United Bank Limited has become Pakistan’s largest listed company after its market capitalization rose to Rs1.29 trillion, equivalent to about 4.6 billion dollars, following a strong rally in its share price at the Pakistan Stock Exchange.
The surge has pushed UBL ahead of Oil & Gas Development Company, which now ranks as the second most valuable listed company with a market capitalization of around Rs1.26 trillion. The data was shared by Arif Habib Limited.
UBL’s rise was driven by a sharp 37 percent increase in its share price over the past month. The stock climbed from Rs375.57 in early December to Rs514.49, reflecting strong investor confidence in the banking sector and in UBL’s financial performance.
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Market analysts say UBL’s strong earnings momentum and its ability to adapt to the changing interest rate environment have played a key role in its outperformance. The banking sector has benefited from improved market conditions as borrowing costs have eased.
Beyond the top two companies, Mari Energies Limited ranked third among listed firms with a market capitalization of about 3.1 billion dollars. Meezan Bank Limited followed closely in fourth place with a similar valuation. Fauji Fertilizer Company stood fifth, also valued at nearly 3.1 billion dollars.
Pakistan’s policy rate has declined significantly, falling from 22 percent in April 2024 to 10.5 percent by December 2025. Analysts believe this reduction has supported banking sector profitability and boosted investor interest.
According to its latest financial results, United Bank Limited reported a profit after tax of Rs34.7 billion for the nine months ended September 2025. This marked a 36 percent increase compared to the same period last year. Earnings per share rose to Rs 13.86, while the bank also announced a cumulative cash dividend of Rs 27.5 per share so far this year.
The strong performance has reinforced UBL’s position as a leading player in Pakistan’s financial sector and highlights growing investor confidence in the country’s banking industry.
