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

Corporate Australia is taking a leading role in helping combat the pandemic.

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A woman has just received the COVID vaccine, showing the bandage on her upper arm.

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The Commonwealth Bank of Australia (ASX: CBA) share price is up 0.8% this morning.

CBA’s share price is rising in early trade as the bank reports that it is rolling out COVID-19 vaccination centres.

What did CommBank report

In a media release this morning CommBank said it is opening dedicated vaccination centres to help its employees and their families in the national fight against the pandemic. The news is unlikely to have an immediate material impact on the CBA share price.

The vaccination centres will initially focus in areas of concern in the Greater Sydney area. The first centre opened in Parramatta in early August. Two more opened last week. Centres in Blacktown, Cabramatta, Auburn, Liverpool and Campbelltown are scheduled to open their doors this week.

CommBank reports it is working on opening more vaccination centres in other local government areas (LGAs) of concern in New South Wales over the coming weeks.

The vaccination program for employees and their families is on a voluntary basis, and works hand in hand with the rapid antigen testing CBA now offers its branch staff in those same LGAs of concern.

Commenting on the extraordinary measures, Commonwealth Bank Group Executive Human Resources Sian Lewis said:

We know that preventative measures like vaccinations, and pre-emptive measures like increased testing, are the best courses of action at this time to help our community combat the spread of COVID-19. As an essential service, with one of the largest workforces in the country, we are committed to implementing safety and support measures to help keep our people, customers, and in turn the broader community, as safe as possible.

CBA’s employee vaccination program will help speed up the vaccination rollout in NSW, and we are committed, as a bank, to do everything we can to support the rollout across the country.

The bank said that as vaccine supplies increase it will roll out its vaccination program across Australia. It reports that 90% of 11,000 employees surveyed last week said they plan to get the vaccine.

CBA share price snapshot

The CBA share price has been a strong performer over the past 12 months, up 44%. That compares to a gain of 22% on the S&P/ASX 200 Index (ASX: XJO).

Year to date, CBA’s share price continues to outperform, up 21% in 2021.

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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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