United Bank Limited (UBL) has become Pakistan’s largest listed company after its market capitalisation reached Rs. 1.28 trillion, or around $4.6 billion.
This milestone allowed UBL to overtake Oil & Gas Development Company (OGDC), whose market value stood at Rs. 1.26 trillion, or about $4.53 billion.
The strong performance was driven by a sharp rise in UBL’s share price, which climbed to Rs. 514.49 on Tuesday.
This marks an increase of nearly 37 percent from Rs. 375.57 recorded in early December 2025. Market analysts say the rally reflects growing investor confidence in the banking sector.
A major factor behind this growth is the favourable interest rate environment. The policy interest rate has dropped significantly from 22 percent in April 2024 to 10.5 percent in December 2025. This reduction has eased pressure on banks and improved profitability across the sector.
UBL’s latest financial results further strengthened its position. The bank reported a 36 percent year-on-year increase in profit, posting a post-tax profit of Rs. 34.7 billion for the first nine months of the current calendar year.
In addition, UBL announced an interim cash dividend of Rs. 8 per share, taking its total dividend payout for the year to Rs. 27.5 per share.
UBL operates as a subsidiary of Bestway (Holdings) Limited and has consistently remained among the top performers on the Pakistan Stock Exchange.
While OGDC continues to trail closely in terms of market capitalisation, UBL’s recent surge highlights the strong momentum currently enjoyed by leading banks in the country.