Norway’s SpareBank 1 SR-Bank continues to expand its shipping portfolio as it reveals a domestic merger to increase its financial might.

The Oslo-listed lender said shipping and other transport loans grew to NOK 14.23bn ($1.27bn) at the end of September, from NOK 13.69bn a year ago and NOK 13.77bn as of 30 June.

The bank also managed to reduce the value of loans in the final stage of restructuring to NOK 288m, from NOK 577m three months before.