The Commonwealth Bank of Australia (ASX: CBA) share price is in the green today, up 0.4% to $97.87 per share.
That will come as welcome news to investors who watched the CBA share price slip every other trading day this week, leaving shares down 9.5% since last Friday's closing bell.
Below we take a look at what's been happening with the big four bank over the past 5 days.
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Interest margins pressure CBA share price
The CBA share price took a big fall on Wednesday, closing down 8% to $98.99 per share.
Not coincidentally, that was the day the bank released its first-quarter results for the 2022 financial year.
While CommBank's cash net profit after tax (NPAT) of $2.2 billion was up 20% compared to the prior corresponding period, NPAT was 9% lower than the second-half quarterly average.
And, as the Motley Fool reported on the day, it looks like a decline in the bank's net interest margin could have led to investors hitting the sell button. CommBank stated:
The Group's net interest margin was considerably lower in the quarter. Drivers of the decline were… higher liquid asset balances…, home loan price competition and switching to lower margin fixed rate loans, as well as the continued impact of a low interest rate environment.
CommBank expands its crypto footprint
Earlier today, news broke that CommBank bought a minority stake in global crypto platform Gemini's first external funding venture.
The US$400 million (AU$547 million) funding round values Gemini – founded by twin brothers Cameron and Tyler Winklevoss – at US$7.1 billion.
On 3 November, CBA became the first Aussie bank to dive into the crypto space. The bank announced that its customers will be able to buy, sell and hold cryptocurrencies – including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) – using its app. The CBA share price edged higher on the news.
Commenting on the funding venture, Gemini's CEO Tyler Winklevoss said, "Gemini is the portal into crypto for new and seasoned investors alike. The investors that we have brought on in this round share our ambitious vision for the future."
CommBank's CEO Matt Comyn added, "In looking at ways that we can support our customers, we have made the strategic decision to partner with Gemini… Our investment in Gemini is part of an exclusive partnership in Australia and New Zealand."
CBA share price snapshot
Despite Wednesday's selloff, the CBA share price remains up 17% in 2021. That compares to a year-to-date gain of 10% posted by the S&P/ASX 200 Index (ASX: XJO).
Over the past month, CBA shares are down 5%.
