Résumé : How do microfinance institutions (MFIs) allocate their productivity surplus to stakeholders? This paper shows that this allocation process varies according to the MFI ownership structure. Non-profit organisations and shareholders-held MFIs exhibit a tendency to largely keep their surplus within the MFI as a self-financing margin (reserve accounts, future investments, and capital increase) rather than transferring it to their clients (interest rates decrease) and their employees (salary increase). Cooperatives however tend to give the largest part of their surplus to the employees and providers. Finally, the paper discusses the importance of those findings for MFIs evaluation by policy makers.