The study examined the contribution of financial management practices on financial performance of commercial banks in Uganda basing on a case study of Centenary Bank, Mapeera Branch. It was guided by three objectives i) to examine how risk management influences financial performance of Centenary Bank, Mapeera Branch, ii) to examine how working capital management influences financial performance of Centenary Bank, Mapeera Branch and iii) to assess how assets management influences financial performance of Centenary Bank, Mapeera Branch. The study adopted a phenomenological approach using both qualitative and quantitative research approaches. The study population was 70 and a sample size of 59 respondents. The study revealed that risk management had Adjusted R Square of 66.4%, while working capital management had Adjusted R Square of 51.9% and assets management had Adjusted R Square of 82.5%. It is concluded that risk management was essential and significant in enhancing the financial performance. The findings are consistent with the view that risk management is management function that is critical for proper financial performance. It was also indicated that assets management was a critical driver in enhancing the financial performance of the commercial bank. The study suggested that management should embrace proper cash inventory and creditors’ management so as to ensure the institutions are able to finance their operations without financial limitations. It was also suggested that the commercial bank deals with liquid cash, enhancing their liquidity through keeping proper relationship with the shareholders is appropriate.