Here’s what’s happening with CBA shares this week

a woman wearing the black and yellow corporate colours of a leading bank gazes out the window in thought as she holds a tablet in her hands.

a woman wearing the black and yellow corporate colours of a leading bank gazes out the window in thought as she holds a tablet in her hands.

Commonwealth Bank of Australia (ASX: CBA) shares are gaining alongside the broader market rally today.

CBA shares closed yesterday trading for $99.89 and are currently changing hands for $101.12, up 1.2%.

Barring any late afternoon selling action, today should mark the third day of share price gains for the big four bank. CommBank closed lower on Monday and Tuesday, then rallied on Wednesday and again on Thursday in the wake of the US Fed’s 0.75% interest rate hike decision.

All up the big bank’s share moves this week leave it up 3.4% since last Friday’s close.

Now here’s what put CBA shares in front of the media this week.

CommBank rolls out new tech

On Tuesday, CommBank reported that commencing early next month, customers will be able to use its app to track their carbon footprint. In a first for Aussie banks, the emissions estimate will be based on their spending data.

The tech behind the app was developed in partnership with sustainability Fintech startup Cogo.

Commenting on the carbon tracking app rollout, Ben Morgan, general manager strategy investments and transformation said:

The combination of customer data and Cogo’s capabilities, means we can now provide personalised and granular information to customers about how their spending translates to a carbon footprint.

A customer’s carbon footprint is an estimate that considers things such as personalised spending data and transaction behaviours.

CBA shares were back in the news on Thursday when the bank unveiled its latest technology hub in Melbourne’s central business district.

The centre can support some 400 software developers, cloud engineers and cyber specialists, which the bank says will help create fresh opportunities for Victoria’s growing digital economy workforce.

Commenting on the new tech hub, Brendan Hopper, CBA’s chief information officer for technology said:

Establishing a tech hub in Melbourne puts us in a great position to tap into Victoria’s digital technology industry, which is not only internationally recognised, but incredibly robust and competitive thanks to support from the government and the education sector,

CBA recently opened a tech hub in Adelaide and operates another tech centre in Sydney. The bank intends to open more tech hubs across Australia to tap into those states and territories’ technology skills.

How have CBA shares been performing longer term?

CBA shares have outperformed the benchmark over the past 12 months, gaining 2% while the ASX 200 fell 6%.

At the current share price, CBA also pays a trailing dividend yield of 3.9%, fully franked.

The post Here’s what’s happening with CBA shares this week appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. 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 Scott Phillips.

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