United Bank Limited — Cyborg Score 8/10

Strategic Profile

UBL is a subsidiary of British multinational conglomerate Bestway Group. In March 2025, the State Bank of Pakistan sanctioned the amalgamation of Silkbank with UBL, with the merger becoming effective on March 11, 2025. The bank's Net Interest Income surged to Rs362 billion, up 108% year-on-year, driven by higher interest income and lower interest expense.

Cyborg Score Rationale

UBL posted record annual profit of Rs130 billion with 73% YoY growth and demonstrated exceptional deposit growth. The bank led in deposit growth with 96% year-on-year increase. Strategic positioning as Pakistan's largest bank by market cap with recent Silkbank merger strengthens competitive moat.

Top Insights

• Declared highest annual dividend of Rs29.5 per share, up from Rs22 in 2024
• Deposits crossed Rs5 trillion with 96% YoY growth; investments reached Rs9.9 trillion
• Operating expenses improved significantly with cost-to-income ratio strengthening to 32.7% from 39%
• Silkbank merger completed March 2025, fully integrating operations and expanding market presence

Named Competitors

• Islamic Banking Services — Pakistan's second-largest Islamic bank by profit (Rs90.7B in 2025)
• Commercial Banking — Third-largest bank by profit with 227% YoY earnings growth
• Commercial & Digital Banking — Largest deposit base at Rs5.5 trillion

Recent Developments

• (February 2026) Posted record annual profit of Rs130 billion for 2025 with 73% YoY growth
• (March 2025) Silkbank merger became effective, fully integrated into UBL operations
• (Q4 2025) Deposits reached Rs5 trillion milestone with 96% YoY growth
• (2025) Net Interest Income surged 108% YoY to Rs362 billion

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