Form 6-K

6-K 1 d85121d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:		July 31, 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 the First Quarter of Fiscal 2020

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		July 31, 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
Filing of Shihanki Hokokusho (scheduled):		August 14, 2020	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		—
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2020 (for the three months ended June 30, 2020)

(1) Consolidated Results of Operations


(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
1Q F2020		835,835		(15.4	)		175,421		(20.2	)		122,375		(24.6	)
1Q F2019		988,825		3.2			219,849		5.1			162,438		0.8

Note:

Comprehensive Income:

1Q F2020: ¥192,626 million, 104.2 %; 1Q F2019: ¥94,321 million, (45.0) %


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1Q F2020		4.82		4.82
1Q F2019		6.40		6.40

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1Q F2020		220,609,837		8,727,255		3.9
Fiscal 2019		214,659,077		8,663,847		3.9

Reference:

Own Capital:

As of June 30, 2020: ¥8,621,615 million; As of March 31, 2020: ¥8,553,971 million

Note:

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

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

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2019		—		3.75		—		3.75		7.50
Fiscal 2020		—
Fiscal 2020 (estimate)				3.75		—		3.75		7.50



Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock : No
	2.	The impact from the share consolidation scheduled on October 1, 2020 is not reflected to the estimate of Cash Dividends per Share of Common Stock for the end of fiscal 2020. If the share consolidation is taken into account, it would be ¥37.50. Please refer to “Notes” below for details.

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		%			¥
Fiscal 2020 H1			—		—			—
Fiscal 2020			320,000		(28.6	)		12.61



Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2020: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares during 1Q and the number of outstanding shares as of June 30, 2020 (which is used as a proxy for the average number of outstanding shares during 2Q-4Q). 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 details.

Notes

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

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

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

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

ii Changes in accounting policies other than i above: No

iii Changes in accounting estimates: No

iv Restatements: No

Note: For more information, please refer to “1.(1) Changes in Accounting Policies and Accounting Estimates / Restatements” on page 1-2 of the attachment.

(4) Issued Shares of Common Stock


i Period-end issued shares (including treasury stock):	As of June 30, 2020	25,392,498,945 shares	As of March 31, 2020	25,392,498,945 shares
ii Period-end treasury stock:	As of June 30, 2020	31,202,189 shares	As of March 31, 2020	32,106,811 shares
iii Average outstanding shares (first quarter):	1Q Fiscal 2020	25,360,835,284 shares	1Q Fiscal 2019	25,360,510,272 shares

This immediate release is outside the scope of quarterly review by certified public accountants or audit firms.

The share consolidation is scheduled on October 1, 2020, based on the approval of MHFG’s 18th Ordinary General Meeting of Shareholders held on June 25, 2020.

Estimates for cash dividends and consolidated earnings for the fiscal year ending March 31, 2021, taking the share consolidation into account, are as follows.

(1) Estimate for cash dividends 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) Consolidated earnings estimate 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: impact of the corona virus pandemic; 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 5-Year 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”), which is 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.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2

2.	Quarterly Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Note for Assumption of Going Concern	p.1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p.1-7
	ø SELECTED FINANCIAL INFORMATION For the First Quarter of Fiscal 2020

Note to XBRL

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

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

Changes in Accounting Policies

(Accounting Standard for Fair Value Measurement and Others)

MHFG has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30, July 4, 2019) and others from the beginning of the first quarter ended June 30, 2020.

In accordance with Article 8 of “Accounting Standard for Fair Value Measurement”, the fair value adjustment method used to determine the fair value of derivatives is revised to maximize the use of relevant observable inputs estimated from derivatives and others traded in the market.

In accordance with Article 20 of “Accounting Standard for Fair Value Measurement”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2020.

As a result, Retained Earnings decreased by ¥32,639 million, Trading Assets decreased by ¥50,380 million, Derivatives other than for Trading Assets decreased by ¥6,379 million, Trading Liabilities decreased by ¥6,529 million, Derivatives other than for Trading Liabilities decreased by ¥3,184 million, Deferred Tax Assets increased by ¥14,405 million, and Net Assets per Share decreased by ¥1.28 as of April 1, 2020.

And in accordance with the transitional treatment set forth in Article 19 of “Accounting Standard for Fair Value Measurement” and Article 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No.10, July 4, 2019), MHFG has applied a new accounting policy prescribed by “Accounting Standard for Fair Value Measurement” and others from the end of the first quarter.

As a result, in principle, while fair value of Japanese stocks was previously determined based on the average quoted market price over the month preceding the quarterly consolidated balance sheet date, from the end of the first quarter, fair value of Japanese stocks is determined based on the quoted market price as of the quarterly consolidated balance sheet date.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2020			As of June 30, 2020
Assets
Cash and Due from Banks	¥	41,069,745		¥	39,575,631
Call Loans and Bills Purchased		584,686			557,396
Receivables under Resale Agreements		18,581,488			16,405,794
Guarantee Deposits Paid under Securities Borrowing Transactions		2,243,161			2,115,294
Other Debt Purchased		2,688,273			2,845,881
Trading Assets		13,248,734			14,888,607
Money Held in Trust		411,847			431,633
Securities		34,907,234			39,354,461
Loans and Bills Discounted		83,468,185			88,824,317
Foreign Exchange Assets		2,044,415			1,839,879
Derivatives other than for Trading Assets		1,944,060			1,390,369
Other Assets		5,206,121			4,222,697
Tangible Fixed Assets		1,103,622			1,099,406
Intangible Fixed Assets		636,139			626,563
Net Defined Benefit Asset		846,782			853,330
Deferred Tax Assets		32,493			24,751
Customers’ Liabilities for Acceptances and Guarantees		6,066,527			6,011,025
Reserves for Possible Losses on Loans		(424,446	)		(457,206	)

Total Assets	¥	214,659,077		¥	220,609,837

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2020			As of June 30, 2020
Liabilities
Deposits	¥	131,189,673		¥	136,697,880
Negotiable Certificates of Deposit		13,282,561			13,558,843
Call Money and Bills Sold		2,263,076			1,963,757
Payables under Repurchase Agreements		17,971,098			18,045,730
Guarantee Deposits Received under Securities Lending Transactions		1,108,255			1,210,080
Commercial Paper		411,089			574,286
Trading Liabilities		9,604,890			9,286,120
Borrowed Money		5,209,947			7,643,540
Foreign Exchange Liabilities		509,405			460,435
Short-term Bonds		373,658			338,580
Bonds and Notes		8,906,432			8,923,840
Due to Trust Accounts		1,055,510			1,117,643
Derivatives other than for Trading Liabilities		1,619,151			1,271,638
Other Liabilities		6,111,195			4,494,786
Reserve for Bonus Payments		75,175			19,127
Reserve for Variable Compensation		2,559			3,350
Net Defined Benefit Liability		62,113			61,451
Reserve for Director and Corporate Auditor Retirement Benefits		944			623
Reserve for Possible Losses on Sales of Loans		637			231
Reserve for Contingencies		6,443			4,901
Reserve for Reimbursement of Deposits		27,851			26,387
Reserve for Reimbursement of Debentures		18,672			18,140
Reserves under Special Laws		2,509			2,506
Deferred Tax Liabilities		53,150			85,119
Deferred Tax Liabilities for Revaluation Reserve for Land		62,695			62,555
Acceptances and Guarantees		6,066,527			6,011,025

Total Liabilities	¥	205,995,229		¥	211,882,582

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,136,467			1,136,467
Retained Earnings		4,174,190			4,167,459
Treasury Stock		(6,414	)		(6,072	)

Total Shareholders’ Equity		7,561,010			7,554,621

Net Unrealized Gains (Losses) on Other Securities		823,085			956,353
Deferred Gains or Losses on Hedges		72,081			62,704
Revaluation Reserve for Land		136,655			137,834
Foreign Currency Translation Adjustments		(133,178	)		(179,847	)
Remeasurements of Defined Benefit Plans		94,317			89,949

Total Accumulated Other Comprehensive Income		992,960			1,066,993

Stock Acquisition Rights		213			134
Non-controlling Interests		109,662			105,505

Total Net Assets		8,663,847			8,727,255

Total Liabilities and Net Assets	¥	214,659,077		¥	220,609,837

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income


	*Millions of yen*
	For the three months ended June 30, 2019			For the three months ended June 30, 2020
Ordinary Income	¥	988,825		¥	835,835
Interest Income		528,821			366,276
Interest on Loans and Bills Discounted		327,955			262,715
Interest and Dividends on Securities		58,672			59,632
Fiduciary Income		14,017			13,333
Fee and Commission Income		176,539			196,531
Trading Income		90,449			139,198
Other Operating Income		122,732			87,768
Other Ordinary Income		56,266			32,726
Ordinary Expenses		768,975			660,414
Interest Expenses		348,850			151,175
Interest on Deposits		135,667			55,515
Fee and Commission Expenses		42,064			39,728
Trading Expenses		221			1,390
Other Operating Expenses		19,687			41,257
General and Administrative Expenses		328,430			340,468
Other Ordinary Expenses		29,722			86,394

Ordinary Profits		219,849			175,421

Extraordinary Gains		910			2,834
Extraordinary Losses		3,384			2,164

Income before Income Taxes		217,375			176,092

Income Taxes:
Current		54,908			48,588
Deferred		(3,635	)		4,955

Total Income Taxes		51,273			53,544

Profit		166,102			122,547

Profit Attributable to Non-controlling Interests		3,663			172

Profit Attributable to Owners of Parent	¥	162,438		¥	122,375

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the three months ended June 30, 2019			For the three months ended June 30, 2020
Profit	¥	166,102		¥	122,547
Other Comprehensive Income		(71,780	)		70,078
Net Unrealized Gains (Losses) on Other Securities		(106,210	)		131,007
Deferred Gains or Losses on Hedges		56,455			(9,414	)
Foreign Currency Translation Adjustments		(11,401	)		(45,327	)
Remeasurements of Defined Benefit Plans		(10,478	)		(4,376	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(145	)		(1,811	)

Comprehensive Income		94,321			192,626

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		90,082			195,229
Comprehensive Income Attributable to Non-controlling Interests		4,239			(2,602	)

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

(4) Note for Significant Changes in the Amount of Shareholders’ Equity

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2020

(Under Japanese GAAP)

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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


FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2020	*See above Notes*		*Page*

1. Income Analysis	CON	NON		2- 1

2. Net Gains/Losses on Stocks	CON	NON		2- 3

3. Unrealized Gains/Losses on Securities	CON	NON		2- 4

4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting	NON			2- 6

5. Status of Non Performing Loans based on the Financial Reconstruction Act (“FRA”)	CON	NON		2- 7

6. Status of Deposits and Loans	NON			2- 9


Attachments	*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 11
Comparison of Non-Consolidated Statements of Income (selected items)		2- 12
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 13
Comparison of Non-Consolidated Statements of Income (selected items)		2- 14
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 15
Comparison of Non-Consolidated Statements of Income (selected items)		2- 16

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; 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 5-Year 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”), which is 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.

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2020

1. Income Analysis

Consolidated


		*(Billions of yen)*
		First Quarter of Fiscal 2020						First Quarter of Fiscal 2019
					Change			First Quarter of Fiscal 2019
Consolidated Gross Profits	1		569.5			47.8			521.7
Net Interest Income	2		215.1			35.1			179.9
Fiduciary Income	3		13.3			(0.6	)		14.0
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		156.8			22.3			134.4
Net Trading Income	6		137.8			47.5			90.2
Net Other Operating Income	7		46.5			(56.5	)		103.0
General and Administrative Expenses	8		(340.4	)		(12.0	)		(328.4	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(41.1	)		(35.8	)		(5.2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10		2.1			(1.5	)		3.6
Net Gains (Losses) related to Stocks	11		(12.9	)		(41.1	)		28.2
Equity in Income from Investments in Affiliates	12		5.8			(5.5	)		11.4
Other	13		(7.5	)		3.9			(11.4	)

Ordinary Profits	14		175.4			(44.4	)		219.8

Net Extraordinary Gains (Losses)	15		0.6			3.1			(2.4	)
Income before Income Taxes	16		176.0			(41.2	)		217.3
Income Taxes	17		(53.5	)		(2.2	)		(51.2	)
Profit	18		122.5			(43.5	)		166.1
Profit Attributable to Non-controlling Interests	19		(0.1	)		3.4			(3.6	)

Profit Attributable to Owners of Parent	20		122.3			(40.0	)		162.4


Credit-related Costs (including Credit Costs for Trust Accounts)	21		(39.0	)		(37.3	)		(1.6	)
Credit-related Costs [21] = 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 [10] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	22		231.7			43.4			188.2
Consolidated Net Business Profits [22] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	23		130			11			119
Number of affiliates under the equity method	24		27			3			24

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks


		*(Billions of yen)*
		First Quarter of Fiscal 2020												First Quarter of Fiscal 2019
		MHBK			MHTB			Aggregate Figures			Change			First Quarter of Fiscal 2019
Gross Profits	1		362.4			30.4			392.9			8.0			384.9
Net Interest Income	2		184.2			6.7			191.0			28.0			162.9
Fiduciary Income	3					13.3			13.3			(0.7	)		14.0
Trust Fees for Jointly Operated Designated Money Trust	4					*1.0*			*1.0*			(0.1	)		1.1
Credit Costs for Trust Accounts	5					—			—			—			—
Net Fee and Commission Income	6		100.4			5.6			106.0			12.2			93.8
Net Trading Income	7		53.0			0.1			53.2			18.4			34.7
Net Other Operating Income	8		24.7			4.5			29.2			(49.9	)		79.1
General and Administrative Expenses (excluding Non-Recurring Losses)	9		(202.6	)		(21.1	)		(223.8	)		(2.6	)		(221.1	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) ⁽¹⁾	10		159.7			9.3			169.1			5.3			163.7
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ⁽²⁾	11		123.4			4.8			128.2			27.7			100.5
Excluding Net Gains (Losses) from redemption of Investment Trusts	12		*123.4*			*4.3*			*127.7*			28.0			99.6

Reversal of (Provision for) General Reserve for Losses on Loans	13		(28.3	)		(0.5	)		(28.8	)		(20.7	)		(8.1	)

Net Business Profits	14		131.4			8.8			140.2			(15.3	)		155.6
Net Gains (Losses) related to Bonds	15		*36.2*			*4.5*			*40.8*			(22.4	)		63.2

Net Non-Recurring Gains (Losses)	16		(72.0	)		(1.0	)		(73.1	)		(104.7	)		31.6
Net Gains (Losses) related to Stocks	17		(60.3	)		(1.1	)		(61.4	)		(85.7	)		24.2
Expenses related to Portfolio Problems	18		(12.5	)		0.0			(12.5	)		(16.3	)		3.7
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19		1.8			—			1.8			0.6			1.2
Other	20		(1.1	)		0.1			(0.9	)		(3.3	)		2.3

Ordinary Profits	21		59.3			7.7			67.1			(120.1	)		187.2

Net Extraordinary Gains (Losses)	22		1.4			(0.0	)		1.3			3.8			(2.4	)
Income before Income Taxes	23		60.8			7.7			68.5			(116.3	)		184.8
Income Taxes	24		(32.1	)		(2.3	)		(34.5	)		11.8			(46.4	)

Net Income	25		28.6			5.3			33.9			(104.4	)		138.4

(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” [5]. (2) Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans) from core business areas[11] = Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans)[10] – Net Gains (Losses) related to Bonds[15]

Credit-related Costs	26		(38.9	)		(0.5	)		(39.4	)		(36.4	)		(3.0	)


Credit-related Costs [26] = Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]

Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	27			—		—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	28	(28.3	)	(0.5	)	(28.8	)	(20.7	)	(8.1	)
Losses on Write-offs of Loans	29	(4.3	)	—		(4.3	)	(1.3	)	(3.0	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30	(6.7	)	0.0		(6.7	)	(15.0	)	8.3
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	31	—		—		—		(0.0	)	0.0
Reversal of (Provision for) Reserve for Contingencies	32	0.5		—		0.5		0.7		(0.1	)
Other (including Losses on Sales of Loans)	33	(0.1	)	—		(0.1	)	0.0		(0.1	)
Total	34	(38.9	)	(0.5	)	(39.4	)	(36.4	)	(3.0	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated


	*(Billions of yen)*
	First Quarter of Fiscal 2020			Change			First Quarter of Fiscal 2019
Net Gains (Losses) related to Stocks		(12.9	)		(41.1	)		28.2
Gains on Sales		22.2			(18.1	)		40.3
Losses on Sales		(16.0	)		(8.9	)		(7.0	)
Impairment (Devaluation)		(1.6	)		2.8			(4.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(17.5	)		(16.9	)		(0.5	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	First Quarter of Fiscal 2020			Change			First Quarter of Fiscal 2019
Net Gains (Losses) related to Stocks		(61.4	)		(85.7	)		24.2
Gains on Sales		18.2			(17.1	)		35.4
Losses on Sales		(12.5	)		(5.8	)		(6.6	)
Impairment (Devaluation)		(49.4	)		(45.4	)		(4.0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.2	)		(0.2	)		—
Gains (Losses) on Derivatives other than for Trading		(17.5	)		(16.9	)		(0.5	)

Mizuho Bank
	First Quarter of Fiscal 2020			Change			First Quarter of Fiscal 2019
Net Gains (Losses) related to Stocks		(60.3	)		(84.2	)		23.9
Gains on Sales		14.1			(20.0	)		34.2
Losses on Sales		(10.8	)		(4.5	)		(6.3	)
Impairment (Devaluation)		(49.4	)		(45.5	)		(3.9	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.2	)		(0.2	)		—
Gains (Losses) on Derivatives other than for Trading		(13.9	)		(13.9	)		(0.0	)

Mizuho Trust & Banking
	First Quarter of Fiscal 2020			Change			First Quarter of Fiscal 2019
Net Gains (Losses) related to Stocks		(1.1	)		(1.4	)		0.2
Gains on Sales		4.0			2.8			1.2
Losses on Sales		(1.6	)		(1.3	)		(0.3	)
Impairment (Devaluation)		—			0.0			(0.0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3.5	)		(3.0	)		(0.5	)

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

•

Stocks and other securities without a market price and Investments in Partnerships are excluded.

Consolidated

(1) Other Securities

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Book Value
(=Fair Value)

Unrealized Gains/Losses

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHFG (Consolidated)

Other Securities

37,837.3

1,362.4

1,634.5

272.1

33,337.6

1,171.1

1,543.6

372.4

Japanese Stocks

2,544.2

1,274.4

1,376.4

102.0

2,338.4

1,066.3

1,167.9

101.5

Japanese Bonds

19,239.4

(63.5

)

24.4

87.9

15,702.5

(54.1

)

30.0

84.1

Japanese Government Bonds

16,038.0

(54.2

)

0.7

54.9

12,601.9

(44.0

)

6.5

50.5

Other

16,053.7

151.5

233.6

82.1

15,296.6

158.8

345.6

186.7

Foreign Bonds

13,070.9

180.3

205.2

24.8

12,702.2

200.9

246.0

45.1

*	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.

*	As of June 30, 2020, fair value of securities is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

As of March 31, 2020, 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.

*	Unrealized Gains/Losses include ¥(1.2) billion and ¥(5.1) billion, which were recognized in the statement of income for June 30, 2020 and March 31, 2020 respectively, by applying the fair-value hedge method.

(2) Bonds Held to Maturity

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHFG (Consolidated)

833.1

13.7

14.3

0.5

860.2

15.0

15.4

0.3

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(=Fair Value)

Gains

Losses

(=Fair Value)

Gains

Losses

MHBK

Other Securities

36,263.9

1,258.6

1,474.2

215.5

31,816.7

1,033.5

1,393.5

359.9

Japanese Stocks

2,312.7

1,182.8

1,231.6

48.8

2,118.5

937.1

1,033.8

96.6

Japanese Bonds

18,909.9

(63.8

)

23.6

87.5

15,413.2

(55.6

)

28.4

84.0

Japanese Government Bonds

15,808.5

(53.7

)

0.7

54.5

12,406.8

(44.9

)

5.6

50.5

Other

15,041.2

139.6

218.8

79.1

14,284.9

152.0

331.2

179.2

Foreign Bonds

12,440.3

168.8

193.5

24.6

11,916.9

188.3

233.2

44.8

MHTB

Other Securities

978.1

77.2

88.8

11.6

911.8

63.4

78.1

14.6

Japanese Stocks

146.4

68.7

77.0

8.2

134.9

57.1

64.2

7.1

Japanese Bonds

306.7

0.2

0.7

0.4

262.3

1.5

0.0

Japanese Government Bonds

215.1

(0.4

)

0.0

0.4

178.1

0.9

—

Other

525.0

8.1

11.0

2.8

514.5

4.8

12.3

7.5

Foreign Bonds

314.5

9.2

9.3

0.1

443.8

11.2

11.5

0.2

Total

Other Securities

37,242.1

1,335.9

1,563.1

227.2

32,728.5

1,097.0

1,471.7

374.6

Japanese Stocks

2,459.1

1,251.5

1,308.7

57.1

2,253.4

994.2

1,098.0

103.7

Japanese Bonds

19,216.6

(63.5

)

24.4

87.9

15,675.5

(54.1

)

30.0

84.1

Japanese Government Bonds

16,023.6

(54.2

)

0.7

54.9

12,585.0

(44.0

)

6.5

50.5

Other

15,566.2

147.8

229.9

82.0

14,799.5

156.9

343.6

186.7

Foreign Bonds

12,754.9

178.0

202.9

24.8

12,360.7

199.6

244.7

45.1

*	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.

*	As of June 30, 2020, fair value of securities is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

As of March 31, 2020, 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.

*	Unrealized Gains/Losses include ¥(1.2) billion and ¥(5.1) billion, which were recognized in the statement of income (aggregate figures for the 2 banks) for June 30, 2020 and March 31, 2020 respectively, by applying the fair-value hedge method.

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHBK

833.1

13.7

14.3

0.5

860.2

15.0

15.4

0.3

MHTB

—

Total

833.1

13.7

14.3

0.5

860.2

15.0

15.4

0.3

(3) Investments in Subsidiaries and Affiliates

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHBK

135.7

197.4

198.0

0.6

135.7

151.8

153.7

1.8

MHTB

—

Total

135.7

197.4

198.0

0.6

135.7

151.8

153.7

1.8

(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 amounts are as follows:

Consolidated


	*(Billions of yen)*
	As of June 30, 2020						As of March 31, 2020
	Unrealized Gains/Losses						Unrealized Gains/ Losses
				Change			Unrealized Gains/ Losses
Other Securities		1,363.6			187.3			1,176.3
Japanese Stocks		1,275.6			204.1			1,071.5
Japanese Bonds		(63.5	)		(9.4	)		(54.1	)
Japanese Government Bonds		*(54.2*	)		(10.1	)		(44.0	)
Other		151.5			(7.3	)		158.8
Foreign Bonds		*180.3*			(20.6	)		200.9
Non-Consolidated Aggregate Figures for the 2 Banks

	*(Billions of yen)*
	As of June 30, 2020						As of March 31, 2020
	Unrealized Gains/Losses						Unrealized Gains/ Losses
				Change			Unrealized Gains/ Losses
Other Securities		1,337.1			234.9			1,102.2
Japanese Stocks		1,252.8			253.3			999.4
Japanese Bonds		(63.5	)		(9.4	)		(54.1	)
Japanese Government Bonds		*(54.2*	)		(10.1	)		(44.0	)
Other		147.8			(9.0	)		156.9
Foreign Bonds		*178.0*			(21.6	)		199.6

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2020

As of March 31, 2020

Deferred Hedge Gains/Losses

Gains

Losses

Gains

Losses

MHBK

1,275.2

1,184.1

91.0

1,321.4

1,217.3

104.1

MHTB

72.7

80.2

(7.5

)

75.1

81.8

(6.6

)

Total

1,347.9

1,264.4

83.5

1,396.6

1,299.1

97.4

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated


	*(Billions of yen)*
	As of June 30, 2020					As of March 31, 2020
			Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		77.6		18.4			59.2
Claims with Collection Risk		382.4		(1.2	)		383.7
Claims for Special Attention		315.2		57.3			257.8
Sub-total[1]		775.3		74.5			700.8
Normal Claims		97,647.0		4,985.7			92,661.2
Total[2]		98,422.4		5,060.3			93,362.1

	%
NPL ratio[1]/[2]		0.78		0.03			0.75

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

Trust Account


	*(Billions of yen)*
	As of June 30, 2020					As of March 31, 2020
			Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Sub-total[3]		—		—			—
Normal Claims		5.8		(2.9	)		8.7
Total[4]		5.8		(2.9	)		8.7

	%
NPL ratio[3]/[4]		—		—			—

Consolidated + Trust Account


	*(Billions of yen)*
	As of June 30, 2020					As of March 31, 2020
			Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		77.6		18.4			59.2
Claims with Collection Risk		382.4		(1.2	)		383.7
Claims for Special Attention		315.2		57.3			257.8
Sub-total[5]		775.3		74.5			700.8
Normal Claims		97,652.9		4,982.8			92,670.0
Total[6]		98,428.3		5,057.4			93,370.9

	%
NPL ratio[5]/[6]		0.78		0.03			0.75

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

2-7

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Billions of yen)*
	As of June 30, 2020					As of March 31, 2020
			Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		69.1		18.0			51.0
Claims with Collection Risk		381.7		(4.7	)		386.5
Claims for Special Attention		276.8		53.3			223.4
Sub-total[1]		727.7		66.7			661.0
Normal Claims		98,633.7		4,742.8			93,890.9
Total[2]		99,361.5		4,809.5			94,551.9

	%
NPL ratio[1]/[2]		0.73		0.03			0.69

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

Mizuho Bank


	*(Billions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		68.7	18.1		50.6
Claims with Collection Risk		377.9	(4.7	)	382.7
Claims for Special Attention		275.4	53.1		222.3
Sub-total[3]		722.1	66.4		655.6
Normal Claims		95,006.0	4,502.9		90,503.0
Total[4]		95,728.1	4,569.4		91,158.7

	%
NPL ratio[3]/[4]		0.75	0.03		0.71

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

Mizuho Trust & Banking

(Banking Account)


	*(Billions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		0.4	(0.0	)	0.4
Claims with Collection Risk		3.8	0.0		3.7
Claims for Special Attention		1.4	0.2		1.1
Sub-total[5]		5.6	0.2		5.3
Normal Claims		3,621.8	242.7		3,379.1
Total[6]		3,627.5	243.0		3,384.4

	%
NPL ratio[5]/[6]		0.15	(0.00	)	0.15

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

(Trust Account)


	*(Billions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—		—
Claims with Collection Risk		—	—		—
Claims for Special Attention		—	—		—
Sub-total[7]		—	—		—
Normal Claims		5.8	(2.9	)	8.7
Total[8]		5.8	(2.9	)	8.7

	%
NPL ratio[7]/[8]		—	—		—

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

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

(Billions of yen)

As of
June 30, 2020

As of
March 31,
2020

Change

MHBK

131,806.7

5,469.6

126,337.0

MHTB

3,122.5

26.2

3,096.2

Total

134,929.2

5,495.9

129,433.3

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2020

As of
March 31,
2020

Change

MHBK

109,474.0

5,694.1

103,779.8

Individual deposits

45,677.1

1,516.8

44,160.3

MHTB

3,122.5

26.2

3,096.2

Individual deposits

867.8

9.6

858.2

Total

112,596.5

5,720.3

106,876.1

Individual deposits

46,545.0

1,526.4

45,018.6

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

(Billions of yen)

As of
June 30, 2020

As of
March 31,
2020

Change

MHBK

85,753.4

4,882.1

80,871.2

MHTB

3,609.1

241.6

3,367.4

Total

89,362.5

5,123.8

84,238.7

Note: Loans to MHFG are included as follows:

As of June 30, 2020: ¥790.0 billion (from MHBK)

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

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank


		*(%)*
		First Quarter of Fiscal 2020 (For the three months)	Change	First Quarter of Fiscal 2019 (For the three months)
Return on Loans and Bills Discounted	1	0.72	(0.05)	0.77
Cost of Deposits	2	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [1]-[2]	3	0.71	(0.05)	0.77
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others


Return on Loans and Bills Discounted	4	0.74	(0.05)	0.80
Loan and Deposit Rate Margin [4]-[2]	5	0.74	(0.05)	0.79

Mizuho Trust & Banking
		*(%)*
		First Quarter of Fiscal 2020 (For the three months)	Change	First Quarter of Fiscal 2019 (For the three months)
Return on Loans and Bills Discounted	6	0.58	(0.01)	0.59
Cost of Deposits	7	0.01	(0.00)	0.01
Loan and Deposit Rate Margin [6]-[7]	8	0.56	(0.01)	0.58
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others


Return on Loans and Bills Discounted	9	0.60	(0.01)	0.62
Loan and Deposit Rate Margin [9]-[7]	10	0.59	(0.01)	0.60
(Reference) Aggregate Figures for the 2 Banks
		*(%)*
		First Quarter of Fiscal 2020 (For the three months)	Change	First Quarter of Fiscal 2019 (For the three months)
Return on Loans and Bills Discounted	11	0.71	(0.05)	0.76
Cost of Deposits	12	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [11]-[12]	13	0.71	(0.05)	0.76
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	0.73	(0.05)	0.79
Loan and Deposit Rate Margin [14]-[12]	15	0.73	(0.05)	0.78

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of June 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	37,895,798		¥	38,833,234		¥	(937,436	)
Call Loans		899,527			958,359			(58,832	)
Receivables under Resale Agreements		7,358,053			8,599,865			(1,241,811	)
Guarantee Deposits Paid under Securities Borrowing Transactions		118,226			122,001			(3,774	)
Other Debt Purchased		469,285			430,330			38,955
Trading Assets		5,115,130			5,013,413			101,717
Money Held in Trust		503			503			0
Securities		38,946,280			34,372,765			4,573,515
Loans and Bills Discounted		85,753,444			80,871,269			4,882,175
Foreign Exchange Assets		1,782,247			1,966,593			(184,345	)
Derivatives other than for Trading		4,631,431			5,164,666			(533,234	)
Other Assets		2,868,825			2,939,258			(70,433	)
Tangible Fixed Assets		829,287			843,058			(13,771	)
Intangible Fixed Assets		357,260			357,432			(171	)
Prepaid Pension Cost		566,042			556,273			9,768
Deferred Tax Assets		7,526			36,950			(29,423	)
Customers’ Liabilities for Acceptances and Guarantees		6,442,312			6,535,786			(93,473	)
Reserves for Possible Losses on Loans		(417,836	)		(385,129	)		(32,707	)
Reserve for Possible Losses on Investments		(2,659	)		(2,458	)		(200	)

Total Assets	¥	193,620,689		¥	187,214,174		¥	6,406,515

Liabilities
Deposits	¥	131,806,718		¥	126,337,030		¥	5,469,688
Negotiable Certificates of Deposit		13,026,106			12,706,349			319,757
Call Money		1,266,863			1,213,576			53,287
Payables under Repurchase Agreements		6,863,527			7,469,615			(606,087	)
Guarantee Deposits Received under Securities Lending Transactions		308,091			276,869			31,222
Commercial Paper		574,286			411,089			163,197
Trading Liabilities		3,663,572			3,795,423			(131,851	)
Borrowed Money		13,967,853			11,394,924			2,572,929
Foreign Exchange Liabilities		615,070			716,394			(101,324	)
Bonds and Notes		1,074,305			1,100,670			(26,365	)
Derivatives other than for Trading		4,519,969			4,843,165			(323,195	)
Other Liabilities		2,314,940			3,175,327			(860,387	)
Reserve for Bonus Payments		327			19,841			(19,513	)
Reserve for Variable Compensation		1,042			765			276
Reserve for Possible Losses on Sales of Loans		231			637			(406	)
Reserve for Contingencies		1,157			1,770			(612	)
Reserve for Reimbursement of Deposits		24,546			25,943			(1,397	)
Reserve for Reimbursement of Debentures		18,140			18,672			(532	)
Deferred Tax Liabilities for Revaluation Reserve for Land		62,555			62,695			(140	)
Acceptances and Guarantees		6,442,312			6,535,786			(93,473	)

Total Liabilities		186,551,622			180,106,550			6,445,071

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,167			2,286,328			(161	)
Capital Reserve		655,450			655,418			32
Other Capital Surplus		1,630,716			1,630,910			(194	)
Retained Earnings		2,273,784			2,472,640			(198,856	)
Appropriated Reserve		353,908			315,177			38,731
Other Retained Earnings		1,919,875			2,157,463			(237,587	)
Retained Earnings Brought Forward		1,919,875			2,157,463			(237,587	)

Total Shareholders’ Equity		5,964,016			6,163,034			(199,017	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		904,597			736,239			168,358
Net Deferred Hedge Gains (Losses), net of Taxes		62,618			71,693			(9,074	)
Revaluation Reserve for Land, net of Taxes		137,834			136,655			1,178

Total Valuation and Translation Adjustments		1,105,050			944,588			160,461

Total Net Assets		7,069,067			7,107,623			(38,556	)

Total Liabilities and Net Assets	¥	193,620,689		¥	187,214,174		¥	6,406,515

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO BANK


	*Millions of yen*
	For the three months ended June 30, 2020 (A)			For the three months ended June 30, 2019 (B)			Change (A) - (B)
Ordinary Income	¥	567,428		¥	697,946		¥	(130,517	)
Interest Income		313,839			433,001			(119,162	)
Interest on Loans and Bills Discounted		*232,261*			295,113			(62,851	)
Interest and Dividends on Securities		*55,352*			61,657			(6,305	)
Fee and Commission Income		124,301			112,264			12,037
Trading Income		53,427			34,564			18,862
Other Operating Income		58,547			81,328			(22,780	)
Other Ordinary Income		17,312			36,787			(19,474	)

Ordinary Expenses		508,058			523,372			(15,313	)
Interest Expenses		129,591			276,370			(146,778	)
Interest on Deposits		*48,705*			127,227			(78,522	)
Fee and Commission Expenses		23,851			24,019			(167	)
Trading Expenses		382			—			382
Other Operating Expenses		33,838			8,815			25,023
General and Administrative Expenses		198,302			187,852			10,450
Other Ordinary Expenses		122,090			26,314			95,776

Ordinary Profits		59,370			174,574			(115,203	)

Extraordinary Gains		2,830			0			2,829

Extraordinary Losses		1,388			3,290			(1,902	)

Income before Income Taxes		60,812			171,283			(110,471	)
Income Taxes:
Current		35,335			45,756			(10,420	)
Deferred		(3,143	)		(3,462	)		318

Net Income	¥	28,620		¥	128,990		¥	(100,369	)

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of June 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,448,866		¥	1,766,799		¥	(317,932	)
Call Loans		16,691			14,678			2,013
Guarantee Deposits Paid under Securities Borrowing Transactions		10,139			198,053			(187,914	)
Other Debt Purchased		172,939			32,493			140,445
Trading Assets		162,433			169,750			(7,317	)
Money Held in Trust		7,738			7,125			612
Securities		882,969			958,624			(75,654	)
Loans and Bills Discounted		3,609,127			3,367,475			241,651
Foreign Exchange Assets		8,070			7,865			204
Other Assets		338,983			359,752			(20,768	)
Tangible Fixed Assets		86,523			86,705			(181	)
Intangible Fixed Assets		29,489			30,529			(1,040	)
Prepaid Pension Cost		67,676			65,759			1,916
Customers’ Liabilities for Acceptances and Guarantees		16,333			14,755			1,577
Reserves for Possible Losses on Loans		(4,211	)		(3,689	)		(522	)

Total Assets	¥	6,853,771		¥	7,076,682		¥	(222,910	)

Liabilities
Deposits	¥	3,122,515		¥	3,096,295		¥	26,219
Negotiable Certificates of Deposit		547,480			664,780			(117,300	)
Call Money		609,637			807,706			(198,069	)
Guarantee Deposits Received under Securities Lending Transactions		414,423			289,789			124,633
Trading Liabilities		164,601			170,146			(5,545	)
Borrowed Money		253,265			255,860			(2,595	)
Foreign Exchange Liabilities		—			23			(23	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,117,643			1,055,510			62,132
Other Liabilities		31,911			142,457			(110,546	)
Reserve for Bonus Payments		—			2,153			(2,153	)
Reserve for Variable Compensation		474			368			106
Reserve for Reimbursement of Deposits		1,840			1,907			(66	)
Deferred Tax Liabilities		8,108			3,220			4,887
Acceptances and Guarantees		16,333			14,755			1,577

Total Liabilities		6,298,234			6,514,977			(216,742	)

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		238,003			253,465			(15,461	)
Appropriated Reserve		45,647			41,484			4,163
Other Retained Earnings		192,356			211,980			(19,624	)
Retained Earnings Brought Forward		192,356			211,980			(19,624	)

Total Shareholders’ Equity		500,878			516,339			(15,461	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		59,882			49,981			9,901
Net Deferred Hedge Gains (Losses), net of Taxes		(5,224	)		(4,615	)		(608	)

Total Valuation and Translation Adjustments		54,658			45,365			9,292

Total Net Assets		555,537			561,705			(6,168	)

Total Liabilities and Net Assets	¥	6,853,771		¥	7,076,682		¥	(222,910	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the three months ended June 30, 2020 (A)		For the three months ended June 30, 2019 (B)		Change (A) - (B)
Ordinary Income	¥	46,462	¥	47,453	¥	(990	)
Fiduciary Income		13,388		14,096		(708	)
Interest Income		9,170		9,650		(479	)
Interest on Loans and Bills Discounted		*5,706*		6,370		(663	)
Interest and Dividends on Securities		*3,029*		2,683		345
Fee and Commission Income		14,543		14,797		(254	)
Trading Income		168		221		(53	)
Other Operating Income		4,883		7,247		(2,363	)
Other Ordinary Income		4,308		1,439		2,869

Ordinary Expenses		38,696		34,750		3,945
Interest Expenses		2,389		3,306		(916	)
Interest on Deposits		*103*		199		(95	)
Fee and Commission Expenses		8,915		9,171		(255	)
Trading Expenses		—		0		(0	)
Other Operating Expenses		353		580		(227	)
General and Administrative Expenses		20,713		19,394		1,318
Other Ordinary Expenses		6,324		2,298		4,026

Ordinary Profits		7,766		12,702		(4,935	)

Extraordinary Gains		—		907		(907	)

Extraordinary Losses		50		63		(13	)

Income before Income Taxes		7,716		13,546		(5,829	)
Income Taxes:
Current		1,060		2,874		(1,814	)
Deferred		1,301		1,251		50

Net Income	¥	5,354	¥	9,420	¥	(4,065	)

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of June 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	372,564		¥	533,288		¥	(160,724	)
Cash Segregated as Deposits for Customers and Others		406,089			387,043			19,046
Trading Assets		7,473,818			6,461,814			1,012,003
Operating Investment Securities		35,217			33,430			1,787
Receivables Related to Margin Transactions		25,741			22,055			3,685
Collateralized Short-Term Financing Agreements-Receivable		4,270,578			4,296,231			(25,653	)
Advances Paid		50			579			(528	)
Securities: Fail to Deliver		10,723			12,971			(2,248	)
Short-Term Loans Receivable		33,639			37,298			(3,658	)
Other Current Assets		526,306			595,830			(69,523	)
Less: Allowance for Doubtful Accounts		(10	)		(7	)		(3	)
Noncurrent Assets
Property and Equipment		20,712			11,196			9,515
Intangible Assets		59,313			61,637			(2,324	)
Investments and Other Assets		307,185			302,584			4,601

Total Assets	¥	13,541,931		¥	12,755,956		¥	785,975

Liabilities
Current Liabilities
Trading Liabilities	¥	5,220,103		¥	5,032,193		¥	187,910
Payables - Unsettled Trades		262,947			61,668			201,279
Payables Related to Margin Transactions		49,149			47,395			1,753
Collateralized Short-Term Financing Agreements-Payable		4,424,492			3,660,235			764,256
Deposits Received		380,272			350,409			29,863
Guarantee Deposits Received		362,848			370,607			(7,758	)
Securities: Fail to Receive		1,167			2,029			(861	)
Short-Term Borrowings		717,133			1,035,215			(318,081	)
Commercial Paper		299,000			319,000			(20,000	)
Bonds and Notes Due within One Year		150,449			137,358			13,090
Income Taxes Payable		1,140			3,022			(1,882	)
Accrued Employees’ Bonuses		4,037			13,531			(9,494	)
Provision for Variable Compensation		1,021			816			204
Provision for Bonus Point Redemption		137			487			(350	)
Other Current Liabilities		28,109			53,465			(25,355	)
Noncurrent Liabilities
Bonds and Notes		573,817			620,079			(46,261	)
Long-Term Borrowings		137,400			135,600			1,800
Provision for Retirement Benefits		20,062			19,828			234
Other Noncurrent Liabilities		2,962			2,111			850
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,506			2,509			(3	)

Total Liabilities		12,638,759			11,867,565			771,193

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		381,292			371,261			10,030
Other Retained Earnings		381,292			371,261			10,030
Retained Earnings Brought Forward		381,292			371,261			10,030

Total Shareholders’ Equity		888,108			878,078			10,030

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		24,830			20,066			4,764
Net Deferred Gains or Losses on Hedges, net of Tax		(9,766	)		(9,754	)		(12	)

Total Valuation and Translation Adjustments		15,063			10,312			4,751

Total Net Assets		903,172			888,390			14,782

Total Liabilities and Net Assets	¥	13,541,931		¥	12,755,956		¥	785,975

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	For the three months ended June 30, 2020 (A)			For the three months ended June 30, 2019 (B)			Change (A) - (B)
Operating Revenues	¥	83,434		¥	74,896		¥	8,537
Commissions		39,308			34,070			5,238
Net Gain on Trading		28,761			20,401			8,360
Net Gain on Operating Investment Securities		305			1,293			(987	)
Interest and Dividend Income		15,058			19,132			(4,074	)

Interest Expenses		11,666			16,759			(5,093	)

Net Operating Revenues		71,768			58,137			13,630

Selling, General and Administrative Expenses		58,966			55,177			3,789
Transaction-Related Expenses		15,512			12,635			2,877
Personnel Expenses		21,778			19,418			2,359
Real Estate Expenses		5,225			6,040			(814	)
Administrative Expenses		9,524			10,366			(842	)
Depreciation and Amortization		5,045			4,561			484
Taxes and Dues		1,237			1,264			(27	)
Provision of Allowance for Doubtful Accounts		(3	)		(20	)		16
Other		645			909			(264	)

Operating Income		12,801			2,960			9,841

Non-Operating Income		2,632			2,863			(231	)
Non-Operating Expenses		32			57			(24	)

Ordinary Income		15,401			5,766			9,634

Extraordinary Gain		6,655			181			6,473

Extraordinary Loss		740			261			479

Income before Income Taxes		21,315			5,686			15,629
Income Taxes:
Current		136			34			102
Deferred		3,591			934			2,656

Net Income	¥	17,587		¥	4,717		¥	12,870

2-16