This study critically evaluates the use of Earnings per Share (EPS) as a financial performance metric in Ethiopian banks. It addresses EPS's limitations, particularly during share-related activities like splits and buybacks, which can distort financial health representations. The study proposes alternative metrics for more accurate financial assessment and suggests improvements in reporting practices. It combines qualitative and quantitative methods, analyzing data from Ethiopian banks post-International Financial Reporting Standards implementation. The findings reveal that while EPS is a key metric, its sole use can be misleading, necessitating a broader approach to evaluating bank performance. The study recommends adopting broader financial metrics beyond EPS in Ethiopian banking, focusing on metrics that holistically assess efficiency, effectiveness, and overall financial performance. This approach aims to provide a more comprehensive understanding of a bank's financial health, moving beyond the limitations of EPS.