ESAF Small Finance Bank Limited — Credit Ratings, 18-08-2026: Credit Rating

Brickwork Ratings upgraded ESAF Small Finance Bank's Tier II Bonds (₹20 Cr) to 'BWR A-/Stable' from 'BWR BBB+/Stable'. This positive rating action reflects improved asset quality, with Net NPAs now below 1%, and a strong return to profitability. The Bank also demonstrated comfortable capitalisation and strategic de-risking of its loan portfolio.