ost companies adhere to corporate governance, which is a generally recognized governingstructure in order to enhance the financial performance of their business. This studyinvestigates the relationship between corporate governance and the financial performanceof Sri Lanka's licensed banks using this scenario as a basis. The research question raised bythis study was “Does Corporate Governance impact on Financial Performance of BankingSector in Sri Lanka?”. The independence variables were corporate governance and it wasmeasured from five dimensions board size ,gender diversity , number of board meetings,and board independence, number of board committees. The dependent variables wasfinancial performance and it was measured from return on assets and return on equity. Thecontrol variables used for study were firm size, leverage, and firm age. The non-randomconvenience sampling methods was used and selected 19 banks out of 30 licensed banks inSri Lanka. The data was collected from secondary sources, that is, annual reports of 2018-2022.The collected data were analyzed through regression analysis using SPSS statistical methodto ascertain the developed hypothesis of this study. The findings of the study revealed thatboard independence was statistically significant with both ROA and ROE indicating that anegative and positive linear relationship respectively. Board size and number of femaledirectors were statistically significant with ROA while board size and number of femaledirectors were not statistically significant with ROE. However, number of board meetingsand number of board committees were not statistically significant with both ROA and ROE.These results revealed that in overall, corporate governance dimensions were moreimpacted on return on assets compared to return on equity in the Sri Lankan banking sector.