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Purpose: The aim is to provide insight regarding performance evaluation of twenty-four different banks in Pakistan with relation to the stock market. Design/methodology/approach: The methodology is based on Grey Relation Analysis (GRA) by using six-power analyses which has been used previously in the field of industry and commerce for evaluating the comparative performance of banks. Furthermore, the GRA is based on TOPSIS technique to rank the banks. Findings: The findings reveal that benchmarking performance indicators are essentially locating the representative indicator from the existing ratios most commonly used in financial analysis to assess business operational performance. The GRA is linked with Technique for Order Preferences by the Similarity to Ideal Solution (TOPSIS) technique may result in incompleteness in the combination of ratios, and requires adjustment when other issues for analysis are involved. Overall, the study also demonstrates that a bank with a high ROA leads to a high financial performance. This paper conducted a review of literature and used six-power analyses to aggregate financial ratios appropriate for the TOPSIS technique. Future research could set up a specific model for the preliminary selection of financial ratios with a new to make studies of this kind more complete. Limitations: The current study is limited to twenty-four listed banks of Pakistan Stock Exchange (PSX) during period from 2013 to 2015 and also limited to secondary data instead of primary data. Originality/Value: This paper presented a new technique for performance evaluation - GRA. The major contribution of this paper is to use 24 banks in order to investigate the performance evaluation of listed banks of PSX during period from 2013 to 2015. Furthermore, GRA could avoid the waste of resources due to the uncertainty of relations among the ratios when using them for analysis.


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