BIT – Half Year Report

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69 22 June 2023

THE BANKERS INVESTMENT TRUST PLC
(‘the Company’)

Unaudited results for the half-year ended 30 April 2023

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 2023 30 April 2022
Net asset value (‘NAV’) per share 112.3p 113.0p
Share price 100.6p 105.9p
Revenue return per share 1.29p 1.08p
Dividends paid or declared in respect of the period
1
1.24p 1.128p

Total return performance to 30 April 2023 (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
2
8.1 1.5 32.0 44.3 157.6
FTSE World Index
3
3.5 3.2 46.6 62.1 131.5
Share price
4
5.4 -2.6 18.5 30.4 138.3

1 The first interim dividend for 2023 was paid on 31 May 2023; the second interim dividend has been declared and will be paid on 31 August 2023
2 Net asset value total return per share with income reinvested and with debt at par
3 For 10 years, this is a composite of the FTSE World Index and the FTSE All-Share Index
4 Share price total return using mid-market closing price

Sources: Janus Henderson, Morningstar Direct and Refinitiv Datastream

INTERIM MANAGEMENT REPORT

Dear shareholder,

Performance
Your Company has delivered a strong net asset value total return over the six months ended 30 April 2023 of 8.1% (2022:
-5.6%) and a share price total return of 5.4% (2022: -6.3%), outperforming the FTSE World Index total return of 3.5% (2022:
-2.6%). The Company’s portfolio benefitted as equity markets fared better than last year.

The majority of the regional portfolios, with the exception of Asia Pacific and China, outperformed their respective
benchmark indices. The UK portfolio performed the best relative to its benchmark, outperforming by 3.1% and reversing all
the underperformance in 2022. The European portfolio benefitted from positive news from the luxury consumer sector,
responding to the opening of travel and the Chinese economy. The Fund Manager discusses the key drivers of performance
in the period in more detail in his report.

Revenue
We have also seen the Company’s revenue increase over the period, as corporate profits defied the predictions of many
commentators and held up well, with profit margins improving on the back of price rises. This has enabled many of the
companies in the portfolio to increase their dividends paid from 2022 profits.

The change in the US portfolio has also boosted income from that region which, combined with the continued good dividend
growth elsewhere, has allowed us to increase the Company’s quarterly dividends quicker than we anticipated at the year
end. Our net revenue for the six months was £16.5 million (2022: £14.2 million), equivalent to 1.29p per share (2022: 1.08p).

A first interim dividend of 0.62p per share (2022: 0.55p) was paid on 31 May 2023. The Board has declared a second
interim dividend of 0.62p (2022: 0.578p) per share, which will be payable on 31 August 2023 to shareholders on the register
on 28 July 2023.

Our current expectation is that our dividend for the full year will be at least 7% above the level for 2022, higher than the 5%
that we forecast originally for 2023. This is supportive of our progressive dividend policy and the Board anticipates
continuing the Company’s track record of successive annual dividend growth which it has achieved over the past 56 years.

Share buy-backs
It is frustrating to see the Company’s share price continue to trade at a wide discount to its net asset value. However, we
have taken advantage of this opportunity to buy back shares from the market. This activity is beneficial to ongoing
shareholders, as shares are only purchased when the Company’s shares are trading at a discount, thereby enhancing
shareholder value.

A total of 24,080,927 shares were bought back at an average discount of 9.0% to the net asset value in the six months
ended 30 April 2023 (2022: 4,243,874 shares bought back at an average discount of 6.0%) for a total consideration of £24.9
million (2022: £4.5 million). The discount at 30 April 2023 was 10.4% (2022: 6.3%).

Board changes and succession planning
Isobel Sharp, Chair of the Audit Committee, is to step down from the Board on 30 June 2023. On behalf of the Board, I
would like to express our gratitude for her valued contribution during her tenure.

Julian Chillingworth, our Senior Independent Director, is to retire from the Board at the conclusion of the 2024 AGM when
he will have served for nine years.

In line with its long-term succession planning, and very mindful of the FCA’s diversity targets, the Nominations Committee
has begun the recruitment process for additional non-executive Directors and the Board expects to make at least one
appointment before the year end.

Outlook
Following the opening of the Chinese economy we expect to see an economic recovery under way in Asia and Japan where
nearly a third of our assets are invested. However, we should expect further volatility in equity markets due to the uncertain
trajectory of interest rates and the elevated levels of inflation.

We remain relatively cautious in our outlook but optimistic that our improved performance can continue. We are confident
in the ability of our Fund Manager and the investment philosophy applied to the portfolio. This provides the flexibility for the
regional portfolio managers to use their best ideas to drive future growth as they continue to focus on finding quality
companies at the right price.

Simon Miller
Chair
22 June 2023

FUND MANAGER’S REPORT

Market review
Persistent inflation during the period under review has meant central banks around the world have continued raising interest
rates to depress demand for goods and services. The bottlenecks and limited supply of certain goods due to Covid
restrictions have generally eased, though the delayed impact of elevated energy prices in 2022 is still being felt in consumer
prices. Initially, equity valuations were impacted by worries that reduced money supply and higher borrowing costs would
cause a recession. However, corporate earnings and economic activity have been far more resilient than expected. Time
will tell whether trading down or changing spending patterns by consumers leads companies to cut prices to maintain
volumes or market share.

Growth stocks in the US corrected in price through the start of the period as a response to rising interest rates, and because
investors preferred more defensive sectors. At the same time China abruptly opened its economy from Covid restrictions
and Asian markets responded favourably to expectations of increased activity. In recent months there has been quite a
reversal in both these markets. The largest US technology companies, often referred to as the FAANG stocks, have led a
remarkable recovery driven by profit upgrades, especially at Nvidia and Meta, combined with investors’ enthusiasm for
everything related to generative artificial intelligence. Meanwhile the equity market recovery in China has started to fade,
although the 5% GDP target, if met, would far exceed growth in any Western markets this year.

Europe and the UK have been the standout markets during the period, but it is hard to put this down to positive news, rather
it has been a lack of further bad news. Investors were very downbeat towards the end of 2022. Although economies in
Europe have been weak, they have not collapsed, and markets had been clearly oversold. Gas prices have fallen sharply
over the winter and the warmer than usual winter weather has helped limit reserve drawdown. Wage growth has helped
offset the higher interest rates, preserving consumers’ ability to keep spending.

Performance
Overall, the portfolio outperformed the benchmark FTSE World Index by 4.6% over the period. The portfolio was positioned
for a recovery in Asia and performed well relative to the benchmark through October and November as Chinese equities
recovered. The allocation towards Europe and the UK also provided an overall positive benefit, with these two portfolios
generating a total return of 19.3% and 12.5% respectively. As there was little actual good news in the region, we reduced
exposure to both in February and lowered the portfolio’s gearing. The gearing remained at 5% through to the period end as
we look forward to repaying the £15 million 2023 debenture at the end of October. The majority of regional portfolios fared
better in the period, with the exception of Asia Pacific and China. The former was lacking exposure to technology and in
China the state-owned companies were the best performers in the market, where we have no exposure.

The US portfolio was repositioned in mid-December, reflecting the transfer of portfolio management to Jeremiah Buckley,
who is based in Denver alongside the large analyst team at Janus Henderson covering the US market. The change has
broadened coverage within the US stock market, increasing exposure to pharmaceuticals and larger US financials. We held
no exposure to US regional banks which have experienced a flight of deposits in recent months and a sharp correction in
share prices.

The UK portfolio performed the best relative to its benchmark, outperforming by 3.1% and reversing some of the
underperformance in 2022. The European portfolio benefitted from positive news from the luxury consumer sector,
responding to the opening of travel and the Chinese economy, with companies such as Moncler and Hermès performing
well. Other notable performers in the portfolio were Microsoft in the US, Sony in Japan and 3i in the UK.

Outlook
Tighter monetary conditions, driven by increasing interest rates and bond sales from central banks, have a dampening
effect on economic activity. However, the real economy is actually weathering these conditions well, with many companies
having low levels of debt and possessing pricing power, while consumers are benefitting from wage growth or using savings
to bolster spending. However, the rate of inflation needs to fall. The alternative is that interest rates will continue to rise or
be maintained at a high level for longer and their impact will be felt more deeply by many. There is good evidence that
prices are starting to moderate and, in the case of energy, starting to fall. We expect markets in Asia to lead the recovery
and are positioned for better news in that region. However, we remain more cautious in other regions.

Alex Crooke
Fund Manager
22 June 2023

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 2022. 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
22 June 2023



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
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 2023
(Unaudited)
Half-year ended
30 April 2022
(Audited)
Year ended
31 October 2022
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/(losses) on
investments held at fair
value through profit or loss - 93,419 93,419 - (100,441) (100,441) - (202,031) (202,031)
Investment income 19,070 - 19,070 17,822 - 17,822 37,814 - 37,814
Other operating income 1,073 - 1,073 62 - 62 394 - 394
--------- ----------- --------- --------- ----------- --------- --------- ------------ ------------
Gross revenue and
capital gains/(losses) 20,143 93,419 113,562 17,884 (100,441) (82,557) 38,208 (202,031) (163,823)
---------- ------------ ----------- ---------- ------------ ----------- --------- ------------ ------------
Expenses
Management fees (note 2) (887) (2,071) (2,958) (992) (2,314) (3,306) (1,905) (4,446) (6,351)
Other expenses (378) - (378) (687) - (687) (1,364) - (1,364)
--------- ----------- --------- --------- ----------- --------- --------- --------- ---------
Profit/(loss) before
finance costs and
taxation 18,878 91,348 110,226 16,205 (102,755) (86,550) 34,939 (206,477) (171,538)

Finance costs (712) (1,573) (2,285) (695) (1,550) (2,245) (1,346) (3,141) (4,487)
--------- ------------ --------- --------- ------------ --------- --------- ------------ ---------
Profit/(loss) before
taxation 18,166 89,775 107,941 15,510 (104,305) (88,795) 33,593 (209,618) (176,025)

Taxation (1,623) - (1,623) (1,337) - (1,337) (3,001) (145) (3,146)
--------- ------------ --------- --------- ------------ --------- --------- ---------- ---------
Profit/(loss) for the
period 16,543 89,775 106,318 14,173 (104,305) (90,132) 30,592 (209,763) (179,171)
===== ======= ====== ===== ======= ====== ====== ======= =======
Earnings/(loss) per
ordinary share (note 3) 1.29p 6.97p 8.26p 1.08p (7.95p) (6.87p) 2.34p (16.04p) (13.70p)
===== ====== ====== ====== ====== ====== ====== ======= =======

CONDENSED STATEMENT OF CHANGES IN EQUITY





Half-year ended 30 April 2023
(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 2022 32,878 159,797 12,489 1,115,343 40,159 1,360,666
Total comprehensive income:
Profit for the period - - - 89,775 16,543 106,318
Transactions with owners, recorded
directly to equity:
Buy-back of shares to treasury (note 5) - - - (24,881) - (24,881)
Ordinary dividends paid (note 12) - - - - (15,535) (15,535)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2023 32,878 159,797 12,489 1,180,237 41,167 1,426,568
====== ====== ====== ======== ====== ========




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
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 (note 5) 51 - (51) (4,533) - (4,533)
Ordinary dividends paid (note 12) - - - - (14,289) (14,289)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2022 32,878 159,797 12,489 1,234,793 38,473 1,478,430
====== ====== ====== ======== ====== ========





Year ended 31 October 2022 (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 2021 32,827 159,797 12,540 1,343,631 38,589 1,587,384
Total comprehensive income:
- (Loss)/profit for the year - - - (209,763) 30,592 (179,171)
Transactions with owners, recorded directly
to equity:
Buy-back of shares to treasury (note 5) 51 - (51) (18,525) - (18,525)
Ordinary dividends paid (note 12) - - - - (29,022) (29,022)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2022 32,878 159,797 12,489 1,115,343 40,159 1,360,666
====== ====== ====== ======== ====== ========

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

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2023
£’000
(Unaudited)
As at 30 April
2022
£’000
(Audited)
As at 31 October
2022
£’000

Non-current assets
Investments held at fair value through profit or loss 1,489,862 1,575,875 1,433,728
------------- ------------- --------------

Current assets
Investments held at fair value through profit or loss (note 4) 26,353 1 1
Other receivables 13,619 7,241 4,497
Cash and cash equivalents 43,863 39,458 65,871
-------------- ------------- --------------
83,835 46,700 70,369
-------------- -------------- --------------
Total assets 1,573,697 1,622,575 1,504,097
-------------- -------------- --------------
Current liabilities
Other payables (6,801) (5,649) (4,151)
Debenture stock (15,000) - (15,000)
-------------- --------------- --------------
(21,801) (5,649) (19,151)
-------------- -------------- --------------
Total assets less current liabilities 1,551,896 1,616,926 1,484,946
-------------- -------------- --------------
Non-current liabilities
Debenture stock - (15,000) -
Unsecured loan notes (125,328) (123,496) (124,280)
------------ ------------ ------------
(125,328) (138,496) (124,280)
-------------- -------------- --------------
Net assets 1,426,568 1,478,430 1,360,666
======== ======== ========

Equity attributable to equity shareholders
Share capital (note 5) 32,878 32,878 32,878
Share premium account 159,797 159,797 159,797
Capital redemption reserve 12,489 12,489 12,489
Retained earnings:
Other capital reserves 1,180,237 1,234,793 1,115,343
Revenue reserve 41,167 38,473 40,159
-------------- -------------- --------------
Total equity 1,426,568 1,478,430 1,360,666
======== ======== ========
Net asset value per ordinary share (note 6)
112.3p 113.0p
105.1p
====== ====== ======


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
2023
£'000
(Unaudited)
Half-year ended
30 April
2022
£'000
(Audited)
Year ended
31 October
2022
£'000
Operating activities
Profit/(loss) before taxation
107,941 (88,795)
(176,025)
Less:(gain)/loss on investments held at fair value through profit or
loss
(93,419) 100,441 202,031
Purchases of investments
(611,067) (179,198)
(419,661)
Sales of investments
649,246 195,164
476,954
Purchases of current asset investments
(44,581) (17,498)
(17,498)
Sales of current asset investments
18,229 26,095
26,095
Increase in securities purchased for future settlement
2,915 1,807
1,602
Increase in securities sold for future settlement
(5,983) (662)
-
(Increase)/decrease in other receivables
(87) (76)
1
(Decrease)/increase in other payables
(236) 117
(1,479)
(Increase)/decrease in accrued income
(2,854) (2,769)
(257)
Add back interest payable (‘finance costs’)
2,285 2,245
4,487

------------ ------------
--------------
Net cash inflow from operating activities
before interest and taxation
22,389 36,871 96,250
Interest paid
(1,265) (2,456)
(4,503)
Taxation on investment income
(1,822) (1,451)
(3,766)

------------ ------------
-------------
Net cash inflow from operating activities
19,302 32,964 87,981

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



Financing activities


Equity dividends paid
(15,535) (14,289)
(29,022)
Share buy-backs
(24,881) (4,533)
(18,207)

------------ ------------
-------------
Net cash outflow from financing activities
(40,416) (18,822)
(47,229)

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



(Decrease)/increase in cash
(21,114) 14,142
40,752
Cash and cash equivalents at the start of the period
65,871 25,429
25,429
Exchange movements
(894) (113)
(310)

----------- -----------
-------------
Cash and cash equivalents at the end of the period
43,863 39,458 65,871
======= ======= =======

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 2023. 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 July 2022, 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 in any material way from those
described in the annual report for the year ended 31 October 2022.

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 2023
Half-year ended
30 April 2022
Year ended
31 October 2022


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 887 2,071 2,958 992 2,314 3,306 1,905 4,446 6,351

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

3. Earnings per ordinary share
The earnings per ordinary share figure is based on the net profit for the half-year of £106,318,000 (30 April
2022: net loss of £90,132,000; 31 October 2022: net loss of £179,171,000) and on 1,286,965,652 (30 April
2022: 1,312,859,609; 31 October 2022: 1,307,589,615) 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 2023
£'000
(Unaudited)
Half-year ended
30 April 2022
£'000
(Audited)
Year ended
31 October 2022
£'000
Revenue profit 16,543 14,173 30,592
Capital profit/(loss) 89,775 (104,305) (209,763)
------------ ------------ ------------
Total profit/(loss) 106,318 (90,132) (179,171)
======= ======= =======
Weighted average number of ordinary shares
in issue during each period 1,286,965,652 1,312,859,609 1,307,589,615
Revenue earnings per ordinary share 1.29p 1.08p 2.34p
Capital earnings/(loss) per ordinary share 6.97p (7.95p) (16.04p)
------------ ------------ ------------
Total earnings/(loss) per ordinary share 8.26p (6.87p) (13.70p)
======= ======= =======
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 2023 this holding had a value of £26,353,000 (30 April 2022:
£1,000; 31 October 2022: £1,000).

5. Share capital
At 30 April 2023 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 44,332,551 were
held in treasury (with no voting rights) (30 April 2022: 1,315,102,830 and 6,275,628 shares held in treasury;
31 October 2022: 1,315,102,830 of which 20,251,624 shares were held in treasury). During the half-year ended

30 April 2023, 24,080,927 shares were bought back into treasury at a total cost of £24,881,000 (half year to
30 April 2022: 4,243,874 shares were bought back into treasury for a total cost of £4,533,000; year to 31
October 2022: 18,219,870 shares were bought back into treasury for a total cost of £18,525,000). Since the
period end, the Company has not bought back any shares.

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
£1,426,568,000 (30 April 2022: £1,478,430,000; 31 October 2022: £1,360,666,000) and on 1,270,770,279 (30
April 2022: 1,308,827,202; 31 October 2022: 1,294,851,206) ordinary shares, being the number of ordinary
shares in issue with voting rights at the period end.

7. Bank loan
At 30 April 2023, the Company had drawn down £nil (30 April 2022 and 31 October 2022: £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 2023 was £15,224,000 (30 April 2022: £16,211,000; 31 October
2022: £15,578,000). 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 2023
has been estimated to be £94,815,000 (30 April 2022: £114,900,000; 31 October 2022: £97,069,000) 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 2023
£’000
(Unaudited)
Half-year
ended
30 April 2022
£’000
(Audited)
Year ended
31 October 2022
£’000

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

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






Financial assets at fair value through profit or loss at
30 April 2023 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

- Equity investments 1,489,862 - - 1,489,862

- Current asset investments 26,353 - - 26,353
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,516,215 - - 1,516,215
======== ===== ==== ========


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
31 October 2022 (Audited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

- Equity investments 1,433,727 - - 1,433,727

- Fixed interest investments - - 1 1

- Current asset investments 1 - - 1
------------- --------- ------ -------------
Total financial assets carried at fair value 1,433,728 - 1 1,433,729
======== ===== ==== =======

10. Reconciliation of liabilities arising from financing activities

Non-cash changes


At
1 November
2022
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
30 April
2023
£'000

Financing activities
Financing liabilities 139,280 - 12 1,036 140,328
----------- ------- -------- --------- ------------
Closing liabilities from financing
activities 139,280 - 12 1,036 140,328
======= ==== ==== ===== =======



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
2021
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
31 October
2022
£'000

Financing activities
Financing liabilities 138,683 - 24 573 139,280
---------- -------- -------- --------- ------------
Closing liabilities from financing
activities 138,683 - 24 573 139,280


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

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 and
an assessment of the liquidity of the portfolio. 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 0.62p (2022: 0.55p) per ordinary share was paid on 31 May 2023 to shareholders
registered on 28 April 2023. The shares were quoted ex-dividend on 27 April 2023. Based on the number of
ordinary shares in issue at 30 April 2023 (excluding the shares held in treasury) of 1,270,770,279 the cost of
this dividend was £7,879,000.

The Directors have declared a second interim dividend of 0.62p (2022: 0.578p) per ordinary share which will
be payable on 31 August 2023 to shareholders on the register on 28 July 2023. The shares will be quoted ex-
dividend on 27 July 2023. Based on the number of shares in issue, excluding shares held in treasury, at 22
June 2023 of 1,270,770,279 the cost of this dividend will be £7,879,000.

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 2023 and
2022 have not been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2022 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 2022.

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 2023.

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
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),
Hannah Philp, Isobel Sharp (Audit Committee Chair), Charlotte Valeur 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.

25 Largest Investments
At 30 April 2023

Rank
30 Apr
2023
Rank
31 Oct
2022 Company Country
Valuation
31 Oct
2022
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000

Valuation
30 Apr
2023
£’000
1 7 Microsoft US 28,749 18,887 (2,423) 8,657 53,870
2 # Apple US 12,434 27,991 (5,010) 3,711 39,126
3 # Accenture US - 26,682 - (1,508) 25,174
4 # JP Morgan Chase US - 22,585 (938) 368 22,015
5 17 AstraZeneca UK 19,657 - (2,157) 2,556 20,056
6 # United Health US - 20,377 - (2,026) 18,351
7 9 Visa US 26,113 645 (9,693) 36 17,101
8 # KLA Corp US - 18,029 - (1,146) 16,883
9 24 TotalEnergies France 15,978 - (1,584) 1,138 15,532
10 # United Parcel US - 16,154 - (631) 15,523
11 5 American Express US 28,920 - (12,982) (518) 15,420
12 25 Nestlé Switzerland 15,693 - (1,555) 1,207 15,345
13 # Texas
Instruments
US - 16,282 - (1,036) 15,246
14 # McDonald's US - 14,175 - 863 15,038
15 # Deere & Co US - 19,308 (1,950) (2,820) 14,538
16 # Novo-Nordisk Denmark 9,332 1,572 (1,212) 4,170 13,862
17 # Sony Japan 10,482 376 - 2,957 13,815
18 22 Diageo UK 16,926 - (3,252) 83 13,757
19 # Toyota Motor Japan 15,011 222 (561) (1,456) 13,216
20 # Procter & Gamble US - 13,086 - 88 13,174
21 # Reckitt Benckiser UK 13,089 - (1,400) 1,284 12,973
22 # Chevron US - 13,214 - (504) 12,710
23 # Comcast US - 10,927 - 1,653 12,580
24 # Lloyds Banking UK 12,251 - (1,701) 1,968 12,518
25 # Sanofi France 11,393 195 (1,149) 1,820 12,259

236,028 240,707 (47,567) 20,914 450,082

All securities are equity investments
# Not in top 25 at 31 October 2022
Convertibles and all classes of equity in any one company are treated as one investment

REVENUE GENERATED
30 April 2023
£million
30 April 2022
£million
UK 4.7 6.1
Europe (ex UK) 3.1 4.0
North America 5.4 3.4
Japan 2.4 2.1
Pacific (ex Japan and China) 3.4 2.2
China 0.1 -
--------- ---------
19.1 17.8
===== =====
Source: Janus Henderson



GEOGRAPHICAL ANALYSIS
Equities excluding cash held
Valuation of investments
30 April 2023
%
31 October 2022
%
UK 16.8 17.3
Europe (ex UK) 17.1 17.0
North America 38.0 38.8
Japan 12.9 12.3
Pacific (ex Japan and China) 9.5 9.7
China 5.7 4.9
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson



SECTOR ANALYSIS
As a percentage of the investment portfolio excluding cash
30 April 2023
%
31 October 2022
%
Financials 17.9 21.4
Industrials 16.5 19.3
Consumer Discretionary 15.4 12.3
Technology 14.2 13.9
Health Care 13.1 10.9
Consumer Staples 10.7 10.0
Telecommunications 3.7 2.3
Energy 3.1 2.5
Basic Materials 3.1 3.5
Real Estate 1.2 2.4
Utilities 1.1 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.

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