United Bank Limited (UBL) has achieved a historic milestone by emerging as the largest listed company in Pakistan, with its market capitalisation reaching Rs1.28 trillion (around USD 4.6 billion), overtaking Oil & Gas Development Company (OGDC), which now stands second with a market cap of Rs1.26 trillion (USD 4.53 billion).
This landmark achievement reflects strong investor confidence and robust performance by UBL, underpinned by disciplined management, solid fundamentals, and the strength of Pakistan’s banking sector. Market analysts attribute UBL’s rise to its effective use of the evolving interest rate environment and consistent profitability.
Over the past month alone, UBL’s share price has surged by an impressive 37%, climbing from Rs375.57 on December 8, 2025, to Rs514.49. The broader interest rate landscape has also supported this momentum, with policy rates easing sharply from 22% in April 2024 to 10.5% in December 2025, a reduction of 1,150 basis points.
According to the bank’s latest financial results, UBL posted a profit after tax of Rs34.7 billion for 9MCY25, marking a 36% year-on-year increase, while earnings per share rose to Rs13.86. The bank also announced another interim cash dividend of Rs8 per share, bringing total payouts for the year to Rs27.5 per share, among the highest in Pakistan’s banking industry.
UBL operates as a subsidiary of Bestway (Holdings) Limited, which is wholly owned by Bestway Group Limited, adding further strength to its corporate backing and long-term growth strategy.
Meanwhile, OGDC — a long-standing heavyweight of the Pakistan Stock Exchange — remains a close second, underlining that Pakistan’s equity market continues to be led by the financial and energy sectors.