UBL bank Becomes Pakistan’s Largest Listed Company on PSX

Published On: January 22, 2026

United Bank Limited (UBL) has emerged as Pakistan’s largest listed company, after its market capitalization surged to Rs 1.29 trillion ($4.6 billion), following a strong rally in its share price at the Pakistan Stock Exchange (PSX).

According to data shared by Arif Habib Limited, the surge has pushed UBL ahead of Oil & Gas Development Company (OGDC), which now ranks as the second most valuable listed firm with a market capitalization of approximately Rs 1.26 trillion.

Strong Share Price Rally Fuels UBL’s Rise

UBL’s rise was driven by a 37 percent increase in its share price over the past month, climbing from Rs 375.57 in early December to Rs 514.49, reflecting strong investor confidence in the banking sector.

Market analysts attribute the stock’s strong performance to robust earnings momentum, improved asset quality, and the bank’s ability to benefit from Pakistan’s changing interest rate environment.

Top Companies by Market Capitalization

Beyond the top two companies:

Mari Energies Limited ranked third with a market value of around $3.1 billion
Meezan Bank Limited followed closely in fourth position, also valued at approximately $3.1 billion
Fauji Fertilizer Company (FFC) ranked fifth with a market capitalization near $3.1 billion

Falling Policy Rate Supports Banking Sector

Pakistan’s policy rate has declined sharply from 22 percent in April 2024 to 10.5 percent by December 2025, providing a supportive environment for banking sector profitability and investor sentiment.

Strong Financial Performance

According to its latest financial results, UBL reported a profit after tax of Rs 34.7 billion for the nine months ended September 2025, marking a 36 percent year-on-year increase. Earnings per share rose to Rs 13.86, while the bank declared a cumulative cash dividend of Rs 27.5 per share so far this year.