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6-K 1 d761701d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date:		November 13, 2023

Mizuho Financial Group, Inc.

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

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2023

(Six months ended September 30, 2023)

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 13, 2023


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, 2023	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		December 6, 2023
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 2023 (for the six months ended September 30, 2023)

(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 F2023		4,244,507		44.1		574,093		30.6		415,753		24.4
1H F2022		2,944,948		86.4		439,282		10.0		333,964		(13.4	)

Note:

Comprehensive Income:

1H F2023: ¥557,657 million, —%; 1H F2022: ¥(51,438) million, —%;


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2023		164.03		164.03
1H F2022		131.77		131.77

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2023		272,191,823		9,653,415		3.5
Fiscal 2022		254,258,203		9,208,463		3.5

Reference:

Own Capital:

As of September 30, 2023: ¥9,576,771 million; As of March 31, 2023: ¥9,133,294 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 2022		—		42.50		—		42.50		85.00
Fiscal 2023		—		50.00
Fiscal 2023 (estimate)						—		50.00		100.00

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

3. Consolidated Earnings Estimates for Fiscal 2023 (for the fiscal year ending March 31, 2024)


	(%: Changes from the previous fiscal year)
		Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
		¥ million		%			¥
Fiscal 2023			640,000		15.2	%		252.47


Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2023: Yes
		Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2023 (for the fiscal year ending March 31, 2024). Profit Attributable to Owners of Parent: The latest announced estimates: ¥610,000 million, Revised estimates: ¥640,000 million, Changes from the original estimates: ¥30,000 million, 4.9%
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock) during 1H and the number of outstanding shares (excluding treasury stock) as of September 30, 2023 (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, 2023	2,539,249,894 shares	As of March 31, 2023	2,539,249,894 shares
ii. Period-end treasury stock:	As of September 30, 2023	4,425,650 shares	As of March 31, 2023	5,027,306 shares
iii. Average outstanding shares:	1st Half Fiscal 2023	2,534,579,208 shares	1st Half Fiscal 2022	2,534,305,855 shares

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

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

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

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

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

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

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

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 2023

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 16, 2023. 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

1. Matters Related to Summary Information (Notes)

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

(Implementation of ASU2016-13, “Measurement of Credit Losses on Financial Instruments”)

Some overseas subsidiaries which apply U.S. GAAP and are considered non-public business entities have adopted ASU2016-13, “Measurement of Credit Losses on Financial Instruments” from the beginning of the interim period ended September 30, 2023. This update has replaced the incurred loss impairment methodology under previous U.S. GAAP with a methodology that reflects expected credit losses with respect to financial instruments in the amortized cost category, and full lifetime expected credit losses have been estimated upon initial recognition and a reserve has been recognized. In adopting the accounting standard, Retained Earnings was adjusted for the cumulative effect at the beginning of the interim period ended September 30, 2023 in accordance with transitional treatment set out in the accounting standard.

As a result, at the beginning of the interim period ended September 30, 2023, Reserves for Possible Losses on Loans increased by ¥1,188 million, Reserves for Contingencies increased by ¥1,485 million and Retained Earnings decreased by ¥1,883 million. The impact on Per Share Information is immaterial.

1-2

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	Millions of yen
	As of March 31, 2023			As of September 30, 2023
Assets
Cash and Due from Banks	¥	67,152,100		¥	61,662,312
Call Loans and Bills Purchased		1,386,895			712,060
Receivables under Resale Agreements		11,693,419			15,330,648
Guarantee Deposits Paid under Securities Borrowing Transactions		1,897,429			1,818,271
Other Debt Purchased		3,836,735			4,125,400
Trading Assets		17,404,494			24,270,846
Money Held in Trust		514,607			559,492
Securities		37,363,140			44,661,725
Loans and Bills Discounted		88,687,155			91,855,614
Foreign Exchange Assets		2,408,587			2,583,297
Derivatives other than for Trading Assets		2,184,875			3,833,773
Other Assets		8,689,547			8,681,027
Tangible Fixed Assets		1,105,851			1,108,940
Intangible Fixed Assets		572,719			599,695
Net Defined Benefit Asset		859,271			819,565
Deferred Tax Assets		316,168			303,740
Customers’ Liabilities for Acceptances and Guarantees		8,905,643			9,978,053
Reserves for Possible Losses on Loans		(720,437	)		(712,637	)
Reserve for Possible Losses on Investments		(1	)		(3	)

Total Assets	¥	254,258,203		¥	272,191,823

1-3


	Millions of yen
	As of March 31, 2023			As of September 30, 2023
Liabilities
Deposits	¥	150,498,976		¥	147,099,489
Negotiable Certificates of Deposit		13,788,347			17,855,751
Call Money and Bills Sold		1,814,873			1,584,268
Payables under Repurchase Agreements		25,735,560			33,179,696
Guarantee Deposits Received under Securities Lending Transactions		757,842			1,091,342
Commercial Paper		1,782,111			1,557,579
Trading Liabilities		12,698,007			17,159,975
Borrowed Money		4,155,480			4,800,688
Foreign Exchange Liabilities		671,552			852,720
Short-term Bonds		477,141			486,889
Bonds and Notes		11,371,189			12,039,513
Due to Trust Accounts		1,534,097			1,083,338
Derivatives other than for Trading Liabilities		2,749,138			5,016,432
Other Liabilities		7,777,025			8,460,989
Reserve for Bonus Payments		126,694			85,401
Reserve for Variable Compensation		2,381			1,261
Net Defined Benefit Liability		68,429			68,555
Reserve for Director and Corporate Auditor Retirement Benefits		539			536
Reserve for Possible Losses on Sales of Loans		15,049			11,536
Reserve for Contingencies		13,706			19,290
Reserve for Reimbursement of Deposits		13,695			12,160
Reserve for Reimbursement of Debentures		7,798			6,272
Reserves under Special Laws		3,352			3,352
Deferred Tax Liabilities		22,391			25,324
Deferred Tax Liabilities for Revaluation Reserve for Land		58,711			57,986
Acceptances and Guarantees		8,905,643			9,978,053

Total Liabilities	¥	245,049,740		¥	262,538,407

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,267			1,129,267
Retained Earnings		5,093,911			5,401,659
Treasury Stock		(8,786	)		(8,439	)

Total Shareholders’ Equity		8,471,160			8,779,254

Net Unrealized Gains (Losses) on Other Securities		564,495			464,720
Deferred Gains or Losses on Hedges		(358,102	)		(294,287	)
Revaluation Reserve for Land		129,321			127,792
Foreign Currency Translation Adjustments		144,093			342,883
Remeasurements of Defined Benefit Plans		182,306			156,359
Own Credit Risk Adjustments, Net of Tax		19			48

Total Accumulated Other Comprehensive Income		662,133			797,516

Stock Acquisition Rights		5			5
Non-controlling Interests		75,163			76,638

Total Net Assets		9,208,463			9,653,415

Total Liabilities and Net Assets	¥	254,258,203		¥	272,191,823

1-4

(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, 2022		For the six months ended September 30, 2023
Ordinary Income	¥	2,944,948	¥	4,244,507
Interest Income		1,169,193		2,706,494
Interest on Loans and Bills Discounted		686,794		1,361,163
Interest and Dividends on Securities		178,938		293,228
Fiduciary Income		29,313		30,458
Fee and Commission Income		418,579		485,482
Trading Income		919,840		725,069
Other Operating Income		323,050		194,063
Other Ordinary Income		84,971		102,938
Ordinary Expenses		2,505,666		3,670,413
Interest Expenses		657,161		2,251,880
Interest on Deposits		226,344		832,381
Fee and Commission Expenses		85,407		101,128
Trading Expenses		864,053		432,114
Other Operating Expenses		99,571		43,524
General and Administrative Expenses		706,446		782,989
Other Ordinary Expenses		93,026		58,775

Ordinary Profits		439,282		574,093

Extraordinary Gains		12,703		24,072
Extraordinary Losses		6,929		1,842

Income before Income Taxes		445,057		596,323

Income Taxes:
Current		61,866		134,897
Deferred		45,446		43,760

Total Income Taxes		107,313		178,658

Profit		337,743		417,665

Profit Attributable to Non-controlling Interests		3,779		1,911

Profit Attributable to Owners of Parent	¥	333,964	¥	415,753

1-5

Consolidated Statements of Comprehensive Income


	Millions of yen
	For the six months ended September 30, 2022			For the six months ended September 30, 2023
Profit	¥	337,743		¥	417,665
Other Comprehensive Income		(389,182	)		139,992
Net Unrealized Gains (Losses) on Other Securities		(603,190	)		(98,538	)
Deferred Gains or Losses on Hedges		(19,095	)		64,183
Foreign Currency Translation Adjustments		232,335			182,210
Remeasurements of Defined Benefit Plans		(23,596	)		(25,736	)
Own Credit Risk Adjustments, Net of Tax		9			28
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		24,355			17,844

Comprehensive Income		(51,438	)		557,657

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(56,285	)		552,666
Comprehensive Income Attributable to Non-controlling Interests		4,846			4,991

1-6

(3) Consolidated Statements of Changes in Net Assets

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

1-7

For the six months ended September 30, 2023


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

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

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


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

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

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

(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 2023

(Six months ended September 30, 2023)

(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 2023

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-8

5. Unrealized Gains/Losses on Securities

CON

NON

2-10

6. Projected Redemption Amounts for Securities

NON

2-12

7. Employee Retirement Benefits

NON

CON

2-13

8. Capital Ratio

CON

NON

2-16

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-17

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-21

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

CON

NON

2-22

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

NON

2-23

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

NON

2-26

6. Results of Removal of NPLs from the Balance Sheet

NON

2-27

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-28

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

NON

2-30

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

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

NON

2-31

(2) Loans to SMEs and Individual Customers

NON

2-31

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-32

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

NON

2-33

III. OTHERS

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-34

2. Breakdown of Deposits (Domestic Offices)

NON

2-36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-37

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

2-38

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2023

1. Income Analysis

Consolidated


		(Millions of yen)
		First Half of Fiscal 2023						First Half of Fiscal 2022
					Change
Consolidated Gross Profits	1		1,312,920			159,136			1,153,784
Net Interest Income	2		454,614			(57,418	)		512,032
Fiduciary Income	3		30,458			1,145			29,313
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		384,354			51,181			333,172
Net Trading Income	6		292,954			237,167			55,787
Net Other Operating Income	7		150,538			(72,940	)		223,479
General and Administrative Expenses	8		(782,989	)		(76,543	)		(706,446	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(10,287	)		45,072			(55,360	)
Losses on Write-offs of Loans	10		(9,468	)		(4,602	)		(4,865	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		(781	)		(5,702	)		4,921
Net Gains (Losses) related to Stocks	12		34,596			(3,843	)		38,439
Equity in Income from Investments in Affiliates	13		23,565			9,073			14,491
Other	14		(2,930	)		7,617			(10,548	)

Ordinary Profits	15		574,093			134,811			439,282

Net Extraordinary Gains (Losses)	16		22,229			16,455			5,774
Income before Income Taxes	17		596,323			151,266			445,057
Income Taxes - Current	18		(134,897	)		(73,030	)		(61,866	)
- Deferred	19		(43,760	)		1,685			(45,446	)
Profit	20		417,665			79,921			337,743
Profit Attributable to Non-controlling Interests	21		(1,911	)		1,867			(3,779	)

Profit Attributable to Owners of Parent	22		415,753			81,789			333,964


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(11,068	)		39,370			(50,439	)
* 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		536,060			95,285			440,775
* 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		188			14			174
Number of affiliates under the equity method	26		23			(2	)		25

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2023												First Half of Fiscal 2022
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		745,930			49,703			795,633			50,198			745,435
Domestic Gross Profits	2		403,296			49,775			453,071			(7,650	)		460,721
Net Interest Income	3		228,061			9,697			237,758			539			237,218
Fiduciary Income	4					30,644			30,644			1,129			29,515
Trust Fees for Jointly Operated Designated Money Trust	5					1,983			1,983			(16	)		2,000
Credit Costs for Trust Accounts *(1)	6					—			—			—			—
Net Fee and Commission Income	7		129,634			9,449			139,083			20,977			118,106
Net Trading Income	8		30,097						30,097			(28,253	)		58,350
Net Other Operating Income	9		15,503			(16	)		15,487			(2,042	)		17,530
International Gross Profits	10		342,633			(71	)		342,561			57,848			284,713
Net Interest Income	11		206,894			17			206,911			(26,318	)		233,229
Net Fee and Commission Income	12		71,097			(79	)		71,017			1,642			69,375
Net Trading Income	13		(11,973	)					(11,973	)		127,004			(138,978	)
Net Other Operating Income	14		76,615			(8	)		76,606			(44,480	)		121,086
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(403,135	)		(40,025	)		(443,160	)		(24,641	)		(418,519	)
Expense Ratio	16		54.0	%		80.5	%		55.6	%		(0.4	%)		56.1	%
Personnel Expenses	17		(155,053	)		(19,183	)		(174,236	)		(7,600	)		(166,635	)
Non-Personnel Expenses	18		(223,517	)		(19,180	)		(242,697	)		(14,829	)		(227,868	)
Premium for Deposit Insurance	19		(8,170	)		(242	)		(8,412	)		(244	)		(8,168	)
Miscellaneous Taxes	20		(24,565	)		(1,661	)		(26,226	)		(2,211	)		(24,015	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		342,794			9,678			352,473			25,556			326,916
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *(2)	22		332,242			9,682			341,925			(646	)		342,571
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		317,081			9,682			326,763			2,643			324,119

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

Net Business Profits	25		342,794			9,678			352,473			66,834			285,638
Net Gains (Losses) related to Bonds	26		10,551			(3	)		10,548			26,203			(15,655	)

Net Non-Recurring Gains (Losses)	27		35,739			6,674			42,414			(7,938	)		50,352
Net Gains (Losses) related to Stocks	28		28,365			1,416			29,781			(6,680	)		36,462
Expenses related to Portfolio Problems	29		(9,321	)		—			(9,321	)		(5,570	)		(3,751	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		995			928			1,924			(2,613	)		4,538
Other	31		15,699			4,329			20,029			6,926			13,102

Ordinary Profits	32		378,534			16,353			394,887			58,896			335,991

Net Extraordinary Gains (Losses)	33		22,832			(37	)		22,794			13,650			9,144
Net Gains (Losses) on Disposition of Fixed Assets	34		4,344			(9	)		4,334			7,657			(3,322	)
Losses on Impairment of Fixed Assets	35		(294	)		(27	)		(321	)		2,559			(2,881	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		18,782			—			18,782			6,725			12,057
Income before Income Taxes	37		401,366			16,315			417,682			72,546			345,135
Income Taxes - Current	38		(97,983	)		(1,892	)		(99,876	)		(55,456	)		(44,420	)
- Deferred	39		(52,526	)		(2,388	)		(54,914	)		(4,470	)		(50,444	)

Net Income	40		250,855			12,035			262,890			12,619			250,271

*(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		(8,325	)		928			(7,396	)		33,093			(40,490	)
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		(38,601	)		932			(37,669	)		3,511			(41,180	)
Losses on Write-offs of Loans	44		(6,626	)		0			(6,625	)		(6,323	)		(302	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		28,653			(4	)		28,648			30,818			(2,169	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		7,667			—			7,667			1,263			6,404
Reversal of (Provision for) Reserve for Contingencies	47		1,203			—			1,203			2,555			(1,351	)
Other (including Losses on Sales of Loans)	48		(622	)		—			(622	)		1,267			(1,889	)
Total	49		(8,325	)		928			(7,396	)		33,093			(40,490	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2023						First Half of Fiscal 2022
					Change
Gross Profits	1		745,930			48,114			697,816
Domestic Gross Profits	2		403,296			(9,857	)		413,154
Net Interest Income	3		228,061			485			227,575
Net Fee and Commission Income	4		129,634			20,101			109,532
Net Trading Income	5		30,097			(28,253	)		58,350
Net Other Operating Income	6		15,503			(2,190	)		17,694
International Gross Profits	7		342,633			57,971			284,662
Net Interest Income	8		206,894			(26,208	)		233,102
Net Fee and Commission Income	9		71,097			1,631			69,466
Net Trading Income	10		(11,973	)		127,004			(138,978	)
Net Other Operating Income	11		76,615			(44,456	)		121,071
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(403,135	)		(23,452	)		(379,683	)
Expense Ratio	13		54.0	%		(0.3	%)		54.4	%
Personnel Expenses	14		(155,053	)		(7,235	)		(147,817	)
Non-Personnel Expenses	15		(223,517	)		(13,919	)		(209,597	)
Premium for Deposit Insurance	16		(8,170	)		(250	)		(7,919	)
Miscellaneous Taxes	17		(24,565	)		(2,297	)		(22,268	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		342,794			24,662			318,132
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		332,242			(1,539	)		333,782
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		317,081			1,750			315,330

Reversal of (Provision for) General Reserve for Losses on Loans	21		—			41,277			(41,277	)

Net Business Profits	22		342,794			65,939			276,854
Net Gains (Losses) related to Bonds	23		10,551			26,201			(15,650	)

Net Non-Recurring Gains (Losses)	24		35,739			(9,419	)		45,158
Net Gains (Losses) related to Stocks	25		28,365			(5,659	)		34,024
Expenses related to Portfolio Problems	26		(9,321	)		(5,570	)		(3,751	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		995			(3,437	)		4,433
Other	28		15,699			5,247			10,452

Ordinary Profits	29		378,534			56,520			322,013

Net Extraordinary Gains (Losses)	30		22,832			16,289			6,542
Net Gains (Losses) on Disposition of Fixed Assets	31		4,344			7,454			(3,110	)
Losses on Impairment of Fixed Assets	32		(294	)		1,922			(2,216	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		18,782			6,913			11,868
Income before Income Taxes	34		401,366			72,809			328,556
Income Taxes - Current	35		(97,983	)		(55,750	)		(42,233	)
- Deferred	36		(52,526	)		(4,021	)		(48,505	)

Net Income	37		250,855			13,038			237,817

* 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		(8,325	)		32,269			(40,594	)
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		(38,601	)		2,676			(41,277	)
Losses on Write-offs of Loans	40		(6,626	)		(6,323	)		(303	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		28,653			30,829			(2,176	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		7,667			1,263			6,404
Reversal of (Provision for) Reserve for Contingencies	43		1,203			2,555			(1,351	)
Other (including Losses on Sales of Loans)	44		(622	)		1,267			(1,889	)
Total	45		(8,325	)		32,269			(40,594	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2023						First Half of Fiscal 2022
					Change
Gross Profits	1		49,703			2,084			47,619
Domestic Gross Profits	2		49,775			2,207			47,567
Net Interest Income	3		9,697			54			9,642
Fiduciary Income	4		30,644			1,129			29,515
Trust Fees for Jointly Operated Designated Money Trust	5		1,983			(16	)		2,000
Credit Costs for Trust Accounts *(1)	6		—			—			—
Net Fee and Commission Income	7		9,449			875			8,573
Net Other Operating Income	8		(16	)		147			(164	)
International Gross Profits	9		(71	)		(123	)		51
Net Interest Income	10		17			(110	)		127
Net Fee and Commission Income	11		(79	)		11			(90	)
Net Other Operating Income	12		(8	)		(23	)		14
General and Administrative Expenses (excluding Non-Recurring Losses)	13		(40,025	)		(1,189	)		(38,835	)
Expense Ratio	14		80.5	%		(1.0%	)		81.5	%
Personnel Expenses	15		(19,183	)		(364	)		(18,818	)
Non-Personnel Expenses	16		(19,180	)		(910	)		(18,270	)
Premium for Deposit Insurance	17		(242	)		6			(249	)
Miscellaneous Taxes	18		(1,661	)		85			(1,746	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	19		9,678			894			8,784
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *(2)	20		9,682			892			8,789
Excluding Net Gains (Losses) from redemption of Investment Trusts	21		9,682			892			8,789

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

Net Business Profits	23		9,678			894			8,784
Net Gains (Losses) related to Bonds	24		(3	)		1			(5	)

Net Non-Recurring Gains (Losses)	25		6,674			1,481			5,193
Net Gains (Losses) related to Stocks	26		1,416			(1,021	)		2,437
Expenses related to Portfolio Problems	27		—			—			—
Gains on Reversal of Reserves for Possible Losses on Loans, and others	28		928			824			104
Other	29		4,329			1,678			2,650

Ordinary Profits	30		16,353			2,375			13,977

Net Extraordinary Gains (Losses)	31		(37	)		(2,639	)		2,601
Net Gains (Losses) on Disposition of Fixed Assets	32		(9	)		202			(212	)
Losses on Impairment of Fixed Assets	33		(27	)		637			(665	)
Gains on Cancellation of Employee Retirement Benefit Trust	34		—			(188	)		188
Income before Income Taxes	35		16,315			(263	)		16,579
Income Taxes - Current	36		(1,892	)		294			(2,186	)
- Deferred	37		(2,388	)		(449	)		(1,938	)

Net Income	38		12,035			(418	)		12,453

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

Credit-related Costs	39		928			824			104
Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Losses on Loans [22] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [28] + Credit Costs for Trust Accounts [6]

Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	41		932			835			96
Losses on Write-offs of Loans	42		0			(0)			1
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(4)			(11)			7
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			—			—
Reversal of (Provision for) Reserve for Contingencies	45		—			—			—
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		928			824			104

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			First Half of Fiscal 2023						First Half of Fiscal 2022
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.44			0.02			0.42
Return on Loans and Bills Discounted (1)		2		0.74			(0.02	)		0.76
Return on Securities		3		0.36			0.05			0.31
Cost of Funding (including Expenses)		4		0.49			0.00			0.48
Cost of Deposits (including Expenses)		5		0.49			0.00			0.49
Cost of Deposits (2)		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.26			0.02			0.23

Net Interest Margin	(1)-(4)	8		(0.05	)		0.01			(0.06	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.24			(0.02	)		0.27
Loan and Deposit Rate Margin	(2)-(6)	10		0.74			(0.02	)		0.76

(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		0.76			(0.02	)		0.78
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.26			(0.02	)		0.28
Loan and Deposit Rate Margin	(11)-(6)	13		0.76			(0.02	)		0.78

			(%)
			First Half of Fiscal 2023						First Half of Fiscal 2022
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.50			0.01			0.49
Return on Loans and Bills Discounted (1)		15		0.62			0.01			0.60
Return on Securities		16		2.93			0.67			2.26
Cost of Funding		17		0.10			(0.01	)		0.12
Cost of Deposits (2)		18		0.00			(0.00	)		0.00

Net Interest Margin	(14)-(17)	19		0.40			0.02			0.37
Loan and Deposit Rate Margin	(15)-(18)	20		0.61			0.01			0.59

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

Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.62			0.01			0.60
Loan and Deposit Rate Margin	(21)-(18)	22		0.61			0.01			0.59


Reference			(%)
			First Half of Fiscal 2023						First Half of Fiscal 2022
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted (1)		23		0.73			(0.02	)		0.75
Cost of Deposits (2)		24		0.00			(0.00	)		0.00

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

(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		0.75			(0.01	)		0.77
Loan and Deposit Rate Margin	(26)-(24)	27		0.75			(0.01	)		0.77

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank


	(Millions of yen, %)
	First Half of Fiscal 2023										First Half of Fiscal 2022
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total

Use of Funds		188,402,942		2.35		1,728,874			1.31			186,674,068		1.04
Loans and Bills Discounted		89,663,279		2.78		1,898,340			1.37			87,764,939		1.40
Securities		41,283,047		1.33		(1,954,537	)		0.55			43,237,585		0.77

Source of Funds		206,805,384		1.72		10,043,169			1.20			196,762,214		0.52
Deposits		147,714,993		1.07		10,900,652			0.77			136,814,341		0.30
NCDs		18,351,634		2.41		(2,367,026	)		1.95			20,718,661		0.45

Domestic Operations

Use of Funds		113,932,057		0.44		(5,747,244	)		0.01			119,679,302		0.42
Loans and Bills Discounted		53,156,753		0.73		1,155,235			(0.01	)		52,001,518		0.75
Securities		26,126,702		0.36		(3,133,925	)		0.05			29,260,628		0.31

Source of Funds		129,409,175		0.03		1,876,772			(0.00	)		127,532,403		0.03
Deposits		109,425,785		0.00		7,897,853			(0.00	)		101,527,932		0.00
NCDs		9,549,536		0.00		(4,581,716	)		(0.00	)		14,131,252		0.00

International Operations

Use of Funds		77,496,962		5.07		4,261,715			3.10			73,235,247		1.96
Loans and Bills Discounted		36,506,525		5.76		743,105			3.40			35,763,420		2.36
Securities		15,156,345		2.99		1,179,387			1.25			13,976,957		1.74

Source of Funds		80,422,285		4.37		4,951,994			3.08			75,470,291		1.29
Deposits		38,289,207		4.15		3,002,798			2.98			35,286,408		1.17
NCDs		8,802,098		5.03		2,214,689			3.60			6,587,408		1.43

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	(Millions of yen, %)
	First Half of Fiscal 2023										First Half of Fiscal 2022
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total

Use of Funds		5,030,338		0.52		(165,205	)		0.01			5,195,543		0.50
Loans and Bills Discounted		3,027,679		0.63		(158,469	)		0.02			3,186,148		0.61
Securities		183,638		2.80		(31,134	)		0.61			214,772		2.18

Source of Funds		5,844,166		0.11		507,883			(0.00	)		5,336,283		0.12
Deposits		2,996,031		0.00		335,009			(0.00	)		2,661,021		0.00
NCDs		464,983		0.00		(263,571	)		0.00			728,555		0.00

Domestic Operations

Use of Funds		5,018,178		0.50		(156,530	)		0.01			5,174,709		0.49
Loans and Bills Discounted		3,007,195		0.62		(149,150	)		0.01			3,156,345		0.60
Securities		175,337		2.93		(31,146	)		0.67			206,484		2.26

Source of Funds		5,831,418		0.10		515,871			(0.01	)		5,315,547		0.12
Deposits		2,993,128		0.00		335,429			(0.00	)		2,657,698		0.00
NCDs		464,983		0.00		(263,571	)		0.00			728,555		0.00

International Operations

Use of Funds		35,444		1.65		(8,836	)		0.56			44,280		1.08
Loans and Bills Discounted		20,483		2.82		(9,318	)		1.36			29,802		1.45
Securities		8,300		0.06		12			(0.30	)		8,287		0.37

Source of Funds		36,032		1.53		(8,149	)		1.02			44,181		0.51
Deposits		2,903		0.00		(419	)		(0.00	)		3,323		0.00
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	(Millions of yen)
	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Bonds		10,807			27,303			(16,496	)
Gains on Sales and Others		18,856			(35,453	)		54,309
Losses on Sales and Others		(12,825	)		59,675			(72,501	)
Impairment (Devaluation)		(1,185	)		(173	)		(1,012	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(1	)		(1	)		(0	)
Gains (Losses) on Derivatives other than for Trading		5,964			3,256			2,708

	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Stocks		34,596			(3,843	)		38,439
Gains on Sales		65,680			11,303			54,377
Losses on Sales		(11,659	)		6,870			(18,529	)
Impairment (Devaluation)		(1,526	)		(493	)		(1,033	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(17,898	)		(21,523	)		3,625

Non-Consolidated Aggregate Figures for the 2 Banks

	(Millions of yen)
	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Bonds		10,548			26,203			(15,655	)
Gains on Sales and Others		19,207			(36,024	)		55,231
Losses on Sales and Others		(13,439	)		59,143			(72,582	)
Impairment (Devaluation)		(1,185	)		(173	)		(1,012	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		5,965			3,257			2,708

	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Stocks		29,781			(6,680	)		36,462
Gains on Sales		56,912			5,995			50,917
Losses on Sales		(8,940	)		8,540			(17,481	)
Impairment (Devaluation)		(292	)		306			(599	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(17,898	)		(21,523	)		3,625

2-8

Mizuho Financial Group, Inc.



Mizuho Bank

	(Millions of yen)
	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Bonds		10,551			26,201			(15,650	)
Gains on Sales and Others		19,207			(36,024	)		55,231
Losses on Sales and Others		(13,435	)		59,141			(72,577	)
Impairment (Devaluation)		(1,185	)		(173	)		(1,012	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		5,965			3,257			2,708

	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Stocks		28,365			(5,659	)		34,024
Gains on Sales		55,462			8,492			46,969
Losses on Sales		(8,906	)		7,115			(16,021	)
Impairment (Devaluation)		(292	)		256			(548	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(17,898	)		(21,523	)		3,625

Mizuho Trust & Banking

	(Millions of yen)
	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Bonds		(3	)		1			(5	)
Gains on Sales and Others		—			—			—
Losses on Sales and Others		(3	)		1			(5	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

	First Half of Fiscal 2023						First Half of Fiscal 2022
				Change
Net Gains (Losses) related to Stocks		1,416			(1,021	)		2,437
Gains on Sales		1,450			(2,497	)		3,948
Losses on Sales		(34	)		1,425			(1,460	)
Impairment (Devaluation)		—			50			(50	)
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, 2023									As of March 31, 2023
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		40,346,566		656,480			2,029,110		1,372,630		34,403,458		789,855			1,596,302		806,446
Japanese Stocks		2,906,266		1,932,479			1,938,841		6,361		2,515,722		1,518,382			1,548,463		30,081
Japanese Bonds		23,474,641		(77,335	)		17,347		94,683		20,239,297		(61,492	)		14,440		75,933
Japanese Government Bonds		19,893,035		(32,000	)		8,909		40,910		16,449,293		(31,971	)		3,871		35,842
Other		13,965,659		(1,198,664	)		72,920		1,271,585		11,648,438		(667,033	)		33,398		700,432
Foreign Bonds		11,261,607		(1,063,752	)		2,922		1,066,675		9,554,507		(580,690	)		14,788		595,479

• 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 ¥48,032 million and ¥36,513 million as of September 30, 2023 and March 31, 2023, respectively, which were recognized in the statement of income by applying the fair-value hedge accounting and others. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation adjustments as of September 30, 2023 and March 31, 2023 are ¥608,447 million and ¥753,341 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, 2023 and March 31, 2023 are ¥365,017 million (Foreign Bonds ¥480,759 million and Japanese Government Bonds ¥(3,234) million) and ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2023 and March 31, 2023 are ¥1,021,497 million (Foreign Bonds ¥(582,993) million and Japanese Government Bonds ¥(35,235) million) and ¥848,927 million (Foreign Bonds ¥(454,722) million and Japanese Government Bonds ¥(46,478) million), respectively. • Unrealized Gains/Losses on Other Securities as of September 30, 2023 and March 31, 2023 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others. (2) Bonds Held to Maturity
	(Millions of yen)
	As of September 30, 2023									As of March 31, 2023
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Bonds Held to Maturity		2,996,417		(261,698	)		664		262,362		2,048,188		(133,080	)		2,538		135,618

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	(Millions of yen)
	As of September 30, 2023									As of March 31, 2023
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		39,614,320		582,529			1,954,889		1,372,360		33,665,664		730,479			1,537,999		807,520
Japanese Stocks		2,825,296		1,860,344			1,866,640		6,296		2,444,956		1,458,955			1,491,327		32,372
Japanese Bonds		23,441,099		(77,357	)		17,326		94,683		20,220,815		(61,494	)		14,439		75,933
Japanese Government Bonds		19,882,001		(32,000	)		8,909		40,910		16,438,019		(31,971	)		3,870		35,842
Other		13,347,925		(1,200,457	)		70,923		1,271,380		10,999,893		(666,982	)		32,232		699,215
Foreign Bonds		10,696,211		(1,064,830	)		1,640		1,066,470		8,953,192		(580,710	)		14,044		594,755

Mizuho Bank
Other Securities		39,387,237		485,103			1,856,360		1,371,257		33,455,851		651,416			1,456,728		805,311
Japanese Stocks		2,669,589		1,763,928			1,769,176		5,248		2,306,663		1,380,927			1,411,109		30,182
Japanese Bonds		23,375,272		(77,661	)		16,966		94,628		20,155,116		(61,854	)		14,060		75,914
Japanese Government Bonds		19,882,001		(32,000	)		8,909		40,910		16,438,019		(31,971	)		3,870		35,842
Other		13,342,375		(1,201,162	)		70,218		1,271,380		10,994,072		(667,656	)		31,558		699,215
Foreign Bonds		10,696,211		(1,064,830	)		1,640		1,066,470		8,953,192		(580,710	)		14,044		594,755

Mizuho Trust & Banking
Other Securities		227,082		97,425			98,528		1,103		209,812		79,062			81,271		2,208
Japanese Stocks		155,706		96,416			97,464		1,048		138,292		78,027			80,218		2,190
Japanese Bonds		65,826		304			359		54		65,699		360			378		18
Japanese Government Bonds		—		—			—		—		—		—			—		—
Other		5,549		704			704		0		5,821		674			674		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 ¥47,739 million and ¥36,611 million as of September 30, 2023 and March 31, 2023, respectively, which were recognized in the statement of income (aggregate figures for the 2 banks) 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, 2023 and March 31, 2023 are ¥534,790 million and ¥693,867 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, 2023 and March 31, 2023 are ¥365,017 million (Foreign Bonds ¥480,759 million and Japanese Government Bonds ¥(3,234) million) and ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507)million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2023 and March 31, 2023 are ¥947,547 million (Foreign Bonds ¥(584,070) million and Japanese Government Bonds ¥(35,235) million) and ¥789,551 million (Foreign Bonds ¥(454,742) million and Japanese Government Bonds ¥(46,478) million), respectively.

•

Unrealized Gains/Losses on Other Securities as of September 30, 2023 and March 31, 2023 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	(Millions of yen)
	As of September 30, 2023									As of March 31, 2023
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		2,996,417		(261,698	)		664		262,362		2,048,188		(133,080	)		2,538		135,618
Mizuho Bank		2,996,417		(261,698	)		664		262,362		2,048,188		(133,080	)		2,538		135,618
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2023									As of March 31, 2023
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		106,131		438,372			438,372		—		106,131		355,959			355,959		—
Mizuho Bank		106,131		438,372			438,372		—		106,131		355,959			355,959		—
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated


	(Millions of yen)
	As of September 30, 2023						As of March 31, 2023
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		608,447			(144,894	)		753,341
Japanese Stocks		1,884,740			402,969			1,481,771
Japanese Bonds		(77,335	)		(15,842	)		(61,492	)
Japanese Government Bonds		(32,000	)		(29	)		(31,971	)
Other		(1,198,957	)		(532,021	)		(666,936	)
Foreign Bonds		(1,064,046	)		(483,452	)		(580,593	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	(Millions of yen)
	As of September 30, 2023						As of March 31, 2023
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		534,790			(159,077	)		693,867
Japanese Stocks		1,812,605			390,260			1,422,344
Japanese Bonds		(77,357	)		(15,862	)		(61,494	)
Japanese Government Bonds		(32,000	)		(28	)		(31,971	)
Other		(1,200,457	)		(533,475	)		(666,982	)
Foreign Bonds		(1,064,830	)		(484,119	)		(580,711	)

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, 2023				Change												Maturity as of March 31, 2023
	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	18,500.8	2,603.2	2,200.8	706.1		3,271.5			(340.8	)		92.3			(5.6	)	15,229.2	2,944.1	2,108.4	711.7
Japanese Government Bonds	17,830.7	795.3	1,685.1	100.0		3,289.3			(170.4	)		105.3			—		14,541.4	965.7	1,579.8	100.0
Japanese Local Government Bonds	51.5	266.1	251.7	6.9		16.0			(9.5	)		10.1			(0.5	)	35.5	275.7	241.5	7.4
Japanese Corporate Bonds	618.4	1,541.7	264.0	599.2		(33.8	)		(160.9	)		(23.1	)		(5.1	)	652.2	1,702.7	287.1	604.3
Other	2,515.0	2,858.8	2,028.1	7,503.5		(104.3	)		1,403.0			456.6			1,649.8		2,619.3	1,455.7	1,571.5	5,853.6

Mizuho Bank

Japanese Bonds	18,482.0	2,557.7	2,199.5	706.1		3,254.4			(326.7	)		95.1			(5.6	)	15,227.6	2,884.5	2,104.3	711.7
Japanese Government Bonds	17,830.7	795.3	1,685.1	100.0		3,289.3			(170.4	)		105.3			—		14,541.4	965.7	1,579.8	100.0
Japanese Local Government Bonds	51.5	266.1	251.7	6.9		16.0			(9.5	)		10.1			(0.5	)	35.5	275.7	241.5	7.4
Japanese Corporate Bonds	599.7	1,496.2	262.7	599.2		(50.9	)		(146.8	)		(20.3	)		(5.1	)	650.6	1,643.1	283.0	604.3
Other	2,514.6	2,852.7	2,023.8	7,503.5		(104.2	)		1,401.9			455.5			1,649.8		2,618.9	1,450.8	1,568.3	5,853.6

Mizuho Trust & Banking

Japanese Bonds	18.7	45.4	1.3	—		17.1			(14.1	)		(2.8	)		—		1.6	59.5	4.1	—
Japanese Government Bonds	—	—	—	—		—			—			—			—		—	—	—	—
Japanese Local Government Bonds	—	—	—	—		—			—			—			—		—	—	—	—
Japanese Corporate Bonds	18.7	45.4	1.3	—		17.1			(14.1	)		(2.8	)		—		1.6	59.5	4.1	—
Other	0.3	6.0	4.3	—		(0.0	)		1.1			1.1			—		0.4	4.9	3.2	—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		(Millions of yen)
		First Half of Fiscal 2023			Change			First Half of Fiscal 2022
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,000,481			(69,367	)		1,069,848
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,734,825			(65,334	)		1,800,159
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(262,029	)		(34,001	)		(228,027	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		472,314			(29,968	)		502,283

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		876,616			(61,386	)		938,002
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,484,864			(91,150	)		1,576,015
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(204,717	)		(7,316	)		(197,401	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		403,530			(37,081	)		440,611

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		123,864			(7,981	)		131,845
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		249,960			25,816			224,144
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(57,311	)		(26,685	)		(30,626	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		68,784			7,112			61,672

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	(Millions of yen)
	First Half of Fiscal 2023			Change			First Half of Fiscal 2022
Service Cost		(8,560	)		977			(9,537	)
Interest Cost		(3,407	)		(1,184	)		(2,223	)
Expected Return on Plan Assets		13,461			(1,039	)		14,500
Accumulation (Amortization) of Unrecognized Actuarial Differences		20,134			(3,918	)		24,053
Gains on Cancellation of Employee Retirement Benefit Trust		18,782			6,725			12,057
Other		(1,159	)		1,367			(2,527	)

Total		39,251			2,928			36,322

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

	(Millions of yen)
	First Half of Fiscal 2023			Change			First Half of Fiscal 2022
Service Cost		(7,245	)		839			(8,084	)
Interest Cost		(2,982	)		(1,034	)		(1,947	)
Expected Return on Plan Assets		11,925			(1,034	)		12,959
Accumulation (Amortization) of Unrecognized Actuarial Differences		16,314			(4,982	)		21,296
Gains on Cancellation of Employee Retirement Benefit Trust		18,782			6,913			11,868
Other		(1,027	)		1,186			(2,213	)

Total		35,766			1,887			33,879

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 2023			Change			First Half of Fiscal 2022
Service Cost		(1,315	)		137			(1,452	)
Interest Cost		(425	)		(149	)		(275	)
Expected Return on Plan Assets		1,536			(4	)		1,541
Accumulation (Amortization) of Unrecognized Actuarial Differences		3,820			1,064			2,756
Gains on Cancellation of Employee Retirement Benefit Trust		—			(188	)		188
Other		(132	)		181			(313	)

Total		3,484			1,040			2,443

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

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations


		(Millions of yen)
		First Half of Fiscal 2023			Change			First Half of Fiscal 2022
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,200,089			(78,837	)		1,278,926
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,990,930			(79,439	)		2,070,370
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(262,960	)		(19,107	)		(243,853	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		859,271			(3,946	)		863,217
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		68,429			(3,344	)		71,774
Income (Expenses) related to Employee Retirement Benefits

		(Millions of yen)
		First Half of Fiscal 2023			Change			First Half of Fiscal 2022
Service Cost			(13,650	)		618			(14,269	)
Interest Cost			(4,104	)		(1,407	)		(2,697	)
Expected Return on Plan Assets			15,836			(1,135	)		16,972
Accumulation (Amortization) of Unrecognized Actuarial Differences			20,215			(4,968	)		25,184
Accumulation (Amortization) of Unrecognized Prior Service Cost			11			34			(23	)
Gains on Cancellation of Employee Retirement Benefit Trust			18,782			6,725			12,057
Other			(3,442	)		1,949			(5,391	)

Total			33,648			1,815			31,832

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

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard


	Consolidated					(%, Billions of yen)
	As of September 30, 2023 (Preliminary)		Change			As of March 31, 2023
(1) Total Capital Ratio		15.86		(0.19	)		16.05
(2) Tier 1 Capital Ratio		13.80		(0.11	)		13.91
(3) Common Equity Tier 1 Capital Ratio		11.52		(0.28	)		11.80
(4) Total Capital		12,228.2		921.2			11,306.9
(5) Tier 1 Capital		10,636.3		832.9			9,803.3
(6) Common Equity Tier 1 Capital		8,885.3		569.8			8,315.5
(7) Risk weighted Assets		77,063.5		6,629.3			70,434.1
(8) Total Required Capital (7) X8%		6,165.0		530.3			5,634.7

Mizuho Bank International Standard

	Consolidated							Non-Consolidated
	As of September 30, 2023 (Preliminary)		Change			As of March 31, 2023		As of September 30, 2023 (Preliminary)
(1) Total Capital Ratio		14.99		0.05			14.94		14.39
(2) Tier 1 Capital Ratio		12.87		0.09			12.78		12.13
(3) Common Equity Tier 1 Capital Ratio		10.43		(0.08	)		10.51		9.51
(4) Total Capital		10,723.2		953.5			9,769.7		9,544.1
(5) Tier 1 Capital		9,210.1		853.5			8,356.5		8,044.6
(6) Common Equity Tier 1 Capital		7,463.3		589.7			6,873.5		6,308.6
(7) Risk weighted Assets		71,509.8		6,138.0			65,371.8		66,293.1
(8) Total Required Capital (7) X8%		5,720.7		491.0			5,229.7		5,303.4

Mizuho Trust & Banking International Standard

	Consolidated							Non-Consolidated
	As of September 30, 2023 (Preliminary)		Change			As of March 31, 2023		As of September 30, 2023 (Preliminary)
(1) Total Capital Ratio		28.42		2.47			25.95		27.27
(2) Tier 1 Capital Ratio		28.41		2.47			25.94		27.26
(3) Common Equity Tier 1 Capital Ratio		28.41		2.47			25.94		27.26
(4) Total Capital		471.6		26.7			444.9		447.1
(5) Tier 1 Capital		471.5		26.7			444.7		447.0
(6) Common Equity Tier 1 Capital		471.5		26.7			444.7		447.0
(7) Risk weighted Assets		1,659.1		(55.1	)		1,714.3		1,639.4
(8) Total Required Capital (7) X8%		132.7		(4.4	)		137.1		131.1

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Claims against Bankrupt and Substantially Bankrupt Obligors		39,317		(4,549	)		43,866
Claims with Collection Risk		615,424		(39,971	)		655,396
Claims for Special Attention		504,877		132,443			372,433
Loans Past Due for 3 Months or More		3,563		3,274			288
Restructured Loans		501,314		129,169			372,144
Sub-total[1]		1,159,619		87,923			1,071,696
Normal Claims		104,799,744		4,342,730			100,457,014

Total[2]		105,959,363		4,430,653			101,528,710


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

Amount of Partial Direct Write-offs		106,906		19,658			87,247

	(%)
NPL ratio[1]/[2]		1.09		0.03			1.05

Trust Account

	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
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		2,473		(340	)		2,814

Total[4]		2,473		(340	)		2,814


	(%)
NPL ratio[3]/[4]		—		—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account


	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Claims against Bankrupt and Substantially Bankrupt Obligors		39,317		(4,549	)		43,866
Claims with Collection Risk		615,424		(39,971	)		655,396
Claims for Special Attention		504,877		132,443			372,433
Loans Past Due for 3 Months or More		3,563		3,274			288
Restructured Loans		501,314		129,169			372,144
Sub-total[5]		1,159,619		87,923			1,071,696
Normal Claims		104,802,218		4,342,389			100,459,828

Total[6]		105,961,837		4,430,312			101,531,524


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

Amount of Partial Direct Write-offs		106,906		19,658			87,247

	(%)
NPL ratio[5]/[6]		1.09		0.03			1.05

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

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


	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Claims against Bankrupt and Substantially Bankrupt Obligors		28,573		(5,462	)		34,036
Claims with Collection Risk		617,427		(41,055	)		658,482
Claims for Special Attention		505,489		150,541			354,948
Loans Past Due for 3 Months or More		3,563		3,274			288
Restructured Loans		501,925		147,266			354,659
Sub-total[1]		1,151,490		104,023			1,047,467
Normal Claims		107,851,656		4,739,386			103,112,269

Total[2]		109,003,147		4,843,410			104,159,737


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		104,356		19,563			84,793

	(%)
NPL ratio[1]/[2]		1.05		0.05			1.00

Mizuho Bank

	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		28,442		(5,432	)		33,874
Claims with Collection Risk		610,053		(41,171	)		651,224
Claims for Special Attention		500,017		153,351			346,665
Loans Past Due for 3 Months or More		3,563		3,274			288
Restructured Loans		496,453		150,076			346,377
Sub-total[3]		1,138,512		106,747			1,031,765
Normal Claims		104,893,442		4,854,200			100,039,242

Total[4]		106,031,955		4,960,947			101,071,007


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		104,140		19,563			84,576

	(%)
NPL ratio[3]/[4]		1.07		0.05			1.02

2-19

Mizuho Financial Group, Inc.


Mizuho Trust & Banking (Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		131	(30	)	161
Claims with Collection Risk		7,374	116		7,258
Claims for Special Attention		5,471	(2,810	)	8,282
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		5,471	(2,810	)	8,282
Sub-total[5]		12,977	(2,724	)	15,702
Normal Claims		2,955,740	(114,472	)	3,070,213

Total[6]		2,968,718	(117,197	)	3,085,915


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		216	(0)		217

	(%)
NPL ratio[5]/[6]		0.43	(0.07)		0.50

(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		2,473	(340)		2,814

Total[8]		2,473	(340)		2,814


	(%)
NPL ratio[7]/[8]		—	—		—

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

2-20

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Reserves for Possible Losses on Loans		712,637		(7,800	)		720,437
General Reserve for Possible Losses on Loans		353,657		40,604			313,052
Specific Reserve for Possible Losses on Loans		318,333		(45,114	)		363,448
Reserve for Possible Losses on Loans to Restructuring Countries		40,647		(3,289	)		43,937

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		107,244		19,710			87,534

Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Reserves for Possible Losses on Loans		690,697		(14,557	)		705,254
General Reserve for Possible Losses on Loans		334,676		37,669			297,006
Specific Reserve for Possible Losses on Loans		315,373		(48,936	)		364,310
Reserve for Possible Losses on Loans to Restructuring Countries		40,647		(3,289	)		43,937

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		104,356		19,563			84,793

Mizuho Bank

Reserves for Possible Losses on Loans		688,023		(13,629	)		701,652
General Reserve for Possible Losses on Loans		332,361		38,601			293,760
Specific Reserve for Possible Losses on Loans		315,014		(48,940	)		363,954
Reserve for Possible Losses on Loans to Restructuring Countries		40,647		(3,289	)		43,937

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		104,140		19,563			84,576

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		2,673		(927	)		3,601
General Reserve for Possible Losses on Loans		2,314		(932	)		3,246
Specific Reserve for Possible Losses on Loans		359		4			355
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		216		(0	)		217

Reserve for Possible Losses on Entrusted Loans (¥8 million and ¥9 million for September 30, 2023 and March 31, 2023, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

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

Consolidated


	(%)
	As of September 30, 2023		Change			As of March 31, 2023
Mizuho Financial Group		61.45		(5.76	)		67.22
Above figures are presented net of partial direct write-offs.

Non-Consolidated
	(%)
	As of September 30, 2023		Change			As of March 31, 2023
Total		59.98		(7.34	)		67.32
Mizuho Bank		60.43		(7.57	)		68.00
Mizuho Trust & Banking (Banking Account)		20.60		(2.33	)		22.93

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

2-22

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)


	(Billions of yen)
	As of September 30, 2023		Change			As of March 31, 2023

Claims against Bankrupt and Substantially Bankrupt Obligors		28.5		(5.4	)		34.0
Collateral, Guarantees, and equivalent		28.0		(0.8	)		28.9
Reserve for Possible Losses		0.5		(4.5	)		5.1
Claims with Collection Risk		617.4		(41.0	)		658.4
Collateral, Guarantees, and equivalent		169.4		(3.3	)		172.8
Reserve for Possible Losses		302.9		(40.0	)		342.9
Claims for Special Attention		505.4		150.5			354.9
Collateral, Guarantees, and equivalent		150.5		47.1			103.4
Reserve for Possible Losses		104.2		38.1			66.0
Total		1,151.4		104.0			1,047.4
Collateral, Guarantees, and equivalent		348.1		42.8			305.2
Reserve for Possible Losses		407.6		(6.4	)		414.1

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		28.4		(5.4	)		33.8
Collateral, Guarantees, and equivalent		27.9		(0.8	)		28.7
Reserve for Possible Losses		0.5		(4.5	)		5.1
Claims with Collection Risk		610.0		(41.1	)		651.2
Collateral, Guarantees, and equivalent		162.6		(3.4	)		166.1
Reserve for Possible Losses		302.5		(40.0	)		342.6
Claims for Special Attention		500.0		153.3			346.6
Collateral, Guarantees, and equivalent		145.9		49.4			96.4
Reserve for Possible Losses		104.0		38.2			65.7
Total		1,138.5		106.7			1,031.7
Collateral, Guarantees, and equivalent		336.4		45.0			291.3
Reserve for Possible Losses		407.1		(6.3	)		413.5

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		0.1		(0.0	)		0.1
Collateral, Guarantees, and equivalent		0.1		(0.0	)		0.1
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		7.3		0.1			7.2
Collateral, Guarantees, and equivalent		6.8		0.1			6.7
Reserve for Possible Losses		0.3		0.0			0.3
Claims for Special Attention		5.4		(2.8	)		8.2
Collateral, Guarantees, and equivalent		4.6		(2.2	)		6.9
Reserve for Possible Losses		0.1		(0.1	)		0.2
Total		12.9		(2.7	)		15.7
Collateral, Guarantees, and equivalent		11.6		(2.1	)		13.8
Reserve for Possible Losses		0.5		(0.0	)		0.6

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims with Collection Risk		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims for Special Attention		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Total		—		—			—
Collateral, Guarantees, and equivalent		—		—			—

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

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	(Billions of yen)
	As of September 30, 2023		Change			As of March 31, 2023

Coverage Amount		755.7		36.3			719.3
Reserves for Possible Losses on Loans		407.6		(6.4	)		414.1
Collateral, Guarantees, and equivalent		348.1		42.8			305.2

	(%)
Coverage Ratio		65.6		(3.0	)		68.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		76.5		(1.8	)		78.3
Claims for Special Attention		50.4		2.6			47.7
Claims against Special Attention Obligors		52.2		0.7			51.5

Reserve Ratio against Non-collateralized Claims

	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.6		(3.0	)		70.6
Claims for Special Attention		29.3		3.0			26.2
Claims against Special Attention Obligors		30.7		0.9			29.7

Reference: Reserve Ratio

	(%)
Claims against Special Attention Obligors		21.14		0.61			20.52
Claims against Watch Obligors excluding Special Attention Obligors		4.11		1.20			2.91
Claims against Normal Obligors		0.10		0.01			0.09

Mizuho Bank

	(Billions of yen)
Coverage Amount		743.5		38.6			704.9
Reserves for Possible Losses on Loans		407.1		(6.3	)		413.5
Collateral, Guarantees, and equivalent		336.4		45.0			291.3

	(%)
Coverage Ratio		65.3		(3.0	)		68.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		76.2		(1.8	)		78.1
Claims for Special Attention		49.9		3.1			46.8
Claims against Special Attention Obligors		52.2		0.9			51.3

Reserve Ratio against Non-collateralized Claims

	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.6		(3.0	)		70.6
Claims for Special Attention		29.3		3.0			26.2
Claims against Special Attention Obligors		30.8		0.9			29.8

Reference: Reserve Ratio

	(%)
Claims against Special Attention Obligors		21.31		0.57			20.74
Claims against Watch Obligors excluding Special Attention Obligors		4.13		1.20			2.92
Claims against Normal Obligors		0.10		0.01			0.09

2-24

Mizuho Financial Group, Inc.


Mizuho Trust & Banking (Banking Account)
	(Billions of yen)
	As of September 30, 2023		Change			As of March 31, 2023

Coverage Amount		12.1		(2.2	)		14.4
Reserves for Possible Losses on Loans		0.5		(0.0	)		0.6
Collateral, Guarantees, and equivalent		11.6		(2.1	)		13.8

	(%)
Coverage Ratio		93.8		1.6			92.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		97.7		0.0			97.7
Claims for Special Attention		88.3		1.2			87.1
Claims against Special Attention Obligors		55.3		(5.3	)		60.7

Reserve Ratio against Non-collateralized Claims

	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		67.6		0.3			67.3
Claims for Special Attention		20.2		0.4			19.8
Claims against Special Attention Obligors		19.4		0.0			19.4

Reference: Reserve Ratio

	(%)
Claims against Special Attention Obligors		10.81		1.33			9.48
Claims against Watch Obligors excluding Special Attention Obligors		0.84		(0.83	)		1.68
Claims against Normal Obligors		0.03		0.00			0.03

2-25

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO


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

2-26

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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


	(Billions of yen)
	Fiscal 2020		Fiscal 2021		Fiscal 2022		Fiscal 2023
	As of March 31, 2021		As of March 31, 2022		As of March 31, 2023		As of September 30, 2023
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2023
Claims against Bankrupt and Substantially Bankrupt Obligors		48.7		33.5		23.0		17.2		0.1		17.3		(5.7	)
Claims with Collection Risk		411.0		255.0		204.1		181.9		1.0		183.0		(21.1	)
Amount Categorized as above up to Fiscal 2020		459.7		288.6		227.2		199.2		1.1		200.3		(26.8	)
of which the amount which was in the process of being removed from the balance sheet		45.3		32.9		21.6		17.4		0.1		17.5		(4.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				7.6		2.9		1.8		0.0		1.8		(1.1	)
Claims with Collection Risk				470.9		300.4		288.0		6.0		294.0		(6.3	)
Amount Newly Categorized as above during Fiscal 2021				478.5		303.4		289.8		6.0		295.8		(7.5	)
of which the amount which was in the process of being removed from the balance sheet				7.1		2.6		1.4		0.0		1.4		(1.1	)
Claims against Bankrupt and Substantially Bankrupt Obligors						7.9		4.7		—		4.7		(3.2	)
Claims with Collection Risk						153.8		90.0		0.2		90.3		(63.5	)
Amount Newly Categorized as above during Fiscal 2022						161.8		94.7		0.2		95.0		(66.7	)
of which the amount which was in the process of being removed from the balance sheet						6.3		3.5		—		3.5		(2.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors								4.6		0.0		4.6		4.6
Claims with Collection Risk								49.9		0.0		50.0		50.0
Amount Newly Categorized as above during the First Half of Fiscal 2023								54.6		0.0		54.6		54.6
of which the amount which was in the process of being removed from the balance sheet								4.6		0.0		4.6		4.6
Claims against Bankrupt and Substantially Bankrupt Obligors		48.7		41.1		34.0		28.4		0.1		28.5		(5.4	)
Claims with Collection Risk		411.0		726.0		658.4		610.0		7.3		617.4		(41.0	)
Total		459.7		767.1		692.5		638.4		7.5		646.0		(46.5	)
of which the amount which was in the process of being removed from the balance sheet		45.3		40.0		30.5		27.1		0.1		27.2		(3.2	)

* 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 2023


	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(2.4	)		(2.4	)		—
Restructuring		(8.9	)		(8.9	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(34.1	)		(34.1	)		—
Direct Write-off		(11.0	)		(11.0	)		—
Other		(44.6	)		(44.6	)		0.0
Debt recovery		(19.4	)		(19.5	)		0.1
Improvement in Business Performance		(25.1	)		(25.0	)		(0.0	)

Total		(101.1	)		(101.2	)		0.0

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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


	(Billions of yen)
	As of September 30, 2023					As of March 31, 2023
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		62,245.1		937.2			61,307.8
Manufacturing		10,108.2		261.1			9,847.1
Agriculture & Forestry		47.1		(0.4	)		47.5
Fishery		10.1		7.3			2.7
Mining, Quarrying Industry & Gravel Extraction Industry		207.2		1.6			205.5
Construction		825.4		(76.6	)		902.0
Utilities		3,399.1		0.7			3,398.3
Communication		941.4		(58.8	)		1,000.3
Transportation & Postal Industry		2,380.2		(55.7	)		2,436.0
Wholesale & Retail		5,075.8		164.3			4,911.5
Finance & Insurance		9,839.1		387.4			9,451.7
Real Estate		11,375.1		333.8			11,041.2
Commodity Lease		3,252.3		115.9			3,136.3
Service Industries		3,015.0		32.5			2,982.4
Local Governments		500.0		(41.4	)		541.5
Governments		1,023.8		(55.4	)		1,079.3
Other		10,244.6		(79.1	)		10,323.8
Overseas Total (including Loans Booked Offshore)		31,652.3		2,041.6			29,610.6
Governments		170.0		24.6			145.3
Financial Institutions		11,986.2		888.2			11,098.0
Other		19,496.0		1,128.8			18,367.2

Total		93,897.4		2,978.8			90,918.5

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


As of September 30, 2023: ¥444.0 billion (from MHBK)
As of March 31, 2023: ¥810.0 billion (from MHBK)

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

2-28

Mizuho Financial Group, Inc.

Mizuho Bank


	(Billions of yen)
	As of September 30, 2023					As of March 31, 2023
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		58,747.6		1,077.8			57,669.7
Manufacturing		9,739.3		292.8			9,446.5
Agriculture & Forestry		47.0		(0.4	)		47.5
Fishery		10.1		7.3			2.7
Mining, Quarrying Industry & Gravel Extraction Industry		206.1		1.9			204.1
Construction		779.4		(79.7	)		859.1
Utilities		3,156.0		23.5			3,132.4
Communication		865.8		(41.7	)		907.6
Transportation & Postal Industry		2,243.3		(54.5	)		2,297.9
Wholesale & Retail		4,962.2		170.4			4,791.8
Finance & Insurance		9,348.0		401.1			8,946.8
Real Estate		9,853.0		363.5			9,489.5
Commodity Lease		3,060.5		113.7			2,946.8
Service Industries		2,977.8		36.4			2,941.3
Local Governments		499.1		(41.2	)		540.3
Governments		1,023.8		(55.4	)		1,079.3
Other		9,975.4		(59.8	)		10,035.3
Overseas Total (including Loans Booked Offshore)		31,652.3		2,041.6			29,610.6
Governments		170.0		24.6			145.3
Financial Institutions		11,986.2		888.2			11,098.0
Other		19,496.0		1,128.8			18,367.2

Total		90,399.9		3,119.5			87,280.3


Mizuho Trust & Banking (Banking Account + Trust Account)

Domestic Total (excluding Loans Booked Offshore)		3,497.5		(140.6	)		3,638.1
Manufacturing		368.8		(31.7	)		400.6
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.1		(0.2	)		1.4
Construction		46.0		3.1			42.8
Utilities		243.1		(22.8	)		265.9
Communication		75.5		(17.1	)		92.6
Transportation & Postal Industry		136.9		(1.1	)		138.1
Wholesale & Retail		113.6		(6.0	)		119.7
Finance & Insurance		491.0		(13.7	)		504.8
Real Estate		1,522.0		(29.6	)		1,551.6
Commodity Lease		191.7		2.2			189.5
Service Industries		37.1		(3.9	)		41.1
Local Governments		0.8		(0.2	)		1.1
Governments		—		—			—
Other		269.2		(19.2	)		288.5
Overseas Total (including Loans Booked Offshore)		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		3,497.5		(140.6	)		3,638.1

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

2-29

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	(Billions of yen, %)
	As of September 30, 2023										As of March 31, 2023
	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
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio			Non Performing Loans based on the BA and the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		1,046.6		64.1		147.7			(1.6	)		898.8		65.7
Manufacturing		601.4		63.3		137.1			(1.0	)		464.3		64.3
Agriculture & Forestry		8.7		63.6		1.4			3.6			7.2		60.0
Fishery		0.1		62.6		(0.0	)		(0.0	)		0.2		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		—			—			—		—
Construction		7.6		59.6		1.4			(18.4	)		6.2		78.1
Utilities		4.3		47.6		(0.9	)		(8.0	)		5.3		55.6
Communication		8.3		66.0		(0.4	)		(2.7	)		8.7		68.7
Transportation & Postal Industry		20.8		65.7		(1.1	)		1.8			21.9		63.8
Wholesale & Retail		134.1		59.7		12.4			(0.0	)		121.6		59.7
Finance & Insurance		27.1		31.6		15.1			(13.8	)		12.0		45.4
Real Estate		35.3		84.8		5.0			(2.6	)		30.3		87.4
Commodity Lease		0.2		90.1		(0.0	)		0.7			0.2		89.4
Service Industries		128.7		59.8		(23.8	)		(1.4	)		152.5		61.3
Local Governments		—		—		—			—			—		—
Other		69.4		90.5		1.6			(0.0	)		67.8		90.6
Overseas Total (including Loans Booked Offshore)		104.8		80.5		(43.7	)		(5.7	)		148.6		86.2
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		104.8		80.5		(43.7	)		(5.7	)		148.6		86.2

Total		1,151.4		65.6		104.0			(3.0	)		1,047.4		68.6

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

2-30

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

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


	(Billions of yen)
	As of September 30, 2023					As of March 31, 2023
	As of September 30, 2023		Change			As of March 31, 2023
Housing and Consumer Loans		7,929.7		(182.7	)		8,112.5
Housing Loans for owner’s residential housing		7,438.2		(164.8	)		7,603.1

Mizuho Bank

Housing and Consumer Loans		7,888.1		(179.1	)		8,067.3
Housing Loans		7,501.2		(170.5	)		7,671.7
for owner’s residential housing		7,398.8		(161.5	)		7,560.4
Consumer loans		386.9		(8.6	)		395.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans		41.5		(3.6	)		45.2
Housing Loans for owner’s residential housing		39.3		(3.2	)		42.6
* 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, 2023					As of March 31, 2023
	As of September 30, 2023		Change			As of March 31, 2023
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.7		(0.0	)		58.8
Loans to SMEs and Individual Customers		36,597.7		527.6			36,070.1

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.6		(0.0	)		58.6
Loans to SMEs and Individual Customers		34,464.2		613.3			33,850.8

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		61.0		0.0			61.0
Loans to SMEs and Individual Customers		2,133.5		(85.7	)		2,219.3

*	Above figures are aggregate banking and trust account amounts.

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

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

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

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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


	(Billions of yen)
	As of September 30, 2023					As of March 31, 2023
	Outstanding Balance		Change			Outstanding Balance
Asia		7,761.0		210.8			7,550.1
Hong Kong		1,564.5		(121.1	)		1,685.7
Singapore		1,384.7		88.8			1,295.9
Thailand		1,046.0		(15.5	)		1,061.5
Taiwan		815.4		99.3			716.0
India		633.5		84.7			548.8
South Korea		842.2		19.6			822.5
Indonesia		431.5		1.7			429.8
Philippines		328.5		25.8			302.7
China		136.2		(19.4	)		155.6
Malaysia		109.2		17.1			92.0
Central and South America		5,605.5		270.5			5,334.9
Mexico		447.4		(23.1	)		470.6
Brazile		233.8		35.8			198.0
North America		12,650.4		1,065.8			11,584.6
United States		11,561.0		879.2			10,681.7
Eastern Europe		191.1		(46.7	)		237.8
Russia		160.7		(44.7	)		205.5
Western Europe		5,749.8		474.2			5,275.6
United Kingdom		1,275.0		43.4			1,231.6
Netherlands		1,267.8		108.0			1,159.7
Germany		736.5		63.6			672.8
Ireland		600.5		145.8			454.6
Switzerland		190.6		83.5			107.1
France		438.3		8.4			429.8
Turkey		62.3		(15.6	)		78.0
Italy		184.4		25.4			158.9
Other		4,051.0		361.3			3,689.6
Australia		1,997.4		(50.6	)		2,048.1
Total		36,009.1		2,336.1			33,673.0

The above figures are based on obligor country of location.

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


	As of September 30, 2023					As of March 31, 2023

	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank (China) ,Ltd		1,217.8		(78.3	)		1,296.1
Mizuho Bank (USA)		423.9		(53.7	)		477.7
PT. Bank Mizuho Indonesia		527.8		88.6			439.2

Note: The balances of loans of AO Mizuho Bank (Moscow) for the six months ended September 30, 2023 and the fiscal year ended March 31, 2023 are ¥27.1 billion and ¥49.9 billion, respectively.

2-32

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	(Billions of yen)
	As of September 30, 2023					As of March 31, 2023
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Asia		80.4		(2.8	)		83.2
Hong Kong		0.3		(0.3	)		0.6
Singapore		29.2		(5.3	)		34.5
Thailand		2.4		0.3			2.1
Taiwan		24.0		2.5			21.4
India		0.0		(0.1	)		0.1
South Korea		0.0		0.0			—
Indonesia		0.3		(0.5	)		0.8
Philippines		0.0		0.0			0.0
China		0.1		(0.0	)		0.1
Malaysia		—		—			—
Central and South America		30.0		13.9			16.1
Mexico		0.3		(0.0	)		0.3
Brazile		—		(1.9	)		1.9
North America		17.6		2.2			15.3
United States		17.6		2.2			15.3
Eastern Europe		5.6		(35.3	)		41.0
Russia		5.6		(35.3	)		41.0
Western Europe		27.0		(5.0	)		32.0
United Kingdom		4.5		0.5			4.0
Netherlands		—		—			—
Germany		—		—			—
Ireland		—		—			—
Switzerland		—		—			—
France		—		—			—
Turkey		—		—			—
Italy		9.4		0.7			8.7
Other		9.2		0.9			8.2
Australia		—		—			—
Total		170.1		(25.9	)		196.0
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, 2023					As of March 31, 2023
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Mizuho Bank (China) ,Ltd		0.6		(0.1	)		0.8
Mizuho Bank (USA)		—		—			—
PT. Bank Mizuho Indonesia		6.6		0.7			5.9

Note: There are no applicable balances for AO Mizuho Bank (Moscow).

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		(Billions of yen)
		Total amount for five years (from October 1, 2023 to September 30, 2028)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,236.9
Income before Income Taxes	2		3,280.7
Tax Adjustments (1)	3		210.6
Taxable Income before Current Deductible Temporary Differences (2)	4		3,491.3
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,069.0

(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, 2023.


Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2019		378.5
Fiscal 2020		316.3
Fiscal 2021		360.3
Fiscal 2022		157.7
First Half of Fiscal 2023 (estimate)		189.0

•	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 2023 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		(Billions of yen)
		As of September 30, 2023			Change			As of March 31, 2023
Reserves for Possible Losses on Loans	7		213.0			(12.3	)		225.4
Impairment of Securities	8		96.0			(16.3	)		112.4
Net Unrealized Losses on Other Securities	9		258.6			132.8			125.8
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		81.2			(12.5	)		93.7
Net Deferred Hedge Losses	12		140.1			(26.1	)		166.3
Tax Losses Carried Forward	13		9.8			1.3			8.4
Other	14		279.4			33.1			246.2

Total Deferred Tax Assets	15		1,078.4			100.0			978.4

Valuation Allowance	16		(176.3	)		(40.3	)		(136.0	)

Sub-Total [ 15 + 16 ]	17		902.1			59.6			842.4

Amount related to Retirement Benefits Accounting	18		(119.7	)		3.8			(123.5	)
Net Unrealized Gains on Other Securities	19		(341.6	)		(69.6	)		(271.9	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(85.0	)		(20.3	)		(64.6	)

Total Deferred Tax Liabilities	22		(546.4	)		(86.2	)		(460.1	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		355.6			(26.5	)		382.2
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(101.6	)		52.8			(154.5	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		140.1			(26.1	)		166.3
Tax effects related to others	26		317.1			(53.2	)		370.4

*	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.

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Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		(Billions of yen)
		Total amount for five years (from October 1, 2023 to September 30, 2028)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		212.9
Income before Income Taxes	2		254.1
Tax Adjustments (1)	3		(27.7	)
Taxable Income before Current Deductible Temporary Differences (2)	4		226.3
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		69.2

(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, 2023.



Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2019		31.7
Fiscal 2020		26.6
Fiscal 2021		33.2
Fiscal 2022		30.0
First Half of Fiscal 2023 (estimate)		5.0

•	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 2023 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		(Billions of yen)
		As of September 30, 2023			Change			As of March 31, 2023
Reserves for Possible Losses on Loans	7		0.8			(0.2	)		1.1
Impairment of Securities	8		4.4			(1.2	)		5.7
Net Unrealized Losses on Other Securities	9		0.1			(0.1	)		0.3
Reserve for Employee Retirement Benefits	10		0.2			(0.4	)		0.6
Reserve for Loss of Transfer	11		—			—			—
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		17.9			(0.5	)		18.4

Total Deferred Tax Assets	15		23.6			(2.7	)		26.4

Valuation Allowance	16		(6.0	)		1.4			(7.5	)

Sub-Total [ 15 + 16 ]	17		17.6			(1.2	)		18.9

Amount related to Retirement Benefits Accounting	18		(23.0	)		(1.3	)		(21.7	)
Net Unrealized Gains on Other Securities	19		(21.9	)		(4.7	)		(17.2	)
Net Deferred Hedge Gains	20		(4.5	)		(2.5	)		(2.0	)
Other	21		(0.3	)		0.1			(0.4	)

Total Deferred Tax Liabilities	22		(49.9	)		(8.4	)		(41.4	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(32.2	)		(9.7	)		(22.5	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(22.1	)		(4.8	)		(17.2	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(4.5	)		(2.5	)		(2.0	)
Tax effects related to others	26		(5.6	)		(2.3	)		(3.2	)

*	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.

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Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	(Billions of yen)
	As of September 30, 2023		Change			As of March 31, 2023
Deposits		114,330.1		(4,852.6	)		119,182.8

Individual Deposits		48,555.4		472.7			48,082.7
Corporate Deposits		56,860.9		(3,230.5	)		60,091.4
Financial/Government Institutions		8,913.7		(2,094.8	)		11,008.6

Mizuho Bank

Deposits		111,528.2		(4,874.5	)		116,402.8

Individual Deposits		47,786.6		478.0			47,308.5
Corporate Deposits		55,361.0		(3,337.5	)		58,698.6
Financial/Government Institutions		8,380.5		(2,015.0	)		10,395.6

Mizuho Trust & Banking

Deposits		2,801.9		21.8			2,780.0

Individual Deposits		768.8		(5.3	)		774.2
Corporate Deposits		1,499.8		107.0			1,392.7
Financial/Government Institutions		533.1		(79.8	)		613.0

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

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Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	Millions of yen
	As of September 30, 2023 (A)			As of March 31, 2023 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	57,704,128		¥	63,079,031		¥	(5,374,903	)
Call Loans		1,257,650			1,812,740			(555,090	)
Receivables under Resale Agreements		1,873,593			868,058			1,005,535
Guarantee Deposits Paid under Securities Borrowing Transactions		155,948			156,807			(858	)
Other Debt Purchased		698,235			651,514			46,721
Trading Assets		8,302,956			5,422,696			2,880,260
Money Held in Trust		505			504			0
Securities		44,341,601			37,110,218			7,231,382
Loans and Bills Discounted		90,399,925			87,280,378			3,119,546
Foreign Exchange Assets		2,466,423			2,293,584			172,839
Derivatives other than for Trading		12,754,960			8,392,051			4,362,908
Other Assets		7,492,806			7,910,755			(417,948	)
Tangible Fixed Assets		862,845			858,037			4,808
Intangible Fixed Assets		371,828			352,884			18,943
Prepaid Pension Cost		391,093			403,530			(12,436	)
Deferred Tax Assets		355,684			382,227			(26,543	)
Customers’ Liabilities for Acceptances and Guarantees		11,674,202			10,003,767			1,670,435
Reserves for Possible Losses on Loans		(688,023	)		(701,652	)		13,629

Total Assets	¥	240,416,368		¥	226,277,135		¥	14,139,232

Liabilities
Deposits	¥	141,361,639		¥	145,157,919		¥	(3,796,279	)
Negotiable Certificates of Deposit		17,442,420			13,272,253			4,170,166
Call Money		884,629			1,229,224			(344,594	)
Payables under Repurchase Agreements		18,792,976			14,106,366			4,686,609
Guarantee Deposits Received under Securities Lending Transactions		171,335			93,216			78,119
Commercial Paper		1,557,579			1,782,111			(224,531	)
Trading Liabilities		6,949,408			4,574,447			2,374,960
Borrowed Money		13,637,787			12,507,802			1,129,984
Foreign Exchange Liabilities		1,144,298			889,189			255,109
Bonds and Notes		600,275			585,861			14,414
Derivatives other than for Trading		13,962,612			8,976,741			4,985,871
Other Liabilities		5,812,171			6,320,855			(508,683	)
Reserve for Bonus Payments		12,475			26,406			(13,930	)
Reserve for Variable Compensation		401			757			(355	)
Reserve for Possible Losses on Sales of Loans		11,536			15,049			(3,513	)
Reserve for Contingencies		3,738			4,781			(1,042	)
Reserve for Reimbursement of Deposits		11,565			12,980			(1,415	)
Reserve for Reimbursement of Debentures		6,272			7,798			(1,526	)
Deferred Tax Liabilities for Revaluation Reserve for Land		57,986			58,711			(724	)
Acceptances and Guarantees		11,674,202			10,003,767			1,670,435

Total Liabilities		234,095,315			219,626,240			14,469,074

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		2,493,068			2,757,032			(263,964	)
Appropriated Reserve		524,533			421,264			103,269
Other Retained Earnings		1,968,534			2,335,768			(367,234	)
Retained Earnings Brought Forward		1,968,534			2,335,768			(367,234	)

Total Shareholders’ Equity		6,156,526			6,420,490			(263,964	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		346,267			468,873			(122,605	)
Net Deferred Hedge Gains (Losses), net of Taxes		(309,533	)		(367,790	)		58,257
Revaluation Reserve for Land, net of Taxes		127,792			129,321			(1,529	)

Total Valuation and Translation Adjustments		164,526			230,404			(65,878	)

Total Net Assets		6,321,052			6,650,894			(329,842	)

Total Liabilities and Net Assets	¥	240,416,368		¥	226,277,135		¥	14,139,232

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Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	Millions of yen
	For the six months ended September 30, 2023 (A)		For the six months ended September 30, 2022 (B)		Change (A) - (B)
Ordinary Income	¥	2,734,811	¥	1,522,184	¥	1,212,626
Interest Income		2,223,471		975,888		1,247,583
Interest on Loans and Bills Discounted		1,250,830		620,184		630,645
Interest and Dividends on Securities		275,720		167,633		108,086
Fee and Commission Income		307,393		270,150		37,243
Trading Income		19,126		175		18,950
Other Operating Income		111,635		214,658		(103,023	)
Other Ordinary Income		73,184		61,311		11,872

Ordinary Expenses		2,356,277		1,200,171		1,156,106
Interest Expenses		1,788,516		515,210		1,273,305
Interest on Deposits		798,467		208,055		590,412
Fee and Commission Expenses		106,662		91,151		15,511
Trading Expenses		1,002		80,803		(79,800	)
Other Operating Expenses		19,515		75,892		(56,376	)
General and Administrative Expenses		388,297		361,050		27,247
Other Ordinary Expenses		52,282		76,063		(23,780	)

Ordinary Profits		378,534		322,013		56,520

Extraordinary Gains		23,958		12,470		11,487

Extraordinary Losses		1,125		5,928		(4,802	)

Income before Income Taxes		401,366		328,556		72,809
Income Taxes:
Current		97,983		42,233		55,750
Deferred		52,526		48,505		4,021

Net Income	¥	250,855	¥	237,817	¥	13,038

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