This study was conducted to consider the financial performance of commercial banks in Pakistan which are listed in Pakistan Stock Exchange (PSX). To examine this, 18 listed conventional banks were selected which representing the banking sector of Pakistan. Financial performance was measured by using the indicators; internal based performance was measured by return on assets (ROA), economic based performance was measured by economic value added (EVA), market based performance was measured by market value added (MVA), add shareholders value was measured by shareholder?s value added (SVA) and created shareholders value (CSV). This study was employed the multiple regression analysis of panel data (2007-2016) of 18 conventional commercial banks for capturing an impact of asset quality, operational performance, credit risk, capital adequacy ratio, GDP growth rate, discount rate and bank size on the financial performance was measured by the indicators. The study is based on secondary data which was collected from the annual reports of commercial banks. Data was investigated by descriptive statistics, diagnostic tests (multicollinearity, heteroscedasticity & autocorrelation) and panel data regression models (Fixed Effect Model and Random Effect Model) through STATA. The study found by using the panel regression models analysis that the ROA is constitute an important indicator for assessing financial performance. The rest of the measures EVA, MVA, SVA and CSV have not explanatory power as compared to ROA. The study recommended that the financial performance assessment of commercial banks working in Pakistan should be based mainly on ROA.