SEC Form 6-K filed by Mizuho Financial Group Inc. Sponosred ADR (Japan)

11/14/24 6:45:58 AM ET

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6-K 1 d885622d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date:		November 14, 2024

Mizuho Financial Group, Inc.

By:		/s/ Takefumi Yonezawa
Name:		Takefumi Yonezawa
Title:		Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2024

(Six months ended September 30, 2024)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2024


Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Yasutoshi Tanaka	General Manager of Accounting	Phone:	+81-3-6838-6101
Filing of Hanki Hokokusho (scheduled):		November 29, 2024	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		December 6, 2024
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2024 (for the six months ended September 30, 2024)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)

Ordinary Income

Ordinary Profits

Profit
Attributable to
Owners of Parent

¥ million

1H F2024

4,585,215

8.0

747,079

30.1

566,141

36.1

1H F2023

4,244,507

44.1

574,093

30.6

415,753

24.4

Note:

Comprehensive Income:

1H F2024: ¥591,838 million, 6.1%; 1H F2023: ¥557,657 million, —%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2024		223.35		223.35
1H F2023		164.03		164.03

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2024		277,354,891		10,761,319		3.8
Fiscal 2023		278,672,151		10,312,135		3.6

Reference:

Own Capital:

As of September 30, 2024: ¥10,681,646 million; As of March 31, 2024: ¥10,232,538 million

Note:

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100

Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2023		—		50.00		—		55.00		105.00
Fiscal 2024		—		65.00
Fiscal 2024 (estimate)						—		65.00		130.00

Note: Revision of the latest announced estimates for cash dividends for shareholders of common stock: Yes

3. Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025)


	(%: Changes from the previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
Fiscal 2024			820,000		20.7		323.48


Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2024: Yes
		Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025). Profit Attributable to Owners of Parent: The latest announced estimates: ¥750,000 million, Revised estimates: ¥820,000 million, Changes from the original estimates: ¥70,000 million, 9.3%
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and 2Q, and the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2024).

Notes

(1) Significant changes in the scope of consolidation during the period: No

(2) Changes in Accounting Policies and Accounting Estimates / Restatements

i. Changes in accounting policies due to revisions of accounting standards: No

ii. Changes in accounting policies other than i above: No

iii. Changes in accounting estimates: No

iv. Restatements: No

(3) Issued Shares of Common Stock


i. Period-end issued shares (including treasury stock):	As of September 30, 2024	2,539,249,894 shares	As of March 31, 2024	2,539,249,894 shares
ii. Period-end treasury stock:	As of September 30, 2024	4,291,043 shares	As of March 31, 2024	4,739,805 shares
iii. Average outstanding shares:	1st Half Fiscal 2024	2,534,759,156 shares	1st Half Fiscal 2023	2,534,579,208 shares

This immediate release is outside the scope of semi-annual audit by certified public accountants or audit firms.

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment


1. Interim Consolidated Financial Statements and Others			p.1-2
(1) Consolidated Balance Sheets			p.1-2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			p.1-4
(3) Consolidated Statements of Changes in Net Assets			p.1-6
(4) Note for Assumption of Going Concern			p.1-7
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2024

Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

An MHFG IR conference for institutional investors and analysts is scheduled for Friday, November 15, 2024. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2024			As of September 30, 2024
Assets
Cash and Due from Banks	¥	72,968,900		¥	71,620,559
Call Loans and Bills Purchased		1,259,964			1,121,682
Receivables under Resale Agreements		20,533,096			22,657,784
Guarantee Deposits Paid under Securities Borrowing Transactions		2,357,463			2,177,103
Other Debt Purchased		4,174,891			3,690,073
Trading Assets		21,381,444			21,567,775
Money Held in Trust		583,647			612,755
Securities		38,245,422			38,188,142
Loans and Bills Discounted		92,778,781			92,354,009
Foreign Exchange Assets		2,259,701			2,212,641
Derivatives other than for Trading Assets		2,606,667			2,845,012
Other Assets		7,364,363			6,379,668
Tangible Fixed Assets		1,139,470			1,093,441
Intangible Fixed Assets		725,142			755,656
Net Defined Benefit Asset		847,116			863,709
Deferred Tax Assets		135,428			83,115
Customers’ Liabilities for Acceptances and Guarantees		10,098,502			9,861,424
Reserves for Possible Losses on Loans		(787,848	)		(729,659	)
Reserve for Possible Losses on Investments		(4	)		(5	)

Total Assets	¥	278,672,151		¥	277,354,891

1-2

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2024			As of September 30, 2024
Liabilities
Deposits	¥	159,854,668		¥	155,675,626
Negotiable Certificates of Deposit		11,590,532			12,193,562
Call Money and Bills Sold		1,660,682			2,819,989
Payables under Repurchase Agreements		38,103,216			38,716,833
Guarantee Deposits Received under Securities Lending Transactions		1,306,422			1,362,370
Commercial Paper		1,165,988			1,005,716
Trading Liabilities		13,836,028			13,690,008
Borrowed Money		5,449,852			5,689,002
Foreign Exchange Liabilities		900,034			1,122,353
Short-term Bonds		565,736			749,612
Bonds and Notes		11,999,712			12,372,001
Due to Trust Accounts		983,877			1,033,963
Derivatives other than for Trading Liabilities		3,818,518			4,158,134
Other Liabilities		6,618,151			5,815,545
Reserve for Bonus Payments		185,977			123,860
Reserve for Variable Compensation		2,527			1,168
Net Defined Benefit Liability		67,151			67,502
Reserve for Director and Corporate Auditor Retirement Benefits		541			432
Reserve for Possible Losses on Sales of Loans		8,645			8,761
Reserve for Contingencies		19,321			16,461
Reserve for Reimbursement of Deposits		10,378			8,840
Reserve for Reimbursement of Debentures		25,125			23,718
Reserves under Special Laws		3,781			3,772
Deferred Tax Liabilities		27,058			26,497
Deferred Tax Liabilities for Revaluation Reserve for Land		57,583			46,410
Acceptances and Guarantees		10,098,502			9,861,424

Total Liabilities	¥	268,360,016		¥	266,593,572

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,731
Retained Earnings		5,538,891			5,990,738
Treasury Stock		(9,402	)		(9,539	)

Total Shareholders’ Equity		8,915,987			9,367,698

Net Unrealized Gains (Losses) on Other Securities		929,815			947,280
Deferred Gains or Losses on Hedges		(298,280	)		(305,050	)
Revaluation Reserve for Land		126,879			101,564
Foreign Currency Translation Adjustments		344,250			372,540
Remeasurements of Defined Benefit Plans		214,337			198,141
Own Credit Risk Adjustments, Net of Tax		(452	)		(527	)

Total Accumulated Other Comprehensive Income		1,316,550			1,313,948

Stock Acquisition Rights		5			5
Non-controlling Interests		79,591			79,667

Total Net Assets		10,312,135			10,761,319

Total Liabilities and Net Assets	¥	278,672,151		¥	277,354,891

1-3

Mizuho Financial Group, Inc.

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2023		For the six months ended September 30, 2024
Ordinary Income	¥	4,244,507	¥	4,585,215
Interest Income		2,706,494		3,045,939
Interest on Loans and Bills Discounted		1,361,163		1,373,557
Interest and Dividends on Securities		293,228		431,507
Fiduciary Income		30,458		30,291
Fee and Commission Income		485,482		512,874
Trading Income		725,069		558,460
Other Operating Income		194,063		228,699
Other Ordinary Income		102,938		208,950
Ordinary Expenses		3,670,413		3,838,136
Interest Expenses		2,251,880		2,563,082
Interest on Deposits		832,381		874,568
Fee and Commission Expenses		101,128		110,088
Trading Expenses		432,114		—
Other Operating Expenses		43,524		182,395
General and Administrative Expenses		782,989		877,168
Other Ordinary Expenses		58,775		105,401

Ordinary Profits		574,093		747,079

Extraordinary Gains		24,072		49,527
Extraordinary Losses		1,842		5,447

Income before Income Taxes		596,323		791,158

Income Taxes:
Current		134,897		187,649
Deferred		43,760		35,483

Total Income Taxes		178,658		223,133

Profit		417,665		568,025

Profit Attributable to Non-controlling Interests		1,911		1,884

Profit Attributable to Owners of Parent	¥	415,753	¥	566,141

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the six months ended September 30, 2023			For the six months ended September 30, 2024
Profit	¥	417,665		¥	568,025
Other Comprehensive Income		139,992			23,813
Net Unrealized Gains (Losses) on Other Securities		(98,538	)		18,120
Deferred Gains or Losses on Hedges		64,183			(6,897	)
Foreign Currency Translation Adjustments		182,210			18,117
Remeasurements of Defined Benefit Plans		(25,736	)		(15,925	)
Own Credit Risk Adjustments, Net of Tax		28			(75	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		17,844			10,474

Comprehensive Income		557,657			591,838

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		552,666			588,854
Comprehensive Income Attributable to Non-controlling Interests		4,991			2,983

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2023


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,267		5,093,911			(8,786	)		8,471,160
Cumulative Effects of Changes in Accounting Policies						(1,883	)					(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,129,267		5,092,027			(8,786	)		8,469,276
Changes during the period
Cash Dividends						(107,882	)					(107,882	)
Profit Attributable to Owners of Parent						415,753						415,753
Repurchase of Treasury Stock									(2,360	)		(2,360	)
Disposition of Treasury Stock				0					2,706			2,706
Transfer from Revaluation Reserve for Land						1,529						1,529
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others						231						231
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		0		309,631			346			309,978

Balance as of the end of the period		2,256,767		1,129,267		5,401,659			(8,439	)		8,779,254


	Accumulated Other Comprehensive Income																		Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax		Total Accumulated Other Comprehensive Income		Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		564,495			(358,102	)		129,321			144,093		182,306			19		662,133		5		75,163		9,208,463
Cumulative Effects of Changes in Accounting Policies																		—						(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		564,495			(358,102	)		129,321			144,093		182,306			19		662,133		5		75,163		9,206,579
Changes during the period
Cash Dividends																								(107,882	)
Profit Attributable to Owners of Parent																								415,753
Repurchase of Treasury Stock																								(2,360	)
Disposition of Treasury Stock																								2,706
Transfer from Revaluation Reserve for Land																								1,529
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others																								231
Net Changes in Items other than Shareholders’ Equity		(99,774	)		63,815			(1,529	)		198,790		(25,947	)		28		135,382		—		1,475		136,857

Total Changes during the period		(99,774	)		63,815			(1,529	)		198,790		(25,947	)		28		135,382		—		1,475		446,835

Balance as of the end of the period		464,720			(294,287	)		127,792			342,883		156,359			48		797,516		5		76,638		9,653,415

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2024


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,730		5,538,891			(9,402	)		8,915,987
Changes during the period
Cash Dividends						(139,610	)					(139,610	)
Profit Attributable to Owners of Parent						566,141						566,141
Repurchase of Treasury Stock									(2,772	)		(2,772	)
Disposition of Treasury Stock				1					2,636			2,637
Transfer from Revaluation Reserve for Land						25,315						25,315
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		1		451,846			(136	)		451,710

Balance as of the end of the period		2,256,767		1,129,731		5,990,738			(9,539	)		9,367,698


	Accumulated Other Comprehensive Income																			Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights		Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		929,815		(298,280	)		126,879			344,250		214,337			(452	)		1,316,550			5		79,591		10,312,135
Changes during the period
Cash Dividends																									(139,610	)
Profit Attributable to Owners of Parent																									566,141
Repurchase of Treasury Stock																									(2,772	)
Disposition of Treasury Stock																									2,637
Transfer from Revaluation Reserve for Land																									25,315
Net Changes in Items other than Shareholders’ Equity		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		(2,526	)

Total Changes during the period		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		449,184

Balance as of the end of the period		947,280		(305,050	)		101,564			372,540		198,141			(527	)		1,313,948			5		79,667		10,761,319

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2024

(Six months ended September 30, 2024)

(Under Japanese GAAP)

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

“CON”: Consolidated figures for Mizuho Financial Group, Inc. (“MHFG”)

“NON”: Non-consolidated figures for Mizuho Financial Group, Inc., Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-8

5. Unrealized Gains/Losses on Securities

CON

NON

2-10

6. Projected Redemption Amounts for Securities

NON

2-12

7. Employee Retirement Benefits

NON

CON

2-13

8. Capital Ratio

CON

NON

2-16

II. REVIEW OF CREDITS

See above Notes

Page

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

CON

NON

2-17

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-21

3. Reserve Ratios for Non Performing Loans based on the BA and the FRA

CON

NON

2-22

4. Coverage on Non Performing Loans based on the BA and the FRA

NON

2-23

5. Overview of Non-Performing Loans(“NPLs”)

NON

2-26

6. Results of Removal of NPLs from the Balance Sheet

NON

2-27

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-28

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

NON

2-30

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2-31

(2) Loans to SMEs and Individual Customers

NON

2-31

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-32

(2) Non Performing Loans based on the BA and the FRA by Region

NON

2-33

III. OTHERS

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-34

2. Breakdown of Deposits (Domestic Offices)

NON

2-36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-37

Comparison of Non-Consolidated Statements of Income (selected items)

2-38

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Consolidated Gross Profits	1		1,520,698			207,777			1,312,920
Net Interest Income	2		482,856			28,242			454,614
Fiduciary Income	3		30,291			(166	)		30,458
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		402,786			18,431			384,354
Net Trading Income	6		558,460			265,506			292,954
Net Other Operating Income	7		46,303			(104,235	)		150,538
General and Administrative Expenses	8		(877,168	)		(94,178	)		(782,989	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(10,966	)		(678	)		(10,287	)
Losses on Write-offs of Loans	10		*(7,952*	)		1,516			(9,468	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		25,653			26,434			(781	)
Net Gains (Losses) related to Stocks	12		79,955			45,359			34,596
Equity in Income from Investments in Affiliates	13		27,771			4,205			23,565
Other	14		(18,865	)		(15,934	)		(2,930	)

Ordinary Profits	15		747,079			172,985			574,093

Net Extraordinary Gains (Losses)	16		44,079			21,850			22,229
Income before Income Taxes	17		791,158			194,835			596,323
Income Taxes - Current	18		(187,649	)		(52,752	)		(134,897	)
- Deferred	19		(35,483	)		8,276			(43,760	)
Profit	20		568,025			150,359			417,665
Profit Attributable to Non-controlling Interests	21		(1,884	)		27			(1,911	)

Profit Attributable to Owners of Parent	22		566,141			150,387			415,753


Credit-related Costs (including Credit Costs for Trust Accounts)	23		14,686			25,755			(11,068	)
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]
Reference:
Consolidated Net Business Profits	24		655,732			119,672			536,060
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	25		226			38			188
Number of affiliates under the equity method	26		26			3			23

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2024												First Half of Fiscal 2023
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		873,944			53,917			927,861			132,227			795,633
Domestic Gross Profits	2		457,361			54,008			511,370			58,298			453,071
Net Interest Income	3		300,869			10,945			311,814			74,056			237,758
Fiduciary Income	4					30,516			30,516			(128	)		30,644
Trust Fees for Jointly Operated Designated Money Trust	5					*1,857*			*1,857*			(126	)		1,983
Credit Costs for Trust Accounts ^(1)*	6					—			—			—			—
Net Fee and Commission Income	7		124,235			12,460			136,695			(2,388	)		139,083
Net Trading Income	8		7,110						7,110			(22,987	)		30,097
Net Other Operating Income	9		25,146			86			25,233			9,745			15,487
International Gross Profits	10		416,582			(91	)		416,491			73,929			342,561
Net Interest Income	11		191,667			13			191,680			(15,230	)		206,911
Net Fee and Commission Income	12		58,403			(110	)		58,293			(12,724	)		71,017
Net Trading Income	13		173,125						173,125			185,098			(11,973	)
Net Other Operating Income	14		(6,614	)		5			(6,608	)		(83,214	)		76,606
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(442,307	)		(43,966	)		(486,274	)		(43,113	)		(443,160	)
Expense Ratio	16		*50.6*	%		*81.5*	%		*52.4*	%		(3.2	%)		55.6	%
Personnel Expenses	17		(162,698	)		(21,853	)		(184,551	)		(10,315	)		(174,236	)
Non-Personnel Expenses	18		(247,416	)		(20,231	)		(267,647	)		(24,950	)		(242,697	)
Premium for Deposit Insurance	19		*(8,539*	)		*(257*	)		*(8,796*	)		(383	)		(8,412	)
Miscellaneous Taxes	20		(32,193	)		(1,881	)		(34,074	)		(7,848	)		(26,226	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		431,636			9,950			441,586			89,113			352,473
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ^*(2)	22		363,334			9,952			373,286			31,361			341,925
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*355,068*			*9,952*			*365,020*			38,257			326,763

Reversal of (Provision for) General Reserve for Losses on Loans	24		—			—			—			—			—

Net Business Profits	25		431,636			9,950			441,586			89,113			352,473
Net Gains (Losses) related to Bonds	26		*68,302*			(1	)		*68,300*			57,752			10,548

Net Non-Recurring Gains (Losses)	27		85,840			13,573			99,413			56,999			42,414
Net Gains (Losses) related to Stocks	28		65,724			9,582			75,306			45,525			29,781
Expenses related to Portfolio Problems	29		(10,009	)		—			(10,009	)		(688	)		(9,321	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		24,336			178			24,514			22,589			1,924
Other	31		5,788			3,812			9,601			(10,428	)		20,029

Ordinary Profits	32		517,476			23,523			541,000			146,112			394,887

Net Extraordinary Gains (Losses)	33		41,908			1,007			42,915			20,121			22,794
Net Gains (Losses) on Disposition of Fixed Assets	34		*32,959*			*(288*	)		*32,671*			28,336			4,334
Losses on Impairment of Fixed Assets	35		*(854*	)		—			*(854*	)		(532	)		(321	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		*3,434*			*354*			*3,788*			(14,993	)		18,782
Accumulation (Amortization) of Unrecognized Prior Service Cost	37		*6,368*			*941*			*7,310*			7,310			—
Income before Income Taxes	38		559,384			24,531			583,916			166,233			417,682
Income Taxes - Current	39		(184,336	)		(4,822	)		(189,158	)		(89,282	)		(99,876	)
- Deferred	40		25,648			(1,752	)		23,895			78,810			(54,914	)

Net Income	41		400,696			17,956			418,653			155,762			262,890

*(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].
*(2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]
=Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]

Credit-related Costs	42		14,327			178			14,505			21,901			(7,396	)
Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]

Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	43					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	44		36,065			(2	)		36,062			73,732			(37,669	)
Losses on Write-offs of Loans	45		(1,691	)		0			(1,691	)		4,934			(6,625	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	46		(23,607	)		180			(23,426	)		(52,075	)		28,648
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	47		5,930			—			5,930			(1,737	)		7,667
Reversal of (Provision for) Reserve for Contingencies	48		537			—			537			(666	)		1,203
Other (including Losses on Sales of Loans)	49		(2,906	)		—			(2,906	)		(2,284	)		(622	)
Total	50		14,327			178			14,505			21,901			(7,396	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Gross Profits	1		873,944			128,013			745,930
Domestic Gross Profits	2		457,361			54,064			403,296
Net Interest Income	3		300,869			72,808			228,061
Net Fee and Commission Income	4		124,235			(5,398	)		129,634
Net Trading Income	5		7,110			(22,987	)		30,097
Net Other Operating Income	6		25,146			9,642			15,503
International Gross Profits	7		416,582			73,949			342,633
Net Interest Income	8		191,667			(15,226	)		206,894
Net Fee and Commission Income	9		58,403			(12,693	)		71,097
Net Trading Income	10		173,125			185,098			(11,973	)
Net Other Operating Income	11		(6,614	)		(83,229	)		76,615
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(442,307	)		(39,172	)		(403,135	)
Expense Ratio	13		*50.6*	%		(3.4	%)		54.0	%
Personnel Expenses	14		(162,698	)		(7,644	)		(155,053	)
Non-Personnel Expenses	15		(247,416	)		(23,899	)		(223,517	)
Premium for Deposit Insurance	16		(8,539	)		(369	)		(8,170	)
Miscellaneous Taxes	17		(32,193	)		(7,627	)		(24,565	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		431,636			88,841			342,794
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		363,334			31,091			332,242
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		*355,068*			37,987			317,081

Reversal of (Provision for) General Reserve for Losses on Loans	21		—			—			—

Net Business Profits	22		431,636			88,841			342,794
Net Gains (Losses) related to Bonds	23		*68,302*			57,750			10,551

Net Non-Recurring Gains (Losses)	24		85,840			50,100			35,739
Net Gains (Losses) related to Stocks	25		65,724			37,359			28,365
Expenses related to Portfolio Problems	26		(10,009	)		(688	)		(9,321	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		24,336			23,340			995
Other	28		5,788			(9,910	)		15,699

Ordinary Profits	29		517,476			138,942			378,534

Net Extraordinary Gains (Losses)	30		41,908			19,076			22,832
Net Gains (Losses) on Disposition of Fixed Assets	31		*32,959*			28,615			4,344
Losses on Impairment of Fixed Assets	32		*(854*	)		(560	)		(294	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		*3,434*			(15,348	)		18,782
Accumulation (Amortization) of Unrecognized Prior Service Cost	34		*6,368*			6,368			—
Income before Income Taxes	35		559,384			158,018			401,366
Income Taxes - Current	36		(184,336	)		(86,352	)		(97,983	)
- Deferred	37		25,648			78,175			(52,526	)

Net Income	38		400,696			149,841			250,855

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[19] =Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]

Credit-related Costs	39		14,327			22,652			(8,325	)
Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]

Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	40		36,065			74,667			(38,601	)
Losses on Write-offs of Loans	41		(1,691	)		4,934			(6,626	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	42		(23,607	)		(52,261	)		28,653
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	43		5,930			(1,737	)		7,667
Reversal of (Provision for) Reserve for Contingencies	44		537			(666	)		1,203
Other (including Losses on Sales of Loans)	45		(2,906	)		(2,284	)		(622	)
Total	46		14,327			22,652			(8,325	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Gross Profits	1		53,917			4,213			49,703
Domestic Gross Profits	2		54,008			4,233			49,775
Net Interest Income	3		10,945			1,248			9,697
Fiduciary Income	4		30,516			(128	)		30,644
Trust Fees for Jointly Operated Designated Money Trust	5		*1,857*			(126	)		1,983
Credit Costs for Trust Accounts^(1)*	6		—			—			—
Net Fee and Commission Income	7		12,460			3,010			9,449
Net Other Operating Income	8		86			103			(16	)
International Gross Profits	9		(91	)		(19	)		(71	)
Net Interest Income	10		13			(3	)		17
Net Fee and Commission Income	11		(110	)		(30	)		(79	)
Net Other Operating Income	12		5			14			(8	)
General and Administrative Expenses (excluding Non-Recurring Losses)	13		(43,966)			(3,941)			(40,025)
Expense Ratio	14		*81.5*	%		1.0	%		80.5	%
Personnel Expenses	15		(21,853	)		(2,670	)		(19,183	)
Non-Personnel Expenses	16		(20,231	)		(1,050	)		(19,180	)
Premium for Deposit Insurance	17		*(257*	)		(14	)		(242	)
Miscellaneous Taxes	18		(1,881	)		(220	)		(1,661	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	19		9,950			272			9,678
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas^*(2)	20		9,952			270			9,682
Excluding Net Gains (Losses) from redemption of Investment Trusts	21		*9,952*			269			9,682

Reversal of (Provision for) General Reserve for Losses on Loans	22		—			—			—

Net Business Profits	23		9,950			272			9,678
Net Gains (Losses) related to Bonds	24		(1	)		1			(3	)

Net Non-Recurring Gains (Losses)	25		13,573			6,898			6,674
Net Gains (Losses) related to Stocks	26		9,582			8,166			1,416
Expenses related to Portfolio Problems	27		—			—			—
Gains on Reversal of Reserves for Possible Losses on Loans, and others	28		178			(750	)		928
Other	29		3,812			(517	)		4,329

Ordinary Profits	30		23,523			7,170			16,353

Net Extraordinary Gains (Losses)	31		1,007			1,044			(37	)
Net Gains (Losses) on Disposition of Fixed Assets	32		*(288*	)		(278	)		(9	)
Losses on Impairment of Fixed Assets	33		—			27			(27	)
Gains on Cancellation of Employee Retirement Benefit Trust	34		*354*			354			—
Accumulation (Amortization) of Unrecognized Prior Service Cost	35		*941*			941			—
Income before Income Taxes	36		24,531			8,215			16,315
Income Taxes - Current	37		(4,822	)		(2,929	)		(1,892	)
- Deferred	38		(1,752	)		635			(2,388	)

Net Income	39		17,956			5,920			12,035

*(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].
*(2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[20]
=Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[19]-Net Gains (Losses) related to Bonds[24]

Credit-related Costs	40		178			(750)			928
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Losses on Loans [22] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [28] + Credit Costs for Trust Accounts [6]

Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42		(2)			(935)			932
Losses on Write-offs of Loans	43		0			(0)			0
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		180			185			(4	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		—			—			—
Reversal of (Provision for) Reserve for Contingencies	46		—			—			—
Other (including Losses on Sales of Loans)	47		—			—			—
Total	48		178			(750)			928

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			First Half of Fiscal 2024					First Half of Fiscal 2023
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.53			0.09		0.44
Return on Loans and Bills Discounted (1)		2		0.87			0.13		0.74
Return on Securities		3		0.65			0.29		0.36
Cost of Funding (including Expenses)		4		0.56			0.06		0.49
Cost of Deposits (including Expenses)		5		0.57			0.07		0.49
Cost of Deposits (2)		6		0.02			0.02		0.00
Cost of Other External Liabilities		7		0.41			0.15		0.26

Net Interest Margin	(1)-(4)	8		(0.02	)		0.02		(0.05	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.30			0.05		0.24
Loan and Deposit Rate Margin	(2)-(6)	10		0.84			0.10		0.74

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include Negotiable Certificates of Deposit (“NCDs”).

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.90			0.14		0.76
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.32			0.06		0.26
Loan and Deposit Rate Margin	(11)-(6)	13		0.87			0.11		0.76

			(%)
			First Half of Fiscal 2024					First Half of Fiscal 2023
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.63			0.12		0.50
Return on Loans and Bills Discounted (1)		15		0.73			0.10		0.62
Return on Securities		16		3.54			0.60		2.93
Cost of Funding		17		0.16			0.06		0.10
Cost of Deposits (2)		18		0.04			0.04		0.00

Net Interest Margin	(14)-(17)	19		0.46			0.06		0.40
Loan and Deposit Rate Margin	(15)-(18)	20		0.68			0.06		0.61

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include NCDs.

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.73			0.10		0.62
Loan and Deposit Rate Margin	(21)-(18)	22		0.68			0.06		0.61


Reference			(%)
			First Half of Fiscal 2024					First Half of Fiscal 2023
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted (1)		23		0.87			0.13		0.73
Cost of Deposits (2)		24		0.02			0.02		0.00

Loan and Deposit Rate Margin	(23)-(24)	25		0.84			0.10		0.73

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2) Deposits include NCDs.

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.89			0.13		0.75
Loan and Deposit Rate Margin	(26)-(24)	27		0.86			0.11		0.75

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2024

First Half of Fiscal 2023

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

206,656,989

2.40

18,254,046

0.05

188,402,942

2.35

Loans and Bills Discounted

91,294,158

2.78

1,081,797

0.02

90,212,361

2.76

Securities

38,452,174

2.10

(2,830,872

)

0.77

41,283,047

1.33

Source of Funds

210,903,575

1.88

4,098,191

0.16

206,805,384

1.72

Deposits

154,378,883

1.08

6,663,890

0.00

147,714,993

1.07

NCDs

11,477,758

3.85

(6,873,875

)

1.43

18,351,634

2.41

Domestic Operations

Use of Funds

128,875,861

0.53

14,943,804

0.09

113,932,057

0.44

Loans and Bills Discounted

56,031,465

0.86

2,874,711

0.13

53,156,753

0.73

Securities

18,808,504

0.65

(7,318,198

)

0.29

26,126,702

0.36

Source of Funds

132,118,608

0.06

2,709,432

0.03

129,409,175

0.03

Deposits

116,477,361

0.02

7,051,575

0.02

109,425,785

0.00

NCDs

2,955,755

0.04

(6,593,780

)

0.04

9,549,536

0.00

International Operations

Use of Funds

78,668,773

5.44

1,171,810

0.36

77,496,962

5.07

Loans and Bills Discounted

35,262,693

5.84

(1,792,914

)

0.16

37,055,607

5.68

Securities

19,643,670

3.49

4,487,325

0.49

15,156,345

2.99

Source of Funds

79,672,613

4.89

(749,672

)

0.51

80,422,285

4.37

Deposits

37,901,522

4.34

(387,685

)

0.18

38,289,207

4.15

NCDs

8,522,003

5.16

(280,094

)

0.12

8,802,098

5.03

*	The Average Balance and Rate of Loans and Bills Discounted for First Half of Fiscal 2023 have been corrected.

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2024

First Half of Fiscal 2023

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

4,647,779

0.64

(382,558

)

0.12

5,030,338

0.52

Loans and Bills Discounted

2,812,710

0.75

(214,969

)

0.11

3,027,679

0.63

Securities

175,656

3.37

(7,981

)

0.56

183,638

2.80

Source of Funds

4,443,300

0.18

(1,400,866

)

0.06

5,844,166

0.11

Deposits

2,646,045

0.04

(349,985

)

0.03

2,996,031

0.00

NCDs

308,199

0.08

(156,784

)

0.07

464,983

0.00

Domestic Operations

Use of Funds

4,635,568

0.63

(382,610

)

0.12

5,018,178

0.50

Loans and Bills Discounted

2,794,452

0.73

(212,742

)

0.11

3,007,195

0.62

Securities

167,340

3.54

(7,997

)

0.60

175,337

2.93

Source of Funds

4,430,750

0.16

(1,400,668

)

0.06

5,831,418

0.10

Deposits

2,643,497

0.04

(349,630

)

0.03

2,993,128

0.00

NCDs

308,199

0.08

(156,784

)

0.07

464,983

0.00

International Operations

Use of Funds

35,014

1.75

(429

)

0.09

35,444

1.65

Loans and Bills Discounted

18,257

3.33

(2,226

)

0.51

20,483

2.82

Securities

8,316

—

(0.06

)

8,300

0.06

Source of Funds

35,353

1.65

(678

)

0.12

36,032

1.53

Deposits

2,548

0.03

(355

)

0.02

2,903

0.00

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		67,454			56,647			10,807
Gains on Sales and Others		92,349			73,493			18,856
Losses on Sales and Others		(29,397	)		(16,571	)		(12,825	)
Impairment (Devaluation)		(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		1			(1	)
Gains (Losses) on Derivatives other than for Trading		4,861			(1,102	)		5,964

	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		79,955			45,359			34,596
Gains on Sales		152,045			86,364			65,680
Losses on Sales		(65,576	)		(53,917	)		(11,659	)
Impairment (Devaluation)		(3,383	)		(1,857	)		(1,526	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,128	)		14,769			(17,898	)

Non-Consolidated Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		68,300			57,752			10,548
Gains on Sales and Others		92,380			73,173			19,207
Losses on Sales and Others		(28,582	)		(15,143	)		(13,439	)
Impairment (Devaluation)		(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		4,861			(1,103	)		5,965

	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		75,306			45,525			29,781
Gains on Sales		142,264			85,351			56,912
Losses on Sales		(62,239	)		(53,298	)		(8,940	)
Impairment (Devaluation)		(1,589	)		(1,296	)		(292	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,128	)		14,769			(17,898	)

2-8

Mizuho Financial Group, Inc.



Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		68,302			57,750			10,551
Gains on Sales and Others		92,380			73,173			19,207
Losses on Sales and Others		(28,581	)		(15,145	)		(13,435	)
Impairment (Devaluation)		(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		4,861			(1,103	)		5,965

	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		65,724			37,359			28,365
Gains on Sales		132,582			77,120			55,462
Losses on Sales		(62,172	)		(53,265	)		(8,906	)
Impairment (Devaluation)		(1,557	)		(1,265	)		(292	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,128	)		14,769			(17,898	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		(1	)		1			(3	)
Gains on Sales and Others		—			—			—
Losses on Sales and Others		(1	)		1			(3	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

	First Half of Fiscal 2024						First Half of Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		9,582			8,166			1,416
Gains on Sales		9,681			8,231			1,450
Losses on Sales		(67	)		(33	)		(34	)
Impairment (Devaluation)		(31	)		(31	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

Stocks and others without a quoted market price and Investments in Partnerships are excluded.

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2024

As of March 31, 2024

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(= Fair Value)

Gains

Losses

(= Fair Value)

Gains

Losses

Other Securities

32,622,446

1,351,167

2,093,422

742,254

32,731,510

1,326,873

2,339,385

1,012,512

Japanese Stocks

2,896,360

2,009,179

2,016,934

7,754

3,102,660

2,185,715

2,190,460

4,744

Japanese Bonds

13,616,282

(44,314

)

8,097

52,411

14,366,374

(28,514

)

18,115

46,629

Japanese Government Bonds

10,495,089

(3,417

)

471

3,889

10,974,393

6,247

9,326

3,078

Other

16,109,803

(613,697

)

68,390

682,088

15,262,474

(830,328

)

130,809

961,137

Foreign Bonds

13,715,438

(453,308

)

38,001

491,309

12,293,417

(711,631

)

20,332

731,964

• In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

• Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2024 and March 31, 2024 are ¥16,328 million (Foreign Bonds ¥29,609 million and Japanese Government Bonds ¥0 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2024 and March 31, 2024 are ¥1,367,495 million (Foreign Bonds ¥(423,699) million and Japanese Government Bonds ¥(3,416) million) and ¥1,508,634 million (Foreign Bonds ¥(493,514) million and Japanese Government Bonds ¥220 million), respectively.

• Unrealized Gains/Losses on Other Securities as of September 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2024

As of March 31, 2024

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,061,962

(111,071

)

30,797

141,869

4,045,134

(182,210

)

8,789

190,999

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2024									As of March 31, 2024
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		31,604,453		1,274,245			2,015,149		740,904		31,951,115		1,242,880			2,255,245		1,012,365
Japanese Stocks		2,806,197		1,934,175			1,941,629		7,454		3,009,329		2,104,250			2,108,913		4,663
Japanese Bonds		13,555,013		(44,121	)		8,097		52,218		14,313,789		(28,631	)		17,998		46,629
Japanese Government Bonds		*10,485,113*		*(3,417*	)		*471*		*3,889*		10,963,328		6,247			9,326		3,078
Other		15,243,242		(615,808	)		65,422		681,230		14,627,995		(832,739	)		128,333		961,072
Foreign Bonds		*13,057,806*		*(455,100*	)		*35,474*		*490,574*		11,723,012		(712,961	)		18,938		731,899

Mizuho Bank
Other Securities		31,380,118		1,168,639			1,907,990		739,351		31,711,507		1,126,334			2,137,624		1,011,290
Japanese Stocks		2,646,466		1,829,229			1,835,173		5,943		2,836,690		1,988,703			1,992,308		3,605
Japanese Bonds		13,495,202		(44,405	)		7,781		52,186		14,252,023		(29,022	)		17,589		46,612
Japanese Government Bonds		*10,485,113*		*(3,417*	)		*471*		*3,889*		10,963,328		6,247			9,326		3,078
Other		15,238,449		(616,185	)		65,035		681,220		14,622,794		(833,346	)		127,725		961,072
Foreign Bonds		*13,057,806*		*(455,100*	)		*35,474*		*490,574*		11,723,012		(712,961	)		18,938		731,899

Mizuho Trust & Banking
Other Securities		224,335		105,606			107,159		1,553		239,607		116,546			117,621		1,075
Japanese Stocks		159,731		104,945			106,456		1,511		172,639		115,547			116,605		1,057
Japanese Bonds		59,811		283			315		32		61,766		391			408		17
Japanese Government Bonds		—		—			—		—		—		—			—		—
Other		4,792		377			387		10		5,201		607			607		0
Foreign Bonds		—		—			—		—		—		—			—		—

•	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Other Debt Purchased” are also included.

•

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of September 30, 2024 and March 31, 2024 are ¥16,328 million (Foreign Bonds ¥29,609 million and Japanese Government Bonds ¥0 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026)million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2024 and March 31, 2024 are ¥1,290,573 million (Foreign Bonds ¥(425,491) million and Japanese Government Bonds ¥(3,416) million) and ¥1,408,932 million (Foreign Bonds ¥(494,843) million and Japanese Government Bonds ¥220 million), respectively.

•

Unrealized Gains/Losses on Other Securities as of September 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2024									As of March 31, 2024
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		4,061,962		(111,071	)		30,797		141,869		4,045,134		(182,210	)		8,789		190,999
Mizuho Bank		4,061,962		(111,071	)		30,797		141,869		4,045,134		(182,210	)		8,789		190,999
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of September 30, 2024									As of March 31, 2024
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		106,131		419,679			419,679		—		106,131		468,940			468,940		—
Mizuho Bank		106,131		419,679			419,679		—		106,131		468,940			468,940		—
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

(Reference)

Unrealized Gains/Losses on Other Securities

(the base amount to be recorded directly to Net Assets after necessary adjustments)

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method and others. Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the “base amount”) are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

Consolidated


	*(Millions of yen)*
	As of September 30, 2024						As of March 31, 2024
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,309,197			35,483			1,273,714
Japanese Stocks		1,966,316			(166,901	)		2,133,218
Japanese Bonds		(44,314	)		(15,800	)		(28,514	)
Japanese Government Bonds		*(3,417*	)		(9,664	)		6,247
Other		(612,804	)		218,185			(830,990	)
Foreign Bonds		*(452,415*	)		259,878			(712,294	)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2024

As of
March 31,
2024

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,232,156

41,773

1,190,383

Japanese Stocks

1,892,086

(159,667

)

2,051,753

Japanese Bonds

(44,121

)

(15,490

)

(28,631

)

Japanese Government Bonds

(3,417

)

(9,664

)

6,247

Other

(615,808

)

216,931

(832,739

)

Foreign Bonds

(455,100

)

257,860

(712,961

)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2024				Change												Maturity as of March 31, 2024
	Within 1 year	1 - 5 years	5 - 10 years	Over 10 years	Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year	1 - 5 years	5 - 10 years	Over 10 years
Japanese Bonds	10,419.5	2,006.5	1,047.4	553.2		(870.9	)		148.5			(61.4	)		(12.4	)	11,290.5	1,858.0	1,108.9	565.7
Japanese Government Bonds	9,806.6	559.6	549.6	—		(844.8	)		369.1			(46.1	)		—		10,651.5	190.5	595.7	—
Japanese Local Government Bonds	72.3	223.0	305.2	7.5		(0.2	)		2.5			15.6			(1.8	)	72.5	220.4	289.5	9.3
Japanese Corporate Bonds	540.5	1,223.8	192.6	545.7		(25.9	)		(223.1	)		(30.9	)		(10.6	)	566.4	1,447.0	223.6	556.4
Other	3,574.7	4,538.9	1,964.0	7,997.7		743.1			2,225.1			(308.7	)		(1,290.8	)	2,831.6	2,313.7	2,272.8	9,288.5

Mizuho Bank

Japanese Bonds	10,413.8	1,952.9	1,047.2	553.2		(875.5	)		154.8			(61.3	)		(12.4	)	11,289.3	1,798.0	1,108.6	565.7
Japanese Government Bonds	9,806.6	559.6	549.6	—		(844.8	)		369.1			(46.1	)		—		10,651.5	190.5	595.7	—
Japanese Local Government Bonds	72.3	223.0	305.2	7.5		(0.2	)		2.5			15.6			(1.8	)	72.5	220.4	289.5	9.3
Japanese Corporate Bonds	534.8	1,170.2	192.4	545.7		(30.4	)		(216.8	)		(30.8	)		(10.6	)	565.2	1,387.1	223.3	556.4
Other	3,573.9	4,530.6	1,961.9	7,997.7		743.0			2,225.0			(308.8	)		(1,290.8	)	2,830.9	2,305.5	2,270.7	9,288.5

Mizuho Trust & Banking

Japanese Bonds	5.7	53.6	0.2	—		4.5			(6.3	)		(0.1	)		—		1.1	59.9	0.3	—
Japanese Government Bonds	—	—	—	—		—			—			—			—		—	—	—	—
Japanese Local Government Bonds	—	—	—	—		—			—			—			—		—	—	—	—
Japanese Corporate Bonds	5.7	53.6	0.2	—		4.5			(6.3	)		(0.1	)		—		1.1	59.9	0.3	—
Other	0.8	8.2	2.1	—		0.1			0.0			0.0			—		0.7	8.2	2.1	—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		951,654			(48,826	)		1,000,481
Discount Rate (%)			0.14~2.08						(0.00)~1.54

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,650,618			(84,207	)		1,734,825
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(285,198	)		(23,168	)		(262,029	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		413,764			(58,549	)		472,314

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		833,031			(43,584	)		876,616
Discount Rate (%)			0.14~2.08						(0.00)~1.54

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,390,609			(94,254	)		1,484,864
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(221,576	)		(16,858	)		(204,717	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		336,001			(67,528	)		403,530

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		118,623			(5,241	)		123,864
Discount Rate (%)			0.14~2.08						(0.00)~1.54

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		260,008			10,047			249,960
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(63,621	)		(6,309	)		(57,311	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		77,763			8,979			68,784

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Service Cost		(6,554	)		2,005			(8,560	)
Interest Cost		(5,054	)		(1,646	)		(3,407	)
Expected Return on Plan Assets		12,743			(717	)		13,461
Accumulation (Amortization) of Unrecognized Actuarial Differences		18,891			(1,242	)		20,134
Accumulation (Amortization) of Unrecognized Prior Service Cost		7,310			7,310			—
Gains on Cancellation of Employee Retirement Benefit Trust		3,788			(14,993	)		18,782
Other		(2,687	)		(1,528	)		(1,159	)

Total		28,438			(10,812	)		39,251

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Service Cost		(5,536	)		1,709			(7,245	)
Interest Cost		(4,441	)		(1,459	)		(2,982	)
Expected Return on Plan Assets		11,016			(908	)		11,925
Accumulation (Amortization) of Unrecognized Actuarial Differences		14,661			(1,652	)		16,314
Accumulation (Amortization) of Unrecognized Prior Service Cost		6,368			6,368			—
Gains on Cancellation of Employee Retirement Benefit Trust		3,434			(15,348	)		18,782
Other		(2,300	)		(1,273	)		(1,027	)

Total		23,201			(12,565	)		35,766

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Service Cost		(1,018	)		296			(1,315	)
Interest Cost		(612	)		(187	)		(425	)
Expected Return on Plan Assets		1,727			191			1,536
Accumulation (Amortization) of Unrecognized Actuarial Differences		4,230			409			3,820
Accumulation (Amortization) of Unrecognized Prior Service Cost		941			941			—
Gains on Cancellation of Employee Retirement Benefit Trust		354			354			—
Other		(386	)		(254	)		(132	)

Total		5,236			1,752			3,484

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,150,480			(49,608	)		1,200,089
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,930,446			(60,484	)		1,990,930
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(304,590	)		(41,629	)		(262,960	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		847,116			(12,154	)		859,271
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		67,151			(1,278	)		68,429
Income (Expenses) related to Employee Retirement Benefits

		*(Millions of yen)*
		First Half of Fiscal 2024			Change			First Half of Fiscal 2023
Service Cost			(10,773	)		2,877			(13,650	)
Interest Cost			(5,864	)		(1,759	)		(4,104	)
Expected Return on Plan Assets			15,048			(788	)		15,836
Accumulation (Amortization) of Unrecognized Actuarial Differences			19,579			(635	)		20,215
Accumulation (Amortization) of Unrecognized Prior Service Cost			9,026			9,015			11
Gains on Cancellation of Employee Retirement Benefit Trust			3,788			(14,993	)		18,782
Other			(8,759	)		(5,317	)		(3,442	)

Total			22,046			(11,601	)		33,648

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

Consolidated

(%, Billions of yen)

As of September 30, 2024
(Preliminary)

Change

As of March 31, 2024

(1) Total Capital Ratio

18.65

1.72

16.93

(2) Tier 1 Capital Ratio

16.37

1.52

14.85

(3) Common Equity Tier 1 Capital Ratio

13.69

0.96

12.73

(4) Total Capital

13,013.2

698.6

12,314.6

(5) Tier 1 Capital

11,425.8

624.0

10,801.8

(6) Common Equity Tier 1 Capital

9,554.7

294.7

9,259.9

(7) Risk weighted Assets

69,760.2

(2,960.0

)

72,720.2

(8) Total Required Capital (7) X8%

5,580.8

(236.8

)

5,817.6

Mizuho Bank

International Standard

Consolidated

Non-Consolidated

As of September 30, 2024
(Preliminary)

Change

As of March 31, 2024

As of September 30, 2024
(Preliminary)

(1) Total Capital Ratio

17.71

1.95

15.76

17.15

(2) Tier 1 Capital Ratio

15.30

1.70

13.60

14.57

(3) Common Equity Tier 1 Capital Ratio

12.35

1.09

11.26

11.35

(4) Total Capital

11,262.2

861.6

10,400.6

9,897.7

(5) Tier 1 Capital

9,724.7

751.0

8,973.6

8,405.3

(6) Common Equity Tier 1 Capital

7,856.0

425.0

7,431.0

6,547.8

(7) Risk weighted Assets

63,560.3

(2,398.8

)

65,959.1

57,681.3

(8) Total Required Capital (7) X8%

5,084.8

(191.9

)

5,276.7

4,614.5

Mizuho Trust & Banking

International Standard

Consolidated

Non-Consolidated

As of September 30, 2024
(Preliminary)

Change

As of March 31, 2024

As of September 30, 2024
(Preliminary)

(1) Total Capital Ratio

31.72

2.73

28.99

31.25

(2) Tier 1 Capital Ratio

31.71

2.73

28.98

31.24

(3) Common Equity Tier 1 Capital Ratio

31.71

2.73

28.98

31.24

(4) Total Capital

489.0

12.3

476.7

452.6

(5) Tier 1 Capital

488.8

12.2

476.6

452.5

(6) Common Equity Tier 1 Capital

488.8

12.2

476.6

452.5

(7) Risk weighted Assets

1,541.3

(103.1

)

1,644.4

1,448.4

(8) Total Required Capital (7) X8%

123.3

(8.2

)

131.5

115.8

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

•

The figures below are presented net of partial direct write-offs.

•

Treatment of accrued interest is based on the results of the self-assessment of assets.

(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated


	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		37,193		696			36,497
Claims with Collection Risk		649,996		(50,733	)		700,730
Claims for Special Attention		477,898		(37,605	)		515,503
Loans Past Due for 3 Months or More		756		299			456
Restructured Loans		477,141		(37,904	)		515,046
Sub-total[1]		1,165,088		(87,642	)		1,252,731
Normal Claims		104,592,752		(788,113	)		105,380,865

Total[2]		105,757,840		(875,755	)		106,633,596


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		109,110		1,868			107,242

	*(%)*
NPL ratio[1]/[2]		1.10		(0.07	)		1.17

Trust Account

	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Loans Past Due for 3 Months or More		—		—			—
Restructured Loans		—		—			—
Sub-total[3]		—		—			—
Normal Claims		1,739		(360	)		2,100

Total[4]		1,739		(360	)		2,100


	*(%)*
NPL ratio[3]/[4]		—		—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account


	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		37,193		696			36,497
Claims with Collection Risk		649,996		(50,733	)		700,730
Claims for Special Attention		477,898		(37,605	)		515,503
Loans Past Due for 3 Months or More		756		299			456
Restructured Loans		477,141		(37,904	)		515,046
Sub-total[5]		1,165,088		(87,642	)		1,252,731
Normal Claims		104,594,492		(788,473	)		105,382,965

Total[6]		105,759,580		(876,116	)		106,635,696


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		109,110		1,868			107,242

	*(%)*
NPL ratio[5]/[6]		1.10		(0.07	)		1.17

Trust account represents trust accounts that guarantee principals in the agreement.

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		26,489		(159	)		26,649
Claims with Collection Risk		646,150		(62,515	)		708,665
Claims for Special Attention		471,454		(49,461	)		520,915
Loans Past Due for 3 Months or More		756		299			456
Restructured Loans		470,697		(49,761	)		520,459
Sub-total[1]		1,144,093		(112,136	)		1,256,230
Normal Claims		106,392,819		(2,490,962	)		108,883,781

Total[2]		107,536,913		(2,603,099	)		110,140,012


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		106,916		1,575			105,340

	*(%)*
NPL ratio[1]/[2]		1.06		(0.07	)		1.14

Mizuho Bank

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		26,381		(178	)		26,560
Claims with Collection Risk		638,122		(61,268	)		699,390
Claims for Special Attention		460,919		(50,878	)		511,797
Loans Past Due for 3 Months or More		754		297			456
Restructured Loans		460,165		(51,176	)		511,341
Sub-total[3]		1,125,422		(112,325	)		1,237,748
Normal Claims		103,640,440		(2,369,417	)		106,009,857

Total[4]		104,765,863		(2,481,743	)		107,247,606


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		106,682		1,575			105,106

	*(%)*
NPL ratio[3]/[4]		1.07		(0.07	)		1.15

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)


	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		108	19		89
Claims with Collection Risk		8,027	(1,247	)	9,275
Claims for Special Attention		10,534	1,417		9,117
Loans Past Due for 3 Months or More		2	2		—
Restructured Loans		10,532	1,414		9,117
Sub-total[5]		18,671	189		18,482
Normal Claims		2,750,639	(121,184	)	2,871,823

Total[6]		2,769,310	(120,995	)	2,890,305


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		233	(0	)	233

	*(%)*
NPL ratio[5]/[6]		0.67	0.03		0.63

(Trust Account)

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—		—
Claims with Collection Risk		—	—		—
Claims for Special Attention		—	—		—
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		—	—		—
Sub-total[7]		—	—		—
Normal Claims		1,739	(360	)	2,100

Total[8]		1,739	(360	)	2,100


	*(%)*
NPL ratio[7]/[8]		—	—		—

Trust account represents trust accounts that guarantee principals in the agreement.

2-20

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Reserves for Possible Losses on Loans		729,659		(58,189	)		787,848
General Reserve for Possible Losses on Loans		293,360		(36,402	)		329,763
Specific Reserve for Possible Losses on Loans		409,223		(14,687	)		423,911
Reserve for Possible Losses on Loans to Restructuring Countries		27,075		(7,099	)		34,174

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		109,419		1,807			107,611

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Reserves for Possible Losses on Loans		699,765		(61,316	)		761,081
General Reserve for Possible Losses on Loans		277,575		(36,062	)		313,638
Specific Reserve for Possible Losses on Loans		395,114		(18,154	)		413,268
Reserve for Possible Losses on Loans to Restructuring Countries		27,075		(7,099	)		34,174

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		106,916		1,575			105,340

Mizuho Bank

Reserves for Possible Losses on Loans		694,792		(61,138	)		755,930
General Reserve for Possible Losses on Loans		274,291		(36,065	)		310,357
Specific Reserve for Possible Losses on Loans		393,424		(17,973	)		411,398
Reserve for Possible Losses on Loans to Restructuring Countries		27,075		(7,099	)		34,174

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		106,682		1,575			105,106

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		4,973		(178	)		5,151
General Reserve for Possible Losses on Loans		3,284		2			3,281
Specific Reserve for Possible Losses on Loans		1,689		(180	)		1,870
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		233		(0	)		233

Reserve for Possible Losses on Entrusted Loans (¥5 million and ¥6 million for September 30, 2024 and March 31, 2024, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non Performing Loans based on the BA and the FRA

Consolidated

(%)

As of
September 30,
2024

Change

As of
March 31,
2024

Mizuho Financial Group

62.62

(0.26

)

62.89

Above figures are presented net of partial direct write-offs.

Non-Consolidated

(%)

As of
September 30,
2024

Change

As of
March 31,
2024

Total

61.16

0.57

60.58

Mizuho Bank

61.73

0.66

61.07

Mizuho Trust & Banking (Banking Account)

26.63

(1.23

)

27.87

Above figures are presented net of partial direct write-offs.

2-22

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

(1) Non Performing Loans based on the BA and the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of
September 30, 2024

Change

As of
March 31, 2024

Claims against Bankrupt and Substantially Bankrupt Obligors

26.4

(0.1

)

26.6

Collateral, Guarantees, and equivalent

25.6

(0.4

)

26.0

Reserve for Possible Losses

0.8

0.3

0.5

Claims with Collection Risk

646.1

(62.5

)

708.6

Collateral, Guarantees, and equivalent

165.8

4.1

161.7

Reserve for Possible Losses

394.2

(14.2

)

408.5

Claims for Special Attention

471.4

(49.4

)

520.9

Collateral, Guarantees, and equivalent

144.5

(1.6

)

146.2

Reserve for Possible Losses

124.2

(19.8

)

144.1

Total

1,144.0

(112.1

)

1,256.2

Collateral, Guarantees, and equivalent

336.0

2.0

334.0

Reserve for Possible Losses

519.3

(33.8

)

553.2

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

26.3

(0.1

)

26.5

Collateral, Guarantees, and equivalent

25.5

(0.4

)

26.0

Reserve for Possible Losses

0.8

0.3

0.5

Claims with Collection Risk

638.1

(61.2

)

699.3

Collateral, Guarantees, and equivalent

160.4

5.0

155.3

Reserve for Possible Losses

392.5

(14.1

)

406.6

Claims for Special Attention

460.9

(50.8

)

511.7

Collateral, Guarantees, and equivalent

140.0

(1.7

)

141.7

Reserve for Possible Losses

123.1

(20.0

)

143.2

Total

1,125.4

(112.3

)

1,237.7

Collateral, Guarantees, and equivalent

325.9

2.8

323.1

Reserve for Possible Losses

516.6

(33.8

)

550.4

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.1

0.0

Collateral, Guarantees, and equivalent

0.1

0.0

Reserve for Possible Losses

—

Claims with Collection Risk

8.0

(1.2

)

9.2

Collateral, Guarantees, and equivalent

5.3

(0.9

)

6.3

Reserve for Possible Losses

1.6

(0.1

)

1.8

Claims for Special Attention

10.5

1.4

9.1

Collateral, Guarantees, and equivalent

4.5

0.1

4.4

Reserve for Possible Losses

1.0

0.2

0.8

Total

18.6

0.1

18.4

Collateral, Guarantees, and equivalent

10.0

(0.8

)

10.8

Reserve for Possible Losses

2.7

0.0

2.7

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

—

Collateral, Guarantees, and equivalent

—

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

—

Collateral, Guarantees, and equivalent

—

*	Trust account represents trust accounts that guarantee principals in the agreement.

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024

Coverage Amount		855.4		(31.8	)		887.2
Reserves for Possible Losses on Loans		519.3		(33.8	)		553.2
Collateral, Guarantees, and equivalent		336.0		2.0			334.0

	*(%)*
Coverage Ratio		74.7		4.1			70.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		86.6		6.2			80.4
Claims for Special Attention		57.0		1.2			55.7
Claims against Special Attention Obligors		*57.3*		2.8			54.5

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.0		7.3			74.6
Claims for Special Attention		38.0		(0.4	)		38.4
Claims against Special Attention Obligors		*37.0*		(0.0	)		37.0

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		25.10		(1.69	)		26.79
Claims against Watch Obligors excluding Special Attention Obligors		4.13		0.05			4.08
Claims against Normal Obligors		0.05		0.00			0.05

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		842.5		(31.0	)		873.6
Reserves for Possible Losses on Loans		516.6		(33.8	)		550.4
Collateral, Guarantees, and equivalent		325.9		2.8			323.1

	*(%)*
Coverage Ratio		74.8		4.2			70.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		86.6		6.2			80.3
Claims for Special Attention		57.1		1.4			55.6
Claims against Special Attention Obligors		*57.8*		2.9			54.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.1		7.4			74.7
Claims for Special Attention		38.3		(0.3	)		38.7
Claims against Special Attention Obligors		*37.7*		0.1			37.5

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		25.53		(1.60	)		27.13
Claims against Watch Obligors excluding Special Attention Obligors		4.15		0.04			4.10
Claims against Normal Obligors		0.06		0.00			0.05

2-24

Mizuho Financial Group, Inc.


Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024

Coverage Amount		12.8		(0.7	)		13.6
Reserves for Possible Losses on Loans		2.7		0.0			2.7
Collateral, Guarantees, and equivalent		10.0		(0.8	)		10.8

	*(%)*
Coverage Ratio		68.7		(5.0	)		73.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		87.9		(0.5	)		88.5
Claims for Special Attention		53.8		(4.6	)		58.4
Claims against Special Attention Obligors		*43.2*		1.8			41.4

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		63.4		(0.2	)		63.6
Claims for Special Attention		18.3		(0.6	)		19.0
Claims against Special Attention Obligors		*18.3*		(0.6	)		18.9

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		12.71		(0.96	)		13.67
Claims against Watch Obligors excluding Special Attention Obligors		0.53		0.13			0.40
Claims against Normal Obligors		0.03		(0.00	)		0.03

2-25

Mizuho Financial Group, Inc.

5. Overview of Non-Performing Loans (“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO


Notes:		Claims for Special Attention is denoted on an individual loans basis.
		Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

2-26

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the BA and the FRA)

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	Fiscal 2021		Fiscal 2022		Fiscal 2023		Fiscal 2024
	As of March 31, 2022		As of March 31, 2023		As of March 31, 2024		As of September 30, 2024
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		41.1		26.0		14.1		12.8		0.0		12.9		(1.1	)
Claims with Collection Risk		726.0		504.6		439.9		375.7		5.3		381.0		(58.9	)
Amount Categorized as above up to Fiscal 2021		767.1		530.6		454.1		388.5		5.4		394.0		(60.1	)
of which the amount which was in the process of being removed from the balance sheet		40.0		24.2		13.7		12.9		0.0		12.9		(0.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors				7.9		1.7		4.5		—		4.5		2.8
Claims with Collection Risk				153.8		59.8		38.5		0.1		38.6		(21.1	)
Amount Newly Categorized as above during Fiscal 2022				161.8		61.6		43.1		0.1		43.2		(18.3	)
of which the amount which was in the process of being removed from the balance sheet				6.3		1.5		1.0		—		1.0		(0.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors						10.7		5.5		—		5.5		(5.2	)
Claims with Collection Risk						208.7		145.2		2.5		147.8		(60.9	)
Amount Newly Categorized as above during Fiscal 2023						219.5		150.8		2.5		153.3		(66.1	)
of which the amount which was in the process of being removed from the balance sheet						9.4		4.7		—		4.7		(4.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors								3.4		0.0		3.4		3.4
Claims with Collection Risk								78.5		0.0		78.5		78.5
Amount Newly Categorized as above during the First Half of Fiscal 2024								81.9		0.0		82.0		82.0
of which the amount which was in the process of being removed from the balance sheet								3.4		0.0		3.4		3.4
Claims against Bankrupt and Substantially Bankrupt Obligors		41.1		34.0		26.6		26.3		0.1		26.4		(0.1	)
Claims with Collection Risk		726.0		658.4		708.6		638.1		8.0		646.1		(62.5	)
Total		767.1		692.5		735.3		664.5		8.1		672.6		(62.6	)
of which the amount which was in the process of being removed from the balance sheet		40.0		30.5		24.7		22.0		0.1		22.2		(2.5	)

* Trust account represents trust accounts that guarantee principals in the agreement.

denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2024


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(1.7	)		(1.7	)		—
Restructuring		(16.9	)		(16.9	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(19.1	)		(19.1	)		—
Direct Write-off		(21.4	)		(21.4	)		—
Other		(85.4	)		(84.1	)		(1.2	)
Debt recovery		(33.7	)		(32.8	)		(0.9	)
Improvement in Business Performance		(51.6	)		(51.3	)		(0.3	)

Total		(144.6	)		(143.4	)		(1.2	)

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	As of September 30, 2024					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		62,419.1		(2,402.8	)		64,821.9
Manufacturing		9,958.7		73.3			9,885.4
Agriculture & Forestry		47.8		0.9			46.8
Fishery		10.0		(0.4	)		10.4
Mining, Quarrying Industry & Gravel Extraction Industry		176.4		(17.8	)		194.3
Construction		1,054.3		(55.9	)		1,110.2
Utilities		3,282.1		(29.7	)		3,311.9
Communication		1,015.0		30.5			984.4
Transportation & Postal Industry		2,244.4		(114.8	)		2,359.3
Wholesale & Retail		4,896.7		75.3			4,821.4
Finance & Insurance		9,455.2		(2,051.0	)		11,506.3
Real Estate		12,061.5		241.2			11,820.2
Commodity Lease		3,170.9		41.1			3,129.8
Service Industries		2,971.9		(102.7	)		3,074.6
Local Governments		459.7		(27.8	)		487.6
Governments		1,630.5		(153.1	)		1,783.6
Other		9,983.3		(311.6	)		10,295.0
Overseas Total (including Loans Booked Offshore)		30,573.8		(255.4	)		30,829.3
Governments		237.5		(24.7	)		262.2
Financial Institutions		12,614.4		215.6			12,398.7
Other		17,721.8		(446.4	)		18,168.2

Total		92,992.9		(2,658.3	)		95,651.3

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:


As of September 30, 2024: ¥265.0 billion (from MHBK)
As of March 31, 2024: ¥631.0 billion (from MHBK)

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-28

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2024					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		59,152.2		(1,902.4	)		61,054.7
Manufacturing		9,625.9		87.4			9,538.5
Agriculture & Forestry		47.7		0.9			46.8
Fishery		10.0		(0.4	)		10.4
Mining, Quarrying Industry & Gravel Extraction Industry		175.3		(17.7	)		193.1
Construction		1,005.9		(57.0	)		1,063.0
Utilities		3,059.9		(13.9	)		3,073.8
Communication		976.0		55.4			920.6
Transportation & Postal Industry		2,115.6		(106.3	)		2,222.0
Wholesale & Retail		4,792.2		85.4			4,706.8
Finance & Insurance		8,992.2		(2,031.7	)		11,024.0
Real Estate		10,566.1		258.2			10,307.9
Commodity Lease		2,987.7		45.6			2,942.1
Service Industries		2,946.2		(96.2	)		3,042.4
Local Governments		459.3		(27.6	)		486.9
Governments		1,630.5		205.1			1,425.3
Other		9,760.7		(289.7	)		10,050.5
Overseas Total (including Loans Booked Offshore)		30,573.8		(255.4	)		30,829.3
Governments		237.5		(24.7	)		262.2
Financial Institutions		12,614.4		215.6			12,398.7
Other		17,721.8		(446.4	)		18,168.2

Total		89,726.0		(2,157.9	)		91,884.0


Mizuho Trust & Banking (Banking Account + Trust Account)

Domestic Total (excluding Loans Booked Offshore)		3,266.8		(500.4	)		3,767.2
Manufacturing		332.7		(14.1	)		346.9
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.1		(0.1	)		1.2
Construction		48.3		1.1			47.1
Utilities		222.2		(15.8	)		238.0
Communication		38.9		(24.9	)		63.8
Transportation & Postal Industry		128.8		(8.5	)		137.3
Wholesale & Retail		104.5		(10.1	)		114.6
Finance & Insurance		462.9		(19.3	)		482.2
Real Estate		1,495.3		(17.0	)		1,512.3
Commodity Lease		183.1		(4.4	)		187.6
Service Industries		25.6		(6.5	)		32.2
Local Governments		0.4		(0.2	)		0.6
Governments		—		(358.3	)		358.3
Other		222.5		(21.8	)		244.4
Overseas Total (including Loans Booked Offshore)		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		3,266.8		(500.4	)		3,767.2

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-29

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen, %)*
	As of September 30, 2024										As of March 31, 2024
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Change						Non Performing Loans based on the BA and the FRA		Coverage Ratio
			Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio					Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		999.6		73.3		(68.4	)		4.5			1,068.0		68.8
Manufacturing		640.6		75.7		(6.8	)		4.7			647.4		71.0
Agriculture & Forestry		3.0		55.9		(5.7	)		(7.7	)		8.7		63.7
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		—			—			—		—
Construction		5.3		72.8		(3.1	)		1.4			8.5		71.3
Utilities		1.1		68.9		(1.7	)		13.4			2.8		55.4
Communication		12.7		62.4		2.6			2.6			10.1		59.8
Transportation & Postal Industry		10.1		70.8		(0.0	)		(0.6	)		10.1		71.5
Wholesale & Retail		119.4		60.2		(11.2	)		1.3			130.7		58.9
Finance & Insurance		26.4		55.8		(12.5	)		8.2			38.9		47.5
Real Estate		29.3		87.6		(1.2	)		0.9			30.6		86.6
Commodity Lease		0.2		70.8		(0.0	)		(4.8	)		0.3		75.6
Service Industries		93.2		63.2		(27.6	)		2.5			120.8		60.7
Local Governments		—		—		—			—			—		—
Other		57.7		94.6		(0.8	)		3.9			58.6		90.7
Overseas Total (including Loans Booked Offshore)		144.4		84.4		(43.7	)		3.7			188.2		80.7
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		144.4		84.4		(43.7	)		3.7			188.2		80.7

Total		1,144.0		74.7		(112.1	)		4.1			1,256.2		70.6

*	Trust account represents trust accounts that guarantee principals in the agreement.

2-30

Mizuho Financial Group, Inc.

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of
September 30,
2024

As of
March 31,
2024

Change

Housing and Consumer Loans

7,490.3

(236.6

)

7,727.0

Housing Loans for owner’s residential housing

7,031.3

(221.0

)

7,252.4

Mizuho Bank

Housing and Consumer Loans

7,455.0

(233.4

)

7,688.4

Housing Loans

7,080.5

(227.8

)

7,308.4

for owner’s residential housing

6,997.7

(218.1

)

7,215.8

Consumer loans

374.4

(5.6

)

380.0

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

35.3

(3.2

)

38.5

Housing Loans for owner’s residential housing

33.6

(2.9

)

36.5

* Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(%, Billions of yen)

As of
September 30,
2024

As of
March 31,
2024

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.2

0.1

58.1

Loans to SMEs and Individual Customers

36,389.0

(1,326.3

)

37,715.3

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.5

(0.2

)

58.8

Loans to SMEs and Individual Customers

34,633.4

(1,269.8

)

35,903.3

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

53.7

5.6

48.0

Loans to SMEs and Individual Customers

1,755.5

(56.4

)

1,812.0

*	Above figures are aggregate banking and trust account amounts.

*	Above figures do not include loans booked at overseas offices and offshore loans.

*	The definition of “Small and Medium-sized Enterprises” is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2024

As of March 31, 2024

Outstanding
Balance

Change

Outstanding Balance

Asia

7,703.3

649.8

7,053.5

Hong Kong

1,095.6

(122.6

)

1,218.3

Singapore

1,384.3

160.3

1,224.0

Thailand

1,121.3

86.2

1,035.1

Taiwan

1,240.4

627.0

613.3

India

897.0

168.5

728.5

South Korea

655.9

(139.0

)

795.0

Indonesia

432.4

4.9

427.4

Philippines

281.4

(33.3

)

314.7

China

102.9

(27.6

)

130.6

Malaysia

92.0

(12.1

)

104.1

Central and South America

4,041.3

(1,242.7

)

5,284.1

Mexico

412.3

5.6

406.6

Brazile

159.7

(31.4

)

191.2

North America

12,558.3

(521.3

)

13,079.7

United States

11,219.5

(557.3

)

11,776.9

Eastern Europe

146.3

(19.0

)

165.4

Russia

123.8

(17.7

)

141.6

Western Europe

5,381.4

(414.5

)

5,795.9

United Kingdom

1,358.9

(122.3

)

1,481.2

Netherlands

1,121.9

(177.6

)

1,299.5

Germany

550.8

(16.6

)

567.4

Ireland

605.4

(29.5

)

635.0

Switzerland

105.9

19.9

85.9

France

370.6

(110.3

)

480.9

Turkey

62.5

3.8

58.7

Italy

22.2

(141.2

)

163.4

Other

4,258.7

55.5

4,203.2

Australia

2,228.0

101.2

2,126.7

Total

34,089.7

(1,492.3

)

35,582.0

The above figures are based on obligor country of location.

The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.


	As of September 30, 2024					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank (China) ,Ltd		1,104.8		(163.8	)		1,268.6
Mizuho Bank (USA)		376.3		(64.9	)		441.2
PT. Bank Mizuho Indonesia		614.7		81.5			533.1

Note: The balances of loans of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥5.6 billion and ¥12.1 billion, respectively.

2-32

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2024

As of March 31, 2024

Non Performing
Loans based on
the BA and the
FRA

Change

Non Performing
Loans based on
the BA and the
FRA

Asia

66.6

(13.3

)

80.0

Hong Kong

0.9

(0.0

)

1.0

Singapore

20.6

(6.4

)

27.0

Thailand

1.2

(1.5

)

2.8

Taiwan

24.0

(2.1

)

26.2

India

—

(0.0

)

0.0

South Korea

—

(0.0

)

0.0

Indonesia

—

Philippines

0.0

(0.0

)

0.0

China

0.1

0.0

0.1

Malaysia

—

Central and South America

26.9

(13.7

)

40.7

Mexico

—

(0.3

)

0.3

Brazile

—

North America

56.5

(27.5

)

84.0

United States

56.5

(27.5

)

84.0

Eastern Europe

19.4

11.2

8.1

Russia

19.4

11.2

8.1

Western Europe

25.9

(11.2

)

37.1

United Kingdom

13.0

9.1

3.8

Netherlands

—

(6.0

)

6.0

Germany

—

Ireland

—

Switzerland

1.9

(0.0

)

1.9

France

—

(5.0

)

5.0

Turkey

—

Italy

9.5

(0.2

)

9.7

Other

7.9

0.0

7.9

Australia

7.9

0.0

7.8

Total

203.4

(54.6

)

258.1

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.


	As of September 30, 2024					As of March 31, 2024
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Mizuho Bank (China) ,Ltd		0.4		(0.0	)		0.5
Mizuho Bank (USA)		—		—			—
PT. Bank Mizuho Indonesia		7.0		0.5			6.4

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥3.3 billion and ¥0.2 billion, respectively.

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2024 to September 30, 2029)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		4,198.7
Income before Income Taxes	2		3,976.0
Tax Adjustments ⁽¹⁾	3		127.4
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		4,103.4
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,256.4

(1)	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2024.


Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2020		316.3
Fiscal 2021		360.3
Fiscal 2022		157.7
Fiscal 2023		406.1
First Half of Fiscal 2024 (estimate)		652.2

•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

•	Figure for the first half of fiscal 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2024			Change			As of March 31, 2024
Reserves for Possible Losses on Loans	7		220.2			(12.7	)		233.0
Impairment of Securities	8		100.1			9.1			90.9
Net Unrealized Losses on Other Securities	9		75.0			(41.5	)		116.5
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		62.9			(9.9	)		72.9
Net Deferred Hedge Losses	12		142.3			2.6			139.6
Tax Losses Carried Forward	13		9.6			(6.7	)		16.4
Other	14		303.8			(1.3	)		305.2

Total Deferred Tax Assets	15		914.1			(60.5	)		974.7

Valuation Allowance	16		(193.9	)		(0.0	)		(193.8	)

Sub-Total [ 15 + 16 ]	17		720.2			(60.6	)		780.8

Amount related to Retirement Benefits Accounting	18		(111.0	)		(8.2	)		(102.8	)
Net Unrealized Gains on Other Securities	19		(369.4	)		21.1			(390.5	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(56.1	)		46.0			(102.2	)

Total Deferred Tax Liabilities	22		(536.6	)		59.0			(595.6	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		183.5			(1.6	)		185.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(312.5	)		(18.7	)		(293.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		142.3			2.6			139.6
Tax effects related to others	26		353.7			14.4			339.2

*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2024 to September 30, 2029)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		164.4
Income before Income Taxes	2		263.7
Tax Adjustments ⁽¹⁾	3		(63.0	)
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		200.7
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		61.4

(1)	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2024.



Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2020		26.6
Fiscal 2021		33.2
Fiscal 2022		30.0
Fiscal 2023		29.4
First Half of Fiscal 2024 (estimate)		15.3

•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

•	Figure for the first half of fiscal 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2024			Change			As of March 31, 2024
Reserves for Possible Losses on Loans	7		1.6			(0.0	)		1.6
Impairment of Securities	8		3.5			0.2			3.3
Net Unrealized Losses on Other Securities	9		0.2			0.0			0.2
Reserve for Employee Retirement Benefits	10		—			—			—
Reserve for Loss of Transfer	11		—			—			—
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		19.0			0.0			19.0

Total Deferred Tax Assets	15		24.4			0.2			24.2

Valuation Allowance	16		(5.0	)		0.1			(5.2	)

Sub-Total [ 15 + 16 ]	17		19.4			0.4			18.9

Amount related to Retirement Benefits Accounting	18		(25.9	)		(2.1	)		(23.8	)
Net Unrealized Gains on Other Securities	19		(24.5	)		2.8			(27.3	)
Net Deferred Hedge Gains	20		(2.6	)		0.2			(2.9	)
Other	21		(0.3	)		(0.0	)		(0.2	)

Total Deferred Tax Liabilities	22		(53.4	)		0.8			(54.3	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(34.0	)		1.3			(35.4	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(24.6	)		2.8			(27.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(2.6	)		0.2			(2.9	)
Tax effects related to others	26		(6.7	)		(1.7	)		(5.0	)

*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-35

Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2024		Change			As of March 31, 2024
Deposits		121,637.7		(3,927.0	)		125,564.8

Individual Deposits		49,010.8		20.6			48,990.2
Corporate Deposits		62,461.9		(4,313.9	)		66,775.8
Financial/Government Institutions		10,164.9		366.2			9,798.7

Mizuho Bank

Deposits		119,015.2		(3,919.3	)		122,934.6

Individual Deposits		48,272.3		27.7			48,244.5
Corporate Deposits		61,178.3		(4,141.8	)		65,320.1
Financial/Government Institutions		9,564.5		194.7			9,369.8

Mizuho Trust & Banking

Deposits		2,622.4		(7.7	)		2,630.1

Individual Deposits		738.5		(7.1	)		745.6
Corporate Deposits		1,283.5		(172.1	)		1,455.6
Financial/Government Institutions		600.3		171.5			428.8

*	Above figures do not include deposits booked at overseas offices and offshore deposits.

2-36

Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2024 (A)			As of March 31, 2024 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	68,777,804		¥	70,442,184		¥	(1,664,380	)
Call Loans		620,825			779,066			(158,240	)
Receivables under Resale Agreements		6,661,347			6,693,619			(32,272	)
Guarantee Deposits Paid under Securities Borrowing Transactions		191,888			188,451			3,436
Other Debt Purchased		647,724			707,057			(59,333	)
Trading Assets		7,314,986			7,027,086			287,899
Money Held in Trust		505			505			(0	)
Securities		37,678,334			37,809,325			(130,991	)
Loans and Bills Discounted		89,726,095			91,884,028			(2,157,932	)
Foreign Exchange Assets		2,079,001			2,171,460			(92,459	)
Derivatives other than for Trading		5,563,680			9,081,601			(3,517,920	)
Other Assets		5,012,144			6,144,905			(1,132,761	)
Tangible Fixed Assets		835,934			872,336			(36,402	)
Intangible Fixed Assets		448,040			404,708			43,331
Prepaid Pension Cost		362,807			336,001			26,806
Deferred Tax Assets		183,527			185,189			(1,661	)
Customers’ Liabilities for Acceptances and Guarantees		11,684,897			11,745,869			(60,972	)
Reserves for Possible Losses on Loans		(694,792	)		(755,930	)		61,138

Total Assets	¥	237,094,755		¥	245,717,469		¥	(8,622,714	)

Liabilities
Deposits	¥	150,029,920		¥	154,407,832		¥	(4,377,911	)
Negotiable Certificates of Deposit		11,771,429			11,250,486			520,942
Call Money		1,982,280			1,009,589			972,691
Payables under Repurchase Agreements		21,362,822			22,254,496			(891,674	)
Guarantee Deposits Received under Securities Lending Transactions		154,415			38,776			115,638
Commercial Paper		1,005,716			1,165,988			(160,271	)
Trading Liabilities		5,360,206			5,958,376			(598,169	)
Borrowed Money		14,452,417			14,124,762			327,655
Foreign Exchange Liabilities		1,354,433			1,181,438			172,995
Bonds and Notes		458,833			641,904			(183,071	)
Derivatives other than for Trading		6,875,519			10,309,625			(3,434,106	)
Other Liabilities		3,667,273			4,596,842			(929,569	)
Reserve for Bonus Payments		30,278			38,758			(8,480	)
Reserve for Variable Compensation		293			801			(507	)
Reserve for Possible Losses on Sales of Loans		8,761			8,645			115
Reserve for Contingencies		3,398			4,105			(707	)
Reserve for Reimbursement of Deposits		8,416			9,871			(1,454	)
Reserve for Reimbursement of Debentures		23,718			25,125			(1,407	)
Deferred Tax Liabilities for Revaluation Reserve for Land		46,410			57,583			(11,172	)
Acceptances and Guarantees		11,684,897			11,745,869			(60,972	)

Total Liabilities		230,281,444			238,830,880			(8,549,436	)

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,259,392			2,259,392			—
Capital Reserve		660,805			660,805			—
Other Capital Surplus		1,598,587			1,598,587			—
Retained Earnings		2,541,330			2,615,322			(73,991	)
Appropriated Reserve		624,534			524,533			100,000
Other Retained Earnings		1,916,795			2,090,788			(173,992	)
Retained Earnings Brought Forward		1,916,795			2,090,788			(173,992	)

Total Shareholders’ Equity		6,204,787			6,278,779			(73,991	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		822,950			791,974			30,975
Net Deferred Hedge Gains (Losses), net of Taxes		(315,991	)		(311,045	)		(4,945	)
Revaluation Reserve for Land, net of Taxes		101,564			126,879			(25,315	)

Total Valuation and Translation Adjustments		608,523			607,808			714

Total Net Assets		6,813,311			6,886,588			(73,277	)

Total Liabilities and Net Assets	¥	237,094,755		¥	245,717,469		¥	(8,622,714	)

2-37

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2024 (A)			For the six months ended September 30, 2023 (B)		Change (A) - (B)
Ordinary Income	¥	3,273,841		¥	2,734,811	¥	539,029
Interest Income		2,490,924			2,223,471		267,452
Interest on Loans and Bills Discounted		*1,276,139*			1,250,830		25,308
Interest and Dividends on Securities		*406,426*			275,720		130,706
Fee and Commission Income		312,172			307,393		4,778
Trading Income		180,267			19,126		161,140
Other Operating Income		129,072			111,635		17,437
Other Ordinary Income		161,405			73,184		88,220

Ordinary Expenses		2,756,364			2,356,277		400,087
Interest Expenses		1,998,387			1,788,516		209,871
Interest on Deposits		*840,978*			798,467		42,511
Fee and Commission Expenses		129,533			106,662		22,871
Trading Expenses		31			1,002		(970	)
Other Operating Expenses		110,539			19,515		91,024
General and Administrative Expenses		429,260			388,297		40,962
Other Ordinary Expenses		88,612			52,282		36,329

Ordinary Profits		517,476			378,534		138,942

Extraordinary Gains		45,924			23,958		21,965

Extraordinary Losses		4,015			1,125		2,889

Income before Income Taxes		559,384			401,366		158,018
Income Taxes:
Current		184,336			97,983		86,352
Deferred		(25,648	)		52,526		(78,175	)

Net Income	¥	400,696		¥	250,855	¥	149,841

2-38

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SEC Form 6-K filed by Mizuho Financial Group Inc. Sponosred ADR (Japan)

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