During today’s trading session at the Pakistan Stock Exchange, United Bank Limited emerged as the country’s largest listed company, with its market capitalization crossing Rs. 1.29 trillion ($4.6 billion), surpassing Oil & Gas Development Company. UBL has overtaken Oil & Gas Development Company (OGDC), which now holds the second spot with a market cap of Rs. 1.26 trillion ($4.53 billion).
The milestone marks a remarkable turnaround for UBL, which in 2023 ranked only 13th with a market value of Rs. 128 billion. In just three years, the bank has risen to become Pakistan’s most valuable listed company.
UBL’s share price climbed 37 percent in December, rising from Rs. 375.57 to Rs. 514.49, reflecting strong investor confidence in the banking sector. Analysts attribute this outperformance to the bank’s robust earnings and its ability to benefit from Pakistan’s evolving interest rate environment.
Following UBL and OGDCL, Mari Energies Limited and Meezan Bank Limited rank third and fourth at the PSX, each valued at approximately $3.1 billion. Fauji Fertilizer Company completes the top five, also with a market capitalization near $3.1 billion.
The banking sector has benefited from a falling policy rate, which dropped from 22 percent in April 2024 to 10.5 percent by December 2025. UBL’s latest financial results show a profit after tax of Rs. 34.7 billion for the nine months ending September 2025, a 36 percent year-on-year increase. Earnings per share rose to Rs. 13.86, and the bank declared a cumulative cash dividend of Rs. 27.5 per share so far this year.
