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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐    No ☒

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

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: November 12, 2020
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2020 (Six months ended September 30, 2020) (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) November 12, 2020

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 27, 2020	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 7, 2020
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2020 (for the six months ended September 30, 2020)

(1) Consolidated Results of Operations

	(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
1H F2020		1,576,761		(20.6	)		267,610		(32.5	)		215,523		(25.0	)
1H F2019		1,987,425		(0.3	)		396,471		(15.0	)		287,668		(19.9	)

Note: Comprehensive Income: 1H F2020: ¥376,172 million, 97.5%; 1H F2019: ¥190,448 million, (19.2)%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2020		84.99		84.98
1H F2019		113.43		113.42

Note: MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2020		221,045,717		8,905,205		3.9
Fiscal 2019		214,659,077		8,663,847		3.9

Reference: Own Capital: As of September 30, 2020: ¥8,802,877 million; As of March 31, 2020: ¥8,553,971 million

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

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2019		—		3.75		—		3.75		7.50
Fiscal 2020		—		3.75
Fiscal 2020 (estimate)						—		37.50		—

Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock : No
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in the estimate of Cash Dividends per Share of Common Stock for the end of fiscal 2020. If the share consolidation were not taken into consideration, it would be ¥3.75. In addition, MHFG left the value of total annual dividend blank (—) as it is inappropriate simply to total the value of the dividend at the end of the first half of fiscal 2020 and the value of the dividend at the end of the fiscal 2020.

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

	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
	¥ million		%			¥
Fiscal 2020		350,000		(21.9	)		138.02

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2020: Yes Following the result from 1H,MHFG revised Consolidated Earnings Estimates for fiscal 2020 (for the fiscal year ending March 31, 2021). Profit Attributable to Owners of Parent: The latest announced estimates: ¥320,000 million, Revised estimates: ¥350,000 million, Changes from the original estimates: ¥30,000 million, 9.3%
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The number of share of common stock used in above per share information is based on the weighted average of the average number of outstanding shares during 1H and the number of outstanding shares as of September 30, 2020 (which is used as a proxy for the average number of outstanding shares during 2H). If the share consolidation were not taken into consideration, the Consolidated Earnings Estimates for Net Income per Share of Common Stock for Fiscal 2020 (for the fiscal year ending March 31, 2021) would be ¥13.80.

Notes

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

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

i. Changes in accounting policies due to revisions of accounting standards: No

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

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(3) Issued Shares of Common Stock

i. Period-end issued shares (including treasury stock):	As of September 30, 2020	2,539,249,894 shares	As of March 31, 2020	2,539,249,894 shares
ii. Period-end treasury stock:	As of September 30, 2020	3,868,308 shares	As of March 31, 2020	3,210,681 shares
iii. Average outstanding shares:	1st Half Fiscal 2020	2,535,837,918 shares	1st Half Fiscal 2019	2,535,955,016 shares

Note: MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in the number of Period-end issued shares (including treasury stock), Period-end treasury stock and Average outstanding shares.

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

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

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

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

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

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

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2
2.	Interim Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-8
	ø SELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2020

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Thursday, November 19, 2020. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Fair Value Measurement and Others)

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

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

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

As a result, Retained Earnings decreased by ¥32,639 million, Trading Assets decreased by ¥50,380 million, Derivatives other than for Trading Assets decreased by ¥6,379 million, Trading Liabilities decreased by ¥6,529 million, Derivatives other than for Trading Liabilities decreased by ¥3,184 million, Deferred Tax Assets increased by ¥14,405 million, and Net Assets per Share decreased by ¥12.87 as of April 1, 2020. The share consolidation was taken place at a ratio of ten pre-consolidation shares to one post-consolidation share on October 1, 2020. Net Asset per share is calculated under the assumption that the share consolidation had been taken place at the beginning of fiscal 2019.

And in accordance with the transitional treatment set forth in Article 19 of “Accounting Standard for Fair Value Measurement” and Article 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), MHFG has applied a new accounting policy prescribed by “Accounting Standard for Fair Value Measurement” and others from the interim period ended September 30, 2020.

As a result, in principle, while fair value of Japanese stocks was previously determined based on the average quoted market price over the month preceding the interim consolidated balance sheet date, from the end of the interim period ended September 30, 2020, fair value of Japanese stocks is determined based on the quoted market price as of the interim consolidated balance sheet date.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of    March 31, 2020			As of September 30, 2020
Assets
Cash and Due from Banks	¥	41,069,745		¥	42,498,278
Call Loans and Bills Purchased		584,686			243,267
Receivables under Resale Agreements		18,581,488			12,666,551
Guarantee Deposits Paid under Securities Borrowing Transactions		2,243,161			2,190,799
Other Debt Purchased		2,688,273			2,676,047
Trading Assets		13,248,734			14,564,434
Money Held in Trust		411,847			471,782
Securities		34,907,234			43,314,534
Loans and Bills Discounted		83,468,185			86,501,633
Foreign Exchange Assets		2,044,415			1,936,636
Derivatives other than for Trading Assets		1,944,060			1,439,293
Other Assets		5,206,121			4,413,001
Tangible Fixed Assets		1,103,622			1,101,614
Intangible Fixed Assets		636,139			619,695
Net Defined Benefit Asset		846,782			924,167
Deferred Tax Assets		32,493			23,368
Customers’ Liabilities for Acceptances and Guarantees		6,066,527			5,938,130
Reserves for Possible Losses on Loans		(424,446	)		(477,516	)
Reserve for Possible Losses on Investments		—			(0	)
Total Assets	¥	214,659,077		¥	221,045,717

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of    March 31, 2020			As of September 30, 2020
Liabilities
Deposits	¥	131,189,673		¥	134,665,825
Negotiable Certificates of Deposit		13,282,561			14,201,308
Call Money and Bills Sold		2,263,076			1,903,686
Payables under Repurchase Agreements		17,971,098			19,326,350
Guarantee Deposits Received under Securities Lending Transactions		1,108,255			1,244,440
Commercial Paper		411,089			921,282
Trading Liabilities		9,604,890			8,487,342
Borrowed Money		5,209,947			7,275,166
Foreign Exchange Liabilities		509,405			402,476
Short-term Bonds		373,658			331,447
Bonds and Notes		8,906,432			9,639,781
Due to Trust Accounts		1,055,510			1,336,263
Derivatives other than for Trading Liabilities		1,619,151			1,274,444
Other Liabilities		6,111,195			4,815,831
Reserve for Bonus Payments		75,175			55,860
Reserve for Variable Compensation		2,559			1,467
Net Defined Benefit Liability		62,113			71,950
Reserve for Director and Corporate Auditor Retirement Benefits		944			635
Reserve for Possible Losses on Sales of Loans		637			1,142
Reserve for Contingencies		6,443			4,180
Reserve for Reimbursement of Deposits		27,851			25,205
Reserve for Reimbursement of Debentures		18,672			17,663
Reserves under Special Laws		2,509			2,506
Deferred Tax Liabilities		53,150			133,564
Deferred Tax Liabilities for Revaluation Reserve for Land		62,695			62,555
Acceptances and Guarantees		6,066,527			5,938,130
Total Liabilities	¥	205,995,229		¥	212,140,512
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,136,467			1,135,948
Retained Earnings		4,174,190			4,260,606
Treasury Stock		(6,414	)		(7,025	)
Total Shareholders’ Equity		7,561,010			7,646,297
Net Unrealized Gains (Losses) on Other Securities		823,085			1,038,781
Deferred Gains or Losses on Hedges		72,081			66,262
Revaluation Reserve for Land		136,655			137,834
Foreign Currency Translation Adjustments		(133,178	)		(170,773	)
Remeasurements of Defined Benefit Plans		94,317			84,475
Total Accumulated Other Comprehensive Income		992,960			1,156,580
Stock Acquisition Rights		213			134
Non-Controlling Interests		109,662			102,192
Total Net Assets		8,663,847			8,905,205
Total Liabilities and Net Assets	¥	214,659,077		¥	221,045,717

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the six months ended September 30, 2019		For the six months ended September 30, 2020
Ordinary Income	¥	1,987,425	¥	1,576,761
Interest Income		1,062,855		693,651
Interest on Loans and Bills Discounted		646,722		490,811
Interest and Dividends on Securities		138,351		122,600
Fiduciary Income		27,756		27,143
Fee and Commission Income		360,492		397,087
Trading Income		194,433		238,219
Other Operating Income		224,188		156,922
Other Ordinary Income		117,699		63,736
Ordinary Expenses		1,590,953		1,309,150
Interest Expenses		686,238		253,522
Interest on Deposits		261,393		91,376
Fee and Commission Expenses		84,392		77,475
Trading Expenses		2,533		1,455
Other Operating Expenses		65,839		68,248
General and Administrative Expenses		670,592		681,287
Other Ordinary Expenses		81,357		227,161
Ordinary Profits		396,471		267,610
Extraordinary Gains		1,252		72,735
Extraordinary Losses		6,252		6,955
Income before Income Taxes		391,471		333,391
Income Taxes:
Current		85,576		74,186
Deferred		10,593		41,813
Total Income Taxes		96,169		116,000
Profit		295,302		217,390
Profit Attributable to Non-controlling Interests		7,633		1,867
Profit Attributable to Owners of Parent	¥	287,668	¥	215,523

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the six months ended September 30, 2019			For the six months ended September 30, 2020
Profit	¥	295,302		¥	217,390
Other Comprehensive Income		(104,853	)		158,782
Net Unrealized Gains (Losses) on Other Securities		(122,173	)		212,348
Deferred Gains or Losses on Hedges		74,719			(5,843	)
Foreign Currency Translation Adjustments		(34,547	)		(36,529	)
Remeasurements of Defined Benefit Plans		(20,957	)		(9,851	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,894	)		(1,341	)
Comprehensive Income		190,448			376,172
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		184,486			377,963
Comprehensive Income Attributable to Non-controlling Interests		5,962			(1,791	)

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 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		2,256,767		1,138,449			3,915,521			(7,703	)		7,303,034
Changes during the period
Cash Dividends							(95,197	)					(95,197	)
Profit Attributable to Owners of Parent							287,668						287,668
Repurchase of Treasury Stock										(1,850	)		(1,850	)
Disposition of Treasury Stock				(625	)					2,744			2,119
Transfer from Revaluation Reserve for Land							55						55
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(885	)								(885	)
Transfer from Retained Earnings to Capital Surplus				611			(611	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(899	)		191,915			893			191,910
Balance as of the end of the period		2,256,767		1,137,550			4,107,437			(6,809	)		7,494,945

	Accumulated Other Comprehensive Income																		Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038
Changes during the period
Cash Dividends																										(95,197	)
Profit Attributable to Owners of Parent																										287,668
Repurchase of Treasury Stock																										(1,850	)
Disposition of Treasury Stock																										2,119
Transfer from Revaluation Reserve for Land																										55
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										(885	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(119,652	)		74,670			(55	)		(37,096	)		(21,104	)		(103,238	)		(493	)		(308,279	)		(412,010	)
Total Changes during the period		(119,652	)		74,670			(55	)		(37,096	)		(21,104	)		(103,238	)		(493	)		(308,279	)		(220,100	)
Balance as of the end of the period		1,066,749			52,387			137,716			(148,153	)		233,831			1,342,532			213			136,245			8,973,937

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2020

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,136,467			4,174,190			(6,414	)		7,561,010
Cumulative Effects of Changes in Accounting Policies							(32,639	)					(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,136,467			4,141,550			(6,414	)		7,528,370
Changes during the period
Cash Dividends							(95,208	)					(95,208	)
Profit Attributable to Owners of Parent							215,523						215,523
Repurchase of Treasury Stock										(1,995	)		(1,995	)
Disposition of Treasury Stock				(80	)					1,385			1,305
Transfer from Revaluation Reserve for Land							(1,178	)					(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(519	)								(519	)
Transfer from Retained Earnings to Capital Surplus				80			(80	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(519	)		119,056			(610	)		117,926
Balance as of the end of the period		2,256,767		1,135,948			4,260,606			(7,025	)		7,646,297

	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		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,663,847
Cumulative Effects of Changes in Accounting Policies															—								(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,631,208
Changes during the period
Cash Dividends																							(95,208	)
Profit Attributable to Owners of Parent																							215,523
Repurchase of Treasury Stock																							(1,995	)
Disposition of Treasury Stock																							1,305
Transfer from Revaluation Reserve for Land																							(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							(519	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ Equity		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		156,070
Total Changes during the period		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		273,997
Balance as of the end of the period		1,038,781		66,262			137,834		(170,773	)		84,475			1,156,580		134			102,192			8,905,205

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2020

(Six months ended September 30, 2020)

(Under Japanese GAAP)

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2020	See above Notes			Page
1. Income Analysis		CON	NON		2-1
2. Interest Margins (Domestic Operations)		NON			2-5
3. Use and Source of Funds		NON			2-6
4. Net Gains/Losses on Securities		CON	NON		2-8
5. Unrealized Gains/Losses on Securities		CON	NON		2-10
6. Projected Redemption Amounts for Securities		NON			2-12
7. Overview of Derivative Transactions Qualifying for Hedge Accounting		NON			2-13
8. Employee Retirement Benefits		NON	CON		2-14
9. Capital Ratio		CON	NON		2-17

II. REVIEW OF CREDITS	See above Notes			Page
1. Status of Non-Accrual, Past Due & Restructured Loans		CON	NON		2-18
2. Status of Reserves for Possible Losses on Loans		CON	NON		2-20
3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans		CON	NON		2-21
4. Status of Non Performing Loans based on the Financial Reconstruction Act(“FRA”)		CON	NON		2-22
5. Coverage on Non Performing Loans based on the FRA		NON			2-24
6. Overview of Non-Performing Loans(“NPLs”)		NON			2-27
7. Results of Removal of NPLs from the Balance Sheet		NON			2-28
8. Status of Loans by Industry
(1)   Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry		NON			2-29
(2)   Non Performing Loans based on the FRA and Coverage Ratio by Industry		NON			2-31
9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers
(1)   Balance of Housing and Consumer Loans		NON			2-32
(2)   Loans to SMEs and Individual Customers		NON			2-32
10. Status of Loans by Region		NON			2-33
III. DEFERRED TAXES	See above Notes			Page
1. Estimation for Calculating Deferred Tax Assets		NON			2-34
IV. OTHERS	See above Notes			Page
1. Breakdown of Deposits (Domestic Offices)		NON			2-36
2. Number of Directors and Employees					2-37
3. Number of Offices					2-37
4. Earnings Plan for Fiscal 2020		CON	NON		2-38

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

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

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

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

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

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

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2020

1. Income Analysis

Consolidated

		(Millions of yen)
		First Half of Fiscal 2020						First Half of Fiscal 2019
					Change
Consolidated Gross Profits	1		1,112,323			81,600			1,030,722
Net Interest Income	2		440,129			63,512			376,617
Fiduciary Income	3		27,143			(612	)		27,756
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		319,611			43,511			276,100
Net Trading Income	6		236,764			44,864			191,899
Net Other Operating Income	7		88,673			(69,675	)		158,349
General and Administrative Expenses	8		(681,287	)		(10,695	)		(670,592	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(84,777	)		(65,635	)		(19,142	)
Losses on Write-offs of Loans	10		(7,444	)		5,556			(13,001	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		3,555			(4,360	)		7,915
Net Gains (Losses) related to Stocks	12		(69,490	)		(116,909	)		47,418
Equity in Income from Investments in Affiliates	13		11,559			(7,549	)		19,109
Other	14		(24,271	)		(5,312	)		(18,959	)
Ordinary Profits	15		267,610			(128,861	)		396,471
Net Extraordinary Gains (Losses)	16		65,780			70,780			(5,000	)
Income before Income Taxes	17		333,391			(58,080	)		391,471
Income Taxes—Current	18		(74,186	)		11,389			(85,576	)
— Deferred	19		(41,813	)		(31,220	)		(10,593	)
Profit	20		217,390			(77,911	)		295,302
Profit Attributable to Non-controlling Interests	21		(1,867	)		5,766			(7,633	)
Profit Attributable to Owners of Parent	22		215,523			(72,145	)		287,668
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(81,222	)		(69,995	)		(11,226	)
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		438,448			89,612			348,836
Consolidated Net Business Profits [24] =     Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	25		153			31			122
Number of affiliates under the equity method	26		26			—			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2020												First Half
		MHBK			MHTB			Aggregate Figures			Change			of Fiscal 2019
Gross Profits	1		694,993			59,926			754,920			20,916			734,004
Domestic Gross Profits	2		334,010			51,978			385,989			(26,688	)		412,677
Net Interest Income	3		198,312			10,153			208,466			(16,811	)		225,277
Fiduciary Income	4					27,277			27,277			(641	)		27,919
Trust Fees for Jointly Operated Designated Money Trust	5					2,024			2,024			(151	)		2,175
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		130,100			12,623			142,724			19,141			123,582
Net Trading Income (2)	8		9,966			1,172			11,139			5,333			5,806
Net Other Operating Income	9		(4,369	)		751			(3,618	)		(33,710	)		30,092
International Gross Profits	10		360,983			7,947			368,930			47,604			321,326
Net Interest Income	11		179,471			3,313			182,785			68,576			114,208
Net Fee and Commission Income	12		71,830			(352	)		71,477			5,247			66,230
Net Trading Income (2)	13		63,299			(683	)		62,615			681			61,933
Net Other Operating Income	14		46,381			5,670			52,051			(26,900	)		78,952
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(399,162	)		(41,098	)		(440,260	)		9,633			(449,894	)
Expense Ratio	16		57.4	%		68.5	%		58.3	%		(2.9	%)		61.2	%
Personnel Expenses	17		(154,180	)		(19,590	)		(173,771	)		7,784			(181,555	)
Non-Personnel Expenses	18		(220,976	)		(19,848	)		(240,825	)		662			(241,488	)
Premium for Deposit Insurance	19		(16,083	)		(636	)		(16,720	)		(503	)		(16,216	)
Miscellaneous Taxes	20		(24,005	)		(1,659	)		(25,664	)		1,186			(26,851	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		295,831			18,828			314,659			30,549			284,109
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (3)	22		257,750			12,425			270,176			82,728			187,447
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		256,064			11,923			267,988			82,552			185,435
Reversal of (Provision for) General Reserve for Losses on Loans	24		(60,866	)		—			(60,866	)		(47,525	)		(13,341	)
Net Business Profits	25		234,964			18,828			253,792			(16,975	)		270,768
Net Gains (Losses) related to Bonds	26		38,080			6,402			44,483			(52,178	)		96,661
Net Non-Recurring Gains (Losses)	27		(102,437	)		(3,009	)		(105,446	)		(151,788	)		46,341
Net Gains (Losses) related to Stocks	28		(72,385	)		(2,932	)		(75,317	)		(118,537	)		43,220
Expenses related to Portfolio Problems	29		(21,981	)		(0	)		(21,981	)		(13,317	)		(8,664	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		3,121			247			3,368			(3,597	)		6,965
Other	31		(11,191	)		(323	)		(11,515	)		(16,335	)		4,820
Ordinary Profits	32		132,527			15,819			148,346			(168,763	)		317,110
Net Extraordinary Gains (Losses)	33		51,998			5,862			57,860			62,675			(4,815	)
Net Gains (Losses) on Disposition of Fixed Assets	34		1,229			(375	)		853			1,659			(805	)
Losses on Impairment of Fixed Assets	35		(761	)		—			(761	)		3,248			(4,010	)
Accumulation (Amortization) of Unrecognized Prior Service Cost	36		45,822			6,569			52,391			52,391			—
Gains on Cancellation of Employee Retirement Benefit Trust	37		7,895			—			7,895			7,895			—
Losses on Transfer to Defined Contribution Pension Plan	38		(2,187	)		(331	)		(2,519	)		(2,519	)		—
Income before Income Taxes	39		184,525			21,681			206,206			(106,087	)		312,294
Income Taxes—Current	40		(46,504	)		(2,181	)		(48,685	)		20,387			(69,073	)
—Deferred	41		(28,298	)		(3,796	)		(32,094	)		(23,570	)		(8,523	)
Net Income	42		109,722			15,704			125,426			(109,271	)		234,697
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6]. (2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]       =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	43		(79,726	)		247			(79,479	)		(64,440	)		(15,039	)
Credit-related Costs [43] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	44					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	45		(60,866	)		219			(60,647	)		(47,306	)		(13,341	)
Losses on Write-offs of Loans	46		(3,958	)		0			(3,958	)		647			(4,605	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(15,438	)		27			(15,411	)		(18,866	)		3,455
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	48		—			—			—			(4	)		4
Reversal of (Provision for) Reserve for Contingencies	49		1,120			—			1,120			1,319			(198	)
Other (including Losses on Sales of Loans)	50		(583	)		—			(583	)		(229	)		(353	)
Total	51		(79,726	)		247			(79,479	)		(64,440	)		(15,039	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal  2020						First Half of
					Change			Fiscal 2019
Gross Profits	1		694,993			25,825			669,168
Domestic Gross Profits	2		334,010			(17,218	)		351,229
Net Interest Income	3		198,312			(15,299	)		213,612
Net Fee and Commission Income	4		130,100			18,331			111,768
Net Trading Income	5		9,966			11,857			(1,890	)
Net Other Operating Income	6		(4,369	)		(32,107	)		27,738
International Gross Profits	7		360,983			43,043			317,939
Net Interest Income	8		179,471			67,060			112,411
Net Fee and Commission Income	9		71,830			5,327			66,502
Net Trading Income	10		63,299			(5,835	)		69,135
Net Other Operating Income	11		46,381			(23,507	)		69,889
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(399,162	)		9,407			(408,569	)
Expense Ratio	13		57.4	%		(3.6	%)		61.0	%
Personnel Expenses	14		(154,180	)		7,537			(161,718	)
Non-Personnel Expenses	15		(220,976	)		630			(221,607	)
Premium for Deposit Insurance	16		(16,083	)		(514	)		(15,569	)
Miscellaneous Taxes	17		(24,005	)		1,238			(25,243	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		295,831			35,232			260,598
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		257,750			82,550			175,200
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		256,064			82,772			173,292
Reversal of (Provision for) General Reserve for Losses on Loans	21		(60,866	)		(47,619	)		(13,247	)
Net Business Profits	22		234,964			(12,387	)		247,351
Net Gains (Losses) related to Bonds	23		38,080			(47,318	)		85,398
Net Non-Recurring Gains (Losses)	24		(102,437	)		(150,492	)		48,055
Net Gains (Losses) related to Stocks	25		(72,385	)		(116,012	)		43,626
Expenses related to Portfolio Problems	26		(21,981	)		(13,272	)		(8,709	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		3,121			(3,819	)		6,941
Other	28		(11,191	)		(17,388	)		6,196
Ordinary Profits	29		132,527			(162,880	)		295,407
Net Extraordinary Gains (Losses)	30		51,998			57,300			(5,301	)
Net Gains (Losses) on Disposition of Fixed Assets	31		1,229			2,862			(1,632	)
Losses on Impairment of Fixed Assets	32		(761	)		2,907			(3,669	)
Accumulation (Amortization) of Unrecognized Prior Service Cost	33		45,822			45,822			—
Gains on Cancellation of Employee Retirement Benefit Trust	34		7,895			7,895			—
Losses on Transfer to Defined Contribution Pension Plan	35		(2,187	)		(2,187	)		—
Income before Income Taxes	36		184,525			(105,580	)		290,105
Income Taxes—Current	37		(46,504	)		19,460			(65,965	)
—Deferred	38		(28,298	)		(23,293	)		(5,004	)
Net Income	39		109,722			(109,413	)		219,135
* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[19]       =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs	40		(79,726	)		(64,711	)		(15,014	)
Credit-related Costs [40] =  Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	41		(60,866	)		(47,619	)		(13,247	)
Losses on Write-offs of Loans	42		(3,958	)		671			(4,630	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(15,438	)		(18,848	)		3,410
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			(4	)		4
Reversal of (Provision for) Reserve for Contingencies	45		1,120			1,319			(198	)
Other (including Losses on Sales of Loans)	46		(583	)		(229	)		(353	)
Total	47		(79,726	)		(64,711	)		(15,014	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking Non-Consolidated
		(Millions of yen)
		First Half of Fiscal  2020						First Half of
					Change			Fiscal 2019
Gross Profits	1		59,926			(4,908	)		64,835
Domestic Gross Profits	2		51,978			(9,469	)		61,448
Net Interest Income	3		10,153			(1,511	)		11,665
Fiduciary Income	4		27,277			(641	)		27,919
Trust Fees for Jointly Operated Designated Money Trust	5		2,024			(151	)		2,175
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		12,623			810			11,813
Net Trading Income (2)	8		1,172			(6,524	)		7,696
Net Other Operating Income	9		751			(1,602	)		2,353
International Gross Profits	10		7,947			4,560			3,387
Net Interest Income	11		3,313			1,516			1,797
Net Fee and Commission Income	12		(352	)		(80	)		(271	)
Net Trading Income (2)	13		(683	)		6,517			(7,201	)
Net Other Operating Income	14		5,670			(3,392	)		9,063
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(41,098	)		226			(41,324	)
Expense Ratio	16		68.5	%		4.8	%		63.7	%
Personnel Expenses	17		(19,590	)		246			(19,836	)
Non-Personnel Expenses	18		(19,848	)		31			(19,880	)
Premium for Deposit Insurance	19		(636	)		10			(647	)
Miscellaneous Taxes	20		(1,659	)		(51	)		(1,607	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		18,828			(4,682	)		23,510
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (3)	22		12,425			178			12,247
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		11,923			(219	)		12,143
Reversal of (Provision for) General Reserve for Losses on Loans	24		—			94			(94	)
Net Business Profits	25		18,828			(4,587	)		23,416
Net Gains (Losses) related to Bonds	26		6,402			(4,860	)		11,263
Net Non-Recurring Gains (Losses)	27		(3,009	)		(1,295	)		(1,713	)
Net Gains (Losses) related to Stocks	28		(2,932	)		(2,525	)		(406	)
Expenses related to Portfolio Problems	29		(0	)		(45	)		45
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		247			222			24
Other	31		(323	)		1,052			(1,376	)
Ordinary Profits	32		15,819			(5,883	)		21,702
Net Extraordinary Gains (Losses)	33		5,862			5,375			486
Net Gains (Losses) on Disposition of Fixed Assets	34		(375	)		(1,203	)		827
Losses on Impairment of Fixed Assets	35		—			341			(341	)
Accumulation (Amortization) of Unrecognized Prior Service Cost	36		6,569			6,569			—
Losses on Transfer to Defined Contribution Pension Plan	37		(331	)		(331	)		—
Income before Income Taxes	38		21,681			(507	)		22,188
Income Taxes—Current	39		(2,181	)		926			(3,107	)
—Deferred	40		(3,796	)		(277	)		(3,519	)
Net Income	41		15,704			142			15,562
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6]. (2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]       =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	42		247			271			(24	)
Credit-related Costs [42] =  Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	43		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	44		219			313			(94	)
Losses on Write-offs of Loans	45		0			(24	)		24
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	46		27			(17	)		45
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	47		—			—			—
Reversal of (Provision for) Reserve for Contingencies	48		—			—			—
Other (including Losses on Sales of Loans)	49		—			—			—
Total	50		247			271			(24	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations) Non-Consolidated
			(%)
			First Half of Fiscal 2020						First Half of Fiscal 2019
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.37			(0.06	)		0.44
Return on Loans and Bills Discounted (1)		2		0.71			(0.05	)		0.77
Return on Securities		3		0.21			(0.23	)		0.45
Cost of Funding (including Expenses)		4		0.56			(0.05	)		0.62
Cost of Deposits (including Expenses)		5		0.56			(0.06	)		0.62
Cost of Deposits (2)		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.52			(0.07	)		0.59
Net Interest Margin	(1)-(4)	8		(0.18	)		0.00			(0.18	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.15			0.00			0.14
Loan and Deposit Rate Margin	(2)-(6)	10		0.71			(0.05	)		0.76
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). (2)  Deposits include Negotiable Certificates of Deposit (“NCDs”). Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.73			(0.05	)		0.79
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.17			0.00			0.17
Loan and Deposit Rate Margin	(11)-(6)	13		0.73			(0.05	)		0.79
			(%)
Mizuho Trust & Banking			First Half of Fiscal 2020						First Half of Fiscal 2019
						Change
Return on Interest-Earning Assets		14		0.45			(0.03	)		0.49
Return on Loans and Bills Discounted (1)		15		0.57			(0.02	)		0.59
Return on Securities		16		1.12			(0.29	)		1.41
Cost of Funding		17		0.10			0.01			0.09
Cost of Deposits (2)		18		0.01			0.00			0.01
Net Interest Margin	(14)-(17)	19		0.35			(0.04	)		0.40
Loan and Deposit Rate Margin	(15)-(18)	20		0.56			(0.01	)		0.58
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). (2)  Deposits include NCDs. Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.60			(0.01	)		0.61
Loan and Deposit Rate Margin	(21)-(18)	22		0.59			(0.01	)		0.60
Reference			(%)
			First Half of Fiscal 2020						First Half of Fiscal 2019
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted (1)		23		0.70			(0.05	)		0.76
Cost of Deposits (2)		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.70			(0.05	)		0.75
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). (2)  Deposits include NCDs. Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.73			(0.05	)		0.78
Loan and Deposit Rate Margin	(26)-(24)	27		0.72			(0.05	)		0.78

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	First Half of Fiscal 2020
					Change						First Half of Fiscal 2019
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		177,251,209		0.66		23,674,077			(0.45	)		153,577,132		1.12
Loans and Bills Discounted		84,756,413		1.01		8,273,826			(0.50	)		76,482,587		1.52
Securities		36,991,118		0.60		9,004,889			(0.35	)		27,986,229		0.96
Source of Funds		175,882,935		0.24		22,715,359			(0.46	)		153,167,575		0.70
Deposits		131,784,993		0.11		12,819,635			(0.29	)		118,965,358		0.41
NCDs		13,547,661		0.24		(92,575	)		(0.74	)		13,640,237		0.99
Domestic Operations
Use of Funds		118,302,201		0.37		11,123,822			(0.06	)		107,178,379		0.44
Loans and Bills Discounted		53,806,290		0.70		5,170,930			(0.05	)		48,635,360		0.76
Securities		22,214,688		0.21		4,302,242			(0.23	)		17,912,446		0.45
Source of Funds		117,087,466		0.04		10,409,632			0.00			106,677,834		0.04
Deposits		101,431,176		0.00		8,460,797			(0.00	)		92,970,378		0.00
NCDs		7,900,656		0.00		726,418			(0.00	)		7,174,237		0.00
International Operations
Use of Funds		60,129,817		1.23		10,668,504			(1.31	)		49,461,312		2.54
Loans and Bills Discounted		30,950,123		1.55		3,102,896			(1.29	)		27,847,227		2.84
Securities		14,776,429		1.18		4,702,646			(0.67	)		10,073,782		1.85
Source of Funds		59,976,279		0.63		10,423,978			(1.44	)		49,552,301		2.08
Deposits		30,353,817		0.50		4,358,837			(1.36	)		25,994,980		1.87
NCDs		5,647,005		0.59		(818,993	)		(1.50	)		6,465,999		2.09

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)
	(Millions of yen, %)
	First Half of Fiscal 2020
					Change						First Half of Fiscal 2019
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		6,298,815		0.57		(50,051	)		(0.05	)		6,348,866		0.63
Loans and Bills Discounted		3,504,375		0.62		124,626			(0.11	)		3,379,749		0.74
Securities		875,944		1.40		(4,788	)		(0.07	)		880,732		1.47
Source of Funds		6,394,023		0.14		(401,124	)		(0.05	)		6,795,148		0.19
Deposits		3,115,718		0.01		(363,241	)		(0.00	)		3,478,959		0.02
NCDs		563,051		0.00		114,741			(0.00	)		448,309		0.01
Domestic Operations
Use of Funds		5,734,692		0.45		(159,767	)		(0.03	)		5,894,459		0.49
Loans and Bills Discounted		3,364,372		0.57		185,141			(0.02	)		3,179,231		0.59
Securities		431,388		1.12		(153,633	)		(0.29	)		585,021		1.41
Source of Funds		5,796,911		0.10		(530,388	)		0.01			6,327,299		0.09
Deposits		3,112,108		0.01		(358,923	)		(0.00	)		3,471,032		0.01
NCDs		563,051		0.00		114,741			(0.00	)		448,309		0.01
International Operations
Use of Funds		611,073		1.65		96,500			(0.57	)		514,572		2.22
Loans and Bills Discounted		140,003		1.88		(60,514	)		(1.20	)		200,517		3.09
Securities		444,556		1.67		148,845			0.06			295,711		1.60
Source of Funds		644,062		0.54		116,048			(0.94	)		528,013		1.48
Deposits		3,609		0.13		(4,317	)		(1.44	)		7,927		1.57
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		45,279			(51,493	)		96,773
Gains on Sales and Others		77,301			(66,062	)		143,364
Losses on Sales and Others		(29,912	)		13,400			(43,312	)
Impairment (Devaluation)		(3,048	)		(2,293	)		(754	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		(0	)		—
Gains (Losses) on Derivatives other than for Trading		938			3,462			(2,523	)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(69,490	)		(116,909	)		47,418
Gains on Sales		44,129			(42,568	)		86,698
Losses on Sales		(24,008	)		(3,004	)		(21,004	)
Impairment (Devaluation)		(62,682	)		(52,652	)		(10,030	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(26,929	)		(18,682	)		(8,246	)
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		44,483			(52,178	)		96,661
Gains on Sales and Others		77,284			(66,355	)		143,639
Losses on Sales and Others		(30,731	)		12,971			(43,702	)
Impairment (Devaluation)		(3,017	)		(2,266	)		(751	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		947			3,471			(2,523	)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(75,317	)		(118,537	)		43,220
Gains on Sales		38,333			(41,140	)		79,474
Losses on Sales		(20,814	)		(379	)		(20,435	)
Impairment (Devaluation)		(65,818	)		(58,810	)		(7,008	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(89	)		475			(565	)
Gains (Losses) on Derivatives other than for Trading		(26,929	)		(18,682	)		(8,246	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
	(Millions of yen)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		38,080			(47,318	)		85,398
Gains on Sales and Others		69,665			(58,914	)		128,580
Losses on Sales and Others		(29,689	)		11,742			(41,431	)
Impairment (Devaluation)		(3,017	)		(2,265	)		(751	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		1,121			2,119			(998	)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(72,385	)		(116,012	)		43,626
Gains on Sales		32,361			(45,153	)		77,514
Losses on Sales		(18,281	)		810			(19,091	)
Impairment (Devaluation)		(63,885	)		(57,188	)		(6,697	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(89	)		475			(565	)
Gains (Losses) on Derivatives other than for Trading		(22,490	)		(14,956	)		(7,533	)
Mizuho Trust & Banking
	(Millions of yen)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		6,402			(4,860	)		11,263
Gains on Sales and Others		7,618			(7,441	)		15,059
Losses on Sales and Others		(1,041	)		1,228			(2,270	)
Impairment (Devaluation)		(0	)		(0	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(173	)		1,352			(1,525	)
	First Half of Fiscal 2020						First Half of Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(2,932	)		(2,525	)		(406	)
Gains on Sales		5,972			4,012			1,959
Losses on Sales		(2,532	)		(1,189	)		(1,343	)
Impairment (Devaluation)		(1,933	)		(1,622	)		(311	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,438	)		(3,726	)		(712	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

	(Millions of yen)
	As of September 30, 2020									As of March 31, 2020
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		41,720,521		1,461,541			1,680,867		219,325		33,337,628		1,171,146			1,543,609		372,462
Japanese Stocks		2,581,799		1,370,207			1,428,868		58,660		2,338,429		1,066,360			1,167,903		101,543
Japanese Bonds		23,107,771		(50,561	)		28,270		78,831		15,702,512		(54,100	)		30,037		84,137
Japanese Government Bonds		19,920,362		(44,661	)		2,607		47,268		12,601,934		(44,021	)		6,540		50,562
Other		16,030,951		141,895			223,728		81,833		15,296,686		158,886			345,668		186,781
Foreign Bonds		13,299,464		171,500			184,516		13,016		12,702,213		200,954			246,097		45,142
•  In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included. •  As of September 30, 2020, fair value of securities is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.    As of March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.    Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date. •  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 ¥(1,301) million and ¥(5,191) million, which were recognized in the statement of income for September 30, 2020 and March 31, 2020, 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 September 30, 2020 and March 31, 2020 are ¥1,462,843 million and ¥1,176,337 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 and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2020 and March 31, 2020 are ¥1,038,781 million and ¥823,085 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of September 30, 2020									As of March 31, 2020
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Bonds Held to Maturity		788,395		23,753			23,753		—		860,233		15,096			15,467		370
Non-Consolidated (1) Other Securities Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2020									As of March 31, 2020
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		41,138,802		1,391,024			1,608,970		217,946		32,728,555		1,097,064			1,471,736		374,672
Japanese Stocks		2,495,126		1,301,296			1,359,671		58,374		2,253,467		994,275			1,098,051		103,776
Japanese Bonds		23,084,331		(50,569	)		28,262		78,831		15,675,573		(54,111	)		30,026		84,137
Japanese Government Bonds		19,906,166		(44,667	)		2,601		47,268		12,585,075		(44,028	)		6,533		50,562
Other		15,559,344		140,297			221,037		80,740		14,799,514		156,900			343,658		186,758
Foreign Bonds		12,896,378		170,789			182,712		11,923		12,360,799		199,672			244,795		45,122
Mizuho Bank
Other Securities		40,353,028		1,311,844			1,518,713		206,869		31,816,754		1,033,585			1,393,577		359,992
Japanese Stocks		2,349,223		1,229,768			1,279,484		49,716		2,118,532		937,153			1,033,813		96,660
Japanese Bonds		22,884,302		(51,238	)		27,421		78,660		15,413,226		(55,616	)		28,480		84,097
Japanese Government Bonds		19,786,300		(44,504	)		2,598		47,102		12,406,892		(44,931	)		5,631		50,562
Other		15,119,503		133,314			211,807		78,492		14,284,996		152,048			331,282		179,234
Foreign Bonds		12,625,682		163,640			174,841		11,201		11,916,915		188,388			233,272		44,883
Mizuho Trust & Banking
Other Securities		785,774		79,179			90,256		11,077		911,800		63,479			78,159		14,680
Japanese Stocks		145,903		71,527			80,186		8,658		134,934		57,122			64,237		7,115
Japanese Bonds		200,028		669			840		171		262,347		1,505			1,545		40
Japanese Government Bonds		119,866		(162	)		2		165		178,183		902			902		—
Other		439,841		6,982			9,229		2,247		514,518		4,851			12,376		7,524
Foreign Bonds		270,696		7,148			7,871		722		443,884		11,283			11,522		238

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

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

As of March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

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

• 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 ¥(1,301) million and ¥(5,191) million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2020 and March 31, 2020, 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 September 30, 2020 and March 31, 2020 are ¥1,392,325 million and ¥1,102,255 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 and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2020 and March 31, 2020 are as follows:

	(Millions of yen)
	As of September 30, 2020		As of March 31, 2020
Aggregate Figures		1,000,725		784,915
Mizuho Bank		940,044		734,953
Mizuho Trust & Banking		60,681		49,961

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2020								As of March 31, 2020
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
Aggregate Figures		788,395		23,753		23,753		—		860,233		15,096		15,467		370
Mizuho Bank		788,395		23,753		23,753		—		860,233		15,096		15,467		370
Mizuho Trust & Banking		—		—		—		—		—		—		—		—
(3) Investment in Subsidiaries and Affiliates
Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2020								As of March 31, 2020
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
Aggregate Figures		135,771		206,840		207,320		479		135,771		151,877		153,740		1,862
Mizuho Bank		135,771		206,840		207,320		479		135,771		151,877		153,740		1,862
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 amounts are as follows:

Consolidated

		(Millions of yen)
		As of September 30, 2020						As of March 31, 2020
	��	Unrealized Gains/Losses						Unrealized Gains/Losses
					Change
Other Securities			1,462,843			286,506			1,176,337
Japanese Stocks			1,371,509			299,958			1,071,551
Japanese Bonds			(50,561	)		3,539			(54,100	)
Japanese Government Bonds			(44,661	)		(639	)		(44,021	)
Other			141,895			(16,991	)		158,886
Foreign Bonds			171,500			(29,453	)		200,954
Non-Consolidated Aggregate Figures for the 2 Banks
		(Millions of yen)
		As of September 30, 2020						As of March 31, 2020
		Unrealized Gains/Losses						Unrealized Gains/Losses
					Change
Other Securities			1,392,325			290,070			1,102,255
Japanese Stocks			1,302,597			303,131			999,466
Japanese Bonds			(50,569	)		3,541			(54,111	)
Japanese Government Bonds			(44,667	)		(638	)		(44,028	)
Other			140,297			(16,602	)		156,900
Foreign Bonds			170,788			(28,883	)		199,672

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	Maturity as of September 30, 2020								Change												Maturity as of March 31, 2020
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		14,955.9		5,614.8		2,143.5		803.6		8,707.3			(1,273.9	)		(133.9	)		177.4			6,248.6		6,888.8		2,277.4		626.2
Japanese Government Bonds		14,563.4		4,076.7		1,505.6		195.0		8,712.0			(1,312.8	)		(156.5	)		150.0			5,851.4		5,389.5		1,662.1		45.0
Japanese Local Government Bonds		30.5		209.0		150.1		16.9		19.0			37.5			65.5			12.5			11.5		171.4		84.6		4.4
Japanese Corporate Bonds		362.0		1,329.1		487.7		591.7		(23.7	)		1.2			(42.9	)		14.9			385.7		1,327.8		530.7		576.8
Other		3,026.2		2,710.6		2,991.3		5,351.7		(203.0	)		(311.4	)		414.7			618.9			3,229.3		3,022.1		2,576.5		4,732.7
Mizuho Bank
Japanese Bonds		14,844.5		5,552.0		2,128.3		793.6		8,658.2			(1,166.0	)		(125.4	)		167.4			6,186.3		6,718.1		2,253.7		626.2
Japanese Government Bonds		14,453.4		4,076.7		1,505.6		185.0		8,655.1			(1,192.8	)		(156.5	)		140.0			5,798.3		5,269.5		1,662.1		45.0
Japanese Local Government Bonds		29.9		208.8		150.1		16.9		19.1			37.6			65.5			12.5			10.7		171.1		84.6		4.4
Japanese Corporate Bonds		361.2		1,266.5		472.5		591.7		(15.9	)		(10.9	)		(34.5	)		14.9			377.2		1,277.4		507.0		576.8
Other		2,985.7		2,610.9		2,828.3		5,255.0		(224.8	)		(274.6	)		426.9			618.9			3,210.6		2,885.5		2,401.3		4,636.1
Mizuho Trust & Banking
Japanese Bonds		111.3		62.8		15.1		10.0		49.0			(107.8	)		(8.4	)		10.0			62.3		170.7		23.6		—
Japanese Government Bonds		110.0		—		—		10.0		56.9			(120.0	)		—			10.0			53.1		120.0		—		—
Japanese Local Government Bonds		0.5		0.1		—		—		(0.1	)		(0.1	)		—			—			0.7		0.2		—		—
Japanese Corporate Bonds		0.7		62.6		15.1		—		(7.7	)		12.2			(8.4	)		—			8.4		50.4		23.6		—
Other		40.5		99.7		162.9		96.6		21.8			(36.8	)		(12.2	)		(0.0	)		18.7		136.6		175.2		96.6

2-12

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

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

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of September 30, 2020								Change												As of March 31, 2020
	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		3,435.8		8,889.2		5,917.6		18,242.7		1,626.0			(1,594.4	)		59.3			91.0			1,809.7		10,483.7		5,858.2		18,151.7
Receive Float / Pay Fixed		431.1		1,861.9		3,072.3		5,365.4		11.0			(722.8	)		(63.4	)		(775.2	)		420.1		2,584.7		3,135.7		6,140.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,866.9		10,751.2		8,989.9		23,608.1		1,637.1			(2,317.3	)		(4.0	)		(684.2	)		2,229.8		13,068.5		8,994.0		24,292.3
Mizuho Bank
Receive Fixed / Pay Float		3,435.8		8,889.2		5,892.6		18,217.7		1,626.0			(1,594.4	)		34.3			66.0			1,809.7		10,483.7		5,858.2		18,151.7
Receive Float / Pay Fixed		431.1		1,701.9		2,727.1		4,860.2		31.0			(752.8	)		14.1			(707.5	)		400.1		2,454.7		2,712.9		5,567.7
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,866.9		10,591.2		8,619.7		23,077.9		1,657.1			(2,347.3	)		48.5			(641.5	)		2,209.8		12,938.5		8,571.1		23,719.5
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		25.0		25.0		—			—			25.0			25.0			—		—		—		—
Receive Float / Pay Fixed		—		160.0		345.1		505.1		(20.0	)		30.0			(77.6	)		(67.6	)		20.0		130.0		422.8		572.8
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		—		160.0		370.1		530.1		(20.0	)		30.0			(52.6	)		(42.6	)		20.0		130.0		422.8		572.8
									��

Reference:

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

	(Billions of yen)
	As of September 30, 2020						Change								As of March 31, 2020
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		1,287.8		1,198.0	89.8			(108.7	)		(101.1	)	(7.5	)		1,396.6		1,299.1	97.4
Mizuho Bank		1,215.7		1,117.3	98.4			(105.7	)		(100.0	)	(5.6	)		1,321.4		1,217.3	104.1
Mizuho Trust & Banking		72.1		80.6	(8.5	)		(3.0	)		(1.1	)	(1.9	)		75.1		81.8	(6.6	)

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

2-13

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

		(Millions of yen)
		First Half of Fiscal 2020
					Change			First Half of Fiscal 2019
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,220,755			(25,113	)		1,245,869
Discount Rate (%)			(0.00)~0.62						0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,997,428			(160,525	)		2,157,954
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(154,639	)		219,803			(374,443	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		622,033			84,391			537,641
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,072,553			(23,859	)		1,096,412
Discount Rate (%)			(0.00)~0.62						0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,756,585			(166,223	)		1,922,809
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(127,758	)		216,762			(344,521	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		556,273			74,397			481,875
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		148,201			(1,254	)		149,456
Discount Rate (%)			(0.00)~0.62						0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		240,842			5,697			235,145
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(26,881	)		3,040			(29,922	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		65,759			9,993			55,766

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits
Aggregate Figures for the 2 Banks
	(Millions of yen)
	First Half of Fiscal 2020						First Half of
				Change			Fiscal 2019
Service Cost		(13,753	)		999			(14,752	)
Interest Cost		(1,785	)		(221	)		(1,564	)
Expected Return on Plan Assets		17,376			13			17,363
Accumulation (Amortization) of Unrecognized Actuarial Differences		13,763			(17,031	)		30,795
Accumulation (Amortization) of Unrecognized Prior Service Cost		52,391			54,693			(2,301	)
Gains on Cancellation of Employee Retirement Benefit Trust		7,895			7,895			—
Losses on Transfer to Defined Contribution Pension Plan		(2,519	)		(2,519	)		—
Other		(4,226	)		(2,488	)		(1,738	)
Total		69,141			41,340			27,801
Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains (Losses) (¥57,767 million).
Mizuho Bank
	(Millions of yen)
	First Half of Fiscal 2020						First Half of
				Change			Fiscal 2019
Service Cost		(11,609	)		894			(12,504	)
Interest Cost		(1,566	)		(191	)		(1,374	)
Expected Return on Plan Assets		15,570			17			15,552
Accumulation (Amortization) of Unrecognized Actuarial Differences		12,435			(16,225	)		28,661
Accumulation (Amortization) of Unrecognized Prior Service Cost		45,822			47,836			(2,013	)
Gains on Cancellation of Employee Retirement Benefit Trust		7,895			7,895			—
Losses on Transfer to Defined Contribution Pension Plan		(2,187	)		(2,187	)		—
Other		(3,826	)		(2,251	)		(1,575	)
Total		62,532			35,786			26,745

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains (Losses) (¥51,530 million).

Mizuho Trust & Banking

	(Millions of yen)
	First Half of Fiscal  2020						First Half of
				Change			Fiscal 2019
Service Cost		(2,143	)		104			(2,248	)
Interest Cost		(218	)		(29	)		(189	)
Expected Return on Plan Assets		1,805			(4	)		1,810
Accumulation (Amortization) of Unrecognized Actuarial Differences		1,328			(805	)		2,134
Accumulation (Amortization) of Unrecognized Prior Service Cost		6,569			6,857			(287	)
Losses on Transfer to Defined Contribution Pension Plan		(331	)		(331	)		—
Other		(400	)		(237	)		(162	)
Total		6,609			5,553			1,056

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains (Losses) (¥6,237 million).

2-15

Mizuho Financial Group, Inc.

Consolidated
Retirement Benefit Obligations
		(Millions of yen)
		First Half of Fiscal 2020						First Half of
					Change			Fiscal 2019
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,440,341			(21,896	)		1,462,237
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,225,010			(159,158	)		2,384,168
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(138,808	)		227,368			(366,177	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		846,782			(136,021	)		982,804
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		62,113			1,240			60,873
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		First Half of Fiscal 2020						First Half of
					Change			Fiscal 2019
Service Cost			(20,725	)		999			(21,725	)
Interest Cost			(2,144	)		(260)			(1,884	)
Expected Return on Plan Assets			19,460			(1	)		19,461
Accumulation (Amortization) of Unrecognized Actuarial Differences			12,439			(17,800	)		30,239
Accumulation (Amortization) of Unrecognized Prior Service Cost			61,969			64,739			(2,769	)
Gains on Cancellation of Employee Retirement Benefit Trust			7,895			7,895			—
Losses on Transfer to Defined Contribution Pension Plan			(3,320	)		(3,320	)		—
Other			(7,341	)		(3,764	)		(3,576	)
Total			68,232			48,487			19,745

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost,Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020, except for a portion thereof, are recorded to Extraordinary Gains (Losses) (¥66,579 million).

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

	(%, Billions of yen)
	Consolidated
	As of September 30, 2020 (Preliminary)					As of March 31, 2020
International Standard			Change
(1) Total Capital Ratio		17.28		0.03			17.25
(2) Tier 1 Capital Ratio		14.69		0.17			14.52
(3) Common Equity Tier 1 Capital Ratio		11.57		(0.08	)		11.65
(4) Total Capital		11,132.7		410.4			10,722.2
(5) Tier 1 Capital		9,467.5		443.0			9,024.4
(6) Common Equity Tier 1 Capital		7,452.6		207.8			7,244.7
(7) Risk weighted Assets		64,404.9		2,263.7			62,141.2
(8) Total Required Capital (7) X8%		5,152.3		181.1			4,971.2

Mizuho Bank

	Consolidated							Non-Consolidated
	As of September 30, 2020 (Preliminary)					As of March 31, 2020		As of September 30, 2020 (Preliminary)
International Standard			Change
(1) Total Capital Ratio		17.30		0.01			17.29		17.71
(2) Tier 1 Capital Ratio		14.66		0.16			14.50		14.93
(3) Common Equity Tier 1 Capital Ratio		11.30		(0.09	)		11.39		11.34
(4) Total Capital		10,337.8		473.1			9,864.6		9,943.4
(5) Tier 1 Capital		8,764.9		490.2			8,274.7		8,380.6
(6) Common Equity Tier 1 Capital		6,755.5		254.1			6,501.3		6,368.9
(7) Risk weighted Assets		59,749.2		2,708.9			57,040.2		56,116.4
(8) Total Required Capital (7) X8%		4,779.9		216.7			4,563.2		4,489.3
Mizuho Trust & Banking
	Consolidated							Non-Consolidated
	As of September 30, 2020 (Preliminary)					As of March 31, 2020		As of September 30, 2020 (Preliminary)
International Standard			Change
(1) Total Capital Ratio		26.27		2.53			23.74		25.52
(2) Tier 1 Capital Ratio		26.24		2.58			23.66		25.49
(3) Common Equity Tier 1 Capital Ratio		26.24		2.60			23.64		25.49
(4) Total Capital		509.6		18.7			490.8		494.2
(5) Tier 1 Capital		509.0		19.8			489.2		493.6
(6) Common Equity Tier 1 Capital		509.0		20.2			488.7		493.6
(7) Risk weighted Assets		1,939.5		(127.7	)		2,067.3		1,936.5
(8) Total Required Capital (7) X8%		155.1		(10.2	)		165.3		154.9

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

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

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

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

Consolidated

	(Millions of yen, %)
	As of September 30, 2020										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		32,552		0.03		16,613			0.01			15,938		0.01
Non-Accrual Delinquent Loans		412,673		0.47		11,657			(0.00	)		401,016		0.48
Loans Past Due for 3 Months or More		559		0.00		(909	)		(0.00	)		1,468		0.00
Restructured Loans		311,710		0.36		55,280			0.05			256,429		0.30
Total		757,496		0.87		82,642			0.06			674,853		0.80
Total Loans		86,501,633		100.00		3,033,447						83,468,185		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		99,976				20,150						79,826
Trust Account
	As of September 30, 2020										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		—			—			—		—
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		—		—		—			—			—		—
Total Loans		5,536		100.00		(3,236	)					8,773		100.00
Consolidated + Trust Account
	As of September 30, 2020										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		32,552		0.03		16,613			0.01			15,938		0.01
Non-Accrual Delinquent Loans		412,673		0.47		11,657			(0.00	)		401,016		0.48
Loans Past Due for 3 Months or More		559		0.00		(909	)		(0.00	)		1,468		0.00
Restructured Loans		311,710		0.36		55,280			0.05			256,429		0.30
Total		757,496		0.87		82,642			0.06			674,853		0.80
Total Loans		86,507,169		100.00		3,030,210						83,476,958		100

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

	(Millions of yen, %)
Aggregate Figures for the 2 Banks	As of September 30, 2020										As of March 31, 2020
(Banking Account + Trust Account)			%		Change			%					%
Loans to Bankrupt Obligors		30,670		0.03		15,884			0.01			14,786		0.01
Non-Accrual Delinquent Loans		390,651		0.44		6,946			(0.00	)		383,705		0.45
Loans Past Due for 3 Months or More		559		0.00		(909	)		(0.00	)		1,468		0.00
Restructured Loans		264,589		0.30		42,578			0.03			222,011		0.26
Total		686,471		0.78		64,499			0.04			621,972		0.73
Total Loans		87,212,482		100.00		2,964,964						84,247,518		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		94,150				19,572						74,578
Mizuho Bank
Loans to Bankrupt Obligors		30,670		0.03		15,884			0.01			14,786		0.01
Non-Accrual Delinquent Loans		383,725		0.45		4,252			(0.01	)		379,472		0.46
Loans Past Due for 3 Months or More		559		0.00		(909	)		(0.00	)		1,468		0.00
Restructured Loans		263,835		0.31		42,964			0.04			220,871		0.27
Total		678,791		0.81		62,192			0.04			616,599		0.76
Total Loans		83,740,979		100.00		2,869,710						80,871,269		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		93,935				19,572						74,362
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		6,926		0.19		2,693			0.07			4,232		0.12
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		753		0.02		(386	)		(0.01	)		1,140		0.03
Total		7,679		0.22		2,306			0.06			5,373		0.15
Total Loans		3,465,966		100.00		98,490						3,367,475		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		215				(0	)					215
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		—			—			—		—
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		—		—		—			—			—		—
Total Loans		5,536		100.00		(3,236	)					8,773		100.00

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

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Reserves for Possible Losses on Loans		477,516		53,070			424,446
General Reserve for Possible Losses on Loans		301,431		62,396			239,035
Specific Reserve for Possible Losses on Loans		176,084		(9,325	)		185,410
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		109,898		20,681			89,216

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Reserves for Possible Losses on Loans		441,210		52,392			388,818
General Reserve for Possible Losses on Loans		277,244		60,647			216,597
Specific Reserve for Possible Losses on Loans		163,965		(8,255	)		172,221
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		103,382		19,859			83,523
Mizuho Bank
Reserves for Possible Losses on Loans		437,768		52,639			385,129
General Reserve for Possible Losses on Loans		274,931		60,866			214,064
Specific Reserve for Possible Losses on Loans		162,836		(8,227	)		171,064
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		103,167		19,859			83,308
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		3,441		(247	)		3,689
General Reserve for Possible Losses on Loans		2,313		(219	)		2,532
Specific Reserve for Possible Losses on Loans		1,128		(27	)		1,156
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		215		(0	)		215

Reserve for Possible Losses on Entrusted Loans (¥17 million and ¥27 million for September 30, 2020 and March 31, 2020, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

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

Consolidated

	(%)
	As of September 30, 2020					As of March 31, 2020
			Change
Mizuho Financial Group		63.03		0.14			62.89
Above figures are presented net of partial direct write-offs. Non-Consolidated
	(%)
	As of September 30, 2020					As of March 31, 2020
			Change
Total		64.27		1.75			62.51
Mizuho Bank		64.49		2.03			62.46
Mizuho Trust & Banking (Banking Account)		44.81		(23.84	)		68.65
Above figures are presented net of partial direct write-offs.

2-21

Mizuho Financial Group, Inc.

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

Consolidated

	(Millions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		93,343		34,131			59,212
Claims with Collection Risk		382,844		(890	)		383,734
Claims for Special Attention		312,269		54,371			257,898
Sub-total[1]		788,458		87,612			700,845
Normal Claims		95,324,350		2,663,058			92,661,291
Total[2]		96,112,808		2,750,670			93,362,137
	(%)
NPL ratio[1]/[2]		0.82		0.06			0.75
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Sub-total[3]		—		—			—
Normal Claims		5,536		(3,236	)		8,773
Total[4]		5,536		(3,236	)		8,773
	(%)
NPL ratio[3]/[4]		—		—			—

Consolidated + Trust Account

	(Millions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		93,343		34,131			59,212
Claims with Collection Risk		382,844		(890	)		383,734
Claims for Special Attention		312,269		54,371			257,898
Sub-total[5]		788,458		87,612			700,845
Normal Claims		95,329,886		2,659,821			92,670,065
Total[6]		96,118,344		2,747,433			93,370,910
	(%)
NPL ratio[5]/[6]		0.82		0.06			0.75

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

	(Millions of yen)
Aggregate Figures for the 2 Banks	As of September 30, 2020					As of
(Banking Account + Trust Account)			Change			March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		84,471		33,428			51,042
Claims with Collection Risk		382,473		(4,059	)		386,532
Claims for Special Attention		265,149		41,669			223,480
Sub-total[1]		732,094		71,038			661,055
Normal Claims		96,285,815		2,394,901			93,890,914
Total[2]		97,017,910		2,465,940			94,551,969
	(%)
NPL ratio[1]/[2]		0.75		0.05			0.69
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		84,081		33,478			50,602
Claims with Collection Risk		375,937		(6,802	)		382,739
Claims for Special Attention		264,395		42,055			222,340
Sub-total[3]		724,414		68,731			655,682
Normal Claims		92,804,559		2,301,524			90,503,034
Total[4]		93,528,973		2,370,256			91,158,717
	(%)
NPL ratio[3]/[4]		0.77		0.05			0.71
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking (Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		389		(50	)		439
Claims with Collection Risk		6,536		2,743			3,793
Claims for Special Attention		753		(386	)		1,140
Sub-total[5]		7,679		2,306			5,373
Normal Claims		3,475,719		96,613			3,379,106
Total[6]		3,483,399		98,920			3,384,479
	(%)
NPL ratio[5]/[6]		0.22		0.06			0.15
Above figures are presented net of partial direct write-offs.
(Trust Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Sub-total[7]		—		—			—
Normal Claims		5,536		(3,236	)		8,773
Total[8]		5,536		(3,236	)		8,773
	(%)
NPL ratio[7]/[8]		—		—			—

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

2-23

Mizuho Financial Group, Inc.

5. Coverage on Non Performing Loans based on the FRA

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of September 30, 2020					As of
			Change			March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		84.4		33.4			51.0
Collateral, Guarantees, and equivalent		77.9		32.6			45.2
Reserve for Possible Losses		6.5		0.7			5.7
Claims with Collection Risk		382.4		(4.0	)		386.5
Collateral, Guarantees, and equivalent		156.5		7.0			149.5
Reserve for Possible Losses		156.9		(10.8	)		167.8
Claims for Special Attention		265.1		41.6			223.4
Collateral, Guarantees, and equivalent		80.1		11.9			68.2
Reserve for Possible Losses		42.1		5.5			36.5
Total		732.0		71.0			661.0
Collateral, Guarantees, and equivalent		314.7		51.6			263.1
Reserve for Possible Losses		205.6		(4.5	)		210.2
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		84.0		33.4			50.6
Collateral, Guarantees, and equivalent		77.5		32.6			44.8
Reserve for Possible Losses		6.5		0.7			5.7
Claims with Collection Risk		375.9		(6.8	)		382.7
Collateral, Guarantees, and equivalent		151.8		4.2			147.6
Reserve for Possible Losses		155.8		(10.8	)		166.7
Claims for Special Attention		264.3		42.0			222.3
Collateral, Guarantees, and equivalent		80.1		11.8			68.2
Reserve for Possible Losses		41.9		5.6			36.3
Total		724.4		68.7			655.6
Collateral, Guarantees, and equivalent		309.5		48.8			260.7
Reserve for Possible Losses		204.4		(4.4	)		208.8
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.3		(0.0	)		0.4
Collateral, Guarantees, and equivalent		0.3		(0.0	)		0.4
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		6.5		2.7			3.7
Collateral, Guarantees, and equivalent		4.7		2.7			1.9
Reserve for Possible Losses		1.1		(0.0	)		1.1
Claims for Special Attention		0.7		(0.3	)		1.1
Collateral, Guarantees, and equivalent		0.0		0.0			0.0
Reserve for Possible Losses		0.1		(0.0	)		0.2
Total		7.6		2.3			5.3
Collateral, Guarantees, and equivalent		5.1		2.7			2.3
Reserve for Possible Losses		1.2		(0.1	)		1.3
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims with Collection Risk		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims for Special Attention		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Total		—		—			—
Collateral, Guarantees, and equivalent		—		—			—

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Coverage Amount		520.3		47.0			473.3
Reserves for Possible Losses on Loans		205.6		(4.5	)		210.2
Collateral, Guarantees, and equivalent		314.7		51.6			263.1
	(%)
Coverage Ratio		71.0		(0.5	)		71.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.9		(0.1	)		82.1
Claims for Special Attention		46.1		(0.7	)		46.9
Claims against Special Attention Obligors		47.8		(2.9	)		50.7
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.5		(1.3	)		70.8
Claims for Special Attention		22.7		(0.7	)		23.5
Claims against Special Attention Obligors		24.6		1.3			23.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		17.08		2.06			15.01
Claims against Watch Obligors excluding Special Attention Obligors		6.31		1.39			4.91
Claims against Normal Obligors		0.09		(0.00	)		0.09
Mizuho Bank
	(Billions of yen)
Coverage Amount		513.9		44.3			469.5
Reserves for Possible Losses on Loans		204.4		(4.4	)		208.8
Collateral, Guarantees, and equivalent		309.5		48.8			260.7
	(%)
Coverage Ratio		70.9		(0.6	)		71.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.8		(0.2	)		82.1
Claims for Special Attention		46.1		(0.8	)		47.0
Claims against Special Attention Obligors		47.8		(2.9	)		50.8
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.5		(1.3	)		70.9
Claims for Special Attention		22.7		(0.8	)		23.5
Claims against Special Attention Obligors		24.6		1.3			23.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		17.08		2.08			14.99
Claims against Watch Obligors excluding Special Attention Obligors		6.37		1.42			4.95
Claims against Normal Obligors		0.09		(0.00	)		0.09

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Coverage Amount		6.4		2.6			3.7
Reserves for Possible Losses on Loans		1.2		(0.1	)		1.3
Collateral, Guarantees, and equivalent		5.1		2.7			2.3
	(%)
Coverage Ratio		83.6		13.9			69.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		89.0		8.3			80.6
Claims for Special Attention		29.2		7.1			22.1
Claims against Special Attention Obligors		26.9		4.8			22.1
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		60.8		(0.0	)		60.8
Claims for Special Attention		19.9		(0.2	)		20.2
Claims against Special Attention Obligors		20.0		(0.2	)		20.2
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.28		(1.51	)		19.79
Claims against Watch Obligors excluding Special Attention Obligors		1.77		0.29			1.47
Claims against Normal Obligors		0.04		(0.01	)		0.05

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

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

2-27

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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

	(Billions of yen)
	Fiscal 2017		Fiscal 2018		Fiscal 2019		Fiscal 2020
	As of March 31, 2018		As of March 31, 2019		As of March 31, 2020		As of September 30, 2020
							MHBK		MHTB*		Aggregate Figures for the 2 Banks
													Change from March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		76.6		33.6		26.5		24.8		0.2		25.0		(1.4	)
Claims with Collection Risk		284.2		187.8		139.7		128.0		1.5		129.5		(10.1	)
Amount Categorized as above up to Fiscal 2017		360.9		221.4		166.3		152.8		1.7		154.6		(11.6	)
of which the amount which was in the process of being removed from the balance sheet		47.2		22.5		20.6		20.9		0.2		21.1		0.5
Claims against Bankrupt and Substantially Bankrupt Obligors				19.3		11.5		9.7		0.0		9.8		(1.7	)
Claims with Collection Risk				159.8		74.8		54.6		0.1		54.8		(20.0	)
Amount Newly Categorized as above during Fiscal 2018				179.1		86.4		64.3		0.2		64.6		(21.8	)
of which the amount which was in the process of being removed from the balance sheet				18.2		11.8		10.0		0.0		10.1		(1.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors						12.8		19.6		0.0		19.6		6.7
Claims with Collection Risk						171.8		112.3		1.8		114.1		(57.7	)
Amount Newly Categorized as above during Fiscal 2019						184.7		131.9		1.8		133.7		(50.9	)
of which the amount which was in the process of being removed from the balance sheet						12.0		19.6		0.0		19.6		7.6
Claims against Bankrupt and Substantially Bankrupt Obligors								29.8		0.0		29.9		29.9
Claims with Collection Risk								80.9		2.9		83.9		83.9
Amount Newly Categorized as above during the First Half of Fiscal 2020								110.8		3.0		113.8		113.8
of which the amount which was in the process of being removed from the balance sheet								12.2		0.0		12.2		12.2
Claims against Bankrupt and Substantially Bankrupt Obligors		76.6		52.9		51.0		84.0		0.3		84.4		33.4
Claims with Collection Risk		284.2		347.6		386.5		375.9		6.5		382.4		(4.0	)
Total		360.9		400.6		437.5		460.0		6.9		466.9		29.3
of which the amount which was in the process of being removed from the balance sheet		47.2		40.8		44.5		62.8		0.3		63.2		18.6

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

*      denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2020

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(2.7	)		(2.7	)		—
Restructuring		(1.0	)		(1.0	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(16.9	)		(16.9	)		—
Direct Write-off		(21.2	)		(21.2	)		—
Other		(42.5	)		(42.2	)		(0.3	)
Debt recovery		(8.1	)		(8.0	)		(0.1	)
Improvement in Business Performance		(34.3	)		(34.1	)		(0.1	)
Total		(84.4	)		(84.1	)		(0.3	)

2-28

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

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

	(Billions of yen)
	As of September 30, 2020										As of March 31, 2020
	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)		62,850.6		579.6		3,902.9			68.1			58,947.6		511.4
Manufacturing		11,626.7		158.8		1,987.8			18.3			9,638.9		140.5
Agriculture & Forestry		52.0		1.1		(2.6	)		0.2			54.7		0.8
Fishery		2.7		0.3		(0.5	)		—			3.3		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		350.5		0.1		123.6			(0.1	)		226.9		0.2
Construction		741.2		6.7		15.7			(1.2	)		725.4		8.0
Utilities		3,021.7		11.2		185.8			(0.2	)		2,835.9		11.5
Communication		1,348.8		10.0		(88.0	)		(1.4	)		1,436.9		11.5
Transportation & Postal Industry		2,615.8		10.5		255.7			1.1			2,360.1		9.3
Wholesale & Retail		5,199.8		141.7		269.7			8.8			4,930.0		132.9
Finance & Insurance		8,365.5		11.7		145.1			1.3			8,220.3		10.3
Real Estate		9,275.4		39.3		535.2			2.8			8,740.2		36.4
Commodity Lease		2,844.6		1.7		(40.3	)		0.1			2,884.9		1.6
Service Industries		3,459.2		112.3		351.3			42.2			3,107.8		70.0
Local Governments		707.8		—		(52.4	)		—			760.3		—
Governments		1,934.1		—		490.6			—			1,443.5		—
Other		11,304.1		73.5		(273.9	)		(3.9	)		11,578.0		77.5
Overseas Total (including Loans Booked Offshore)		24,929.6		106.8		(995.9	)		(3.6	)		25,925.5		110.4
Governments		341.4		—		(0.8	)		—			342.2		—
Financial Institutions		9,007.9		—		(162.6	)		—			9,170.5		—
Other		15,580.2		106.8		(832.5	)		(3.6	)		16,412.7		110.4
Total		87,780.2		686.4		2,907.0			64.4			84,873.2		621.9

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

 As of September 30, 2020: ¥770.0 billion (from MHBK)

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

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

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Mizuho Financial Group, Inc.

	(Billions of yen)
	As of September 30, 2020										As of March 31, 2020
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank					Outstanding Balance			Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		58,812.2		571.9		3,865.4			65.8			54,946.8		506.1
Manufacturing		11,157.9		156.9		1,984.2			18.7			9,173.7		138.2
Agriculture & Forestry		51.9		1.1		(2.6	)		0.2			54.6		0.8
Fishery		2.7		0.3		(0.5	)		—			3.3		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		348.5		0.1		123.8			(0.1	)		224.7		0.2
Construction		701.1		6.6		11.7			(1.2	)		689.3		7.9
Utilities		2,738.6		11.2		173.7			(0.2	)		2,564.8		11.5
Communication		1,226.4		10.0		(80.3	)		(1.1	)		1,306.8		11.2
Transportation & Postal Industry		2,409.5		10.5		247.8			1.1			2,161.6		9.3
Wholesale & Retail		5,056.1		141.7		273.8			8.8			4,782.3		132.9
Finance & Insurance		7,888.8		11.7		187.8			1.3			7,700.9		10.3
Real Estate		7,926.7		36.1		476.6			0.1			7,450.1		36.0
Commodity Lease		2,615.4		1.7		(52.3	)		0.1			2,667.8		1.6
Service Industries		3,404.5		112.0		352.5			41.9			3,051.9		70.0
Local Governments		704.6		—		(48.5	)		—			753.2		—
Governments		1,751.7		—		413.6			—			1,338.0		—
Other		10,827.0		71.4		(196.0	)		(3.8	)		11,023.0		75.2
Overseas Total (including Loans Booked Offshore)		24,928.7		106.8		(995.7	)		(3.6	)		25,924.4		110.4
Governments		341.4		—		(0.8	)		—			342.2		—
Financial Institutions		9,007.9		—		(162.6	)		—			9,170.5		—
Other		15,579.3		106.8		(832.2	)		(3.6	)		16,411.6		110.4
Total		83,740.9		678.7		2,869.7			62.1			80,871.2		616.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,038.4		7.6		37.5			2.3			4,000.8		5.3
Manufacturing		468.7		1.9		3.6			(0.3	)		465.1		2.2
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.0		—		(0.2	)		—			2.2		—
Construction		40.0		0.1		3.9			(0.0	)		36.0		0.1
Utilities		283.1		—		12.0			—			271.0		—
Communication		122.4		—		(7.6	)		(0.3	)		130.1		0.3
Transportation & Postal Industry		206.3		—		7.8			—			198.4		—
Wholesale & Retail		143.6		—		(4.0	)		—			147.6		—
Finance & Insurance		476.7		—		(42.6	)		—			519.3		—
Real Estate		1,348.6		3.1		58.5			2.7			1,290.0		0.4
Commodity Lease		229.1		—		11.9			—			217.1		—
Service Industries		54.6		0.2		(1.2	)		0.2			55.9		—
Local Governments		3.1		—		(3.8	)		—			7.0		—
Governments		182.4		—		76.9			—			105.4		—
Other		477.1		2.1		(77.8	)		(0.0	)		554.9		2.2
Overseas Total (including Loans Booked Offshore)		0.8		—		(0.2	)		—			1.1		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		0.8		—		(0.2	)		—			1.1		—
Total		4,039.2		7.6		37.3			2.3			4,001.9		5.3

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

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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 September 30, 2020											As of March 31, 2020
	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)		600.6		67.9			71.0			0.3			529.5		67.6
Manufacturing		170.7		63.0			20.4			(1.1	)		150.3		64.2
Agriculture & Forestry		1.1		41.9			0.2			0.4			0.8		41.5
Fishery		0.3		62.6			—			—			0.3		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		0.1		77.3			(0.3	)		(17.1	)		0.5		94.4
Construction		6.9		71.9			(1.4	)		(0.1	)		8.3		72.0
Utilities		11.2		98.2			(0.2	)		59.7			11.5		38.5
Communication		10.1		71.6			(1.4	)		5.4			11.5		66.1
Transportation & Postal Industry		10.5		66.6			1.1			1.0			9.4		65.5
Wholesale & Retail		144.6		56.6	��		9.3			(1.0	)		135.3		57.7
Finance & Insurance		12.0		91.0			1.3			9.4			10.7		81.6
Real Estate		39.8		86.5			4.2			4.7			35.6		81.7
Commodity Lease		1.7		84.7			0.0			12.4			1.7		72.3
Service Industries		114.3		63.0			41.0			(2.8	)		73.2		65.9
Local Governments		—		—			—			—			—		—
Other		76.6		88.8			(3.2	)		0.3			79.9		88.4
Overseas Total (including Loans Booked Offshore)		131.4		85.4			0.0			(2.1	)		131.4		87.6
Governments		—		—			—			—			—		—
Financial Institutions		—		—			—			—			—		—
Other		131.4		85.4			0.0			(2.1	)		131.4		87.6
Total		732.0		71.0			71.0			(0.5	)		661.0		71.6

* 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 and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

	(Billions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Housing and Consumer Loans		8,958.8		(256.9	)		9,215.7
Housing Loans for owner’s residential housing		8,273.6		(189.8	)		8,463.4
Mizuho Bank
Housing and Consumer Loans		8,891.3		(251.7	)		9,143.1
Housing Loans		8,393.1		(201.9	)		8,595.0
for owner’s residential housing		8,210.9		(185.1	)		8,396.1
Consumer loans		498.2		(49.7	)		548.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		67.4		(5.1	)		72.6
Housing Loans for owner’s residential housing		62.7		(4.6	)		67.3
•   Above figures are aggregate banking and trust account amounts. (2) Loans to SMEs and Individual Customers Non-Consolidated Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
	(%, Billions of yen)
	As of September 30, 2020					As of March 31, 2020
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		55.3		(2.1	)		57.4
Loans to SMEs and Individual Customers		34,794.3		901.8			33,892.4
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		55.8		(2.2	)		58.1
Loans to SMEs and Individual Customers		32,861.8		905.2			31,956.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		47.8		(0.5	)		48.3
Loans to SMEs and Individual Customers		1,932.4		(3.4	)		1,935.9

• Above figures are aggregate banking and trust account amounts.

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

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

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

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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 September 30, 2020										As of March 31, 2020
			Non-Accrual, Past Due & Restructured Loans		Change
	Outstanding Balance				Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Asia		7,864.8		40.1		321.5			4.3			7,543.3		35.8
Hong Kong		1,972.7		3.9		163.9			(0.4	)		1,808.8		4.4
Singapore		1,190.8		26.3		(95.2	)		0.1			1,286.0		26.1
Thailand		1,054.4		2.0		17.1			0.5			1,037.2		1.4
Taiwan		1,009.2		0.0		262.3			(0.0	)		746.9		0.0
India		560.2		2.6		(58.9	)		(0.1	)		619.2		2.7
South Korea		639.4		0.0		(31.8	)		0.0			671.2		—
Indonesia		489.7		0.9		37.8			(0.0	)		451.9		0.9
Philippines		303.8		0.0		20.9			0.0			282.8		0.0
China		220.2		—		0.1			—			220.1		—
Thailand		160.2		3.7		(3.9	)		3.7			164.1		—
Central and South America		4,547.5		19.6		(112.9	)		(2.9	)		4,660.4		22.5
Mexico		414.0		0.7		(12.4	)		(0.0	)		426.4		0.8
Brazile		174.4		5.9		(76.1	)		(1.5	)		250.5		7.5
North America		7,420.7		47.3		(1,344.4	)		3.2			8,765.2		44.1
United States		6,548.5		47.3		(1,381.3	)		3.2			7,929.9		44.1
Eastern Europe		328.0		—		50.8			—			277.2		—
Russia		231.7		—		60.0			—			171.7		—
Western Europe		4,779.4		23.6		225.7			9.7			4,553.6		13.8
United Kingdom		1,245.6		7.0		(69.6	)		7.0			1,315.3		—
Netherlands		1,012.1		0.9		(140.0	)		(0.2	)		1,152.2		1.2
Germany		653.4		10.3		136.6			3.1			516.7		7.2
Ireland		256.5		—		4.4			—			252.0		—
Switzerland		213.1		—		41.1			—			171.9		—
France		214.6		—		(35.9	)		—			250.6		—
Turkey		106.1		—		3.9			—			102.1		—
Italy		180.9		—		25.7			—			155.1		—
Other		3,152.5		8.2		(116.2	)		(21.1	)		3,268.8		29.4
Australia		1,526.8		—		1.9			—			1,524.8		—
Total		28,093.3		139.0		(975.4	)		(6.8	)		29,068.7		145.8
	As of September 30, 2020										As of March 31, 2020
			Non-Accrual, Past Due & Restructured Loans		Change
	Outstanding Balance				Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank (China) ,Ltd		1,066.6		4.3		8.0			(0.4	)		1,058.5		4.7
Mizuho Bank (USA)		500.2		—		29.6			—			470.6		—
PT. Bank Mizuho Indonesia		408.0		0.5		55.2			0.4			352.8		0.1

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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 October 1, 2020 to September 30, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		1,912.0
Income before Income Taxes	2		1,408.4
Tax Adjustments (1)	3		172.8
Taxable Income before Current Deductible Temporary Differences (2)	4		1,581.2
Effective Statutory Tax Rate	5		30.62	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		484.1

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

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2020.

Reference: Past results of taxable income (tax loss)

	(Billions of yen)
Fiscal 2016		442.3
Fiscal 2017		379.9
Fiscal 2018		267.2
Fiscal 2019		378.5
First Half of Fiscal 2020 (estimate)		160.0

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

• Figure for the first half of fiscal 2020 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2020						As of March 31, 2020
					Change
Reserves for Possible Losses on Loans	7		153.3			21.3			131.9
Impairment of Securities	8		159.2			13.3			145.9
Net Unrealized Losses on Other Securities	9		8.6			(13.3	)		22.0
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		161.8			(14.5	)		176.3
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		255.2			(5.8	)		261.0
Total Deferred Tax Assets	15		738.3			0.9			737.3
Valuation Allowance	16		(160.8	)		(0.1	)		(160.6	)
Sub-Total [ 15 + 16 ]	17		577.5			0.8			576.7
Amount related to Retirement Benefits Accounting	18		(188.5	)		(18.2	)		(170.3	)
Net Unrealized Gains on Other Securities	19		(371.9	)		(67.6	)		(304.3	)
Net Deferred Hedge Gains	20		(20.3	)		7.5			(27.9	)
Other	21		(35.4	)		1.6			(37.1	)
Total Deferred Tax Liabilities	22		(616.3	)		(76.5	)		(539.7	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(38.8	)		(75.7	)		36.9
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(373.1	)		(69.2	)		(303.8	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(20.3	)		7.5			(27.9	)
Tax effects related to others	26		354.6			(14.0	)		368.6

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

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

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

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

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Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from October 1, 2020 to September 30, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		182.8
Income before Income Taxes	2		195.3
Tax Adjustments (1)	3		(54.2	)
Taxable Income before Current Deductible Temporary Differences (2)	4		141.0
Effective Statutory Tax Rate	5		30.62	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		43.1

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

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2020.

Reference: Past results of taxable income (tax loss)

	(Billions of yen)
Fiscal 2016		52.1
Fiscal 2017		40.5
Fiscal 2018		39.0
Fiscal 2019		31.7
First Half of Fiscal 2020 (estimate)		7.0

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

• Figure for the first half of fiscal 2020 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2020						As of March 31, 2020
					Change
Reserves for Possible Losses on Loans	7		1.1			(0.0	)		1.1
Impairment of Securities	8		9.8			(1.3	)		11.1
Net Unrealized Losses on Other Securities	9		2.0			0.9			1.1
Reserve for Employee Retirement Benefits	10		4.2			(3.0	)		7.2
Net Deferred Hedge Losses	11		2.6			0.5			2.0
Tax Losses Carried Forward	12		—			—			—
Other	13		4.2			(0.8	)		5.1
Total Deferred Tax Assets	14		24.1			(3.8	)		27.9
Valuation Allowance	15		(12.1	)		0.4			(12.6	)
Sub-Total [ 14 + 15 ]	16		11.9			(3.4	)		15.3
Amount related to Retirement Benefits Accounting	17		(4.5	)		(0.0	)		(4.5	)
Net Unrealized Gains on Other Securities	18		(18.4	)		(4.9	)		(13.4	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.3	)		0.2			(0.5	)
Total Deferred Tax Liabilities	21		(23.3	)		(4.7	)		(18.5	)
Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(11.4	)		(8.1	)		(3.2	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	23		(18.4	)		(4.9	)		(13.5	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		2.6			0.5			2.0
Tax effects related to others	25		4.4			(3.7	)		8.2

* 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.

2-35

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

	(Billions of yen)
	As of September 30, 2020					As of March 31, 2020
Aggregate Figures for the 2 Banks			Change
Deposits		111,266.7		4,390.6			106,876.1
Individual Deposits		46,586.8		1,568.2			45,018.6
Corporate Deposits		56,929.4		2,843.0			54,086.4
Financial/Government Institutions		7,750.4		(20.6	)		7,771.0
Mizuho Bank
Deposits		108,133.6		4,353.8			103,779.8
Individual Deposits		45,730.4		1,570.0			44,160.3
Corporate Deposits		55,438.7		2,762.2			52,676.4
Financial/Government Institutions		6,964.4		21.4			6,943.0
Mizuho Trust & Banking
Deposits		3,133.1		36.8			3,096.2
Individual Deposits		856.4		(1.7	)		858.2
Corporate Deposits		1,490.6		80.7			1,409.9
Financial/Government Institutions		785.9		(42.1	)		828.0

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

2-36

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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

	As of September 30, 2020					As of March 31, 2020
			Change
Directors, Executive Officers as defined in the Companies Act, and Auditors		45		(4	)		49
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)		119		(9	)		128
The above numbers have been adjusted for those who are doubling other positions. (2) Number of Employees Consolidated
	As of September 30, 2020					As of March 31, 2020
			Change
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		56,383		(881	)		57,264
Average number of temporary employees		15,636		(1,374	)		17,010
The number of Employees excludes employees seconded outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees. 3. Number of Offices Domestic: The 2 Banks and Mizuho Securities
	As of September 30, 2020					As of March 31, 2020
			Change
Mizuho Bank		464		—			464
Mizuho Trust & Banking		60		—			60
Mizuho Securities		244		(12	)		256
The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others. Overseas: The 2 Banks and Mizuho Securities
	As of September 30, 2020					As of March 31, 2020
			Change
Mizuho Bank		49		—			49
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2

The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-37

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2020

Consolidated

	(Billions of yen)
	Fiscal 2020
Ordinary Profits		460.0
Profit Attributable to Owners of Parent		350.0
Non-Consolidated
Mizuho Bank, Mizuho Trust & Banking
	(Billions of yen)
	Fiscal 2020
	Aggregate Figures for the 2 Banks			MHBK			MHTB*
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF		515.0			475.0			40.0
Ordinary Profits		285.0			250.0			35.0
Net Income		225.0			195.0			30.0
Credit-related Costs		(190.0	)		(185.0	)		(5.0	)

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

Note: Following the results from 1H, MHFG revised Earnings Plan for Fiscal 2020.

Consolidated

Ordinary Profits:

The latest announced estimates: ¥400.0 billion, Revised estimates: ¥460.0 billion, Changes from the original estimates: ¥60.0 billion, 15.0%

Profit Attributable to Owners of Parent:

The latest announced estimates: ¥320.0 billion, Revised estimates: ¥350.0 billion, Changes from the original estimates: ¥30.0 billion, 9.3%

Non-Consolidated

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

The latest announced estimates: ¥415.0 billion, Revised estimates: ¥515.0 billion, Changes from the original estimates: ¥100.0 billion, 24.0%

Ordinary Profits:

The latest announced estimates: ¥275.0 billion, Revised estimates: ¥285.0 billion, Changes from the original estimates: ¥10.0 billion, 3.6%

Net Income:

The latest announced estimates: ¥215.0 billion, Revised estimates: ¥225.0 billion, Changes from the original estimates: ¥10.0 billion, 4.6%

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

2-38

Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of September 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	40,104,898		¥	38,833,234		¥	1,271,664
Call Loans		678,283			958,359			(280,075	)
Receivables under Resale Agreements		3,333,942			8,599,865			(5,265,923	)
Guarantee Deposits Paid under Securities Borrowing Transactions		157,087			122,001			35,086
Other Debt Purchased		412,646			430,330			(17,683	)
Trading Assets		4,972,474			5,013,413			(40,939	)
Money Held in Trust		503			503			(0	)
Securities		42,991,477			34,372,765			8,618,712
Loans and Bills Discounted		83,740,979			80,871,269			2,869,710
Foreign Exchange Assets		1,861,555			1,966,593			(105,038	)
Derivatives other than for Trading		4,343,885			5,164,666			(820,780	)
Other Assets		3,177,217			2,939,258			237,958
Tangible Fixed Assets		850,953			843,058			7,894
Intangible Fixed Assets		355,541			357,432			(1,890	)
Prepaid Pension Cost		615,727			556,273			59,454
Deferred Tax Assets		—			36,950			(36,950	)
Customers’ Liabilities for Acceptances and Guarantees		6,259,247			6,535,786			(276,538	)
Reserves for Possible Losses on Loans		(437,768	)		(385,129	)		(52,639	)
Reserve for Possible Losses on Investments		(1,584	)		(2,458	)		874
Total Assets	¥	193,417,069		¥	187,214,174		¥	6,202,895
Liabilities
Deposits	¥	129,739,024		¥	126,337,030		¥	3,401,994
Negotiable Certificates of Deposit		13,684,178			12,706,349			977,829
Call Money		1,153,898	��		1,213,576			(59,678	)
Payables under Repurchase Agreements		7,644,857			7,469,615			175,242
Guarantee Deposits Received under Securities Lending Transactions		292,521			276,869			15,652
Commercial Paper		921,282			411,089			510,193
Trading Liabilities		3,490,398			3,795,423			(305,025	)
Borrowed Money		14,269,015			11,394,924			2,874,091
Foreign Exchange Liabilities		550,761			716,394			(165,633	)
Bonds and Notes		1,002,105			1,100,670			(98,564	)
Derivatives other than for Trading		4,177,619			4,843,165			(665,546	)
Other Liabilities		2,880,720			3,175,327			(294,607	)
Reserve for Bonus Payments		14,705			19,841			(5,135	)
Reserve for Variable Compensation		491			765			(274	)
Reserve for Possible Losses on Sales of Loans		1,142			637			504
Reserve for Contingencies		604			1,770			(1,165	)
Reserve for Reimbursement of Deposits		23,407			25,943			(2,536	)
Reserve for Reimbursement of Debentures		17,663			18,672			(1,009	)
Deferred Tax Liabilities		38,812			—			38,812
Deferred Tax Liabilities for Revaluation Reserve for Land		62,555			62,695			(140	)
Acceptances and Guarantees		6,259,247			6,535,786			(276,538	)
Total Liabilities		186,225,016			180,106,550			6,118,465
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,167			2,286,328			(161	)
Capital Reserve		655,450			655,418			32
Other Capital Surplus		1,630,716			1,630,910			(194	)
Retained Earnings		2,354,886			2,472,640			(117,753	)
Appropriated Reserve		353,908			315,177			38,731
Other Retained Earnings		2,000,977			2,157,463			(156,485	)
Retained Earnings Brought Forward		2,000,977			2,157,463			(156,485	)
Total Shareholders’ Equity		6,045,118			6,163,034			(117,915	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		941,359			736,239			205,120
Net Deferred Hedge Gains (Losses), net of Taxes		67,740			71,693			(3,953	)
Revaluation Reserve for Land, net of Taxes		137,834			136,655			1,178
Total Valuation and Translation Adjustments		1,146,934			944,588			202,345
Total Net Assets		7,192,053			7,107,623			84,430
Total Liabilities and Net Assets	¥	193,417,069		¥	187,214,174		¥	6,202,895

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the six months ended September 30, 2020 (A)		For the six months ended September 30, 2019 (B)		Change (A) - (B)
Ordinary Income	¥	1,046,419	¥	1,388,581	¥	(342,161	)
Interest Income		593,571		867,423		(273,852	)
Interest on Loans and Bills Discounted		431,238		582,940		(151,701	)
Interest and Dividends on Securities		112,486		134,804		(22,318	)
Fee and Commission Income		249,820		227,012		22,808
Trading Income		73,501		67,321		6,179
Other Operating Income		92,307		140,491		(48,183	)
Other Ordinary Income		37,219		86,333		(49,113	)
Ordinary Expenses		913,892		1,093,174		(179,281	)
Interest Expenses		215,786		541,399		(325,612	)
Interest on Deposits		78,339		245,799		(167,459	)
Fee and Commission Expenses		47,890		48,740		(850	)
Trading Expenses		234		76		158
Other Operating Expenses		50,294		42,862		7,432
General and Administrative Expenses		392,026		383,927		8,099
Other Ordinary Expenses		207,659		76,167		131,492
Ordinary Profits		132,527		295,407		(162,880	)
Extraordinary Gains		56,548		336		56,211
Extraordinary Losses		4,550		5,638		(1,088	)
Income before Income Taxes		184,525		290,105		(105,580	)
Income Taxes:
Current		46,504		65,965		(19,460	)
Deferred		28,298		5,004		23,293
Net Income	¥	109,722	¥	219,135	¥	(109,413	)

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of September 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,235,246		¥	1,766,799		¥	468,446
Call Loans		6,345			14,678			(8,332	)
Guarantee Deposits Paid under Securities Borrowing Transactions		32,855			198,053			(165,198	)
Other Debt Purchased		167,398			32,493			134,905
Trading Assets		162,639			169,750			(7,110	)
Money Held in Trust		8,018			7,125			892
Securities		695,685			958,624			(262,939	)
Loans and Bills Discounted		3,465,966			3,367,475			98,490
Foreign Exchange Assets		9,110			7,865			1,244
Other Assets		270,761			359,752			(88,990	)
Tangible Fixed Assets		100,808			86,705			14,102
Intangible Fixed Assets		28,021			30,529			(2,507	)
Prepaid Pension Cost		78,345			65,759			12,585
Customers’ Liabilities for Acceptances and Guarantees		15,818			14,755			1,062
Reserves for Possible Losses on Loans		(3,441	)		(3,689	)		247
Total Assets	¥	7,273,580		¥	7,076,682		¥	196,898
Liabilities
Deposits	¥	3,133,125		¥	3,096,295		¥	36,830
Negotiable Certificates of Deposit		561,080			664,780			(103,700	)
Call Money		626,275			807,706			(181,431	)
Guarantee Deposits Received under Securities Lending Transactions		355,615			289,789			65,825
Trading Liabilities		166,077			170,146			(4,068	)
Borrowed Money		462,502			255,860			206,642
Foreign Exchange Liabilities		2			23			(21	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,336,263			1,055,510			280,752
Other Liabilities		23,236			142,457			(119,221	)
Reserve for Bonus Payments		2,293			2,153			139
Reserve for Variable Compensation		190			368			(178	)
Provision for Retirement Benefits		1,892			—			1,892
Reserve for Reimbursement of Deposits		1,797			1,907			(109	)
Deferred Tax Liabilities		11,414			3,220			8,193
Acceptances and Guarantees		15,818			14,755			1,062
Total Liabilities		6,707,585			6,514,977			192,608
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		248,353			253,465			(5,111	)
Appropriated Reserve		45,647			41,484			4,163
Other Retained Earnings		202,705			211,980			(9,274	)
Retained Earnings Brought Forward		202,705			211,980			(9,274	)
Total Shareholders’ Equity		511,228			516,339			(5,111	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		60,700			49,981			10,718
Net Deferred Hedge Gains (Losses), net of Taxes		(5,933	)		(4,615	)		(1,317	)
Total Valuation and Translation Adjustments		54,767			45,365			9,401
Total Net Assets		565,995			561,705			4,289
Total Liabilities and Net Assets	¥	7,273,580		¥	7,076,682		¥	196,898

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the six months ended September 30, 2020 (A)		For the six months ended September 30, 2019 (B)		Change (A) - (B)
Ordinary Income	¥	89,548	¥	95,561	¥	(6,012	)
Fiduciary Income		27,277		27,919		(641	)
Interest Income		18,261		20,261		(2,000	)
Interest on Loans and Bills Discounted		11,066		12,647		(1,581	)
Interest and Dividends on Securities		6,154		6,532		(378	)
Fee and Commission Income		29,087		29,143		(56	)
Trading Income		488		508		(20	)
Other Operating Income		7,749		15,278		(7,529	)
Other Ordinary Income		6,684		2,449		4,234
Ordinary Expenses		73,729		73,859		(129	)
Interest Expenses		4,797		6,801		(2,003	)
Interest on Deposits		205		350		(144	)
Fee and Commission Expenses		16,815		17,601		(785	)
Trading Expenses		—		13		(13	)
Other Operating Expenses		1,328		3,862		(2,533	)
General and Administrative Expenses		40,447		39,656		791
Other Ordinary Expenses		10,340		5,923		4,416
Ordinary Profits		15,819		21,702		(5,883	)
Extraordinary Gains		6,569		907		5,662
Extraordinary Losses		707		420		286
Income before Income Taxes		21,681		22,188		(507	)
Income Taxes:
Current		2,181		3,107		(926	)
Deferred		3,796		3,519		277
Net Income	¥	15,704	¥	15,562	¥	142

2-42

Mizuho Trust & Banking Co., Ltd.

Reference

Statement of Trust Assets and Liabilities

As of September 30, 2020	Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		573,325	Money Trusts		24,649,662
Securities		123,858	Pension Trusts		3,355,051
Beneficiary Rights to the Trusts		64,114,439	Property Formation Benefit Trusts		4,645
Securities held in Custody Accounts		414,837	Investment Trusts		18,673,049
Money Claims		12,508,350	Money Entrusted Other than Money Trusts		1,895,964
Tangible Fixed Assets		8,460,577	Securities Trusts		13,664,620
Intangible Fixed Assets		356,170	Money Claims Trusts		11,401,488
Other Claims		251,043	Land and Fixtures Trusts		509,740
Due from Banking Account		1,336,263	Composite Trusts		14,468,123
Cash and Due from Banks		488,856	Other Trusts		5,375
Total		88,627,721	Total		88,627,721
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 ¥62,128,124 million.
3.  Joint trust assets under the management of other companies: ¥185,613 million.
4.  There is no balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, or Loans Past Due for 3Months or More in the loans of trust accounts that guarantee principals in the agreement of ¥5,536 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		5,536	Principal		839,565
Securities		1	Reserve		17
Others		834,115	Others		71
Total		839,653	Total		839,653

2-43

Mizuho Trust & Banking Co., Ltd.

Reference

Comparison of Balances of Principal Items

	Millions of yen
Items	As of September 30, 2020 (A)		As of March 31, 2020 (B)		Change (A) - (B)
Total Amount of Funds		31,703,564		31,015,448		688,116
Deposits		3,133,125		3,096,295		36,830
Negotiable Certificates of Deposit		561,080		664,780		(103,700	)
Money Trusts		24,649,662		24,065,825		583,836
Pension Trusts		3,355,051		3,183,854		171,197
Property Formation Benefit Trusts		4,645		4,692		(47	)
Loans and Bills Discounted		4,039,292		4,001,989		37,302
of Banking accounts		3,465,966		3,367,475		98,490
of Trust accounts		573,325		634,513		(61,188	)
Securities for Investments		819,544		1,089,515		(269,970	)
of Banking accounts		695,685		958,624		(262,939	)
of Trust accounts		123,858		130,890		(7,031	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of September 30, 2020 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	300,052		¥	533,288		¥	(233,236	)
Cash Segregated as Deposits for Customers and Others		445,394			387,043			58,350
Trading Assets		7,877,065			6,461,814			1,415,251
Operating Investment Securities		32,991			33,430			(438	)
Receivables Related to Margin Transactions		29,365			22,055			7,310
Collateralized Short-Term Financing Agreements-Receivable		4,500,354			4,296,231			204,123
Advances Paid		257			579			(322	)
Securities: Fail to Deliver		47,446			12,971			34,475
Short-Term Loans Receivable		30,902			37,298			(6,395	)
Other Current Assets		544,453			595,830			(51,377	)
Less: Allowance for Doubtful Accounts		(7	)		(7	)		(0	)
Noncurrent Assets
Property and Equipment		20,301			11,196			9,104
Intangible Assets		60,309			61,637			(1,327	)
Investments and Other Assets		306,506			302,584			3,922
Total Assets	¥	14,195,394		¥	12,755,956		¥	1,439,438
Liabilities
Current Liabilities
Trading Liabilities	¥	4,996,970		¥	5,032,193		¥	(35,222	)
Payables—Unsettled Trades		142,093			61,668			80,425
Payables Related to Margin Transactions		50,720			47,395			3,324
Collateralized Short-Term Financing Agreements-Payable		5,153,013			3,660,235			1,492,777
Deposits Received		401,439			350,409			51,029
Guarantee Deposits Received		337,440			370,607			(33,166	)
Securities: Fail to Receive		32,352			2,029			30,323
Short-Term Borrowings		918,467			1,035,215			(116,748	)
Commercial Paper		297,000			319,000			(22,000	)
Bonds and Notes Due within One Year		152,257			137,358			14,898
Income Taxes Payable		2,577			3,022			(445	)
Accrued Employees’ Bonuses		9,921			13,531			(3,609	)
Provision for Variable Compensation		394			816			(422	)
Provision for Bonus Point Redemption		—			487			(487	)
Other Current Liabilities		37,110			53,465			(16,355	)
Noncurrent Liabilities
Bonds and Notes		579,437			620,079			(40,641	)
Long-Term Borrowings		138,400			135,600			2,800
Provision for Retirement Benefits		20,398			19,828			569
Other Noncurrent Liabilities		3,013			2,111			902
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,506			2,509			(3	)
Total Liabilities		13,275,513			11,867,565			1,407,947
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		395,707			371,261			24,445
Other Retained Earnings		395,707			371,261			24,445
Retained Earnings Brought Forward		395,707			371,261			24,445
Total Shareholders’ Equity		902,524			878,078			24,445
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		27,259			20,066			7,193
Net Deferred Gains or Losses on Hedges, net of Tax		(9,902	)		(9,754	)		(147	)
Total Valuation and Translation Adjustments		17,357			10,312			7,045
Total Net Assets		919,881			888,390			31,491
Total Liabilities and Net Assets	¥	14,195,394		¥	12,755,956		¥	1,439,438

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Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the six months ended September 30, 2020 (A)			For the six months ended September 30, 2019 (B)			Change (A) - (B)
Operating Revenues	¥	183,483		¥	171,759		¥	11,723
Commissions		81,518			72,003			9,514
Net Gain on Trading		61,738			50,169			11,569
Net Gain on Operating Investment Securities		222			2,163			(1,941	)
Interest and Dividend Income		40,004			47,423			(7,418	)
Interest Expenses		31,396			44,926			(13,530	)
Net Operating Revenues		152,086			126,833			25,253
Selling, General and Administrative Expenses		122,541			113,688			8,853
Transaction-Related Expenses		32,744			26,083			6,660
Personnel Expenses		45,919			41,300			4,619
Real Estate Expenses		10,456			11,842			(1,386	)
Administrative Expenses		19,566			21,153			(1,586	)
Depreciation and Amortization		10,229			9,458			770
Taxes and Dues		2,460			2,294			165
Provision of Allowance for Doubtful Accounts		(16	)		(25	)		9
Other		1,181			1,581			(399	)
Operating Income		29,545			13,144			16,400
Non-Operating Income		3,324			3,479			(154	)
Non-Operating Expenses		75			67			7
Ordinary Income		32,794			16,556			16,238
Extraordinary Gain		6,740			185			6,554
Extraordinary Loss		1,586			464			1,122
Income before Income Taxes		37,948			16,276			21,671
Income Taxes:
Current		2,449			1,263			1,186
Deferred		3,495			2,739			755
Net Income	¥	32,002		¥	12,274		¥	19,728

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