SpareBank 1 SR-Bank has seen a steep fall in its maritime portfolio as it moves ahead with a merger that will make it Norway’s second-biggest lender.

The Oslo-listed operation said its shipping and other transport book stood at NOK 9.4bn to 31 December, down NOK 4.83bn ($455m) from the end of September.

Banks have noted cash-rich shipowners repaying loans quickly during 2023.