This study is aimed at comparative financial statement analysis of microfinance banks in Pakistan. Although financial literature exists covering financial analysis on microfinance banks in Pakistan, comparative financial analysis has not been attempted. This study is an effort to fill the gap. In Pakistan, several microfinance institutions are converted into microfinance banks. Currently, ten microfinance banks are operating in Pakistan. Financial analysis has been performed in sustainability, profitability, asset/liability management, portfolio quality, efficiency, and productivity by computing appropriate formula-based ratios and conducting the comparative study. As such, it also provides a trend analysis of the performance of microfinance banks. The data was obtained from the State Bank of Pakistan's official website and the microfinance banks' annual reports from 2010 to 2015. The comparative financial statement analysis results indicate improvement and growth, particularly in 2014 and 2015, when indicators show positive trends.