United Bank Limited (Pakistan Stock Exchange: UBL) reached a historic milestone on Monday, becoming the largest listed company on the Pakistan Stock Exchange (PSX) by market capitalisation.

The bank’s market capitalisation surpassed Rs1.275 trillion (approximately $4.5 billion) during the trading session, overtaking Oil & Gas Development Company Limited (OGDC), which had held the top position for several years. The development marks a landmark moment for Pakistan’s banking sector and the broader equity market.

The achievement underscores the scale of UBL’s transformation. Just three years ago, the bank’s market capitalisation stood below $500 million, highlighting a sharp turnaround supported by stronger fundamentals and sustained shareholder value creation.

Market participants view UBL’s ascent as a sign of renewed investor confidence in the banking sector, positioning the lender as a key bellwether for Pakistan’s equity market in the period ahead.

During the session, UBL shares traded at Rs510, up Rs22.2, reflecting a 4.55% gain.