UBL becomes Pakistan’s largest listed firm with PKR 1.3T market cap

United Bank Limited on Tuesday became Pakistan’s largest listed company by market capitalization, climbing to PKR 1.28 trillion ($4.6 billion) and overtaking Oil & Gas Development Company, which now ranks second with a market value of PKR 1.26 trillion ($4.53 billion).

The milestone caps a strong rally in UBL shares and underscores renewed investor confidence in the banking sector, analysts said, as easing interest rates and solid earnings drive valuations higher.

“UBL’s rise reflects a broader re-rating of banking stocks, supported by strong profitability, consistent dividends and a sharp decline in interest rates,” said an equity analyst. “Investors are clearly rewarding balance sheet strength and earnings visibility.”

UBL’s share price has jumped 37% over the past month, rising from PKR 375.57 on Dec. 8, 2025, to PKR 514.49 at the time of filing on Tuesday.

Pakistan’s benchmark interest rate has fallen from a peak of 22% in April 2024 to 10.5% in December 2025, a cumulative cut of 1,150 basis points that has provided a boost to equity markets, particularly financial stocks.

UBL is a subsidiary of Bestway (Holdings) Limited, which is wholly owned by Bestway Group Limited.

According to its latest financial results, UBL reported a profit after tax of PKR 100 billion for the first nine months of calendar year 2025, up 101% from a year earlier. Earnings per share increased to PKR 39.86.

In three months to Sept 30, 2024, the bank's profit rose by 93% compared with the same period.

The bank also declared an interim cash dividend of PKR 8 per share, taking total payouts for the year to PKR 27.5 per share, among the highest in Pakistan’s banking industry.

During Tuesday’s trading session, UBL’s market capitalization briefly crossed PKR 1.29 trillion, cementing its position at the top of the Pakistan Stock Exchange.

The achievement marks a dramatic turnaround for the bank, which ranked 13th in 2023 with a market capitalization of about PKR 128 billion.

OGDC, long considered the bellwether stock of Pakistan’s equity market, remains a close second, highlighting the continued dominance of financial and energy companies on the exchange.