The performance of an organization in the modern era is not only measured by its financial parameters, but also by other key non-financial indicators. The Balanced Scorecard (BSC) approach is extensively used to have a holistic view of how the firm is performing in terms of financial and non-financial aspects. This study tries to compare the performance of banks operating in Bhutan using BSC. The two oldest banks in Bhutan, i.e., Bank of Bhutan Limited (BOBL) and Bhutan National Bank Limited (BNBL), are chosen for performance evaluation. The data collected for this study is from secondary sources and the analysis is done using descriptive statistics, t-test, and Compounded Annual Growth Rate (CAGR) for the four key perspectives of BSC, i.e., financial, customer, internal business process and learning and growth. The results reveal that the performance of BOBL is comparatively better than BNBL under all perspectives of BSC. However, the results show that BOBL is lagging in internal business process perspective of BSC. Therefore, it is important for BOBL to concentrate more on improving its performance on internal business process perspective