This paper presents theoretical aspect of the relationship between the growth and profitability and its importance for the development of the company. In addition to the theoretical part, the paper examined the growth and profitability of companies listed on the Banja Luka Stock Exchange in the period 2016−2017. Growth was measured by the changes in sales revenues between the two accounting periods, while profitability was analyzed by the return on assets. The survey was carried out on the basis of the aggregate data of companies operating on the Banja Luka Stock Exchange and on the basis of aggregate data of the top 10 companies according to the amount of sales revenues. The results of the survey indicate the existence of a positive correlation between the company’s growth and profitability