Bankers Investment Trust lifts annual dividend as NAV rises

20th Jan 2014 07:08

- Dividend raised six per cent- NAV rises 23.8 per cent- Shares up 33.9 per centThe Bankers Investment Trust raised its full-year dividend by six per cent to 14.13p after achieving solid growth in net asset value (NAV).The company reported a 23.8% rise in NAV in the year to October 31st 2013. The group said the increase in NAV was the catalyst for the reduction in the discount to which the shares traded at during the year, resulting in a share price return of 33.9%."This performance was achieved against a positive global equity market background with strong returns being reported by all major markets," the firm said.Looking ahead the group expects the current level of revenue reserve will not grow significantly from 2013 year end after paying out the majority of earnings generated from each year in dividends. However, the company said low borrowing costs, growing investor confidence and an improved corporate outlook, particularly in North America and the UK, give grounds to remain optimistic regarding equity returns. "We feel confident in being able to forecast a dividend per share of not less than 14.7p per share, an increase of 4%."RD