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What’s moving the CBA (ASX:CBA) share price this week?

CommBank is rolling up its sleeves to help tackle the COVID pandemic.
The post What’s moving the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price has finished the day up 0.16%. CBA’s share price currently stands at $101.15.

CommBank made headline news this week on a number of occasions, most notably for its efforts in helping stem the tide against the resurgent COVID-19 pandemic. The bank is pitching in both through financial assistance and by directly aiding with vaccination programs.

CommBank rolls up its vaccine sleeves

On Monday, when the CBA share price closed up at 0.9%, the bank reported that it’s opening COVID-19 vaccination centres for its employees and their families.

CommBank stated that a survey of 11,000 of its employees revealed that 90% intend to get the jab.

Its first vaccination centres are opening in the most highly impacted areas of the Greater Sydney area before moving further afield to New South Wales regional hotspots. The bank said it plans to extend the program Australia-wide.

Supporting impacted businesses

On Wednesday, when CBA’s share price gained 0.4%, the bank came out in support of the government’s increased assistance for small and medium sized enterprises (SMEs) impacted by the pandemic.

Commonwealth Bank urged businesses to take advantage of the support measures offered by the expanded SME Recovery Loan Scheme (SMERLS), as well the bank’s own support measures.

CBA’s group executive business banking, Mike Vacy-Lyle said:

The impacts of the pandemic are widespread and diverse across businesses and industry sectors. Many require access to credit to help them through this period, and the expansion of SMERLS is an excellent initiative to ensure that more businesses will be able to access business lending at low rates and on flexible terms.

Vacy-Lyle said CommBank “funded more than half of all the loans issued under the first phase of the scheme, and we plan to play a leading role in the expanded SME Recovery Loan scheme”.

Are you eligible for the COVID-19 Disaster Payment?

Wondering if you may be eligible for the COVID-19 disaster payment?

If so, you’re not alone.

Today, when the CBA share price is again on the rise, the bank reported that its digital ‘Benefits finder’ app has recorded an all-time high number of claims for customers seeking to access unclaimed government benefits and rebates.

CBA’s chief data & analytics officer, Andrew McMullan said:

We quickly saw the COVID-19 Disaster Payment become one the most popular benefits since it was recently added into Benefits finder. That’s not a surprise to us, given that this particular benefit supports those workers adversely affected by a state public health order.

CommBank launched ‘benefits finder’ in 2019. McMullan said a record high of more than 180,000 claims were made by its customers last month, a 150% increase year-on-year.

As you’d expect, customers in New South Wales accounted for more than 50% of claims in Australia, with Victorian customers making up around 20%.

CBA share price snapshot

The CBA share price is up an impressive 47% over the past 12 months, more than double the 22% gains posted by the S&P/ASX 200 Index (ASX: XJO).

Year-to-date the CBA share price has continued to run strong, up 21%.

The post What’s moving the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia.

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More reading

Commonwealth (ASX:CBA) share price lifts despite Apple crying foul
Here’s what has been moving the CBA (ASX:CBA) share price in August 2021
Here’s what has been moving the ANZ (ASX:ANZ) share price in August 2021
What’s moving the ASX 200 Index (ASX:XJO) on Monday?

CBA (ASX:CBA) share price gaining as bank rolls out vax centres

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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