United Bank Limited has emerged as Pakistan’s largest listed company, after its market capitalization climbed to Rs. 1.29 trillion ($4.6 Billion), driven by a strong month-on-month surge in its share price at the Pakistan Stock Exchange.
The rally pushed UBL ahead of Oil & Gas Development Company, which now stands as the second most valuable listed company with a market capitalization of around Rs. 1.26 trillion, according to data shared by Arif Habib Limited.
UBL’s rise was supported by a sharp 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 UBL’s outperformance to its strong earnings momentum and its ability to benefit from the evolving interest rate environment.
Beyond the top two, Mari Energies Limited ranked as the third largest listed company, with a market capitalization of approximately $3.1 billion, while Meezan Bank Limited followed closely in fourth place, also valued at around $3.1 billion.
Fauji Fertilizer Company ranked fifth, with a market capitalization of nearly $3.1 billion.
Pakistan’s policy rate has fallen from 22 percent in April 2024 to 10.5 percent by December 2025, supporting banking sector profitability.
According to its latest financial results, UBL reported a profit after tax of Rs. 34.7 billion for the nine months ended September 2025, up 36 percent year on year, with earnings per share rising to Rs. 13.86. The bank also declared a cumulative cash dividend of Rs. 27.5 per share for the year so far.