Form 6-K

Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

Parts of Income (Expenses) related to Employee Retirement Benefits which have been included in Other are included in Accumulation (Amortization) of Unrecognized Prior Service Cost.

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 May 2020

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 ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 15, 2020

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya


Name:		Makoto Umemiya
Title:		Senior Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for Fiscal 2019

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		May 15, 2020


Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting
Phone:	+81-3-6838-6101
Ordinary General Meeting of Shareholders (scheduled):		June 25, 2020	Commencement of Dividend Payment (scheduled):	June 8, 2020
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):		June 26, 2020	Trading Accounts: Established
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2019 (for the fiscal year ended March 31, 2020)

(1) Consolidated Results of Operations


(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%			¥ million		%
Fiscal 2019		3,986,701		1.5		637,877		3.8			448,568		364.5
Fiscal 2018		3,925,649		10.2		614,118		(21.5	)		96,566		(83.2	)

Note:

Comprehensive Income:

Fiscal 2019: ¥7,673 million, —%; Fiscal 2018: ¥(110,542) million, —%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2019		17.68		17.68		5.1		0.3		16.0
Fiscal 2018		3.80		3.80		1.0		0.3		15.6

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2019: ¥30,382 million; Fiscal 2018: ¥51,215 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2019		214,659,077		8,663,847		3.9		337.29
Fiscal 2018		200,792,226		9,194,038		4.3		345.00

Reference:

Own Capital:

As of March 31, 2020: ¥8,553,971 million; As of March 31, 2019: ¥8,748,805 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.

(3) Conditions of Consolidated Cash Flows


	Cash Flows from Operating Activities			Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million			¥ million			¥ million			¥ million
Fiscal 2019		1,901,893			(5,808,537	)		(281,849	)		39,863,604
Fiscal 2018		(2,636,096	)		5,487,153			(18,640	)		44,254,874

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2018		—		3.75		—		3.75		7.50		190,395		197.3		2.1
Fiscal 2019		—		3.75		—		3.75		7.50		190,416		42.4		2.1
Fiscal 2020 (estimate)		—		3.75		—		3.75		7.50				59.4

Note:

The impact from the share consolidation scheduled on October 1, 2020 is not reflected to the estimate for Cash Dividend per Share of Common Stock at the end of fiscal 2020. If the share consolidation is taken into account, it would be ¥37.50. Please refer to “Notes” below for detail.

3. Consolidated Earnings Estimates for Fiscal 2020 (for the fiscal year ending March 31, 2021)


(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
1H F2020		—		—		—
Fiscal 2020		320,000		(28.6)		12.61



Note:		The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2020. The impact from the share consolidation scheduled on October 1, 2020 is not reflected to the Consolidated Earnings Estimates for Net Income per Share of Common Stock for Fiscal 2020 (for the fiscal year ending March 31, 2021). If the share consolidation is taken into account, it would be ¥126.12. Please refer to “Notes” below for detail.

Notes

(1) Changes in Significant Subsidiaries during the Fiscal Year (changes in specified subsidiaries accompanying changes in the scope of consolidation): No

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

i. Changes in accounting policies due to revisions of accounting standards, etc.: Yes

ii. Changes in accounting policies other than i above: Yes

iii. Changes in accounting estimates: No

iv. Restatements: No

Note: For more information, please refer to “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

i. Year-end issued shares

(including treasury stock):

As of March 31, 2020

25,392,498,945 shares

As of March 31, 2019

25,392,498,945 shares

ii. Year-end treasury stock:

As of March 31, 2020

32,106,811 shares

As of March 31, 2019

33,962,404 shares

iii. Average number of outstanding shares:

Fiscal 2019

25,360,661,215 shares

Fiscal 2018

25,362,375,520 shares

This immediate release is outside the scope of the audit.

The Board of Directors of the MHFG today (May 15, 2020) resolved to include the following share consolidation in the agenda for the 18th Ordinary General Meeting of Shareholders to be held in June 2020.

Estimate for cash dividends and consolidated earnings estimates for the fiscal year ending March 31, 2021 with effect from the share consolidation, are as follows.


(1) Estimate for cash dividends and consolidated earnings estimates for the fiscal year ending March 31, 2021
Cash dividends per share of common stock	Second quarter-end	¥	3.75
	Fiscal year-end	¥	37.50
(2) Estimate for consolidated earnings estimates for the fiscal year ending March 31, 2021
Net income per share of common stock (Consolidated)		¥	126.12

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: 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, realize the synergy effects of “One MIZUHO, ” 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, 2019, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html 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 Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2019 and Dividend Estimates for Fiscal 2020	p.1-3

2.	Basic Stance on Selection of Accounting Standards	p.1-4

3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Changes in Accounting Policies)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

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 Wednesday, May 20, 2020. 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. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2020, the global economy showed a slowdown, primarily in the manufacturing industry, due to factors such as uncertainty related to the trade disputes between the United States and China. Furthermore, toward the end of the fiscal year, the global economy began to show signs indicative of a state of crisis due to the worldwide spread of COVID-19.

In the United States, the economy of which had been expanding, the economic base began to deteriorate rapidly, including a substantial decline in the rate of employment due to the impact of the spread of COVID-19. In light of such circumstances, the Federal Reserve Board (FRB) cut interest rates as an emergency measure twice in March, and the Trump administration implemented US$2 trillion worth of economic measures. However, concerns about a further decline in the economy have not been dispelled.

In Europe, where the economy remained weak, the European Central Bank (ECB) decided to purchase assets and expand long-term refinancing operations in response to the spread of COVID-19 throughout Europe. However, the economic situation is becoming increasingly serious.

In Asia, the Chinese economy continued to slow down. The growth of production, investment and consumption has slowed as economic activities have contracted since the beginning of 2020 due to COVID-19, in addition to the impact of trade disputes between the United States and China. Moreover, in emerging countries, currency depreciation and capital outflows have been observed, partly due to the fall in the prices of crude oil and other resources.

In Japan, the real GDP growth rate fell sharply negative in the October to December quarter of 2019, partly due to the impact of the consumption tax increase amid the sluggishness in export and production activities. In response to the spread of COVID-19, the Bank of Japan decided to expand financial support measures for businesses and increase purchases of exchange-traded funds (ETFs) and corporate bonds, and the government has also taken a series of emergency measures. However, economic activities are contracting at an accelerating pace.

As to the prospects for the global economy, negative growth is expected due to the impact of the spread of COVID-19. While monetary easing and economic stimulus measures implemented in each country are expected to have a positive effect on the economy, there is a concern that, if the impact becomes prolonged, demand will decrease further due to worsening employment and income situations. The Japanese economy is expected to remain in a difficult situation for the time being, due to factors such as decreased consumption, primarily in the service-related sector, and capital investments.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,062.2 billion for fiscal 2019, increasing by ¥249.4 billion from the previous fiscal year due to the steady business performance in both Customer Groups and Markets.

General and Administrative Expenses decreased by ¥52.4 billion on a year-on-year basis to ¥1,378.3 billion due to the efforts of structural reform.

As a result, Consolidated Net Business Profits increased by ¥268.5 billion on a year-on-year basis to ¥661.9 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others that consist of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd. increased by ¥264.2 billion on a year-on-year basis to ¥672.5 billion.

Credit-related Costs increased by ¥152.1 billion on a year-on-year basis to ¥171.7 billion due to recording Reserves for Possible Losses on Loans for some credit exposures reflecting the impact of COVID-19 in light of the principles set forth in the report entitled “JFSA’s supervisory approaches to lending business and loan loss provisioning” published by the Japanese Financial Services Agency in December 2019.

Net Gains (Losses) related to Stocks decreased by ¥137.6 billion on a year-on-year basis to net gains of ¥137.1 billion.

As a result, Ordinary Income increased by ¥23.7 billion on a year-on-year basis to ¥637.8 billion.

Extraordinary Gains (Losses) increased by ¥478.6 billion on a year-on-year basis to net losses of ¥19.1 billion due to the lack of losses in light of structural reform recorded last year.

Tax-related Expenses increased by ¥163.9 billion on a year-on-year basis to ¥161.4 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2019 increased by ¥352.0 billion on a year-on-year basis to ¥448.5 billion.

1-2

Mizuho Financial Group, Inc.

As for earnings estimates for fiscal 2020, we estimate Ordinary Profits of ¥400.0 billion and Profit Attributable to Owners of Parent of ¥320.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates due to the further spread of COVID-19.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2020 amounted to ¥214,659.0 billion, increasing by ¥13,866.8 billion from the end of the previous fiscal year mainly due to an increase in Receivables under Resale Agreements.

Securities were ¥34,907.2 billion, increasing by ¥5,132.7 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥83,468.1 billion, increasing by ¥5,011.2 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥144,472.2 billion, increasing by ¥6,822.6 billion from the end of the previous fiscal year.

Net Assets amounted to ¥8,663.8 billion, decreasing by ¥530.1 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,561.0 billion, Accumulated Other Comprehensive Income was ¥992.9 billion, and Non-controlling Interests was ¥109.6 billion.

Net Cash Provided by Operating Activities was ¥1,901.8 billion mainly due to increased deposits. Net Cash Used in Investing Activities was ¥5,808.5 billion mainly due to purchase, sale, and redemption of securities and Net Cash Used in Financing Activities was ¥281.8 billion mainly due to repayments to non-controlling shareholders and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2020 was ¥39,863.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2019 and Dividend Estimates for Fiscal 2020

We have been implementing disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders, and set forth our shareholder return policy that we are maintaining the current level of dividends for the time being while aiming to strengthen our capital base further to enhance returns to shareholders at an early stage.

Based on this policy, we have decided to issue ¥3.75 of year-end cash dividends on common stock for Fiscal 2019 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) in accordance with Dividend Estimate at the beginning of the fiscal year.

The Board of Directors has decided on the ¥7.50 of annual cash dividends on common stock for Fiscal 2019, even though Profit Attributable to Owners of Parent for Fiscal 2019 was slightly lower than our Earnings Estimate at the beginning of the fiscal year as a result of additional Reserves for Possible Losses on Loans for some credit exposures from a forward-looking perspective based on future projections, reflecting the potential impact of COVID-19 on our financials. To make such decision, the Board of Directors has taken into account and considered thoroughly our business environment comprehensively including capital adequacy, and domestic and international regulation trends including the Basel regulatory framework.


Common Stock	¥3.75 per share	(unchanged from the estimate at the beginning of Fiscal 2019)
Annual cash dividends incl. interim dividends	¥7.50 per share	(unchanged from the estimate at the beginning of Fiscal 2019)

Furthermore, in accordance with the Articles of Incorporation, we decide to issue dividends not by a resolution at the General Meeting of Shareholders but by a resolution at the Board of Directors unless otherwise stipulated by laws and regulations. We decided on the year-end cash dividend payments on common stock for Fiscal 2020 at the Board of Directors held today.

For Fiscal 2020, based on the shareholder return policy, we will comprehensively consider the business environment such as the Group’s business results, profit base, status of capital adequacy, and domestic and international regulation trends, including the Basel framework, in determining the amounts of dividends payment.

As for the dividend estimates of common stock for Fiscal 2020, we predict ¥7.50 per share of common stock, which is the same as Fiscal 2019. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.

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Mizuho Financial Group, Inc.


(Dividend Estimates for Fiscal 2020)
Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

In addition, with the approval of the 18th Ordinary General Meeting of Shareholders to be held in June 2020, the shares of common stock will be consolidated on the basis of one post-consolidation share per ten pre-consolidation shares to be effective on October 1, 2020. Taking such share consolidation into account, fiscal year-end dividend estimates for Fiscal 2020 will be ¥37.50.

Also, with the approval of the same General Meeting of Shareholders, the Articles of Incorporation will be amended such that the Board of Directors remains as the organization to make decisions on issuing dividends, but the General Meeting of Shareholders may also make decisions on such matters in the event a shareholder’s proposal is presented.

2. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of possible adoption in the future, MHFG is continuing research and study on the situation in Japan and Overseas and/or the development of IFRS.

1-4

Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2019			As of March 31, 2020
Assets
Cash and Due from Banks	¥	45,108,602		¥	41,069,745
Call Loans and Bills Purchased		648,254			584,686
Receivables under Resale Agreements		12,997,628			18,581,488
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			2,243,161
Other Debt Purchased		2,828,959			2,688,273
Trading Assets		12,043,608			13,248,734
Money Held in Trust		351,889			411,847
Securities		29,774,489			34,907,234
Loans and Bills Discounted		78,456,935			83,468,185
Foreign Exchange Assets		1,993,668			2,044,415
Derivatives other than for Trading Assets		1,328,227			1,944,060
Other Assets		4,229,589			5,206,121
Tangible Fixed Assets		1,037,006			1,103,622
Buildings		287,634			287,038
Land		614,851			610,305
Lease Assets		22,557			13,293
Construction in Progress		36,300			72,290
Other Tangible Fixed Assets		75,661			120,694
Intangible Fixed Assets		620,231			636,139
Software		161,364			429,136
Goodwill		65,495			61,276
Lease Assets		5,839			4,118
Other Intangible Fixed Assets		387,532			141,608
Net Defined Benefit Asset		982,804			846,782
Deferred Tax Assets		37,960			32,493
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			6,066,527
Reserves for Possible Losses on Loans		(287,815	)		(424,446	)

Total Assets	¥	200,792,226		¥	214,659,077

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2019			As of March 31, 2020
Liabilities
Deposits	¥	124,311,025		¥	131,189,673
Negotiable Certificates of Deposit		13,338,571			13,282,561
Call Money and Bills Sold		2,841,931			2,263,076
Payables under Repurchase Agreements		14,640,439			17,971,098
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,108,255
Commercial Paper		941,181			411,089
Trading Liabilities		8,325,520			9,604,890
Borrowed Money		3,061,504			5,209,947
Foreign Exchange Liabilities		669,578			509,405
Short-term Bonds		355,539			373,658
Bonds and Notes		8,351,071			8,906,432
Due to Trust Accounts		1,102,073			1,055,510
Derivatives other than for Trading Liabilities		1,165,602			1,619,151
Other Liabilities		4,512,325			6,111,195
Reserve for Bonus Payments		68,117			75,175
Reserve for Variable Compensation		2,867			2,559
Net Defined Benefit Liability		60,873			62,113
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			944
Reserve for Possible Losses on Sales of Loans		630			637
Reserve for Contingencies		4,910			6,443
Reserve for Reimbursement of Deposits		19,068			27,851
Reserve for Reimbursement of Debentures		25,566			18,672
Reserves under Special Laws		2,473			2,509
Deferred Tax Liabilities		185,974			53,150
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			62,695
Acceptances and Guarantees		6,062,053			6,066,527

Total Liabilities	¥	191,598,188		¥	205,995,229

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,136,467
Retained Earnings		3,915,521			4,174,190
Treasury Stock		(7,703	)		(6,414	)

Total Shareholders’ Equity		7,303,034			7,561,010

Net Unrealized Gains (Losses) on Other Securities		1,186,401			823,085
Deferred Gains or Losses on Hedges		(22,282	)		72,081
Revaluation Reserve for Land		137,772			136,655
Foreign Currency Translation Adjustments		(111,057	)		(133,178	)
Remeasurements of Defined Benefit Plans		254,936			94,317

Total Accumulated Other Comprehensive Income		1,445,770			992,960

Stock Acquisition Rights		707			213
Non-controlling Interests		444,525			109,662

Total Net Assets		9,194,038			8,663,847

Total Liabilities and Net Assets	¥	200,792,226		¥	214,659,077

1-6

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income


	*Millions of yen*
	For the fiscal year ended March 31, 2019		For the fiscal year ended March 31, 2020
Ordinary Income	¥	3,925,649	¥	3,986,701
Interest Income		2,056,327		2,014,440
Interest on Loans and Bills Discounted		1,253,970		1,242,279
Interest and Dividends on Securities		302,768		266,861
Interest on Call Loans and Bills Purchased		5,510		5,356
Interest on Receivables under Resale Agreements		229,637		251,830
Interest on Securities Borrowing Transactions		25,081		18,779
Interest on Due from Banks		123,545		105,257
Other Interest Income		115,813		124,074
Fiduciary Income		55,153		58,565
Fee and Commission Income		765,977		778,842
Trading Income		299,355		406,539
Other Operating Income		312,815		412,114
Other Ordinary Income		436,019		316,198
Gains on Reversal of Reserves for Possible Losses on Loans		4,357		—
Recovery of Written-off Claims		10,395		11,901
Other		421,266		304,296
Ordinary Expenses		3,311,531		3,348,823
Interest Expenses		1,293,846		1,280,897
Interest on Deposits		480,593		482,887
Interest on Negotiable Certificates of Deposit		129,752		124,332
Interest on Call Money and Bills Sold		11,030		8,686
Interest on Payables under Repurchase Agreements		374,524		351,012
Interest on Securities Lending Transactions		7,292		7,041
Interest on Commercial Paper		19,304		15,484
Interest on Borrowed Money		35,522		33,949
Interest on Short-term Bonds		28		31
Interest on Bonds and Notes		172,811		173,398
Other Interest Expenses		62,986		84,073
Fee and Commission Expenses		155,550		159,598
Trading Expenses		1,987		15,239
Other Operating Expenses		225,509		152,547
General and Administrative Expenses		1,430,850		1,378,398
Other Ordinary Expenses		203,788		362,142
Provision for Reserves for Possible Losses on Loans		—		161,005
Other		203,788		201,137

Ordinary Profits	¥	614,118	¥	637,877

1-7

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2019			For the fiscal year ended March 31, 2020
Extraordinary Gains	¥	11,280		¥	2,239
Gains on Disposition of Fixed Assets		3,438			2,239
Other Extraordinary Gains		7,841			—
Extraordinary Losses		509,138			21,399
Losses on Disposition of Fixed Assets		5,414			6,138
Losses on Impairment of Fixed Assets		503,612			15,224
Other Extraordinary Losses		112			36

Income before Income Taxes		116,259			618,717

Income Taxes:
Current		161,376			150,088
Deferred		(163,879	)		11,408

Total Income Taxes		(2,502	)		161,496

Profit		118,762			457,221

Profit Attributable to Non-controlling Interests		22,196			8,652

Profit Attributable to Owners of Parent	¥	96,566		¥	448,568

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the fiscal year ended March 31, 2019			For the fiscal year ended March 31, 2020
Profit	¥	118,762		¥	457,221
Other Comprehensive Income		(229,304	)		(449,547	)
Net Unrealized Gains (Losses) on Other Securities		(207,505	)		(359,779	)
Deferred Gains or Losses on Hedges		45,391			94,536
Foreign Currency Translation Adjustments		(23,882	)		(20,650	)
Remeasurements of Defined Benefit Plans		(35,577	)		(157,693	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(7,730	)		(5,961	)

Comprehensive Income		(110,542)			7,673

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(128,692	)		(3,123	)
Comprehensive Income Attributable to Non-controlling Interests		18,150			10,797

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2019


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309
Changes during the period
Issuance of New Shares		218		218									437
Cash Dividends							(190,384	)					(190,384	)
Profit Attributable to Owners of Parent							96,566						96,566
Repurchase of Treasury Stock										(3,001	)		(3,001	)
Disposition of Treasury Stock				(23	)					1,295			1,271
Transfer from Revaluation Reserve for Land							6,504						6,504
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				3,331									3,331
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		218		3,526			(87,313	)		(1,706	)		(85,274	)

Balance as of the end of the period		2,256,767		1,138,449			3,915,521			(7,703	)		7,303,034


	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			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,392,392			(67,578	)		144,277			(85,094	)		293,536			1,677,534			1,163			754,239			9,821,246
Changes during the period
Issuance of New Shares																										437
Cash Dividends																										(190,384	)
Profit Attributable to Owners of Parent																										96,566
Repurchase of Treasury Stock																										(3,001	)
Disposition of Treasury Stock																										1,271
Transfer from Revaluation Reserve for Land																										6,504
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										3,331
Net Changes in Items other than Shareholders’ Equity		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(541,934	)

Total Changes during the period		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(627,208	)

Balance as of the end of the period		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2020


	*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		1,138,449			3,915,521			(7,703	)		7,303,034
Changes during the period
Cash Dividends							(190,405	)					(190,405	)
Profit Attributable to Owners of Parent							448,568						448,568
Repurchase of Treasury Stock										(1,908	)		(1,908	)
Disposition of Treasury Stock				(625	)					3,197			2,571
Transfer from Revaluation Reserve for Land							1,117						1,117
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(1,968	)								(1,968	)
Transfer from Retained Earnings to Capital Surplus				611			(611	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		(1,981	)		258,668			1,288			257,975

Balance as of the end of the period		2,256,767		1,136,467			4,174,190			(6,414	)		7,561,010


	Accumulated Other Comprehensive Income
	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			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038
Changes during the period
Cash Dividends																										(190,405	)
Profit Attributable to Owners of Parent																										448,568
Repurchase of Treasury Stock																										(1,908	)
Disposition of Treasury Stock																										2,571
Transfer from Revaluation Reserve for Land																										1,117
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										(1,968	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(788,165	)

Total Changes during the period		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(530,190	)

Balance as of the end of the period		823,085			72,081			136,655			(133,178	)		94,317			992,960			213			109,662			8,663,847

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2019			For the fiscal year ended March 31, 2020
Cash Flow from Operating Activities
Income before Income Taxes	¥	116,259		¥	618,717
Depreciation		168,200			152,666
Losses on Impairment of Fixed Assets		503,612			15,224
Amortization of Goodwill		4,080			4,062
Equity in Loss (Gain) from Investments in Affiliates		(51,215	)		(30,382	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(26,910	)		139,940
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		(444	)		6
Increase (Decrease) in Reserve for Contingencies		183			1,793
Increase (Decrease) in Reserve for Bonus Payments		591			8,611
Increase (Decrease) in Reserve for Variable Compensation		(375	)		(307	)
Decrease (Increase) in Net Defined Benefit Asset		(57,863	)		(91,950	)
Increase (Decrease) in Net Defined Benefit Liability		2,497			2,590
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(41	)		(439	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(942	)		8,782
Increase (Decrease) in Reserve for Reimbursement of Debentures		(5,194	)		(6,893	)
Interest Income—accrual basis		(2,056,327	)		(2,014,440	)
Interest Expenses—accrual basis		1,293,846			1,280,897
Losses (Gains) on Securities		(195,755	)		(231,382	)
Losses (Gains) on Money Held in Trust		(40	)		(121	)
Foreign Exchange Losses (Gains)—net		(170,422	)		103,125
Losses (Gains) on Disposition of Fixed Assets		1,976			3,898
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(7,841	)		—
Decrease (Increase) in Trading Assets		(1,536,520	)		(1,435,994	)
Increase (Decrease) in Trading Liabilities		227,455			1,488,005
Decrease (Increase) in Derivatives other than for Trading Assets		485,333			(638,977	)
Increase (Decrease) in Derivatives other than for Trading Liabilities		(355,068	)		475,833
Decrease (Increase) in Loans and Bills Discounted		(2,407,594	)		(5,967,287	)
Increase (Decrease) in Deposits		927,918			7,732,005
Increase (Decrease) in Negotiable Certificates of Deposit		1,878,841			367,378
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		(1,800,307	)		2,165,756
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		611,070			(365,564	)
Decrease (Increase) in Call Loans, etc.		(4,807,554	)		(5,758,002	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		1,772,393			334,971
Increase (Decrease) in Call Money, etc.		1,748,141			3,128,355
Increase (Decrease) in Commercial Paper		199,104			(511,609	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(82,249	)		(376,328	)
Decrease (Increase) in Foreign Exchange Assets		(34,376	)		(106,795	)
Increase (Decrease) in Foreign Exchange Liabilities		223,848			(159,598	)
Increase (Decrease) in Short-term Bonds (Liabilities)		(6,646	)		18,119
Increase (Decrease) in Bonds and Notes		286,158			308,937
Increase (Decrease) in Due to Trust Accounts		(10,232	)		(46,563	)
Interest and Dividend Income—cash basis		2,027,241			2,047,339
Interest Expenses—cash basis		(1,250,247	)		(1,315,446	)
Other—net		(75,059	)		650,590

Subtotal		(2,460,479	)		1,999,524

Cash Refunded (Paid) in Income Taxes		(175,617	)		(97,631	)

Net Cash Provided by (Used in) Operating Activities		(2,636,096	)		1,901,893

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2019			For the fiscal year ended March 31, 2020
Cash Flow from Investing Activities
Payments for Purchase of Securities		(52,363,143	)		(72,474,752	)
Proceeds from Sale of Securities		38,799,373			48,136,966
Proceeds from Redemption of Securities		19,211,836			18,815,661
Payments for Increase in Money Held in Trust		(109,630	)		(78,650	)
Proceeds from Decrease in Money Held in Trust		94,984			18,523
Payments for Purchase of Tangible Fixed Assets		(42,703	)		(85,840	)
Payments for Purchase of Intangible Fixed Assets		(111,595	)		(151,011	)
Proceeds from Sale of Tangible Fixed Assets		7,811			6,353
Proceeds from Sale of Intangible Fixed Assets		—			3,144
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		219			1,067

Net Cash Provided by (Used in) Investing Activities		5,487,153			(5,808,537	)

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		10,000			15,000
Repayments of Subordinated Borrowed Money		(45,000	)		(30,000	)
Proceeds from Issuance of Subordinated Bonds		510,000			483,000
Payments for Redemption of Subordinated Bonds		(5,000	)		(213,000	)
Proceeds from Issuance of Common Stock		2			—
Proceeds from Investments by Non-controlling Shareholders		3,514			2,883
Repayments to Non-controlling Shareholders		(275,079	)		(303,000	)
Cash Dividends Paid		(190,413	)		(190,386	)
Cash Dividends Paid to Non-controlling Shareholders		(25,494	)		(9,568	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		—			(4,653	)
Payments for Repurchase of Treasury Stock		(2,124	)		(1,441	)
Proceeds from Sale of Treasury Stock		952			1,516
Payments for Repurchase of Treasury Stock of Subsidiaries		—			(32,199	)

Net Cash Provided by (Used in) Financing Activities		(18,640	)		(281,849	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(32,656	)		(202,776	)

Net Increase (Decrease) in Cash and Cash Equivalents		2,799,759			(4,391,269	)

Cash and Cash Equivalents at the beginning of the fiscal year		46,334,334			44,254,874
Decrease in Cash and Cash Equivalents resulting from Exclusion of Subsidiaries from Consolidation		(4,879,218	)		(0	)

Cash and Cash Equivalents at the end of the fiscal year	¥	44,254,874		¥	39,863,604

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Changes in Accounting Policies)

(Application of “Leases” (IFRS 16 and ASU 2016-02))

MHFG has applied “Leases” (IFRS 16 and ASU 2016-02) at some consolidated subsidiaries from the consolidated fiscal year ended March 31, 2020. Accordingly, lessees recognize assets and liabilities for all leases as a general rule.

In accordance with transitional treatment, MHFG has recognized the impact of adoption of this accounting standard cumulatively as of the date of adoption for balances at the beginning of the consolidated fiscal year ended March 31, 2020.

The impact on the consolidated financial statements for the consolidated fiscal year ended March 31, 2020 is immaterial.

(Changes in Hedge Accounting)

Previously, deferred method or the fair-value hedge method have been applied as hedge accounting methods.

From the third quarter ended December 31, 2019, hedge accounting methods of some items were changed from fair-value method to deferred method.

Based on current market trends, MHFG reconsidered its risk management activities from the third quarter ended December 31, 2019, in order to provide more transparent disclosure in the financial statements.

If the same accounting policy as that of the current fiscal year had been adopted in the interim period ended September 30, 2019, the effect of this change on this interim period would have been immaterial.

The effect of this change in accounting policy on past periods is immaterial. Therefore, we do not retrospectively apply this policy change in prior periods. This change has no impact on the gains and losses.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

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, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

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 segment 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.

2. Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and Fixed assets by reportable segment

The following information of reportable segment is based on internal management reporting.

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, Other Operating Income, and Net gains or losses related to ETFs and others.

Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others is the amount of which General and administrative expenses (excluding non-recurring expenses and others), Equity in income from investments in affiliates, Amortization of goodwill and others (including amortization of intangible assets), and Others (consolidation adjustments) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others.

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others relating to transactions between segments is based on the current market price.

Fixed assets disclosed as asset information by segment are the total amount of tangible fixed assets and intangible fixed assets. Fixed assets pertaining to Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. have been allocated to each segment.

1-15

Mizuho Financial Group, Inc.

3. Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and Fixed assets by reportable segment


	*Millions of yen*
	MHFG (Consolidated)
	Retail & Business Banking Company		Corporate & Institutional Company		Global Corporate Company		Global Markets Company		Asset Management Company		Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		673,572		462,418		417,770		410,138		48,361		60,563		2,072,822
General and administrative expenses (excluding Non-Recurring Losses and others)		668,435		215,035		249,044		208,861		28,966		41,097		1,411,438
Equity in income from investments in affiliates		11,762		1,957		10,355		—		1,295		5,013		30,382
Amortization of goodwill and others		363		425		369		2,346		7,774		1,961		13,238
Others		—		—		—		—		—		(5,942	)	(5,942	)
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others		16,536		248,915		178,712		198,931		12,916		16,575		672,585
Fixed assets		503,692		204,134		173,023		91,459		93		767,361		1,739,762


(Notes) 1.		Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 10,602 million, of which ¥ 7,334 million is included in the Global Markets Company.

2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

3.		“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.

		Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using the reasonable criteria of allocation.

1-16

Mizuho Financial Group, Inc.

4. The difference between the total amounts of reportable segments and the recorded amounts in the Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others derived from internal management reporting by reportable segment are different from the amounts recorded in the Consolidated Statement of Income.

The contents of the difference for the period are as follows:

(1)	The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income


	*Millions of yen*
	Amount
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		2,072,822
Net gains or losses related to ETFs and others		(10,602	)
Other Ordinary Income		316,198
General and Administrative Expenses		(1,378,398	)
Other Ordinary Expenses		(362,142	)

Ordinary Profits recorded in Consolidated Statement of Income		637,877

(2)

The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income


	*Millions of yen*
	Amount
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others		672,585
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		46,278
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(183,308	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		11,605
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		126,571
Net Extraordinary Gains (Losses)		(19,159	)
Others		(35,854	)

Income before Income Taxes recorded in Consolidated Statement of Income		618,717

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


			Fiscal 2018		Fiscal 2019
Net Assets per Share of Common Stock			¥	345.00	¥	337.29
Net Income per Share of Common Stock			¥	3.80	¥	17.68
Diluted Net Income per Share of Common Stock			¥	3.80	¥	17.68

1. Total Net Assets per Share of Common Stock is based on the following information:

			Fiscal 2018		Fiscal 2019
Net Assets per Share of Common Stock
Total Net Assets	¥	million		9,194,038		8,663,847
Deductions from Total Net Assets	¥	million		445,232		109,876
Stock Acquisition Rights	¥	million		707		213
Non-Controlling Interests	¥	million		444,525		109,662
Net Assets (year-end) related to Common Stock	¥	million		8,748,805		8,553,971
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated		Thousands of shares		25,358,536		25,360,392

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:

			Fiscal 2018		Fiscal 2019
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		96,566		448,568
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		96,566		448,568
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares		25,362,375		25,360,661

Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥	million		—		—
Increased Number of Shares of Common Stock		Thousands of shares		4,522		1,582
Stock Acquisition Rights		Thousands of shares		4,522		1,582
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects				—		—

1-18

Mizuho Financial Group, Inc.

In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2019 and 2020. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2019 and 2020 are 18,917 thousand and 19,636 thousand, respectively.

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2019 and 2020 are 17,195 thousand and 19,255 thousand, respectively.

(Subsequent Events)

The Board of Directors of the MHFG today (May 15, 2020) resolved to include the share consolidation in the agenda for the 18th Ordinary General Meeting of Shareholders to be held in June 2020.

For details, please refer to “Notice on Partial Amendment to the Articles of Incorporation and Share Consolidation” announced today.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2019

(Under Japanese GAAP)

LOGO

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 FISCAL 2019

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. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2- 13

8. Employee Retirement Benefits

NON

CON

2- 14

9. Capital Ratio

CON

NON

2- 17

II. REVIEW OF CREDITS

See above Notes

Page

1. Status of Non-Accrual, Past Due & Restructured Loans

CON

NON

2- 18

2. Status of Reserves for Possible Losses on Loans

CON

NON

2- 20

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans

CON

NON

2- 21

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

CON

NON

2- 22

5. Coverage on Non Performing Loans based on the FRA

NON

2- 24

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

NON

2- 27

7. Results of Removal of NPLs from the Balance Sheet

NON

2- 28

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

NON

2- 29

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

NON

2- 31

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

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2- 32

(2) Loans to SMEs and Individual Customers

NON

2- 32

10. Status of Loans by Region

NON

2- 33

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2- 34

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2- 36

2. Number of Directors and Employees

2- 37

3. Number of Offices

2- 37

4. Earnings Plan for Fiscal 2020

CON

NON

2- 38


Attachments	*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 39
Comparison of Non-Consolidated Statements of Income (selected items)		2- 40
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 41
Comparison of Non-Consolidated Statements of Income (selected items)		2- 42
Statement of Trust Assets and Liabilities		2- 43
Comparison of Balances of Principal Items		2- 44
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 45
Comparison of Non-Consolidated Statements of Income (selected items)		2- 46

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: 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, realize the synergy effects of ”One MIZUHO”, 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, 2019, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2019

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2019						Fiscal 2018
					Change
Consolidated Gross Profits	1		2,062,219			249,482			1,812,737
Net Interest Income	2		733,542			(28,937	)		762,480
Fiduciary Income	3		58,565			3,411			55,153
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		619,243			8,815			610,427
Net Trading Income	6		391,299			93,931			297,367
Net Other Operating Income	7		259,567			172,261			87,306
General and Administrative Expenses	8		(1,378,398	)		52,451			(1,430,850	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(183,308	)		(152,598	)		(30,710	)
Losses on Write-offs of Loans	10		*(21,940*	)		4,425			(26,366	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		11,605			449			11,156
Net Gains (Losses) related to Stocks	12		137,174			(137,689	)		274,863
Equity in Income from Investments in Affiliates	13		30,382			(20,832	)		51,215
Other	14		(41,797	)		32,496			(74,293	)

Ordinary Profits	15		637,877			23,758			614,118

Net Extraordinary Gains (Losses)	16		(19,159	)		478,698			(497,858	)
Income before Income Taxes	17		618,717			502,457			116,259
Income Taxes - Current	18		(150,088	)		11,288			(161,376	)
- Deferred	19		(11,408	)		(175,287	)		163,879
Profit	20		457,221			338,458			118,762
Profit Attributable to Non-controlling Interests	21		(8,652	)		13,543			(22,196	)

Profit Attributable to Owners of Parent	22		448,568			352,002			96,566


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(171,703	)		(152,149	)		(19,553	)
* 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		661,982			268,593			393,389
* 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		126			9			117
Number of affiliates under the equity method	26		26			4			22

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2019												Fiscal 2018
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,304,598			132,949			1,437,547			240,389			1,197,158
Domestic Gross Profits	2		750,934			126,769			877,703			88,440			789,263
Net Interest Income	3		413,957			21,810			435,768			(44,668	)		480,436
Fiduciary Income	4					59,132			59,132			4,134			54,997
Trust Fees for Jointly Operated Designated Money Trust	5					*4,229*			*4,229*			370			3,859
Credit Costs for Trust Accounts ⁽¹⁾	6					—			—			—			—
Net Fee and Commission Income	7		248,316			36,202			284,519			1,045			283,473
Net Trading Income ⁽²⁾	8		48,841			8,267			57,109			108,797			(51,687	)
Net Other Operating Income	9		39,818			1,355			41,173			19,131			22,042
International Gross Profits	10		553,663			6,179			559,843			151,948			407,895
Net Interest Income	11		215,056			2,055			217,111			21,409			195,702
Net Fee and Commission Income	12		136,819			(619	)		136,200			2,496			133,703
Net Trading Income ⁽²⁾	13		100,945			(6,761	)		94,183			(20,534	)		114,717
Net Other Operating Income	14		100,841			11,505			112,347			148,576			(36,229	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(838,102	)		(84,183	)		(922,286	)		27,105			(949,392	)
Expense Ratio	16		*64.2*	%		*63.3*	%		*64.1*	%		(15.1	%)		79.3	%
Personnel Expenses	17		(323,917	)		(39,766	)		(363,683	)		13,253			(376,936	)
Non-Personnel Expenses	18		(464,785	)		(40,969	)		(505,754	)		14,699			(520,454	)
Premium for Deposit Insurance	19		*(31,138*	)		*(1,295*	)		*(32,433*	)		(514	)		(31,919	)
Miscellaneous Taxes	20		(49,400	)		(3,448	)		(52,848	)		(847	)		(52,001	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		466,495			48,765			515,261			267,495			247,766
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ⁽³⁾	22		364,306			36,187			400,494			47,171			353,322
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*359,557*			*36,083*			*395,641*			48,547			347,093

Reversal of (Provision for) General Reserve for Losses on Loans	24		(105,579	)		(649	)		(106,229	)		(151,120	)		44,890

Net Business Profits	25		360,916			48,115			409,031			116,374			292,656
Net Gains (Losses) related to Bonds	26		*102,189*			*12,577*			*114,767*			220,323			(105,556	)

Net Non-Recurring Gains (Losses)	27		69,845			1,560			71,406			24,135			47,271
Net Gains (Losses) related to Stocks	28		121,341			4,157			125,499			(50,665	)		176,164
Expenses related to Portfolio Problems	29		(77,270	)		(979	)		(78,250	)		(3,823	)		(74,427	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		10,439			299			10,738			3,945			6,792
Other	31		15,335			(1,916	)		13,419			74,678			(61,259	)

Ordinary Profits	32		430,762			49,676			480,438			140,510			339,928

Net Extraordinary Gains (Losses)	33		(17,187	)		212			(16,975	)		477,225			(494,200	)
Net Gains (Losses) on Disposition of Fixed Assets	34		*(3,631*	)		*617*			*(3,013*	)		(2,796	)		(217	)
Losses on Impairment of Fixed Assets	35		*(13,556*	)		*(405*	)		*(13,961*	)		487,864			(501,825	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		—			—			—			(7,841	)		7,841
Income before Income Taxes (Losses)	37		413,574			49,888			463,463			617,736			(154,272	)
Income Taxes - Current	38		(109,151	)		(10,342	)		(119,493	)		(12,025	)		(107,468	)
- Deferred	39		3,364			(4,147	)		(782	)		(157,143	)		156,360

Net Income (Losses)	40		307,788			35,398			343,186			448,567			(105,380	)

(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) As for Gross Profits for MHTB, parts of Net Trading Income which have been included in International Gross Profits are included in Domestic Gross Profits.
(3) 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	41		(172,410)			(1,330	)		(173,741	)		(150,997	)		(22,743)
* Credit-related Costs [41] = 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	42					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	43		(105,579	)		(649	)		(106,229	)		(151,120	)		44,890
Losses on Write-offs of Loans	44		(8,634	)		296			(8,337	)		7,507			(15,845	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		(55,516	)		(976	)		(56,492	)		(9,865	)		(46,627	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		5			—			5			8			(3	)
Reversal of (Provision for) Reserve for Contingencies	47		(1,669	)		—			(1,669	)		(1,627	)		(41	)
Other (including Losses on Sales of Loans)	48		(1,016	)		—			(1,016	)		4,098			(5,115	)
Total	49		(172,410	)		(1,330	)		(173,741	)		(150,997	)		(22,743	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2019						Fiscal 2018
					Change
Gross Profits	1		1,304,598			229,569			1,075,028
Domestic Gross Profits	2		750,934			81,472			669,461
Net Interest Income	3		413,957			(42,446	)		456,403
Net Fee and Commission Income	4		248,316			2,458			245,857
Net Trading Income	5		48,841			99,397			(50,555	)
Net Other Operating Income	6		39,818			22,062			17,755
International Gross Profits	7		553,663			148,097			405,566
Net Interest Income	8		215,056			21,704			193,352
Net Fee and Commission Income	9		136,819			2,415			134,404
Net Trading Income	10		100,945			(11,088	)		112,033
Net Other Operating Income	11		100,841			135,065			(34,224	)
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(838,102	)		29,081			(867,184	)
Expense Ratio	13		*64.2*	%		(16.4	%)		80.6	%
Personnel Expenses	14		(323,917	)		13,313			(337,230	)
Non-Personnel Expenses	15		(464,785	)		16,627			(481,413	)
Premium for Deposit Insurance	16		*(31,138*	)		(523	)		(30,615	)
Miscellaneous Taxes	17		(49,400	)		(859	)		(48,540	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		466,495			258,651			207,844
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		364,306			48,820			315,486
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		*359,557*			50,248			309,308

Reversal of (Provision for) General Reserve for Losses on Loans	21		(105,579	)		(150,664	)		45,084
Net Business Profits	22		360,916			107,987			252,929
Net Gains (Losses) related to Bonds	23		*102,189*			209,831			(107,641	)

Net Non-Recurring Gains (Losses)	24		69,845			38,201			31,644
Net Gains (Losses) related to Stocks	25		121,341			(34,435	)		155,777
Expenses related to Portfolio Problems	26		(77,270	)		(3,124	)		(74,146	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		10,439			3,646			6,792
Other	28		15,335			72,114			(56,779	)

Ordinary Profits	29		430,762			146,188			284,573

Net Extraordinary Gains (Losses)	30		(17,187	)		474,849			(492,037	)
Net Gains (Losses) on Disposition of Fixed Assets	31		*(3,631*	)		(3,452	)		(179	)
Losses on Impairment of Fixed Assets	32		*(13,556*	)		486,143			(499,700	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		—			(7,841	)		7,841
Income before Income Taxes (Losses)	34		413,574			621,038			(207,463	)
Income Taxes - Current	35		(109,151	)		(14,227	)		(94,923	)
- Deferred	36		3,364			(154,578	)		157,943

Net Income (Losses)	37		307,788			452,232			(144,444	)

* 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	38		(172,410	)		(150,142	)		(22,268	)
* Credit-related Costs [38] = 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	39		(105,579	)		(150,664	)		45,084
Losses on Write-offs of Loans	40		(8,634	)		7,211			(15,845	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		(55,516	)		(9,169	)		(46,346	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		5			8			(3	)
Reversal of (Provision for) Reserve for Contingencies	43		(1,669	)		(1,627	)		(41	)
Other (including Losses on Sales of Loans)	44		(1,016	)		4,098			(5,115	)
Total	45		(172,410	)		(150,142	)		(22,268	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2019						Fiscal 2018
					Change
Gross Profits	1		132,949			10,819			122,129
Domestic Gross Profits	2		126,769			6,967			119,801
Net Interest Income	3		21,810			(2,222	)		24,033
Fiduciary Income	4		59,132			4,134			54,997
Trust Fees for Jointly Operated Designated Money Trust	5		*4,229*			370			3,859
Credit Costs for Trust Accounts ⁽¹⁾	6		—			—			—
Net Fee and Commission Income	7		36,202			(1,413	)		37,615
Net Trading Income ⁽²⁾	8		8,267			9,399			(1,132	)
Net Other Operating Income	9		1,355			(2,931	)		4,286
International Gross Profits	10		6,179			3,851			2,328
Net Interest Income	11		2,055			(295	)		2,350
Net Fee and Commission Income	12		(619	)		81			(700	)
Net Trading Income ⁽²⁾	13		(6,761	)		(9,445	)		2,684
Net Other Operating Income	14		11,505			13,511			(2,005	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(84,183	)		(1,976	)		(82,207	)
Expense Ratio	16		*63.3*	%		(3.9	%)		67.3	%
Personnel Expenses	17		(39,766	)		(60	)		(39,706	)
Non-Personnel Expenses	18		(40,969	)		(1,928	)		(39,041	)
Premium for Deposit Insurance	19		*(1,295*	)		8			(1,304	)
Miscellaneous Taxes	20		(3,448	)		12			(3,460	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		48,765			8,843			39,921
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ⁽³⁾	22		36,187			(1,648	)		37,836
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*36,083*			(1,701	)		37,784

Reversal of (Provision for) General Reserve for Losses on Loans	24		(649	)		(455	)		(194	)

Net Business Profits	25		48,115			8,387			39,727
Net Gains (Losses) related to Bonds	26		*12,577*			10,492			2,085

Net Non-Recurring Gains (Losses)	27		1,560			(14,065	)		15,626
Net Gains (Losses) related to Stocks	28		4,157			(16,229	)		20,387
Expenses related to Portfolio Problems	29		(979	)		(698	)		(280	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		299			299			—
Other	31		(1,916	)		2,563			(4,479	)

Ordinary Profits	32		49,676			(5,678	)		55,354

Net Extraordinary Gains (Losses)	33		212			2,376			(2,163	)
Net Gains (Losses) on Disposition of Fixed Assets	34		*617*			655			(38	)
Losses on Impairment of Fixed Assets	35		*(405*	)		1,720			(2,125	)
Income before Income Taxes	36		49,888			(3,302	)		53,190
Income Taxes - Current	37		(10,342	)		2,201			(12,544	)
- Deferred	38		(4,147	)		(2,564	)		(1,582	)

Net Income	39		35,398			(3,665	)		39,063

(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) As for Gross Profits, parts of Net Trading Income which have been included in International Gross Profits are included in Domestic Gross Profits.
(3) 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	40		(1,330	)		(855)			(474	)
* Credit-related Costs [40] = 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	41		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42		(649	)		(455	)		(194	)
Losses on Write-offs of Loans	43		296			296			—
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(976	)		(696	)		(280	)
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		(1,330	)		(855	)		(474	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			Fiscal 2019						Fiscal 2018
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.43			(0.04	)		0.47
Return on Loans and Bills Discounted *1		2		0.76			(0.03	)		0.79
Return on Securities		3		0.42			(0.09	)		0.51
Cost of Funding (including Expenses)		4		0.65			(0.03	)		0.68
Cost of Deposits (including Expenses)		5		0.64			(0.06	)		0.70
Cost of Deposits 2*		6		*0.00*			(0.00	)		0.00
Cost of Other External Liabilities		7		0.63			0.26			0.37

Net Interest Margin	(1)-(4)	8		(0.21	)		(0.00	)		(0.21	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.12			0.02			0.09
Loan and Deposit Rate Margin	(2)-(6)	10		0.76			(0.03	)		0.79

*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		0.78			(0.04	)		0.83
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.14			0.01			0.12
Loan and Deposit Rate Margin	(11)-(6)	13		0.78			(0.04	)		0.82

			(%)
			Fiscal 2019						Fiscal 2018
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.47			(0.03	)		0.51
Return on Loans and Bills Discounted *1		15		0.59			(0.01	)		0.61
Return on Securities		16		1.38			(0.13	)		1.52
Cost of Funding		17		0.09			0.00			0.08
Cost of Deposits *2		18		0.01			(0.00	)		0.02

Net Interest Margin	(14)-(17)	19		0.38			(0.03	)		0.42
Loan and Deposit Rate Margin	(15)-(18)	20		0.58			(0.01	)		0.59

*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		0.61			(0.02	)		0.64
Loan and Deposit Rate Margin	(21)-(18)	22		0.60			(0.02	)		0.62



(Reference)			(%)
			Fiscal 2019						Fiscal 2018
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted *1		23		0.75			(0.03	)		0.78
Cost of Deposits *2		24		0.00			(0.00	)		0.00

Loan and Deposit Rate Margin	(23)-(24)	25		0.75			(0.03	)		0.78

*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		0.77			(0.04	)		0.81
Loan and Deposit Rate Margin	(26)-(24)	27		0.77			(0.03	)		0.81

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

Fiscal 2019

Fiscal 2018

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

155,653,684

1.05

3,675,568

(0.04

)

151,978,115

1.10

Loans and Bills Discounted

77,097,703

1.44

2,667,952

(0.06

)

74,429,750

1.51

Securities

28,255,948

0.91

(2,508,702

)

(0.00

)

30,764,651

0.91

Source of Funds

155,316,129

0.65

3,118,268

(0.02

)

152,197,861

0.67

Deposits

119,877,778

0.37

5,421,449

(0.01

)

114,456,329

0.39

NCDs

14,238,551

0.84

1,053,191

(0.13

)

13,185,359

0.97

(Domestic Operations)

Use of Funds

107,729,598

0.43

1,835,526

(0.04

)

105,894,071

0.47

Loans and Bills Discounted

48,949,371

0.75

1,864,314

(0.02

)

47,085,056

0.78

Securities

17,599,601

0.42

(1,715,912

)

(0.09

)

19,315,514

0.51

Source of Funds

107,281,154

0.04

1,818,187

0.00

105,462,967

0.04

Deposits

93,082,592

0.00

3,589,693

(0.00

)

89,492,898

0.00

NCDs

7,909,075

0.00

1,151,522

0.00

6,757,553

0.00

(International Operations)

Use of Funds

51,088,019

2.30

1,128,057

(0.06

)

49,959,962

2.37

Loans and Bills Discounted

28,148,331

2.64

803,637

(0.12

)

27,344,694

2.77

Securities

10,656,347

1.71

(792,790

)

0.13

11,449,137

1.58

Source of Funds

51,198,908

1.88

588,096

(0.07

)

50,610,811

1.96

Deposits

26,795,186

1.67

1,831,755

(0.11

)

24,963,431

1.78

NCDs

6,329,475

1.88

(98,331

)

(0.11

)

6,427,806

1.99

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

Fiscal 2019

Fiscal 2018

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,203,818

0.60

(93,915

)

(0.07

)

6,297,733

0.67

Loans and Bills Discounted

3,380,972

0.72

14,245

(0.06

)

3,366,727

0.79

Securities

787,969

1.35

(110,103

)

(0.18

)

898,072

1.53

Source of Funds

6,622,855

0.20

(160,377

)

(0.03

)

6,783,233

0.24

Deposits

3,353,168

0.01

(114,014

)

(0.01

)

3,467,183

0.03

NCDs

541,402

0.00

127,256

(0.00

)

414,145

0.01

(Domestic Operations)

Use of Funds

5,767,526

0.47

(16,523

)

(0.03

)

5,784,050

0.51

Loans and Bills Discounted

3,191,918

0.59

70,944

(0.01

)

3,120,974

0.61

Securities

499,480

1.38

(70,874

)

(0.13

)

570,355

1.52

Source of Funds

6,176,693

0.09

(75,557

)

0.00

6,252,251

0.08

Deposits

3,346,557

0.01

(106,868

)

(0.00

)

3,453,426

0.02

NCDs

541,402

0.00

127,256

(0.00

)

414,145

0.01

(International Operations)

Use of Funds

494,142

1.94

(103,825

)

(0.25

)

597,968

2.20

Loans and Bills Discounted

189,053

2.93

(56,698

)

(0.08

)

245,752

3.01

Securities

288,488

1.28

(39,228

)

(0.27

)

327,716

1.55

Source of Funds

504,013

1.50

(111,254

)

(0.25

)

615,267

1.75

Deposits

6,610

1.25

(7,145

)

(0.59

)

13,756

1.84

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		114,242			223,601			(109,359	)
Gains on Sales and Others		224,833			152,151			72,682
Losses on Sales and Others		(103,320	)		71,753			(175,074	)
Impairment (Devaluation)		(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(5,084	)		624			(5,708	)

	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		137,174			(137,689	)		274,863
Gains on Sales		226,005			(125,044	)		351,049
Losses on Sales		(72,258	)		(26,410	)		(45,847	)
Impairment (Devaluation)		(41,691	)		(35,896	)		(5,795	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		25,118			49,661			(24,542	)

Non-Consolidated Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		114,767			220,323			(105,556	)
Gains on Sales and Others		226,174			149,619			76,554
Losses on Sales and Others		(104,136	)		71,006			(175,143	)
Impairment (Devaluation)		(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(5,084	)		624			(5,708	)

	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		125,499			(50,665	)		176,164
Gains on Sales		214,169			(40,631	)		254,801
Losses on Sales		(70,725	)		(24,769	)		(45,956	)
Impairment (Devaluation)		(40,980	)		(33,212	)		(7,767	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(2,082	)		(1,712	)		(370	)
Gains (Losses) on Derivatives other than for Trading		25,118			49,661			(24,542	)

2-8

Mizuho Financial Group, Inc.



Mizuho Bank

	*(Millions of yen)*
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		102,189			209,831			(107,641	)
Gains on Sales and Others		202,254			133,752			68,501
Losses on Sales and Others		(92,978	)		77,454			(170,433	)
Impairment (Devaluation)		(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,900	)		(448	)		(4,451	)

	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		121,341			(34,435	)		155,777
Gains on Sales		202,601			(22,958	)		225,559
Losses on Sales		(62,550	)		(22,792	)		(39,757	)
Impairment (Devaluation)		(38,528	)		(31,206	)		(7,321	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(2,082	)		(1,712	)		(370	)
Gains (Losses) on Derivatives other than for Trading		21,901			44,234			(22,332	)

Mizuho Trust & Banking

	*(Millions of yen)*
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		12,577			10,492			2,085
Gains on Sales and Others		23,919			15,867			8,052
Losses on Sales and Others		(11,157	)		(6,447	)		(4,710	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(184	)		1,072			(1,257	)

	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		4,157			(16,229	)		20,387
Gains on Sales		11,568			(17,672	)		29,241
Losses on Sales		(8,175	)		(1,977	)		(6,198	)
Impairment (Devaluation)		(2,451	)		(2,005	)		(446	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,216			5,426			(2,210	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

Securities for which it is deemed to be extremely difficult to determine the fair value are excluded.

Consolidated

(1) Other Securities

(Millions of yen)

As of March 31, 2020

As of March 31, 2019

Book Value
(= Fair Value)

Unrealized Gains/Losses

Book Value
(= Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

33,429,383

1,172,759

1,547,278

374,519

27,847,545

1,689,866

1,883,436

193,570

Japanese Stocks

2,338,429

1,066,360

1,167,903

101,543

3,143,560

1,723,661

1,774,459

50,797

Japanese Bonds

15,702,512

(54,100

)

30,037

84,137

14,786,949

5,270

37,284

32,014

Japanese Government Bonds

12,601,934

(44,021

)

6,540

50,562

11,896,134

5,921

8,755

2,834

Other

15,388,441

160,499

349,337

188,837

9,917,034

(39,065

)

71,692

110,757

Foreign Bonds

12,702,213

200,954

246,097

45,142

7,418,321

23,694

35,306

11,611

* 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.

* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.

* Unrealized Gains/Losses include ¥(5,191) million and ¥38,000 million, which were recognized in the statement of income for March 31, 2020 and March 31, 2019, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2020 and March 31, 2019 are ¥1,177,950 million and ¥1,651,865 million, respectively.

* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2020 and March 31, 2019 are ¥823,085 million and ¥1,186,401 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of March 31, 2020

As of March 31, 2019

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

860,233

15,096

15,467

370

1,602,209

7,378

19,907

12,528

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2020

As of March 31, 2019

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(= Fair Value)

Gains

Losses

(= Fair Value)

Gains

Losses

Other Securities

32,816,718

1,098,369

1,474,980

376,610

27,416,537

1,617,290

1,813,859

196,568

Japanese Stocks

2,253,467

994,275

1,098,051

103,776

3,064,419

1,654,186

1,708,161

53,974

Japanese Bonds

15,675,573

(54,111

)

30,026

84,137

14,764,299

5,258

37,271

32,012

Japanese Government Bonds

12,585,075

(44,028

)

6,533

50,562

11,877,711

5,913

8,745

2,832

Other

14,887,678

158,205

346,902

188,696

9,587,819

(42,155

)

68,426

110,581

Foreign Bonds

12,360,799

199,672

244,795

45,122

7,196,583

23,108

34,617

11,508

Mizuho Bank

Other Securities

31,904,667

1,034,870

1,396,801

361,930

26,622,049

1,521,244

1,707,856

186,612

Japanese Stocks

2,118,532

937,153

1,033,813

96,660

2,880,149

1,557,759

1,608,371

50,611

Japanese Bonds

15,413,226

(55,616

)

28,480

84,097

14,500,458

4,637

36,525

31,887

Japanese Government Bonds

12,406,892

(44,931

)

5,631

50,562

11,687,096

5,853

8,594

2,740

Other

14,372,909

153,334

334,506

181,172

9,241,441

(41,152

)

62,959

104,112

Foreign Bonds

11,916,915

188,388

233,272

44,883

6,973,236

20,431

31,940

11,508

Mizuho Trust & Banking

Other Securities

912,050

63,499

78,179

14,680

794,488

96,046

106,002

9,956

Japanese Stocks

134,934

57,122

64,237

7,115

184,269

96,427

99,790

3,362

Japanese Bonds

262,347

1,505

1,545

263,840

621

745

124

Japanese Government Bonds

178,183

902

—

190,614

151

Other

514,768

4,871

12,395

7,524

346,377

(1,002

)

5,466

6,469

Foreign Bonds

443,884

11,283

11,522

238

223,347

2,676

—

*	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.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.

*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.

Unrealized Gains/Losses include ¥(5,191) million and ¥38,000 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2020 and March 31, 2019, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of March 31, 2020 and March 31, 2019 are ¥1,103,561million and ¥1,579,289 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2020 and March 31, 2019 are as follows:


	*(Millions of yen)*
	As of March 31, 2020		As of March 31, 2019
Aggregate Figures		786,221		1,147,453
Mizuho Bank		736,239		1,071,157
Mizuho Trust & Banking		49,981		76,295

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2020								As of March 31, 2019
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		860,233		15,096		15,467		370		1,602,209		7,378		19,907		12,528
Mizuho Bank		860,233		15,096		15,467		370		1,602,209		7,378		19,907		12,528
Mizuho Trust & Banking		—		—		—		—		—		—		—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	As of March 31, 2020								As of March 31, 2019
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		135,771		151,877		153,740		1,862		135,763		176,806		176,806		—
Mizuho Bank		135,771		151,877		153,740		1,862		135,763		176,806		176,806		—
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

Consolidated


	*(Millions of yen)*
	As of March 31, 2020						As of March 31, 2019
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,177,950			(473,915	)		1,651,865
Japanese Stocks		1,071,551			(616,099	)		1,687,650
Japanese Bonds		(54,100	)		(59,370	)		5,270
Japanese Government Bonds		*(44,021*	)		(49,942	)		5,921
Other		160,499			201,554			(41,055	)
Foreign Bonds		*200,954*			179,249			21,704

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2020						As of March 31, 2019
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,103,561			(475,728	)		1,579,289
Japanese Stocks		999,466			(618,709	)		1,618,175
Japanese Bonds		(54,111	)		(59,370	)		5,258
Japanese Government Bonds		*(44,028*	)		(49,941	)		5,913
Other		158,205			202,350			(44,145	)
Foreign Bonds		*199,672*			178,553			21,118

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 March 31, 2020								Change												Maturity as of March 31, 2019
	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		6,248.6		6,888.8		2,277.4		626.2		(2,569.0	)		2,871.8			139.9			(202.1	)		8,817.6		4,016.9		2,137.5		828.3
Japanese Government Bonds		5,851.4		5,389.5		1,662.1		45.0		(2,603.3	)		2,691.4			137.7			(200.0	)		8,454.7		2,698.1		1,524.4		245.0
Japanese Local Government Bonds		11.5		171.4		84.6		4.4		4.2			53.2			7.2			(0.3	)		7.2		118.1		77.3		4.7
Japanese Corporate Bonds		385.7		1,327.8		530.7		576.8		30.0			127.1			(5.0	)		(1.7	)		355.7		1,200.7		535.7		578.5
Other		3,229.3		3,022.1		2,576.5		4,732.7		(480.6	)		1,424.7			1,617.0			3,022.9			3,709.9		1,597.3		959.5		1,709.8

Mizuho Bank

Japanese Bonds		6,186.3		6,718.1		2,253.7		626.2		(2,486.0	)		2,781.4			153.3			(202.1	)		8,672.3		3,936.6		2,100.4		828.3
Japanese Government Bonds		5,798.3		5,269.5		1,662.1		45.0		(2,521.4	)		2,606.4			157.7			(200.0	)		8,319.7		2,663.1		1,504.4		245.0
Japanese Local Government Bonds		10.7		171.1		84.6		4.4		4.0			54.0			7.2			(0.3	)		6.7		117.1		77.3		4.7
Japanese Corporate Bonds		377.2		1,277.4		507.0		576.8		31.3			121.0			(11.5	)		(1.7	)		345.8		1,156.4		518.6		578.5
Other		3,210.6		2,885.5		2,401.3		4,636.1		(498.2	)		1,338.7			1,592.4			2,951.2			3,708.8		1,546.7		808.8		1,684.9

Mizuho Trust & Banking

Japanese Bonds		62.3		170.7		23.6		—		(82.9	)		90.4			(13.4	)		—			145.2		80.3		37.0		—
Japanese Government Bonds		53.1		120.0		—		—		(81.9	)		85.0			(20.0	)		—			135.0		35.0		20.0		—
Japanese Local Government Bonds		0.7		0.2		—		—		0.2			(0.7	)		—			—			0.4		1.0		—		—
Japanese Corporate Bonds		8.4		50.4		23.6		—		(1.3	)		6.1			6.5			—			9.8		44.2		17.0		—
Other		18.7		136.6		175.2		96.6		17.5			86.0			24.5			71.7			1.1		50.6		150.6		24.9

2-12

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

•

Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2020								Change											As of March 31, 2019
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years		Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		1,809.7		10,483.7		5,858.2		18,151.7		(1,483.1	)		795.6		(3,555.4	)		(4,242.9	)		3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed		420.1		2,584.7		3,135.7		6,140.6		189.5			336.7		(1,955.4	)		(1,429.1	)		230.5		2,247.9		5,091.2		7,569.7
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		2,229.8		13,068.5		8,994.0		24,292.3		(1,293.6	)		1,132.3		(5,510.8	)		(5,672.1	)		3,523.4		11,936.1		14,504.9		29,964.5

Mizuho Bank

Receive Fixed / Pay Float		1,809.7		10,483.7		5,858.2		18,151.7		(1,483.1	)		795.6		(3,555.4	)		(4,242.9	)		3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed		400.1		2,454.7		2,712.9		5,567.7		169.5			296.7		(2,233.3	)		(1,766.9	)		230.5		2,157.9		4,946.2		7,334.7
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		2,209.8		12,938.5		8,571.1		23,719.5		(1,313.6	)		1,092.3		(5,788.7	)		(6,009.9	)		3,523.4		11,846.1		14,359.9		29,729.5

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Float / Pay Fixed		20.0		130.0		422.8		572.8		20.0			40.0		277.8			337.8			—		90.0		145.0		235.0
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		20.0		130.0		422.8		572.8		20.0			40.0		277.8			337.8			—		90.0		145.0		235.0

(Reference)

Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting


	*(Billions of yen)*
	As of March 31, 2020						Change								As of March 31, 2019
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		1,396.6		1,299.1	97.4			464.5			325.6		138.8			932.1		973.5	(41.3	)
Mizuho Bank		1,321.4		1,217.3	104.1			473.4			330.2		143.1			848.0		887.1	(39.0	)
Mizuho Trust & Banking		75.1		81.8	(6.6	)		(8.8	)		(4.5	)	(4.3	)		84.0		86.3	(2.3	)

Note: Above figures reflect all derivative transactions qualifying for hedge accounting, and are before net of applicable income taxes and others.

2-13

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		Fiscal 2019			Change			Fiscal 2018
Retirement Benefit Obligations	(A)		1,220,755			(25,113	)		1,245,869
Discount Rate (%)			(0.00)~0.62						0.00~0.70

Total Fair Value of Plan Assets	(B)		1,997,428			(160,525	)		2,157,954
Unrecognized Actuarial Differences	(C)		(154,639	)		219,803			(374,443	)
Prepaid Pension Cost	(B)+(C)-(A)		622,033			84,391			537,641

Mizuho Bank

Retirement Benefit Obligations	(A)		1,072,553			(23,859	)		1,096,412
Discount Rate (%)			(0.00)~0.62						0.00~0.70

Total Fair Value of Plan Assets	(B)		1,756,585			(166,223	)		1,922,809
Unrecognized Actuarial Differences	(C)		(127,758	)		216,762			(344,521	)
Prepaid Pension Cost	(B)+(C)-(A)		556,273			74,397			481,875

Mizuho Trust & Banking

Retirement Benefit Obligations	(A)		148,201			(1,254	)		149,456
Discount Rate (%)			(0.00)~0.62						0.00~0.70

Total Fair Value of Plan Assets	(B)		240,842			5,697			235,145
Unrecognized Actuarial Differences	(C)		(26,881	)		3,040			(29,922)
Prepaid Pension Cost	(B)+(C)-(A)		65,759			9,993			55,766

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2019			Change			Fiscal 2018
Service Cost		(29,505	)		(1,174	)		(28,331	)
Interest Cost		(3,128	)		1,076			(4,205	)
Expected Return on Plan Assets		34,726			1,824			32,901
Accumulation (Amortization) of Unrecognized Actuarial Differences		61,590			30,428			31,162
Accumulation (Amortization) of Unrecognized Prior Service Cost		(2,301	)		(2,301	)		—
Gains on Cancellation of Employee Retirement Benefit Trust		—			(7,841	)		7,841
Other		(5,682	)		(3,443	)		(2,238	)

Total		55,698			18,567			37,131

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

Mizuho Bank


	*(Millions of yen)*
	Fiscal 2019			Change			Fiscal 2018
Service Cost		(25,010	)		(903	)		(24,107	)
Interest Cost		(2,749	)		951			(3,701	)
Expected Return on Plan Assets		31,105			1,686			29,419
Accumulation (Amortization) of Unrecognized Actuarial Differences		57,322			26,781			30,541
Accumulation (Amortization) of Unrecognized Prior Service Cost		(2,013	)		(2,013	)		—
Gains on Cancellation of Employee Retirement Benefit Trust		—			(7,841	)		7,841
Other		(4,973	)		(2,979	)		(1,993	)

Total		53,680			15,680			37,999

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

Mizuho Trust & Banking


	*(Millions of yen)*
	Fiscal 2019			Change			Fiscal 2018
Service Cost		(4,495	)		(271	)		(4,224	)
Interest Cost		(379	)		124			(503	)
Expected Return on Plan Assets		3,620			137			3,482
Accumulation (Amortization) of Unrecognized Actuarial Differences		4,268			3,646			621
Accumulation (Amortization) of Unrecognized Prior Service Cost		(287	)		(287	)		—
Other		(709	)		(464	)		(244	)

Total		2,018			2,886			(868	)

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		As of March 31, 2020			Change			As of March 31, 2019
Retirement Benefit Obligations	(A)		1,440,341			(21,896	)		1,462,237
Fair Value of Plan Assets	(B)		2,225,010			(159,158	)		2,384,168
Unrecognized Actuarial Differences	(C)		(138,808	)		227,368			(366,177	)
Net Defined Benefit Asset	(D)		846,782			(136,021	)		982,804
Net Defined Benefit Liability	(A)-(B)+(D)		62,113			1,240			60,873
Income (Expenses) related to Employee Retirement Benefits
		*(Millions of yen)*
		Fiscal 2019			Change			Fiscal 2018
Service Cost			(43,697	)		(1,645	)		(42,051	)
Interest Cost			(4,013	)		1,217			(5,231	)
Expected Return on Plan Assets			39,117			2,036			37,080
Accumulation (Amortization) of Unrecognized Actuarial Differences			60,477			30,440			30,036
Accumulation (Amortization) of Unrecognized Prior Service Cost			(2,803	)		(2,734	)		(69	)
Gains on Cancellation of Employee Retirement Benefit Trust			—			(7,841	)		7,841
Other			(11,953	)		(5,673	)		(6,279	)

Total			37,126			15,799			21,327

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard


	Consolidated					*(%, Billions of yen)*
	As of March 31, 2020 (Preliminary)		Change			As of March 31, 2019
(1) Total Capital Ratio		17.25		(1.60	)		18.85
(2) Tier 1 Capital Ratio		14.52		(1.42	)		15.94
(3) Common Equity Tier 1 Capital Ratio		11.65		(1.11	)		12.76
(4) Total Capital		10,722.2		(195.2	)		10,917.5
(5) Tier 1 Capital		9,024.4		(207.7	)		9,232.1
(6) Common Equity Tier 1 Capital		7,244.7		(145.2	)		7,390.0
(7) Risk weighted Assets		62,141.2		4,241.6			57,899.5
(8) Total Required Capital (7) X8%		4,971.2		339.3			4,631.9

Mizuho Bank International Standard

	Consolidated							Non-Consolidated
	As of March 31, 2020 (Preliminary)		Change			As of March 31, 2019		As of March 31, 2020 (Preliminary)
(1) Total Capital Ratio		17.29		(1.73	)		19.02		17.75
(2) Tier 1 Capital Ratio		14.50		(1.56	)		16.06		14.80
(3) Common Equity Tier 1 Capital Ratio		11.39		(1.21	)		12.60		11.47
(4) Total Capital		9,864.6		(233.3	)		10,098.0		9,481.9
(5) Tier 1 Capital		8,274.7		(252.6	)		8,527.3		7,905.0
(6) Common Equity Tier 1 Capital		6,501.3		(188.3	)		6,689.7		6,130.3
(7) Risk weighted Assets		57,040.2		3,966.6			53,073.6		53,404.4
(8) Total Required Capital (7) X8%		4,563.2		317.3			4,245.8		4,272.3

Mizuho Trust & Banking International Standard

	Consolidated							Non-Consolidated
	As of March 31, 2020 (Preliminary)		Change			As of March 31, 2019		As of March 31, 2020 (Preliminary)
(1) Total Capital Ratio		23.74		(0.13	)		23.87		23.18
(2) Tier 1 Capital Ratio		23.66		(0.04	)		23.70		23.10
(3) Common Equity Tier 1 Capital Ratio		23.64		(0.03	)		23.67		23.10
(4) Total Capital		490.8		(13.7	)		504.6		476.8
(5) Tier 1 Capital		489.2		(11.7	)		500.9		475.2
(6) Common Equity Tier 1 Capital		488.7		(11.6	)		500.4		475.2
(7) Risk weighted Assets		2,067.3		(46.1	)		2,113.4		2,056.8
(8) Total Required Capital (7) X8%		165.3		(3.6	)		169.0		164.5

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non-Accrual, Past Due & Restructured Loans

•

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 March 31, 2020										As of March 31, 2019
			%		Change			%					%
Loans to Bankrupt Obligors		15,938		0.01		4,545			0.00			11,393		0.01
Non-Accrual Delinquent Loans		401,016		0.48		21,791			(0.00	)		379,225		0.48
Loans Past Due for 3 Months or More		1,468		0.00		1,032			0.00			436		0.00
Restructured Loans		256,429		0.30		61,062			0.05			195,366		0.24

Total		674,853		0.80		88,431			0.06			586,422		0.74

Total Loans		83,468,185		100.00		5,011,250						78,456,935		100.00

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		79,826				(7,587	)					87,413

Trust Account
	As of March 31, 2020										As of March 31, 2019
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		(2,770	)		(28.15	)		2,770		28.15
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		—		—		(2,770	)		(28.15	)		2,770		28.15

Total Loans		8,773		100.00		(1,066	)					9,840		100.00

Consolidated + Trust Account
	As of March 31, 2020										As of March 31, 2019
			%		Change			%					%
Loans to Bankrupt Obligors		15,938		0.01		4,545			0.00			11,393		0.01
Non-Accrual Delinquent Loans		401,016		0.48		19,020			(0.00	)		381,995		0.48
Loans Past Due for 3 Months or More		1,468		0.00		1,032			0.00			436		0.00
Restructured Loans		256,429		0.30		61,062			0.05			195,366		0.24

Total		674,853		0.80		85,661			0.05			589,192		0.75

Total Loans		83,476,958		100.00		5,010,183						78,466,775		100.00

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 March 31, 2020										As of March 31, 2019
			%		Change			%					%
Loans to Bankrupt Obligors		14,786		0.01		4,479			0.00			10,306		0.01
Non-Accrual Delinquent Loans		383,705		0.45		34,236			0.01			349,469		0.44
Loans Past Due for 3 Months or More		1,468		0.00		1,032			0.00			436		0.00
Restructured Loans		222,011		0.26		62,648			0.06			159,363		0.20

Total		621,972		0.73		102,396			0.08			519,575		0.65


Total Loans		84,247,518		100.00		4,835,141						79,412,377		100.00

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		74,578				(7,217	)					81,795

Mizuho Bank

Loans to Bankrupt Obligors		14,786		0.01		4,492			0.00			10,293		0.01
Non-Accrual Delinquent Loans		379,472		0.46		36,311			0.01			343,161		0.45
Loans Past Due for 3 Months or More		1,468		0.00		1,032			0.00			436		0.00
Restructured Loans		220,871		0.27		62,743			0.06			158,127		0.20

Total		616,599		0.76		104,580			0.08			512,019		0.67


Total Loans		80,871,269		100.00		4,823,905						76,047,363		100.00

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		74,362				(6,921	)					81,284

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		—		—		(13	)		(0.00	)		13		0.00
Non-Accrual Delinquent Loans		4,232		0.12		695			0.02			3,537		0.10
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,140		0.03		(94	)		(0.00	)		1,235		0.03

Total		5,373		0.15		587			0.01			4,785		0.14


Total Loans		3,367,475		100.00		12,302						3,355,173		100.00

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		215				(296	)					511

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		(2,770	)		(28.15	)		2,770		28.15
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		—		—		(2,770	)		(28.15	)		2,770		28.15


Total Loans		8,773		100.00		(1,066	)					9,840		100.00

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

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Reserves for Possible Losses on Loans		424,446		136,630			287,815
General Reserve for Possible Losses on Loans		239,035		103,013			136,022
Specific Reserve for Possible Losses on Loans		185,410		33,622			151,787
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		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		89,216		(3,052	)		92,269

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Reserves for Possible Losses on Loans		388,818		144,417			244,401
General Reserve for Possible Losses on Loans		216,597		106,229			110,367
Specific Reserve for Possible Losses on Loans		172,221		38,192			134,028
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		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		83,523		(2,727	)		86,250

Mizuho Bank

Reserves for Possible Losses on Loans		385,129		143,053			242,076
General Reserve for Possible Losses on Loans		214,064		105,579			108,485
Specific Reserve for Possible Losses on Loans		171,064		37,478			133,585
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		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		83,308		(2,430	)		85,739

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		3,689		1,364			2,324
General Reserve for Possible Losses on Loans		2,532		649			1,882
Specific Reserve for Possible Losses on Loans		1,156		714			442
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		215		(296	)		511

Reserve for Possible Losses on Entrusted Loans (¥27 million and ¥30 million for March 31, 2020 and March 31, 2019, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans

Consolidated

(%)

As of
March 31,
2020

Change

As of
March 31,
2019

Mizuho Financial Group

62.89

13.81

49.07

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

Non-Consolidated

(%)

As of
March 31,
2020

Change

As of
March 31,
2019

Total

62.51

15.22

47.29

Mizuho Bank

62.46

15.18

47.27

Mizuho Trust & Banking (Banking Account)

68.65

20.07

48.58

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

2-21

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		59,212		(578	)		59,790
Claims with Collection Risk		383,734		24,893			358,841
Claims for Special Attention		257,898		62,094			195,803
Sub-total[1]		700,845		86,409			614,435
Normal Claims		92,661,291		5,489,767			87,171,524

Total[2]		93,362,137		5,576,176			87,785,960


	*(%)*
NPL ratio[1]/[2]		0.75		0.05			0.69

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

Trust Account

	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		(2,770	)		2,770
Claims for Special Attention		—		—			—
Sub-total[3]		—		(2,770	)		2,770
Normal Claims		8,773		1,703			7,069

Total[4]		8,773		(1,066	)		9,840


	*(%)*
NPL ratio[3]/[4]		—		(28.15	)		28.15

Consolidated + Trust Account

	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		59,212		(578	)		59,790
Claims with Collection Risk		383,734		22,122			361,612
Claims for Special Attention		257,898		62,094			195,803
Sub-total[5]		700,845		83,639			617,206
Normal Claims		92,670,065		5,491,470			87,178,594

Total[6]		93,370,910		5,575,110			87,795,800


	*(%)*
NPL ratio[5]/[6]		0.75		0.04			0.70

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

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


	*(Millions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		51,042		(1,924	)		52,966
Claims with Collection Risk		386,532		38,840			347,692
Claims for Special Attention		223,480		63,681			159,799
Sub-total[1]		661,055		100,597			560,458
Normal Claims		93,890,914		4,654,107			89,236,806

Total[2]		94,551,969		4,754,705			89,797,264


	*(%)*
NPL ratio[1]/[2]		0.69		0.07			0.62

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

Mizuho Bank

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		50,602		(1,882	)		52,485
Claims with Collection Risk		382,739		40,886			341,852
Claims for Special Attention		222,340		63,776			158,563
Sub-total[3]		655,682		102,780			552,902
Normal Claims		90,503,034		4,643,603			85,859,431

Total[4]		91,158,717		4,746,383			86,412,333


	*(%)*
NPL ratio[3]/[4]		0.71		0.07			0.63

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

Mizuho Trust & Banking
(Banking Account)

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		439		(41	)		481
Claims with Collection Risk		3,793		723			3,069
Claims for Special Attention		1,140		(94	)		1,235
Sub-total[5]		5,373		587			4,785
Normal Claims		3,379,106		8,800			3,370,305

Total[6]		3,384,479		9,388			3,375,091


	*(%)*
NPL ratio[5]/[6]		0.15		0.01			0.14

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

(Trust Account)

	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		(2,770	)		2,770
Claims for Special Attention		—		—			—
Sub-total[7]		—		(2,770	)		2,770
Normal Claims		8,773		1,703			7,069

Total[8]		8,773		(1,066	)		9,840


	*(%)*
NPL ratio[7]/[8]		—		(28.15	)		28.15

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

2-23

Mizuho Financial Group, Inc.

5. Coverage on Non Performing Loans based on the FRA

Non-Consolidated

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

(Billions of yen)

As of
March 31, 2020

Change

As of
March 31, 2019

Aggregate Figures for the 2 Banks (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

51.0

(1.9

)

52.9

Collateral, Guarantees, and equivalent

45.2

(0.8

)

46.0

Reserve for Possible Losses

5.7

(1.1

)

6.8

Claims with Collection Risk

386.5

41.6

344.9

Collateral, Guarantees, and equivalent

149.5

20.4

129.1

Reserve for Possible Losses

167.8

39.2

128.6

Claims for Special Attention

223.4

63.6

159.7

Collateral, Guarantees, and equivalent

68.2

13.8

54.3

Reserve for Possible Losses

36.5

15.9

20.6

Total

661.0

103.3

557.6

Collateral, Guarantees, and equivalent

263.1

33.4

229.6

Reserve for Possible Losses

210.2

54.0

156.1

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

50.6

(1.8

)

52.4

Collateral, Guarantees, and equivalent

44.8

(0.7

)

45.6

Reserve for Possible Losses

5.7

(1.1

)

6.8

Claims with Collection Risk

382.7

40.8

341.8

Collateral, Guarantees, and equivalent

147.6

20.8

126.8

Reserve for Possible Losses

166.7

38.5

128.1

Claims for Special Attention

222.3

63.7

158.5

Collateral, Guarantees, and equivalent

68.2

13.9

54.2

Reserve for Possible Losses

36.3

15.9

20.4

Total

655.6

102.7

552.9

Collateral, Guarantees, and equivalent

260.7

34.0

226.6

Reserve for Possible Losses

208.8

53.3

155.5

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.4

(0.0

)

0.4

Collateral, Guarantees, and equivalent

0.4

(0.0

)

0.4

Reserve for Possible Losses

—

Claims with Collection Risk

3.7

0.7

3.0

Collateral, Guarantees, and equivalent

1.9

(0.3

)

2.3

Reserve for Possible Losses

1.1

0.7

0.4

Claims for Special Attention

1.1

(0.0

)

1.2

Collateral, Guarantees, and equivalent

0.0

(0.1

)

0.1

Reserve for Possible Losses

0.2

0.0

0.2

Total

5.3

0.5

4.7

Collateral, Guarantees, and equivalent

2.3

(0.5

)

2.9

Reserve for Possible Losses

1.3

0.7

0.6

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

—

(2.7

)

2.7

Collateral, Guarantees, and equivalent

—

(2.7

)

2.7

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

—

(2.7

)

2.7

Collateral, Guarantees, and equivalent

—

(2.7

)

2.7

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

(Billions of yen)

As of
March 31, 2020

Change

As of
March 31, 2019

Aggregate Figures for the 2 Banks (Banking Account)

Coverage Amount

473.3

87.4

385.8

Reserves for Possible Losses on Loans

210.2

54.0

156.1

Collateral, Guarantees, and equivalent

263.1

33.4

229.6

(%)

Coverage Ratio

71.6

2.3

69.3

Claims against Bankrupt and Substantially Bankrupt Obligors

100.0

—

100.0

Claims with Collection Risk

82.1

7.3

74.7

Claims for Special Attention

46.9

(0.0

)

46.9

Claims against Special Attention Obligors

50.7

0.2

50.5

Reserve Ratio against Non-collateralized Claims

(%)

Claims against Bankrupt and Substantially Bankrupt Obligors

100.0

—

100.0

Claims with Collection Risk

70.8

11.2

59.6

Claims for Special Attention

23.5

3.9

19.6

Claims against Special Attention Obligors

23.3

2.8

20.5

Reference: Reserve Ratio

(%)

Claims against Special Attention Obligors

15.01

2.25

12.75

Claims against Watch Obligors excluding Special Attention Obligors

4.91

2.45

2.46

Claims against Normal Obligors

0.09

0.04

0.05

Mizuho Bank

(Billions of yen)

Coverage Amount

469.5

87.3

382.2

Reserves for Possible Losses on Loans

208.8

53.3

155.5

Collateral, Guarantees, and equivalent

260.7

34.0

226.6

(%)

Coverage Ratio

71.6

2.4

69.1

Claims against Bankrupt and Substantially Bankrupt Obligors

100.0

—

100.0

Claims with Collection Risk

82.1

7.5

74.6

Claims for Special Attention

47.0

(0.0

)

47.1

Claims against Special Attention Obligors

50.8

0.2

50.6

Reserve Ratio against Non-collateralized Claims

(%)

Claims against Bankrupt and Substantially Bankrupt Obligors

100.0

—

100.0

Claims with Collection Risk

70.9

11.2

59.6

Claims for Special Attention

23.5

3.9

19.6

Claims against Special Attention Obligors

23.3

2.8

20.5

Reference: Reserve Ratio

(%)

Claims against Special Attention Obligors

14.99

2.24

12.74

Claims against Watch Obligors excluding Special Attention Obligors

4.95

2.48

2.47

Claims against Normal Obligors

0.09

0.04

0.05

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Billions of yen)

As of
March 31, 2020

Change

As of
March 31, 2019

Coverage Amount

3.7

0.1

3.5

Reserves for Possible Losses on Loans

1.3

0.7

0.6

Collateral, Guarantees, and equivalent

2.3

(0.5

)

2.9

(%)

Coverage Ratio

69.7

(5.2

)

75.0

Claims against Bankrupt and Substantially Bankrupt Obligors

100.0

—

100.0

Claims with Collection Risk

80.6

(8.9

)

89.5

Claims for Special Attention

22.1

(7.0

)

29.2

Claims against Special Attention Obligors

22.1

(19.2

)

41.3

Reserve Ratio against Non-collateralized Claims

(%)

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Claims with Collection Risk

60.8

2.9

57.9

Claims for Special Attention

20.2

0.8

19.4

Claims against Special Attention Obligors

20.2

0.8

19.4

Reference: Reserve Ratio

(%)

Claims against Special Attention Obligors

19.79

5.64

14.15

Claims against Watch Obligors excluding Special Attention Obligors

1.47

0.36

1.11

Claims against Normal Obligors

0.05

0.01

0.04

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO


Notes: 1.		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.		The difference between total Non-Accrual, Past Due & Restructured Loans and total Non Performing Loans based on the FRA represents the amount of claims other than loans included in Non Performing Loans based on the FRA.

2-27

Mizuho Financial Group, Inc.

7. 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 FRA)

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


	*(Billions of yen)*
	Fiscal 2016		Fiscal 2017		Fiscal 2018		Fiscal 2019
	As of March 31, 2017		As of March 31, 2018		As of March 31, 2019		As of March 31, 2020
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		82.7		64.1		27.7		23.9		0.2		24.2		(3.5	)
Claims with Collection Risk		390.0		218.1		153.8		121.2		1.4		122.7		(31.1	)
Amount Categorized as above up to Fiscal 2016		472.8		282.3		181.6		145.2		1.7		146.9		(34.6	)
of which the amount which was in the process of being removed from the balance sheet		72.7		34.9		16.8		18.1		0.2		18.4		1.5
Claims against Bankrupt and Substantially Bankrupt Obligors				12.4		5.9		2.3		0.0		2.3		(3.5	)
Claims with Collection Risk				66.1		33.9		16.8		0.1		16.9		(16.9	)
Amount Newly Categorized as above during Fiscal 2017				78.5		39.8		19.1		0.1		19.3		(20.5	)
of which the amount which was in the process of being removed from the balance sheet				12.2		5.7		2.1		0.0		2.1		(3.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors						19.3		11.4		0.1		11.5		(7.7	)
Claims with Collection Risk						159.8		74.6		0.2		74.8		(84.9	)
Amount Newly Categorized as above during Fiscal 2018						179.1		86.1		0.3		86.4		(92.7	)
of which the amount which was in the process of being removed from the balance sheet						18.2		11.7		0.1		11.8		(6.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors								12.8		0.0		12.8		12.8
Claims with Collection Risk								169.9		1.9		171.8		171.8
Amount Newly Categorized as above during Fiscal 2019								182.8		1.9		184.7		184.7
of which the amount which was in the process of being removed from the balance sheet								11.9		0.0		12.0		12.0
Claims against Bankrupt and Substantially Bankrupt Obligors		82.7		76.6		52.9		50.6		0.4		51.0		(1.9	)
Claims with Collection Risk		390.0		284.2		347.6		382.7		3.7		386.5		38.8
Total		472.8		360.9		400.6		433.3		4.2		437.5		36.9
of which the amount which was in the process of being removed from the balance sheet		72.7		47.2		40.8		44.0		0.4		44.5		3.7

* 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 Fiscal 2019


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(7.5	)		(7.5	)		—
Restructuring		(11.4	)		(11.4	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(35.2	)		(35.2	)		—
Direct Write-off		12.5			12.8			(0.2	)
Other		(106.1	)		(102.3	)		(3.7	)
Debt recovery		(91.0	)		(90.7	)		(0.2	)
Improvement in Business Performance		(15.0	)		(11.5	)		(3.5	)

Total		(147.8	)		(143.7	)		(4.0	)

2-28

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

Non-Consolidated

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


	*(Billions of yen)*
	As of March 31, 2020										As of March 31, 2019
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		58,947.6		511.4		1,513.0			78.4			57,434.6		433.0
Manufacturing		9,638.9		140.5		201.2			45.3			9,437.6		95.1
Agriculture & Forestry		54.7		0.8		7.2			0.6			47.4		0.2
Fishery		3.3		0.3		1.1			0.3			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		226.9		0.2		(20.1	)		0.1			247.1		0.1
Construction		725.4		8.0		58.2			3.1			667.1		4.9
Utilities		2,835.9		11.5		34.3			9.9			2,801.5		1.5
Communication		1,436.9		11.5		153.8			(4.0	)		1,283.0		15.5
Transportation & Postal Industry		2,360.1		9.3		(10.6	)		(0.9	)		2,370.7		10.3
Wholesale & Retail		4,930.0		132.9		58.1			25.5			4,871.8		107.4
Finance & Insurance		8,220.3		10.3		236.9			(0.3	)		7,983.4		10.7
Real Estate		8,740.2		36.4		579.7			7.2			8,160.4		29.2
Commodity Lease		2,884.9		1.6		712.4			(0.1	)		2,172.5		1.8
Service Industries		3,107.8		70.0		235.6			4.4			2,872.1		65.6
Local Governments		760.3		—		(40.1	)		(2.7	)		800.4		2.7
Governments		1,443.5		—		(120.8	)		—			1,564.4		—
Other		11,578.0		77.5		(574.3	)		(10.0	)		12,152.4		87.5
Overseas Total (including Loans Booked Offshore)		25,925.5		110.4		3,299.3			23.9			22,626.2		86.5
Governments		342.2		—		(3.8	)		—			346.0		—
Financial Institutions		9,170.5		—		1,242.8			—			7,927.7		—
Other		16,412.7		110.4		2,060.3			23.9			14,352.4		86.5

Total		84,873.2		621.9		4,812.3			102.3			80,060.9		519.5

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


As of March 31, 2020:		¥860.0billion (from MHBK)
As of March 31, 2019:		¥945.5 billion (from MHBK)

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.

*	A reclassification of Industry type has been made on the above table as of March 31, 2019 for consistency with current figures.

2-29

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2020										As of March 31, 2019
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		54,946.8		506.1		1,524.0			80.6			53,422.7		425.4
Manufacturing		9,173.7		138.2		221.7			44.0			8,952.0		94.1
Agriculture & Forestry		54.6		0.8		7.1			0.6			47.4		0.2
Fishery		3.3		0.3		1.1			0.3			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		224.7		0.2		(20.1	)		0.1			244.9		0.1
Construction		689.3		7.9		59.8			3.1			629.5		4.7
Utilities		2,564.8		11.5		41.6			9.9			2,523.2		1.5
Communication		1,306.8		11.2		142.5			(4.3	)		1,164.2		15.5
Transportation & Postal Industry		2,161.6		9.3		4.4			(0.9	)		2,157.2		10.3
Wholesale & Retail		4,782.3		132.9		83.8			25.9			4,698.4		106.9
Finance & Insurance		7,700.9		10.3		178.8			(0.3	)		7,522.1		10.7
Real Estate		7,450.1		36.0		462.7			7.2			6,987.3		28.7
Commodity Lease		2,667.8		1.6		728.9			(0.1	)		1,938.9		1.8
Service Industries		3,051.9		70.0		236.8			4.5			2,815.0		65.5
Local Governments		753.2		—		(38.3	)		—			791.6		—
Governments		1,338.0		—		(126.3	)		—			1,464.3		—
Other		11,023.0		75.2		(460.8	)		(9.5	)		11,483.9		84.8
Overseas Total (including Loans Booked Offshore)		25,924.4		110.4		3,299.8			23.9			22,624.6		86.5
Governments		342.2		—		(3.8	)		—			346.0		—
Financial Institutions		9,170.5		—		1,242.8			—			7,927.7		—
Other		16,411.6		110.4		2,060.8			23.9			14,350.8		86.5

Total		80,871.2		616.5		4,823.9			104.5			76,047.3		512.0

* A reclassification of Industry type has been made on the above table as of March 31, 2019 for consistency with current figures.

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,000.8		5.3		(11.0	)		(2.1	)		4,011.9		7.5
Manufacturing		465.1		2.2		(20.4	)		1.3			485.5		0.9
Agriculture & Forestry		0.0		—		0.0			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.2		—		0.0			—			2.1		—
Construction		36.0		0.1		(1.5	)		(0.0	)		37.6		0.1
Utilities		271.0		—		(7.2	)		—			278.3		—
Communication		130.1		0.3		11.2			0.3			118.8		—
Transportation & Postal Industry		198.4		—		(15.0	)		—			213.5		—
Wholesale & Retail		147.6		—		(25.6	)		(0.4	)		173.3		0.4
Finance & Insurance		519.3		—		58.1			—			461.2		—
Real Estate		1,290.0		0.4		116.9			(0.0	)		1,173.1		0.4
Commodity Lease		217.1		—		(16.4	)		—			233.6		—
Service Industries		55.9		—		(1.2	)		(0.0	)		57.1		0.0
Local Governments		7.0		—		(1.7	)		(2.7	)		8.7		2.7
Governments		105.4		—		5.4			—			100.0		—
Other		554.9		2.2		(113.5	)		(0.4	)		668.5		2.6
Overseas Total (including Loans Booked Offshore)		1.1		—		(0.5	)		—			1.6		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		1.1		—		(0.5	)		—			1.6		—

Total		4,001.9		5.3		(11.5	)		(2.1	)		4,013.5		7.5

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.

2-30

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of March 31, 2020										As of March 31, 2019
					Change
	Non Performing Loans based on the FRA		Coverage Ratio		Non Performing Loans based on the FRA			Coverage Ratio			Non Performing Loans based on the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		529.5		67.6		77.1			(3.9	)		452.4		71.6
Manufacturing		150.3		64.2		42.6			(2.6	)		107.6		66.8
Agriculture & Forestry		0.8		41.5		0.6			(23.3	)		0.2		64.8
Fishery		0.3		62.6		0.3			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.5		94.4		(0.1	)		4.6			0.6		89.7
Construction		8.3		72.0		3.3			(1.1	)		5.0		73.1
Utilities		11.5		38.5		9.9			(25.6	)		1.5		64.1
Communication		11.5		66.1		(4.5	)		1.0			16.0		65.1
Transportation & Postal Industry		9.4		65.5		(0.9	)		(3.5	)		10.3		69.1
Wholesale & Retail		135.3		57.7		25.8			(4.0	)		109.4		61.7
Finance & Insurance		10.7		81.6		(0.0	)		12.6			10.7		68.9
Real Estate		35.6		81.7		4.6			(2.8	)		31.0		84.6
Commodity Lease		1.7		72.3		(0.1	)		0.7			1.9		71.6
Service Industries		73.2		65.9		7.1			1.0			66.1		64.9
Local Governments		—		—		(2.7	)		—			2.7		100.0
Other		79.9		88.4		(8.8	)		(2.4	)		88.7		90.8
Overseas Total (including Loans Booked Offshore)		131.4		87.6		23.4			27.7			108.0		59.8
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		131.4		87.6		23.4			27.7			108.0		59.8

Total		661.0		71.6		100.5			2.2			560.4		69.3

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

2-31

Mizuho Financial Group, Inc.

9. 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
March 31,
2020

As of
March 31,
2019

Change

Housing and Consumer Loans

9,215.7

(446.1

)

9,661.9

Housing Loans for owner’s residential housing

8,463.4

(327.9

)

8,791.4

Mizuho Bank

Housing and Consumer Loans

9,143.1

(434.1

)

9,577.2

Housing Loans

8,595.0

(360.7

)

8,955.7

for owner’s residential housing

8,396.1

(317.1

)

8,713.2

Consumer loans

548.0

(73.4

)

621.4

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

72.6

(12.0

)

84.7

Housing Loans for owner’s residential housing

67.3

(10.8

)

78.1

* 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
March 31,
2020

As of
March 31,
2019

Change

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

57.4

(0.2

)

57.7

Loans to SMEs and Individual Customers

33,892.4

705.9

33,186.5

Mizuho Bank

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

58.1

(0.2

)

58.4

Loans to SMEs and Individual Customers

31,956.5

740.4

31,216.1

Mizuho Trust & Banking (Banking Account + Trust Account)

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

48.3

(0.7

)

49.1

Loans to SMEs and Individual Customers

1,935.9

(34.4

)

1,970.3

*	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.)

2-32

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

(Billions of yen)

As of March 31, 2020

As of March 31, 2019

Non-Accrual,
Past Due &
Restructured
Loans

Change

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Asia

7,543.3

35.8

(306.6

)

3.9

7,849.9

31.8

Hong Kong

1,808.8

4.4

(40.9

)

2.0

1,849.7

2.4

Singapore

1,286.0

26.1

50.3

0.2

1,235.7

25.9

Thailand

1,037.2

1.4

1.5

0.9

1,035.7

0.4

Taiwan

746.9

0.0

16.3

(0.0

)

730.5

0.0

India

619.2

2.7

(98.9

)

1.8

718.1

0.8

South Korea

671.2

—

(48.4

)

—

719.6

—

Indonesia

451.9

0.9

(12.0

)

(0.9

)

463.9

1.9

Philippines

282.8

0.0

2.9

(0.0

)

279.9

0.0

China

220.1

—

(82.4

)

—

302.5

—

Thailand

164.1

—

(104.8

)

—

269.0

—

Central and South America

4,660.4

22.5

342.4

(6.9

)

4,317.9

29.5

Mexico

426.4

0.8

78.0

0.5

348.3

0.3

Brazile

250.5

7.5

(21.3

)

(3.1

)

271.9

10.6

North America

8,765.2

44.1

2,030.6

(14.4

)

6,734.6

58.5

United States

7,929.9

44.1

1,904.6

(14.4

)

6,025.3

58.5

Eastern Europe

277.2

—

44.7

—

232.4

—

Russia

171.7

—

24.3

—

147.4

—

Western Europe

4,553.6

13.8

808.7

12.4

3,744.8

1.4

United Kingdom

1,315.3

—

277.9

(0.9

)

1,037.3

0.9

Netherlands

1,152.2

1.2

135.2

0.6

1,017.0

0.5

Germany

516.7

7.2

16.8

7.2

499.8

—

Ireland

252.0

—

79.8

—

172.1

—

Switzerland

171.9

—

29.0

—

142.9

—

France

250.6

—

98.2

—

152.4

—

Turkey

102.1

—

(56.1

)

—

158.3

—

Italy

155.1

—

59.3

—

95.7

—

Other

3,268.8

29.4

132.3

20.4

3,136.4

8.9

Australia

1,524.8

—

100.4

—

1,424.3

—

Total

29,068.7

145.8

3,052.3

15.3

26,016.3

130.4

* Parts of Loans and Non-Accrual, Past Due & Restructured Loans which have been included in “Japan” are included in “Central and South America” and parts of Loans which have been included in “Eastern Europe” are included in “North America”. As a result, the total of Loans by Region as of March 31, 2019 increased by ¥619.3 billion and the total of Non-Accrual, Past Due & Restructured Loans by Region as of March 31, 2019 increased by ¥2.5 billion.

The above figures are based on obligor country of location.

The outstanding balance of loans and Non-Accrual, Past Due & Restructured Loans in major banking subsidiaries outside Japan is as follows.

As of March 31, 2020

As of March 31, 2019

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Mizuho Bank (China) ,Ltd

1,058.5

4.7

10.2

3.1

1,048.3

1.6

Mizuho Bank (USA)

470.6

—

20.5

—

450.1

—

PT. Bank Mizuho Indonesia

352.8

0.1

15.9

(0.3

)

336.8

0.5

2-33

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

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 April 1, 2020 to March 31, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,524.6
Income before Income Taxes	2		2,456.0
Tax Adjustments *1	3		92.9
Taxable Income before Current Deductible Temporary Differences *2	4		2,548.9
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		780.4

*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 March 31, 2020.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2015		496.0
Fiscal 2016		442.3
Fiscal 2017		379.9
Fiscal 2018		267.2
Fiscal 2019(estimate)		361.0

*1.	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.

*2.	Figure for fiscal 2019 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2020			Change			As of March 31, 2019
Reserves for Possible Losses on Loans	7		131.9			44.8			87.1
Impairment of Securities	8		145.9			16.1			129.8
Net Unrealized Losses on Other Securities	9		22.0			9.7			12.3
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		176.3			(24.0	)		200.3
Net Deferred Hedge Losses	12		—			(17.8	)		17.8
Tax Losses Carried Forward	13		—			—			—
Other	14		261.0			(3.7	)		264.7
Total Deferred Tax Assets	15		737.3			25.1			712.2

Valuation Allowance	16		(160.6	)		(15.8	)		(144.8	)
Sub-Total [ 15 + 16 ]	17		576.7			9.3			567.3

Amount related to Retirement Benefits Accounting	18		(170.3	)		(22.7	)		(147.5	)
Net Unrealized Gains on Other Securities	19		(304.3	)		106.2			(410.6	)
Net Deferred Hedge Gains	20		(27.9	)		(27.9	)		—
Other	21		(37.1	)		0.3			(37.5	)
Total Deferred Tax Liabilities	22		(539.7	)		55.9			(595.7	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		36.9			65.2			(28.3	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(303.8	)		108.2			(412.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(27.9	)		(45.7	)		17.8
Tax effects related to others	26		368.6			2.7			365.9

*	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 April 1, 2020 to March 31, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		226.7
Income before Income Taxes	2		239.4
Tax Adjustments *1	3		(47.8	)
Taxable Income before Current Deductible Temporary Differences *2	4		191.5
Effective Statutory Tax Rate	5		30.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		58.5

*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 March 31, 2020.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2015		45.1
Fiscal 2016		52.1
Fiscal 2017		40.5
Fiscal 2018		39.0
Fiscal 2019(estimate)		32.0

*1.	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.

*2.	Figure for fiscal 2019 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2020			Change			As of March 31, 2019
Reserves for Possible Losses on Loans	7		1.1			0.3			0.8
Impairment of Securities	8		11.1			2.2			8.9
Net Unrealized Losses on Other Securities	9		1.1			0.9			0.2
Reserve for Employee Retirement Benefits	10		7.2			(2.5	)		9.8
Net Deferred Hedge Losses	11		2.0			1.3			0.7
Tax Losses Carried Forward	12		—			—			—
Other	13		5.1			(1.9	)		7.0
Total Deferred Tax Assets	14		27.9			0.3			27.6

Valuation Allowance	15		(12.6	)		(3.1	)		(9.4	)
Sub-Total [ 14 + 15 ]	16		15.3			(2.7	)		18.1

Amount related to Retirement Benefits Accounting	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(13.4	)		6.1			(19.6	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.5	)		0.0			(0.5	)
Total Deferred Tax Liabilities	21		(18.5	)		6.1			(24.7	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(3.2	)		3.4			(6.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	23		(13.5	)		6.2			(19.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		2.0			1.3			0.7
Tax effects related to others	25		8.2			(4.1	)		12.4

*	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.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2020		Change			As of March 31, 2019
Deposits		106,876.1		5,220.9			101,655.1
Individual Deposits		45,018.6		1,059.1			43,959.4
Corporate Deposits		54,086.4		3,879.2			50,207.1
Financial/Government Institutions		7,771.0		282.5			7,488.5

Mizuho Bank

Deposits		103,779.8		5,368.5			98,411.2
Individual Deposits		44,160.3		1,114.4			43,045.9
Corporate Deposits		52,676.4		3,842.5			48,833.8
Financial/Government Institutions		6,943.0		411.5			6,531.4

Mizuho Trust & Banking

Deposits		3,096.2		(147.6	)		3,243.8
Individual Deposits		858.2		(55.2	)		913.5
Corporate Deposits		1,409.9		36.6			1,373.2
Financial/Government Institutions		828.0		(129.0	)		957.0

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

*	As for Mizuho Trust & Banking, parts of Deposits which have been included in Financial/Government Institutions are included in Corporate Deposits.

2-36

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

Aggregate Figures for Mizuho Financial Group, the 2 Banks, and Mizuho Securities


	As of March 31, 2020		Change			As of March 31, 2019
Directors, Executive Officers as defined in the Companies Act, and Auditors		49		(15	)		64
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		128		—			128
* The above numbers have been adjusted for those who are doubling other positions.

(2) Number of Employees Consolidated
	As of March 31, 2020		Change			As of March 31, 2019
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		57,264		(1,868	)		59,132
Average number of temporary employees		17,010		(697	)		17,707
* The number of Employees excludes employees seconded to outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.

3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of March 31, 2020		Change			As of March 31, 2019
Mizuho Bank		464		—			464
Mizuho Trust & Banking		60		—			60
Mizuho Securities		256		(3	)		259
* The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others.
(Overseas) The 2 Banks and Mizuho Securities
	As of March 31, 2020		Change			As of March 31, 2019
Mizuho Bank		49		1			48
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2
* The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-37

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2020

Consolidated


	*(Billions of yen)*
	Fiscal 2020
Ordinary Profits		400.0
Profit Attributable to Owners of Parent		320.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2020

Aggregate Figures
for the 2 Banks

MHBK

MHTB*

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)
+ Net Gains (Losses) related to ETF

415.0

380.0

35.0

Ordinary Profits

275.0

240.0

35.0

Net Income

215.0

190.0

25.0

Credit-related Costs

(190.0

)

(185.0

)

(5.0

)

*	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.

The above information constitute forward-looking statements. Please see the legend regarding forward-looking statements in CONTENTS.

2-38

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2020 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	38,833,234		¥	42,044,263		¥	(3,211,029	)
Call Loans		958,359			516,085			442,273
Receivables under Resale Agreements		8,599,865			4,226,040			4,373,824
Guarantee Deposits Paid under Securities Borrowing Transactions		122,001			100,501			21,500
Other Debt Purchased		430,330			491,276			(60,946	)
Trading Assets		5,013,413			3,708,952			1,304,460
Money Held in Trust		503			503			0
Securities		34,372,765			29,475,876			4,896,888
Loans and Bills Discounted		80,871,269			76,047,363			4,823,905
Foreign Exchange Assets		1,966,593			2,043,874			(77,280	)
Derivatives other than for Trading		5,164,666			3,192,132			1,972,533
Other Assets		2,939,258			2,705,113			234,145
Tangible Fixed Assets		843,058			729,129			113,928
Intangible Fixed Assets		357,432			354,116			3,315
Prepaid Pension Cost		556,273			481,875			74,397
Deferred Tax Assets		36,950			—			36,950
Customers’ Liabilities for Acceptances and Guarantees		6,535,786			6,492,905			42,881
Reserves for Possible Losses on Loans		(385,129	)		(242,076	)		(143,053	)
Reserve for Possible Losses on Investments		(2,458	)		(370	)		(2,088	)

Total Assets	¥	187,214,174		¥	172,367,564		¥	14,846,609

Liabilities
Deposits	¥	126,337,030		¥	119,411,223		¥	6,925,806
Negotiable Certificates of Deposit		12,706,349			12,912,548			(206,199	)
Call Money		1,213,576			1,308,045			(94,468	)
Payables under Repurchase Agreements		7,469,615			5,162,334			2,307,280
Guarantee Deposits Received under Securities Lending Transactions		276,869			305,032			(28,163	)
Commercial Paper		411,089			941,181			(530,092	)
Trading Liabilities		3,795,423			2,577,856			1,217,567
Borrowed Money		11,394,924			7,998,715			3,396,208
Foreign Exchange Liabilities		716,394			925,879			(209,484	)
Bonds and Notes		1,100,670			1,968,205			(867,534	)
Derivatives other than for Trading		4,843,165			3,031,284			1,811,881
Other Liabilities		3,175,327			2,138,527			1,036,800
Reserve for Bonus Payments		19,841			22,362			(2,521	)
Reserve for Variable Compensation		765			1,100			(334	)
Reserve for Possible Losses on Sales of Loans		637			630			6
Reserve for Contingencies		1,770			100			1,669
Reserve for Reimbursement of Deposits		25,943			16,987			8,956
Reserve for Reimbursement of Debentures		18,672			25,566			(6,893	)
Deferred Tax Liabilities		—			28,338			(28,338	)
Deferred Tax Liabilities for Revaluation Reserve for Land		62,695			63,315			(619	)
Acceptances and Guarantees		6,535,786			6,492,905			42,881

Total Liabilities		180,106,550			165,332,144			14,774,406

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,328			—
Capital Reserve		655,418			655,418			—
Other Capital Surplus		1,630,910			1,630,910			—
Retained Earnings		2,472,640			2,163,735			308,905
Appropriated Reserve		315,177			315,177			0
Other Retained Earnings		2,157,463			1,848,557			308,905
Retained Earnings Brought Forward		2,157,463			1,848,557			308,905

Total Shareholders’ Equity		6,163,034			5,854,129			308,905

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		736,239			1,071,157			(334,918	)
Net Deferred Hedge Gains (Losses), net of Taxes		71,693			(27,639	)		99,333
Revaluation Reserve for Land, net of Taxes		136,655			137,772			(1,117	)

Total Valuation and Translation Adjustments		944,588			1,181,291			(236,702	)

Total Net Assets		7,107,623			7,035,420			72,202

Total Liabilities and Net Assets	¥	187,214,174		¥	172,367,564		¥	14,846,609

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2020 (A)			For the fiscal year ended March 31, 2019 (B)			Change (A) - (B)
Ordinary Income	¥	2,762,200		¥	2,616,940		¥	145,260
Interest Income		1,642,866			1,678,702			(35,835	)
Interest on Loans and Bills Discounted		*1,113,558*			1,126,596			(13,037	)
Interest and Dividends on Securities		*258,265*			281,807			(23,541	)
Fee and Commission Income		476,787			471,196			5,590
Trading Income		150,596			61,855			88,741
Other Operating Income		238,043			158,466			79,576
Other Ordinary Income		253,906			246,719			7,187

Ordinary Expenses		2,331,438			2,332,366			(928	)
Interest Expenses		1,013,852			1,028,946			(15,094	)
Interest on Deposits		*451,000*			449,145			1,855
Fee and Commission Expenses		91,650			90,934			716
Trading Expenses		809			377			431
Other Operating Expenses		97,383			174,935			(77,552	)
General and Administrative Expenses		789,552			840,607			(51,054	)
Other Ordinary Expenses		338,189			196,565			141,624

Ordinary Profits		430,762			284,573			146,188

Extraordinary Gains		1,296			11,181			(9,885	)

Extraordinary Losses		18,484			503,219			(484,734	)

Income (Loss) before Income Taxes		413,574			(207,463	)		621,038
Income Taxes:
Current		109,151			94,923			14,227
Deferred		(3,364	)		(157,943	)		154,578

Net Income (Loss)	¥	307,788		¥	(144,444	)	¥	452,232

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of March 31, 2020 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,766,799		¥	2,434,150		¥	(667,350	)
Call Loans		14,678			24,417			(9,739	)
Guarantee Deposits Paid under Securities Borrowing Transactions		198,053			332,116			(134,062	)
Other Debt Purchased		32,493			6,692			25,800
Trading Assets		169,750			111,667			58,083
Money Held in Trust		7,125			4,641			2,483
Securities		958,624			841,621			117,003
Loans and Bills Discounted		3,367,475			3,355,173			12,302
Foreign Exchange Assets		7,865			4,073			3,792
Other Assets		359,752			188,381			171,371
Tangible Fixed Assets		86,705			20,559			66,145
Intangible Fixed Assets		30,529			32,664			(2,134	)
Prepaid Pension Cost		65,759			55,766			9,993
Customers’ Liabilities for Acceptances and Guarantees		14,755			16,885			(2,129	)
Reserves for Possible Losses on Loans		(3,689	)		(2,324	)		(1,364	)

Total Assets	¥	7,076,682		¥	7,426,486		¥	(349,803	)

Liabilities
Deposits	¥	3,096,295		¥	3,253,498		¥	(157,203	)
Negotiable Certificates of Deposit		664,780			566,110			98,670
Call Money		807,706			947,104			(139,398	)
Payables under Repurchase Agreements		—			22,198			(22,198	)
Guarantee Deposits Received under Securities Lending Transactions		289,789			362,246			(72,456	)
Trading Liabilities		170,146			107,096			63,049
Borrowed Money		255,860			379,706			(123,846	)
Foreign Exchange Liabilities		23			—			23
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,055,510			1,102,073			(46,563	)
Other Liabilities		142,457			68,806			73,651
Reserve for Bonus Payments		2,153			2,125			28
Reserve for Variable Compensation		368			467			(99	)
Reserve for Reimbursement of Deposits		1,907			2,081			(173	)
Deferred Tax Liabilities		3,220			6,631			(3,411	)
Acceptances and Guarantees		14,755			16,885			(2,129	)

Total Liabilities		6,514,977			6,847,033			(332,056	)

Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		253,465			241,889			11,575
Appropriated Reserve		41,484			36,719			4,764
Other Retained Earnings		211,980			205,170			6,810
Retained Earnings Brought Forward		211,980			205,170			6,810

Total Shareholders’ Equity		516,339			504,764			11,575

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		49,981			76,295			(26,314	)
Net Deferred Hedge Gains (Losses), net of Taxes		(4,615	)		(1,608	)		(3,007	)

Total Valuation and Translation Adjustments		45,365			74,687			(29,322	)

Total Net Assets		561,705			579,452			(17,747	)

Total Liabilities and Net Assets	¥	7,076,682		¥	7,426,486		¥	(349,803	)

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the fiscal year ended March 31, 2020 (A)		For the fiscal year ended March 31, 2019 (B)		Change (A) - (B)
Ordinary Income	¥	209,112	¥	209,539	¥	(427	)
Fiduciary Income		59,132		54,997		4,134
Interest Income		37,305		42,795		(5,489	)
Interest on Loans and Bills Discounted		*24,619*		26,691		(2,072	)
Interest and Dividends on Securities		*10,654*		13,786		(3,132	)
Fee and Commission Income		70,610		70,307		303
Trading Income		1,526		1,552		(25	)
Other Operating Income		24,319		8,319		16,000
Other Ordinary Income		16,217		31,567		(15,350	)

Ordinary Expenses		159,435		154,184		5,250
Interest Expenses		13,445		16,415		(2,969	)
Interest on Deposits		*614*		1,059		(444	)
Fee and Commission Expenses		35,027		33,391		1,635
Trading Expenses		20		0		20
Other Operating Expenses		11,458		6,037		5,420
General and Administrative Expenses		81,211		82,395		(1,183	)
Other Ordinary Expenses		18,272		15,944		2,328

Ordinary Profits		49,676		55,354		(5,678	)

Extraordinary Gains		907		82		824

Extraordinary Losses		694		2,245		(1,551	)

Income before Income Taxes		49,888		53,190		(3,302	)
Income Taxes:
Current		10,342		12,544		(2,201	)
Deferred		4,147		1,582		2,564

Net Income	¥	35,398	¥	39,063	¥	(3,665	)

2-42

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2020


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		634,513	Money Trusts		24,065,825
Securities		130,890	Pension Trusts		3,183,854
Beneficiary Rights to the Trusts		63,240,425	Property Formation Benefit Trusts		4,692
Securities held in Custody Accounts		410,192	Investment Trusts		18,396,464
Money Claims		5,500,206	Money Entrusted Other than Money Trusts		1,829,192
Tangible Fixed Assets		8,319,291	Securities Trusts		14,009,829
Intangible Fixed Assets		361,170	Money Claims Trusts		4,304,969
Other Claims		580,858	Land and Fixtures Trusts		435,204
Due from Banking Account		1,055,510	Composite Trusts		14,473,878
Cash and Due from Banks		476,227	Other Trusts		5,375

Total		80,709,287	Total		80,709,287

Notes:

1.	The statement is exclusive of the Trusts that are difficult to value monetarily.

2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥61,077,996 million.

3.	Joint trust assets under the management of other companies: ¥279,436 million

4.	There is no balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, or Loans Past Due for 3 Months or More in the loans of trust accounts that guarantee principals in the agreement of ¥8,773 million.

(Reference) Breakdown of Accounts of Money Trusts and Loan Trusts with the contracts of principal indemnification (including Trusts entrusted for asset management) are as follows:

Money Trusts


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		8,773	Principal		883,781
Securities		1	Reserve		27
Others		875,127	Others		94

Total		883,902	Total		883,902

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of March 31, 2020 (A)		As of March 31, 2019 (B)		Change (A) - (B)
Total Amount of Funds		31,015,448		29,169,953		1,845,494
Deposits		3,096,295		3,253,498		(157,203	)
Negotiable Certificates of Deposit		664,780		566,110		98,670
Money Trusts		24,065,825		22,197,075		1,868,749
Pension Trusts		3,183,854		3,148,711		35,143
Property Formation Benefit Trusts		4,692		4,558		134

Loans and Bills Discounted		4,001,989		4,013,541		(11,552	)
of Banking accounts		3,367,475		3,355,173		12,302
of Trust accounts		634,513		658,368		(23,854	)

Securities for Investments		1,089,515		1,023,278		66,236
of Banking accounts		958,624		841,621		117,003
of Trust accounts		130,890		181,657		(50,767	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of March 31, 2020 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	533,288		¥	388,516		¥	144,772
Cash Segregated as Deposits for Customers and Others		387,043			335,712			51,330
Trading Assets		6,461,814			6,061,110			400,703
Operating Investment Securities		33,430			28,640			4,789
Receivables Related to Margin Transactions		22,055			34,162			(12,107	)
Collateralized Short-Term Financing Agreements-Receivable		4,296,231			3,871,953			424,278
Advances Paid		579			488			90
Securities: Fail to Deliver		12,971			9,613			3,357
Short-Term Loans Receivable		37,298			52,652			(15,354	)
Other Current Assets		595,830			434,483			161,346
Less: Allowance for Doubtful Accounts		(7	)		(3	)		(3	)
Noncurrent Assets
Property and Equipment		11,196			12,527			(1,330	)
Intangible Assets		61,637			50,829			10,808
Investments and Other Assets		302,584			315,137			(12,552	)

Total Assets	¥	12,755,956		¥	11,595,825		¥	1,160,130

Liabilities
Current Liabilities
Trading Liabilities	¥	5,032,193		¥	4,340,952		¥	691,240
Payables - Unsettled Trades		61,668			36,888			24,779
Payables Related to Margin Transactions		47,395			53,591			(6,196	)
Collateralized Short-Term Financing Agreements-Payable		3,660,235			3,575,497			84,738
Deposits Received		350,409			308,251			42,158
Guarantee Deposits Received		370,607			297,472			73,134
Securities: Fail to Receive		2,029			2,064			(35	)
Short-Term Borrowings		1,035,215			773,484			261,730
Commercial Paper		319,000			333,200			(14,200	)
Bonds and Notes Due within One Year		137,358			76,393			60,964
Lease Obligations		—			174			(174	)
Income Taxes Payable		3,022			2,220			802
Accrued Employees’ Bonuses		13,531			9,359			4,172
Provision for Variable Compensation		816			927			(110	)
Provision for Bonus Point Redemption		487			686			(198	)
Other Current Liabilities		53,465			40,800			12,665
Noncurrent Liabilities
Bonds and Notes		620,079			679,688			(59,609	)
Long-Term Borrowings		135,600			173,000			(37,400	)
Provision for Retirement Benefits		19,828			19,799			29
Other Noncurrent Liabilities		2,111			2,263			(152	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,509			2,473			36

Total Liabilities		11,867,565			10,729,189			1,138,375

Net Assets
Common Stock		125,167			125,167			—
Capital Surplus		381,649			381,649			—
Additional Paid - in Capital		285,831			285,831			—
Other Capital Surplus		95,817			95,817			—
Retained Earnings		371,261			346,585			24,676
Other Retained Earnings		371,261			346,585			24,676
Retained Earnings Brought Forward		371,261			346,585			24,676

Total Shareholders’ Equity		878,078			853,401			24,676

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		20,066			23,023			(2,956	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,754	)		(9,789	)		35

Total Valuation and Translation Adjustments		10,312			13,233			(2,921	)

Total Net Assets		888,390			866,635			21,754

Total Liabilities and Net Assets	¥	12,755,956		¥	11,595,825		¥	1,160,130

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the fiscal year ended March 31, 2020 (A)			For the fiscal year ended March 31, 2019 (B)		Change (A) - (B)
Operating Revenues	¥	354,192		¥	341,131	¥	13,060
Commissions		149,514			151,810		(2,296	)
Net Gain on Trading		111,981			93,568		18,413
Net Gain on Operating Investment Securities		2,621			5,287		(2,666	)
Interest and Dividend Income		90,075			90,465		(390	)

Interest Expenses		82,590			77,794		4,796

Net Operating Revenues		271,602			263,337		8,264

Selling, General and Administrative Expenses		237,737			236,229		1,507
Transaction-Related Expenses		57,929			53,157		4,772
Personnel Expenses		86,215			86,662		(446	)
Real Estate Expenses		24,151			25,585		(1,434	)
Administrative Expenses		42,322			43,374		(1,052	)
Depreciation and Amortization		19,702			18,931		770
Taxes and Dues		4,436			5,452		(1,015	)
Provision of Allowance for Doubtful Accounts		(20	)		2		(22	)
Other		3,000			3,064		(63	)

Operating Income		33,864			27,107		6,756

Non-Operating Income		4,744			9,044		(4,300	)
Non-Operating Expenses		179			196		(16	)

Ordinary Income		38,429			35,955		2,473

Extraordinary Gain		1,110			2,512		(1,402	)

Extraordinary Loss		2,860			16,467		(13,607	)

Income before Income Taxes		36,679			22,000		14,678
Income Taxes:
Current		5,158			3,006		2,151
Deferred		2,310			6,600		(4,289	)

Net Income	¥	29,210		¥	12,393	¥	16,816

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