MIZUHO FINANCIAL GROUP INC (Form: 6-K, Received: 11/14/2022 06:18:17)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2022

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date:		November 14, 2022

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya
Name:		Makoto Umemiya
Title:		Deputy President & Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2022

(Six months ended September 30, 2022)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2022


Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Yasutoshi Tanaka	General Manager of Accounting	Phone:	+81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 29, 2022	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		December 6, 2022
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2022 (for the six months ended September 30, 2022)

(1) Consolidated Results of Operations


(%: Changes from the previous first half)
	Ordinary Income				Ordinary Profits				Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%		¥ million		%
1H F2022		2,944,948		86.4		439,282		10.0		333,964		(13.4	)
1H F2021		1,579,249		0.1		399,340		49.2		385,657		78.9

Note:

Comprehensive Income:

1H F2022: ¥(51,438) million, —%; 1H F2021: ¥382,910 million, 1.7%;


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2022		131.77		131.77
1H F2021		152.12		152.12

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2022		256,127,425		8,996,055		3.4
Fiscal 2021		237,066,142		9,201,031		3.8

Reference:

Own Capital:

As of September 30, 2022: ¥8,923,275 million; As of March 31, 2022: ¥9,077,382 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 2021		—		40.00		—		40.00		80.00
Fiscal 2022		—		42.50
Fiscal 2022 (estimate)						—		42.50		85.00

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

3. Consolidated Earnings Estimates for Fiscal 2022 (for the fiscal year ending March 31, 2023)


	(%: Changes from the previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
Fiscal 2022			540,000		1.7		213.05


Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2022: 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 1H and the number of outstanding shares as of September 30, 2022 (which is used as a proxy for the average number of outstanding shares during the remainder of the relevant period).

Notes

(1) Changes in Significant Subsidiaries during the Period (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: 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.

(3) Issued Shares of Common Stock


i. Period-end issued shares (including treasury stock):	As of September 30, 2022	2,539,249,894 shares	As of March 31, 2022	2,539,249,894 shares
ii. Period-end treasury stock:	As of September 30, 2022	4,930,963 shares	As of March 31, 2022	4,659,024 shares
iii. Average outstanding shares:	1st Half Fiscal 2022	2,534,305,855 shares	1st Half Fiscal 2021	2,535,113,784 shares

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

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions and the corona virus pandemic; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

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

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter.

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. Interim 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) Consolidated Statements of Changes in Net Assets			p.1-7
(4) Note for Assumption of Going Concern			p.1-8
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2022

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 Thursday, November 17, 2022. 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. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Implementation Guidance on Accounting Standard for Fair Value Measurement)

MHFG has applied “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021 (referred to as “Fair Value Accounting Standard Implementation Guidance”)) from the beginning of the interim ended September 30, 2022. In accordance with the transitional treatment set out in Article 27-2 of “Fair Value Accounting Standard Implementation Guidance”, MHFG applies the new accounting policy set forth in “Fair Value Accounting Standard Implementation Guidance” prospectively. As a result, some Investment trusts and others are calculated using net asset value, etc., as of the calculation date of the fair value.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2022			As of September 30, 2022
Assets
Cash and Due from Banks	¥	51,359,301		¥	54,458,168
Call Loans and Bills Purchased		940,008			1,231,117
Receivables under Resale Agreements		12,750,363			14,870,926
Guarantee Deposits Paid under Securities Borrowing Transactions		2,340,089			2,357,494
Other Debt Purchased		3,476,021			3,856,777
Trading Assets		13,221,415			19,649,112
Money Held in Trust		591,183			560,762
Securities		44,641,060			38,412,009
Loans and Bills Discounted		84,736,280			92,119,481
Foreign Exchange Assets		2,627,492			3,251,206
Derivatives other than for Trading Assets		2,277,160			4,192,965
Other Assets		7,797,796			9,147,569
Tangible Fixed Assets		1,095,977			1,115,671
Intangible Fixed Assets		601,292			610,368
Net Defined Benefit Asset		863,217			847,771
Deferred Tax Assets		184,594			413,040
Customers’ Liabilities for Acceptances and Guarantees		8,346,878			9,733,515
Reserves for Possible Losses on Loans		(783,886	)		(700,532	)
Reserve for Possible Losses on Investments		(107	)		(1	)

Total Assets	¥	237,066,142		¥	256,127,425

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2022			As of September 30, 2022
Liabilities
Deposits	¥	138,830,872		¥	142,447,797
Negotiable Certificates of Deposit		16,868,931			21,823,004
Call Money and Bills Sold		1,278,050			1,572,353
Payables under Repurchase Agreements		20,068,779			23,766,031
Guarantee Deposits Received under Securities Lending Transactions		1,172,248			1,228,757
Commercial Paper		1,775,859			1,574,288
Trading Liabilities		9,608,976			14,822,746
Borrowed Money		6,590,527			2,990,638
Foreign Exchange Liabilities		1,508,453			675,373
Short-term Bonds		537,167			498,772
Bonds and Notes		10,714,004			11,628,828
Due to Trust Accounts		1,167,284			1,138,586
Derivatives other than for Trading Liabilities		2,770,852			4,995,676
Other Liabilities		6,301,484			7,965,234
Reserve for Bonus Payments		120,052			69,600
Reserve for Variable Compensation		2,278			1,186
Net Defined Benefit Liability		71,774			71,418
Reserve for Director and Corporate Auditor Retirement Benefits		557			472
Reserve for Possible Losses on Sales of Loans		1,309			8,068
Reserve for Contingencies		6,622			10,369
Reserve for Reimbursement of Deposits		17,620			15,650
Reserve for Reimbursement of Debentures		10,504			8,965
Reserves under Special Laws		3,132			3,131
Deferred Tax Liabilities		30,923			21,198
Deferred Tax Liabilities for Revaluation Reserve for Land		59,962			59,704
Acceptances and Guarantees		8,346,878			9,733,515

Total Liabilities	¥	227,865,110		¥	247,131,369

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,125,324			1,129,388
Retained Earnings		4,756,435			4,989,307
Treasury Stock		(8,342	)		(8,552	)

Total Shareholders’ Equity		8,130,185			8,366,911

Net Unrealized Gains (Losses) on Other Securities		719,822			118,757
Deferred Gains or Losses on Hedges		(76,757	)		(96,220	)
Revaluation Reserve for Land		132,156			131,572
Foreign Currency Translation Adjustments		2,346			256,338
Remeasurements of Defined Benefit Plans		169,652			145,929
Own Credit Risk Adjustments, Net of Tax		(23	)		(13	)

Total Accumulated Other Comprehensive Income		947,197			556,363

Stock Acquisition Rights		94			5
Non-Controlling Interests		123,555			72,774

Total Net Assets		9,201,031			8,996,055

Total Liabilities and Net Assets	¥	237,066,142		¥	256,127,425

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 six months ended September 30, 2021			For the six months ended September 30, 2022
Ordinary Income	¥	1,579,249		¥	2,944,948
Interest Income		615,622			1,169,193
Interest on Loans and Bills Discounted		422,172			686,794
Interest and Dividends on Securities		119,583			178,938
Fiduciary Income		29,728			29,313
Fee and Commission Income		416,769			418,579
Trading Income		226,614			919,840
Other Operating Income		142,799			323,050
Other Ordinary Income		147,714			84,971
Ordinary Expenses		1,179,909			2,505,666
Interest Expenses		141,461			657,161
Interest on Deposits		28,002			226,344
Fee and Commission Expenses		86,326			85,407
Trading Expenses		35,301			864,053
Other Operating Expenses		59,622			99,571
General and Administrative Expenses		667,594			706,446
Other Ordinary Expenses		189,602			93,026

Ordinary Profits		399,340			439,282

Extraordinary Gains		51,553			12,703
Extraordinary Losses		4,271			6,929

Income before Income Taxes		446,622			445,057

Income Taxes:
Current		65,604			61,866
Deferred		(10,941	)		45,446

Total Income Taxes		54,663			107,313

Profit		391,958			337,743

Profit Attributable to Non-controlling Interests		6,301			3,779

Profit Attributable to Owners of Parent	¥	385,657		¥	333,964

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the six months ended September 30, 2021			For the six months ended September 30, 2022
Profit	¥	391,958		¥	337,743
Other Comprehensive Income		(9,048	)		(389,182	)
Net Unrealized Gains (Losses) on Other Securities		23,805			(603,190	)
Deferred Gains or Losses on Hedges		(32,261	)		(19,095	)
Foreign Currency Translation Adjustments		50,061			232,335
Remeasurements of Defined Benefit Plans		(58,390	)		(23,596	)
Own Credit Risk Adjustments, Net of Tax		—			9
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		7,736			24,355

Comprehensive Income		382,910			(51,438	)

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		375,995			(56,285	)
Comprehensive Income Attributable to Non-controlling Interests		6,914			4,846

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2021


	*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		1,135,940			4,421,655			(7,124	)		7,807,239
Cumulative Effects of Changes in Accounting Policies							(724	)					(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,135,940			4,420,931			(7,124	)		7,806,515
Changes during the period
Cash Dividends							(95,201	)					(95,201	)
Profit Attributable to Owners of Parent							385,657						385,657
Repurchase of Treasury Stock										(2,646	)		(2,646	)
Disposition of Treasury Stock				(51	)					1,606			1,554
Transfer from Revaluation Reserve for Land							1,086						1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(10,616	)								(10,616	)
Transfer from Retained Earnings to Capital Surplus				51			(51	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		(10,616	)		291,490			(1,040	)		279,833

Balance as of the end of the period		2,256,767		1,125,324			4,712,422			(8,164	)		8,086,349


	Accumulated Other Comprehensive Income																			Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax		Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		1,132,460		31,618			136,384			(139,514	)		288,088			—		1,449,035			134			105,797		9,362,207
Cumulative Effects of Changes in Accounting Policies																		—								(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,132,460		31,618			136,384			(139,514	)		288,088			—		1,449,035			134			105,797		9,361,483
Changes during the period
Cash Dividends																										(95,201	)
Profit Attributable to Owners of Parent																										385,657
Repurchase of Treasury Stock																										(2,646	)
Disposition of Treasury Stock																										1,554
Transfer from Revaluation Reserve for Land																										1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										(10,616	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		—		(11,555	)		(39	)		11,161		(433	)

Total Changes during the period		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		—		(11,555	)		(39	)		11,161		279,400

Balance as of the end of the period		1,154,756		(743	)		135,297			(80,968	)		229,137			—		1,437,480			95			116,959		9,640,884

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2022


	*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		1,125,324			4,756,435			(8,342	)		8,130,185
Changes during the period
Cash Dividends							(101,542	)					(101,542	)
Profit Attributable to Owners of Parent							333,964						333,964
Repurchase of Treasury Stock										(1,940	)		(1,940	)
Disposition of Treasury Stock				(133	)					1,730			1,597
Transfer from Revaluation Reserve for Land							584						584
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				4,064									4,064
Transfer from Retained Earnings to Capital Surplus				133			(133	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		4,064			232,872			(209	)		236,726

Balance as of the end of the period		2,256,767		1,129,388			4,989,307			(8,552	)		8,366,911


	Accumulated Other Comprehensive Income																				Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		719,822			(76,757	)		132,156			2,346		169,652			(23	)		947,197			94			123,555			9,201,031
Changes during the period
Cash Dividends																												(101,542	)
Profit Attributable to Owners of Parent																												333,964
Repurchase of Treasury Stock																												(1,940	)
Disposition of Treasury Stock																												1,597
Transfer from Revaluation Reserve for Land																												584
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																												4,064
Transfer from Retained Earnings to Capital Surplus																												—
Net Changes in Items other than Shareholders’ Equity		(601,064	)		(19,462	)		(584	)		253,991		(23,722	)		9			(390,833	)		(88	)		(50,781	)		(441,703	)

Total Changes during the period		(601,064	)		(19,462	)		(584	)		253,991		(23,722	)		9			(390,833	)		(88	)		(50,781	)		(204,976	)

Balance as of the end of the period		118,757			(96,220	)		131,572			256,338		145,929			(13	)		556,363			5			72,774			8,996,055

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2022

(Six months ended September 30, 2022)

(Under Japanese GAAP)

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2022

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 Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

CON

NON

2-18

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-22

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

CON

NON

2-23

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

NON

2-24

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

NON

2-27

6. Results of Removal of NPLs from the Balance Sheet

NON

2-28

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-29

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

NON

2-31

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

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2-32

(2) Loans to SMEs and Individual Customers

NON

2-32

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-33

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

NON

2-34

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-35

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-37

2. Number of Directors and Employees

2-38

3. Number of Offices

2-38

4. Earnings Plan for Fiscal 2022

CON

NON

2-39


Attachments	Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-40
Comparison of Non-Consolidated Statements of Income (selected items)		2-41
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-42
Comparison of Non-Consolidated Statements of Income (selected items)		2-43
Statement of Trust Assets and Liabilities		2-44
Comparison of Balances of Principal Items		2-45
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-46
Comparison of Non-Consolidated Statements of Income (selected items)		2-47

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.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2022

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2022						First Half of Fiscal 2021
					Change
Consolidated Gross Profits	1		1,153,784			44,962			1,108,822
Net Interest Income	2		512,032			37,871			474,160
Fiduciary Income	3		29,313			(415	)		29,728
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		333,172			2,729			330,443
Net Trading Income	6		55,787			(135,525	)		191,312
Net Other Operating Income	7		223,479			140,301			83,177
General and Administrative Expenses	8		(706,446	)		(38,851	)		(667,594	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(55,360	)		4,495			(59,856	)
Losses on Write-offs of Loans	10		*(4,865*	)		2,158			(7,023	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		4,921			(5,303	)		10,225
Net Gains (Losses) related to Stocks	12		38,439			23,508			14,931
Equity in Income from Investments in Affiliates	13		14,491			(2,028	)		16,519
Other	14		(10,548	)		13,159			(23,707	)

Ordinary Profits	15		439,282			39,942			399,340

Net Extraordinary Gains (Losses)	16		5,774			(41,507	)		47,281
Income before Income Taxes	17		445,057			(1,565	)		446,622
Income Taxes - Current	18		(61,866	)		3,738			(65,604	)
- Deferred	19		(45,446	)		(56,387	)		10,941
Profit	20		337,743			(54,214	)		391,958
Profit Attributable to Non-controlling Interests	21		(3,779	)		2,522			(6,301	)

Profit Attributable to Owners of Parent	22		333,964			(51,692	)		385,657


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(50,439	)		(807	)		(49,631	)
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		440,775			2,200			438,574
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		174			14			160
Number of affiliates under the equity method	26		25			(4	)		29

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2022												First Half of Fiscal 2021
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		697,816			47,619			745,435			21,062			724,373
Domestic Gross Profits	2		413,154			47,567			460,721			65,272			395,449
Net Interest Income	3		227,575			9,642			237,218			2,446			234,772
Fiduciary Income	4					29,515			29,515			(543	)		30,058
Trust Fees for Jointly Operated Designated Money Trust	5					*2,000*			*2,000*			24			1,975
Credit Costs for Trust Accounts ⁽¹⁾	6					—			—			—			—
Net Fee and Commission Income	7		109,532			8,573			118,106			(12,970	)		131,076
Net Trading Income	8		58,350			—			58,350			66,770			(8,419	)
Net Other Operating Income	9		17,694			(164	)		17,530			9,569			7,961
International Gross Profits	10		284,662			51			284,713			(44,210	)		328,924
Net Interest Income	11		233,102			127			233,229			42,930			190,299
Net Fee and Commission Income	12		69,466			(90	)		69,375			5,917			63,457
Net Trading Income	13		(138,978	)		—			(138,978	)		(186,752	)		47,774
Net Other Operating Income	14		121,071			14			121,086			93,693			27,392
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(379,683	)		(38,835	)		(418,519	)		4,340			(422,859	)
Expense Ratio	16		*54.4*	%		*81.5*	%		*56.1*	%		(2.2	%)		58.3	%
Personnel Expenses	17		(147,817	)		(18,818	)		(166,635	)		1,208			(167,844	)
Non-Personnel Expenses	18		(209,597	)		(18,270	)		(227,868	)		2,737			(230,605	)
Premium for Deposit Insurance	19		*(7,919*	)		*(249*	)		*(8,168*	)		8,619			(16,787	)
Miscellaneous Taxes	20		(22,268	)		(1,746	)		(24,015	)		394			(24,409	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		318,132			8,784			326,916			25,402			301,513
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ⁽²⁾	22		333,782			8,789			342,571			64,347			278,223
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*315,330*			*8,789*			*324,119*			52,652			271,467

Reversal of (Provision for) General Reserve for Losses on Loans	24		(41,277	)		—			(41,277	)		27,672			(68,950	)

Net Business Profits	25		276,854			8,784			285,638			53,075			232,563
Net Gains (Losses) related to Bonds	26		*(15,650*	)		(5	)		*(15,655*	)		(38,945	)		23,290

Net Non-Recurring Gains (Losses)	27		45,158			5,193			50,352			19,105			31,246
Net Gains (Losses) related to Stocks	28		34,024			2,437			36,462			25,700			10,761
Expenses related to Portfolio Problems	29		(3,751	)		—			(3,751	)		(14,180	)		10,429
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		4,433			104			4,538			(4,664	)		9,202
Other	31		10,452			2,650			13,102			12,249			853

Ordinary Profits	32		322,013			13,977			335,991			72,181			263,810

Net Extraordinary Gains (Losses)	33		6,542			2,601			9,144			(38,436	)		47,581
Net Gains (Losses) on Disposition of Fixed Assets	34		*(3,110*	)		*(212*	)		*(3,322*	)		(2,387	)		(934	)
Losses on Impairment of Fixed Assets	35		*(2,216*	)		*(665*	)		*(2,881*	)		(303	)		(2,577	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		*11,868*			*188*			*12,057*			(39,036	)		51,093
Income before Income Taxes	37		328,556			16,579			345,135			33,744			311,391
Income Taxes - Current	38		(42,233	)		(2,186	)		(44,420	)		50,494			(94,914	)
- Deferred	39		(48,505	)		(1,938	)		(50,444	)		(21,856	)		(28,587	)

Net Income	40		237,817			12,453			250,271			62,382			187,888

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

Credit-related Costs	41		(40,594	)		104			(40,490	)		8,827			(49,317	)
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		(41,277	)		96			(41,180	)		27,769			(68,950	)
Losses on Write-offs of Loans	44		(303	)		1			(302	)		(3,218	)		2,916
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		(2,176	)		7			(2,169	)		(18,704	)		16,534
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		6,404			—			6,404			6,297			106
Reversal of (Provision for) Reserve for Contingencies	47		(1,351	)		—			(1,351	)		(1,658	)		306
Other (including Losses on Sales of Loans)	48		(1,889	)		—			(1,889	)		(1,657	)		(232	)
Total	49		(40,594	)		104			(40,490	)		8,827			(49,317	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2022						First Half of Fiscal 2021
					Change
Gross Profits	1		697,816			31,215			666,600
Domestic Gross Profits	2		413,154			75,382			337,771
Net Interest Income	3		227,575			1,909			225,666
Net Fee and Commission Income	4		109,532			(2,589	)		112,122
Net Trading Income	5		58,350			66,141			(7,790	)
Net Other Operating Income	6		17,694			9,921			7,773
International Gross Profits	7		284,662			(44,167	)		328,829
Net Interest Income	8		233,102			43,077			190,025
Net Fee and Commission Income	9		69,466			5,835			63,630
Net Trading Income	10		(138,978	)		(186,763	)		47,785
Net Other Operating Income	11		121,071			93,683			27,388
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(379,683	)		3,045			(382,729	)
Expense Ratio	13		*54.4*	%		(3.0	%)		57.4	%
Personnel Expenses	14		(147,817	)		1,213			(149,030	)
Non-Personnel Expenses	15		(209,597	)		1,560			(211,158	)
Premium for Deposit Insurance	16		*(7,919*	)		8,308			(16,227	)
Miscellaneous Taxes	17		(22,268	)		271			(22,540	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		318,132			34,260			283,871
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		333,782			73,190			260,591
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		*315,330*			61,494			253,835

Reversal of (Provision for) General Reserve for Losses on Loans	21		(41,277	)		26,863			(68,140	)

Net Business Profits	22		276,854			61,123			215,731
Net Gains (Losses) related to Bonds	23		*(15,650*	)		(38,930	)		23,279

Net Non-Recurring Gains (Losses)	24		45,158			16,029			29,129
Net Gains (Losses) related to Stocks	25		34,024			23,663			10,360
Expenses related to Portfolio Problems	26		(3,751	)		(14,269	)		10,517
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		4,433			(4,768	)		9,202
Other	28		10,452			11,403			(951	)

Ordinary Profits	29		322,013			77,152			244,860

Net Extraordinary Gains (Losses)	30		6,542			(33,706	)		40,249
Net Gains (Losses) on Disposition of Fixed Assets	31		*(3,110*	)		(2,288	)		(821	)
Losses on Impairment of Fixed Assets	32		*(2,216*	)		323			(2,539	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		*11,868*			(31,741	)		43,610
Income before Income Taxes	34		328,556			43,446			285,110
Income Taxes - Current	35		(42,233	)		48,121			(90,355	)
- Deferred	36		(48,505	)		(23,172	)		(25,332	)

Net Income	37		237,817			68,395			169,422

* 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		(40,594	)		7,825			(48,420	)
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		(41,277	)		26,863			(68,140	)
Losses on Write-offs of Loans	40		(303	)		(3,293	)		2,990
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		(2,176	)		(18,726	)		16,549
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		6,404			6,297			106
Reversal of (Provision for) Reserve for Contingencies	43		(1,351	)		(1,658	)		306
Other (including Losses on Sales of Loans)	44		(1,889	)		(1,657	)		(232	)
Total	45		(40,594	)		7,825			(48,420	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2022						First Half of Fiscal 2021
					Change
Gross Profits	1		47,619			(10,153	)		57,772
Domestic Gross Profits	2		47,567			(10,109	)		57,677
Net Interest Income	3		9,642			537			9,105
Fiduciary Income	4		29,515			(543	)		30,058
Trust Fees for Jointly Operated Designated Money Trust	5		*2,000*			24			1,975
Credit Costs for Trust Accounts ⁽¹⁾	6		—			—			—
Net Fee and Commission Income	7		8,573			(10,381	)		18,954
Net Trading Income	8		—			629			(629	)
Net Other Operating Income	9		(164	)		(352	)		188
International Gross Profits	10		51			(43	)		94
Net Interest Income	11		127			(146	)		274
Net Fee and Commission Income	12		(90	)		82			(172	)
Net Trading Income	13		—			11			(11	)
Net Other Operating Income	14		14			10			4
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(38,835	)		1,294			(40,130	)
Expense Ratio	16		*81.5*	%		12.0	%		69.4	%
Personnel Expenses	17		(18,818	)		(4	)		(18,813	)
Non-Personnel Expenses	18		(18,270	)		1,176			(19,447	)
Premium for Deposit Insurance	19		*(249*	)		310			(559	)
Miscellaneous Taxes	20		(1,746	)		123			(1,869	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		8,784			(8,858	)		17,642
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas ⁽²⁾	22		8,789			(8,842	)		17,631
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		*8,789*			(8,842	)		17,631

Reversal of (Provision for) General Reserve for Losses on Loans	24		—			809			(809	)

Net Business Profits	25		8,784			(8,048	)		16,832
Net Gains (Losses) related to Bonds	26		(5	)		(15	)		10

Net Non-Recurring Gains (Losses)	27		5,193			3,076			2,116
Net Gains (Losses) related to Stocks	28		2,437			2,037			400
Expenses related to Portfolio Problems	29		—			88			(88	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		104			104			0
Other	31		2,650			846			1,804

Ordinary Profits	32		13,977			(4,971	)		18,949

Net Extraordinary Gains (Losses)	33		2,601			(4,730	)		7,331
Net Gains (Losses) on Disposition of Fixed Assets	34		*(212*	)		(99	)		(113	)
Losses on Impairment of Fixed Assets	35		*(665*	)		(627	)		(38	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		*188*			(7,295	)		7,483
Income before Income Taxes	37		16,579			(9,702	)		26,281
Income Taxes - Current	38		(2,186	)		2,372			(4,559	)
- Deferred	39		(1,938	)		1,316			(3,255	)

Net Income	40		12,453			(6,012	)		18,466

(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].
(2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[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		104			1,002			(897	)
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		96			905			(809	)
Losses on Write-offs of Loans	44		1			75			(73	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		7			21			(14	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		—			—			—
Reversal of (Provision for) Reserve for Contingencies	47		—			—			—
Other (including Losses on Sales of Loans)	48		—			—			—
Total	49		104			1,002			(897	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			First Half of Fiscal 2022						First Half of Fiscal 2021
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.42			0.03			0.39
Return on Loans and Bills Discounted ⁽¹⁾		2		0.76			0.02			0.74
Return on Securities		3		0.31			0.01			0.30
Cost of Funding (including Expenses)		4		0.48			(0.02	)		0.51
Cost of Deposits (including Expenses)		5		0.49			(0.03	)		0.52
Cost of Deposits ⁽²⁾		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.23			(0.06	)		0.30

Net Interest Margin	(1)-(4)	8		(0.06	)		0.05			(0.12	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.27			0.05			0.22
Loan and Deposit Rate Margin	(2)-(6)	10		0.76			0.02			0.74

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

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.78			0.01			0.76
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.28			0.05			0.23
Loan and Deposit Rate Margin	(11)-(6)	13		0.78			0.01			0.76

			(%)
			First Half of Fiscal 2022						First Half of Fiscal 2021
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.49			0.01			0.47
Return on Loans and Bills Discounted ⁽¹⁾		15		0.60			0.01			0.59
Return on Securities		16		2.26			0.51			1.74
Cost of Funding		17		0.12			(0.01	)		0.13
Cost of Deposits ⁽²⁾		18		0.00			(0.00	)		0.01

Net Interest Margin	(14)-(17)	19		0.37			0.02			0.34
Loan and Deposit Rate Margin	(15)-(18)	20		0.59			0.01			0.58

(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		0.60			0.00			0.60
Loan and Deposit Rate Margin	(21)-(18)	22		0.59			0.00			0.59


Reference			(%)
			First Half of Fiscal 2022						First Half of Fiscal 2021
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted ⁽¹⁾		23		0.75			0.01			0.73
Cost of Deposits ⁽²⁾		24		0.00			(0.00	)		0.00

Loan and Deposit Rate Margin	(23)-(24)	25		0.75			0.02			0.73

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

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.77			0.01			0.75
Loan and Deposit Rate Margin	(26)-(24)	27		0.77			0.01			0.75

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2022

First Half of Fiscal 2021

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

186,674,068

1.04

2,007,226

0.47

184,666,842

0.57

Loans and Bills Discounted

87,764,939

1.40

6,899,931

0.49

80,865,008

0.91

Securities

43,237,585

0.77

(1,772,347

)

0.28

45,009,933

0.49

Source of Funds

196,762,214

0.52

12,937,670

0.39

183,824,544

0.12

Deposits

136,814,341

0.30

8,767,946

0.27

128,046,394

0.02

NCDs

20,718,661

0.45

841,254

0.40

19,877,406

0.05

Domestic Operations

Use of Funds

119,679,302

0.42

(8,163,978

)

0.03

127,843,280

0.39

Loans and Bills Discounted

52,001,518

0.75

(800,862

)

0.01

52,802,381

0.73

Securities

29,260,628

0.31

(322,803

)

0.01

29,583,431

0.30

Source of Funds

127,532,403

0.03

1,136,593

0.00

126,395,809

0.03

Deposits

101,527,932

0.00

848,233

(0.00

)

100,679,698

0.00

NCDs

14,131,252

0.00

403,078

(0.00

)

13,728,174

0.00

International Operations

Use of Funds

73,235,247

1.96

13,721,002

1.02

59,514,244

0.94

Loans and Bills Discounted

35,763,420

2.36

7,700,793

1.10

28,062,627

1.26

Securities

13,976,957

1.74

(1,449,544

)

0.87

15,426,502

0.86

Source of Funds

75,470,291

1.29

15,350,874

0.98

60,119,416

0.30

Deposits

35,286,408

1.17

7,919,712

1.06

27,366,695

0.10

NCDs

6,587,408

1.43

438,176

1.27

6,149,232

0.15

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2022

First Half of Fiscal 2021

Change

Average
Balance

Rate

Average Balance

Rate

Average Balance

Rate

Total

Use of Funds

5,195,543

0.50

(109,214

)

0.01

5,304,757

0.48

Loans and Bills Discounted

3,186,148

0.61

(82,363

)

0.00

3,268,511

0.60

Securities

214,772

2.18

(38,953

)

0.49

253,726

1.69

Source of Funds

5,336,283

0.12

(40,954

)

(0.00

)

5,377,237

0.13

Deposits

2,661,021

0.00

(219,343

)

(0.00

)

2,880,365

0.01

NCDs

728,555

0.00

82,601

(0.00

)

645,954

0.00

Domestic Operations

Use of Funds

5,174,709

0.49

(89,549

)

0.01

5,264,259

0.47

Loans and Bills Discounted

3,156,345

0.60

(67,330

)

0.01

3,223,676

0.59

Securities

206,484

2.26

(38,992

)

0.51

245,476

1.74

Source of Funds

5,315,547

0.12

(20,814

)

(0.01

)

5,336,361

0.13

Deposits

2,657,698

0.00

(218,685

)

(0.00

)

2,876,384

0.01

NCDs

728,555

0.00

82,601

(0.00

)

645,954

0.00

International Operations

Use of Funds

44,280

1.08

(23,704

)

0.05

67,984

1.02

Loans and Bills Discounted

29,802

1.45

(15,032

)

(0.02

)

44,835

1.47

Securities

8,287

0.37

0.07

8,249

0.29

Source of Funds

44,181

0.51

(24,180

)

0.29

68,362

0.21

Deposits

3,323

0.00

(658

)

(0.01

)

3,981

0.01

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(16,496	)		(37,674	)		21,178
Gains on Sales and Others		54,309			4,386			49,923
Losses on Sales and Others		(72,501	)		(45,281	)		(27,219	)
Impairment (Devaluation)		(1,012	)		283			(1,296	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		0			(0	)
Gains (Losses) on Derivatives other than for Trading		2,708			2,936			(228	)

	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		38,439			23,508			14,931
Gains on Sales		54,377			(62,082	)		116,459
Losses on Sales		(18,529	)		62,402			(80,931	)
Impairment (Devaluation)		(1,033	)		873			(1,906	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,625			22,315			(18,690	)

Non-Consolidated Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(15,655	)		(38,945	)		23,290
Gains on Sales and Others		55,231			3,084			52,146
Losses on Sales and Others		(72,582	)		(45,250	)		(27,332	)
Impairment (Devaluation)		(1,012	)		283			(1,296	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		2,708			2,936			(228	)

	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		36,462			25,700			10,761
Gains on Sales		50,917			(58,204	)		109,122
Losses on Sales		(17,481	)		60,795			(78,276	)
Impairment (Devaluation)		(599	)		795			(1,394	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,625			22,315			(18,690	)

2-8

Mizuho Financial Group, Inc.



Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(15,650	)		(38,930	)		23,279
Gains on Sales and Others		55,231			3,096			52,135
Losses on Sales and Others		(72,577	)		(45,246	)		(27,330	)
Impairment (Devaluation)		(1,012	)		283			(1,296	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		2,708			2,936			(228	)

	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		34,024			23,663			10,360
Gains on Sales		46,969			(61,671	)		108,640
Losses on Sales		(16,021	)		62,211			(78,233	)
Impairment (Devaluation)		(548	)		807			(1,356	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,625			22,315			(18,690	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(5	)		(15	)		10
Gains on Sales and Others		—			(11	)		11
Losses on Sales and Others		(5	)		(4	)		(1	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

	First Half of Fiscal 2022						First Half of Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		2,437			2,037			400
Gains on Sales		3,948			3,466			482
Losses on Sales		(1,460	)		(1,416	)		(43	)
Impairment (Devaluation)		(50	)		(12	)		(38	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2022

As of March 31, 2022

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(= Fair Value)

Gains

Losses

(= Fair Value)

Gains

Losses

Other Securities

35,384,404

129,885

1,474,624

1,344,739

42,065,723

990,184

1,593,785

603,600

Japanese Stocks

2,443,398

1,390,547

1,422,894

32,347

2,577,310

1,499,915

1,538,391

38,475

Japanese Bonds

20,775,446

(54,609

)

19,967

74,577

28,620,413

(52,186

)

19,799

71,986

Japanese Government Bonds

17,103,302

(28,940

)

9,437

38,377

25,158,730

(30,543

)

7,495

38,039

Other

12,165,559

(1,206,051

)

31,762

1,237,814

10,867,999

(457,544

)

35,593

493,138

Foreign Bonds

10,332,422

(1,081,706

)

1,628

1,083,335

8,937,594

(414,292

)

2,316

416,609

* 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.

* 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 ¥20,910 million and ¥27,448 million, which were recognized in the statement of income for September 30, 2022 and March 31, 2022, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation adjustments as of September 30, 2022 and March 31, 2022 are ¥108,974 million and ¥962,735 million, respectively.

* Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of September 30, 2022 and March 31, 2022 are ¥458,060 million (Foreign Bonds ¥475,460 million and Japanese Government Bonds ¥(4,323) million) and ¥126,280 million (Foreign Bonds ¥135,310 million and Japanese Government Bonds ¥—million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2022 and March 31, 2022 are ¥587,945 million (Foreign Bonds ¥(606,246) million and Japanese Government Bonds ¥(33,263) million) and ¥1,116,464 million (Foreign Bonds ¥(278,982) million and Japanese Government Bonds ¥(30,543) 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 accounting, including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2022 and March 31, 2022 are ¥118,757 million and ¥719,822 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2022

As of March 31, 2022

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

2,070,590

(177,925

)

3,973

181,898

1,517,583

(52,007

)

5,336

57,343

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2022									As of March 31, 2022
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		34,764,292		65,964			1,412,400		1,346,435		41,483,698		919,942			1,525,116		605,173
Japanese Stocks		2,368,228		1,328,308			1,362,883		34,575		2,497,331		1,432,316			1,473,018		40,701
Japanese Bonds		20,757,427		(54,613	)		19,964		74,577		28,603,457		(52,190	)		19,795		71,986
Japanese Government Bonds		*17,092,023*		*(28,941*	)		*9,436*		*38,377*		25,147,531		(30,545	)		7,493		38,039
Other		11,638,636		(1,207,730	)		29,552		1,237,282		10,382,908		(460,182	)		32,302		492,484
Foreign Bonds		*9,838,173*		*(1,082,393*	)		*410*		*1,082,803*		8,487,969		(414,822	)		1,198		416,020

Mizuho Bank
Other Securities		34,529,023		(5,710	)		1,336,349		1,342,059		41,243,397		846,893			1,446,756		599,863
Japanese Stocks		2,229,732		1,257,871			1,288,095		30,223		2,349,073		1,360,494			1,395,908		35,413
Japanese Bonds		20,666,660		(55,257	)		19,296		74,553		28,517,031		(52,979	)		18,984		71,964
Japanese Government Bonds		*17,092,023*		*(28,941*	)		*9,436*		*38,377*		25,147,531		(30,545	)		7,493		38,039
Other		11,632,629		(1,208,324	)		28,958		1,237,282		10,377,292		(460,620	)		31,864		492,484
Foreign Bonds		*9,838,173*		*(1,082,393*	)		*410*		*1,082,803*		8,487,969		(414,822	)		1,198		416,020

Mizuho Trust & Banking
Other Securities		235,269		71,675			76,050		4,375		240,300		73,048			78,359		5,310
Japanese Stocks		138,495		70,436			74,788		4,351		148,258		71,822			77,109		5,287
Japanese Bonds		90,767		644			668		23		86,426		788			811		22
Japanese Government Bonds		—		—			—		—		—		—			—		—
Other		6,006		593			593		0		5,616		437			437		0
Foreign Bonds		—		—			—		—		—		—			—		—

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

*	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 ¥20,910 million and ¥27,448 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2022 and March 31, 2022, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after necessary adjustments (aggregate figures for the 2 banks) as of September 30, 2022 and March 31, 2022 are ¥45,054 million and ¥892,494 million, respectively.

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of September 30, 2022 and March 31, 2022 are ¥458,060 million (Foreign Bonds ¥475,460 million and Japanese Government Bonds ¥(4,323) million) and ¥126,280 million (Foreign Bonds ¥135,310 million and Japanese Government Bonds ¥—million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2022 and March 31, 2022 are ¥524,025 million (Foreign Bonds ¥(606,932) million and Japanese Government Bonds ¥(33,264) million) and ¥1,046,223 million (Foreign Bonds ¥(279,511) million and Japanese Government Bonds ¥(30,545) 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 accounting including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2022 and March 31, 2022 are as follows.


	*(Millions of yen)*
	As of September 30, 2022		As of March 31, 2022
Aggregate Figures		71,170		654,388
Mizuho Bank		14,881		596,706
Mizuho Trust & Banking		56,289		57,681

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2022									As of March 31, 2022
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		2,070,590		(177,925	)		3,973		181,898		1,517,583		(52,007	)		5,336		57,343
Mizuho Bank		2,070,590		(177,925	)		3,973		181,898		1,517,583		(52,007	)		5,336		57,343
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of September 30, 2022									As of March 31, 2022
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		108,996		306,534			306,697		162		108,996		311,957			312,302		345
Mizuho Bank		108,996		306,534			306,697		162		108,996		311,957			312,302		345
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

Reference

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated


	*(Millions of yen)*
	As of September 30, 2022						As of March 31, 2022
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		108,974			(853,761	)		962,735
Japanese Stocks		1,369,636			(102,830	)		1,472,467
Japanese Bonds		(54,609	)		(2,423	)		(52,186	)
Japanese Government Bonds		*(28,940*	)		1,603			(30,543	)
Other		(1,206,052	)		(748,507	)		(457,544	)
Foreign Bonds		*(1,081,706*	)		(667,413	)		(414,293	)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2022

As of
March 31,
2022

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

45,054

(847,439

)

892,494

Japanese Stocks

1,307,398

(97,469

)

1,404,868

Japanese Bonds

(54,613

)

(2,422

)

(52,190

)

Japanese Government Bonds

(28,941

)

1,604

(30,545

)

Other

(1,207,730

)

(747,547

)

(460,183

)

Foreign Bonds

(1,082,393

)

(667,570

)

(414,822

)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

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

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2022				Change										Maturity as of March 31, 2022
	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	14,635.1	3,766.0	2,450.2	702.9		(5,156.1	)		(2,672.0	)		260.7		62.5	19,791.3	6,438.0	2,189.5	640.4
Japanese Government Bonds	14,085.6	1,768.0	1,891.3	125.0		(5,237.3	)		(2,754.4	)		252.7		20.0	19,322.9	4,522.4	1,638.6	105.0
Japanese Local Government Bonds	31.4	254.1	207.5	7.4		4.2			34.0			40.7		—	27.2	220.1	166.7	7.4
Japanese Corporate Bonds	518.1	1,743.8	351.4	570.5		77.0			48.3			(32.7	)	42.5	441.1	1,695.5	384.2	528.0
Other	2,725.0	1,800.0	2,470.4	5,600.4		355.6			102.8			486.1		1,357.7	2,369.4	1,697.1	1,984.3	4,242.6

Mizuho Bank

Japanese Bonds	14,634.7	3,682.1	2,444.4	702.9		(5,156.2	)		(2,683.2	)		267.6		62.5	19,791.0	6,365.4	2,176.8	640.4
Japanese Government Bonds	14,085.6	1,768.0	1,891.3	125.0		(5,237.3	)		(2,754.4	)		252.7		20.0	19,322.9	4,522.4	1,638.6	105.0
Japanese Local Government Bonds	31.4	254.1	207.5	7.4		4.2			34.0			40.7		—	27.2	220.1	166.7	7.4
Japanese Corporate Bonds	517.6	1,660.0	345.6	570.5		76.8			37.0			(25.8	)	42.5	440.7	1,622.9	371.4	528.0
Other	2,724.3	1,793.0	2,467.1	5,600.4		355.5			100.8			485.3		1,357.7	2,368.8	1,692.1	1,981.7	4,242.6

Mizuho Trust & Banking

Japanese Bonds	0.4	83.8	5.8	—		0.1			11.2			(6.9	)	—	0.3	72.5	12.7	—
Japanese Government Bonds	—	—	—	—		—			—			—		—	—	—	—	—
Japanese Local Government Bonds	—	—	—	—		—			—			—		—	—	—	—	—
Japanese Corporate Bonds	0.4	83.8	5.8	—		0.1			11.2			(6.9	)	—	0.3	72.5	12.7	—
Other	0.7	7.0	3.2	—		0.1			2.0			0.7		—	0.5	5.0	2.5	—

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 September 30, 2022				Change								As of March 31, 2022
	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	3,137.7	10,996.7	5,395.1	19,529.6		(84.3	)		1,729.9		1,238.7	2,884.3	3,222.0	9,266.7	4,156.4	16,645.2
Receive Float / Pay Fixed	651.1	3,550.1	5,736.6	9,938.0		(620.2	)		705.2		2,602.7	2,687.7	1,271.4	2,844.9	3,133.9	7,250.3
Receive Float / Pay Float	—	—	—	—		—			—		—	—	—	—	—	—
Receive Fixed / Pay Fixed	—	—	—	—		—			—		—	—	—	—	—	—
Total	3,788.9	14,546.9	11,131.8	29,467.6		(704.6	)		2,435.1		3,841.5	5,572.0	4,493.5	12,111.7	7,290.3	23,895.6

Mizuho Bank

Receive Fixed / Pay Float	3,137.7	10,996.7	5,395.1	19,529.6		(84.3	)		1,729.9		1,238.7	2,884.3	3,222.0	9,266.7	4,156.4	16,645.2
Receive Float / Pay Fixed	651.1	3,360.1	5,362.6	9,374.0		(620.2	)		615.2		2,583.7	2,578.7	1,271.4	2,744.9	2,778.9	6,795.3
Receive Float / Pay Float	—	—	—	—		—			—		—	—	—	—	—	—
Receive Fixed / Pay Fixed	—	—	—	—		—			—		—	—	—	—	—	—
Total	3,788.9	14,356.9	10,757.8	28,903.6		(704.6	)		2,345.1		3,822.5	5,463.0	4,493.5	12,011.7	6,935.3	23,440.6

Mizuho Trust & Banking

Receive Fixed / Pay Float	—	—	—	—		—			—		—	—	—	—	—	—
Receive Float / Pay Fixed	—	190.0	374.0	564.0		—			90.0		19.0	109.0	—	100.0	355.0	455.0
Receive Float / Pay Float	—	—	—	—		—			—		—	—	—	—	—	—
Receive Fixed / Pay Fixed	—	—	—	—		—			—		—	—	—	—	—	—
Total	—	190.0	374.0	564.0		—			90.0		19.0	109.0	—	100.0	355.0	455.0

Reference:

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


	*(Billions of yen)*
	As of September 30, 2022						Change							As of March 31, 2022
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses							Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses					Gains		Losses
Aggregate Figures		2,243.4		2,387.9	(144.4	)		907.4		936.1		(28.7	)		1,336.0		1,451.7	(115.7	)
Mizuho Bank		2,222.4		2,373.5	(151.0	)		902.0		937.7		(35.6	)		1,320.4		1,435.8	(115.3	)
Mizuho Trust & Banking		20.9		14.4	6.5			5.3		(1.5	)	6.9			15.5		15.9	(0.3	)

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)*
		First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,069,848			(55,913	)		1,125,762
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,800,159			(313,199	)		2,113,359
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(228,027	)		169,699			(397,727	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		502,283			(87,586	)		589,869

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		938,002			(49,977	)		987,980
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,576,015			(275,050	)		1,851,065
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(197,401	)		141,516			(338,917	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		440,611			(83,556	)		524,167

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		131,845			(5,936	)		137,781
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		224,144			(38,148	)		262,293
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(30,626	)		28,182			(58,809	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		61,672			(4,029	)		65,701

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Service Cost		(9,537	)		601			(10,139	)
Interest Cost		(2,223	)		(594	)		(1,629	)
Expected Return on Plan Assets		14,500			(528	)		15,028
Accumulation (Amortization) of Unrecognized Actuarial Differences		24,053			(1,672	)		25,725
Gains on Cancellation of Employee Retirement Benefit Trust		12,057			(39,036	)		51,093
Other		(2,527	)		1,286			(3,813	)

Total		36,322			(39,943	)		76,266

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank

	*(Millions of yen)*
	First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Service Cost		(8,084	)		439			(8,524	)
Interest Cost		(1,947	)		(519	)		(1,428	)
Expected Return on Plan Assets		12,959			(438	)		13,398
Accumulation (Amortization) of Unrecognized Actuarial Differences		21,296			(1,386	)		22,682
Gains on Cancellation of Employee Retirement Benefit Trust		11,868			(31,741	)		43,610
Other		(2,213	)		1,325			(3,539	)

Total		33,879			(32,320	)		66,199

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Service Cost		(1,452	)		162			(1,614	)
Interest Cost		(275	)		(74	)		(201	)
Expected Return on Plan Assets		1,541			(89	)		1,630
Accumulation (Amortization) of Unrecognized Actuarial Differences		2,756			(286	)		3,042
Gains on Cancellation of Employee Retirement Benefit Trust		188			(7,295	)		7,483
Other		(313	)		(38	)		(274	)

Total		2,443			(7,622	)		10,066

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations



		*(Millions of yen)*
		First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,278,926			(56,963	)		1,335,890
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,070,370			(303,579	)		2,373,949
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(243,853	)		165,825			(409,679	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		863,217			(245,890	)		1,109,107
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		71,774			725			71,049
Income (Expenses) related to Employee Retirement Benefits

		*(Millions of yen)*
		First Half of Fiscal 2022			Change			First Half of Fiscal 2021
Service Cost			(14,269	)		1,647			(15,917	)
Interest Cost			(2,697	)		(726	)		(1,970	)
Expected Return on Plan Assets			16,972			(430	)		17,402
Accumulation (Amortization) of Unrecognized Actuarial Differences			25,184			(737	)		25,922
Accumulation (Amortization) of Unrecognized Prior Service Cost			(23	)		0			(23	)
Gains on Cancellation of Employee Retirement Benefit Trust			12,057			(39,036	)		51,093
Other			(5,391	)		1,440			(6,832	)

Total			31,832			(37,842	)		69,675

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

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard


	Consolidated					*(%, Billions of yen)*
	As of September 30, 2022 (Preliminary)		Change			As of March 31, 2022
(1) Total Capital Ratio		15.72		(1.81	)		17.53
(2) Tier 1 Capital Ratio		13.64		(1.36	)		15.00
(3) Common Equity Tier 1 Capital Ratio		11.35		(1.11	)		12.46
(4) Total Capital		11,216.5		(135.0	)		11,351.6
(5) Tier 1 Capital		9,733.1		19.8			9,713.2
(6) Common Equity Tier 1 Capital		8,097.7		30.4			8,067.2
(7) Risk weighted Assets		71,336.8		6,606.4			64,730.4
(8) Total Required Capital (7) X8%		5,706.9		528.5			5,178.4

Mizuho Bank International Standard

	Consolidated							Non-Consolidated
	As of September 30, 2022 (Preliminary)		Change			As of March 31, 2022		As of September 30, 2022 (Preliminary)
(1) Total Capital Ratio		15.26		(1.76	)		17.02		14.70
(2) Tier 1 Capital Ratio		13.15		(1.27	)		14.42		12.43
(3) Common Equity Tier 1 Capital Ratio		10.68		(1.00	)		11.68		9.80
(4) Total Capital		10,110.7		(39.9	)		10,150.6		9,097.7
(5) Tier 1 Capital		8,714.9		110.3			8,604.5		7,689.9
(6) Common Equity Tier 1 Capital		7,082.0		113.2			6,968.7		6,066.6
(7) Risk weighted Assets		66,253.9		6,615.2			59,638.6		61,848.7
(8) Total Required Capital (7) X8%		5,300.3		529.2			4,771.0		4,947.8

Mizuho Trust & Banking International Standard

	Consolidated							Non-Consolidated
	As of September 30, 2022 (Preliminary)		Change			As of March 31, 2022		As of September 30, 2022 (Preliminary)
(1) Total Capital Ratio		26.62		1.44			25.18		25.69
(2) Tier 1 Capital Ratio		26.62		1.44			25.18		25.68
(3) Common Equity Tier 1 Capital Ratio		26.62		1.44			25.18		25.68
(4) Total Capital		453.4		10.9			442.5		436.4
(5) Tier 1 Capital		453.3		10.9			442.4		436.3
(6) Common Equity Tier 1 Capital		453.3		10.9			442.4		436.3
(7) Risk weighted Assets		1,702.8		(54.1	)		1,756.9		1,698.7
(8) Total Required Capital (7) X8%		136.2		(4.3	)		140.5		135.8

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	(Millions of yen)
	As of September 30, 2022		Change			As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		49,027		(1,819	)		50,846
Claims with Collection Risk		621,016		(101,206	)		722,222
Claims for Special Attention		370,938		16,904			354,034
Loans Past Due for 3 Months or More		30,145		27,646			2,498
Restructured Loans		340,793		(10,742	)		351,535
Sub-total[1]		1,040,982		(86,121	)		1,127,104
Normal Claims		105,707,025		9,482,124			96,224,900

Total[2]		106,748,007		9,396,002			97,352,004


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		95,750		(13,123	)		108,874

	*(%)*
NPL ratio[1]/[2]		0.97		(0.18	)		1.15

Trust Account

	(Millions of yen)
	As of September 30, 2022		Change			As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Loans Past Due for 3 Months or More		—		—			—
Restructured Loans		—		—			—
Sub-total[3]		—		—			—
Normal Claims		3,281		(543	)		3,825

Total[4]		3,281		(543	)		3,825


	*(%)*
NPL ratio[3]/[4]		—		—			—

2-18

Mizuho Financial Group, Inc.

Consolidated + Trust Account


	(Millions of yen)
	As of September 30, 2022		Change			As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		49,027		(1,819	)		50,846
Claims with Collection Risk		621,016		(101,206	)		722,222
Claims for Special Attention		370,938		16,904			354,034
Loans Past Due for 3 Months or More		30,145		27,646			2,498
Restructured Loans		340,793		(10,742	)		351,535
Sub-total[5]		1,040,982		(86,121	)		1,127,104
Normal Claims		105,710,307		9,481,581			96,228,725

Total[6]		106,751,289		9,395,459			97,355,829


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		95,750		(13,123	)		108,874

	*(%)*
NPL ratio[5]/[6]		0.97		(0.18	)		1.15

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

2-19

Mizuho Financial Group, Inc.

Non-Consolidated

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


	(Millions of yen)
	As of September 30, 2022		Change		As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		38,833		(2,276)		41,109
Claims with Collection Risk		626,755		(99,251)		726,007
Claims for Special Attention		341,200		22,635		318,564
Loans Past Due for 3 Months or More		29,354		26,856		2,497
Restructured Loans		311,846		(4,220)		316,066
Sub-total[1]		1,006,789		(78,891)		1,085,681
Normal Claims		107,912,487		9,978,948		97,933,539

Total[2]		108,919,277		9,900,056		99,019,221


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		92,931		(12,482)		105,413

	*(%)*
NPL ratio[1]/[2]		0.92		(0.17)		1.09

Mizuho Bank

	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		38,581		(2,179)		40,761
Claims with Collection Risk		618,403		(96,398)		714,801
Claims for Special Attention		339,174		22,190		316,984
Loans Past Due for 3 Months or More		29,346		26,872		2,473
Restructured Loans		309,827		(4,682)		314,510
Sub-total[3]		996,159		(76,388)		1,072,547
Normal Claims		104,761,002		10,026,092		94,734,910

Total[4]		105,757,161		9,949,704		95,807,457


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		92,721		(12,481)		105,202

	*(%)*
NPL ratio[3]/[4]		0.94		(0.17)		1.11

2-20

Mizuho Financial Group, Inc.


Mizuho Trust & Banking (Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		251	(96)	348
Claims with Collection Risk		8,352	(2,853)	11,206
Claims for Special Attention		2,025	445	1,580
Loans Past Due for 3 Months or More		7	(16)	23
Restructured Loans		2,018	462	1,556
Sub-total[5]		10,630	(2,503)	13,134
Normal Claims		3,148,203	(46,600)	3,194,804

Total[6]		3,158,834	(49,104)	3,207,938


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		209	(1)	210

	*(%)*
NPL ratio[5]/[6]		0.33	(0.07)	0.40

(Trust Account)

	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—	—
Claims with Collection Risk		—	—	—
Claims for Special Attention		—	—	—
Loans Past Due for 3 Months or More		—	—	—
Restructured Loans		—	—	—
Sub-total[7]		—	—	—
Normal Claims		3,281	(543)	3,825

Total[8]		3,281	(543)	3,825


	*(%)*
NPL ratio[7]/[8]		—	—	—

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

2-21

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2022		Change			As of March 31, 2022
Reserves for Possible Losses on Loans		700,532		(83,354	)		783,886
General Reserve for Possible Losses on Loans		308,601		39,460			269,140
Specific Reserve for Possible Losses on Loans		337,685		(122,327	)		460,013
Reserve for Possible Losses on Loans to Restructuring Countries		54,245		(487	)		54,732

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		96,004		(13,118	)		109,122

Non-Consolidated Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of September 30, 2022		Change			As of March 31, 2022
Reserves for Possible Losses on Loans		723,515		(93,734	)		817,249
General Reserve for Possible Losses on Loans		291,662		41,180			250,482
Specific Reserve for Possible Losses on Loans		377,607		(134,427	)		512,034
Reserve for Possible Losses on Loans to Restructuring Countries		54,245		(487	)		54,732

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		92,931		(12,482	)		105,413

Mizuho Bank

Reserves for Possible Losses on Loans		721,147		(93,630	)		814,778
General Reserve for Possible Losses on Loans		289,712		41,277			248,435
Specific Reserve for Possible Losses on Loans		377,190		(134,420	)		511,610
Reserve for Possible Losses on Loans to Restructuring Countries		54,245		(487	)		54,732

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		92,721		(12,481	)		105,202

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		2,367		(103	)		2,470
General Reserve for Possible Losses on Loans		1,950		(96	)		2,046
Specific Reserve for Possible Losses on Loans		417		(7	)		424
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		209		(1	)		210

Reserve for Possible Losses on Entrusted Loans (¥10 million and ¥12 million for September 30, 2022 and March 31, 2022, respectively) is not included in the above figures for Trust Account.

2-22

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of
September 30,
2022

Change

As of
March 31,
2022

Mizuho Financial Group

67.29

(2.25

)

69.54

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

Non-Consolidated

(%)

As of
September 30,
2022

Change

As of
March 31,
2022

Total

71.86

(3.41

)

75.27

Mizuho Bank

72.39

(3.57

)

75.96

Mizuho Trust & Banking (Banking Account)

22.26

3.45

18.81

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

2-23

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of
September 30, 2022

Change

As of
March 31, 2022

Claims against Bankrupt and Substantially Bankrupt Obligors

38.8

(2.2

)

41.1

Collateral, Guarantees, and equivalent

33.4

(1.9

)

35.4

Reserve for Possible Losses

5.3

(0.2

)

5.6

Claims with Collection Risk

626.7

(99.2

)

726.0

Collateral, Guarantees, and equivalent

179.9

15.0

164.8

Reserve for Possible Losses

316.0

(122.8

)

438.9

Claims for Special Attention

341.2

22.6

318.5

Collateral, Guarantees, and equivalent

90.4

(3.0

)

93.5

Reserve for Possible Losses

59.8

7.5

52.2

Total

1,006.7

(78.8

)

1,085.6

Collateral, Guarantees, and equivalent

303.9

10.0

293.8

Reserve for Possible Losses

381.3

(115.5

)

496.9

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

38.5

(2.1

)

40.7

Collateral, Guarantees, and equivalent

33.1

(1.8

)

35.0

Reserve for Possible Losses

5.3

(0.2

)

5.6

Claims with Collection Risk

618.4

(96.3

)

714.8

Collateral, Guarantees, and equivalent

172.2

17.9

154.2

Reserve for Possible Losses

315.6

(122.8

)

438.5

Claims for Special Attention

339.1

22.1

316.9

Collateral, Guarantees, and equivalent

89.9

(3.5

)

93.4

Reserve for Possible Losses

59.5

7.5

51.9

Total

996.1

(76.3

)

1,072.5

Collateral, Guarantees, and equivalent

295.3

12.5

282.7

Reserve for Possible Losses

380.6

(115.6

)

496.2

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.2

(0.0

)

0.3

Collateral, Guarantees, and equivalent

0.2

(0.0

)

0.3

Reserve for Possible Losses

—

Claims with Collection Risk

8.3

(2.8

)

11.2

Collateral, Guarantees, and equivalent

7.7

(2.8

)

10.6

Reserve for Possible Losses

0.4

(0.0

)

0.4

Claims for Special Attention

2.0

0.4

1.5

Collateral, Guarantees, and equivalent

0.5

0.4

0.1

Reserve for Possible Losses

0.3

0.0

0.2

Total

10.6

(2.5

)

13.1

Collateral, Guarantees, and equivalent

8.5

(2.4

)

11.0

Reserve for Possible Losses

0.7

0.0

0.7

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

—

Collateral, Guarantees, and equivalent

—

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

—

Collateral, Guarantees, and equivalent

—

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2022		Change			As of March 31, 2022

Coverage Amount		685.2		(105.5	)		790.7
Reserves for Possible Losses on Loans		381.3		(115.5	)		496.9
Collateral, Guarantees, and equivalent		303.9		10.0			293.8

	*(%)*
Coverage Ratio		68.0		(4.7	)		72.8
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		79.1		(4.0	)		83.1
Claims for Special Attention		44.0		(1.7	)		45.7
Claims against Special Attention Obligors		*46.5*		(0.3	)		46.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		70.7		(7.4	)		78.2
Claims for Special Attention		23.8		0.6			23.2
Claims against Special Attention Obligors		*26.0*		0.6			25.3

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		18.81		0.76			18.05
Claims against Watch Obligors excluding Special Attention Obligors		4.16		0.70			3.46
Claims against Normal Obligors		0.10		0.00			0.10

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		675.9		(103.0	)		778.9
Reserves for Possible Losses on Loans		380.6		(115.6	)		496.2
Collateral, Guarantees, and equivalent		295.3		12.5			282.7

	*(%)*
Coverage Ratio		67.8		(4.7	)		72.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.8		(4.0	)		82.9
Claims for Special Attention		44.0		(1.8	)		45.8
Claims against Special Attention Obligors		*46.5*		(0.3	)		46.9

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		70.7		(7.4	)		78.2
Claims for Special Attention		23.8		0.6			23.2
Claims against Special Attention Obligors		*26.0*		0.6			25.3

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		18.82		0.77			18.04
Claims against Watch Obligors excluding Special Attention Obligors		4.19		0.70			3.49
Claims against Normal Obligors		0.11		0.00			0.10

2-25

Mizuho Financial Group, Inc.


Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
	As of September 30, 2022		Change			As of March 31, 2022

Coverage Amount		9.3		(2.4	)		11.7
Reserves for Possible Losses on Loans		0.7		0.0			0.7
Collateral, Guarantees, and equivalent		8.5		(2.4	)		11.0

	*(%)*
Coverage Ratio		87.5		(2.0	)		89.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		97.7		(0.5	)		98.2
Claims for Special Attention		43.8		18.2			25.6
Claims against Special Attention Obligors		*39.5*		15.4			24.0

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		68.2		0.1			68.1
Claims for Special Attention		21.6		1.6			20.0
Claims against Special Attention Obligors		*21.4*		1.5			19.9

Reference: Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		16.54		(2.41	)		18.96
Claims against Watch Obligors excluding Special Attention Obligors		1.47		0.38			1.08
Claims against Normal Obligors		0.03		(0.00	)		0.04

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO


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

2-27

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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


	*(Billions of yen)*
	Fiscal 2019		Fiscal 2020		Fiscal 2021		Fiscal 2022
	As of March 31, 2020		As of March 31, 2021		As of March 31, 2022		As of September 30, 2022
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		51.0		33.6		28.6		23.3		0.1		23.5		(5.1	)
Claims with Collection Risk		386.5		246.8		162.5		152.9		0.8		153.8		(8.6	)
Amount Categorized as above up to Fiscal 2019		437.5		280.5		191.2		176.3		1.0		177.3		(13.8	)
of which the amount which was in the process of being removed from the balance sheet		44.5		31.6		30.1		23.0		0.1		23.2		(6.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors				15.0		4.8		4.3		0.0		4.3		(0.4	)
Claims with Collection Risk				164.2		92.5		78.7		0.3		79.0		(13.4	)
Amount Newly Categorized as above during Fiscal 2020				179.2		97.3		83.1		0.3		83.4		(13.9	)
of which the amount which was in the process of being removed from the balance sheet				13.6		2.7		2.1		0.0		2.1		(0.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors						7.6		4.5		0.0		4.5		(3.0	)
Claims with Collection Risk						470.9		300.1		6.9		307.0		(163.8	)
Amount Newly Categorized as above during Fiscal 2021						478.5		304.7		6.9		311.6		(166.8	)
of which the amount which was in the process of being removed from the balance sheet						7.1		4.1		0.0		4.1		(2.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors								6.3		0.0		6.4		6.4
Claims with Collection Risk								86.4		0.2		86.7		86.7
Amount Newly Categorized as above during the First Half of Fiscal 2022								92.8		0.2		93.1		93.1
of which the amount which was in the process of being removed from the balance sheet								4.8		0.0		4.9		4.9
Claims against Bankrupt and Substantially Bankrupt Obligors		51.0		48.7		41.1		38.5		0.2		38.8		(2.2	)
Claims with Collection Risk		386.5		411.0		726.0		618.4		8.3		626.7		(99.2	)
Total		437.5		459.7		767.1		656.9		8.6		665.5		(101.5	)
of which the amount which was in the process of being removed from the balance sheet		44.5		45.3		40.0		34.2		0.2		34.4		(5.5	)

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

denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2022


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(3.4	)		(3.4	)		—
Restructuring		(143.2	)		(143.2	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(18.6	)		(18.6	)		—
Direct Write-off		144.2			144.2			—
Other		(173.4	)		(170.2	)		(3.2	)
Debt recovery		(156.1	)		(153.0	)		(3.0	)
Improvement in Business Performance		(17.3	)		(17.1	)		(0.1	)

Total		(194.6	)		(191.3	)		(3.2	)

2-28

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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


	*(Billions of yen)*
	As of September 30, 2022					As of March 31, 2022
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		60,534.4		346.3			60,188.1
Manufacturing		10,032.5		261.6			9,770.8
Agriculture & Forestry		47.5		(0.0	)		47.5
Fishery		2.1		(0.8	)		2.9
Mining, Quarrying Industry & Gravel Extraction Industry		237.8		17.0			220.7
Construction		904.9		47.5			857.4
Utilities		3,206.4		163.0			3,043.3
Communication		1,092.4		(114.0	)		1,206.4
Transportation & Postal Industry		2,520.9		(60.5	)		2,581.5
Wholesale & Retail		5,116.4		(98.3	)		5,214.7
Finance & Insurance		9,011.3		(20.8	)		9,032.1
Real Estate		10,386.6		226.1			10,160.4
Commodity Lease		2,940.2		48.2			2,891.9
Service Industries		2,994.0		(87.9	)		3,082.0
Local Governments		560.0		(28.9	)		589.0
Governments		978.2		141.6			836.5
Other		10,502.7		(147.3	)		10,650.0
Overseas Total (including Loans Booked Offshore)		33,039.8		6,575.9			26,463.8
Governments		349.9		86.0			263.8
Financial Institutions		12,029.3		2,484.7			9,544.6
Other		20,660.4		4,005.0			16,655.3

Total		93,574.2		6,922.3			86,651.9

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


As of September 30, 2022:		¥540.0 billion (from MHBK)
As of March 31, 2022:		¥755.0 billion (from MHBK)

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

2-29

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2022					As of March 31, 2022
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		56,848.5		349.7			56,498.8
Manufacturing		9,634.3		277.4			9,356.9
Agriculture & Forestry		47.4		(0.0	)		47.5
Fishery		2.1		(0.8	)		2.9
Mining, Quarrying Industry & Gravel Extraction Industry		236.4		17.2			219.2
Construction		865.0		48.3			816.7
Utilities		2,926.9		160.5			2,766.4
Communication		998.7		(106.1	)		1,104.9
Transportation & Postal Industry		2,370.8		(31.8	)		2,402.6
Wholesale & Retail		5,000.8		(82.6	)		5,083.4
Finance & Insurance		8,505.4		(50.4	)		8,555.8
Real Estate		8,843.4		143.5			8,699.8
Commodity Lease		2,743.6		49.8			2,693.8
Service Industries		2,946.3		(83.4	)		3,029.8
Local Governments		558.6		(28.6	)		587.3
Governments		978.2		141.6			836.5
Other		10,190.0		(104.5	)		10,294.6
Overseas Total (including Loans Booked Offshore)		33,039.8		6,576.1			26,463.6
Governments		349.9		86.0			263.8
Financial Institutions		12,029.3		2,484.7			9,544.6
Other		20,660.4		4,005.3			16,655.1

Total		89,888.3		6,925.8			82,962.4


Mizuho Trust & Banking (Banking Account + Trust Account)

Domestic Total (excluding Loans Booked Offshore)		3,685.9		(3.3	)		3,689.3
Manufacturing		398.1		(15.7	)		413.9
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.3		(0.1	)		1.5
Construction		39.8		(0.8	)		40.7
Utilities		279.4		2.5			276.9
Communication		93.6		(7.9	)		101.5
Transportation & Postal Industry		150.1		(28.6	)		178.8
Wholesale & Retail		115.6		(15.7	)		131.3
Finance & Insurance		505.9		29.6			476.2
Real Estate		1,543.2		82.6			1,460.5
Commodity Lease		196.6		(1.5	)		198.1
Service Industries		47.6		(4.4	)		52.1
Local Governments		1.3		(0.2	)		1.6
Governments		—		—			—
Other		312.6		(42.7	)		355.4
Overseas Total (including Loans Booked Offshore)		—		(0.2	)		0.2
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		(0.2	)		0.2

Total		3,685.9		(3.5	)		3,689.5

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

2-30

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of September 30, 2022										As of March 31, 2022
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Change						Non Performing Loans based on the BA and the FRA		Coverage Ratio
			Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio					Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		864.0		67.6		(134.4	)		(4.6	)		998.4		72.3
Manufacturing		382.0		67.0		(134.5	)		(9.3	)		516.5		76.4
Agriculture & Forestry		6.1		24.9		4.7			(21.9	)		1.3		46.9
Fishery		0.2		62.6		(0.0	)		0.0			0.2		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		(0.1	)		—			0.1		100.0
Construction		5.8		79.4		(0.1	)		0.8			5.9		78.5
Utilities		3.7		67.8		2.6			30.3			1.1		37.4
Communication		8.0		72.1		(1.1	)		(2.9	)		9.1		75.1
Transportation & Postal Industry		28.7		57.4		2.5			9.7			26.2		47.7
Wholesale & Retail		138.5		56.8		8.1			(0.7	)		130.3		57.5
Finance & Insurance		16.8		80.6		2.5			(0.9	)		14.3		81.6
Real Estate		32.6		85.3		(2.8	)		3.7			35.5		81.5
Commodity Lease		1.4		90.4		0.0			3.2			1.4		87.1
Service Industries		162.7		64.5		(6.7	)		1.2			169.4		63.2
Local Governments		—		—		—			—			—		—
Other		76.8		91.5		(9.6	)		1.9			86.5		89.6
Overseas Total (including Loans Booked Offshore)		142.7		70.5		55.5			(8.3	)		87.2		78.9
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		142.7		70.5		55.5			(8.3	)		87.2		78.9

Total		1,006.7		68.0		(78.8	)		(4.7	)		1,085.6		72.8

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

2-31

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

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

(Billions of yen)

As of
September 30,
2022

As of
March 31,
2022

Change

Housing and Consumer Loans

8,278.5

(178.8

)

8,457.3

Housing Loans for owner’s residential housing

7,747.1

(149.2

)

7,896.3

Mizuho Bank

Housing and Consumer Loans

8,229.5

(174.5

)

8,404.1

Housing Loans

7,823.3

(158.0

)

7,981.4

for owner’s residential housing

7,701.0

(145.4

)

7,846.4

Consumer loans

406.1

(16.4

)

422.6

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

48.9

(4.2

)

53.2

Housing Loans for owner’s residential housing

46.0

(3.7

)

49.8

* Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

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

(%, Billions of yen)

As of
September 30,
2022

As of
March 31,
2022

Change

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

58.5

0.5

57.9

Loans to SMEs and Individual Customers

35,456.1

558.1

34,897.9

Mizuho Bank

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

58.6

0.3

58.3

Loans to SMEs and Individual Customers

33,361.3

385.3

32,976.0

Mizuho Trust & Banking (Banking Account + Trust Account)

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

56.8

4.7

52.0

Loans to SMEs and Individual Customers

2,094.7

172.8

1,921.8

*	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.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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

(Billions of yen)

As of September 30, 2022

As of March 31, 2022

Outstanding
Balance

Change

Outstanding Balance

Asia

9,256.2

1,488.1

7,768.0

Hong Kong

2,224.0

330.0

1,893.9

Singapore

1,637.5

283.3

1,354.1

Thailand

1,190.8

51.6

1,139.2

Taiwan

1,209.4

225.0

984.3

India

632.3

105.0

527.2

South Korea

844.4

196.6

647.8

Indonesia

479.4

158.1

321.3

Philippines

314.5

20.0

294.5

China

156.5

31.7

124.8

Malaysia

97.4

5.0

92.4

Central and South America

5,754.8

565.3

5,189.5

Mexico

475.9

106.9

369.0

Brazile

271.3

31.5

239.8

North America

11,258.0

3,013.8

8,244.1

United States

10,210.5

2,766.3

7,444.1

Eastern Europe

278.8

4.5

274.2

Russia

225.2

15.3

209.8

Western Europe

6,081.1

1,167.1

4,914.0

United Kingdom

1,493.7

31.7

1,462.0

Netherlands

1,233.6

291.0

942.5

Germany

694.5

226.0

468.5

Ireland

388.7

70.2

318.5

Switzerland

313.4

(8.0

)

321.5

France

361.3

4.9

356.4

Turkey

105.5

15.7

89.8

Italy

148.7

42.7

106.0

Other

4,294.2

726.2

3,567.9

Australia

2,134.5

162.4

1,972.1

Total

36,923.3

6,965.3

29,957.9

The above figures are based on obligor country of location.

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

As of September 30, 2022

As of March 31, 2022

Outstanding
Balance

Change

Outstanding Balance

Mizuho Bank (China) ,Ltd

1,274.3

(6.1

)

1,280.4

Mizuho Bank (USA)

603.5

145.4

458.0

PT. Bank Mizuho Indonesia

435.8

135.0

300.7

Note: The balances of loans of AO Mizuho Bank (Moscow) for the six months ended September 30, 2022 and the fiscal year ended March 31 2022 are ¥92.6 billion (RUB34.5 billion) and ¥68.8 billion (RUB44.4 billion), respectively.

2-33

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

(Billions of yen)

As of September 30, 2022

As of March 31, 2022

Non Performing
Loans based on
the BA and the
FRA

Change

Non Performing
Loans based on
the BA and the
FRA

Asia

69.5

12.7

56.8

Hong Kong

1.9

1.9

0.0

Singapore

36.9

1.9

35.0

Thailand

1.0

(0.0

)

1.0

Taiwan

0.0

0.0

India

0.1

0.0

0.1

South Korea

—

(0.0

)

0.0

Indonesia

2.0

1.0

0.9

Philippines

0.0

(0.0

)

0.0

China

0.1

0.1

0.0

Malaysia

—

Central and South America

18.1

0.2

17.8

Mexico

0.4

0.0

0.4

Brazile

3.4

(0.0

)

3.5

North America

11.7

(3.2

)

15.0

United States

11.7

(3.2

)

15.0

Eastern Europe

57.5

49.6

7.8

Russia

57.5

49.6

7.8

Western Europe

22.2

(1.0

)

23.2

United Kingdom

3.4

0.0

3.4

Netherlands

—

Germany

—

(0.5

)

0.5

Ireland

—

Switzerland

0.1

(0.0

)

0.2

France

—

Turkey

—

Italy

8.5

0.3

8.2

Other

9.4

(2.4

)

11.8

Australia

—

Total

188.6

55.7

132.8

The above figures are based on obligor country of location.

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

As of September 30, 2022

As of March 31, 2022

Non Performing
Loans based on
the BA and the
FRA

Change

Non Performing
Loans based on
the BA and the
FRA

Mizuho Bank (China) ,Ltd

1.0

(0.8

)

1.8

Mizuho Bank (USA)

3.5

0.5

3.0

PT. Bank Mizuho Indonesia

6.4

0.6

5.8

Note: The balance of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the six months ended September 30, 2022 is ¥0.6 billion. The balance of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the fiscal year ended March 31 2022 is not existed.

2-34

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 October 1, 2022 to September 30, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,491.5
Income before Income Taxes	2		3,557.5
Tax Adjustments (1)	3		274.5
Taxable Income before Current Deductible Temporary Differences (2)	4		3,832.0
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,173.3

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

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2022.


Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2018		267.2
Fiscal 2019		378.5
Fiscal 2020		316.3
Fiscal 2021		360.3
First Half of Fiscal 2022 (estimate)		55.0

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

*	Figure for the first half of fiscal 2022 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2022			Change			As of March 31, 2022
Reserves for Possible Losses on Loans	7		216.7			(34.9	)		251.6
Impairment of Securities	8		117.5			(7.6	)		125.2
Net Unrealized Losses on Other Securities	9		295.8			233.5			62.3
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		105.0			(17.1	)		122.1
Net Deferred Hedge Losses	12		50.3			10.5			39.7
Tax Losses Carried Forward	13		3.2			3.0			0.1
Other	14		233.5			3.7			229.7

Total Deferred Tax Assets	15		1,022.2			191.1			831.1

Valuation Allowance	16		(105.6	)		1.0			(106.7	)

Sub-Total [ 15 + 16 ]	17		916.5			192.2			724.3

Amount related to Retirement Benefits Accounting	18		(137.6	)		(2.7	)		(134.9	)
Net Unrealized Gains on Other Securities	19		(249.3	)		27.5			(276.8	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(32.8	)		6.5			(39.4	)

Total Deferred Tax Liabilities	22		(419.8	)		31.4			(451.2	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		496.7			223.6			273.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities^*	24		37.8			261.8			(223.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		50.3			10.5			39.7
Tax effects related to others	26		408.5			(48.7	)		457.3

*	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.

2-35

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2022 to September 30, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		202.6
Income before Income Taxes	2		223.1
Tax Adjustments (1)	3		(44.3	)
Taxable Income before Current Deductible Temporary Differences (2)	4		178.7
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		54.7

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

(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2022.



Reference: Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2018		39.0
Fiscal 2019		31.7
Fiscal 2020		26.6
Fiscal 2021		33.2
First Half of Fiscal 2022 (estimate)		6.0

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

*	Figure for the first half of fiscal 2022 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2022			Change			As of March 31, 2022
Reserves for Possible Losses on Loans	7		0.7			(0.0	)		0.7
Impairment of Securities	8		6.6			(1.1	)		7.7
Net Unrealized Losses on Other Securities	9		0.4			0.0			0.4
Reserve for Employee Retirement Benefits	10		1.0			(0.4	)		1.5
Reserve for Loss of Transfer	11		—			(0.9	)		0.9
Net Deferred Hedge Losses	12		—			(0.1	)		0.1
Tax Losses Carried Forward	13		—			—			—
Other	14		17.5			(0.2	)		17.8

Total Deferred Tax Assets	15		26.4			(2.9	)		29.3

Valuation Allowance	16		(7.4	)		0.2			(7.7	)

Sub-Total [ 15 + 16 ]	17		19.0			(2.6	)		21.6

Amount related to Retirement Benefits Accounting	18		(21.4	)		(1.0	)		(20.3	)
Net Unrealized Gains on Other Securities	19		(15.8	)		0.2			(16.1	)
Net Deferred Hedge Gains	20		(2.0	)		(2.0	)		—
Other	21		(1.2	)		1.3			(2.6	)

Total Deferred Tax Liabilities	22		(40.5	)		(1.4	)		(39.1	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(21.5	)		(4.0	)		(17.4	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(15.3	)		(0.0	)		(15.3	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(2.0	)		(2.1	)		0.1
Tax effects related to others	26		(4.1	)		(1.9	)		(2.2	)

*	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.

2-36

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 September 30, 2022		Change			As of March 31, 2022
Deposits		108,229.8		(4,301.6	)		112,531.4

Individual Deposits		47,992.3		324.8			47,667.5
Corporate Deposits		51,521.6		(4,074.5	)		55,596.1
Financial/Government Institutions		8,715.8		(551.9	)		9,267.7

Mizuho Bank

Deposits		105,670.7		(4,289.3	)		109,960.1

Individual Deposits		47,191.6		328.1			46,863.5
Corporate Deposits		50,333.5		(4,124.4	)		54,457.9
Financial/Government Institutions		8,145.5		(493.0	)		8,638.6

Mizuho Trust & Banking

Deposits		2,559.0		(12.2	)		2,571.3

Individual Deposits		800.6		(3.2	)		803.9
Corporate Deposits		1,188.0		49.8			1,138.1
Financial/Government Institutions		570.3		(58.8	)		629.1

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

2-37

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 September 30, 2022		Change			As of March 31, 2022
Directors, Executive Officers as defined in the Companies Act, and Auditors		45		—			45
Executive Officers as defined in our internal regulations (excluding those doubling as Directors as defined in the Companies Act)		48		4			44
The above numbers have been adjusted for those who are doubling other positions.

(2) Number of Employees
Consolidated	As of September 30, 2022		Change			As of March 31, 2022
Employees (excluding Executive Officers as defined in our internal regulations)		51,867		(553	)		52,420
Average number of temporary employees		13,316		(703	)		14,019
The number of Employees excludes employees seconded 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 September 30, 2022		Change			As of March 31, 2022
Mizuho Bank		461		—			461
Mizuho Trust & Banking		59		(1	)		60
Mizuho Securities		230		—			230
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 September 30, 2022		Change			As of March 31, 2022
Mizuho Bank		48		(1	)		49
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2
The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-38

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2022

Consolidated


	*(Billions of yen)*
	Fiscal 2022
Ordinary Profits		770.0
Profit Attributable to Owners of Parent		540.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2022

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

630.0

595.0

35.0

Ordinary Profits

565.0

525.0

40.0

Net Income

380.0

350.0

30.0

Credit-related Costs

(90.0

)

(90.0

)

—

*	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.

2-39

Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2022 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	51,222,197		¥	48,803,771		¥	2,418,425
Call Loans		1,658,567			1,223,766			434,801
Receivables under Resale Agreements		3,290,467			1,681,260			1,609,206
Guarantee Deposits Paid under Securities Borrowing Transactions		166,304			154,255			12,049
Other Debt Purchased		774,745			679,939			94,805
Trading Assets		8,087,199			4,496,695			3,590,503
Money Held in Trust		505			504			0
Securities		38,301,648			44,608,181			(6,306,533	)
Loans and Bills Discounted		89,888,322			82,962,457			6,925,864
Foreign Exchange Assets		3,124,501			2,509,122			615,379
Derivatives other than for Trading		14,945,242			6,133,443			8,811,799
Other Assets		8,093,335			5,958,848			2,134,487
Tangible Fixed Assets		858,020			847,689			10,330
Intangible Fixed Assets		348,057			347,681			376
Prepaid Pension Cost		449,534			440,611			8,923
Deferred Tax Assets		496,763			273,129			223,634
Customers’ Liabilities for Acceptances and Guarantees		11,130,154			8,733,646			2,396,507
Reserves for Possible Losses on Loans		(721,147	)		(814,778	)		93,630
Reserve for Possible Losses on Investments		—			(106	)		106

Total Assets	¥	232,114,420		¥	209,040,119		¥	23,074,300

Liabilities
Deposits	¥	137,150,105		¥	133,633,887		¥	3,516,218
Negotiable Certificates of Deposit		21,079,944			16,162,209			4,917,734
Call Money		1,197,720			940,058			257,662
Payables under Repurchase Agreements		11,491,372			9,293,236			2,198,136
Guarantee Deposits Received under Securities Lending Transactions		311,881			146,864			165,017
Commercial Paper		1,574,288			1,775,859			(201,571	)
Trading Liabilities		6,732,650			3,447,533			3,285,116
Borrowed Money		11,337,179			14,397,626			(3,060,446	)
Foreign Exchange Liabilities		902,105			1,788,299			(886,194	)
Bonds and Notes		837,901			810,504			27,396
Derivatives other than for Trading		15,770,420			6,635,032			9,135,388
Other Liabilities		6,180,433			4,302,633			1,877,800
Reserve for Bonus Payments		11,617			24,582			(12,964	)
Reserve for Variable Compensation		378			763			(385	)
Reserve for Possible Losses on Sales of Loans		8,068			1,309			6,759
Reserve for Contingencies		2,849			1,306			1,542
Reserve for Reimbursement of Deposits		14,820			16,627			(1,807	)
Reserve for Reimbursement of Debentures		8,965			10,504			(1,538	)
Deferred Tax Liabilities for Revaluation Reserve for Land		59,704			59,962			(257	)
Acceptances and Guarantees		11,130,154			8,733,646			2,396,507

Total Liabilities		225,802,561			202,182,447			23,620,113

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,259,392			2,259,392			—
Capital Reserve		660,805			660,805			—
Other Capital Surplus		1,598,587			1,598,587			—
Retained Earnings		2,596,438			2,519,294			77,144
Appropriated Reserve		421,264			389,012			32,251
Other Retained Earnings		2,175,174			2,130,281			44,892
Retained Earnings Brought Forward		2,175,174			2,130,281			44,892

Total Shareholders’ Equity		6,259,896			6,182,751			77,144

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		25,728			623,367			(597,639	)
Net Deferred Hedge Gains (Losses), net of Taxes		(105,337	)		(80,603	)		(24,734	)
Revaluation Reserve for Land, net of Taxes		131,572			132,156			(584	)

Total Valuation and Translation Adjustments		51,963			674,920			(622,957	)

Total Net Assets		6,311,859			6,857,672			(545,813	)

Total Liabilities and Net Assets	¥	232,114,420		¥	209,040,119		¥	23,074,300

2-40

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2022 (A)		For the six months ended September 30, 2021 (B)		Change (A) - (B)
Ordinary Income	¥	1,522,184	¥	1,011,425	¥	510,759
Interest Income		975,888		530,212		445,675
Interest on Loans and Bills Discounted		*620,184*		372,420		247,764
Interest and Dividends on Securities		*167,633*		111,191		56,441
Fee and Commission Income		270,150		247,688		22,461
Trading Income		175		39,994		(39,819	)
Other Operating Income		214,658		70,736		143,922
Other Ordinary Income		61,311		122,792		(61,480	)

Ordinary Expenses		1,200,171		766,564		433,606
Interest Expenses		515,210		114,521		400,689
Interest on Deposits		*208,055*		15,417		192,637
Fee and Commission Expenses		91,151		71,935		19,215
Trading Expenses		80,803		—		80,803
Other Operating Expenses		75,892		35,575		40,317
General and Administrative Expenses		361,050		364,459		(3,408	)
Other Ordinary Expenses		76,063		180,072		(104,009	)

Ordinary Profits		322,013		244,860		77,152

Extraordinary Gains		12,470		44,053		(31,582	)

Extraordinary Losses		5,928		3,804		2,123

Income before Income Taxes		328,556		285,110		43,446
Income Taxes:
Current		42,233		90,355		(48,121	)
Deferred		48,505		25,332		23,172

Net Income	¥	237,817	¥	169,422	¥	68,395

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2022 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,197,534		¥	1,923,672		¥	273,862
Guarantee Deposits Paid under Securities Borrowing Transactions		20,038			20,046			(7	)
Other Debt Purchased		41,199			35,314			5,884
Money Held in Trust		28,154			26,556			1,597
Securities		284,656			288,530			(3,873	)
Loans and Bills Discounted		3,143,912			3,192,348			(48,435	)
Foreign Exchange Assets		4,845			3,898			946
Other Assets		258,176			255,755			2,421
Tangible Fixed Assets		98,991			100,132			(1,140	)
Intangible Fixed Assets		19,636			21,728			(2,091	)
Prepaid Pension Cost		70,107			66,607			3,499
Customers’ Liabilities for Acceptances and Guarantees		13,577			14,100			(522	)
Reserves for Possible Losses on Loans		(2,367	)		(2,470	)		103

Total Assets	¥	6,178,465		¥	5,946,221		¥	232,243

Liabilities
Deposits	¥	2,559,075		¥	2,571,352		¥	(12,277	)
Negotiable Certificates of Deposit		702,680			691,880			10,800
Call Money		908,714			603,990			304,724
Borrowed Money		300,000			300,000			—
Foreign Exchange Liabilities		73			—			73
Due to Trust Accounts		1,138,586			1,167,284			(28,698	)
Other Liabilities		23,421			31,317			(7,895	)
Reserve for Bonus Payments		1,611			2,741			(1,129	)
Reserve for Variable Compensation		123			272			(148	)
Provision for Retirement Benefits		3,508			4,935			(1,427	)
Reserve for Reimbursement of Deposits		830			992			(162	)
Reserve for Loss of Transfer		—			3,061			(3,061	)
Deferred Tax Liabilities		21,557			17,484			4,073
Acceptances and Guarantees		13,577			14,100			(522	)

Total Liabilities		5,673,761			5,409,413			264,347

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		260,957			296,471			(35,514	)
Appropriated Reserve		159,891			150,297			9,593
Other Retained Earnings		101,066			146,174			(45,108	)
Retained Earnings Brought Forward		101,066			146,174			(45,108	)
Treasury Stock		(79,999	)		(79,999	)		—

Total Shareholders’ Equity		443,832			479,346			(35,514	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		56,325			57,707			(1,382	)
Net Deferred Hedge Gains (Losses), net of Taxes		4,546			(246	)		4,793

Total Valuation and Translation Adjustments		60,871			57,460			3,411

Total Net Assets		504,704			536,807			(32,103	)

Total Liabilities and Net Assets	¥	6,178,465		¥	5,946,221		¥	232,243

2-42

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	Millions of yen
	For the six months ended September 30, 2022 (A)		For the six months ended September 30, 2021 (B)		Change (A) - (B)
Ordinary Income	¥	75,027	¥	80,950	¥	(5,922	)
Fiduciary Income		29,515		30,058		(543	)
Interest Income		13,091		12,973		118
Interest on Loans and Bills Discounted		*9,807*		9,915		(107	)
Interest and Dividends on Securities		*2,357*		2,161		195
Fee and Commission Income		27,235		36,499		(9,264	)
Other Operating Income		14		194		(179	)
Other Ordinary Income		5,170		1,224		3,946

Ordinary Expenses		61,050		62,001		(950	)
Interest Expenses		3,337		3,600		(263	)
Interest on Deposits		*102*		157		(54	)
Fee and Commission Expenses		18,752		17,717		1,034
Trading Expenses		—		640		(640	)
Other Operating Expenses		164		1		162
General and Administrative Expenses		36,467		37,503		(1,035	)
Other Ordinary Expenses		2,328		2,536		(208	)

Ordinary Profits		13,977		18,949		(4,971	)

Extraordinary Gains		3,523		7,483		(3,960	)

Extraordinary Losses		921		151		769

Income before Income Taxes		16,579		26,281		(9,702	)
Income Taxes:
Current		2,186		4,559		(2,372	)
Deferred		1,938		3,255		(1,316	)

Net Income	¥	12,453	¥	18,466	¥	(6,012	)

2-43

Mizuho Trust & Banking Co., Ltd.

Reference

Statement of Trust Assets and Liabilities


As of September 30, 2022	*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		542,059	Money Trusts		28,607,774
Securities		42,245	Pension Trusts		3,762,196
Beneficiary Rights to the Trusts		71,960,919	Property Formation Benefit Trusts		4,938
Securities held in Custody Accounts		292,981	Investment Trusts		20,454,264
Money Claims		20,380,560	Money Entrusted Other than Money Trusts		2,339,450
Tangible Fixed Assets		10,277,682	Securities Trusts		14,840,156
Intangible Fixed Assets		338,791	Money Claims Trusts		19,319,297
Other Claims		285,845	Land and Fixtures Trusts		507,232
Due from Banking Account		1,138,586	Composite Trusts		15,923,500
Cash and Due from Banks		504,603	Other Trusts		5,463

Total		105,764,275	Total		105,764,275

Notes:

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

2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥69,724,175 million.

3.	Joint trust assets under the management of other companies: ¥161,860 million.

4.	There is no balance of Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk, Loans Past Due for 3 Months or More or Restructured Loans in the claims of trust accounts that guarantee principals in the agreement of ¥3,281 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		3,281	Principal		840,395
Securities		1	Reserve		10
Others		837,188	Others		65

Total		840,471	Total		840,471

2-44

Mizuho Trust & Banking Co., Ltd.

Reference

Comparison of Balances of Principal Items


	Millions of yen
Items	As of September 30, 2022 (A)		As of March 31, 2022 (B)		Change (A) - (B)
Total Amount of Funds		35,636,665		36,350,351		(713,685	)
Deposits		2,559,075		2,571,352		(12,277	)
Negotiable Certificates of Deposit		702,680		691,880		10,800
Money Trusts		28,607,774		29,909,179		(1,301,404	)
Pension Trusts		3,762,196		3,173,021		589,174
Property Formation Benefit Trusts		4,938		4,918		20
Loans and Bills Discounted		3,685,972		3,689,533		(3,561	)
of Banking accounts		3,143,912		3,192,348		(48,435	)
of Trust accounts		542,059		497,185		44,874
Securities for Investments		326,902		357,726		(30,824	)
of Banking accounts		284,656		288,530		(3,873	)
of Trust accounts		42,245		69,195		(26,950	)

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	Millions of yen
	As of September 30, 2022 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	425,173		¥	405,261		¥	19,912
Cash Segregated as Deposits for Customers and Others		510,251			541,274			(31,022	)
Trading Assets		9,493,878			6,921,502			2,572,375
Receivables - Unsettled Trades		—			145,887			(145,887	)
Operating Investment Securities		48,585			40,926			7,658
Receivables Related to Margin Transactions		29,771			34,802			(5,030	)
Collateralized Short-Term Financing Agreements-Receivable		5,263,188			4,707,548			555,639
Advances Paid		178			94			83
Securities: Fail to Deliver		57,692			32,415			25,277
Short-Term Loans Receivable		40,595			47,983			(7,387	)
Other Current Assets		942,182			700,334			241,848
Less: Allowance for Doubtful Accounts		(92	)		(79	)		(13	)
Noncurrent Assets
Property and Equipment		18,371			18,742			(370	)
Intangible Assets		65,775			68,497			(2,721	)
Investments and Other Assets		322,352			304,034			18,317

Total Assets	¥	17,217,907		¥	13,969,227		¥	3,248,679

Liabilities
Current Liabilities
Trading Liabilities	¥	8,089,047		¥	5,356,537		¥	2,732,509
Payables - Unsettled Trades		269,880			—			269,880
Payables Related to Margin Transactions		46,099			50,556			(4,457	)
Collateralized Short-Term Financing Agreements-Payable		4,793,801			4,144,682			649,118
Deposits Received		418,524			425,452			(6,927	)
Guarantee Deposits Received		272,139			425,613			(153,474	)
Securities: Fail to Receive		8,055			7,083			972
Short-Term Borrowings		585,627			904,079			(318,451	)
Commercial Paper		478,000			490,500			(12,500	)
Bonds and Notes Due within One Year		239,557			148,768			90,788
Income Taxes Payable		920			2,515			(1,595	)
Accrued Employees’ Bonuses		8,963			25,379			(16,416	)
Provision for Variable Compensation		200			411			(210	)
Other Current Liabilities		40,243			46,970			(6,726	)
Noncurrent Liabilities
Bonds and Notes		764,089			753,870			10,219
Long-Term Borrowings		636,400			580,000			56,400
Provision for Retirement Benefits		21,708			22,579			(871	)
Reserve for Loss of Transfer		981			1,541			(559	)
Other Noncurrent Liabilities		4,026			3,769			257
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		3,131			3,132			(1	)

Total Liabilities		16,681,397			13,393,441			3,287,955

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		389,078			425,554			(36,476	)
Other Retained Earnings		389,078			425,554			(36,476	)
Retained Earnings Brought Forward		389,078			425,554			(36,476	)
Treasury shares		(369,999	)		(369,999	)		—

Total Shareholders’ Equity		525,894			562,371			(36,476	)

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		20,414			23,193			(2,778	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,799	)		(9,778	)		(20	)

Total Valuation and Translation Adjustments		10,615			13,415			(2,799	)

Total Net Assets		536,510			575,786			(39,275	)

Total Liabilities and Net Assets	¥	17,217,907		¥	13,969,227		¥	3,248,679

2-46

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	Millions of yen
	For the six months ended September 30, 2022 (A)			For the six months ended September 30, 2021 (B)			Change (A) - (B)
Operating Revenues	¥	185,527		¥	201,981		¥	(16,454	)
Commissions		67,554			92,240			(24,686	)
Net Gain on Trading		49,734			73,686			(23,952	)
Net Gain on Operating Investment Securities		930			(1,759	)		2,690
Interest and Dividend Income		67,308			37,814			29,494

Interest Expenses		55,482			28,080			27,402

Net Operating Revenues		130,044			173,900			(43,856	)

Selling, General and Administrative Expenses		114,065			129,544			(15,478	)
Transaction-Related Expenses		29,148			38,439			(9,291	)
Personnel Expenses		41,109			48,778			(7,669	)
Real Estate Expenses		12,444			9,819			2,625
Administrative Expenses		20,008			19,087			920
Depreciation and Amortization		7,736			9,501			(1,764	)
Taxes and Dues		2,237			2,687			(449	)
Provision of Allowance for Doubtful Accounts		130			(3	)		133
Other		1,250			1,233			17

Operating Income		15,978			44,356			(28,378	)

Non-Operating Income		1,366			1,632			(266	)
Non-Operating Expenses		71			420			(348	)

Ordinary Income		17,273			45,569			(28,296	)

Extraordinary Gain		301			727			(425	)

Extraordinary Loss		9,171			2,290			6,880

Income before Income Taxes		8,404			44,006			(35,601	)
Income Taxes:
Current		(2,136	)		4,537			(6,674	)
Deferred		(7,965	)		3,807			(11,772	)

Net Income	¥	18,507		¥	35,661		¥	(17,154	)

2-47