1 Feb 2010

Loan books seen as low performing

6:44 am on 1 February 2010

Analysts at Forsyth Barr estimate that less than 10% of Allied Farmers' newly acquired loan books from Hanover and United Finance are performing.

In a research note, the first since Allied took control of the assets, it says that $315.7 million worth of assets - which is more than 90% - are impaired in some way.

Forsyth Barr has rated the stock as hold.