - (2,274)
Issue of new shares 589 25,862 - - - 26,451
Share issue costs - (190) - - - (190)
Costs relating to sub-division of shares - - - (45) - (45)
Ordinary dividends paid - - - - (28,165) (28,165)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2021 32,827 159,797 12,540 1,343,631 38,589 1,587,384

====== ====== ====== ======== ====== ========

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

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2022
£’000
(Unaudited)
As at 30 April
2021
£’000
(Audited)
As at 31 October
2021
£’000

Non-current assets
Investments held at fair value through profit or loss 1,575,875 1,534,028 1,692,169
------------- ------------- -------------

Current assets
Investments held at fair value through profit or loss (note 4) 1 4,230 8,598
Other receivables 7,241 6,042 3,621
Cash and cash equivalents 39,458 21,202 25,429
------------ ------------ ------------
46,700 31,474 37,648
------------- ------------- -------------
Total assets 1,622,575 1,565,502 1,729,817
------------- ------------- -------------
Current liabilities
Other payables (5,649) (3,255) (3,750)
------------- ------------- ------------
Total assets less current liabilities 1,616,926 1,562,247 1,726,067

Non-current liabilities
Debenture stock (15,000) (15,000) (15,000)
Unsecured loan notes (123,496) (49,836) (123,683)
------------- ------------- --------------
Net assets 1,478,430 1,497,411 1,587,384
======== ======== ========

Equity attributable to equity shareholders
Share capital (note 5) 32,878 32,760 32,827
Share premium account 159,797 154,515 159,797
Capital redemption reserve 12,489 12,489 12,540
Retained earnings:
Other capital reserves 1,234,793 1,260,742 1,343,631
Revenue reserve 38,473 36,905 38,589
------------ ------------ -------------
Total equity 1,478,430
1,497,411 1,587,384
======= ======= =======
Net asset value per ordinary share (note 6)
113.0p 114.3p 120.9p
======= ======= =======


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

CONDENSED CASH FLOW STATEMENT




Reconciliation of profit before taxation to net cash flow from operating
activities
(Unaudited)
Half-year ended
30 April
2022
£'000
(Unaudited)
Half-year ended
30 April
2021
£'000
(Audited)
Year ended
31 October
2021
£'000
Operating activities
(Loss)/profit before taxation
(88,795) 230,899 333,341
Add back: interest payable ('finance costs')
2,245 1,512 3,460
Losses/(gains) on investments held at fair value through profit or loss
100,441 (220,218) (308,991)
(Increase)/decrease in accrued income
(2,769) (2,261) 42
(Increase)/decrease in other receivables
(76) (54) 2
Increase in other payables
117 61 374
Purchases of investments
(179,198) (330,735) (614,490)
Sales of investments
195,164 263,779 478,300
Purchases of current asset investments
(17,498) (33,066) (67,151)
Sales of current asset investments
26,095 53,606 83,323
Increase in securities sold for future settlement
(662) (214) -
Increase in securities purchased for future settlement
1,807 208 -

------------ ------------ ------------
Net cash inflow/(outflow) from operating activities before
interest and taxation
36,871 (36,483)

(91,790)
Interest paid
(2,456) (1,512)
(3,072)
Taxation on investment income
(1,451) (1,479)
(3,103)

------------ ------------ ------------
Net cash inflow/(outflow) from operating activities
32,964 (39,474) (97,965)

======= ======= =======


Financing activities

Equity dividends paid (net of refund of unclaimed distributions)
(14,289) (14,043) (28,165)
Issue of loan notes (net of issue costs)
- - 74,232
Cash relating to sub-division of shares
- (45) (45)
Share issue proceeds
- 21,051 26,451
Share issue costs
- (190) (190)
Share buy-backs
(4,533) - (2,274)

------------ ------------ ------------
Net cash (outflow)/inflow from financing activities
(18,822) 6,773 70,009

======= ======= =======


Increase/(decrease) in cash
14,142 (32,701) (27,956)
Cash and cash equivalents at start of period
25,429 54,221 54,221
Exchange movements
(113) (318) (836)

----------- ----------- ------------
Cash and cash equivalents at end of period
39,458 21,202 25,429
======= ======= =======

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

NOTES TO THE CONDENSED FINANCIAL STATEMENTS:

1.
Accounting policies
The Bankers Investment Trust PLC (‘the Company’) is a company incorporated and domiciled in the United Kingdom
under the Companies Act 2006.

These condensed financial statements comprise the unaudited results of the Company for the half-year ended 30
April 2022. They have been prepared on a going concern basis and in accordance with UK adopted international
accounting standards and with the Statement of Recommended Practice for Investment Trusts (‘SORP’) dated April
2021, where the SORP is consistent with the requirements of UK adopted international accounting standards.

For the period under review, the Company's accounting policies have not varied from those described in the annual
report for the year ended 31 October 2021.

These financial statements have not been either audited or reviewed by the Company's Auditor.

2.
Management fees


(Unaudited) (Unaudited) (Audited)


Half-year ended
30 April 2022
Half-year ended
30 April 2021
Year ended
31 October 2021


Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000

Investment management 992 2,314 3,306 880 2,055 2,935 1,843 4,300 6,143

===== ===== ==== ===== ===== ===== ===== ===== ====

With effect from 1 November 2021 the management fee is charged at a rate of 0.45% per annum on the first £750
million of net assets, 0.40% per annum on net assets in excess of £750 million up to £1.5 billion and 0.35% of net
assets in excess of £1.5 billion. For the purposes of the fee calculation, the net assets are as at the last day of the
quarter immediately preceding the quarter in which the calculation is made.

Up to 31 October 2021 the management fee was calculated on a quarterly basis as the aggregate of 0.45% per
annum of the first £750 million and 0.40% per annum on the excess over £750 million of the value of the net assets
on the last day of the quarter immediately preceding the quarter in respect of which the calculation was made.

3. Earnings per ordinary share
The earnings per ordinary share figure is based on the net loss for the half-year of £90,132,000 (30 April 2021: net
profit of £229,667,000; 31 October 2021: net profit of £330,636,000) and on 1,312,859,609 (30 April 2021:
1,300,003,244; 31 October 2021: 1,306,988,584) ordinary shares, being the weighted average number of ordinary
shares in issue excluding treasury shares 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 2022
£'000
(Unaudited)
Half-year ended
30 April 2021
£'000
(Audited)
Year ended
31 October
2021
£'000
Revenue profit 14,173 12,562 28,368
Capital (loss)/profit (104,305) 217,105 302,268
------------ ------------ ------------
Total (loss)/profit (90,132) 229,667 330,636
======= ======= =======
Weighted average number of ordinary shares in issue
during each period 1,312,859,609 1,300,003,244 1,306,988,584
Revenue earnings per ordinary share 1.08p 0.97p 2.17p
Capital (loss)/earnings per ordinary share (7.95)p 16.70p 23.13p
------------ ------------ ------------
Total (loss)/earnings per ordinary share (6.87)p 17.67p 25.30p
======= ======= =======
4. Current asset investment
The Company has a holding in the Deutsche Bank Global Liquidity Series Fund, a money market fund which is
viewed as a readily disposable store of value and which is used to invest cash balances that would otherwise be
placed on short-term deposit. At 30 April 2022 this holding had a value of £1,000 (30 April 2021: £4,230,000;
31 October 2021: £8,598,000).

5. Share capital
At 30 April 2022 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 6,275,628 were held in
treasury (with no voting rights) (30 April 2021: 1,310,402,830 and no shares held in treasury; 31 October 2021:
1,315,102,830 of which 2,031,754 shares were held in treasury). During the half-
year ended 30 April 2022,
4,243,874 shares were bought back into treasury at a total cost of £4,533,000 (30 April 2021: 975,000 shares were
issued prior to the 10 for 1 share split and 13,775,000, following the 10 for 1 share split for proceeds of £26,261,000
and 2,031,754 shares were bought back into treasury for a net payment of £2,274,000. Since the period end, the
Company has bought back 4,256,126 new shares for a total cost of £4,335,000.

The nominal value of the share buy-backs which were held in treasury during the year to 31 October 2021 was
transferred to the capital redemption reserve but should have remained in share capital. This transfer has been
reversed in the current period.

6. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable to equity shareholders of
£1,478,430,000 (30 April 2021: £1,497,411,000; 31 October 2021: £1,587,384,000) and on 1,308,827,202 (30 April
2021: 1,310,402,830; 31 October 2021: 1,313,071,076) ordinary shares, being the number of ordinary shares in
issue with voting rights at the period end.

7. Bank loan
At 30 April 2022, the Company had drawn down £nil (30 April 2021 and 31 October 2021: £nil) of its £20 million
multi-currency loan facility with SMBC Bank International plc.

8. Related party transactions
The Company's transactions with related parties during the period were with its Directors and Janus Henderson.
There have been no material transactions between the Company and its Directors during the period other than the
amounts paid to them in respect of Directors' remuneration for which there were no outstanding amounts payable
at the period end.

In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary
course of business and the provision of sales and marketing services, there have been no transactions with Janus
Henderson affecting the financial position or performance of the Company during the period under review.

9. Financial instruments
At the period end the carrying value of financial assets approximates their fair value.

Financial instruments carried at fair value

Fair value hierarchy
The debenture stock and unsecured loan notes are valued at par in the Statement of Financial Position. The fair
value of the 8% debenture stock at 30 April 2022 was £16,211,000 (30 April 2021: £18,018,000; 31 October 2021:
£17,537,000). The fair value of the debenture stock has been calculated using prices quoted on the exchange on
which the instrument trades and is categorised as Level 1 as described below. In order to comply with fair value
accounting disclosures only, the fair value of the loan notes at 30 April 2022 have been estimated to be £114,900,000
(30 April 2021: £58,785,000; 31 October 2021: £134,199,000) and is categorised as Level 3 in the fair value
hierarchy as described below. However, for the purpose of the daily NAV announcements, the unsecured loan notes
are valued at amortised cost in the fair value NAV because they are not traded and the Directors expect them to be
held to maturity and, accordingly, the Directors have assessed that this is the most appropriate value to be applied
for this purpose.

The following table analyses recurring fair value measurements for financial assets. These fair value measurements
are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used.

Level 3 investments at fair value through profit or loss
(Unaudited)
Half-year
ended

30 April 2022
£’000
(Unaudited)
Half-year
ended
30 April 2021
£’000
(Audited)
Year ended
31 October 2021
£’000

Opening balance 1 3 3
Disposal proceeds - (2) (2)
------- ------- -------
Closing balance 1 1 1

====
====
====






Financial assets at fair value through profit or loss at
30 April 2022 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

- Equity investments 1,575,874 - - 1,575,874

- Fixed interest investments - - 1 1
- Current asset investments 1 - - 1
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,575,875 - 1 1,575,876
======== ===== ==== ========


Financial assets at fair value through profit or loss at
30 April 2021 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:
- Equity investments 1,534,027 - - 1,534,027

- Fixed interest investments - - 1 1

- Current asset investments 4,230 - - 4,230
------------- --------- -------- --------------
Total financial assets carried at fair value 1,538,257 - 1 1,538,258
======== ===== ==== ========

Financial assets at fair value through profit or loss at
31 October 2021 (Audited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

- Equity investments 1,692,168 - - 1,692,168

- Fixed interest investments - - 1 1

- Current asset investments 8,598 - - 8,598
------------- ---------- --------- -------------
Total financial assets carried at fair value 1,700,766 - 1 1,700,767
========= ====== ==== =======

10. Reconciliation of liabilities arising from financing activities

Non-cash changes


At
1 November
2021
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
30 April
2022
£'000

Financing activities
Financing liabilities 138,683 - 11 (198) 138,496
----------- -------- -------- --------- ------------
Closing liabilities from financing
activities 138,683 - 11 (198) 138,496
======= ==== ==== ===== =======



Non-cash changes


At
1 November
2020
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
30 April
2021
£'000

Financing activities
Financing liabilities 64,832 - 4 - 64,836
---------- -------- -------- --------- ------------
Closing liabilities from financing
activities 64,832 - 4 - 64,836
====== ==== ==== ===== ======


Non-cash changes


At
1 November
2020
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
31 October
2021

£'000

Financing activities
Financing liabilities 64,832 74,232 13 (394) 138,683
---------- --------- -------- --------- ------------
Closing liabilities from financing
activities 64,832 74,232 13 (394) 138,683


====== ===== ==== ===== ======

11. Going concern
In assessing the Company's going concern, the Directors have considered among other things, cash flow forecasts,
a review of covenant compliance including the headroom above the most restrictive covenants, an assessment of the
liquidity of the portfolio and the impact of Covid-19. The assets of the Company consist mainly of securities that are
listed and readily realisable. Thus, after making due enquiry, the Directors believe that the Company has adequate
financial resources to meet its financial obligations, including the repayment of any borrowings, and to continue in
operational existence for at least 12 months from the date of approval of the financial statements. Accordingly, the
Directors continue to adopt the going concern basis in preparing the financial statements.

12.

Dividends
A first interim dividend of 0.55p (2021: 0.538p) per ordinary share, was paid on 31 May 2022 to shareholders
registered on 29 April 2022. The shares were quoted ex-dividend on 28 April 2022. Based on the number of ordinary
shares in issue at 30 April 2022 (excluding shares held in treasury) of 1,308,827,202 the cost of this dividend was
£7,199,000.

The Directors have declared a second interim dividend of 0.578p (2021: 0.538p) per ordinary share which will be
payable on 31 August 2022 to shareholders on the register on 29 July 2022. The shares will be quoted ex-dividend
on 28 July 2022. Based on the number of shares in issue excluding shares held in treasury at 24 June 2022 of

1,304,571,076 the cost of this dividend will be £7,540,000.

13. 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 2022 and 2021 have not
been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2021 have been extracted from the latest
published financial statements of the Company. These financial statements have been delivered to the Registrar of
Companies and included the report of the Auditor which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.

A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year
ended 31 October 2021.

14. Half-year report
The half-year report is available on the Company’s website (www.bankersinvestmenttrust.com) or in hard copy from
the Company’s registered office. An abbreviated version of this half-year report, the ‘update’, will be circulated to
shareholders in early July 2022.

15. General information
Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): BN4NDR3 / ISIN number: GB00BN4NDR39
London Stock Exchange (TIDM) Code: BNKR
New Zealand Stock Exchange Code: BIT
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69

Registered Office
UK: 201 Bishopsgate, London EC2M 3AE.

Company Registration Number
UK: 00026351
NZ: 645360

Directors
The Directors of the Company are Simon Miller (Chair), Julian Chillingworth (Senior Independent Director),
Isobel Sharp (Audit Committee Chair) and Richard West.

Corporate Secretary
Janus Henderson Secretarial Services UK Limited, represented by Wendy King FCG.

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

50 Largest Investments
At 30 April 2022

Rank
30 Apr
2022
Rank
31 Oct
2021 Company Country
Valuation
31 Oct
2021
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000

Valuation
30 Apr
2022
£’000
1 2 American Express US 34,616 - - 3,386 38,002
2 1 Microsoft US 46,870 - (5,506) (4,217) 37,147
3 4 CME US 30,852 - - 2,678 33,530
4 5 Automatic Data US 29,085 - - 1,777 30,862
5 21 Roper
Technologies
US 18,630 9,620 - 1,846 30,096
6 9 Otis Worldwide US 25,547 5,047 - (539) 30,055
7 11 Union Pacific US 24,456 2,967 - 1,449 28,872
8 6 American Tower US 28,797 - - (1,881) 26,916
9 16 AstraZeneca UK 21,880 - - 3,838 25,718
10 # Oracle US - 24,963 - 730 25,693
11 13 Visa US 22,418 - - 2,188 24,606
12 7 Home Depot US 27,220 - - (3,201) 24,019
13 3 Estée Lauder US 31,924 - (5,030) (3,028) 23,866
14 10 Intercontinental
Exchange
US 25,072 - - (2,171) 22,901
15 17 MasterCard US 21,732 - (2,848) 3,399 22,283
16 19 Diageo UK 19,733 - (315) 2,092 21,510
17 14 Sherwin-Williams US 22,082 - - (1,162) 20,920
18 34 Thermo Fisher
Scientific
US 14,326 7,129 - (591) 20,864
19 12 Moody's US 23,309 - - (3,381) 19,928
20 8 Intuit US 26,526 - - (7,149) 19,377
21 15 Alphabet US 22,024 - - (3,412) 18,612
22 22 Toyota Motor Japan 17,305 - - 1,244 18,549
23 39 Roche Switzerland 12,289 5,064 - 935 18,288
24 20 Zoetis US 19,578 - - (2,060) 17,518
25 24 RELX UK 16,544 - - 935 17,479

Rank
30 Apr
2022
Rank
31 Oct
2021 Company Country
Valuation
31 Oct
2021
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000

Valuation
30 Apr
2022
£’000
26 27 Reckitt Benckiser UK 15,378 - - 812 16,190
27 46 British American
Tobacco
UK 11,157 - - 3,526 14,683
28 23 ICON US 16,947 - - (2,335) 14,612
29 35 Nestlé Switzerland 13,607 - - 983 14,590
30 26 Lloyds Banking UK 15,495 - - (1,339) 14,156
31 # Anglo American UK 10,619 - - 3,067 13,686
32 40 Compass UK 12,136 - - 1,194 13,330
33 30 Novo-Nordisk Denmark 14,986 - (3,346) 1,615 13,255
34 # Total Energies France 9,791 2,328 - 914 13,033
35 42 Bunzl UK 11,582 - (316) 1,700 12,966
36 # Rio Tinto UK 10,353 - - 2,600 12,953
37 41 Macquarie Bank Australia 12,050 - - 876 12,926
38 29 Sony Japan 15,086 - - (2,670) 12,416
39 # Sanofi France 10,235 - - 1,689 11,924
40 37 Taiwan
Semiconductor
Manufacturing
Taiwan 13,339 - - (1,433) 11,906
41 18 Apple US 21,083 - (12,426) 3,059 11,716
42 36 DSM Netherlands 13,568 - - (2,100) 11,468
43 45 OZ Minerals Australia 11,233 - - 185 11,418
44 43 3i UK 11,481 - - (332) 11,149
45 # RWE Germany 9,194 - - 1,713 10,907
46 44 The Cooper
Companies
US 11,304 - - (620) 10,684
47 # Daiichi Sankyo Japan 9,170 493 - 953 10,616
48 # KPN Netherlands 8,386 - - 2,208 10,594
49 28 Bawag Austria 15,301 - (2,401) (2,408) 10,492
50 # Tokio Marine Japan 10,260 - (1,228) 1,309 10,341

896,556 57,611 (33,416) 8,871 929,622

All securities are equity investments
# Not in top 50 at 31 October 2021
Convertibles and all classes of equity in any one company are treated as one investment

GEOGRAPHICAL DISTRIBUTION

Valuation of investments
30 April 2022
%
31 October 2021
%
UK 19.7 18.1
Europe (ex UK) 16.6 18.8
North America 35.7 35.4
Japan 11.8 11.8
Pacific (ex Japan and China) 10.5 10.0
China 5.7 5.9
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson


REVENUE GENERATED
30 April 2022
£million
30 April 2021
£million
UK 6.1 5.6
Europe (ex UK) 4.0 3.4
North America 3.4 2.3
Japan 2.1 2.1
Pacific (ex Japan and China) 2.2 2.0
China - 0.2
--------- ---------
17.8 15.6
===== =====
Source: Janus Henderson


SECTOR ANALYSIS
As a percentage of the investment portfolio excluding cash
30 April 2022
%
31 October 2021
%
Industrials 19.3 18.8
Financials 18.9 19.4
Consumer Discretionary 14.5 16.9
Technology 14.5 15.6
Health Care 10.7 9.4
Consumer Staples 8.0 7.2
Basic Materials 4.4 4.6
Telecommunications 3.3 3.1
Real Estate 3.0 2.5
Energy 1.8 1.0
Utilities 1.6 1.5
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson


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) are incorporated into, or forms part of,
this announcement.

*********************************