Intellectual capital encompasses resources that have become increasingly important for business entities. Most of empirical research studies have found strong evidence that investments in intellectual capital components, such as human, relational and structural capital, have a positive impact on the overall performance of companies. This paper examines the impact of investments in specific components of intellectual capital, primarily related to human and relational capital, on the profitability of commercial banks that operate in Serbia. Empirical analysis covers the postcrisis period from 2010 to 2016. Our sample consists of 154 bankyear observations (22 commercial banks in a 7-year period). The results show that the banks that operate in Serbia are characterized by a low level of labor efficiency and that traditional ways of building and maintaining good customer relations negatively affect the core business and total profitability. Therefore, one of the ways to increase the efficiency of investments in human capital and to improve customer relations could be to digitalize the business of commercial banks. Our findings also show that the banks that have higher deposit growth rates have higher core business profitability, as well as that the banks with higher share of company loans in total loan portfolio have higher total profitability.