Purpose: This study aims to synthesize the past decade of empirical research on evaluating bank financial performance using the CAMELS (Capital adequacy, Asset quality, Management efficiency, Earning quality, Liquidity, and Sensitivity) model.  Methodology: The literature search was conducted using the specific keywords to define the scope of the study and identify a sample for further evaluation. We used CAMELS model, financial performance, profitability and banking Industry as the keywords. With the use of Systematic Literature review method, the present study reviews 80 research papers. The data included in the study is collected from the secondary sources. Secondary sources like, ProQuest, Ebscohost, Google Scholar, research Gate, Sage, Journal Papers. Findings: Detailed analysis reveals that most research employs the CAMELS model to examine banks financial performance, establishing its variables as significant evaluative tools. Existing literature includes public, private, Islamic and various other banking sectors, consistently highlighting Capital Adequacy and Asset Quality as the most influential performance drivers. However, the “S” (Sensitivity) aspect remains under-researched, presenting a scope for future research. Additionally, there is significant potential for further studies focusing on SFBs, RRBs, Cooperative banks and other banking sectors to broaden the current understanding of the sector.