: Despite the widely recognised importance of intellectual capital as a vital source of competitive advantage, there is still little understanding of how organisations actually combine their components to drive value. The purpose of this study is to examine the interrelationships among intellectual capital components within the Portuguese banking context by extending a study completed by Bontis. Several paths are identified that drive towards superior performance. Various models are assessed using a Partial Least Squares (PLS) approach given its advantages in dealing with complex models and its predictive capability. Empirical findings from this study support the proposition that intellectual capital is a driver of organisational value, but only in certain combinations.