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

2/3/25 6:05:12 AM ET

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6-K 1 d900873d6k.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 February 2025

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:		February 3, 2025

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 Third Quarter of Fiscal 2024

(Nine months ended December 31, 2024)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		February 3, 2025


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
Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		-
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Third Quarter of Fiscal 2024 (for the nine months ended December 31, 2024)

(1) Consolidated Results of Operations (Accumulated Period)

(%: Changes from the corresponding period of the previous fiscal year)

Ordinary Income

Ordinary Profits

Profit
Attributable to
Owners of Parent

¥ million

3Q F2024

7,073,521

14.8

1,126,538

27.6

855,374

33.1

3Q F2023

6,160,482

42.9

882,850

34.1

642,320

18.2

Note:

Comprehensive Income:

3Q F2024: ¥637,001 million, (34.5)%; 3Q F2023: ¥972,881 million, —%


	Earnings per Share of Common Stock		Diluted Earnings per Share of Common Stock
	¥		¥
3Q F2024		337.64		337.64
3Q F2023		253.41		253.41

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
3Q F2024		285,391,446		10,583,107		3.6
Fiscal 2023		278,672,151		10,312,135		3.6


Reference:		Own Capital:
		As of December 31, 2024: ¥10,502,145 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: No

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				Earnings per Share of Common Stock
		¥ million		%		¥
Fiscal 2024			820,000		20.7		324.12


Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2024: No
	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, 2Q and 3Q 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 December 31, 2024).

Notes

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

(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No

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

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

(4) Issued Shares of Common Stock


i. Period-end issued shares (including treasury stock):	As of December 31, 2024	2,539,249,894 shares	As of March 31, 2024	2,539,249,894 shares
ii. Period-end treasury stock:	As of December 31, 2024	19,951,487 shares	As of March 31, 2024	4,739,805 shares
iii. Average outstanding shares (accumulated period):	3Q Fiscal 2024	2,533,336,417 shares	3Q Fiscal 2023	2,534,658,103 shares

Review of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

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”) and our report on Form 6-K furnished to the SEC on December 26, 2024, both of which are 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.

Mizuho Financial Group, Inc.

m Contents of Attachment


1. Overview of Consolidated Results of Operations and Financial Condition		p.1-2

2. Quarterly Consolidated Financial Statements and Others		p.1-3
(1) Consolidated Balance Sheets		p.1-3
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-5
(3) Notes regarding Consolidated Financial Statements		p.1-7
(The Framework for Financial Reporting applied to Quarterly Consolidated Financial Statements)
(Matters Related to the Assumption of Going Concern)
(Significant Changes in the Amount of Shareholders’ Equity)
(Business Segments Information)
(Consolidated Statement of Cash Flows)
øSELECTED FINANCIAL INFORMATION For the Third Quarter 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.

1-1

Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Condition

The subject matter is described in the “Summary of Financial Results for the Third Quarter of FY2024” disclosed on February 3, 2025 (Monday), which is available on our web page at https://www.mizuhogroup.com/investors/financial-information/financial-statements.

The information is posted under the Financial Statements (under Japanese GAAP) of Mizuho Financial Group, FY2024, Third Quarter, on the above web page.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	$			$
	*Millions of yen*
	As of March 31, 2024			As of December 31, 2024
Assets
Cash and Due from Banks	¥	72,968,900		¥	64,766,427
Call Loans and Bills Purchased		1,259,964			662,357
Receivables under Resale Agreements		20,533,096			26,149,842
Guarantee Deposits Paid under Securities Borrowing Transactions		2,357,463			2,111,382
Monetary Claims Bought		4,174,891			4,037,975
Trading Assets		21,381,444			24,560,610
Money Held in Trust		583,647			603,971
Securities		38,245,422			36,302,752
Loans and Bills Discounted		92,778,781			97,863,581
Foreign Exchange Assets		2,259,701			2,647,300
Derivatives other than for Trading Assets		2,606,667			4,270,890
Other Assets		7,364,363			8,488,064
Tangible Fixed Assets		1,139,470			1,097,061
Intangible Fixed Assets		725,142			792,153
Net Defined Benefit Asset		847,116			867,746
Deferred Tax Assets		135,428			195,572
Customers’ Liabilities for Acceptances and Guarantees		10,098,502			10,654,627
Allowance for Loan Losses		(787,848	)		(680,865	)
Allowance for Investment Losses		(4	)		(4	)

Total Assets	¥	278,672,151		¥	285,391,446

1-3

Mizuho Financial Group, Inc.

	$			$
	*Millions of yen*
	As of March 31, 2024			As of December 31, 2024
Liabilities
Deposits	¥	159,854,668		¥	156,464,679
Negotiable Certificates of Deposit		11,590,532			15,891,823
Call Money and Bills Sold		1,660,682			2,172,718
Payables under Repurchase Agreements		38,103,216			35,890,167
Guarantee Deposits Received under Securities Lending Transactions		1,306,422			1,481,838
Commercial Paper		1,165,988			1,688,127
Trading Liabilities		13,836,028			14,687,682
Borrowed Money		5,449,852			5,784,049
Foreign Exchange Liabilities		900,034			1,190,641
Short-term Bonds		565,736			698,668
Bonds and Notes		11,999,712			13,029,872
Due to Trust Accounts		983,877			989,360
Derivatives other than for Trading Liabilities		3,818,518			5,482,394
Other Liabilities		6,618,151			8,348,165
Reserve for Bonus Payments		185,977			148,861
Reserve for Variable Compensation		2,527			1,670
Net Defined Benefit Liability		67,151			67,526
Reserve for Director and Corporate Auditor Retirement Benefits		541			468
Reserve for Possible Losses on Sales of Loans		8,645			9,290
Reserve for Contingencies		19,321			20,096
Reserve for Reimbursement of Deposits		10,378			7,928
Reserve for Reimbursement of Debentures		25,125			20,924
Reserves under Special Laws		3,781			3,772
Deferred Tax Liabilities		27,058			26,972
Deferred Tax Liabilities for Revaluation Reserve for Land		57,583			46,009
Acceptances and Guarantees		10,098,502			10,654,627

Total Liabilities	¥	268,360,016		¥	274,808,339

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,732
Retained Earnings		5,538,891			6,115,850
Treasury Stock		(9,402	)		(69,091	)

Total Shareholders’ Equity		8,915,987			9,433,259

Net Unrealized Gains (Losses) on Other Securities		929,815			728,098
Deferred Gains (Losses) on Hedges		(298,280	)		(349,318	)
Revaluation Reserve for Land		126,879			100,692
Foreign Currency Translation Adjustments		344,250			401,165
Remeasurements of Defined Benefit Plans		214,337			189,372
Own Credit Risk Adjustments, Net of Tax		(452	)		(1,125	)

Total Accumulated Other Comprehensive Income		1,316,550			1,068,886

Stock Acquisition Rights		5			5
Non-Controlling Interests		79,591			80,956

Total Net Assets		10,312,135			10,583,107

Total Liabilities and Net Assets	¥	278,672,151		¥	285,391,446

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income


	*Millions of yen*
	For the nine months ended December 31, 2023		For the nine months ended December 31, 2024
Ordinary Income	¥	6,160,482	¥	7,073,521
Interest Income		4,061,818		4,730,018
Interest on Loans and Bills Discounted		2,020,883		2,151,051
Interest and Dividends on Securities		460,495		644,732
Fiduciary Income		45,536		45,532
Fee and Commission Income		738,392		822,102
Trading Income		909,834		823,101
Other Operating Income		251,861		301,963
Other Ordinary Income		153,038		350,803
Ordinary Expenses		5,277,631		5,946,983
Interest Expenses		3,404,582		3,992,754
Interest on Deposits		1,230,987		1,358,432
Fee and Commission Expenses		149,756		169,144
Trading Expenses		387,416		—
Other Operating Expenses		67,424		295,236
General and Administrative Expenses		1,172,275		1,357,822
Other Ordinary Expenses		96,176		132,025

Ordinary Profits		882,850		1,126,538

Extraordinary Gains		42,212		50,888
Extraordinary Losses		3,609		10,189

Profit before Income Taxes		921,452		1,167,237

Income Taxes:
Current		224,731		266,799
Deferred		51,282		42,105

Total Income Taxes		276,014		308,905

Profit		645,438		858,331

Profit Attributable to Non-controlling Interests		3,118		2,956

Profit Attributable to Owners of Parent	¥	642,320	¥	855,374

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the nine months ended December 31, 2023			For the nine months ended December 31, 2024
Profit	¥	645,438		¥	858,331
Other Comprehensive Income (Losses)		327,443			(221,329	)
Net Unrealized Gains (Losses) on Other Securities		210,789			(201,505	)
Deferred Gains (Losses) on Hedges		8,422			(50,624	)
Foreign Currency Translation Adjustments		136,694			58,818
Remeasurements of Defined Benefit Plans		(44,367	)		(23,354	)
Own Credit Risk Adjustments, Net of Tax		68			(672	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		15,836			(3,989	)

Comprehensive Income		972,881			637,001

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		965,394			633,897
Comprehensive Income Attributable to Non-controlling Interests		7,487			3,104

1-6

Mizuho Financial Group, Inc.

(3) Notes regarding Consolidated Financial Statements

(The Framework for Financial Reporting applied to Quarterly Consolidated Financial Statements)

The quarterly consolidated financial statements, that is, the quarterly consolidated balance sheet, the quarterly consolidated statement of income, the quarterly consolidated statement of comprehensive income, and these notes, have been prepared in accordance with Article 4, Paragraph 1 of the Tokyo Stock Exchange, Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards) and accounting principles for quarterly financial statements generally accepted in Japan. However, the omission of disclosures as prescribed in Article 4, Paragraph 2 of the Standards applies.

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Significant Changes in the Amount of Shareholders’ Equity)

There is no applicable information.

(Business Segments Information)

Summary of reportable segments

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

The services that each in-house company is in charge of are as follows:

RBC:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

CIBC:

Services for large corporations, financial institutions and public corporations in Japan

GCIBC:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

GMC:

Investment services with respect to interest rates, equities and credits, etc. and other services

AMC:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segments information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

1-7

Mizuho Financial Group, Inc.

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, and Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others by reportable segment

For the nine months ended December 31, 2023


	(Millions of yen)
	MHFG (Consolidated)
	RBC		CIBC		GCIBC		GMC		AMC			Others (Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others		531,718		396,192		534,595		442,008		41,366			72,169	2,018,048
General and Administrative Expenses (excluding Non-Recurring Losses and others)		467,873		157,455		272,388		228,030		26,605			38,734	1,191,085
Equity in Income from Investments in Affiliates		5,260		6,005		19,076		—		(13,852	)		620	17,109
Amortization of Goodwill and others		4		610		648		—		4,855			261	6,378
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		69,101		244,132		280,635		213,978		(3,946	)		33,793	837,693


Notes:	1.	Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥19,784 million, of which ¥17,149 million is included in the GMC.
	2.	“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
	3.	Following the change in allocation method for transactions between each segment and “Others” made in April 2024, reclassification was made on the above table to reflect the relevant change.

For the nine months ended December 31, 2024


	(Millions of yen)
	MHFG (Consolidated)
	RBC		CIBC		GCIBC		GMC		AMC		Others (Note 2)
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others		587,615		437,778		599,855		493,656		43,869		144,188	2,306,961
General and Administrative Expenses (excluding Non-Recurring Losses and others)		513,721		174,185		330,161		259,627		28,213		64,728	1,370,635
Equity in Income from Investments in Affiliates		5,814		8,234		20,503		—		591		3,523	38,665
Amortization of Goodwill and others		4		618		4,657		—		4,587		910	10,776
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		79,704		271,209		285,540		234,029		11,660		82,073	964,215


Notes:	1.	Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥41,378 million, of which ¥36,316 million is included in the GMC.
	2.	“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

1-8

Mizuho Financial Group, Inc.

The difference between the total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others of reportable segments and the recorded amounts in the Quarterly Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others derived from internal management reporting are different from Profit before Income Taxes recorded in the Quarterly Consolidated Statement of Income.

The contents of the difference for the nine months ended December 31, 2023 and 2024, are as follows:


	(Millions of yen)
	For the nine months ended December 31, 2023			For the nine months ended December 31, 2024
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		837,693			964,215
General and Administrative Expenses (Non-Recurring Losses)		25,188			23,588
Expenses related to Portfolio Problems (including reversal of (provision for) general allowance for loan losses)		(19,218	)		(16,517	)
Gains on Reversal of allowance for loan losses, and others		5,320			55,066
Net Gains (Losses) related to Stocks - Net Gains (Losses) related to ETFs and others		59,769			114,448
Net Extraordinary Gains (Losses)		38,602			40,698
Others		(25,902	)		(14,263	)

Profit before Income Taxes recorded in Quarterly Consolidated Statement of Income		921,452			1,167,237

(Consolidated Statement of Cash Flows)

We have not prepared Quarterly Consolidated Statement of Cash Flows for the nine months ended December 31, 2024. Depreciation (including Amortization of Intangible Fixed Assets excluding Goodwill) and Amortization of Goodwill for the nine months ended December 31, 2023 and 2024 are as follows:


	(Millions of yen)
	For the nine months ended December 31, 2023		For the nine months ended December 31, 2024
Depreciation		124,502		143,574
Amortization of Goodwill		2,872		5,646

1-9

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2024

(Nine months ended December 31, 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 Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2024

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Net Gains/Losses on Stocks

CON

NON

2-3

3. Unrealized Gains/Losses on Securities

CON

NON

2-4

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

CON

NON

2-7

5. Status of Deposits and Loans

NON

2-11

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-13

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

2-14

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”), and our report on Form 6-K furnished to the SEC on December 26, 2024, both of which are 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.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2024

1. Income Analysis

Consolidated


		*(Billions of yen)*
		Third Quarter of Fiscal 2024 (Accumulated Period)						Third Quarter of Fiscal 2023 (Accumulated Period)
					Change
Consolidated Gross Profits	1		2,265.5			267.3			1,998.2
Net Interest Income	2		737.2			80.0			657.2
Fiduciary Income	3		45.5			(0.0	)		45.5
Credit Costs of Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		652.9			64.3			588.6
Net Trading Income	6		823.1			300.6			522.4
Net Other Operating Income	7		6.7			(177.7	)		184.4
General and Administrative Expenses	8		(1,357.8	)		(185.5	)		(1,172.2	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)	9		(16.5	)		2.7			(19.2	)
Gains on Reversal of Allowance for Loan Losses, and others	10		55.0			49.7			5.3
Net Gains (Losses) related to Stocks	11		155.8			76.2			79.5
Equity in Income from Investments in Affiliates	12		38.6			21.5			17.1
Other	13		(14.2	)		11.6			(25.9	)

Ordinary Profits	14		1,126.5			243.6			882.8

Net Extraordinary Gains (Losses)	15		40.6			2.0			38.6
Profit before Income Taxes	16		1,167.2			245.7			921.4
Income Taxes	17		(308.9	)		(32.8	)		(276.0	)
Profit	18		858.3			212.8			645.4
Profit Attributable to Non-controlling Interests	19		(2.9	)		0.1			(3.1	)

Profit Attributable to Owners of Parent	20		855.3			213.0			642.3


Credit-related Costs (including Credit Costs of Trust Accounts)	21		38.5			52.4			(13.8	)
Credit-related Costs [21] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowance for Loan Losses, and others [10] + Credit Costs of Trust Accounts [4]
Reference:
Consolidated Net Business Profits	22		922.8			104.9			817.9
Consolidated Net Business Profits [22] = 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	23		231			22			209
Number of affiliates under the equity method	24		27			4			23

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks


		*(Billions of yen)*
		Third Quarter of Fiscal 2024 (Accumulated Period)												Third Quarter of Fiscal 2023 (Accumulated Period)
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,252.6			82.3			1,334.9			104.4			1,230.5
Net Interest Income	2		780.6			15.6			796.2			155.3			640.9
Fiduciary Income	3					45.8			45.8			0.0			45.8
Trust Fees for Jointly Operated Designated Money Trust	4					*2.7*			*2.7*			(0.1	)		2.9
Credit Costs of Trust Accounts	5					—			—			—			—
Net Fee and Commission Income	6		295.5			20.7			316.3			(7.6	)		323.9
Net Trading Income	7		171.1						171.1			40.3			130.7
Net Other Operating Income	8		5.2			0.0			5.3			(83.7	)		89.0
General and Administrative Expenses (excluding Non-Recurring Losses)	9		(671.1	)		(65.2	)		(736.4	)		(69.7	)		(666.6	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) ⁽¹⁾	10		581.4			17.0			598.5			34.6			563.8
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas ⁽²⁾	11		578.0			17.0			595.0			71.0			524.0
Excluding Net Gains (Losses) from redemption of Investment Trusts	12		*567.7*			*17.0*			*584.8*			86.6			498.2

Reversal of (Provision for) General Allowance for Loan Losses	13		—			—			—			—			—

Net Business Profits	14		581.4			17.0			598.5			34.6			563.8
Net Gains (Losses) related to Bonds	15		*3.4*			*(0.0*	)		*3.4*			(36.3	)		39.8

Net Non-Recurring Gains (Losses)	16		197.4			15.5			212.9			145.3			67.6
Net Gains (Losses) related to Stocks	17		139.7			9.2			149.0			87.4			61.5
Expenses related to Portfolio Problems	18		(17.6	)		—			(17.6	)		(6.1	)		(11.4	)
Gains on Reversal of Allowance for Loan Losses, and others	19		58.6			0.1			58.7			50.0			8.7
Other	20		16.6			6.1			22.7			13.9			8.8
Ordinary Profits	21		778.9			32.6			811.5			180.0			631.4

Net Extraordinary Gains (Losses)	22		39.3			0.3			39.7			0.0			39.6
Profit before Income Taxes	23		818.2			32.9			851.2			180.0			671.1
Income Taxes	24		(216.9	)		(9.4	)		(226.3	)		(9.2	)		(217.1	)

Profit	25		601.3			23.5			624.8			170.8			454.0

(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of “Credit Costs of Trust Accounts” [5]. (2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[11] =Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)[10]-Net Gains (Losses) related to Bonds[15]

Credit-related Costs	26		41.0			0.1			41.1			43.9			(2.7	)

Credit-related Costs [26] = Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Allowance for Loan Losses [13] + Gains on Reversal of Allowance for Loan Losses, and others [19] + Credit Costs of Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	27					—			—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	28		45.3			(0.1	)		45.2			83.0			(37.8	)
Losses on Write-offs of Loans	29		2.2			0.0			2.2			9.6			(7.4	)
Reversal of (Provision for) Specific Allowance for Loan Losses	30		(3.7	)		0.1			(3.5	)		(34.2	)		30.6
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	31		8.9			—			8.9			(3.2	)		12.2
Reversal of (Provision for) Reserve for Contingencies	32		(3.2	)		0.0			(3.1	)		(4.3	)		1.1
Other (including Losses on Sales of Loans)	33		(8.4	)		—			(8.4	)		(6.8	)		(1.5	)
Total	34		41.0			0.1			41.1			43.9			(2.7	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated


	*(Billions of yen)*
	Third Quarter of Fiscal 2024 (Accumulated Period)						Third Quarter of Fiscal 2023 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		155.8			76.2			79.5
Gains on Sales		240.4			117.5			122.8
Losses on Sales		(72.2	)		(59.1	)		(13.1	)
Impairment (Devaluation)		(5.9	)		(3.7	)		(2.2	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(6.3	)		21.6			(27.9	)
Non-Consolidated
Aggregate Figures for the 2 Banks	Third Quarter of Fiscal 2024 (Accumulated Period)						Third Quarter of Fiscal 2023 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		149.0			87.4			61.5
Gains on Sales		226.5			115.8			110.7
Losses on Sales		(68.0	)		(58.2	)		(9.7	)
Impairment (Devaluation)		(3.2	)		8.2			(11.5	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(6.3	)		21.6			(27.9	)

Mizuho Bank	Third Quarter of Fiscal 2024 (Accumulated Period)						Third Quarter of Fiscal 2023 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		139.7			81.0			58.7
Gains on Sales		216.2			108.4			107.8
Losses on Sales		(67.9	)		(58.2	)		(9.6	)
Impairment (Devaluation)		(2.3	)		9.2			(11.5	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		(6.3	)		21.6			(27.9	)

Mizuho Trust & Banking	Third Quarter of Fiscal 2024 (Accumulated Period)						Third Quarter of Fiscal 2023 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		9.2			6.3			2.8
Gains on Sales		10.2			7.3			2.9
Losses on Sales		(0.0	)		(0.0	)		(0.0	)
Impairment (Devaluation)		(0.9	)		(0.9	)		—
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Billions of yen)

As of December 31, 2024

As of March 31, 2024

As of September 30, 2024 (Reference)

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(=Fair Value)

Gains

Losses

(=Fair Value)

Gains

Losses

(=Fair Value)

Gains

Losses

MHFG (Consolidated)

Other Securities

30,113.9

1,029.6

2,017.1

987.4

32,731.5

1,326.8

2,339.3

1,012.5

32,622.4

1,351.1

2,093.4

742.2

Japanese Stocks

2,811.0

1,965.4

1,971.3

5.8

3,102.6

2,185.7

2,190.4

4.7

2,896.3

2,009.1

2,016.9

7.7

Japanese Bonds

12,228.1

(60.2

)

7.4

67.7

14,366.3

(28.5

)

18.1

46.6

13,616.2

(44.3

)

8.0

52.4

Japanese Government Bonds

9,125.2

(5.9

)

0.1

6.1

10,974.3

6.2

9.3

3.0

10,495.0

(3.4

)

0.4

3.8

Other

15,074.7

(875.5

)

38.3

913.8

15,262.4

(830.3

)

130.8

961.1

16,109.8

(613.6

)

68.3

682.0

Foreign Bonds

12,403.6

(713.0

)

9.3

722.4

12,293.4

(711.6

)

20.3

731.9

13,715.4

(453.3

)

38.0

491.3

* In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Monetary Claims Bought” 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 December 31, 2024, September 30, 2024 and March 31, 2024 are ¥172.3 billion (Foreign Bonds ¥198.8 billion and Japanese Government Bonds ¥(0.4) billion), ¥16.3 billion (Foreign Bonds ¥29.6 billion and Japanese Government Bonds ¥0.0 billion) and ¥181.7 billion (Foreign Bonds ¥218.1 billion and Japanese Government Bonds ¥(6.0) billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of December 31, 2024, September 30, 2024 and March 31, 2024 are ¥1,202.0 billion (Foreign Bonds ¥(514.2) billion and Japanese Government Bonds ¥(6.4) billion), ¥1,367.4 billion (Foreign Bonds ¥(423.6) billion and Japanese Government Bonds ¥(3.4) billion) and ¥1,508.6 billion (Foreign Bonds ¥(493.5) billion and Japanese Government Bonds ¥0.2 billion), respectively.

* Unrealized Gains/Losses on Other Securities as of December 31, 2024, 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

(Billions of yen)

As of December 31, 2024

As of March 31, 2024

As of September 30, 2024 (Reference)

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

MHFG (Consolidated)

4,416.6

(216.8

)

7.5

224.3

4,045.1

(182.2

)

8.7

190.9

4,061.9

(111.0

)

30.7

141.8

2-4

Mizuho Financial Group, Inc.


Non-Consolidated Aggregate Figures for the 2 Banks (1) Other Securities
	*(Billions of yen)*
	As of December 31, 2024									As of March 31, 2024									As of September 30, 2024 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
MHBK
Other Securities		28,989.1		844.4			1,828.6		984.1		31,711.5		1,126.3			2,137.6		1,011.2		31,380.1		1,168.6			1,907.9		739.3
Japanese Stocks		2,559.0		1,781.2			1,786.1		4.8		2,836.6		1,988.7			1,992.3		3.6		2,646.4		1,829.2			1,835.1		5.9
Japanese Bonds		12,109.3		(60.0	)		7.2		67.3		14,252.0		(29.0	)		17.5		46.6		13,495.2		(44.4	)		7.7		52.1
Japanese Government Bonds		*9,111.1*		*(5.9*	)		*0.1*		*6.1*		10,963.3		6.2			9.3		3.0		10,485.1		(3.4	)		0.4		3.8
Other		14,320.7		(876.6	)		35.3		911.9		14,622.7		(833.3	)		127.7		961.0		15,238.4		(616.1	)		65.0		681.2
Foreign Bonds		*11,825.9*		*(714.2*	)		*7.1*		*721.4*		11,723.0		(712.9	)		18.9		731.8		13,057.8		(455.1	)		35.4		490.5
MHTB
Other Securities		224.6		109.6			110.6		0.9		239.6		116.5			117.6		1.0		224.3		105.6			107.1		1.5
Japanese Stocks		162.7		109.4			110.1		0.7		172.6		115.5			116.6		1.0		159.7		104.9			106.4		1.5
Japanese Bonds		57.3		0.0			0.2		0.1		61.7		0.3			0.4		0.0		59.8		0.2			0.3		0.0
Japanese Government Bonds		—		—			—		—		—		—			—		—		—		—			—		—
Other		4.5		0.1			0.2		0.0		5.2		0.6			0.6		0.0		4.7		0.3			0.3		0.0
Foreign Bonds		—		—			—		—		—		—			—		—		—		—			—		—
Total
Other Securities		29,213.7		954.1			1,939.2		985.1		31,951.1		1,242.8			2,255.2		1,012.3		31,604.4		1,274.2			2,015.1		740.9
Japanese Stocks		2,721.7		1,890.6			1,896.2		5.5		3,009.3		2,104.2			2,108.9		4.6		2,806.1		1,934.1			1,941.6		7.4
Japanese Bonds		12,166.7		(60.0	)		7.4		67.4		14,313.7		(28.6	)		17.9		46.6		13,555.0		(44.1	)		8.0		52.2
Japanese Government Bonds		*9,111.1*		*(5.9*	)		*0.1*		*6.1*		10,963.3		6.2			9.3		3.0		10,485.1		(3.4	)		0.4		3.8
Other		14,325.2		(876.5	)		35.5		912.0		14,627.9		(832.7	)		128.3		961.0		15,243.2		(615.8	)		65.4		681.2
Foreign Bonds		*11,825.9*		*(714.2*	)		*7.1*		*721.4*		11,723.0		(712.9	)		18.9		731.8		13,057.8		(455.1	)		35.4		490.5

*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Monetary Claims Bought” 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 December 31, 2024, September 30, 2024 and March 31, 2024 are ¥172.3 billion (Foreign Bonds ¥198.8 billion and Japanese Government Bonds ¥(0.4) billion), ¥16.3 billion (Foreign Bonds ¥29.6 billion and Japanese Government Bonds ¥0.0 billion) and ¥181.7 billion (Foreign Bonds ¥218.1 billion and Japanese Government Bonds ¥(6.0) billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of December 31, 2024, September 30, 2024 and March 31, 2024 are ¥1,126.4 billion (Foreign Bonds ¥(515.3) billion and Japanese Government Bonds ¥(6.4) billion), ¥1,290.5 billion (Foreign Bonds ¥(425.4) billion and Japanese Government Bonds ¥(3.4) billion) and ¥1,408.9 billion (Foreign Bonds ¥(494.8) billion and Japanese Government Bonds ¥0.2 billion), respectively.

Unrealized Gains/Losses on Other Securities as of December 31, 2024, 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.

2-5

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity


	*(Billions of yen)*
	As of December 31, 2024									As of March 31, 2024									As of September 30, 2024 (Reference)
			Unrealized Gains/Losses									Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses		Book Value					Gains		Losses
MHBK		4,416.6		(216.8	)		7.5		224.3		4,045.1		(182.2	)		8.7		190.9		4,061.9		(111.0	)		30.7		141.8
MHTB		—		—			—		—		—		—			—		—		—		—			—		—
Total		4,416.6		(216.8	)		7.5		224.3		4,045.1		(182.2	)		8.7		190.9		4,061.9		(111.0	)		30.7		141.8

(3) Investments in Subsidiaries and Affiliates


	*(Billions of yen)*
	As of December 31, 2024								As of March 31, 2024								As of September 30, 2024 (Reference)
			Unrealized Gains/Losses								Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK		106.1		438.7		438.7		—		106.1		468.9		468.9		—		106.1		419.6		419.6		—
MHTB		—		—		—		—		—		—		—		—		—		—		—		—
Total		106.1		438.7		438.7		—		106.1		468.9		468.9		—		106.1		419.6		419.6		—

(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 accounting 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


	*(Billions of yen)*
	As of December 31, 2024						As of March 31, 2024			As of September 30, 2024 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		989.6			(284.0	)		1,273.7			1,309.1
Japanese Stocks		1,924.4			(208.7	)		2,133.2			1,966.3
Japanese Bonds		(60.2	)		(31.7	)		(28.5	)		(44.3	)
Japanese Government Bonds		*(5.9*	)		(12.2	)		6.2			(3.4	)
Other		(874.5	)		(43.5	)		(830.9	)		(612.8	)
Foreign Bonds		*(712.1*	)		0.1			(712.2	)		(452.4	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of December 31, 2024						As of March 31, 2024			As of September 30, 2024 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		913.9			(276.4	)		1,190.3			1,232.1
Japanese Stocks		1,850.4			(201.2	)		2,051.7			1,892.0
Japanese Bonds		(60.0	)		(31.3	)		(28.6	)		(44.1	)
Japanese Government Bonds		*(5.9*	)		(12.2	)		6.2			(3.4	)
Other		(876.5	)		(43.7	)		(832.7	)		(615.8	)
Foreign Bonds		*(714.2*	)		(1.2	)		(712.9	)		(455.1	)

2-6

Mizuho Financial Group, Inc.

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

Consolidated


	*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		32.4		(4.0	)		36.4		37.1
Claims with Collection Risk		576.8		(123.8	)		700.7		649.9
Claims for Special Attention		493.8		(21.6	)		515.5		477.8
Loans Past Due for 3 Months or More		1.7		1.2			0.4		0.7
Restructured Loans		492.0		(22.9	)		515.0		477.1
Sub-total[1]		1,103.1		(149.6	)		1,252.7		1,165.0
Normal Claims		111,425.3		6,044.5			105,380.8		104,592.7

Total[2]		112,528.5		5,894.9			106,633.5		105,757.8


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		101.4		(5.8	)		107.2		109.1

	*(%)*
NPL ratio[1]/[2]		0.98		(0.19)			1.17		1.10

Trust Account
		*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
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		1.6		(0.4	)		2.1		1.7

Total[4]		1.6		(0.4	)		2.1		1.7


								*(%)*
NPL ratio[3]/[4]		—		—			—		—

2-7

Mizuho Financial Group, Inc.

Consolidated + Trust Account


		*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		32.4		(4.0	)		36.4		37.1
Claims with Collection Risk		576.8		(123.8	)		700.7		649.9
Claims for Special Attention		493.8		(21.6	)		515.5		477.8
Loans Past Due for 3 Months or More		1.7		1.2			0.4		0.7
Restructured Loans		492.0		(22.9	)		515.0		477.1
Sub-total[5]		1,103.1		(149.6	)		1,252.7		1,165.0
Normal Claims		111,427.0		6,044.0			105,382.9		104,594.4

Total[6]		112,530.1		5,894.4			106,635.6		105,759.5


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		101.4		(5.8	)		107.2		109.1

	*(%)*
NPL ratio[5]/[6]		0.98		(0.19)			1.17		1.10

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

2-8

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		22.1		(4.5	)		26.6		26.4
Claims with Collection Risk		571.2		(137.4	)		708.6		646.1
Claims for Special Attention		486.4		(34.4	)		520.9		471.4
Loans Past Due for 3 Months or More		1.7		1.2			0.4		0.7
Restructured Loans		484.6		(35.7	)		520.4		470.6
Sub-total[1]		1,079.8		(176.4	)		1,256.2		1,144.0
Normal Claims		114,986.7		6,102.9			108,883.7		106,392.8

Total[2]		116,066.5		5,926.5			110,140.0		107,536.9


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		99.0		(6.2	)		105.3		106.9

	*(%)*
NPL ratio[1]/[2]		0.93		(0.21	)		1.14		1.06

Mizuho Bank

	*(Billions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		22.0		(4.5	)		26.5		26.3
Claims with Collection Risk		563.4		(135.9	)		699.3		638.1
Claims for Special Attention		478.0		(33.7	)		511.7		460.9
Loans Past Due for 3 Months or More		1.7		1.2			0.4		0.7
Restructured Loans		476.3		(35.0	)		511.3		460.1
Sub-total[3]		1,063.5		(174.2	)		1,237.7		1,125.4
Normal Claims		112,294.0		6,284.1			106,009.8		103,640.4

Total[4]		113,357.5		6,109.9			107,247.6		104,765.8


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		98.8		(6.2	)		105.1		106.6

	*(%)*
NPL ratio[3]/[4]		0.93		(0.21	)		1.15		1.07

2-9

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)


	*(Billions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		0.0	(0.0	)	0.0	0.1
Claims with Collection Risk		7.8	(1.4	)	9.2	8.0
Claims for Special Attention		8.3	(0.7	)	9.1	10.5
Loans Past Due for 3 Months or More		—	—		—	0.0
Restructured Loans		8.3	(0.7	)	9.1	10.5
Sub-total[5]		16.2	(2.2	)	18.4	18.6
Normal Claims		2,691.0	(180.7	)	2,871.8	2,750.6

Total[6]		2,707.3	(182.9	)	2,890.3	2,769.3


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		0.2	(0.0	)	0.2	0.2

	*(%)*
NPL ratio[5]/[6]		0.60	(0.03	)	0.63	0.67

(Trust Account)

	*(Billions 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		1.6	(0.4	)	2.1	1.7

Total[8]		1.6	(0.4	)	2.1	1.7


	*(%)*
NPL ratio[7]/[8]		—	—		—	—

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

2-10

Mizuho Financial Group, Inc.

5. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
MHBK		150,963.4		(3,444.3	)		154,407.8		150,029.9
MHTB		2,240.8		(389.3	)		2,630.1		2,622.4

Total		153,204.2		(3,833.7	)		157,038.0		152,652.3

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

(Billions of yen)

As of
December 31, 2024

Change

As of
March 31, 2024

As of
September 30, 2024
(Reference)

MHBK

117,173.9

(5,760.7

)

122,934.6

119,015.2

Individual deposits

49,170.9

926.4

48,244.5

48,272.3

MHTB

2,240.8

(389.3

)

2,630.1

2,622.4

Individual deposits

721.5

(24.1

)

745.6

738.5

Total

119,414.7

(6,150.0

)

125,564.8

121,637.7

Individual deposits

49,892.5

902.2

48,990.2

49,010.8

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of December 31, 2024		Change			As of March 31, 2024		As of September 30, 2024 (Reference)
MHBK		96,331.4		4,447.4			91,884.0		89,726.0
MHTB		2,685.6		(182.6	)		2,868.2		2,748.7

Total		99,017.0		4,264.8			94,752.2		92,474.8

Note: Loans to MHFG are included as follows:

As of December 31, 2024: ¥694.9 billion (from MHBK)

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

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

2-11

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)


		*(%)*
		Third Quarter of Fiscal 2024 (Accumulated Period)				Third Quarter of Fiscal 2023 (Accumulated Period)
Mizuho Bank				Change
Return on Loans and Bills Discounted	1		0.91		0.16		0.75
Cost of Deposits	2		0.04		0.04		0.00

Loan and Deposit Rate Margin [1]-[2]	3		0.86		0.11		0.75


Notes: 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	4	0.94	0.17	0.77
Loan and Deposit Rate Margin [4]-[2]	5	0.89	0.12	0.76



		*(%)*
		Third Quarter of Fiscal 2024 (Accumulated Period)				Third Quarter of Fiscal 2023 (Accumulated Period)
Mizuho Trust & Banking				Change
Return on Loans and Bills Discounted	6		0.76		0.13		0.62
Cost of Deposits	7		0.07		0.07		0.00

Loan and Deposit Rate Margin [6]-[7]	8		0.68		0.06		0.61


Notes: 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	9	0.76	0.13	0.62
Loan and Deposit Rate Margin [9]-[7]	10	0.68	0.06	0.61

(Reference)

(%)

Third Quarter of
Fiscal 2024
(Accumulated Period)

Third Quarter of
Fiscal 2023
(Accumulated Period)

Aggregate Figures for the 2 Banks

Change

Return on Loans and Bills Discounted

0.90

0.16

0.74

Cost of Deposits

0.04

0.04

0.00

Loan and Deposit Rate Margin [11]-[12]

0.86

0.11

0.74

Notes: 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	14	0.93	0.16	0.76
Loan and Deposit Rate Margin [14]-[12]	15	0.88	0.12	0.76

2-12

Mizuho Financial Group, Inc.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	$			$			$
	*Millions of yen*
	As of December 31, 2024 (A)			As of March 31, 2024 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	61,524,300		¥	70,442,184		¥	(8,917,884	)
Call Loans		213,612			779,066			(565,454	)
Receivables under Resale Agreements		9,589,117			6,693,619			2,895,498
Guarantee Deposits Paid under Securities Borrowing Transactions		134,785			188,451			(53,666	)
Monetary Claims Bought		563,350			707,057			(143,707	)
Trading Assets		9,532,174			7,027,086			2,505,087
Money Held in Trust		506			505			0
Securities		36,396,228			37,809,325			(1,413,097	)
Loans and Bills Discounted		96,331,482			91,884,028			4,447,454
Foreign Exchange Assets		2,571,420			2,171,460			399,960
Derivatives other than for Trading		7,359,629			9,081,601			(1,721,972	)
Other Assets		7,306,738			6,144,905			1,161,832
Tangible Fixed Assets		833,904			872,336			(38,432	)
Intangible Fixed Assets		470,592			404,708			65,884
Prepaid Pension Cost		373,611			336,001			37,610
Deferred Tax Assets		259,775			185,189			74,586
Customers’ Liabilities for Acceptances and Guarantees		13,144,900			11,745,869			1,399,031
Allowance for Loan Losses		(644,963	)		(755,930	)		110,966

Total Assets	¥	245,961,167		¥	245,717,469		¥	243,698

Liabilities
Deposits	¥	150,963,475		¥	154,407,832		¥	(3,444,357	)
Negotiable Certificates of Deposit		15,420,606			11,250,486			4,170,119
Call Money		1,517,686			1,009,589			508,097
Payables under Repurchase Agreements		17,489,819			22,254,496			(4,764,677	)
Guarantee Deposits Received under Securities Lending Transactions		412,096			38,776			373,319
Commercial Paper		1,688,127			1,165,988			522,139
Trading Liabilities		7,018,934			5,958,376			1,060,558
Borrowed Money		14,655,284			14,124,762			530,522
Foreign Exchange Liabilities		1,484,258			1,181,438			302,819
Bonds and Notes		546,675			641,904			(95,229	)
Derivatives other than for Trading		8,590,798			10,309,625			(1,718,827	)
Other Liabilities		6,165,644			4,596,842			1,568,801
Reserve for Bonus Payments		26,080			38,758			(12,677	)
Reserve for Variable Compensation		440			801			(360	)
Reserve for Possible Losses on Sales of Loans		9,290			8,645			644
Reserve for Contingencies		7,486			4,105			3,380
Reserve for Reimbursement of Deposits		7,567			9,871			(2,304	)
Reserve for Reimbursement of Debentures		20,924			25,125			(4,200	)
Deferred Tax Liabilities for Revaluation Reserve for Land		46,009			57,583			(11,573	)
Acceptances and Guarantees		13,144,900			11,745,869			1,399,031

Total Liabilities		239,216,108			238,830,880			385,227

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		2,742,845			2,615,322			127,523
Appropriated Reserve		624,534			524,533			100,000
Other Retained Earnings		2,118,310			2,090,788			27,522
Retained Earnings Brought Forward		2,118,310			2,090,788			27,522

Total Shareholders’ Equity		6,406,303			6,278,779			127,523

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		601,438			791,974			(190,535	)
Net Deferred Hedge Gains (Losses), net of Taxes		(363,375	)		(311,045	)		(52,329	)
Revaluation Reserve for Land, net of Taxes		100,692			126,879			(26,187	)

Total Valuation and Translation Adjustments		338,756			607,808			(269,052	)

Total Net Assets		6,745,059			6,886,588			(141,528	)

Total Liabilities and Net Assets	¥	245,961,167		¥	245,717,469		¥	243,698

2-13

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the nine months ended December 31, 2024 (A)		For the nine months ended December 31, 2023 (B)		Change (A) - (B)
Ordinary Income	¥	4,992,525	¥	4,183,269	¥	809,255
Interest Income		3,859,015		3,336,873		522,142
Interest on Loans and Bills Discounted		*2,007,059*		1,855,379		151,680
Interest and Dividends on Securities		*608,912*		435,978		172,933
Fee and Commission Income		500,073		462,413		37,660
Trading Income		171,165		131,236		39,929
Other Operating Income		168,848		120,051		48,797
Other Ordinary Income		293,421		132,695		160,725

Ordinary Expenses		4,213,613		3,579,295		634,317
Interest Expenses		3,078,361		2,709,975		368,385
Interest on Deposits		*1,306,974*		1,179,758		127,216
Fee and Commission Expenses		204,543		156,501		48,041
Trading Expenses		—		447		(447	)
Other Operating Expenses		163,553		30,974		132,578
General and Administrative Expenses		651,445		585,067		66,377
Other Ordinary Expenses		115,709		96,329		19,380

Ordinary Profits		778,912		603,973		174,938

Extraordinary Gains		47,284		42,110		5,174

Extraordinary Losses		7,906		2,351		5,555

Profit before Income Taxes		818,289		643,732		174,557
Income Taxes:
Current		203,185		171,232		31,952
Deferred		13,764		38,683		(24,918	)

Profit	¥	601,340	¥	433,816	¥	167,523

2-14

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Date	Rating	Analyst
7/20/2023	Neutral → Buy	Goldman
6/23/2022	Buy → Neutral	BofA Securities
4/11/2022	Neutral → Buy	BofA Securities
1/27/2022	Buy → Neutral	BofA Securities

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

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