Mizuho Financial (MFG) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2019

Commission File Number001-33098

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 Form20-F or Form40-F.Form 20-F  ☒    Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934. Yes  ☐    No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule12g3-2(b):82-                    .

THIS REPORT ON FORM6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORMF-3 (FILE NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: May 15, 2019
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya

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

For Immediate Release:

Consolidated Financial Statements for Fiscal 2018 <Under Japanese GAAP>

Company Name: Mizuho Financial Group, Inc. (“MHFG”) May 15, 2019

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting
Phone:	+81-3-6838-6101
Ordinary General Meeting of Shareholders (scheduled) :		June 21, 2019	Commencement of Dividend Payment (scheduled):	June 4, 2019
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):		June 24, 2019	Trading Accounts: Established
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2018 (for the fiscal year ended March 31, 2019)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%			¥ million		%
Fiscal 2018		3,925,649		10.2		614,118		(21.5	)		96,566		(83.2	)
Fiscal 2017		3,561,125		8.1		782,447		6.0			576,547		(4.4	)

Note: Comprehensive Income: Fiscal 2018: ¥ (110,542) million, (114.4)%; Fiscal 2017: ¥ 765,559 million, 37.1%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2018		3.80		3.80		1.0		0.3		15.6
Fiscal 2017		22.72		22.72		6.5		0.3		21.9

Reference: Equity in Income from Investments in Affiliates: Fiscal 2018: ¥ 51,215 million; Fiscal 2017: ¥ 21,474 million

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2018		200,792,226		9,194,038		4.3		345.00
Fiscal 2017		205,028,300		9,821,246		4.4		357.41

Reference: Own Capital: As of March 31, 2019: ¥ 8,748,805 million; As of March 31, 2018: ¥ 9,065,843 million

Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights -Non-controlling Interests) / Total Assets × 100
	Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

(3) Conditions of Consolidated Cash Flows

	Cash Flows from Operating Activities			Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million			¥ million			¥ million			¥ million
Fiscal 2018		(2,636,096	)		5,487,153			(18,640	)		44,254,874
Fiscal 2017		2,966,701			(2,316,197	)		149,962			46,334,334

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2017		—		3.75		—		3.75		7.50		190,373		33.0		2.1
Fiscal 2018		—		3.75		—		3.75		7.50		190,395		197.3		2.1
Fiscal 2019 (estimate)		—		3.75		—		3.75		7.50				40.4

3. Consolidated Earnings Estimates for Fiscal 2019 (for the fiscal year ending March 31, 2020)

(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
1H F2019		—		—		—
Fiscal 2019		470,000		386.7		18.52

Note: The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2019.

* Notes

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

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

      ① Changes in accounting policies due to revisions of accounting standards, etc.: No

      ② Changes in accounting policies other than ① above: No

      ③ Changes in accounting estimates: No

      ④ Restatements: No

(3) Issued Shares of Common Stock

①Year-end issued shares            (including treasury stock):	As of March 31, 2019	25,392,498,945 shares	As of March 31, 2018	25,389,644,945 shares
②Year-end treasury stock:	As of March 31, 2019	33,962,404 shares	As of March 31, 2018	24,829,446 shares
③ Average number of outstanding shares:	Fiscal 2018	25,362,375,520 shares	Fiscal 2017	25,366,345,189 shares

This immediate release is outside the scope of the audit.

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates;foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO, ” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 26, 2018, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2018 and Dividend Estimates for Fiscal 2019	p.1-3
2.	Basic Stance on Selection of Accounting Standards	p.1-4
3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

[Note to XBRL]

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

An MHFG IR conference for institutional investors and analysts is scheduled for May 22, 2019 (Wednesday). 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 HP immediately after the conference.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2019, the overall global economy continued on a path of gradual recovery driven by the steady expansion of U.S. economy. On the other hand, the Chinese and European economies showed a clear slowdown due to factors such as uncertainty related to the trade disputes between the United States and China.

In the United States, the economy continued its steady expansion as a result of tax cuts and fiscal expenditure. However, there was a downturn in business confidence in the manufacturing industry due primarily to the impact of the trade disputes with countries such as China. The unemployment rate remained low, and wage growth accelerated somewhat, and spillover effects on prices have yet to be observed. The Federal Reserve Board (FRB) also changed its stance regarding interest rates, from one with an inclination towards rate increases to a morewait-and-see stance, and announced their planned suspension of the shrinking of their balance sheet.

In Europe, the economy remained weak. Business confidence showed a clear downturn within mainly the manufacturing sector. The European Central Bank (ECB) suspended purchases of new assets but left its policy rate unchanged amid growing uncertainties such as Brexit*.

In Asia, the Chinese economy remained stagnant. In China, export growth slowed rapidly mainly due to the impact of trade disputes between the United States and China. Although the economies of emerging countries were continuing to recover, the risk of capital outflows remained in some countries with current account deficits due to concerns over U.S. trade policy and the Chinese economy.

In Japan, the economy continued to trend towards recovery but exports declined due to weak overseas economies and production was lacking strength. Consumer spending continued to remain on a moderate trend of recovery amid favorable employment conditions. The Bank of Japan continued its Quantitative and Qualitative Monetary Easing with Yield Curve Control measures with a view to achieving a price stability target of two percent but indicated that it will be difficult to achieve this target by the end of the 2020 fiscal year.

As to the prospects for the global economy, recovery is expected to continue to be centered on the United States, but close attention should be paid to growing uncertainties such as U.S. trade policy, the political concerns in Europe, the economic and market outlook for China and emerging countries and geopolitical risks in the Middle East.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥1,812.7 billion for fiscal 2018, decreasing by ¥102.6 billion from the previous fiscal year.

Gross Profits of aggregate figures for Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. on anon-consolidated basis (on anon-consolidated aggregated basis of the banks) decreased by ¥96.1 billion on ayear-on-year basis to ¥1,197.1 billion due to a decrease in Trading and Others mainly caused by the portfolio restructuring, moving to foreign bonds, to improve the investment portfolio. General and Administrative Expenses on anon-consolidated aggregated basis of the banks decreased by ¥15.3 billion on ayear-on-year basis to ¥949.3 billion.

Net Operating Revenues on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥22.1 billion on ayear-on-year basis to ¥283.8 billion due to a decrease in Net Gain on Trading and other factors.

Selling, General and Administrative Expenses on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥0.7 billion on ayear-on-year basis to ¥262.6 billion.

As a result, Consolidated Net Business Profits decreased by ¥64.4 billion on ayear-on-year basis to ¥393.3 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others that consist of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on anon-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥129.6 billion on ayear-on-year basis to ¥408.3 billion.

Credit-related Costs was an expense of ¥19.5 billion.

Net Gains (Losses) related to Stocks increased by ¥2.8 billion on ayear-on-year basis to net gains of ¥274.8 billion.

As a result, Ordinary Income decreased by ¥168.3 billion on ayear-on-year basis to ¥614.1 billion.

Extraordinary Gains (Losses) decreased by ¥515.3 billion on ayear-on-year basis to net losses of ¥497.8 billion due to recording of losses in light of structural reform.

Tax-related Expenses decreased by ¥194.1 billion on ayear-on-year basis to ¥(2.5) billion due to recording of deferred income taxes of ¥(163.8) billion, while current income taxes of ¥161.3 billion was recorded.

As a result, Profit Attributable to Owners of Parent for fiscal 2018 decreased by ¥479.9 billion on ayear-on-year basis to ¥96.5 billion.

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Mizuho Financial Group, Inc.

As for earnings estimates for fiscal 2019, we estimate Ordinary Profits of ¥700.0 billion and Profit Attributable to Owners of Parent of ¥470.0 billion on a consolidated basis.

*The United Kingdom’s withdrawal from the European Union.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2019 amounted to ¥200,792.2 billion, decreasing by ¥4,236.0 billion from the end of the previous fiscal year mainly due to a decrease in Securities.

Securities were ¥29,774.4 billion, decreasing by ¥4,408.5 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥78,456.9 billion, decreasing by ¥964.5 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥137,649.5 billion, increasing by ¥1,185.7 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,194.0 billion, decreasing by ¥627.2 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,303.0 billion, Accumulated Other Comprehensive Income was ¥1,445.7 billion, andNon-controlling Interests was ¥444.5 billion.

Net Cash Used in Operating Activities was ¥2,636.0 billion mainly due to increased call loans. Net Cash Provided by Investing Activities was ¥5,487.1 billion mainly due to purchase, sale, and redemption of securities and Net Cash Used in Financing Activities was ¥18.6 billion mainly due to repayments tonon-controlling shareholders and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2019 was ¥44,254.8 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2018 and Dividend Estimates for Fiscal 2019

We have been implementing disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders.

As for our policy to return profits to shareholders for fiscal 2018, we have implemented a steady dividend payout policy setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration.

Based on this policy, we have decided to make cash dividend payments on common stock of ¥3.75 asyear-end dividends for fiscal 2018 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) as predicted in Dividend Estimates for Fiscal 2018.

The board of directors has considered thoroughly and decided to retain cash dividend payments on common stock of ¥7.50 as annual dividends for fiscal 2018, although Profit Attributable to Owners of Parent for fiscal 2018 amounted to ¥96.5 billion and was greatly decreased compared to fiscal 2017 as a result of recording losses in light of structural reform. To make such decision, the board of directors has considered that Consolidated Common Equity Tier 1 ratio (excluding Net Unrealized Gains on Other Securities on a BaselIII fully-implemented basis (under the current regulations)), which is the foundation of fulfilling stable financial functions, is higher than the target of the medium-term business plan formulated for the three years from fiscal 2016, i.e., 10% as of March 31, 2019, and that we aim to implement a steady dividend payout policy, and has taken into account our business environment comprehensively such as future earnings forecasts, profit base, status of capital adequacy, and domestic and international regulation trends such as the Basel framework.

Common Stock	¥	3.75 per share	(as predicted in Dividend Estimates for Fiscal 2018)
Annual cash dividends including interim dividends	¥	7.50 per share	(as predicted in Dividend Estimates for Fiscal 2018)

Furthermore, in accordance with the Articles of Incorporation, we decide distribution of dividends from surplus not by the resolution at the general meeting of shareholders but by the resolution at the board of directors unless otherwise stipulated by laws and regulations. We have decided theyear-end cash dividend payments on common stock for fiscal 2019 at the board of directors held today.

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Mizuho Financial Group, Inc.

For fiscal 2019, we continue to perform disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders. The board of directors has considered thoroughly based on the new business plan formulated for the five years starting from fiscal 2019, and consequently we set a new policy to return profits to shareholders through which we are maintaining the current level of dividends for the time being while aiming to strengthen our capital base further to enhance returns to shareholders at an early stage. We will comprehensively consider the business environment such as the Group’s business results, profit base, status of capital adequacy, and domestic and international regulation trends such as the Basel framework in determining returns to shareholders for each period.

Based on this policy, as for the dividend estimates of common stock for fiscal 2019, we predict cash dividend payments of ¥7.50 per share of common stock, which is the same as fiscal 2018. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.

(Dividend Estimates for Fiscal 2019)
Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

2. Basic Stance on Selection of Accounting Standards

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

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2018			As of March 31, 2019
Assets
Cash and Due from Banks	¥	47,725,360		¥	45,108,602
Call Loans and Bills Purchased		715,149			648,254
Receivables under Resale Agreements		8,080,873			12,997,628
Guarantee Deposits Paid under Securities Borrowing Transactions		4,350,527			2,578,133
Other Debt Purchased		2,713,742			2,828,959
Trading Assets		10,507,133			12,043,608
Money Held in Trust		337,429			351,889
Securities		34,183,033			29,774,489
Loans and Bills Discounted		79,421,473			78,456,935
Foreign Exchange Assets		1,941,677			1,993,668
Derivatives other than for Trading Assets		1,807,999			1,328,227
Other Assets		4,588,484			4,229,589
Tangible Fixed Assets		1,111,128			1,037,006
Buildings		341,533			287,634
Land		628,836			614,851
Lease Assets		25,468			22,557
Construction in Progress		24,975			36,300
Other Tangible Fixed Assets		90,314			75,661
Intangible Fixed Assets		1,092,708			620,231
Software		285,284			161,364
Goodwill		70,515			65,495
Lease Assets		17,756			5,839
Other Intangible Fixed Assets		719,152			387,532
Net Defined Benefit Asset		996,173			982,804
Deferred Tax Assets		47,839			37,960
Customers’ Liabilities for Acceptances and Guarantees		5,723,186			6,062,053
Reserves for Possible Losses on Loans		(315,621	)		(287,815	)
Total Assets	¥	205,028,300		¥	200,792,226

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Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2018			As of March 31, 2019
Liabilities
Deposits	¥	125,081,233		¥	124,311,025
Negotiable Certificates of Deposit		11,382,590			13,338,571
Call Money and Bills Sold		2,105,293			2,841,931
Payables under Repurchase Agreements		16,656,828			14,640,439
Guarantee Deposits Received under Securities Lending Transactions		1,566,833			1,484,584
Commercial Paper		710,391			941,181
Trading Liabilities		8,121,543			8,325,520
Borrowed Money		4,896,218			3,061,504
Foreign Exchange Liabilities		445,804			669,578
Short-term Bonds		362,185			355,539
Bonds and Notes		7,544,256			8,351,071
Due to Trust Accounts		4,733,131			1,102,073
Derivatives other than for Trading Liabilities		1,514,483			1,165,602
Other Liabilities		3,685,585			4,512,325
Reserve for Bonus Payments		66,872			68,117
Reserve for Variable Compensation		3,242			2,867
Net Defined Benefit Liability		58,890			60,873
Reserve for Director and Corporate Auditor Retirement Benefits		1,460			1,389
Reserve for Possible Losses on Sales of Loans		1,075			630
Reserve for Contingencies		5,622			4,910
Reserve for Reimbursement of Deposits		20,011			19,068
Reserve for Reimbursement of Debentures		30,760			25,566
Reserves under Special Laws		2,361			2,473
Deferred Tax Liabilities		421,002			185,974
Deferred Tax Liabilities for Revaluation Reserve for Land		66,186			63,315
Acceptances and Guarantees		5,723,186			6,062,053
Total Liabilities	¥	195,207,054		¥	191,598,188
Net Assets
Common Stock	¥	2,256,548		¥	2,256,767
Capital Surplus		1,134,922			1,138,449
Retained Earnings		4,002,835			3,915,521
Treasury Stock		(5,997	)		(7,703	)
Total Shareholders’ Equity		7,388,309			7,303,034
Net Unrealized Gains (Losses) on Other Securities		1,392,392			1,186,401
Deferred Gains or Losses on Hedges		(67,578	)		(22,282	)
Revaluation Reserve for Land		144,277			137,772
Foreign Currency Translation Adjustments		(85,094	)		(111,057	)
Remeasurements of Defined Benefit Plans		293,536			254,936
Total Accumulated Other Comprehensive Income		1,677,534			1,445,770
Stock Acquisition Rights		1,163			707
Non-controlling Interests		754,239			444,525
Total Net Assets		9,821,246			9,194,038
Total Liabilities and Net Assets	¥	205,028,300		¥	200,792,226

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Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]

	Millions of yen
	For the fiscal year ended March 31, 2018		For the fiscal year ended March 31, 2019
Ordinary Income	¥	3,561,125	¥	3,925,649
Interest Income		1,622,354		2,056,327
Interest on Loans and Bills Discounted		999,385		1,253,970
Interest and Dividends on Securities		282,801		302,768
Interest on Call Loans and Bills Purchased		5,569		5,510
Interest on Receivables under Resale Agreements		127,923		229,637
Interest on Securities Borrowing Transactions		17,172		25,081
Interest on Due from Banks		119,839		123,545
Other Interest Income		69,662		115,813
Fiduciary Income		55,400		55,153
Fee and Commission Income		766,612		765,977
Trading Income		276,616		299,355
Other Operating Income		304,214		312,815
Other Ordinary Income		535,927		436,019
Gains on Reversal of Reserves for Possible Losses on Loans		159,062		4,357
Recovery ofWritten-off Claims		12,203		10,395
Other		364,660		421,266
Ordinary Expenses		2,778,677		3,311,531
Interest Expenses		814,988		1,293,846
Interest on Deposits		308,018		480,593
Interest on Negotiable Certificates of Deposit		65,532		129,752
Interest on Call Money and Bills Sold		4,995		11,030
Interest on Payables under Repurchase Agreements		230,554		374,524
Interest on Securities Lending Transactions		5,500		7,292
Interest on Commercial Paper		8,284		19,304
Interest on Borrowed Money		28,285		35,522
Interest on Short-term Bonds		114		28
Interest on Bonds and Notes		142,770		172,811
Other Interest Expenses		20,932		62,986
Fee and Commission Expenses		152,262		155,550
Trading Expenses		829		1,987
Other Operating Expenses		141,760		225,509
General and Administrative Expenses		1,488,973		1,430,850
Other Ordinary Expenses		179,863		203,788
Ordinary Profits	¥	782,447	¥	614,118

1-7

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2018		For the fiscal year ended March 31, 2019
Extraordinary Gains	¥	29,756	¥	11,280
Gains on Disposition of Fixed Assets		3,723		3,438
Other Extraordinary Gains		26,032		7,841
Extraordinary Losses		12,250		509,138
Losses on Disposition of Fixed Assets		5,219		5,414
Losses on Impairment of Fixed Assets		6,960		503,612
Other Extraordinary Losses		70		112
Income before Income Taxes		799,953		116,259
Income Taxes:
Current		190,158		161,376
Deferred		1,469		(163,879	)
Total Income Taxes		191,627		(2,502	)
Profit		608,326		118,762
Profit Attributable toNon-controlling Interests		31,778		22,196
Profit Attributable to Owners of Parent	¥	576,547	¥	96,566

1-8

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]

	Millions of yen
	For the fiscal year ended March 31, 2018			For the fiscal year ended March 31, 2019
Profit	¥	608,326		¥	118,762
Other Comprehensive Income		157,233			(229,304	)
Net Unrealized Gains (Losses) on Other Securities		102,332			(207,505	)
Deferred Gains or Losses on Hedges		(77,205	)		45,391
Revaluation Reserve for Land		(133	)		—
Foreign Currency Translation Adjustments		(10,949	)		(23,882	)
Remeasurements of Defined Benefit Plans		149,473			(35,577	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(6,284	)		(7,730	)
Comprehensive Income		765,559			(110,542	)
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		734,303			(128,692	)
Comprehensive Income Attributable toNon-controlling Interests		31,255			18,150

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2018

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291
Changes during the period
Issuance of New Shares		273		273									546
Cash Dividends							(190,360	)					(190,360	)
Profit Attributable to Owners of Parent							576,547						576,547
Repurchase of Treasury Stock										(2,431	)		(2,431	)
Disposition of Treasury Stock				(53	)					1,283			1,229
Transfer from Revaluation Reserve for Land							1,198						1,198
Change in Treasury Shares of Parent Arising from Transactions withNon-controlling Shareholders				287									287
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		273		506			387,385			(1,148	)		387,017
Balance as of the end of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309

	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		1,289,985		10,172			145,609			(69,657	)		144,866		1,520,976		1,754			749,339		9,273,361
Changes during the period
Issuance of New Shares																						546
Cash Dividends																						(190,360	)
Profit Attributable to Owners of Parent																						576,547
Repurchase of Treasury Stock																						(2,431	)
Disposition of Treasury Stock																						1,229
Transfer from Revaluation Reserve for Land																						1,198
Change in Treasury Shares of Parent Arising from Transactions withNon-controlling Shareholders																						287
Net Changes in Items other than Shareholders’ Equity		102,407		(77,750	)		(1,331	)		(15,437	)		148,670		156,558		(590	)		4,899		160,867
Total Changes during the period		102,407		(77,750	)		(1,331	)		(15,437	)		148,670		156,558		(590	)		4,899		547,884
Balance as of the end of the period		1,392,392		(67,578	)		144,277			(85,094	)		293,536		1,677,534		1,163			754,239		9,821,246

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2019

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309
Changes during the period
Issuance of New Shares		218		218									437
Cash Dividends							(190,384	)					(190,384	)
Profit Attributable to Owners of Parent							96,566						96,566
Repurchase of Treasury Stock										(3,001	)		(3,001	)
Disposition of Treasury Stock				(23	)					1,295			1,271
Transfer from Revaluation Reserve for Land							6,504						6,504
Change in Treasury Shares of Parent Arising from Transactions withNon-controlling Shareholders				3,331									3,331
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		218		3,526			(87,313	)		(1,706	)		(85,274	)
Balance as of the end of the period		2,256,767		1,138,449			3,915,521			(7,703	)		7,303,034

	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,392,392			(67,578	)		144,277			(85,094	)		293,536			1,677,534			1,163			754,239			9,821,246
Changes during the period
Issuance of New Shares																										437
Cash Dividends																										(190,384	)
Profit Attributable to Owners of Parent																										96,566
Repurchase of Treasury Stock																										(3,001	)
Disposition of Treasury Stock																										1,271
Transfer from Revaluation Reserve for Land																										6,504
Change in Treasury Shares of Parent Arising from Transactions withNon-controlling Shareholders																										3,331
Net Changes in Items other than Shareholders’ Equity		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(541,934	)
Total Changes during the period		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(627,208	)
Balance as of the end of the period		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

	Millions of yen
	For the fiscal year ended March 31, 2018			For the fiscal year ended March 31, 2019
Cash Flow from Operating Activities
Income before Income Taxes	¥	799,953			¥	116,259
Depreciation		173,660				168,200
Losses on Impairment of Fixed Assets		6,960				503,612
Amortization of Goodwill		4,154				4,080
Equity in Loss (Gain) from Investments in Affiliates		(21,474	)			(51,215	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(194,197	)			(26,910	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		777				(444	)
Increase (Decrease) in Reserve for Contingencies		207				183
Increase (Decrease) in Reserve for Bonus Payments		(18	)			591
Increase (Decrease) in Reserve for Variable Compensation		223				(375	)
Decrease (Increase) in Net Defined Benefit Asset		(24,803	)			(57,863	)
Increase (Decrease) in Net Defined Benefit Liability		3,756				2,497
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		175				(41	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		939				(942	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		(1,959	)			(5,194	)
Interest Income—accrual basis		(1,622,354	)			(2,056,327	)
Interest Expenses—accrual basis		814,988				1,293,846
Losses (Gains) on Securities		(263,312	)			(195,755	)
Losses (Gains) on Money Held in Trust		(139	)			(40	)
Foreign Exchange Losses (Gains)—net		229,892				(170,422	)
Losses (Gains) on Disposition of Fixed Assets		1,495				1,976
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(26,032	)			(7,841	)
Decrease (Increase) in Trading Assets		(132,951	)			(1,536,520	)
Increase (Decrease) in Trading Liabilities		154,664				227,455
Decrease (Increase) in Derivatives other than for Trading Assets		354,027				485,333
Increase (Decrease) in Derivatives other than for Trading Liabilities		(260,185	)			(355,068	)
Decrease (Increase) in Loans and Bills Discounted		(1,431,302	)			(2,407,594	)
Increase (Decrease) in Deposits		5,305,719				927,918
Increase (Decrease) in Negotiable Certificates of Deposit		865,593				1,878,841
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		(1,371,484	)			(1,800,307	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(9,678	)			611,070
Decrease (Increase) in Call Loans, etc.		1,030,590				(4,807,554	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		(1,000,475	)			1,772,393
Increase (Decrease) in Call Money, etc.		122,103				1,748,141
Increase (Decrease) in Commercial Paper		(37,576	)			199,104
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(112,466	)			(82,249	)
Decrease (Increase) in Foreign Exchange Assets		(141,992	)			(34,376	)
Increase (Decrease) in Foreign Exchange Liabilities		(80,565	)			223,848
Increase (Decrease) in Short-term Bonds (Liabilities)		135,837				(6,646	)
Increase (Decrease) in Bonds and Notes		(411,073	)			286,158
Increase (Decrease) in Due to Trust Accounts		(50,946	)			(10,232	)
Interest and Dividend Income—cash basis		1,602,227				2,027,241
Interest Expenses—cash basis		(797,725	)			(1,250,247	)
Other—net		(475,640	)			(75,059	)
Subtotal		3,139,593				(2,460,479	)
Cash Refunded (Paid) in Income Taxes		(172,892	)			(175,617	)
Net Cash Provided by (Used in) Operating Activities		2,966,701				(2,636,096	)

1-12

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2018			For the fiscal year ended March 31, 2019
Cash Flow from Investing Activities
Payments for Purchase of Securities		(60,973,137	)			(52,363,143	)
Proceeds from Sale of Securities		42,292,827				38,799,373
Proceeds from Redemption of Securities		16,679,426				19,211,836
Payments for Increase in Money Held in Trust		(155,042	)			(109,630	)
Proceeds from Decrease in Money Held in Trust		61,626				94,984
Payments for Purchase of Tangible Fixed Assets		(57,974	)			(42,703	)
Payments for Purchase of Intangible Fixed Assets		(181,647	)			(111,595	)
Proceeds from Sale of Tangible Fixed Assets		16,385				7,811
Proceeds from Sale of Intangible Fixed Assets		0				—
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		1,337				219
Net Cash Provided by (Used in) Investing Activities		(2,316,197	)			5,487,153
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		35,000				10,000
Repayments of Subordinated Borrowed Money		(69,000	)			(45,000	)
Proceeds from Issuance of Subordinated Bonds		574,000				510,000
Payments for Redemption of Subordinated Bonds		(172,600	)			(5,000	)
Proceeds from Issuance of Common Stock		3				2
Proceeds from Investments byNon-controlling Shareholders		1,450				3,514
Repayments toNon-controlling Shareholders		(1,065	)			(275,079	)
Cash Dividends Paid		(190,382	)			(190,413	)
Cash Dividends Paid toNon-controlling Shareholders		(25,832	)			(25,494	)
Payments for Repurchase of Treasury Stock		(1,611	)			(2,124	)
Proceeds from Sale of Treasury Stock		0				952
Net Cash Provided by (Used in) Financing Activities		149,962				(18,640	)
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		10,203				(32,656	)
Net Increase (Decrease) in Cash and Cash Equivalents		810,670				2,799,759
Cash and Cash Equivalents at the beginning of the fiscal year		45,523,663				46,334,334
Decrease in Cash and Cash Equivalents resulting from Exclusion of Subsidiaries from Consolidation		—				(4,879,218	)
Cash and Cash Equivalents at the end of the fiscal year	¥	46,334,334			¥	44,254,874

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Business Segment Information)

1. Summary of reportable segment

MHFG has introduced anin-house company system based on the group’s diverse customer segments.

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

Specifically, the company system is classified into the following fivein-house companies, each based on a customer segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

Services for Japanese overseas affiliated corporate customers andnon-Japanese corporate customers, etc.

Global Markets Company:

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

Asset Management Company:

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

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments.

Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

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

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

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

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

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

1-14

Mizuho Financial Group, Inc.

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

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

	Millions of yen
	MHFG (Consolidated)
	Retail & Business Banking Company		Corporate & Institutional Company		Global Corporate Company		Global Markets Company			Asset Management Company		Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		707,151		473,809		416,096		192,048			49,657		(11,039	)	1,827,721
General and administrative expenses (excludingNon-Recurring Losses and others)		713,735		198,135		251,877		203,349			27,232		46,278		1,440,606
Equity in income from investments in affiliates		18,130		872		7,348		—			1,280		23,585		51,215
Amortization of goodwill and others		363		425		369		2,346			8,000		2,067		13,570
Others		—		—		—		—			—		(16,386	)	(16,386	)
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others		11,183		276,121		171,198		(13,647	)		15,705		(52,186	)	408,373
Fixed assets		499,314		225,821		176,921		92,608			111		662,462		1,657,237

(Notes) 1.	Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 14,984 million, of which ¥ 7,280 million is included in the Global Markets Company.
2.	“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.	Fixed assets have been allocated to each segment to enhance the sophistication of management accounting capabilities from the fiscal year ended March 31, 2019.
4.	“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others. Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using the reasonable criteria of allocation.

1-15

Mizuho Financial Group, Inc.

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

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

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

(1)     The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income
	Millions of yen
	Amount
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		1,827,721
Net gains or losses related to ETFs and others		(14,984	)
Other Ordinary Income		436,019
General and Administrative Expenses		(1,430,850	)
Other Ordinary Expenses		(203,788	)
Ordinary Profits recorded in Consolidated Statement of Income		614,118
(2)     The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income
	Millions of yen
	Amount
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others		408,373
Credit Costs for Trust Accounts		—
General and Administrative Expenses(non-recurring losses)		23,326
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(30,710	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		11,156
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		259,879
Net Extraordinary Gains (Losses)		(497,858	)
Others		(57,907	)
Income before Income Taxes recorded in Consolidated Statement of Income		116,259

1-16

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

		Fiscal 2017			Fiscal 2018
Net Assets per Share of Common Stock		¥	357.41		¥	345.00
Net Income per Share of Common Stock		¥	22.72		¥	3.80
Diluted Net Income per Share of Common Stock		¥	22.72		¥	3.80
1.  Total Net Assets per Share of Common Stock is based on the following information:
		Fiscal 2017			Fiscal 2018
Net Assets per Share of Common Stock
Total Net Assets	¥  million		9,821,246			9,194,038
Deductions from Total Net Assets	¥  million		755,403			445,232
Stock Acquisition Rights	¥  million		1,163			707
Non-Controlling Interests	¥  million		754,239			444,525
Net Assets(year-end) related to Common Stock	¥  million		9,065,843			8,748,805
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		25,364,815			25,358,536
2.  Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:
		Fiscal 2017			Fiscal 2018
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥  million		576,547			96,566
Amount not attributable to Common Stock	¥  million		—			—
Profit Attributable to Owners of Parent related to Common Stock	¥  million		576,547			96,566
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		25,366,345			25,362,375
Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥  million		—			—
Increased Number of Shares of Common Stock	Thousands of shares		7,585			4,522
Stock Acquisition Rights	Thousands of shares		7,585			4,522
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects			—			—

1-17

Mizuho Financial Group, Inc.

3. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2018 and 2019. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2018 and 2019 are 13,319 thousand and 18,917 thousand, respectively.

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2018 and 2019 are 11,815 thousand and 17,195 thousand, respectively.

(Subsequent Events)

There is no applicable information.

1-18

SELECTED FINANCIAL INFORMATION

For Fiscal 2018

<Under Japanese GAAP>

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR FISCAL 2018	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- 7
5. Unrealized Gains/Losses on Securities	CON	NON		2- 9
6. Projected Redemption Amounts for Securities	NON			2- 11
7. Overview of Derivative Transactions Qualifying for Hedge Accounting	NON			2- 12
8. Employee Retirement Benefits	NON	CON		2- 13
9. Capital Ratio	CON	NON		2- 15
II. REVIEW OF CREDITS	See above Notes		Page
1. Status ofNon-Accrual, Past Due & Restructured Loans	CON	NON		2- 16
2. Status of Reserves for Possible Losses on Loans	CON	NON		2- 18
3. Reserve Ratios forNon-Accrual, Past Due & Restructured Loans	CON	NON		2- 19
4. Status of Non Performing Loans based on the Financial Reconstruction Act (“FRA”)	CON	NON		2- 20
5. Coverage on Non Performing Loans based on the FRA	NON			2- 22
6. Overview ofNon-Performing Loans (“NPLs”)	NON			2- 24
7. Results of Removal of NPLs from the Balance Sheet	NON			2- 25
8. Status of Loans by Industry
(1) Outstanding Balances andNon-Accrual, Past Due & Restructured Loans by Industry	NON			2- 26
(2) Non Performing Loans based on the FRA and Coverage Ratio by Industry	NON			2- 28
9. Housing and Consumer Loans & Loans to Small andMedium-Sized Enterprises (“SMEs”) and Individual Customers
(1) Balance of Housing and Consumer Loans	NON			2- 29
(2) Loans to SMEs and Individual Customers	NON			2- 29
10. Status of Loans by Region	NON			2- 30
III. DEFERRED TAXES	See above Notes		Page
1. Estimation for Calculating Deferred Tax Assets	NON			2- 31

IV. OTHERS	See above Notes			Page
1. Breakdown of Deposits (Domestic Offices)		NON			2- 33
2. Number of Directors and Employees					2- 34
3. Number of Offices					2- 34
4. Earnings Plan for Fiscal 2019		CON	NON		2- 35
Attachments				Page
Mizuho Bank, Ltd.
Comparison ofNon-Consolidated Balance Sheets (selected items)					2- 36
Comparison ofNon-Consolidated Statements of Income (selected items)					2- 37
Mizuho Trust & Banking Co., Ltd.
Comparison ofNon-Consolidated Balance Sheets (selected items)					2- 38
Comparison ofNon-Consolidated Statements of Income (selected items)					2- 39
Statement of Trust Assets and Liabilities					2- 40
Comparison of Balances of Principal Items					2- 41
Mizuho Securities Co., Ltd.
Comparison ofNon-Consolidated Balance Sheets (selected items)					2- 42
Comparison ofNon-Consolidated Statements of Income (selected items)					2- 43

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form20-F filed with the U.S. Securities and Exchange Commission (“SEC”), and our report on Form6-K furnished to the SEC on December 26, 2018, both of which are available in the Financial Information section of our web page atwww.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2018

1.Income Analysis

Consolidated

		(Millions of yen)
		Fiscal 2018
					Change			Fiscal 2017
Consolidated Gross Profits	1		1,812,737			(102,620	)		1,915,357
Net Interest Income	2		762,480			(44,885	)		807,366
Fiduciary Income	3		55,153			(246	)		55,400
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		610,427			(3,922	)		614,349
Net Trading Income	6		297,367			21,581			275,786
Net Other Operating Income	7		87,306			(75,147	)		162,454
General and Administrative Expenses	8		(1,430,850	)		58,123			(1,488,973	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(30,710	)		(13,695	)		(17,014	)
Losses on Write-offs of Loans	10		(26,366	)		(10,824	)		(15,542	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		11,156			(162,171	)		173,327
Net Gains (Losses) related to Stocks	12		274,863			2,828			272,035
Equity in Income from Investments in Affiliates	13		51,215			29,740			21,474
Other	14		(74,293	)		19,465			(93,759	)
Ordinary Profits	15		614,118			(168,329	)		782,447
Net Extraordinary Gains (Losses)	16		(497,858	)		(515,364	)		17,506
Income before Income Taxes	17		116,259			(683,693	)		799,953
Income Taxes - Current	18		(161,376	)		28,781			(190,158	)
- Deferred	19		163,879			165,348			(1,469	)
Profit	20		118,762			(489,564	)		608,326
Profit Attributable toNon-controlling Interests	21		(22,196	)		9,582			(31,778	)
Profit Attributable to Owners of Parent	22		96,566			(479,981	)		576,547
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(19,553	)		(175,867	)		156,313
* 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		393,389			(64,431	)		457,820
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excludingNon-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	25		117			(7	)		124
Number of affiliates under the equity method	26		22			3			19

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		Fiscal 2018
		MHBK			MHTB			Aggregate Figures			Change			Fiscal 2017
Gross Profits	1		1,075,028			122,129			1,197,158			(96,192	)		1,293,350
Domestic Gross Profits	2		669,461			114,913			784,375			(97,334	)		881,709
Net Interest Income	3		456,403			24,033			480,436			(14,543	)		494,980
Fiduciary Income	4					54,997			54,997			178			54,819
Trust Fees for Jointly Operated Designated Money Trust	5					3,859			3,859			327			3,531
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		245,857			37,615			283,473			(737	)		284,211
Net Trading Income	8		(50,555	)		(6,019	)		(56,575	)		(82,800	)		26,224
Net Other Operating Income	9		17,755			4,286			22,042			568			21,474
International Gross Profits	10		405,566			7,216			412,782			1,141			411,640
Net Interest Income	11		193,352			2,350			195,702			(18,046	)		213,749
Net Fee and Commission Income	12		134,404			(700	)		133,703			12,894			120,809
Net Trading Income	13		112,033			7,572			119,605			88,874			30,731
Net Other Operating Income	14		(34,224	)		(2,005	)		(36,229	)		(82,580	)		46,350
General and Administrative Expenses (excludingNon-Recurring Losses)	15		(867,184	)		(82,207	)		(949,392	)		15,385			(964,777	)
Expense Ratio	16		80.6	%		67.3	%		79.3	%		4.7	%		74.5	%
Personnel Expenses	17		(337,230	)		(39,706	)		(376,936	)		(40	)		(376,896	)
Non-Personnel Expenses	18		(481,413	)		(39,041	)		(520,454	)		8,606			(529,060	)
Premium for Deposit Insurance	19		(30,615	)		(1,304	)		(31,919	)		986			(32,906	)
Miscellaneous Taxes	20		(48,540	)		(3,460	)		(52,001	)		6,819			(58,820	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		207,844			39,921			247,766			(80,807	)		328,573
Excluding Net Gains (Losses) related to Bonds	22		315,486			37,836			353,322			4,340			348,982
Reversal of (Provision for) General Reserve for Losses on Loans	23		45,084			(194	)		44,890			44,890			—
Net Business Profits	24		252,929			39,727			292,656			(35,916	)		328,573
Net Gains (Losses) related to Bonds	25		(107,641	)		2,085			(105,556	)		(85,147	)		(20,409	)
NetNon-Recurring Gains (Losses)	26		31,644			15,626			47,271			(240,660	)		287,931
Net Gains (Losses) related to Stocks	27		155,777			20,387			176,164			(90,183	)		266,347
Expenses related to Portfolio Problems	28		(74,146	)		(280	)		(74,427	)		(59,829	)		(14,597	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		6,792			—			6,792			(161,058	)		167,851
Other	30		(56,779	)		(4,479	)		(61,259	)		70,410			(131,669	)
Ordinary Profits	31		284,573			55,354			339,928			(276,576	)		616,504
Net Extraordinary Gains (Losses)	32		(492,037	)		(2,163	)		(494,200	)		(517,214	)		23,013
Net Gains (Losses) on Disposition of Fixed Assets	33		(179	)		(38	)		(217	)		1,702			(1,919	)
Losses on Impairment of Fixed Assets	34		(499,700	)		(2,125	)		(501,825	)		(497,761	)		(4,063	)
Gains on Cancellation of Employee Retirement Benefit Trust	35		7,841			—			7,841			(18,190	)		26,032
Income before Income Taxes (Losses)	36		(207,463	)		53,190			(154,272	)		(793,790	)		639,518
Income Taxes - Current	37		(94,923	)		(12,544	)		(107,468	)		40,977			(148,445	)
- Deferred	38		157,943			(1,582	)		156,360			154,266			2,093
Net Income (Losses)	39		(144,444	)		39,063			(105,380	)		(598,546	)		493,165
*  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].
Credit-related Costs	40		(22,268	)		(474	)		(22,743	)		(175,997	)		153,253
* Credit-related Costs [40] =  Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + Credit Costs for Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42		45,084			(194	)		44,890			(94,377	)		139,268
Losses on Write-offs of Loans	43		(15,845	)		—			(15,845	)		(13,852	)		(1,993	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(46,346	)		(280	)		(46,627	)		(65,207	)		18,580
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		(3	)		—			(3	)		(5	)		1
Reversal of (Provision for) Reserve for Contingencies	46		(41	)		—			(41	)		(37	)		(4	)
Other (including Losses on Sales of Loans)	47		(5,115	)		—			(5,115	)		(2,516	)		(2,599	)
Total	48		(22,268	)		(474	)		(22,743	)		(175,997	)		153,253

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		Fiscal 2018						Fiscal 2017
					Change
Gross Profits	1		1,075,028			(103,811	)		1,178,840
Domestic Gross Profits	2		669,461			(101,037	)		770,499
Net Interest Income	3		456,403			(16,193	)		472,597
Net Fee and Commission Income	4		245,857			(3,222	)		249,080
Net Trading Income	5		(50,555	)		(77,114	)		26,558
Net Other Operating Income	6		17,755			(4,506	)		22,262
International Gross Profits	7		405,566			(2,774	)		408,340
Net Interest Income	8		193,352			(11,700	)		205,052
Net Fee and Commission Income	9		134,404			12,796			121,608
Net Trading Income	10		112,033			82,530			29,503
Net Other Operating Income	11		(34,224	)		(86,400	)		52,176
General and Administrative Expenses (excludingNon-Recurring Losses)	12		(867,184	)		15,244			(882,428	)
Expense Ratio	13		80.6	%		5.8	%		74.8	%
Personnel Expenses	14		(337,230	)		100			(337,331	)
Non-Personnel Expenses	15		(481,413	)		8,246			(489,659	)
Premium for Deposit Insurance	16		(30,615	)		918			(31,533	)
Miscellaneous Taxes	17		(48,540	)		6,897			(55,437	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		207,844			(88,567	)		296,411
Excluding Net Gains (Losses) related to Bonds	19		315,486			5,199			310,286
Reversal of (Provision for) General Reserve for Losses on Loans	20		45,084			45,084			—
Net Business Profits	21		252,929			(43,482	)		296,411
Net Gains (Losses) related to Bonds	22		(107,641	)		(93,766	)		(13,875	)
NetNon-Recurring Gains (Losses)	23		31,644			(231,081	)		262,726
Net Gains (Losses) related to Stocks	24		155,777			(81,269	)		237,047
Expenses related to Portfolio Problems	25		(74,146	)		(59,550	)		(14,596	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		6,792			(158,128	)		164,921
Other	27		(56,779	)		67,866			(124,646	)
Ordinary Profits	28		284,573			(274,564	)		559,137
Net Extraordinary Gains (Losses)	29		(492,037	)		(515,808	)		23,771
Net Gains (Losses) on Disposition of Fixed Assets	30		(179	)		1,846			(2,025	)
Losses on Impairment of Fixed Assets	31		(499,700	)		(496,500	)		(3,199	)
Gains on Cancellation of Employee Retirement Benefit Trust	32		7,841			(18,190	)		26,032
Income before Income Taxes (Losses)	33		(207,463	)		(790,372	)		582,908
Income Taxes - Current	34		(94,923	)		40,424			(135,348	)
- Deferred	35		157,943			156,610			1,332
Net Income (Losses)	36		(144,444	)		(593,337	)		448,893
Credit-related Costs	37		(22,268	)		(172,594	)		150,325

* Credit-related Costs [37] =  Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Losses on Loans [20] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [26]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	38	45,084		(91,327	)	136,412
Losses on Write-offs of Loans	39	(15,845	)	(13,853	)	(1,991	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40	(46,346	)	(64,853	)	18,506
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41	(3	)	(5	)	1
Reversal of (Provision for) Reserve for Contingencies	42	(41	)	(37	)	(4	)
Other (including Losses on Sales of Loans)	43	(5,115	)	(2,516	)	(2,599	)
Total	44	(22,268	)	(172,594	)	150,325

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		Fiscal 2018						Fiscal 2017
					Change
Gross Profits	1		122,129			7,619			114,510
Domestic Gross Profits	2		114,913			3,702			111,210
Net Interest Income	3		24,033			1,649			22,383
Fiduciary Income	4		54,997			178			54,819
Trust Fees for Jointly Operated Designated Money Trust	5		3,859			327			3,531
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		37,615			2,485			35,130
Net Trading Income	8		(6,019	)		(5,685	)		(333	)
Net Other Operating Income	9		4,286			5,075			(788	)
International Gross Profits	10		7,216			3,916			3,300
Net Interest Income	11		2,350			(6,346	)		8,696
Net Fee and Commission Income	12		(700	)		98			(798	)
Net Trading Income	13		7,572			6,344			1,228
Net Other Operating Income	14		(2,005	)		3,820			(5,825	)
General and Administrative Expenses (excludingNon-Recurring Losses)	15		(82,207	)		141			(82,349	)
Expense Ratio	16		67.3	%		(4.6	%)		71.9	%
Personnel Expenses	17		(39,706	)		(140	)		(39,565	)
Non-Personnel Expenses	18		(39,041	)		359			(39,400	)
Premium for Deposit Insurance	19		(1,304	)		68			(1,372	)
Miscellaneous Taxes	20		(3,460	)		(77	)		(3,382	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		39,921			7,760			32,161
Excluding Net Gains (Losses) related to Bonds	22		37,836			(858	)		38,695
Reversal of (Provision for) General Reserve for Losses on Loans	23		(194	)		(194	)		—
Net Business Profits	24		39,727			7,566			32,161
Net Gains (Losses) related to Bonds	25		2,085			8,619			(6,533	)
NetNon-Recurring Gains (Losses)	26		15,626			(9,578	)		25,205
Net Gains (Losses) related to Stocks	27		20,387			(8,913	)		29,300
Expenses related to Portfolio Problems	28		(280	)		(279	)		(1	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		—			(2,929	)		2,929
Other	30		(4,479	)		2,543			(7,023	)
Ordinary Profits	31		55,354			(2,012	)		57,366
Net Extraordinary Gains (Losses)	32		(2,163	)		(1,405	)		(757	)
Net Gains (Losses) on Disposition of Fixed Assets	33		(38	)		(144	)		106
Losses on Impairment of Fixed Assets	34		(2,125	)		(1,261	)		(864	)
Income before Income Taxes	35		53,190			(3,418	)		56,609
Income Taxes - Current	36		(12,544	)		553			(13,097	)
- Deferred	37		(1,582	)		(2,344	)		761
Net Income	38		39,063			(5,209	)		44,272
* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].
Credit-related Costs	39		(474	)		(3,402)			2,927
* Credit-related Costs [39]   =  Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + 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		(194	)		(3,050	)		2,855
Losses on Write-offs of Loans	42		—			1			(1	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(280	)		(354	)		73
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			(0	)		0
Reversal of (Provision for) Reserve for Contingencies	45		—			—			—
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		(474	)		(3,402	)		2,927

2-4

Mizuho Financial Group, Inc.

2.Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			Fiscal 2018						Fiscal 2017
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.47			(0.03	)		0.51
Return on Loans and Bills Discounted *1		2		0.79			(0.03	)		0.82
Return on Securities		3		0.51			0.09			0.42
Cost of Funding (including Expenses)		4		0.68			(0.05	)		0.73
Cost of Deposits (including Expenses)		5		0.70			(0.06	)		0.76
Cost of Deposits *2		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.37			0.01			0.36
Net Interest Margin	(1)-(4)	8		(0.21	)		0.01			(0.22	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.09			0.03			0.06
Loan and Deposit Rate Margin	(2)-(6)	10		0.79			(0.02	)		0.82
*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		0.83			(0.04	)		0.87
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.12			0.01			0.10
Loan and Deposit Rate Margin	(11)-(6)	13		0.82			(0.04	)		0.86
			(%)
			Fiscal 2018						Fiscal 2017
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14		0.51			0.02			0.48
Return on Loans and Bills Discounted *1		15		0.61			(0.02	)		0.64
Return on Securities		16		1.52			0.52			0.99
Cost of Funding		17		0.08			(0.00	)		0.09
Cost of Deposits *2		18		0.02			(0.00	)		0.02
Net Interest Margin	(14)-(17)	19		0.42			0.03			0.39
Loan and Deposit Rate Margin	(15)-(18)	20		0.59			(0.02	)		0.61
*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		0.64			(0.03	)		0.68
Loan and Deposit Rate Margin	(21)-(18)	22		0.62			(0.03	)		0.65
(Reference)			(%)
			Fiscal 2018						Fiscal 2017
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted *1		23		0.78			(0.02	)		0.81
Cost of Deposits *2		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.78			(0.02	)		0.81
*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		0.81			(0.04	)		0.86
Loan and Deposit Rate Margin	(26)-(24)	27		0.81			(0.04	)		0.85

2-5

Mizuho Financial Group, Inc.

3.Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	Fiscal 2018										Fiscal 2017
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		151,978,115		1.10		4,792,532			0.20			147,185,582		0.90
Loans and Bills Discounted		74,429,750		1.51		4,166,660			0.25			70,263,089		1.25
Securities		30,764,651		0.91		(1,171,870	)		0.08			31,936,522		0.82
Source of Funds		152,197,861		0.67		6,039,578			0.23			146,158,282		0.44
Deposits		114,456,329		0.39		4,606,992			0.14			109,849,336		0.25
NCDs		13,185,359		0.97		1,938,092			0.39			11,247,266		0.57
(Domestic Operations)
Use of Funds		105,894,071		0.47		3,605,710			(0.03	)		102,288,361		0.51
Loans and Bills Discounted		47,085,056		0.78		820,399			(0.03	)		46,264,657		0.81
Securities		19,315,514		0.51		(741,895	)		0.09			20,057,409		0.42
Source of Funds		105,462,967		0.04		4,210,737			(0.00	)		101,252,229		0.04
Deposits		89,492,898		0.00		3,675,308			(0.00	)		85,817,590		0.00
NCDs		6,757,553		0.00		889,462			0.00			5,868,090		0.00
(International Operations)
Use of Funds		49,959,962		2.37		2,175,124			0.61			47,784,837		1.75
Loans and Bills Discounted		27,344,694		2.77		3,346,261			0.67			23,998,432		2.09
Securities		11,449,137		1.58		(429,975	)		0.07			11,879,112		1.50
Source of Funds		50,610,811		1.96		2,817,143			0.63			47,793,668		1.32
Deposits		24,963,431		1.78		931,684			0.66			24,031,746		1.12
NCDs		6,427,806		1.99		1,048,630			0.79			5,379,176		1.20
Mizuho Trust & Banking (Banking Account)
	(Millions of yen, %)
	Fiscal 2018										Fiscal 2017
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		6,297,733		0.67		(37,484	)		(0.00	)		6,335,217		0.68
Loans and Bills Discounted		3,366,727		0.79		9,357			0.03			3,357,370		0.75
Securities		898,072		1.53		(124,176	)		0.19			1,022,248		1.34
Source of Funds		6,783,233		0.24		188,969			0.05			6,594,263		0.19
Deposits		3,467,183		0.03		46,473			0.00			3,420,709		0.03
NCDs		414,145		0.01		99,189			(0.00	)		314,956		0.01
(Domestic Operations)
Use of Funds		5,784,050		0.51		(16,676	)		0.02			5,800,727		0.48
Loans and Bills Discounted		3,120,974		0.61		13,042			(0.02	)		3,107,932		0.64
Securities		570,355		1.52		(108,157	)		0.52			678,513		0.99
Source of Funds		6,252,251		0.08		205,402			(0.00	)		6,046,848		0.09
Deposits		3,453,426		0.02		41,485			(0.00	)		3,411,941		0.02
NCDs		414,145		0.01		99,189			(0.00	)		314,956		0.01
(International Operations)
Use of Funds		597,968		2.20		(23,412	)		(0.35	)		621,380		2.55
Loans and Bills Discounted		245,752		3.01		(3,685	)		0.82			249,437		2.18
Securities		327,716		1.55		(16,018	)		(0.46	)		343,735		2.02
Source of Funds		615,267		1.75		(19,037	)		0.62			634,305		1.13
Deposits		13,756		1.84		4,988			0.89			8,768		0.95
NCDs		—		—		—			—			—		—

2-6

Mizuho Financial Group, Inc.

4.Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Bonds		(109,359	)		(88,586	)		(20,773	)
Gains on Sales and Others		72,682			1,756			70,926
Losses on Sales and Others		(175,074	)		(86,302	)		(88,772	)
Impairment (Devaluation)		(1,259	)		786			(2,045	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(5,708	)		(4,827	)		(881	)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Stocks		274,863			2,828			272,035
Gains on Sales		351,049			34,578			316,471
Losses on Sales		(45,847	)		(17,755	)		(28,092	)
Impairment (Devaluation)		(5,795	)		(621	)		(5,174	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(24,542	)		(13,373	)		(11,169	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Bonds		(105,556	)		(85,147	)		(20,409	)
Gains on Sales and Others		76,554			5,209			71,345
Losses on Sales and Others		(175,143	)		(85,315	)		(89,827	)
Impairment (Devaluation)		(1,259	)		(213	)		(1,045	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(5,708	)		(4,827	)		(881	)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Stocks		176,164			(90,183	)		266,347
Gains on Sales		254,801			(53,264	)		308,066
Losses on Sales		(45,956	)		(19,245	)		(26,710	)
Impairment (Devaluation)		(7,767	)		(4,248	)		(3,519	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(370	)		(50	)		(319	)
Gains (Losses) on Derivatives other than for Trading		(24,542	)		(13,373	)		(11,169	)

2-7

Mizuho Financial Group, Inc.

Mizuho Bank	(Millions of yen)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Bonds		(107,641	)		(93,766	)		(13,875	)
Gains on Sales and Others		68,501			1,254			67,247
Losses on Sales and Others		(170,433	)		(90,936	)		(79,496	)
Impairment (Devaluation)		(1,259	)		(213	)		(1,045	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,451	)		(3,870	)		(580	)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Stocks		155,777			(81,269	)		237,047
Gains on Sales		225,559			(52,843	)		278,402
Losses on Sales		(39,757	)		(14,560	)		(25,197	)
Impairment (Devaluation)		(7,321	)		(3,861	)		(3,460	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(370	)		(50	)		(319	)
Gains (Losses) on Derivatives other than for Trading		(22,332	)		(9,953	)		(12,378	)
Mizuho Trust & Banking	(Millions of yen)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Bonds		2,085			8,619			(6,533	)
Gains on Sales and Others		8,052			3,954			4,098
Losses on Sales and Others		(4,710	)		5,621			(10,331	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,257	)		(956	)		(300	)
	Fiscal 2018						Fiscal 2017
				Change
Net Gains (Losses) related to Stocks		20,387			(8,913	)		29,300
Gains on Sales		29,241			(421	)		29,663
Losses on Sales		(6,198	)		(4,685	)		(1,513	)
Impairment (Devaluation)		(446	)		(386	)		(59	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,210	)		(3,419	)		1,209

2-8

Mizuho Financial Group, Inc.

5.Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

	(Millions of yen)
	As of March 31, 2019									As of March 31, 2018
	Book Value (=Fair Value)		Unrealized Gains/Losses							Book Value (=Fair Value)		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Other Securities		27,847,545		1,689,866			1,883,436		193,570		31,581,138		1,954,226			2,258,682		304,455
Japanese Stocks		3,143,560		1,723,661			1,774,459		50,797		3,582,240		2,017,372			2,050,964		33,592
Japanese Bonds		14,786,949		5,270			37,284		32,014		16,535,604		5,411			37,822		32,411
Japanese Government Bonds		11,896,134		5,921			8,755		2,834		13,332,094		616			10,257		9,640
Other		9,917,034		(39,065	)		71,692		110,757		11,463,293		(68,557	)		169,894		238,451
Foreign Bonds		7,418,321		23,694			35,306		11,611		8,329,141		(166,095	)		11,647		177,743
*   In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included. *   Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.      Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date. *   The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs. *   Unrealized Gains/Losses include ¥38,000 million and ¥28,273 million, which were recognized in the statement of income for March 31, 2019 and March 31, 2018, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2019 and March 31, 2018 are ¥1,651,865 million and ¥1,925,952 million, respectively. *   Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2019 and March 31, 2018 are ¥1,186,401 million and ¥1,392,392 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of March 31, 2019									As of March 31, 2018
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Bonds Held to Maturity		1,602,209		7,378			19,907		12,528		2,515,830		6,016			24,472		18,455

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2019									As of March 31, 2018
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
Other Securities		27,416,537		1,617,290			1,813,859		196,568		30,460,639		1,742,560			2,048,445		305,884
Japanese Stocks		3,064,419		1,654,186			1,708,161		53,974		3,487,425		1,929,319			1,966,186		36,866
Japanese Bonds		14,764,299		5,258			37,271		32,012		16,248,134		5,544			37,804		32,260
Japanese Government Bonds		11,877,711		5,913			8,745		2,832		13,309,191		611			10,246		9,634
Other		9,587,819		(42,155	)		68,426		110,581		10,725,080		(192,303	)		44,454		236,757
Foreign Bonds		7,196,583		23,108			34,617		11,508		8,029,279		(165,125	)		10,979		176,105
Mizuho Bank
Other Securities		26,622,049		1,521,244			1,707,856		186,612		29,418,125		1,617,868			1,909,248		291,380
Japanese Stocks		2,880,149		1,557,759			1,608,371		50,611		3,260,188		1,800,836			1,834,258		33,422
Japanese Bonds		14,500,458		4,637			36,525		31,887		15,784,809		4,483			36,164		31,680
Japanese Government Bonds		11,687,096		5,853			8,594		2,740		12,918,767		68			9,164		9,095
Other		9,241,441		(41,152	)		62,959		104,112		10,373,126		(187,451	)		38,825		226,276
Foreign Bonds		6,973,236		20,431			31,940		11,508		7,870,983		(159,166	)		10,781		169,948
Mizuho Trust & Banking
Other Securities		794,488		96,046			106,002		9,956		1,042,514		124,692			139,196		14,504
Japanese Stocks		184,269		96,427			99,790		3,362		227,236		128,483			131,928		3,444
Japanese Bonds		263,840		621			745		124		463,324		1,060			1,639		579
Japanese Government Bonds		190,614		59			151		91		390,424		542			1,081		539
Other		346,377		(1,002	)		5,466		6,469		351,953		(4,851	)		5,629		10,480
Foreign Bonds		223,347		2,676			2,676		—		158,295		(5,959	)		198		6,157

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

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

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

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

* Unrealized Gains/Losses include ¥38,000 million and ¥28,273 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2019 and March 31, 2018, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of March 31, 2019 and March 31, 2018 are ¥1,579,289 million and ¥1,714,286 million, respectively.

* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2019 and March 31, 2018 are as follows:

	(Millions of yen)
	As of March 31, 2019		As of March 31, 2018
Aggregate Figures		1,147,453		1,258,468
Mizuho Bank		1,071,157		1,159,210
Mizuho Trust & Banking		76,295		99,258

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2019								As of March 31, 2018
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		1,602,209		7,378		19,907		12,528		2,515,830		6,016		24,472		18,455
Mizuho Bank		1,602,209		7,378		19,907		12,528		2,515,830		6,016		24,472		18,455
Mizuho Trust & Banking		—		—		—		—		—		—		—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of March 31, 2019								As of March 31, 2018
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		135,763		176,806		176,806		—		108,663		216,069		218,407		2,338
Mizuho Bank		135,763		176,806		176,806		—		108,663		216,069		218,407		2,338
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amount is as follows:

Consolidated

	(Millions of yen)
	As of March 31, 2019						As of March 31, 2018
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,651,865			(274,087	)		1,925,952
Japanese Stocks		1,687,650			(296,621	)		1,984,272
Japanese Bonds		5,270			(141	)		5,411
Japanese Government Bonds		5,921			5,304			616
Other		(41,055	)		22,675			(63,731	)
Foreign Bonds		21,704			182,974			(161,269	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2019						As of March 31, 2018
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,579,289			(134,997	)		1,714,286
Japanese Stocks		1,618,175			(278,044	)		1,896,219
Japanese Bonds		5,258			(285	)		5,544
Japanese Government Bonds		5,913			5,301			611
Other		(44,145	)		143,332			(187,477	)
Foreign Bonds		21,118			181,418			(160,299	)

2-10

Mizuho Financial Group, Inc.

6.Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	Maturity as of March 31, 2019								Change												Maturity as of March 31, 2018
	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		8,817.6		4,016.9		2,137.5		828.3		1,278.6			(2,896.5	)		(593.8	)		(66.7	)		7,539.0		6,913.5		2,731.3		895.0
Japanese Government Bonds		8,454.7		2,698.1		1,524.4		245.0		1,356.0			(3,030.1	)		(705.6	)		145.0			7,098.6		5,728.2		2,230.0		100.0
Japanese Local Government Bonds		7.2		118.1		77.3		4.7		(24.7	)		0.3			(3.7	)		0.3			31.9		117.7		81.1		4.4
Japanese Corporate Bonds		355.7		1,200.7		535.7		578.5		(52.6	)		133.1			115.5			(212.0	)		408.3		1,067.6		420.1		790.6
Other		3,709.9		1,597.3		959.5		1,709.8		815.8			(278.4	)		(1,034.1	)		(565.8	)		2,894.1		1,875.8		1,993.6		2,275.6
Mizuho Bank
Japanese Bonds		8,672.3		3,936.6		2,100.4		828.3		1,283.6			(2,716.0	)		(584.0	)		(66.7	)		7,388.6		6,652.7		2,684.5		895.0
Japanese Government Bonds		8,319.7		2,663.1		1,504.4		245.0		1,370.6			(2,849.1	)		(705.6	)		145.0			6,949.0		5,512.2		2,210.0		100.0
Japanese Local Government Bonds		6.7		117.1		77.3		4.7		(25.0	)		0.8			(3.7	)		0.3			31.7		116.2		81.1		4.4
Japanese Corporate Bonds		345.8		1,156.4		518.6		578.5		(61.9	)		132.1			125.2			(212.0	)		407.8		1,024.2		393.3		790.6
Other		3,708.8		1,546.7		808.8		1,684.9		816.5			(311.8	)		(1,068.2	)		(554.1	)		2,892.3		1,858.6		1,877.1		2,239.0
Mizuho Trust & Banking
Japanese Bonds		145.2		80.3		37.0		—		(5.0	)		(180.5	)		(9.7	)		—			150.3		260.8		46.8		—
Japanese Government Bonds		135.0		35.0		20.0		—		(14.6	)		(181.0	)		—			—			149.6		216.0		20.0		—
Japanese Local Government Bonds		0.4		1.0		—		—		0.3			(0.4	)		—			—			0.1		1.4		—		—
Japanese Corporate Bonds		9.8		44.2		17.0		—		9.2			0.9			(9.7	)		—			0.5		43.3		26.8		—
Other		1.1		50.6		150.6		24.9		(0.6	)		33.4			34.1			(11.6	)		1.8		17.1		116.4		36.5

2-11

Mizuho Financial Group, Inc.

7.Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

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

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of March 31, 2019								Change												As of March 31, 2018
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years			Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		3,292.9		9,688.1		9,413.6		22,394.7		(1,189.8	)		(1,491.6	)		(175.0	)		(2,856.5	)		4,482.8		11,179.7		9,588.6		25,251.2
Receive Float / Pay Fixed		230.5		2,247.9		5,091.2		7,569.7		25.7			803.1			(540.1	)		288.7			204.7		1,444.8		5,631.4		7,281.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,523.4		11,936.1		14,504.9		29,964.5		(1,164.1	)		(688.5	)		(715.2	)		(2,567.8	)		4,687.5		12,624.6		15,220.1		32,532.3
Mizuho Bank
Receive Fixed / Pay Float		3,292.9		9,688.1		9,413.6		22,394.7		(1,189.8	)		(1,491.6	)		(175.0	)		(2,856.5	)		4,482.8		11,179.7		9,588.6		25,251.2
Receive Float / Pay Fixed		230.5		2,157.9		4,946.2		7,334.7		62.2			883.1			(595.1	)		350.2			168.2		1,274.8		5,541.4		6,984.5
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,523.4		11,846.1		14,359.9		29,729.5		(1,127.6	)		(608.5	)		(770.2	)		(2,506.3	)		4,651.0		12,454.6		15,130.1		32,235.8
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Float / Pay Fixed		—		90.0		145.0		235.0		(36.4	)		(80.0	)		55.0			(61.4	)		36.4		170.0		90.0		296.4
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		—		90.0		145.0		235.0		(36.4	)		(80.0	)		55.0			(61.4	)		36.4		170.0		90.0		296.4

(Reference)

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

	(Billions of yen)
	As of March 31, 2019						Change								As of March 31, 2018
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		932.1		973.5	(41.3	)		203.6			138.3		65.3			728.5		835.1	(106.6	)
Mizuho Bank		848.0		887.1	(39.0	)		215.2			145.2		69.9			632.8		741.8	(109.0	)
Mizuho Trust & Banking		84.0		86.3	(2.3	)		(11.6	)		(6.9	)	(4.6	)		95.6		93.3	2.3

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

2-12

Mizuho Financial Group, Inc.

8.Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

		(Millions of yen)
		Fiscal 2018			Change			Fiscal 2017
Retirement Benefit Obligations	(A)		1,245,869			9,421			1,236,447
Discount Rate (%)			0.00~0.70						0.02~0.98
Total Fair Value of Plan Assets	(B)		2,157,954			(8,109	)		2,166,064
Unrecognized Actuarial Differences	(C)		(374,443	)		48,127			(422,570	)
Prepaid Pension Cost	(B)+(C)-(A)		537,641			30,595			507,046
Mizuho Bank
Retirement Benefit Obligations	(A)		1,096,412			7,001			1,089,411
Discount Rate (%)			0.00~0.70						0.02~0.98
Total Fair Value of Plan Assets	(B)		1,922,809			(20,391	)		1,943,201
Unrecognized Actuarial Differences	(C)		(344,521	)		51,814			(396,336	)
Prepaid Pension Cost	(B)+(C)-(A)		481,875			24,421			457,453
Mizuho Trust & Banking
Retirement Benefit Obligations	(A)		149,456			2,420			147,036
Discount Rate (%)			0.00~0.70						0.02~0.98
Total Fair Value of Plan Assets	(B)		235,145			12,281			222,863
Unrecognized Actuarial Differences	(C)		(29,922	)		(3,687	)		(26,234	)
Prepaid Pension Cost	(B)+(C)-(A)		55,766			6,173			49,592

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

	(Millions of yen)
	Fiscal 2018			Change			Fiscal 2017
Service Cost		(28,331	)		(866	)		(27,465	)
Interest Cost		(4,205	)		440			(4,646	)
Expected Return on Plan Assets		32,901			2,570			30,331
Accumulation (Amortization) of Unrecognized Actuarial Differences		31,162			53,385			(22,223	)
Gains on Cancellation of Employee Retirement Benefit Trust		7,841			(18,190	)		26,032
Other		(2,238	)		152			(2,391	)
Total		37,131			37,493			(362	)

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

Mizuho Bank

	(Millions of yen)
	Fiscal 2018			Change			Fiscal 2017
Service Cost		(24,107	)		(739	)		(23,367	)
Interest Cost		(3,701	)		392			(4,094	)
Expected Return on Plan Assets		29,419			1,860			27,558
Accumulation (Amortization) of Unrecognized Actuarial Differences		30,541			48,591			(18,050	)
Gains on Cancellation of Employee Retirement Benefit Trust		7,841			(18,190	)		26,032
Other		(1,993	)		191			(2,184	)
Total		37,999			32,105			5,894

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

Mizuho Trust & Banking

		(Millions of yen)
		Fiscal 2018			Change			Fiscal 2017
Service Cost			(4,224	)		(126	)		(4,097	)
Interest Cost			(503	)		48			(552	)
Expected Return on Plan Assets			3,482			710			2,772
Accumulation (Amortization) of Unrecognized Actuarial Differences			621			4,794			(4,172	)
Other			(244	)		(38	)		(206	)
Total			(868	)		5,388			(6,256	)
Consolidated Retirement Benefit Obligations
		(Millions of yen)
		As of March 31, 2019			Change			As of March 31, 2018
Retirement Benefit Obligations	(A)		1,462,237			20,854			1,441,383
Fair Value of Plan Assets	(B)		2,384,168			5,501			2,378,667
Unrecognized Actuarial Differences	(C)		(366,177	)		51,915			(418,093	)
Net Defined Benefit Asset	(D)		982,804			(13,369	)		996,173
Net Defined Benefit Liability	(A)-(B)+(D)		60,873			1,982			58,890

Income (Expenses) related to Employee Retirement Benefits

	(Millions of yen)
	Fiscal 2018			Change			Fiscal 2017
Service Cost		(42,051	)		(1,502	)		(40,549	)
Interest Cost		(5,231	)		506			(5,737	)
Expected Return on Plan Assets		37,080			3,471			33,609
Accumulation (Amortization) of Unrecognized Actuarial Differences		30,036			53,861			(23,824	)
Gains on Cancellation of Employee Retirement Benefit Trust		7,841			(18,190	)		26,032
Other		(6,349	)		11			(6,361	)
Total		21,327			38,158			(16,831	)

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

2-14

Mizuho Financial Group, Inc.

9.Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated					(%, Billions of yen)
	As of March 31, 2019 (Preliminary)		Change			As of March 31, 2018
(1)   Total Capital Ratio		18.85		0.61			18.24
(2)   Tier 1 Capital Ratio		15.94		0.50			15.44
(3)   Common Equity Tier 1 Capital Ratio		12.76		0.27			12.49
(4)   Total Capital		10,917.5		57.0			10,860.4
(5)   Tier 1 Capital		9,232.1		39.9			9,192.2
(6)   Common Equity Tier 1 Capital		7,390.0		(46.9	)		7,437.0
(7)   Risk weighted Assets		57,899.5		(1,629.4	)		59,528.9
(8)   Total Required Capital (7)X8%		4,631.9		(130.3	)		4,762.3
Mizuho Bank International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2019 (Preliminary)		Change			As of March 31, 2018		As of March 31, 2019 (Preliminary)
(1)   Total Capital Ratio		19.02		0.50			18.52		19.32
(2)   Tier 1 Capital Ratio		16.06		0.44			15.61		16.23
(3)   Common Equity Tier 1 Capital Ratio		12.60		0.26			12.34		12.60
(4)   Total Capital		10,098.0		216.6			9,881.4		9,756.6
(5)   Tier 1 Capital		8,527.3		197.3			8,329.9		8,198.5
(6)   Common Equity Tier 1 Capital		6,689.7		105.4			6,584.2		6,362.5
(7)   Risk weighted Assets		53,073.6		(262.4	)		53,336.1		50,488.4
(8)   Total Required Capital (7)X8%		4,245.8		(20.9	)		4,266.8		4,039.0
Mizuho Trust & Banking International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2019 (Preliminary)		Change			As of March 31, 2018		As of March 31, 2019 (Preliminary)
(1)   Total Capital Ratio		23.87		3.59			20.28		23.75
(2)   Tier 1 Capital Ratio		23.70		3.65			20.05		23.58
(3)   Common Equity Tier 1 Capital Ratio		23.67		3.68			19.99		23.58
(4)   Total Capital		504.6		(0.6	)		505.2		497.5
(5)   Tier 1 Capital		500.9		1.5			499.4		493.9
(6)   Common Equity Tier 1 Capital		500.4		2.5			497.9		493.9
(7)   Risk weighted Assets		2,113.4		(377.0	)		2,490.5		2,094.7
(8)   Total Required Capital (7)X8%		169.0		(30.1	)		199.2		167.5

2-15

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1.Status ofNon-Accrual, Past Due & Restructured Loans

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

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

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

Consolidated

	(Millions of yen, %)
	As of March 31, 2019										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		11,393		0.01		(9,878	)		(0.01	)		21,271		0.02
Non-Accrual Delinquent Loans		379,225		0.48		46,522			0.06			332,702		0.41
Loans Past Due for 3 Months or More		436		0.00		(180	)		(0.00	)		617		0.00
Restructured Loans		195,366		0.24		(45,411	)		(0.05	)		240,777		0.30
Total		586,422		0.74		(8,947	)		(0.00	)		595,369		0.74
Total Loans		78,456,935		100.00		(964,538	)					79,421,473		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		87,413				(4,626	)					92,039
Trust Account
	As of March 31, 2019										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,770		28.15		(52	)		2.98			2,823		25.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		2,770		28.15		(52	)		2.98			2,823		25.16
Total Loans		9,840		100.00		(1,377	)					11,217		100.00
Consolidated + Trust Account
	As of March 31, 2019										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		11,393		0.01		(9,878	)		(0.01	)		21,271		0.02
Non-Accrual Delinquent Loans		381,995		0.48		46,470			0.06			335,525		0.42
Loans Past Due for 3 Months or More		436		0.00		(180	)		(0.00	)		617		0.00
Restructured Loans		195,366		0.24		(45,411	)		(0.05	)		240,777		0.30
Total		589,192		0.75		(8,999	)		(0.00	)		598,192		0.75
Total Loans		78,466,775		100.00		(965,915	)					79,432,691		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

	(Millions of yen, %)
	As of March 31, 2019										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		10,306		0.01		(10,499	)		(0.01	)		20,806		0.02
Non-Accrual Delinquent Loans		349,469		0.44		43,711			0.02			305,757		0.41
Loans Past Due for 3 Months or More		436		0.00		(181	)		(0.00	)		617		0.00
Restructured Loans		159,363		0.20		(37,866	)		(0.06	)		197,229		0.26
Total		519,575		0.65		(4,835	)		(0.05	)		524,410		0.70
Total Loans		79,412,377		100.00		4,969,679						74,442,698		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		81,795				(994	)					82,790
Mizuho Bank
Loans to Bankrupt Obligors		10,293		0.01		(10,492	)		(0.01	)		20,786		0.02
Non-Accrual Delinquent Loans		343,161		0.45		43,529			0.02			299,632		0.42
Loans Past Due for 3 Months or More		436		0.00		(181	)		(0.00	)		617		0.00
Restructured Loans		158,127		0.20		(38,077	)		(0.06	)		196,205		0.27
Total		512,019		0.67		(5,222	)		(0.05	)		517,241		0.72
Total Loans		76,047,363		100.00		5,049,633						70,997,730		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		81,284				(910	)					82,194
Mizuho Trust & Banking (Banking Account)
Loans to Bankrupt Obligors		13		0.00		(6	)		(0.00	)		20		0.00
Non-Accrual Delinquent Loans		3,537		0.10		235			0.00			3,301		0.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,235		0.03		210			0.00			1,024		0.02
Total		4,785		0.14		439			0.01			4,346		0.12
Total Loans		3,355,173		100.00		(78,576	)					3,433,750		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		511				(84	)					595
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,770		28.15		(52	)		2.98			2,823		25.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		2,770		28.15		(52	)		2.98			2,823		25.16
Total Loans		9,840		100.00		(1,377	)					11,217		100.00

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

2-17

Mizuho Financial Group, Inc.

2.Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Reserves for Possible Losses on Loans		287,815		(27,806	)		315,621
General Reserve for Possible Losses on Loans		136,022		(64,593	)		200,616
Specific Reserve for Possible Losses on Loans		151,787		36,783			115,004
Reserve for Possible Losses on Loans to Restructuring Countries		5		3			1
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		92,269		(4,842	)		97,112

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Reserves for Possible Losses on Loans		244,401		(17,301	)		261,703
General Reserve for Possible Losses on Loans		110,367		(56,999	)		167,367
Specific Reserve for Possible Losses on Loans		134,028		39,693			94,334
Reserve for Possible Losses on Loans to Restructuring Countries		5		3			1
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		86,250		(1,155	)		87,405
Mizuho Bank
Reserves for Possible Losses on Loans		242,076		(17,776	)		259,853
General Reserve for Possible Losses on Loans		108,485		(57,194	)		165,679
Specific Reserve for Possible Losses on Loans		133,585		39,413			94,172
Reserve for Possible Losses on Loans to Restructuring Countries		5		3			1
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		85,739		(1,070	)		86,810
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		2,324		474			1,850
General Reserve for Possible Losses on Loans		1,882		194			1,688
Specific Reserve for Possible Losses on Loans		442		280			161
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		511		(84	)		595

* Reserve for Possible Losses on Entrusted Loans (¥30 million and ¥34 million for March 31, 2019 and March 31, 2018, respectively) is not included in the above figures for Trust Account.

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Mizuho Financial Group, Inc.

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

Consolidated

	(%)
	As of March 31, 2019		Change			As of March 31, 2018
Mizuho Financial Group		49.07		(3.93	)		53.01
* Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of March 31, 2019		Change			As of March 31, 2018
Total		47.29		(2.88	)		50.17
Mizuho Bank		47.27		(2.95	)		50.23
Mizuho Trust & Banking (Banking Account)		48.58		6.01			42.56

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

2-19

Mizuho Financial Group, Inc.

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

Consolidated

	(Millions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		59,790		(27,589	)		87,380
Claims with Collection Risk		358,841		67,117			291,723
Claims for Special Attention		195,803		(45,591	)		241,395
Total		614,435		(6,063	)		620,499
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		92,081		(4,813	)		96,894
Trust Account
	As of March 31, 2019		Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,770		(52	)		2,823
Claims for Special Attention		—		—			—
Total		2,770		(52	)		2,823
Consolidated + Trust Account
	As of March 31, 2019		Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		59,790		(27,589	)		87,380
Claims with Collection Risk		361,612		67,065			294,547
Claims for Special Attention		195,803		(45,591	)		241,395
Total		617,206		(6,116	)		623,322

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated

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

	(Millions of yen, %)
	As of March 31, 2019										As of March 31, 2018
			%		Change			%					%
Claims against Bankrupt and Substantially Bankrupt Obligors		52,966		0.05		(23,679	)		(0.03	)		76,645		0.09
Claims with Collection Risk		347,692		0.38		63,393			0.04			284,299		0.33
Claims for Special Attention		159,799		0.17		(38,048	)		(0.05	)		197,847		0.23
Sub-total		560,458		0.62		1,666			(0.03	)		558,792		0.66
Normal Claims		89,236,806		99.37		5,592,560			0.03			83,644,246		99.33
Total		89,797,264		100.00		5,594,226						84,203,038		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		86,250				(1,155	)					87,405
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		52,485		0.06		(23,291	)		(0.03	)		75,776		0.09
Claims with Collection Risk		341,852		0.39		62,831			0.05			279,021		0.34
Claims for Special Attention		158,563		0.18		(38,258	)		(0.06	)		196,822		0.24
Sub-total		552,902		0.63		1,281			(0.04	)		551,621		0.68
Normal Claims		85,859,431		99.36		5,675,920			0.04			80,183,510		99.31
Total		86,412,333		100.00		5,677,202						80,735,131		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		85,739				(1,070	)					86,810
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		481		0.01		(388	)		(0.01	)		869		0.02
Claims with Collection Risk		3,069		0.09		614			0.01			2,454		0.07
Claims for Special Attention		1,235		0.03		210			0.00			1,024		0.02
Sub-total		4,785		0.14		437			0.01			4,348		0.12
Normal Claims		3,370,305		99.85		(82,035	)		(0.01	)		3,452,341		99.87
Total		3,375,091		100.00		(81,598	)					3,456,689		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		511				(84	)					595
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,770		28.15		(52	)		2.98			2,823		25.16
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,770		28.15		(52	)		2.98			2,823		25.16
Normal Claims		7,069		71.84		(1,324	)		(2.98	)		8,394		74.83
Total		9,840		100.00		(1,377	)					11,217		100.00

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

2-21

Mizuho Financial Group, Inc.

5.Coverage on Non Performing Loans based on the FRA

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Aggregate Figures for the 2 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		52.9		(23.6	)		76.6
Collateral, Guarantees, and equivalent		46.0		(29.1	)		75.1
Reserve for Possible Losses		6.8		5.4			1.4
Claims with Collection Risk		344.9		63.4			281.4
Collateral, Guarantees, and equivalent		129.1		(10.9	)		140.1
Reserve for Possible Losses		128.6		35.7			92.8
Claims for Special Attention		159.7		(38.0	)		197.8
Collateral, Guarantees, and equivalent		54.3		2.9			51.4
Reserve for Possible Losses		20.6		(18.6	)		39.3
Total		557.6		1.7			555.9
Collateral, Guarantees, and equivalent		229.6		(37.1	)		266.7
Reserve for Possible Losses		156.1		22.4			133.6
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		52.4		(23.2	)		75.7
Collateral, Guarantees, and equivalent		45.6		(28.7	)		74.3
Reserve for Possible Losses		6.8		5.4			1.3
Claims with Collection Risk		341.8		62.8			279.0
Collateral, Guarantees, and equivalent		126.8		(11.0	)		137.8
Reserve for Possible Losses		128.1		35.4			92.7
Claims for Special Attention		158.5		(38.2	)		196.8
Collateral, Guarantees, and equivalent		54.2		2.9			51.2
Reserve for Possible Losses		20.4		(18.7	)		39.1
Total		552.9		1.2			551.6
Collateral, Guarantees, and equivalent		226.6		(36.8	)		263.5
Reserve for Possible Losses		155.5		22.1			133.3
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.4		(0.3	)		0.8
Collateral, Guarantees, and equivalent		0.4		(0.3	)		0.8
Reserve for Possible Losses		—		(0.0	)		0.0
Claims with Collection Risk		3.0		0.6			2.4
Collateral, Guarantees, and equivalent		2.3		0.0			2.2
Reserve for Possible Losses		0.4		0.3			0.1
Claims for Special Attention		1.2		0.2			1.0
Collateral, Guarantees, and equivalent		0.1		(0.0	)		0.1
Reserve for Possible Losses		0.2		0.0			0.1
Total		4.7		0.4			4.3
Collateral, Guarantees, and equivalent		2.9		(0.2	)		3.2
Reserve for Possible Losses		0.6		0.3			0.3
(Reference) Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims with Collection Risk		2.7		(0.0	)		2.8
Collateral, Guarantees, and equivalent		2.7		(0.0	)		2.8
Claims for Special Attention		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Total		2.7		(0.0	)		2.8
Collateral, Guarantees, and equivalent		2.7		(0.0	)		2.8

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio

	(Billions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Aggregate Figures for the 2 Banks (Banking Account)
Coverage Amount		385.8		(14.6	)		400.4
Reserves for Possible Losses on Loans		156.1		22.4			133.6
Collateral, Guarantees, and equivalent		229.6		(37.1	)		266.7
	(%)
Coverage Ratio		69.3		(2.8	)		72.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		74.7		(8.0	)		82.7
Claims for Special Attention		46.9		1.0			45.9
Claims against Special Attention Obligors		50.5		(3.6	)		54.1
Reserve Ratio againstNon-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		59.6		(6.0	)		65.7
Claims for Special Attention		19.6		(7.2	)		26.8
Claims against Special Attention Obligors		20.5		(9.0	)		29.5
(Reference) Reserve Ratio
	(%)
Claims against Special Attention Obligors		12.75		(6.48	)		19.23
Claims against Watch Obligors excluding Special Attention Obligors		2.46		(1.46	)		3.92
Claims against Normal Obligors		0.05		0.00			0.05
Mizuho Bank
	(Billions of yen)
Coverage Amount		382.2		(14.6	)		396.9
Reserves for Possible Losses on Loans		155.5		22.1			133.3
Collateral, Guarantees, and equivalent		226.6		(36.8	)		263.5
	(%)
Coverage Ratio		69.1		(2.8	)		71.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		74.6		(8.0	)		82.6
Claims for Special Attention		47.1		1.1			45.9
Claims against Special Attention Obligors		50.6		(3.5	)		54.1
Reserve Ratio againstNon-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		59.6		(6.1	)		65.7
Claims for Special Attention		19.6		(7.3	)		26.9
Claims against Special Attention Obligors		20.5		(9.0	)		29.6
(Reference) Reserve Ratio
	(%)
Claims against Special Attention Obligors		12.74		(6.51	)		19.26
Claims against Watch Obligors excluding Special Attention Obligors		2.47		(1.47	)		3.94
Claims against Normal Obligors		0.05		0.00			0.05
Mizuho Trust & Banking (Banking Account)
	(Billions of yen)
Coverage Amount		3.5		0.0			3.5
Reserves for Possible Losses on Loans		0.6		0.3			0.3
Collateral, Guarantees, and equivalent		2.9		(0.2	)		3.2
	(%)
Coverage Ratio		75.0		(6.5	)		81.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		89.5		(5.5	)		95.0
Claims for Special Attention		29.2		(4.3	)		33.5
Claims against Special Attention Obligors		41.3		(1.8	)		43.2
Reserve Ratio againstNon-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			100.0
Claims with Collection Risk		57.9		11.5			46.3
Claims for Special Attention		19.4		(0.6	)		20.1
Claims against Special Attention Obligors		19.4		(0.6	)		20.1
(Reference) Reserve Ratio
	(%)
Claims against Special Attention Obligors		14.15		(0.12	)		14.28
Claims against Watch Obligors excluding Special Attention Obligors		1.11		0.14			0.96
Claims against Normal Obligors		0.04		0.00			0.03

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Mizuho Financial Group, Inc.

6.Overview ofNon-Performing Loans (“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

Notes: 1.	Claims for Special Attention is denoted on an individual loans basis. Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
2.	The difference between totalNon-Accrual, Past Due & Restructured Loans and total Non Performing Loans based on the FRA represents the amount of claims other than loans included in Non Performing Loans based on the FRA.

2-24

Mizuho Financial Group, Inc.

7.Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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

	(Billions of yen)
	Fiscal 2015		Fiscal 2016		Fiscal 2017		Fiscal 2018
	As of March 31, 2016		As of March 31, 2017		As of March 31, 2018		As of March 31, 2019
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		68.0		48.4		20.8		15.0		0.2		15.3		(5.5	)
Claims with Collection Risk		353.6		242.3		163.6		118.8		4.2		123.0		(40.5	)
Amount Categorized as above up to Fiscal 2015		421.7		290.8		184.4		133.8		4.4		138.3		(46.1	)
of which the amount which was in the process of being removed from the balance sheet		57.1		39.4		20.5		14.8		0.2		15.1		(5.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors				34.2		43.2		12.4		0.0		12.4		(30.8	)
Claims with Collection Risk				147.6		54.5		30.5		0.3		30.8		(23.7	)
Amount Newly Categorized as above during Fiscal 2016				181.9		97.8		42.9		0.3		43.2		(54.5	)
of which the amount which was in the process of being removed from the balance sheet				33.3		14.4		1.7		0.0		1.7		(12.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors						12.4		5.8		0.0		5.9		(6.5	)
Claims with Collection Risk						66.1		33.7		0.2		33.9		(32.1	)
Amount Newly Categorized as above during Fiscal 2017						78.5		39.5		0.2		39.8		(38.7	)
of which the amount which was in the process of being removed from the balance sheet						12.2		5.6		0.0		5.7		(6.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors								19.1		0.1		19.3		19.3
Claims with Collection Risk								158.7		1.1		159.8		159.8
Amount Newly Categorized as above during Fiscal 2018								177.9		1.2		179.1		179.1
of which the amount which was in the process of being removed from the balance sheet								18.1		0.1		18.2		18.2
Claims against Bankrupt and Substantially Bankrupt Obligors		68.0		82.7		76.6		52.4		0.4		52.9		(23.6	)
Claims with Collection Risk		353.6		390.0		284.2		341.8		5.8		347.6		63.3
Total		421.7		472.8		360.9		394.3		6.3		400.6		39.7
of which the amount which was in the process of being removed from the balance sheet		57.1		72.7		47.2		40.3		0.4		40.8		(6.4	)

*     Trust account represents trust accounts that guarantee principals in the agreement.
*	denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in Fiscal 2018

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(7.9	)		(7.9	)		—
Restructuring		(3.7	)		(3.7	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(34.4	)		(34.4	)		—
DirectWrite-off		17.3			17.3			—
Other		(110.6	)		(109.5	)		(1.0	)
Debt recovery		(78.0	)		(77.4	)		(0.6	)
Improvement in Business Performance		(32.5	)		(32.1	)		(0.3	)
Total		(139.4	)		(138.3	)		(1.0	)

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Mizuho Financial Group, Inc.

8.Status of Loans by Industry

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

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2019										As of March 31, 2018
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
					Outstanding Balance			Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		57,434.6		433.0		1,705.6			(15.2	)		55,729.0		448.2
Manufacturing		9,441.9		95.1		1,409.1			(8.2	)		8,032.7		103.3
Agriculture & Forestry		47.4		0.2		9.3			(0.0	)		38.1		0.2
Fishery		2.1		—		(0.2	)		—			2.4		—
Mining, Quarrying Industry & Gravel Extraction Industry		247.1		0.1		25.5			(1.5	)		221.5		1.6
Construction		673.2		4.9		39.7			(0.5	)		633.5		5.5
Utilities		2,806.3		1.5		359.8			(0.3	)		2,446.5		1.9
Communication		1,283.0		15.5		(206.2	)		1.5			1,489.3		13.9
Transportation & Postal Industry		2,299.4		10.3		230.9			0.1			2,068.4		10.2
Wholesale & Retail		4,875.3		107.4		162.4			(13.4	)		4,712.8		120.8
Finance & Insurance		7,952.0		10.7		(134.6	)		4.9			8,086.6		5.7
Real Estate		8,148.1		29.2		632.5			5.6			7,515.6		23.5
Commodity Lease		2,267.8		1.8		119.2			0.7			2,148.5		1.0
Service Industries		2,873.2		65.6		135.0			13.7			2,738.1		51.8
Local Governments		800.4		2.7		(137.9	)		(0.0	)		938.3		2.8
Governments		1,564.4		—		(510.7	)		—			2,075.1		—
Other		12,152.4		87.5		(428.3	)		(17.9	)		12,580.7		105.4
Overseas Total (including Loans Booked Offshore)		22,626.2		86.5		3,153.4			10.4			19,472.7		76.1
Governments		346.0		—		87.7			—			258.3		—
Financial Institutions		7,927.7		—		1,608.3			—			6,319.3		—
Other		14,352.4		86.5		1,457.3			10.4			12,895.1		76.1
Total		80,060.9		519.5		4,859.1			(4.8	)		75,201.7		524.4

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

As of March 31, 2019:	¥945.5 billion (from MHBK)
As of March 31, 2018:	¥1,083.1 billion (from MHBK)

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

* As for Overseas Total (including Loans Booked Offshore), parts of Loans which have been included in Governments are included in Financial Institutions and Other.

2-26

Mizuho Financial Group, Inc.

	(Billions of yen)
	As of March 31, 2019										As of March 31, 2018
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
					Outstanding Balance			Non-Accrual, Past Due & Restructured Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		53,422.7		425.4		1,895.7			(15.6	)		51,526.9		441.1
Manufacturing		8,956.3		94.1		1,390.7			(8.6	)		7,565.5		102.8
Agriculture & Forestry		47.4		0.2		9.3			(0.0	)		38.1		0.2
Fishery		2.1		—		(0.2	)		—			2.4		—
Mining, Quarrying Industry & Gravel Extraction Industry		244.9		0.1		25.6			(1.5	)		219.2		1.6
Construction		635.5		4.7		36.8			(0.5	)		598.7		5.3
Utilities		2,528.0		1.5		350.6			(0.3	)		2,177.4		1.9
Communication		1,164.2		15.5		(195.0	)		1.5			1,359.2		13.9
Transportation & Postal Industry		2,085.8		10.3		233.3			0.1			1,852.5		10.2
Wholesale & Retail		4,701.9		106.9		158.8			(13.7	)		4,543.0		120.6
Finance & Insurance		7,490.7		10.7		(164.1	)		4.9			7,654.9		5.7
Real Estate		6,975.0		28.7		613.8			6.0			6,361.1		22.7
Commodity Lease		2,034.2		1.8		142.7			0.7			1,891.4		1.0
Service Industries		2,816.1		65.5		134.3			13.7			2,681.8		51.7
Local Governments		791.6		—		(136.4	)		—			928.1		—
Governments		1,464.3		—		(400.6	)		—			1,865.0		—
Other		11,483.9		84.8		(303.9	)		(18.0	)		11,787.8		102.8
Overseas Total (including Loans Booked Offshore)		22,624.6		86.5		3,153.8			10.4			19,470.7		76.1
Governments		346.0		—		87.7			—			258.3		—
Financial Institutions		7,927.7		—		1,608.3			—			6,319.3		—
Other		14,350.8		86.5		1,457.6			10.4			12,893.1		76.1
Total		76,047.3		512.0		5,049.6			(5.2	)		70,997.7		517.2
*  As for Overseas Total (including Loans Booked Offshore), parts of Loans which have been included in Governments are included in Financial Institutions and Other.
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,011.9		7.5		(190.1	)		0.3			4,202.0		7.1
Manufacturing		485.5		0.9		18.4			0.3			467.1		0.5
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.1		—		(0.0	)		—			2.2		—
Construction		37.6		0.1		2.8			(0.0	)		34.8		0.1
Utilities		278.3		—		9.2			—			269.1		—
Communication		118.8		—		(11.2	)		—			130.0		—
Transportation & Postal Industry		213.5		—		(2.3	)		—			215.9		—
Wholesale & Retail		173.3		0.4		3.5			0.3			169.7		0.1
Finance & Insurance		461.2		—		29.5			—			431.7		—
Real Estate		1,173.1		0.4		18.6			(0.3	)		1,154.5		0.8
Commodity Lease		233.6		—		(23.4	)		—			257.0		—
Service Industries		57.1		0.0		0.7			—			56.3		0.0
Local Governments		8.7		2.7		(1.4	)		(0.0	)		10.2		2.8
Governments		100.0		—		(110.0	)		—			210.1		—
Other		668.5		2.6		(124.3	)		0.1			792.9		2.5
Overseas Total (including Loans Booked Offshore)		1.6		—		(0.3	)		—			1.9		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		1.6		—		(0.3	)		—			1.9		—
Total		4,013.5		7.5		(190.5	)		0.3			4,204.0		7.1

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

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Mizuho Financial Group, Inc.

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

Non-Consolidated

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

	(Billions of yen, %)
	As of March 31, 2019										As of March 31, 2018
	Non Performing Loans based on the FRA		Coverage Ratio		Change						Non Performing Loans based on the FRA		Coverage Ratio
					Non Performing Loans based on the FRA			Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		452.4		71.6		(11.6	)		0.1			464.0		71.4
Manufacturing		107.6		66.8		(6.2	)		1.7			113.9		65.0
Agriculture & Forestry		0.2		64.8		0.0			4.8			0.2		59.9
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.6		89.7		(1.5	)		26.7			2.1		62.9
Construction		5.0		73.1		(0.4	)		(0.7	)		5.5		73.8
Utilities		1.5		64.1		(0.3	)		0.6			1.9		63.5
Communication		16.0		65.1		2.1			19.9			13.9		45.1
Transportation & Postal Industry		10.3		69.1		0.1			4.1			10.2		65.0
Wholesale & Retail		109.4		61.7		(15.0	)		0.0			124.5		61.6
Finance & Insurance		10.7		68.9		4.9			(2.4	)		5.7		71.3
Real Estate		31.0		84.6		7.3			(2.4	)		23.6		87.1
Commodity Lease		1.9		71.6		0.8			(3.3	)		1.0		74.9
Service Industries		66.1		64.9		13.9			(0.2	)		52.1		65.1
Local Governments		2.7		100.0		(0.0	)		—			2.8		100.0
Other		88.7		90.8		(17.1	)		(2.0	)		105.8		92.9
Overseas Total (including Loans Booked Offshore)		108.0		59.8		13.2			(15.9	)		94.7		75.7
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		108.0		59.8		13.2			(15.9	)		94.7		75.7
Total		560.4		69.3		1.6			(2.8	)		558.7		72.1

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

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Mizuho Financial Group, Inc.

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

(1)Balance of Housing and Consumer Loans

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2019					As of March 31, 2018
			Change
Housing and Consumer Loans		9,661.9		(504.1	)		10,166.1
Housing Loans for owner’s residential housing		8,791.4		(345.4	)		9,136.8
Mizuho Bank
Housing and Consumer Loans		9,577.2		(490.3	)		10,067.5
Housing Loans		8,955.7		(382.6	)		9,338.3
for owner’s residential housing		8,713.2		(333.3	)		9,046.5
Consumer loans		621.4		(107.7	)		729.2
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		84.7		(13.7	)		98.5
Housing Loans for owner’s residential housing		78.1		(12.0	)		90.2
*  Above figures are aggregate banking and trust account amounts.
(2)Loans to SMEs and Individual Customers
Non-Consolidated
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
	(%, Billions of yen)
	As of March 31, 2019					As of March 31, 2018
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.7		(0.9	)		58.7
Loans to SMEs and Individual Customers		33,186.5		446.0			32,740.4
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.4		(0.9	)		59.3
Loans to SMEs and Individual Customers		31,216.1		638.1			30,578.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		49.1		(2.3	)		51.4
Loans to SMEs and Individual Customers		1,970.3		(192.0	)		2,162.4

* 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 andMedium-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.)

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Mizuho Financial Group, Inc.

10.Status of Loans by Region

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2019										As of March 31, 2018
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
					Outstanding Balance			Non-Accrual, Past Due & Restructured Loans
Asia		7,849.9		31.8		919.9			17.9			6,930.0		13.9
Hong Kong		1,849.7		2.4		42.8			0.4			1,806.9		2.0
South Korea		719.6		—		119.1			—			600.5		—
Singapore		1,235.7		25.9		64.5			18.1			1,171.1		7.7
Thailand		1,035.7		0.4		192.9			0.1			842.7		0.3
Central and South America		3,698.6		27.0		(163.4	)		(29.0	)		3,862.0		56.0
North America		6,728.7		58.5		1,102.1			46.9			5,626.5		11.6
Eastern Europe		232.4		—		52.6			—			179.7		—
Western Europe		3,750.8		1.4		658.8			(38.8	)		3,091.9		40.2
Other		3,136.4		8.9		574.1			3.3			2,562.3		5.6
Total		25,397.0		127.9		3,144.3			0.2			22,252.7		127.6

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Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1.Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from April 1, 2019 to March 31, 2024)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,494.8
Income before Income Taxes	2		2,631.1
Tax Adjustments *1	3		(177.2	)
Taxable Income before Current Deductible Temporary Differences *2	4		2,453.8
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		751.3

*1. Tax Adjustments are estimated futurebook-tax differences under the provisions of the corporation tax law and others.

*2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2019.

(Reference) Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2014		546.7
Fiscal 2015		496.0
Fiscal 2016		442.3
Fiscal 2017		379.9
Fiscal 2018(estimate)		273.0

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

*2. Figure for fiscal 2018 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2019			Change			As of March 31, 2018
Reserves for Possible Losses on Loans	7		87.1			(5.2	)		92.3
Impairment of Securities	8		129.8			3.1			126.6
Net Unrealized Losses on Other Securities	9		12.3			5.6			6.7
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		200.3			152.1			48.1
Net Deferred Hedge Losses	12		17.8			(18.4	)		36.3
Tax Losses Carried Forward	13		—			—			—
Other	14		264.7			24.0			240.7
Total Deferred Tax Assets	15		712.2			161.2			550.9
Valuation Allowance	16		(144.8	)		(16.0	)		(128.7	)
Sub-Total [ 15 + 16 ]	17		567.3			145.1			422.2
Amount related to Retirement Benefits Accounting *1	18		(147.5	)		(7.4	)		(140.0	)
Net Unrealized Gains on Other Securities	19		(410.6	)		17.1			(427.7	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(37.5	)		(1.2	)		(36.3	)
Total Deferred Tax Liabilities	22		(595.7	)		8.4			(604.1	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(28.3	)		153.5			(181.9	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	24		(412.0	)		17.0			(429.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		17.8			(18.4	)		36.3
Tax effects related to others	26		365.9			155.0			210.8

*1 Amount related to Retirement Benefits Accounting includes ¥(57.9) billion related to gains on securities contributed to employee retirement benefit trust.

*2 Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

Future taxable income was estimated using assumptions used in the Business Plan, etc.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-31

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from April 1, 2019 to March 31, 2024)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		222.3
Income before Income Taxes	2		231.1
Tax Adjustments *1	3		(34.6	)
Taxable Income before Current Deductible Temporary Differences *2	4		196.5
Effective Statutory Tax Rate	5		30.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		60.1

*1. Tax Adjustments are estimated futurebook-tax differences under the provisions of the corporation tax law and others.

*2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2019.

(Reference) Past results of taxable income (tax loss)

	(Billions of yen)
Fiscal 2014		14.6
Fiscal 2015		45.1
Fiscal 2016		52.1
Fiscal 2017		40.5
Fiscal 2018(estimate)		39.0

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

*2. Figure for fiscal 2018 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2019			Change			As of March 31, 2018
Reserves for Possible Losses on Loans	7		0.8			0.1			0.7
Impairment of Securities	8		8.9			0.4			8.4
Net Unrealized Losses on Other Securities	9		0.2			(0.3	)		0.5
Reserve for Employee Retirement Benefits	10		9.8			(1.3	)		11.2
Net Deferred Hedge Losses	11		0.7			0.7			—
Tax Losses Carried Forward	12		—			—			—
Other	13		7.0			0.6			6.4
Total Deferred Tax Assets	14		27.6			0.1			27.4
Valuation Allowance	15		(9.4	)		(0.2	)		(9.2	)
Sub-Total [ 14 + 15 ]	16		18.1			(0.0	)		18.1
Amount related to Retirement Benefits Accounting *1	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(19.6	)		6.3			(25.9	)
Net Deferred Hedge Gains	19		—			0.7			(0.7	)
Other	20		(0.5	)		0.0			(0.6	)
Total Deferred Tax Liabilities	21		(24.7	)		7.0			(31.8	)
Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(6.6	)		7.0			(13.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(19.7	)		6.9			(26.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		0.7			1.4			(0.7	)
Tax effects related to others	25		12.4			(1.3	)		13.8

*1 Amount related to Retirement Benefits Accounting is deferred tax liabilities related to gains on securities contributed to employee retirement benefit trust.

*2 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.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated.

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of March 31, 2019		Change			As of March 31, 2018
Deposits		101,655.1		4,866.7			96,788.3
Individual Deposits		43,959.4		1,097.5			42,861.9
Corporate Deposits		49,898.5		2,788.6			47,109.9
Financial/Government Institutions		7,797.1		980.5			6,816.5
Mizuho Bank
Deposits		98,411.2		5,020.5			93,390.7
Individual Deposits		43,045.9		1,249.1			41,796.8
Corporate Deposits		48,833.8		2,902.1			45,931.7
Financial/Government Institutions		6,531.4		869.2			5,662.2
Mizuho Trust & Banking
Deposits		3,243.8		(153.7	)		3,397.6
Individual Deposits		913.5		(151.5	)		1,065.1
Corporate Deposits		1,064.6		(113.5	)		1,178.1
Financial/Government Institutions		1,265.6		111.3			1,154.3

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

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Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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

	As of March 31, 2019		Change			As of March 31, 2018
Directors, Executive Officers as defined in the Companies Act, and Auditors		64		2			62
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		128		—			128
*  The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees Consolidated
	As of March 31, 2019		Change			As of March 31, 2018
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		59,132		(919	)		60,051
Average number of temporary employees		17,707		(2,369	)		20,076
*  The number of Employees excludes employees seconded to outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.
*  The number of dispatched employees has been excluded from Average number of temporary employees as of March 31, 2019. Average number of temporary employees after excluding the number of dispatched employees as of March 31, 2018 was 18,370 and decreased by 663 as of March 31, 2019.
3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of March 31, 2019		Change			As of March 31, 2018
Mizuho Bank		464		(1	)		465
Mizuho Trust & Banking		60		—			60
Mizuho Securities		259		(16	)		275
*  The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domesticsub-branches, and others.
(Overseas) The 2 Banks and Mizuho Securities
	As of March 31, 2019		Change			As of March 31, 2018
Mizuho Bank		48		—			48
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2
*  The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

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Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2019

Consolidated

	(Billions of yen)
	First Half		Fiscal 2019
Ordinary Profits		310.0		700.0
Profit Attributable to Owners of Parent		210.0		470.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

	(Billions of yen)
	Fiscal 2019
	Aggregate Figures for the 2 Banks			MHBK			MHTB*
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF		465.0			425.0			40.0
Ordinary Profits		565.0			520.0			45.0
Net Income		390.0			360.0			30.0
Credit-related Costs		(55.0	)		(55.0	)		—

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of Credit Costs for Trust Accounts.

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

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Mizuho Bank, Ltd.

(Attachments)

COMPARISON OFNON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of March 31, 2019 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	42,044,263		¥	38,625,732		¥	3,418,531
Call Loans		516,085			366,290			149,795
Receivables under Resale Agreements		4,226,040			639,352			3,586,688
Guarantee Deposits Paid under Securities Borrowing Transactions		100,501			—			100,501
Other Debt Purchased		491,276			443,136			48,139
Trading Assets		3,708,952			3,467,593			241,359
Money Held in Trust		503			3,076			(2,572	)
Securities		29,475,876			33,189,959			(3,714,083	)
Loans and Bills Discounted		76,047,363			70,997,730			5,049,633
Foreign Exchange Assets		2,043,874			1,994,728			49,146
Derivatives other than for Trading		3,192,132			3,166,839			25,293
Other Assets		2,705,113			3,240,121			(535,007	)
Tangible Fixed Assets		729,129			805,831			(76,701	)
Intangible Fixed Assets		354,116			799,723			(445,607	)
Prepaid Pension Cost		481,875			457,453			24,421
Customers’ Liabilities for Acceptances and Guarantees		6,492,905			6,186,894			306,010
Reserves for Possible Losses on Loans		(242,076	)		(259,853	)		17,776
Reserve for Possible Losses on Investments		(370	)		(319	)		(50	)
Total Assets	¥	172,367,564		¥	164,124,289		¥	8,243,275
Liabilities
Deposits	¥	119,411,223		¥	110,415,961		¥	8,995,261
Negotiable Certificates of Deposit		12,912,548			10,652,957			2,259,591
Call Money		1,308,045			1,165,198			142,846
Payables under Repurchase Agreements		5,162,334			7,200,312			(2,037,977	)
Guarantee Deposits Received under Securities Lending Transactions		305,032			610,357			(305,324	)
Commercial Paper		941,181			710,391			230,790
Trading Liabilities		2,577,856			2,797,942			(220,086	)
Borrowed Money		7,998,715			8,958,612			(959,896	)
Foreign Exchange Liabilities		925,879			689,958			235,921
Bonds and Notes		1,968,205			2,421,033			(452,828	)
Derivatives other than for Trading		3,031,284			2,882,287			148,996
Other Liabilities		2,138,527			1,648,314			490,213
Reserve for Bonus Payments		22,362			22,741			(378	)
Reserve for Variable Compensation		1,100			1,293			(193	)
Reserve for Possible Losses on Sales of Loans		630			1,075			(444	)
Reserve for Contingencies		100			56			44
Reserve for Reimbursement of Deposits		16,987			18,097			(1,109	)
Reserve for Reimbursement of Debentures		25,566			30,760			(5,194	)
Deferred Tax Liabilities		28,338			181,914			(153,575	)
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			66,186			(2,870	)
Acceptances and Guarantees		6,492,905			6,186,894			306,010
Total Liabilities		165,332,144			156,662,350			8,669,794
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,328			—
Capital Reserve		655,418			655,418			—
Other Capital Surplus		1,630,910			1,630,910			—
Retained Earnings		2,163,735			2,544,238			(380,503	)
Appropriated Reserve		315,177			266,664			48,512
Other Retained Earnings		1,848,557			2,277,574			(429,016	)
Retained Earnings Brought Forward		1,848,557			2,277,574			(429,016	)
Total Shareholders’ Equity		5,854,129			6,234,632			(380,503	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,071,157			1,159,210			(88,052	)
Net Deferred Hedge Gains (Losses), net of Taxes		(27,639	)		(76,180	)		48,541
Revaluation Reserve for Land, net of Taxes		137,772			144,277			(6,504	)
Total Valuation and Translation Adjustments		1,181,291			1,227,306			(46,015	)
Total Net Assets		7,035,420			7,461,939			(426,519	)
Total Liabilities and Net Assets	¥	172,367,564		¥	164,124,289		¥	8,243,275

2-36

Mizuho Bank, Ltd.

COMPARISON OFNON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the fiscal year ended March 31, 2019(A)			For the fiscal year ended March 31, 2018(B)			Change (A) - (B)
Ordinary Income	¥	2,616,940		¥	2,466,936		¥	150,003
Interest Income		1,678,702			1,329,397			349,305
Interest on Loans and Bills Discounted		1,126,596			881,798			244,797
Interest and Dividends on Securities		281,807			264,815			16,991
Fee and Commission Income		471,196			463,170			8,025
Trading Income		61,855			56,629			5,226
Other Operating Income		158,466			157,685			781
Other Ordinary Income		246,719			460,054			(213,334	)
Ordinary Expenses		2,332,366			1,907,798			424,567
Interest Expenses		1,028,946			651,748			377,198
Interest on Deposits		449,145			275,208			173,936
Fee and Commission Expenses		90,934			92,481			(1,547	)
Trading Expenses		377			567			(189	)
Other Operating Expenses		174,935			83,246			91,689
General and Administrative Expenses		840,607			905,103			(64,495	)
Other Ordinary Expenses		196,565			174,651			21,913
Ordinary Profits		284,573			559,137			(274,564	)
Extraordinary Gains		11,181			31,223			(20,041	)
Extraordinary Losses		503,219			7,451			495,767
Income (Loss) before Income Taxes		(207,463	)		582,908			(790,372	)
Income Taxes:
Current		94,923			135,348			(40,424	)
Deferred		(157,943	)		(1,332	)		(156,610	)
Net Income (Loss)	¥	(144,444	)	¥	448,893		¥	(593,337	)

2-37

Mizuho Trust & Banking Co., Ltd.

COMPARISON OFNON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of March 31, 2019 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,434,150		¥	1,751,680		¥	682,469
Call Loans		24,417			2,869			21,548
Guarantee Deposits Paid under Securities Borrowing Transactions		332,116			220,934			111,181
Other Debt Purchased		6,692			7,989			(1,297	)
Trading Assets		111,667			79,551			32,115
Money Held in Trust		4,641			3,199			1,442
Securities		841,621			1,091,950			(250,328	)
Loans and Bills Discounted		3,355,173			3,433,750			(78,576	)
Foreign Exchange Assets		4,073			2,268			1,804
Other Assets		188,381			171,731			16,649
Tangible Fixed Assets		20,559			21,762			(1,202	)
Intangible Fixed Assets		32,664			35,041			(2,377	)
Prepaid Pension Cost		55,766			49,592			6,173
Customers’ Liabilities for Acceptances and Guarantees		16,885			20,056			(3,171	)
Reserves for Possible Losses on Loans		(2,324	)		(1,850	)		(474	)
Total Assets	¥	7,426,486		¥	6,890,529		¥	535,956
Liabilities
Deposits	¥	3,253,498		¥	3,406,588		¥	(153,089	)
Negotiable Certificates of Deposit		566,110			472,180			93,930
Call Money		947,104			469,882			477,222
Payables under Repurchase Agreements		22,198			53,135			(30,937	)
Guarantee Deposits Received under Securities Lending Transactions		362,246			180,728			181,517
Trading Liabilities		107,096			69,367			37,729
Borrowed Money		379,706			387,490			(7,783	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,102,073			1,134,182			(32,108	)
Other Liabilities		68,806			78,418			(9,611	)
Reserve for Bonus Payments		2,125			2,097			27
Reserve for Variable Compensation		467			511			(43	)
Reserve for Reimbursement of Deposits		2,081			1,913			167
Deferred Tax Liabilities		6,631			13,646			(7,014	)
Acceptances and Guarantees		16,885			20,056			(3,171	)
Total Liabilities		6,847,033			6,300,200			546,832
Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		241,889			226,570			15,319
Appropriated Reserve		36,719			31,970	��		4,748
Other Retained Earnings		205,170			194,599			10,570
Retained Earnings Brought Forward		205,170			194,599			10,570
Total Shareholders’ Equity		504,764			489,445			15,319
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		76,295			99,258			(22,962	)
Net Deferred Hedge Gains (Losses), net of Taxes		(1,608	)		1,624			(3,232	)
Total Valuation and Translation Adjustments		74,687			100,882			(26,195	)
Total Net Assets		579,452			590,328			(10,875	)
Total Liabilities and Net Assets	¥	7,426,486		¥	6,890,529		¥	535,956

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OFNON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the fiscal year ended March 31, 2019 (A)		For the fiscal year ended March 31, 2018 (B)			Change (A) - (B)
Ordinary Income	¥	209,539	¥	205,671		¥	3,867
Fiduciary Income		54,997		54,819			178
Interest Income		42,795		43,672			(877	)
Interest on Loans and Bills Discounted		26,691		25,388			1,302
Interest and Dividends on Securities		13,786		13,731			55
Fee and Commission Income		70,307		65,373			4,933
Trading Income		1,552		954			597
Other Operating Income		8,319		4,103			4,215
Other Ordinary Income		31,567		36,748			(5,180	)
Ordinary Expenses		154,184		148,304			5,880
Interest Expenses		16,415		12,595			3,819
Interest on Deposits		1,059		1,039			19
Fee and Commission Expenses		33,391		31,042			2,349
Trading Expenses		0		60			(60	)
Other Operating Expenses		6,037		10,717			(4,679	)
General and Administrative Expenses		82,395		87,276			(4,881	)
Other Ordinary Expenses		15,944		6,612			9,332
Ordinary Profits		55,354		57,366			(2,012	)
Extraordinary Gains		82		270			(188	)
Extraordinary Losses		2,245		1,028			1,217
Income before Income Taxes		53,190		56,609			(3,418	)
Income Taxes:
Current		12,544		13,097			(553	)
Deferred		1,582		(761	)		2,344
Net Income	¥	39,063	¥	44,272		¥	(5,209	)

2-39

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2019

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		658,368	Money Trusts		22,197,075
Securities		181,657	Pension Trusts		3,148,711
Beneficiary Rights to the Trusts		58,391,675	Property Formation Benefit Trusts		4,558
Securities held in Custody Accounts		384,427	Investment Trusts		17,562,844
Money Claims		5,113,103	Money Entrusted Other than Money Trusts		1,700,809
Tangible Fixed Assets		7,506,801	Securities Trusts		12,495,611
Intangible Fixed Assets		356,556	Money Claims Trusts		3,935,024
Other Claims		606,826	Land and Fixtures Trusts		424,654
Due from Banking Account		1,102,073	Composite Trusts		13,320,209
Cash and Due from Banks		493,344	Other Trusts		5,335
Total		74,794,835	Total		74,794,835

Notes:

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

2. Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥56,546,891 million.

3. Joint trust assets under the management of other companies: ¥286,630 million

There is no “Trust assets under the service-sharedco-trusteeship” in “Joint trust assets under the management of other companies”.

4. Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥9,840 million. Of this amount, Balance ofNon-Accrual Delinquent Loans is ¥2,770 million.

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

Money Trusts

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		9,840	Principal		874,777
Securities		2	Reserve		30
Others		865,058	Others		92
Total		874,900	Total		874,900

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

	Millions of yen
Items	As of March 31, 2019 (A)		As of March 31, 2018 (B)		Change (A) - (B)
Total Amount of Funds		29,169,953		27,918,111		1,251,841
Deposits		3,253,498		3,406,588		(153,089	)
Negotiable Certificates of Deposit		566,110		472,180		93,930
Money Trusts		22,197,075		20,889,820		1,307,255
Pension Trusts		3,148,711		3,145,273		3,437
Property Formation Benefit Trusts		4,558		4,249		309
Loans and Bills Discounted		4,013,541		4,204,066		(190,524	)
of Banking accounts		3,355,173		3,433,750		(78,576	)
of Trust accounts		658,368		770,315		(111,947	)
Securities for Investments		1,023,278		1,409,050		(385,772	)
of Banking accounts		841,621		1,091,950		(250,328	)
of Trust accounts		181,657		317,100		(135,443	)

2-41

Mizuho Securities Co., Ltd.

COMPARISON OFNON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of March 31, 2019 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	388,516		¥	294,441		¥	94,074
Cash Segregated as Deposits for Customers and Others		335,712			323,923			11,789
Trading Assets		6,061,110			4,923,373			1,137,737
Operating Investment Securities		28,640			25,362			3,277
Receivables Related to Margin Transactions		34,162			127,764			(93,601	)
Collateralized Short-Term Financing Agreements-Receivable		3,871,953			4,998,221			(1,126,268	)
Advances Paid		488			431			57
Securities: Fail to Deliver		9,613			29,956			(20,342	)
Short-Term Loans Receivable		52,652			55,741			(3,088	)
Other Current Assets		434,483			465,443			(30,960	)
Less: Allowance for Doubtful Accounts		(3	)		(9	)		5
Noncurrent Assets
Property and Equipment		12,527			14,647			(2,120	)
Intangible Assets		50,829			55,378			(4,549	)
Investments and Other Assets		315,137			317,378			(2,241	)
Total Assets	¥	11,595,825		¥	11,632,056		¥	(36,230	)
Liabilities
Current Liabilities
Trading Liabilities	¥	4,340,952		¥	4,311,658		¥	29,294
Payables - Unsettled Trades		36,888			62,243			(25,354	)
Payables Related to Margin Transactions		53,591			44,176			9,415
Collateralized Short-Term Financing Agreements-Payable		3,575,497			3,739,715			(164,218	)
Deposits Received		308,251			267,579			40,671
Guarantee Deposits Received		297,472			198,003			99,469
Securities: Fail to Receive		2,064			2,930			(866	)
Short-Term Borrowings		773,484			833,668			(60,183	)
Commercial Paper		333,200			334,200			(1,000	)
Bonds and Notes Due within One Year		76,393			46,672			29,721
Lease Obligations		174			364			(190	)
Income Taxes Payable		2,220			3,984			(1,764	)
Accrued Employees’ Bonuses		9,359			9,563			(204	)
Provision for Variable Compensation		927			954			(27	)
Provision for Bonus Point Redemption		686			639			47
Other Current Liabilities		40,800			34,450			6,349
Noncurrent Liabilities
Bonds and Notes		679,688			571,334			108,354
Long-Term Borrowings		173,000			277,000			(104,000	)
Lease Obligations		—			139			(139	)
Provision for Retirement Benefits		19,799			19,744			54
Other Noncurrent Liabilities		2,263			1,540			722
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,473			2,361			112
Total Liabilities		10,729,189			10,762,925			(33,735	)
Net Assets
Common Stock		125,167			125,167			—
Capital Surplus		381,649			381,649			—
Additional Paid - in Capital		285,831			285,831			—
Other Capital Surplus		95,817			95,817			—
Retained Earnings		346,585			346,786			(200	)
Other Retained Earnings		346,585			346,786			(200	)
Retained Earnings Brought Forward		346,585			346,786			(200	)
Total Shareholders’ Equity		853,401			853,602			(200	)
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		23,023			27,497			(4,474	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,789	)		(11,969	)		2,180
Total Valuation and Translation Adjustments		13,233			15,527			(2,293	)
Total Net Assets		866,635			869,130			(2,494	)
Total Liabilities and Net Assets	¥	11,595,825		¥	11,632,056		¥	(36,230	)

2-42

Mizuho Securities Co., Ltd.

COMPARISON OFNON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the fiscal year ended March 31, 2019 (A)		For the fiscal year ended March 31, 2018 (B)			Change (A) - (B)
Operating Revenues	¥	341,131	¥	326,755		¥	14,376
Commissions		151,810		142,534			9,275
Net Gain on Trading		93,568		114,858			(21,290	)
Net Gain on Operating Investment Securities		5,287		2,300			2,986
Interest and Dividend Income		90,465		67,061			23,404
Interest Expenses		77,794		57,147			20,646
Net Operating Revenues		263,337		269,607			(6,270	)
Selling, General and Administrative Expenses		236,229		236,574			(344	)
Transaction-Related Expenses		53,157		49,676			3,480
Personnel Expenses		86,662		85,562			1,099
Real Estate Expenses		25,585		26,630			(1,045	)
Administrative Expenses		43,374		49,272			(5,898	)
Depreciation and Amortization		18,931		17,346			1,585
Taxes and Dues		5,452		4,854			597
Provision of Allowance for Doubtful Accounts		2		(58	)		60
Other		3,064		3,290			(226	)
Operating Income		27,107		33,032			(5,925	)
Non-Operating Income		9,044		6,947			2,096
Non-Operating Expenses		196		1,400			(1,203	)
Ordinary Income		35,955		38,580			(2,624	)
Extraordinary Gain		2,512		4,286			(1,773	)
Extraordinary Loss		16,467		5,015			11,452
Income before Income Taxes		22,000		37,850			(15,850	)
Income Taxes:
Current		3,006		4,092			(1,086	)
Deferred		6,600		1,596			5,003
Net Income	¥	12,393	¥	32,161		¥	(19,768	)

2-43