UBL Overtakes OGDC as Pakistan’s Largest Listed Company

United Bank Limited (UBL) has emerged as the leading listed entity on the Pakistan Stock Exchange (PSX) as of Tuesday, with its market capitalisation climbing to Rs1.28 trillion (equivalent to approximately $4.6 billion), surpassing Oil & Gas Development Company (OGDC) at Rs1.26 trillion (around $4.53 billion).

The bank's ordinary shares appreciated significantly to Rs514.49, delivering a noteworthy 37% gain from the Rs375.57 level observed in the opening days of December 2025. Financial sector observers largely attribute this strong upward momentum to the sustained accommodative monetary policy stance that has materially benefited commercial banks over recent quarters.

The State Bank of Pakistan's policy rate has declined sharply from 22% in April 2024 to 10.5% by December 2025, substantially alleviating funding costs and improving net interest margins across the banking industry.

In its latest published results, UBL recorded a robust 36% year-on-year growth in profit after tax, reaching Rs34.7 billion for the first nine months of the ongoing calendar year. The board also approved an interim cash dividend of Rs8 per share, lifting the total dividend declared for the year to Rs27.5 per share.

As a core subsidiary of Bestway (Holdings) Limited, UBL continues to command a premier position in the equity market, with OGDC positioned as the immediate runner-up in terms of market capitalisation.