BIT - Half Year Report

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69

THE BANKERS INVESTMENT TRUST PLC
(‘the Company’)

Unaudited results for the half-year ended 30 April 2024

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 2024 30 April 2023
Net asset value (‘NAV’) per share
1
122.7p 112.3p
Share price 112.2p 100.6p
Revenue return per share 1.31p 1.29p
Dividends paid or declared in respect of the period
2
1.344p 1.24p

Total return performance to 30 April 2024 (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
3
17.5 14.3 17.0 50.5 174.0
FTSE World Index
4
16.6 19.1 30.4 72.8 149.4
Share price
5
21.5 14.4 5.2 38.4 154.5


1 Net asset value per share with debt at par
2 The first interim dividend for 2024 was paid on 31 May 2024; the second interim dividend has been declared and will be paid on 30 August 2024
3 Net asset value total return per share with income reinvested and with debt at fair value
4 For 10 years, the benchmark is a composite of the FTSE World Index and the FTSE All-Share Index
5 Share price total return using mid-market closing price

Sources: Janus Henderson, Morningstar Direct and LSEG Datastream

INTERIM MANAGEMENT REPORT

CHAIR’S STATEMENT

Dear shareholder

Performance
Your Company has delivered a strong net asset value total return over the six months ended 30 April 2024 of 17.5% (2023:
8.1%) and a share price total return of 21.5% (2023: 5.4%), both returns outperforming the FTSE World Index total return
of 16.6% (2023: 3.5%). Stock markets around the world rose in value principally due to solid corporate profit recovery
exceeding forecasts by analysts. The anticipated tailwind of interest rate cuts from central banks never materialised as
inflation remained higher than expected. The Fund Manager discusses the key drivers of performance in the period in more
detail in his report.

Following a strategic review, our Manager has started a process of concentrating the portfolio into four regional portfolios
and reducing the number of holdings to approximately 100. This will direct a greater amount of the Company’s capital into
the portfolio managers’ best investment ideas and bring greater focus to the regional portfolios. The reduction in portfolios
from six to four will create a Pan European portfolio, incorporating the UK, and a Pan Asian (ex Japan) portfolio, including
the Chinese A shares. This will reduce the overlap within these regions and remove potential conflicts. We continue to
believe in the value of regional specialists with access to stock markets right across the globe.

We are also pleased to announce that Jamie Ross, our European portfolio manager, will assume the role of Deputy Fund
Manager, following the recent retirement of Mike Kerley. Jamie has over 17 years of financial industry experience and has
been a member of the Company’s investment team since late 2018. We look forward to working more closely with Jamie
alongside our Fund Manager, Alex Crooke.

Revenue
Our net revenue for the six months was £15.9 million (2023: £16.5 million), equivalent to 1.31p per share (2023: 1.29p).
The reduction in revenue was a result of lower interest income, partially offset by a lower finance cost following the
repayment of the 8% 2023 debenture on 31

October 2023. A reduced share count following share buybacks resulted in the
earnings per share increasing by 1.6% over the period.

A first interim dividend of 0.672p per share (2023: 0.62p) was paid on 31 May 2024. The Board has declared a second
interim dividend of 0.672p (2023: 0.62p) per share, an increase of 8.4%, which will be payable on 30 August 2024 to
shareholders on the register on 26 July 2024.

The Board’s current expectation is that the dividend for the full year will be at least 5% above the total dividend paid in 2023.
This continues the Company’s progressive dividend policy of successive annual dividend growth which it has achieved over
the past 57 years.

Share buy-backs
The Company’s share price has continued to trade at a wide discount to its net asset value and 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 to NAV, thereby enhancing shareholder value.

A total of 49,748,991 shares were bought back at an average discount of 12.3% to the net asset value in the six months
ended 30 April 2024 (2023: 24,080,927 shares bought back at an average discount of 9.0%) for a total consideration of
£53.4 million (2023: £24.9 million). The discount at 30 April 2024 was 8.6% (2023: 10.4%).

Board changes
As mentioned at the year end, Julian Chillingworth retired from the Board at the Annual General Meeting in February 2024,
having served as a Director for nine years, and as Senior Independent Director for the latter five years of his tenure. Richard
West, who joined the Board on 1 April 2020, was appointed as the Company’s Senior Independent Director on 23 April
2024.

Outlook
Economic recovery is now under way in the European and Chinese markets while growth remains robust in the US and
Japan. Corporate earnings should therefore be expected to continue to grow, supported at some point by interest rate cuts
later this year or next. While share price returns to date have discounted some of this positive outlook, valuations do not
look stretched which will ensure that your Company is well placed to continue to grow.


Simon Miller
Chair
25 June 2024

FUND MANAGER’S REPORT

Market Review
The six month period to the end of April 2024 has been a good time to be invested in equity markets, as a strong recovery
in share prices led to most markets reaching new all-time highs. Investors were optimistic that fading price inflation would
lead to the tight monetary policy being eased by rate cuts. However, as it turned out, rates were not cut during the period
in any major market and instead it was the delivery of stronger-than-expected corporate profits that underpinned higher
share prices. In most sectors, companies experienced improving margins as higher prices stuck and energy costs fell.

The US market was marginally the better performer during the period, closely followed by Europe, Japan and the UK. The
best performing stocks continued to be those focused on delivering artificial intelligence (‘AI’) solutions, particularly in the
US market. However, recovery was fairly broad based in most markets as financials, industrials and retail exposed
companies performed best, while energy, utilities and telecoms were laggards.

Performance
As indicated in the Annual Report, a number of new holdings were purchased in zero yielding US technology companies,
including Alphabet, Amazon and Meta. Results from these companies were well received during the period, as margins
grew strongly on the back of reducing costs by closing loss-making divisions and growing revenues. The technology
exposure in the overall portfolio was increased from 16.3% to 22.3%. Despite these new additions, performance in the US
portfolio continued to lag the benchmark, driven principally by lack of exposure to Nvidia. There is exposure to
semiconductor manufacture across a wide spectrum of technologies in each of the Japanese, US, Asian and European
portfolios. However, Nvidia is garnering all the exposure, and investors chasing returns. Undoubtedly they are the leader in
developing AI chips, but we do have concerns that new orders will start to plateau leading to pricing pressure, ultimately
impacting their share price.

Performance in the Japanese portfolio was considerably better than the benchmark, delivering a return nearly 5% ahead.
This was driven by recovery in financials as the Bank of Japan raised interest rates for the first time since 2007, ending the
period of negative interest rates. The Yen weakened over the period but the stock market recovery more than made up for
this, delivering a total return of 20.2% over the period. The European, Asian and Chinese portfolios also delivered returns
in excess of their benchmarks.

Portfolio
The portfolio has grown in both the number of regions and stocks over the past decade, delivering diversification and access
to new markets such as China and India. However this has thrown up conflicts as companies can be dual listed and choices
within sectors have narrowed due to consolidation by merger or acquisition. We have therefore decided to consolidate the
number of regions to four: North America, Pan Europe (to include the UK), Pan Asia (ex Japan) and Japan. We will continue
to invest directly in the UK and Chinese markets but with a single investment team overseeing these regions with greater
scope to invest more capital in the best companies across wider regions. Jamie Ross, supported by myself, will manage
the Pan European portfolio and Sat Duhra will manage the Pan Asian portfolio.

Additionally, we have conducted a careful review of stock selection and portfolio construction. The conclusion of this work
was that smaller holdings were not improving performance and by concentrating the portfolios, we would have a higher
active stance, an indicator of greater divergence from the index. We therefore intend to increase the amount of capital in
our best ideas by reducing the number of holdings towards 100. We will target regional portfolios of 20 investments with
slightly more in the US, as it is a market with significantly more listed companies and therefore investment opportunities.
We expect the tighter concentrated portfolio to be substantially implemented by the end of October 2024.

Outlook
We are excited by the prospect of a focused portfolio, investing more in our best ideas. In meetings with our investee
companies, we are hearing positive messages about orders improving, restocking from customers and margins holding up.
Inflation has fallen close to central bank targets and the first interest rate cuts have started in major economic regions. The
overall outlook is more positive than six months ago and should support the increase in share prices we have seen this
year.


Alex Crooke
Fund Manager
25 June 2024

MANAGING OUR RISKS

The principal and emerging 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, Regulatory and Governance 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 2023. Following a recent review, the Board has amended Tax, Legal and Regulatory Risk to include
Governance. All other principal and emerging risks at the year-end remain and 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
25 June 2024



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 Director, 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 2024
(Unaudited)
Half-year ended
30 April 2023
(Audited)
Year ended
31 October 2023
Revenue
return
£'000
Capital
return
£'000

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

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

Total
£'000
Gains on investments held
at fair value through profit
or loss - 177,057 177,057 - 93,419 93,419 - 37,376 37,376
Investment income 19,107 - 19,107 19,070 - 19,070 40,439 - 40,439
Other operating income 567 - 567 1,073 - 1,073 1,326 - 1,326
--------- ----------- --------- --------- ----------- --------- ----------- ------------ ------------
Gross revenue and
capital gains 19,674 177,057 196,731 20,143 93,419 113,562
41,765 37,376 79,141
---------- ------------ ----------- ---------- ------------ ----------- ------------ ----------- ------------
Expenses
Management fees (note 2) (910) (2,123) (3,033) (887) (2,071) (2,958) (1,790) (4,176) (5,966)
Other expenses (642) - (642) (378) - (378) (970) - (970)
--------- ----------- --------- --------- ----------- --------- --------- --------- ---------
Profit before finance
costs and taxation 18,122 174,934 193,056 18,878 91,348 110,226 39,005 33,200 72,205
Finance costs (519) (1,151) (1,670) (712) (1,573) (2,285)

(1,376) (3,211) (4,587)
--------- ------------ --------- --------- ------------ --------- --------- ------------ ------------
Profit before taxation 17,603 173,783 191,386 18,166 89,775 107,941 37,629 29,989 67,618
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Taxation (1,662)
(59) (1,721)
(1,623) - (1,623) (3,061) - (3,061)
--------- ------------ --------- --------- ------------ --------- --------- ---------- ---------
Profit for the period 15,941 173,724 189,665 16,543 89,775 106,318 34,568 29,989 64,557
===== ======= ====== ===== ======= ====== ====== ======= =======
Earnings per ordinary
share (note 3) 1.31p 14.31p 15.62p 1.29p 6.97p 8.26p 2.72p 2.35p 5.07p
===== ====== ====== ===== ====== ====== ====== ======= =======

CONDENSED STATEMENT OF CHANGES IN EQUITY





Half-year ended 30 April 2024
(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 2023 32,878 159,797 12,489 1,084,848 43,511 1,333,523
Total comprehensive income:
- Profit for the period - - - 173,724 15,941 189,665
Transactions with owners, recorded
directly to equity:
Buy-back of shares to treasury (note 5) - - - (53,389) - (53,389)
Ordinary dividends paid (note 12) - - - - (16,205) (16,205)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2024 32,878 159,797 12,489 1,205,183 43,247 1,453,594
====== ====== ====== ======== ====== ========




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





Year ended 31 October 2023 (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 2022 32,878 159,797 12,489 1,115,343 40,159 1,360,666
Total comprehensive income:
- Profit for the year - - - 29,989 34,568 64,557
Transactions with owners, recorded directly
to equity:

Buy-back of shares to treasury (note 5) - - - (60,484) - (60,484)
Ordinary dividends paid (note 12) - - - - (31,216) (31,216)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October 2023 32,878 159,797 12,489 1,084,848 43,511 1,333,523
====== ====== ====== ======== ====== ========

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

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2024
£’000
(Unaudited)
As at 30 April
2023
£’000
(Audited)
As at 31 October
2023
£’000


Non-current assets
Investments held at fair value through profit or loss 1,530,994 1,489,862 1,428,787
------------- ------------- --------------

Current assets
Investments held at fair value through profit or loss (note 4) 21,509 26,353 13,116
Other receivables 7,128 13,619 19,001
Cash and cash equivalents 28,726 43,863 14,525
-------------- -------------- --------------
57,363 83,835 46,642
-------------- -------------- --------------
Total assets 1,588,357 1,573,697 1,475,429
-------------- -------------- --------------
Current liabilities
Other payables (10,604) (6,801) (17,006)
Debenture stock - (15,000) -
-------------- -------------- --------------
(10,604) (21,801) (17,006)
-------------- -------------- --------------
Total assets less current liabilities 1,577,753 1,551,896 1,458,423
-------------- -------------- --------------
Non-current liabilities
Unsecured loan notes (124,159) (125,328) (124,900)
-------------- -------------- --------------
Net assets 1,453,594 1,426,568 1,333,523
======== ======== ========

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 1,205,183 1,180,237 1,084,848
Revenue reserve 43,247 41,167 43,511
-------------- -------------- --------------
Total equity 1,453,594 1,426,568 1,333,523
======== ======== ========
Net asset value per ordinary share (note 6)
122.7p 112.3p
108.0p
====== ====== ======


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
2024
£'000
(Unaudited)
Half-year ended
30 April
2023
£'000
(Audited)
Year ended
31 October
2023
£'000
Operating activities
Profit before taxation 191,386 107,941 67,618
Less: gain on investments held at fair value through profit or loss (177,057) (93,419) (37,376)
Purchases of investments (353,778) (611,067) (830,071)
Sales of investments 428,187 649,246 872,865
Indian capital gains tax paid on sales (59) - -
Purchases of current asset investments (49,907) (44,581) (80,700)
Sales of current asset investments 41,514 18,229 67,585
Increase in securities purchased for future settlement 13,540 2,915 12,119
Increase in securities sold for future settlement
(6,271) (5,983)
-
Increase in other receivables (32) (87) (58)
Decrease in other payables (104) (236) (169)
Increase in accrued income (1,651) (2,854) (14,217)
Add back interest payable (‘finance costs’) 1,670 2,285 4,587
------------ ------------ ------------
Net cash inflow from operating activities
before interest and taxation 87,438 22,389 62,183
Interest paid (2,438) (1,265) (4,525)
Taxation on investment income (1,647) (1,822) (3,290)
------------ ------------ -------------
Net cash inflow from operating activities 83,353 19,302 54,368
======= ======= =======

Financing activities
Equity dividends paid (16,205) (15,535) (31,216)
Redemption of debenture - - (15,000)
Share buy-backs (53,389) (24,881) (59,579)
------------ ------------ -------------
Net cash outflow from financing activities (69,594) (40,416) (105,795)
======= ======= =======

Increase/(decrease) in cash 13,759 (21,114) (51,427)
Cash and cash equivalents at the start of the period 14,525 65,871 65,871
Exchange movements 442 (894) 81
----------- ----------- -------------
Cash and cash equivalents at the end of the period 28,726 43,863 14,525
======= ======= =======

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 2024. 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 2023.

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 2024
Half-year ended
30 April 2023
Year ended
31 October 2023


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 910 2,123 3,033 887 2,071 2,958 1,790 4,176 5,966
===== ===== ===== ===== ===== ===== ===== ===== =====

3. Earnings per ordinary share
The earnings per ordinary share figure is based on the net profit for the half-year of £189,665,000 (30 April 2023:
net profit of £106,318,000; 31 October 2023: net profit of £64,557,000) and on 1,214,507,013 (30 April 2023:
1,286,965,652; 31 October 2023: 1,272,116,196) 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 2024
£'000
(Unaudited)
Half-year ended
30 April 2023
£'000
(Audited)
Year ended
31 October 2023
£'000
Revenue profit 15,941 16,543 34,568
Capital profit 173,724 89,775 29,989
------------ ------------ ------------
Total profit 189,665 106,318 64,557
======= ======= =======
Weighted average number of ordinary shares
in issue during each period 1,214,507,013 1,286,965,652 1,272,116,196
Revenue earnings per ordinary share 1.31p 1.29p 2.72p
Capital earnings per ordinary share 14.31p 6.97p 2.35p
------------ ------------ ------------
Total earnings per ordinary share 15.62p 8.26p 5.07p
======= ======= =======

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 2024 this holding had a value of £21,509,000 (30 April 2023:
£26,353,000; 31 October 2023: £13,116,000).


5.
Share capital
At 30 April 2024 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 130,619,544 were held
in treasury (with no voting rights) (30 April 2023: 1,315,102,830 of which 44,332,551 shares were held in treasury;
31 October 2023: 1,315,102,830 of which 80,870,553 shares were held in treasury). During the half-year ended
30 April 2024, 49,748,991 shares were bought back into treasury at a total cost of £53,389,000 (half year to 30
April 2023: 24,080,927 shares were bought back into treasury for a total cost of £24,881,000; year to 31 October

2023: 60,618,929 shares were bought back into treasury for a total cost of £60,484,000). Since the period end,
the Company has bought back 11,181,474 shares for a total cost of £12,625,000.

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
£1,453,594,000 (30 April 2023: £1,426,568,000; 31 October 2023: £1,333,523,000) and on 1,184,483,286
(30 April 2023: 1,270,770,279; 31 October 2023: 1,234,232,277) ordinary shares, being the number of ordinary
shares in issue with voting rights at the period end.

7. Bank loan
The Company’s multi-currency loan facility with SMBC Bank International plc expired on 1 March 2024 and has
not been renewed.

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 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 2024 was £n/a (30 April 2023: £15,224,000; 31 October 2023: £n/a).
The fair value of the debenture stock was calculated using prices quoted on the exchange on which the
instrument trades and was categorised as Level 1 as described below.

The fair value of the loan notes at 30 April 2024 has been estimated to be £91,757,000 (30 April 2023:
£94,815,000; 31 October 2023: £88,985,000) and is categorised as level 3 in the fair value hierarchy as described
below. This has been reflected in the daily NAV announcements since January 2024. Previously the unsecured
loan notes were valued at amortised cost in the fair value NAV.

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.

Financial assets at fair value through profit or
loss at 30 April 2024 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

- Equity investments
1,530,994 - - 1,530,994

- Fixed interest investments
- - - -

- Current asset investments
21,509 - - 21,509
-------------- --------- -------- --------------
Total financial assets carried at fair value 1,552,503 - - 1,552,503
======== ===== ==== ========

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

- Fixed interest investments
- - - -

- Current asset investments 26,353 - - 26,353

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

Total financial assets carried at fair value
1,516,215
- - 1,516,215


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

Level 3 investments at fair value through profit or loss
(Unaudited)
Half-year
ended
30 April 2024
£’000
(Unaudited)
Half-year
ended
30 April 2023
£’000
(Audited)
Year ended
31 October 2023
£’000

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

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



10. Reconciliation of liabilities arising from financing activities

Non-cash changes


At
1 November
2023
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
30 April
2024
£'000


Financing activities


Financing liabilities
124,900 - 14 (755) 124,159


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

Closing liabilities from
financing activities
124,900 - 14 (755) 124,159


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




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
2022
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
At
31 October
2023
£'000




Financing activities


Financing liabilities
139,280 (15,000) 62 558 124,900


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

Closing liabilities from
financing activities
139,280 (15,000) 62 558 124,900


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

Financial assets at fair value through profit or loss
at 31 October 2023 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000

Investments including derivatives:

- Equity investments 1,428,787 - - 1,428,787

- Fixed interest investments - - - -

- Current asset investments 13,116 - - 13,116

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

Total financial assets carried at fair value
1,441,903
- - 1,441,903


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

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 the war in Ukraine and the Gaza-Israel conflict. 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 0.672p (2023: 0.62p) per ordinary share was paid on 31 May 2024 to shareholders
registered on 26 April 2024. The shares were quoted ex-dividend on 25 April 2024. Based on the number of ordinary
shares in issue at 25 April 2024 (excluding the shares held in treasury) of 1,184,483,286 the cost of this dividend
was £7,960,000.

The Directors have declared a second interim dividend of 0.672p (2023: 0.62p) per ordinary share which will be
payable on 30 August 2024 to shareholders on the register on 26 July 2024. The shares will be quoted ex-dividend
on 25 July 2024. Based on the number of shares in issue, excluding shares held in treasury, at 25 June 2024 of
1,173,301,812 the cost of this dividend will be £7,885,000.

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 2024 and 2023
have not been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2023 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 2023.

14. Half-year report
The half-year report will be 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 2024.

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), Richard West (Senior Independent Director), Ankush Nandra
(Audit & Risk Assurance Committee Chair), Hannah Philp (Marketing Committee Chair) and Charlotte Valeur.

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 2024
Rank
30 Apr
2024
Rank
31 Oct
2023 Company Country
Valuation
31 Oct
2023
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000

Valuation
30 Apr
2024
£’000
1 1 Microsoft US 57,500 - - 6,649 64,149
2 5 KLA Corp US 20,579 - - 8,645 29,224
3 12 American Express US 14,457 4,827 - 8,814 28,098
4 3 Accenture US 28,251 - - (520) 27,731
5 # Amazon US - 25,028 - 741 25,769
6 # Alphabet US - 21,730 - 3,641 25,371
7 7 Visa US 19,047 4,132 - 1,974 25,153
8 4 UnitedHealth US 21,616 2,681 - (2,845) 21,452
9 2 Apple US 30,506 - (8,857) (368) 21,281
10 18 CME US 12,928 8,491 - (412) 21,007
11 10 Toyota Motor Japan 16,790 - (1,176) 5,215 20,829
12 11 Novo Nordisk Denmark 15,734 - - 4,853 20,587
13 # Morgan Stanley US 8,831 7,819 - 2,550 19,200
14 20 Chevron US 12,592 5,343 - 1,105 19,040
15 9 TotalEnergies France 16,810 - - 1,075 17,885
16 # Meta US - 15,320 - 2,009 17,329
17 13 McDonald's US 13,802 3,030 - (53) 16,779
18 19 Deere US 12,667 3,115 - 530 16,312
19 15 Texas
Instruments
US 13,412 - - 2,722 16,134
20 21 Oracle US 12,288 1,269 - 861 14,418
21 # ASML Netherlands 8,770 1,731 - 3,883 14,384
22 47 BP UK 9,198 4,651 (832) 884 13,901
23 17 Procter & Gamble US 13,092 - - 710 13,802
24 37 Starbucks US 9,785 4,476 - (940) 13,321
25 8 AstraZeneca UK 17,286 - (6,140) 2,172 13,318
26 40 Marriott US 9,608 1,620 - 2,059 13,287
27 32 Lloyds Banking UK 10,370 438 (773) 3,153 13,188
28 # Lam Research US 8,660 298 - 4,181 13,139
29 41 Eli Lilly US 9,556 - - 3,509 13,065

50 Largest Investments continued
At 30 April 2024

Rank
30 Apr
2024
Rank
31 Oct
2023 Company Country
Valuation
31 Oct
2023
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr
2024
£’000
30 # Hershey US 7,789 5,021 - 145 12,955
31 33 Hitachi Japan 10,313 - (2,309) 4,435 12,439
32 28 Nike US 10,765 3,233 - (1,656) 12,342
33 # Daiichi Sankyo Japan 8,892 1,228 (755) 2,738 12,103
34 27 Abbott
Laboratories
US 11,026 114 - 956 12,096
35 # Constellation
Brands
US 4,707 6,778 - 471 11,956
36 # Marsh &
McLennan
US 6,101 5,290 - 401 11,792
37 # Broadcom US 7,203 801 - 3,620 11,624
38 29 Shin-Etsu
Chemical
Japan 10,628 - (2,251) 3,034 11,411
39 43 Safran France 9,490 - (1,524) 3,435 11,401
40 # Unicredit Italy 7,812 - - 3,379 11,191
41 # Taiwan
Semiconductor
Manufacturing
Taiwan 8,214 - (1,094) 4,048 11,168
42 35 Honeywell US 9,925 1,035 - 143 11,103
43 30 Sanofi France 10,419 - - 669 11,088
44 # Samsung
Electronics
South Korea 6,752 6,613 (3,194) 820 10,991
45 44 SAP Germany 9,364 - (1,528) 2,949 10,785
46 42 Sumitomo Mitsui Japan 9,538 755 (1,091) 1,493 10,695
47 # IBM US 6,998 2,726 - 641 10,365
48 49 AbbVie US 9,136 - - 1,061 10,197
49 48 ADP US 9,158 298 - 694 10,150
50 # Siemens Denmark - 10,304 - (162) 10,142

598,365 160,195 (31,524) 100,111 827,147

All securities are equity investments
# Not in top 50 at 31 October 2023
Convertibles and all classes of equity in any one company are treated as one investment

REVENUE GENERATED
30 April 2024
£million
30 April 2023
£million
UK
4.4 4.7
Europe (ex UK)
3.5 3.1
North America
5.6 5.4
Japan
2.2 2.4
Pacific (ex Japan and China)
2.8 3.4
China
0.3 0.1
Emerging Markets
0.3 -
--------- ---------
19.1 19.1
===== =====
Source: Janus Henderson


GEOGRAPHICAL ANALYSIS
Equities excluding cash held
Valuation of investments
30 April 2024
%
31 October 2023
%
UK
13.9 15.1
Europe (ex UK)
17.1 16.7
North America
42.4 40.2
Japan
13.1 13.1
Pacific (ex Japan and China)
7.6 9.9
China
4.6 5.0
Emerging Markets
1.3 -
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson



SECTOR ANALYSIS
As a percentage of the investment portfolio excluding cash
30 April 2024
%
31 October 2023
%
Technology 22.3
16.3
Financials 19.4
16.9
Consumer Discretionary 15.7
16.0
Industrials 14.4
17.2
Health Care 10.9
12.6
Consumer Staples 7.7
9.5
Energy 3.7
3.9
Basic Materials 3.3
2.8
Utilities 1.0
1.2
Telecommunications 0.9
2.5
Real Estate 0.7
1.1
--------- ---------
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.

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