What is driving the CBA stock price (ASX: CBA) this week?

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

CommBank has made headlines this week on several occasions, most notably for its efforts to stem the tide against the resurgence of the COVID-19 pandemic. The bank is committed to both financial aid and direct aid for vaccination programs.

CommBank rolls up its vaccine sleeves

When the CBA stock price closed at 0.9% on Monday, the bank announced it was opening COVID-19 vaccination centers for its employees and their families.

CommBank said a survey of 11,000 of its employees found that 90% intended to get the jab.

Its first vaccination centers are opening in the most affected areas of the Greater Sydney region before expanding further to regional hotspots in New South Wales. The bank said it plans to expand the program across Australia.

Support impacted companies

When the CBA’s share price rose 0.4% on Wednesday, the bank spoke out in favor of increased government assistance to small and medium-sized enterprises (SMEs) affected by the pandemic.

The Commonwealth Bank has urged businesses to take advantage of the support measures offered by the Expanded SME Recovery Loan Program (SMERLS), as well as the bank’s support measures.

Mike Vacy-Lyle, CBA Group Corporate Banking Director, said:

The impacts of the pandemic are generalized and diversified in companies and industrial sectors. Many need access to credit to help them get through this period, and the expansion of SMERLS is an excellent initiative to ensure that more businesses can access business loans at low rates and at low rates. flexible terms.

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

Are you eligible for the COVID-19 disaster payment?

Wondering if you might be eligible for the COVID-19 Disaster Payment?

If so, you are not alone.

Today, as the CBA share price is on the rise again, the bank reported that its digital app “Benefit Finder” saw a record number of requests from customers seeking access to benefits and benefits. unclaimed government discounts.

ABC’s director of data and analytics Andrew McMullan said:

We have quickly seen the COVID-19 disaster payment become one of the most popular benefits since it was recently added to Benefits Seeker. This is no surprise to us, given that this particular benefit supports workers adversely affected by a state public health order.

CommBank launched the “Benefits Seeker” in 2019. McMullan said a record over 180,000 complaints were filed by its customers last month, a 150% increase year-over-year .

As you might expect, New South Wales customers accounted for over 50% of complaints in Australia, with Victorian customers accounting for around 20%.

CBA Share Price Snapshot

The CBA share price has risen 47% in the past 12 months, more than double the 22% gains posted by the S & P / ASX 200 Index (ASX: XJO).

Since the start of the year, the CBA share price has remained strong, up 21%.


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