UBL Becomes Pakistan’s Most Valuable Listed Company

United Bank Limited has surpassed Oil and Gas Development Company to turn Pakistan’s most valuable listed company by market capitalization due to strong earnings growth, investors’ confidence, and effective utilization of the changing interest rate environment.

Read more: UBL Becomes First Pakistani Bank to Hit Trillion

UBL – United Bank Limited has become Pakistan’s largest listed company by market capitalization, which reached Rs1.28 trillion (USD 4.6 billion) on Tuesday. The milestone places UBL to the top from the previous number one position of Oil and Gas Development Company Limited – OGDC with a market cap of Rs1.26 trillion (USD 4.53 billion).

This surge in stocks reflects strong investor confidence in the banking sector. UBL’s share price leaped 37% in one month, increasing from Rs375.57 on 8 December 2025 to Rs514.49 at the time of filing this report. Analysts attribute this increase to the bank’s smart utilization of Pakistan’s easing interest rate cycle, which saw a sharp decline from 22% in April 2024 to 10.5% in December 2025.

UBL reported strong financial results, profit after tax of Rs34.7 billion for 9MCY25 was up 36% year-on-year. Earnings per share reached Rs13.86, while total dividends for the year reached Rs27.5 per share, among the highest in the banking industry.

Although OGDC lost the top slot, it remained second, indicating that banking and energy stocks continue to dominate the equity market in Pakistan.