Allied Farmers has posted a $77.6m loss for the year to June, more than double its deficit from 2009.

The result included around $40m in writedowns on the failure of its financial subsidiary Allied Nationwide Finance and a further $20m write-off of distressed loans from its Hanover Finance loan book.

Business commentator Derek Rankin says the result comes as no surprise.

Mr Rankin says Allied Farmers is effectively at the mercy of landing banks.