United Bank Limited (UBL) has emerged as the largest listed company in Pakistan, with its market capitalisation reaching Rs1.28 trillion (USD 4.6 billion) on Tuesday, overtaking Oil & Gas Development Company (OGDC), which now holds the second spot with a market cap of Rs1.26 trillion (USD 4.53 billion).
The milestone marks an impressive run for UBL, reflecting strong investor confidence and robust performance in the banking sector, said market analysts.
In the last month alone, the share price of UBL has increased by an impressive 37%, from Rs375.57 on December 8, 2025, to Rs514.49 at the time of filing this report on Tuesday.
The rising profitability comes “on the back of effectively utilising the interest rate scenario,” Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company Limited, told media.
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The interest rate has come down from its peak of 22% in April 2024 to 10.5% in December 2025, reflecting a 1,150 basis points reduction.
UBL is a subsidiary of Bestway (Holdings) Limited, which is a wholly owned subsidiary of Bestway Group Limited.
As per the bank’s latest financial results, UBL reported a profit after tax of Rs34.7 billion for 9MCY25, up 36% year-on-year, with earnings per share rising to Rs13.86.
The bank declared another interim cash dividend of Rs8 per share, taking total payouts for the year to Rs27.5 per share — among the highest in the banking industry.
Meanwhile, OGDC, a long-time leader in Pakistan’s stock market, remains a close second, highlighting that the market remains dominated by the financial and energy sectors.
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