In spite of several researches have been conducted on the impact of strategic planning in the performance of firms, the results are still inconclusive. While some studies found a positive relationship, others have found no significant statistical relationship and yet others have identified a negative relation, although of low magnitude. The diversity of definitions of the conceptual constructs field of strategic planning and organizational performance found in literature, may be one explanation for the contradictory results. This study aimed to identify the relationship between strategic planning and financial performance of banks operating in Brazil. The construct planning was conceptually bounded to aspects related to the intensity and degree of formalization/systematization of planning. A survey was performed with banks (Brazilian and subsidiaries of foreign banks operating in Brazil). The data on planning were collected by means of a structured questionnaire, along with the executives responsible for this area at their companies, while the data on performance were obtained from secondary sources disclosed by the Central Bank of Brazil.