United Bank Limited (UBL) is not, on the latest dated overall ranking, the largest company on the Pakistan Stock Exchange (PSX). In the market-capitalisation ranking for the close of 8 October 2026, Oil and Gas Development Company Limited (OGDC) is first and UBL is second. UBL does hold a top position on a different measure: it shares the highest weight in the PSX’s UPP9 index with Fauji Fertilizer Company Limited (FFC). The headline holds only if “top” is read as “second by market size” or “joint highest index weight,” and not as “first on the exchange.”
Which ranking the headline refers to
“Top of the exchange” can mean at least two different things on the PSX. One is overall market capitalisation, meaning the share price multiplied by the number of shares listed. The other is weight within an index, which depends on the index’s own methodology and rebalance rules. A company can rank high on one and differently on the other. The table below sets out each measure, its date, and where the figure comes from.
| Ranking basis | Position of UBL | Figures | Date | Source type |
|---|---|---|---|---|
| Overall market capitalisation, latest dated ranking | Second, behind OGDC | OGDC about Rs 1.33 trillion; UBL about Rs 1.05 trillion | Close of 8 October 2026 | Secondary daily market-capitalisation ranking page |
| Overall market capitalisation, year-end position | Second-largest listed company, per the issuer | Market capitalisation above USD 4 billion | Year ended 31 December 2025 | UBL Annual Report 2025, chairman’s statement |
| UPP9 index weight | Joint highest, with FFC | 16.00% each | Rebalance announced 30 January 2026, effective 3 February 2026 | PSX official rebalance notice |
| PSX live screener row | Not a ranking | Rs 419.31 per share; market capitalisation shown as Rs 1.1 trillion (rounded) | Observed 8 October 2026 | PSX live screener |
Overall market capitalisation: where UBL stands now
The most recent dated overall ranking reviewed places OGDC first and UBL second. The gap is roughly Rs 0.28 trillion on that date. The PSX live screener shows UBL at Rs 419.31 per share on the same day, with a rounded market capitalisation of Rs 1.1 trillion, which matches the Rs 1.05 trillion figure at one-decimal rounding. The screener, however, lists individual rows and does not produce a ranked table, so it cannot by itself establish UBL’s position against other companies.
The ranking page that supplies the 8 October figures is a secondary source. It is useful for a dated comparison, but it is not an exchange or company record. Readers who need an authoritative position should check the closing prices and listed share counts directly, as described below.
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What UBL’s annual report says
UBL’s Annual Report 2025, covering the year ended 31 December 2025, describes the bank as the second-largest listed company on the PSX, with a market capitalisation above USD 4 billion. The chairman, Sir Mohammed Anwar Pervez, put it this way:
“Our exceptional performance saw UBL emerge as the second largest listed company on the Pakistan Stock Exchange with a market capitalization exceeding USD 4 billion, up from a level of below USD 500 million just three years ago.”
This is the issuer’s own account of its position at the end of 2025. It is not a live ranking, and it does not describe the position on any later date. The same report gives standalone profit after tax of Rs 128.0 billion and earnings per share of Rs 51.33 for 2025. Those are standalone figures, so they do not capture group results.
UPP9: a joint top weight, not a market-size rank
The PSX’s rebalance notice for the UPP9 index, dated 30 January 2026 and effective 3 February 2026, gives UBL and FFC equal weights of 16.00%, the highest in that index. This is an official exchange fact about index construction. It says nothing about which company has the largest market capitalisation across the exchange, because index weights are set by the index’s rules rather than by total company size. Later rebalances would change these weights, so the 16.00% figure applies only to the February 2026 rebalance.
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The January 2026 overtaking claim
Some secondary reports say UBL briefly passed OGDC on overall market capitalisation in January 2026. The reviewed material does not establish the date, the length of any lead, or the valuations involved. No dated PSX or company record confirming those figures was located. Until a primary exchange or issuer record is available, treat that claim as unconfirmed rather than as a settled event.
How to check the ranking yourself
- Choose a single trading date and record the closing price of each company on that date from the PSX website or the company’s PSX page.
- Find the number of listed shares for each company in its most recent annual report or PSX filing, noting the date of that count.
- Multiply price by listed shares for each company to get market capitalisation. Use the same date for every company in the comparison.
- Sort the results. If the share count is from an earlier date than the price, note that the figure is an approximation.
- Repeat the check for other dates before drawing a conclusion, because the order can change from one trading day to the next.
What a ranking does not tell you
A market-capitalisation rank describes size, not value. It does not show whether a bank’s shares are fairly priced, how it compares on returns or risk, or whether the stock suits a particular investor. Those questions require a separate assessment of the company’s financial statements, the sector, and the investor’s own goals, and an article about rankings cannot answer them.
For readers following UBL, the useful reading is this: the bank is consistently among the largest listed companies on the PSX by size, it was second by overall market capitalisation on the latest dated ranking, and it shares the highest UPP9 weight as of the February 2026 rebalance. Whether it ranks first overall on a given day depends on that day’s prices.
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