Norwegian lender SpareBank 1 SR-Bank has increased its shipping loan book by NOK 660m ($80m) in strong first-quarter markets.

The Oslo-listed bank said the maritime and other transport portfolio stood at NOK 11.88bn on 31 March, up from NOK 11.22bn at the end of 2020.

But loans in stage three of restructuring — the highest level before default — amounted to NOK 477m, compared with NOK 454m at 31 December.