New Delhi, Aug. 11 -- State Bank of India (SBI) has shown resilience on the margin front in the June quarter, and is confident of maintaining its domestic net interest margin (NIM) at 3% for the fiscal year. This is largely in line with the Q1 reading of 3.02%, which was down 33 basis points year-on-year (y-o-y).

This guidance is noteworthy considering the Reserve Bank of India's recent jumbo repo cut of 50 bps, which could hurt NIM in the current quarter ending September. Of course, the caveat is that there should be no further cut in the repo rate.

The country's largest lender's NIM is likely to expand from Q3, as the benefits start flowing from the savings and term deposits' repricing and capital raise.

As per the management, SBI's ...