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 May 2021

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 14, 2021
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 Fiscal 2020 (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) May 14, 2021

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting
Phone:	+81-3-6838-6101
Ordinary General Meeting of Shareholders (scheduled):		June 23, 2021	Commencement of Dividend Payment (scheduled):	June 8, 2021
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):		June 24, 2021	Trading Accounts: Established
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2020 (for the fiscal year ended March 31, 2021)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
Fiscal 2020		3,218,095		(19.2	)		536,306		(15.9	)		471,020		5.0
Fiscal 2019		3,986,701		1.5			637,877		3.8			448,568		364.5

Note: Comprehensive Income: Fiscal 2020: ¥931,888 million, —%; Fiscal 2019: ¥7,673 million, —%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2020		185.75		185.75		5.2		0.2		16.6
Fiscal 2019		176.87		176.86		5.1		0.3		16.0

Reference: Equity in Income from Investments in Affiliates: Fiscal 2020: ¥19,912 million; Fiscal 2019: ¥30,382 million

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		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2020		225,586,211		9,362,207		4.1		3,650.87
Fiscal 2019		214,659,077		8,663,847		3.9		3,372.96

Reference: Own Capital: As of March 31, 2021: ¥9,256,275 million; As of March 31, 2020: ¥8,553,971 million

Note: 1.	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.
Note: 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 Total Net Assets per Share of Common Stock.

(3) Conditions of Consolidated Cash Flows

	Cash Flows from Operating Activities		Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million		¥ million			¥ million			¥ million
Fiscal 2020		16,613,235		(9,763,746	)		40,819			46,981,399
Fiscal 2019		1,901,893		(5,808,537	)		(281,849	)		39,863,604

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2019		—		3.75		—		3.75		7.50		190,416		42.4		2.1
Fiscal 2020		—		3.75		—		37.50		—		190,410		40.3		2.1
Fiscal 2021 (estimate)		—		37.50		—		37.50		75.00				37.3

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 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 Fiscal 2020.

3. Consolidated Earnings Estimates for Fiscal 2021 (for the fiscal year ending March 31, 2022)

(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
1H F2021		—		—		—
Fiscal 2021		510,000		8.2		201.04

Note: The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2021.

Notes

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

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

      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 “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

i.  Year-end issued shares            (including treasury stock):	As of March 31, 2021	2,539,249,894 shares	As of March 31, 2020	2,539,249,894 shares
ii. Year-end treasury stock:	As of March 31, 2021	3,889,782 shares	As of March 31, 2020	3,210,681 shares
iii. Average number of outstanding shares:	Fiscal 2020	2,535,683,043 shares	Fiscal 2019	2,536,066,121 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 Year-end issued shares (including treasury stock), Year-end treasury stock and Average outstanding shares.

This immediate release is outside the scope of the audit.

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: 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”) and our report on Form 6-K furnished to the SEC on December 28, 2020, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2020 and Dividend Estimates for Fiscal 2021	p.1-3
2.	Basic Stance on Selection of Accounting Standards	p.1-4
3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Changes in Accounting Policies)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

Note to XBRL

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

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2021, the global economy has been recovering from the sharp fall caused by the worldwide spread of COVID-19; however, recently, the spread of variants in some regions is inhibiting recovery.

In the United States, unemployment rose rapidly following the spread of COVID-19. However, as economic activity has resumed, the employment situation has improved. The FOMC (Federal Open Market Committee) is bolstering the economy by indicating that it will continue with monetary easing. Additional large-scale economic stimulus measures are also expected to boost the economy. Furthermore, progress in the vaccination rollout and other efforts has slowed down the spread of new infections. Nevertheless, the number of new infections still remains high and, therefore, future of the economy remains uncertain.

In Europe, although stringent lockdown measures caused a sharp contraction in consumption and production, the economic downturn seems to have bottomed out with the resumption of economic activity. In addition, as negotiations on the Free Trade Agreement (FTA) between the United Kingdom and the EU concluded, the negative impact of Brexit on the economy is expected to be limited. However, as economic activity remains stagnant due to the resurgence of infections and the subsequent resumption of lockdowns, concerns about the economic outlook still persist.

In Asia, China experienced continued recovery led by infrastructure investment and also experienced a recovery in private sector demand with rising consumer spending led by improvements in employment and income. However, considering its ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to China’s trade and other issues. Among emerging economies, some countries are experiencing additional pressure on their economies due to resurgence of infections. Even among countries that have brought COVID-19 infections under control, those that are highly dependent on natural resources and tourism and those that have limited capacity for fiscal stimulus are still experiencing adverse economic impacts.

In Japan, the economy has continued to recover, mainly through consumer consumption and exports, from the plummet caused by the restrictions of economic activities following the spread of infections. However, the recent resurgence of infections is casting a shadow on the recovery. Although measures taken by the government and Bank of Japan have curtailed the rise in unemployment and the number of corporate bankruptcies, the decline in consumer spending related to services was not prevented and has become a heavy drag on economic recovery.

As to the prospects for the global economy, a gradual recovery is expected, bolstered by the increasing availability of vaccines and the monetary easing and fiscal stimulus measures implemented by governments around the world. However, if vaccination rollout does not proceed smoothly as expected, there are concerns that the continued constraints on economic activities would hurt demand even further due to worsening employment and income situations. The Japanese economy may also experience a prolonged economic decline, eventually mounting to a significant contraction.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,198.6 billion for fiscal 2020, increasing by ¥136.4 billion from the previous fiscal year mainly due to the steady business performance in both Customer Groups and Markets. General and Administrative Expenses increased by ¥36.2 billion on a year-on-year basis to ¥1,414.6 billion mainly due to increased amortization expenses in unrecognized actuarial differences.

As a result, Consolidated Net Business Profits increased by ¥135.7 billion on a year-on-year basis to ¥797.7 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others, which consists of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥127.1 billion on a year-on-year basis to ¥799.7 billion.

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Mizuho Financial Group, Inc.

Credit-related Costs increased by ¥33.2 billion on a year-on-year basis to ¥204.9 billion mainly due to recording expenses involved with the impact of COVID-19 on both domestic and international.

Net Gains (Losses) related to Stocks decreased by ¥125.0 billion on a year-on-year basis to net gains of ¥12.1 billion mainly due to improvements in the book value of bear funds.

As a result, Ordinary Income decreased by ¥101.5 billion on a year-on-year basis to ¥536.3 billion.

Extraordinary Gains (Losses) increased by ¥135.0 billion on a year-on-year basis to net gains of ¥115.8 billion mainly due to recording extraordinary gains in connection with the revision of the pension plan.

Tax-related Expenses increased by ¥13.2 billion on a year-on-year basis to ¥174.7 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2020 increased by ¥22.4 billion on a year-on-year basis to ¥471.0 billion.

As for earnings estimates for fiscal 2021, we estimate Ordinary Profits of ¥720.0 billion and Profit Attributable to Owners of Parent of ¥510.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates due to the further spread of COVID-19 or otherwise.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2021 amounted to ¥225,586.2 billion, increasing by ¥10,927.1 billion from the end of the previous fiscal year mainly due to an increase in securities.

Securities were ¥43,697.2 billion, increasing by ¥8,790.0 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥83,704.6 billion, increasing by ¥236.4 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥150,504.9 billion, increasing by ¥6,032.7 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,362.2 billion, increasing by ¥698.3 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,807.2 billion, Accumulated Other Comprehensive Income was ¥1,449.0 billion, and Non-controlling Interests was ¥105.7 billion.

Net Cash Provided by Operating Activities was ¥16,613.2 billion mainly due to increased call loans. Net Cash Used in Investing Activities was ¥9,763.7 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥40.8 billion mainly due to the issuance of subordinated bonds. As a result, Cash and Cash Equivalents as of March 31, 2021 was ¥46,981.3 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2020 and Dividend Estimates for Fiscal 2021

We have been implementing disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders, and set forth our shareholder return policy that we are maintaining the current level of dividends for the time being while aiming to strengthen our capital base further to enhance returns to shareholders at an early stage.

Based on this policy, we have decided to issue ¥37.5 of year-end cash dividends on common stock for Fiscal 2020 (annual cash dividends of ¥75.0 including interim dividends of ¥37.5, which reflects the impact from 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) in accordance with the Dividend Estimate at the beginning of the fiscal year.

For Fiscal 2020, Profit Attributable to Owners of Parent was ¥471.0 billion and higher than our Earnings Estimate at the beginning of the fiscal year and Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.1% and reached our target level of the 5-Year Business Plan which was set at the lower end of the 9-10% range. The Board of Directors has decided on such dividends taking into account our business environment comprehensively including our business results and capital adequacy mentioned above, and domestic and international regulation trends, including the Basel regulatory framework.

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Mizuho Financial Group, Inc.

Common Stock	¥37.5 per share	(unchanged from the estimate at the beginning of Fiscal 2020)
Annual cash dividends incl. interim dividends	¥75.0 per share	(unchanged from the estimate at the beginning of Fiscal 2020)

Meanwhile, in accordance with the Articles of Incorporation, we may decide to issue dividends by resolution of the Board of Directors unless otherwise stipulated by laws and regulations. We decided on the year-end cash dividend payments on common stock for Fiscal 2020 at the meeting of the Board of Directors held today.

In response to the development of our capital accumulation, we decided to pursue the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, and set forth our shareholder return policy of progressive dividends being our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

As for the dividend estimates of common stock for Fiscal 2021, based on the new shareholder return policy, we predict ¥75.0 per share of common stock, which is the same as Fiscal 2020. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

(Dividend Estimates for Fiscal 2021)
Common Stock	Cash Dividends per Share	¥	75.0
	of which Interim Dividends	¥	37.5

2. Basic Stance on Selection of Accounting Standards

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

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2020			As of March 31, 2021
Assets
Cash and Due from Banks	¥	41,069,745		¥	47,981,981
Call Loans and Bills Purchased		584,686			589,776
Receivables under Resale Agreements		18,581,488			11,623,654
Guarantee Deposits Paid under Securities Borrowing Transactions		2,243,161			2,707,711
Other Debt Purchased		2,688,273			3,208,004
Trading Assets		13,248,734			12,589,294
Money Held in Trust		411,847			582,368
Securities		34,907,234			43,697,262
Loans and Bills Discounted		83,468,185			83,704,675
Foreign Exchange Assets		2,044,415			2,084,756
Derivatives other than for Trading Assets		1,944,060			1,719,349
Other Assets		5,206,121			6,174,020
Tangible Fixed Assets		1,103,622			1,135,449
Buildings		287,038			268,587
Land		610,305			624,429
Lease Assets		13,293			7,622
Construction in Progress		72,290			124,049
Other Tangible Fixed Assets		120,694			110,762
Intangible Fixed Assets		636,139			620,224
Software		429,136			410,026
Goodwill		61,276			56,249
Lease Assets		4,118			2,758
Other Intangible Fixed Assets		141,608			151,190
Net Defined Benefit Asset		846,782			1,109,107
Deferred Tax Assets		32,493			31,402
Customers’ Liabilities for Acceptances and Guarantees		6,066,527			6,602,744
Reserves for Possible Losses on Loans		(424,446	)		(575,572	)
Reserve for Possible Losses on Investments		—			(0	)
Total Assets	¥	214,659,077		¥	225,586,211

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Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2020			As of March 31, 2021
Liabilities
Deposits	¥	131,189,673		¥	133,312,406
Negotiable Certificates of Deposit		13,282,561			17,192,572
Call Money and Bills Sold		2,263,076			1,312,790
Payables under Repurchase Agreements		17,971,098			18,607,255
Guarantee Deposits Received under Securities Lending Transactions		1,108,255			958,148
Commercial Paper		411,089			2,105,067
Trading Liabilities		9,604,890			8,115,377
Borrowed Money		5,209,947			7,441,822
Foreign Exchange Liabilities		509,405			532,042
Short-term Bonds		373,658			456,045
Bonds and Notes		8,906,432			10,321,672
Due to Trust Accounts		1,055,510			1,160,608
Derivatives other than for Trading Liabilities		1,619,151			1,739,671
Other Liabilities		6,111,195			5,862,013
Reserve for Bonus Payments		75,175			104,131
Reserve for Variable Compensation		2,559			2,935
Net Defined Benefit Liability		62,113			71,049
Reserve for Director and Corporate Auditor Retirement Benefits		944			683
Reserve for Possible Losses on Sales of Loans		637			1,074
Reserve for Contingencies		6,443			6,762
Reserve for Reimbursement of Deposits		27,851			22,099
Reserve for Reimbursement of Debentures		18,672			14,419
Reserves under Special Laws		2,509			3,135
Deferred Tax Liabilities		53,150			215,557
Deferred Tax Liabilities for Revaluation Reserve for Land		62,695			61,915
Acceptances and Guarantees		6,066,527			6,602,744
Total Liabilities	¥	205,995,229		¥	216,224,003
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,136,467			1,135,940
Retained Earnings		4,174,190			4,421,655
Treasury Stock		(6,414	)		(7,124	)
Total Shareholders’ Equity		7,561,010			7,807,239
Net Unrealized Gains (Losses) on Other Securities		823,085			1,132,460
Deferred Gains or Losses on Hedges		72,081			31,618
Revaluation Reserve for Land		136,655			136,384
Foreign Currency Translation Adjustments		(133,178	)		(139,514	)
Remeasurements of Defined Benefit Plans		94,317			288,088
Total Accumulated Other Comprehensive Income		992,960			1,449,035
Stock Acquisition Rights		213			134
Non-controlling Interests		109,662			105,797
Total Net Assets		8,663,847			9,362,207
Total Liabilities and Net Assets	¥	214,659,077		¥	225,586,211

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Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the fiscal year ended March 31, 2020		For the fiscal year ended March 31, 2021
Ordinary Income	¥	3,986,701	¥	3,218,095
Interest Income		2,014,440		1,333,509
Interest on Loans and Bills Discounted		1,242,279		942,426
Interest and Dividends on Securities		266,861		240,494
Interest on Call Loans and Bills Purchased		5,356		2,190
Interest on Receivables under Resale Agreements		251,830		41,535
Interest on Securities Borrowing Transactions		18,779		2,946
Interest on Due from Banks		105,257		45,411
Other Interest Income		124,074		58,503
Fiduciary Income		58,565		55,160
Fee and Commission Income		778,842		843,953
Trading Income		406,539		388,441
Other Operating Income		412,114		358,254
Other Ordinary Income		316,198		238,776
Recovery of Written-off Claims		11,901		5,034
Other		304,296		233,741
Ordinary Expenses		3,348,823		2,681,789
Interest Expenses		1,280,897		427,826
Interest on Deposits		482,887		137,405
Interest on Negotiable Certificates of Deposit		124,332		28,906
Interest on Call Money and Bills Sold		8,686		1,907
Interest on Payables under Repurchase Agreements		351,012		56,199
Interest on Securities Lending Transactions		7,041		788
Interest on Commercial Paper		15,484		3,564
Interest on Borrowed Money		33,949		16,867
Interest on Short-term Bonds		31		55
Interest on Bonds and Notes		173,398		163,863
Other Interest Expenses		84,073		18,266
Fee and Commission Expenses		159,598		156,805
Trading Expenses		15,239		311
Other Operating Expenses		152,547		195,683
General and Administrative Expenses		1,378,398		1,414,608
Other Ordinary Expenses		362,142		486,554
Provision for Reserves for Possible Losses on Loans		161,005		180,636
Other		201,137		305,918
Ordinary Profits	¥	637,877	¥	536,306

1-7

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2020		For the fiscal year ended March 31, 2021
Extraordinary Gains	¥	2,239	¥	142,202
Gains on Disposition of Fixed Assets		2,239		3,030
Gains on Cancellation of Employee Retirement Benefit Trust		—		76,996
Accumulation (Amortization) of Unrecognized Prior Service Cost		—		62,176
Extraordinary Losses		21,399		26,345
Losses on Disposition of Fixed Assets		6,138		9,606
Losses on Impairment of Fixed Assets		15,224		12,793
Losses on Transfer to Defined Contribution Pension Plan		—		3,320
Other Extraordinary Losses		36		625
Income before Income Taxes		618,717		652,163
Income Taxes:
Current		150,088		165,688
Deferred		11,408		9,099
Total Income Taxes		161,496		174,788
Profit		457,221		477,375
Profit Attributable to Non-controlling Interests		8,652		6,355
Profit Attributable to Owners of Parent	¥	448,568	¥	471,020

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the fiscal year  ended March 31, 2020			For the fiscal year  ended March 31, 2021
Profit	¥	457,221		¥	477,375
Other Comprehensive Income		(449,547	)		454,513
Net Unrealized Gains (Losses) on Other Securities		(359,779	)		305,969
Deferred Gains or Losses on Hedges		94,536			(40,294	)
Foreign Currency Translation Adjustments		(20,650	)		(1,874	)
Remeasurements of Defined Benefit Plans		(157,693	)		187,744
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(5,961	)		2,968
Comprehensive Income		7,673			931,888
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(3,123	)		927,366
Comprehensive Income Attributable to Non-controlling Interests		10,797			4,522

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 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		1,138,449			3,915,521			(7,703	)		7,303,034
Changes during the period
Cash Dividends							(190,405	)					(190,405	)
Profit Attributable to Owners of Parent							448,568						448,568
Repurchase of Treasury Stock										(1,908	)		(1,908	)
Disposition of Treasury Stock				(625	)					3,197			2,571
Transfer from Revaluation Reserve for Land							1,117						1,117
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(1,968	)								(1,968	)
Transfer from Retained Earnings to Capital Surplus				611			(611	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(1,981	)		258,668			1,288			257,975
Balance as of the end of the period		2,256,767		1,136,467			4,174,190			(6,414	)		7,561,010

	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																										(190,405	)
Profit Attributable to Owners of Parent																										448,568
Repurchase of Treasury Stock																										(1,908	)
Disposition of Treasury Stock																										2,571
Transfer from Revaluation Reserve for Land																										1,117
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										(1,968	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(788,165	)
Total Changes during the period		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(530,190	)
Balance as of the end of the period		823,085			72,081			136,655			(133,178	)		94,317			992,960			213			109,662			8,663,847

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2021

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,136,467			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							(190,418	)					(190,418	)
Profit Attributable to Owners of Parent							471,020						471,020
Repurchase of Treasury Stock										(2,545	)		(2,545	)
Disposition of Treasury Stock				(99	)					1,835			1,736
Transfer from Revaluation Reserve for Land							271						271
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(526	)								(526	)
Decrease in retained earnings by increasing of equity method affiliates							(668	)					(668	)
Transfer from Retained Earnings to Capital Surplus				99			(99	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(526	)		280,105			(709	)		278,869
Balance as of the end of the period		2,256,767		1,135,940			4,421,655			(7,124	)		7,807,239

	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		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																							(190,418	)
Profit Attributable to Owners of Parent																							471,020
Repurchase of Treasury Stock																							(2,545	)
Disposition of Treasury Stock																							1,736
Transfer from Revaluation Reserve for Land																							271
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							(526	)
Decrease in retained earnings by increasing of equity method affiliates																							(668	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ Equity		309,374		(40,463	)		(271	)		(6,336	)		193,770		456,074		(79	)		(3,865	)		452,130
Total Changes during the period		309,374		(40,463	)		(271	)		(6,336	)		193,770		456,074		(79	)		(3,865	)		730,999
Balance as of the end of the period		1,132,460		31,618			136,384			(139,514	)		288,088		1,449,035		134			105,797			9,362,207

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

	Millions of yen
	For the fiscal  year ended March 31, 2020			For the fiscal  year ended March 31, 2021
Cash Flow from Operating Activities
Income before Income Taxes	¥	618,717		¥	652,163
Depreciation		152,666			163,231
Losses on Impairment of Fixed Assets		15,224			12,793
Amortization of Goodwill		4,062			3,743
Equity in Loss (Gain) from Investments in Affiliates		(30,382	)		(19,912	)
Increase (Decrease) in Reserves for Possible Losses on Loans		139,940			143,127
Increase (Decrease) in Reserve for Possible Losses on Investments		—			0
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		6			437
Increase (Decrease) in Reserve for Contingencies		1,793			1,564
Increase (Decrease) in Reserve for Bonus Payments		8,611			27,295
Increase (Decrease) in Reserve for Variable Compensation		(307	)		375
Decrease (Increase) in Net Defined Benefit Asset		(91,950	)		86,807
Increase (Decrease) in Net Defined Benefit Liability		2,590			(869	)
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(439	)		(260	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		8,782			(5,751	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		(6,893	)		(4,253	)
Interest Income—accrual basis		(2,014,440	)		(1,333,509	)
Interest Expenses—accrual basis		1,280,897			427,826
Losses (Gains) on Securities		(231,382	)		(49,071	)
Losses (Gains) on Money Held in Trust		(121	)		(1,647	)
Foreign Exchange Losses (Gains)—net		103,125			(173,635	)
Losses (Gains) on Disposition of Fixed Assets		3,898			6,576
Losses (Gains) on Revision of Retirement Benefit Plan		—			(58,855	)
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		—			(76,996	)
Decrease (Increase) in Trading Assets		(1,435,994	)		1,188,511
Increase (Decrease) in Trading Liabilities		1,488,005			(2,021,852	)
Decrease (Increase) in Derivatives other than for Trading Assets		(638,977	)		308,891
Increase (Decrease) in Derivatives other than for Trading Liabilities		475,833			36,977
Decrease (Increase) in Loans and Bills Discounted		(5,967,287	)		1,355,723
Increase (Decrease) in Deposits		7,732,005			801,380
Increase (Decrease) in Negotiable Certificates of Deposit		367,378			3,437,852
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		2,165,756			2,191,633
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(365,564	)		239,094
Decrease (Increase) in Call Loans, etc.		(5,758,002	)		6,873,070
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		334,971			(464,549	)
Increase (Decrease) in Call Money, etc.		3,128,355			(812,714	)
Increase (Decrease) in Commercial Paper		(511,609	)		1,686,839
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(376,328	)		(150,107	)
Decrease (Increase) in Foreign Exchange Assets		(106,795	)		43,754
Increase (Decrease) in Foreign Exchange Liabilities		(159,598	)		18,923
Increase (Decrease) in Short-term Bonds (Liabilities)		18,119			82,387
Increase (Decrease) in Bonds and Notes		308,937			1,187,520
Increase (Decrease) in Due to Trust Accounts		(46,563	)		105,097
Interest and Dividend Income—cash basis		2,047,339			1,444,014
Interest Expenses—cash basis		(1,315,446	)		(496,241	)
Other—net		650,590			(27,154	)
Subtotal		1,999,524			16,830,231
Cash Refunded (Paid) in Income Taxes		(97,631	)		(216,995	)
Net Cash Provided by (Used in) Operating Activities		1,901,893			16,613,235

1-12

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal  year ended March 31, 2020			For the fiscal  year ended March 31, 2021
Cash Flow from Investing Activities
Payments for Purchase of Securities		(72,474,752	)		(97,434,015	)
Proceeds from Sale of Securities		48,136,966			51,925,747
Proceeds from Redemption of Securities		18,815,661			36,114,600
Payments for Increase in Money Held in Trust		(78,650	)		(183,852	)
Proceeds from Decrease in Money Held in Trust		18,523			14,515
Payments for Purchase of Tangible Fixed Assets		(85,840	)		(107,392	)
Payments for Purchase of Intangible Fixed Assets		(151,011	)		(108,812	)
Proceeds from Sale of Tangible Fixed Assets		6,353			13,618
Proceeds from Sale of Intangible Fixed Assets		3,144			44
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		1,067			1,799
Net Cash Provided by (Used in) Investing Activities		(5,808,537	)		(9,763,746	)
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		15,000			45,000
Repayments of Subordinated Borrowed Money		(30,000	)		—
Proceeds from Issuance of Subordinated Bonds		483,000			555,000
Payments for Redemption of Subordinated Bonds		(213,000	)		(360,000	)
Proceeds from Investments by Non-controlling Shareholders		2,883			2,988
Repayments to Non-controlling Shareholders		(303,000	)		(627	)
Cash Dividends Paid		(190,386	)		(190,497	)
Cash Dividends Paid to Non-controlling Shareholders		(9,568	)		(4,676	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		(4,653	)		—
Proceeds from Sale of Stocks of Subsidiaries (not affecting the scope of consolidation)		—			40
Payments for Repurchase of Treasury Stock		(1,441	)		(1,848	)
Proceeds from Sale of Treasury Stock		1,516			854
Payments for Repurchase of Treasury Stock of Subsidiaries		(32,199	)		(5,414	)
Net Cash Provided by (Used in) Financing Activities		(281,849	)		40,819
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(202,776	)		227,487
Net Increase (Decrease) in Cash and Cash Equivalents		(4,391,269	)		7,117,795
Cash and Cash Equivalents at the beginning of the fiscal year		44,254,874			39,863,604
Decrease in Cash and Cash Equivalents resulting from Exclusion of Subsidiaries from Consolidation		(0	)		—
Cash and Cash Equivalents at the end of the fiscal year	¥	39,863,604		¥	46,981,399

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(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 consolidated fiscal year ended March 31, 2021.

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 consolidated fiscal year ended March 31, 2021.

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 consolidated balance sheet date, from the end of the consolidated fiscal year ended March 31, 2021, fair value of Japanese stocks is determined based on the quoted market price as of the consolidated balance sheet date.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

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

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

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

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

Global Markets Company:

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

Asset Management Company:

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

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

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

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

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

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

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

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

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

1-15

Mizuho Financial Group, Inc.

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

	Millions of yen
	MHFG (Consolidated)
	Retail & Business Banking Company		Corporate & Institutional Company		Global Corporate Company		Global Markets Company		Asset Management Company		Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		679,878		491,861		450,623		487,212		50,404		40,750		2,200,728
General and administrative expenses (excluding Non-Recurring Losses and others)		640,566		209,551		251,133		218,202		32,946		56,275		1,408,673
Equity in income from investments in affiliates		5,446		3,920		10,913		—		1,114		(1,480	)	19,912
Amortization of goodwill and others		2,256		99		360		839		7,642		1,005		12,201
Others		—		—		—		—		—		—		—
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others		42,502		286,131		210,043		268,171		10,930		(18,010	)	799,766
Fixed assets		546,985		185,096		162,089		93,896		87		767,521		1,755,674

Notes: 1.	Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 2,034 million, of which ¥ (1,277) million is included in the Global Markets Company.
2.	“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.	“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.
	Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using a reasonable criteria of allocation.

1-16

Mizuho Financial Group, Inc.

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

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

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

(1) The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income

	Millions of yen
	Amount
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		2,200,728
Net gains or losses related to ETFs and others		(2,034	)
Other Ordinary Income		238,776
General and Administrative Expenses		(1,414,608	)
Other Ordinary Expenses		(486,554	)
Ordinary Profits recorded in Consolidated Statement of Income		536,306

(2) The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income

	Millions of yen
	Amount
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others		799,766
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		6,266
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(209,915	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		4,940
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		10,091
Net Extraordinary Gains (Losses)		115,857
Others		(74,842	)
Income before Income Taxes recorded in Consolidated Statement of Income		652,163

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

	Fiscal 2019		Fiscal 2020
Net Assets per Share of Common Stock	¥	3,372.96	¥	3,650.87
Net Income per Share of Common Stock	¥	176.87	¥	185.75
Diluted Net Income per Share of Common Stock	¥	176.86	¥	185.75

Notes: 1. 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 Assets per Share of Common Stock, Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

2. Total Net Assets per Share of Common Stock is based on the following information:

			Fiscal 2019		Fiscal 2020
Net Assets per Share of Common Stock
Total Net Assets	¥	million		8,663,847		9,362,207
Deductions from Total Net Assets	¥	million		109,876		105,932
Stock Acquisition Rights	¥	million		213		134
Non-Controlling Interests	¥	million		109,662		105,797
Net Assets (year-end) related to Common Stock	¥	million		8,553,971		9,256,275
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated		Thousands of shares		2,536,039		2,535,360

3. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:

			Fiscal 2019		Fiscal 2020
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		448,568		471,020
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		448,568		471,020
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares		2,536,066		2,535,683
Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥	million		—		—
Increased Number of Shares of Common Stock		Thousands of shares		158		89
Stock Acquisition Rights		Thousands of shares		158		89
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects				—		—

1-18

Mizuho Financial Group, Inc.

4. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2020 and 2021. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2020 and 2021 are 1,963 thousand and 2,554 thousand, respectively.

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2020 and 2021 are 1,925 thousand and 2,350 thousand, respectively.

(Subsequent Events)

There is no applicable information.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2020

(Under Japanese GAAP)

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR FISCAL 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 2021		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”), and our report on Form 6-K furnished to the SEC on December 28, 2020, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2020

1. Income Analysis

Consolidated

		(Millions of yen)
		Fiscal 2020						Fiscal 2019
					Change
Consolidated Gross Profits	1		2,198,693			136,473			2,062,219
Net Interest Income	2		905,683			172,140			733,542
Fiduciary Income	3		55,160			(3,405	)		58,565
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		687,147			67,904			619,243
Net Trading Income	6		388,130			(3,169	)		391,299
Net Other Operating Income	7		162,571			(96,996	)		259,567
General and Administrative Expenses	8		(1,414,608	)		(36,209	)		(1,378,398	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(209,915	)		(26,606	)		(183,308	)
Losses on Write-offs of Loans	10		(18,334	)		3,606			(21,940	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		4,940			(6,664	)		11,605
Net Gains (Losses) related to Stocks	12		12,125			(125,048	)		137,174
Equity in Income from Investments in Affiliates	13		19,912			(10,469	)		30,382
Other	14		(74,842	)		(33,044	)		(41,797	)
Ordinary Profits	15		536,306			(101,570	)		637,877
Net Extraordinary Gains (Losses)	16		115,857			135,016			(19,159	)
Income before Income Taxes	17		652,163			33,446			618,717
Income Taxes - Current	18		(165,688	)		(15,600	)		(150,088	)
- Deferred	19		(9,099	)		2,308			(11,408	)
Profit	20		477,375			20,154			457,221
Profit Attributable to Non-controlling Interests	21		(6,355	)		2,297			(8,652	)
Profit Attributable to Owners of Parent	22		471,020			22,451			448,568
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(204,974	)		(33,271	)		(171,703	)
* 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		797,731			135,748			661,982
* 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		160			34			126
Number of affiliates under the equity method	26		28			2			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		Fiscal 2020												Fiscal 2019
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,347,766			129,541			1,477,308			39,760			1,437,547
Domestic Gross Profits	2		650,437			118,078			768,515			(109,187	)		877,703
Net Interest Income	3		422,456			26,213			448,670			12,901			435,768
Fiduciary Income	4					55,962			55,962			(3,170	)		59,132
Trust Fees for Jointly Operated Designated Money Trust	5					4,022			4,022			(207	)		4,229
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		275,299			34,003			309,302			24,782			284,519
Net Trading Income	8		(21,434	)		1,517			(19,916	)		(77,025	)		57,109
Net Other Operating Income	9		(25,883	)		381			(25,502	)		(66,675	)		41,173
International Gross Profits	10		697,328			11,463			708,792			148,948			559,843
Net Interest Income	11		362,726			4,111			366,838			149,726			217,111
Net Fee and Commission Income	12		147,730			(470	)		147,260			11,059			136,200
Net Trading Income	13		104,995			140			105,135			10,951			94,183
Net Other Operating Income	14		81,876			7,682			89,558			(22,788	)		112,347
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(815,110	)		(81,987	)		(897,098	)		25,187			(922,286	)
Expense Ratio	16		60.4	%		63.2	%		60.7	%		(3.4	%)		64.1	%
Personnel Expenses	17		(317,357	)		(38,772	)		(356,129	)		7,553			(363,683	)
Non-Personnel Expenses	18		(450,074	)		(39,674	)		(489,748	)		16,005			(505,754	)
Premium for Deposit Insurance	19		(32,167	)		(1,273	)		(33,440	)		(1,007	)		(32,433	)
Miscellaneous Taxes	20		(47,678	)		(3,541	)		(51,220	)		1,628			(52,848	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		532,655			47,554			580,209			64,948			515,261
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		537,110			39,584			576,694			176,200			400,494
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		530,143			39,054			569,197			173,556			395,641
Reversal of (Provision for) General Reserve for Losses on Loans	24		(148,003	)		(315	)		(148,319	)		(42,090	)		(106,229	)
Net Business Profits	25		384,651			47,238			431,889			22,858			409,031
Net Gains (Losses) related to Bonds	26		(4,454	)		7,969			3,515			(111,252	)		114,767
Net Non-Recurring Gains (Losses)	27		(106,584	)		(3,305	)		(109,889	)		(181,296	)		71,406
Net Gains (Losses) related to Stocks	28		(15,173	)		2,871			(12,301	)		(137,801	)		125,499
Expenses related to Portfolio Problems	29		(57,345	)		(192	)		(57,537	)		20,712			(78,250	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		4,350			0			4,351			(6,387	)		10,738
Other	31		(38,416	)		(5,984	)		(44,401	)		(57,820	)		13,419
Ordinary Profits	32		278,066			43,933			321,999			(158,438	)		480,438
Net Extraordinary Gains (Losses)	33		95,714			14,956			110,671			127,646			(16,975	)
Net Gains (Losses) on Disposition of Fixed Assets	34		(3,825	)		(1,213	)		(5,038	)		(2,025	)		(3,013	)
Losses on Impairment of Fixed Assets	35		(10,725	)		(433	)		(11,159	)		2,802			(13,961	)
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		66,630			10,365			76,996			76,996			—
Losses on Transfer to Defined Contribution Pension Plan	38		(2,187	)		(331	)		(2,519	)		(2,519	)		—
Income before Income Taxes	39		373,781			58,889			432,671			(30,792	)		463,463
Income Taxes - Current	40		(95,987	)		(8,573	)		(104,560	)		14,933			(119,493	)
- Deferred	41		(10,404	)		(5,928	)		(16,333	)		(15,550	)		(782	)
Net Income	42		267,389			44,388			311,777			(31,408	)		343,186
(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		(200,998	)		(507	)		(201,506	)		(27,765	)		(173,741)
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		(148,003	)		(315	)		(148,319	)		(42,090	)		(106,229	)
Losses on Write-offs of Loans	46		(11,154	)		(0	)		(11,155	)		(2,817	)		(8,337	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(31,745	)		(191	)		(31,936	)		24,556			(56,492	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	48		(1,301	)		—			(1,301	)		(1,306	)		5
Reversal of (Provision for) Reserve for Contingencies	49		(1,293	)		—			(1,293	)		375			(1,669	)
Other (including Losses on Sales of Loans)	50		(7,498	)		—			(7,498	)		(6,481	)		(1,016	)
Total	51		(200,998	)		(507	)		(201,506	)		(27,765	)		(173,741	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		Fiscal 2020						Fiscal 2019
					Change
Gross Profits	1		1,347,766			43,168			1,304,598
Domestic Gross Profits	2		650,437			(100,497	)		750,934
Net Interest Income	3		422,456			8,498			413,957
Net Fee and Commission Income	4		275,299			26,982			248,316
Net Trading Income	5		(21,434	)		(70,276	)		48,841
Net Other Operating Income	6		(25,883	)		(65,701	)		39,818
International Gross Profits	7		697,328			143,665			553,663
Net Interest Income	8		362,726			147,669			215,056
Net Fee and Commission Income	9		147,730			10,911			136,819
Net Trading Income	10		104,995			4,049			100,945
Net Other Operating Income	11		81,876			(18,965	)		100,841
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(815,110	)		22,991			(838,102	)
Expense Ratio	13		60.4	%		(3.7	%)		64.2	%
Personnel Expenses	14		(317,357	)		6,559			(323,917	)
Non-Personnel Expenses	15		(450,074	)		14,710			(464,785	)
Premium for Deposit Insurance	16		(32,167	)		(1,028	)		(31,138	)
Miscellaneous Taxes	17		(47,678	)		1,721			(49,400	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		532,655			66,159			466,495
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		537,110			172,803			364,306
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		530,143			170,585			359,557
Reversal of (Provision for) General Reserve for Losses on Loans	21		(148,003	)		(42,424	)		(105,579	)
Net Business Profits	22		384,651			23,735			360,916
Net Gains (Losses) related to Bonds	23		(4,454	)		(106,644	)		102,189
Net Non-Recurring Gains (Losses)	24		(106,584	)		(176,430	)		69,845
Net Gains (Losses) related to Stocks	25		(15,173	)		(136,515	)		121,341
Expenses related to Portfolio Problems	26		(57,345	)		19,925			(77,270	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		4,350			(6,088	)		10,439
Other	28		(38,416	)		(53,751	)		15,335
Ordinary Profits	29		278,066			(152,695	)		430,762
Net Extraordinary Gains (Losses)	30		95,714			112,902			(17,187	)
Net Gains (Losses) on Disposition of Fixed Assets	31		(3,825	)		(194	)		(3,631	)
Losses on Impairment of Fixed Assets	32		(10,725	)		2,830			(13,556	)
Accumulation (Amortization) of Unrecognized Prior Service Cost	33		45,822			45,822			—
Gains on Cancellation of Employee Retirement Benefit Trust	34		66,630			66,630			—
Losses on Transfer to Defined Contribution Pension Plan	35		(2,187	)		(2,187	)		—
Income before Income Taxes	36		373,781			(39,793	)		413,574
Income Taxes - Current	37		(95,987	)		13,164			(109,151	)
- Deferred	38		(10,404	)		(13,769	)		3,364
Net Income	39		267,389			(40,398	)		307,788
*   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		(200,998	)		(28,587)			(172,410	)
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		(148,003	)		(42,424	)		(105,579	)
Losses on Write-offs of Loans	42		(11,154	)		(2,520	)		(8,634	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(31,745	)		23,771			(55,516)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		(1,301	)		(1,306	)		5
Reversal of (Provision for) Reserve for Contingencies	45		(1,293	)		375			(1,669	)
Other (including Losses on Sales of Loans)	46		(7,498	)		(6,481	)		(1,016	)
Total	47		(200,998	)		(28,587	)		(172,410	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		Fiscal 2020						Fiscal 2019
					Change
Gross Profits	1		129,541			(3,407	)		132,949
Domestic Gross Profits	2		118,078			(8,690	)		126,769
Net Interest Income	3		26,213			4,402			21,810
Fiduciary Income	4		55,962			(3,170	)		59,132
Trust Fees for Jointly Operated Designated Money Trust	5		4,022			(207	)		4,229
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		34,003			(2,199	)		36,202
Net Trading Income	8		1,517			(6,749	)		8,267
Net Other Operating Income	9		381			(973	)		1,355
International Gross Profits	10		11,463			5,283			6,179
Net Interest Income	11		4,111			2,056			2,055
Net Fee and Commission Income	12		(470	)		148			(619	)
Net Trading Income	13		140			6,901			(6,761	)
Net Other Operating Income	14		7,682			(3,823	)		11,505
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(81,987	)		2,196			(84,183	)
Expense Ratio	16		63.2	%		0.0	%		63.3	%
Personnel Expenses	17		(38,772	)		994			(39,766	)
Non-Personnel Expenses	18		(39,674	)		1,294			(40,969	)
Premium for Deposit Insurance	19		(1,273	)		21			(1,295	)
Miscellaneous Taxes	20		(3,541	)		(92	)		(3,448	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		47,554			(1,211	)		48,765
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		39,584			3,396			36,187
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		39,054			2,970			36,083
Reversal of (Provision for) General Reserve for Losses on Loans	24		(315	)		334			(649	)
Net Business Profits	25		47,238			(876	)		48,115
Net Gains (Losses) related to Bonds	26		7,969			(4,607	)		12,577
Net Non-Recurring Gains (Losses)	27		(3,305	)		(4,866	)		1,560
Net Gains (Losses) related to Stocks	28		2,871			(1,285	)		4,157
Expenses related to Portfolio Problems	29		(192	)		787			(979	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		0			(298	)		299
Other	31		(5,984	)		(4,068	)		(1,916	)
Ordinary Profits	32		43,933			(5,743	)		49,676
Net Extraordinary Gains (Losses)	33		14,956			14,743			212
Net Gains (Losses) on Disposition of Fixed Assets	34		(1,213	)		(1,831	)		617
Losses on Impairment of Fixed Assets	35		(433	)		(28	)		(405	)
Accumulation (Amortization) of Unrecognized Prior Service Cost	36		6,569			6,569			—
Gains on Cancellation of Employee Retirement Benefit Trust	37		10,365			10,365			—
Losses on Transfer to Defined Contribution Pension Plan	38		(331	)		(331	)		—
Income before Income Taxes	39		58,889			9,000			49,888
Income Taxes - Current	40		(8,573	)		1,769			(10,342	)
- Deferred	41		(5,928	)		(1,781	)		(4,147	)
Net Income	42		44,388			8,989			35,398
(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	43		(507	)		822			(1,330	)
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		(315	)		334			(649	)
Losses on Write-offs of Loans	46		(0	)		(296	)		296
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(191	)		785			(976	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	48		—			—			—
Reversal of (Provision for) Reserve for Contingencies	49		—			—			—
Other (including Losses on Sales of Loans)	50		—			—			—
Total	51		(507	)		822			(1,330	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			Fiscal 2020						Fiscal 2019
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.39			(0.03	)		0.43
Return on Loans and Bills Discounted *1		2		0.72			(0.03	)		0.76
Return on Securities		3		0.26			(0.15	)		0.42
Cost of Funding (including Expenses)		4		0.56			(0.08	)		0.65
Cost of Deposits (including Expenses)		5		0.57			(0.07	)		0.64
Cost of Deposits *2		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.41			(0.22	)		0.63
Net Interest Margin	(1)-(4)	8		(0.17	)		0.04			(0.21	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.15			0.03			0.12
Loan and Deposit Rate Margin	(2)-(6)	10		0.72			(0.03	)		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		0.75			(0.03	)		0.78
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.17			0.03			0.14
Loan and Deposit Rate Margin	(11)-(6)	13		0.74			(0.03	)		0.78
			(%)
			Fiscal 2020						Fiscal 2019
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14		0.58			0.10			0.47
Return on Loans and Bills Discounted *1		15		0.57			(0.01	)		0.59
Return on Securities		16		3.35			1.96			1.38
Cost of Funding		17		0.11			0.02			0.09
Cost of Deposits *2		18		0.01			(0.00	)		0.01
Net Interest Margin	(14)-(17)	19		0.46			0.08			0.38
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			(0.00	)		0.60
(Reference)			(%)
			Fiscal 2020						Fiscal 2019
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted *1		23		0.71			(0.03	)		0.75
Cost of Deposits *2		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.71			(0.03	)		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		0.74			(0.03	)		0.77
Loan and Deposit Rate Margin	(26)-(24)	27		0.73			(0.03	)		0.77

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	Fiscal 2020										Fiscal 2019
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		179,694,193		0.63		24,040,508			(0.41	)		155,653,684		1.05
Loans and Bills Discounted		84,803,030		0.97		7,705,327			(0.46	)		77,097,703		1.44
Securities		39,868,174		0.57		11,612,225			(0.34	)		28,255,948		0.91
Source of Funds		178,410,512		0.20		23,094,382			(0.44	)		155,316,129		0.65
Deposits		130,401,624		0.08		10,523,845			(0.28	)		119,877,778		0.37
NCDs		16,138,886		0.16		1,900,335			(0.68	)		14,238,551		0.84
(Domestic Operations)
Use of Funds		120,959,437		0.39		13,229,838			(0.03	)		107,729,598		0.43
Loans and Bills Discounted		53,859,122		0.71		4,909,750			(0.03	)		48,949,371		0.75
Securities		25,022,730		0.26		7,423,128			(0.15	)		17,599,601		0.42
Source of Funds		119,616,506		0.04		12,335,351			(0.00	)		107,281,154		0.04
Deposits		99,956,243		0.00		6,873,651			(0.00	)		93,082,592		0.00
NCDs		9,921,697		0.00		2,012,622			(0.00	)		7,909,075		0.00
(International Operations)
Use of Funds		60,743,214		1.11		9,655,194			(1.19	)		51,088,019		2.30
Loans and Bills Discounted		30,943,908		1.42		2,795,576			(1.21	)		28,148,331		2.64
Securities		14,845,444		1.08		4,189,097			(0.63	)		10,656,347		1.71
Source of Funds		60,802,464		0.51		9,603,556			(1.36	)		51,198,908		1.88
Deposits		30,445,380		0.36		3,650,193			(1.30	)		26,795,186		1.67
NCDs		6,217,189		0.40		(112,286	)		(1.47	)		6,329,475		1.88

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)
	(Millions of yen, %)
	Fiscal 2020										Fiscal 2019
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		5,962,461		0.65		(241,357	)		0.05			6,203,818		0.60
Loans and Bills Discounted		3,464,856		0.61		83,883			(0.11	)		3,380,972		0.72
Securities		571,839		2.71		(216,130	)		1.35			787,969		1.35
Source of Funds		6,032,989		0.14		(589,866	)		(0.06	)		6,622,855		0.20
Deposits		3,088,333		0.01		(264,834	)		(0.00	)		3,353,168		0.01
NCDs		597,258		0.00		55,856			(0.00	)		541,402		0.00
(Domestic Operations)
Use of Funds		5,623,344		0.58		(144,182	)		0.10			5,767,526		0.47
Loans and Bills Discounted		3,348,271		0.58		156,352			(0.01	)		3,191,918		0.59
Securities		333,954		3.35		(165,526	)		1.96			499,480		1.38
Source of Funds		5,671,305		0.11		(505,388	)		0.02			6,176,693		0.09
Deposits		3,084,615		0.01		(261,942	)		(0.00	)		3,346,557		0.01
NCDs		597,258		0.00		55,856			(0.00	)		541,402		0.00
(International Operations)
Use of Funds		378,225		1.61		(115,916	)		(0.33	)		494,142		1.94
Loans and Bills Discounted		116,584		1.55		(72,468	)		(1.37	)		189,053		2.93
Securities		237,884		1.80		(50,603	)		0.51			288,488		1.28
Source of Funds		400,794		0.50		(103,219	)		(1.00	)		504,013		1.50
Deposits		3,718		0.09		(2,892	)		(1.15	)		6,610		1.25
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		1,618			(112,624	)		114,242
Gains on Sales and Others		117,748			(107,085	)		224,833
Losses on Sales and Others		(116,363	)		(13,042	)		(103,320	)
Impairment (Devaluation)		(3,332	)		(1,146	)		(2,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		(0	)		—
Gains (Losses) on Derivatives other than for Trading		3,567			8,651			(5,084	)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		12,125			(125,048	)		137,174
Gains on Sales		204,293			(21,711	)		226,005
Losses on Sales		(147,457	)		(75,199	)		(72,258	)��
Impairment (Devaluation)		(5,815	)		35,875			(41,691	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(38,893	)		(64,012	)		25,118
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		3,515			(111,252	)		114,767
Gains on Sales and Others		120,655			(105,518	)		226,174
Losses on Sales and Others		(117,405	)		(13,268	)		(104,136	)
Impairment (Devaluation)		(3,312	)		(1,126	)		(2,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,577			8,661			(5,084	)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(12,301	)		(137,801	)		125,499
Gains on Sales		184,757			(29,412	)		214,169
Losses on Sales		(145,582	)		(74,856	)		(70,725	)
Impairment (Devaluation)		(12,581	)		28,398			(40,980	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			2,082			(2,082	)
Gains (Losses) on Derivatives other than for Trading		(38,893	)		(64,012	)		25,118

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
	(Millions of yen)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		(4,454	)		(106,644	)		102,189
Gains on Sales and Others		109,032			(93,221	)		202,254
Losses on Sales and Others		(113,924	)		(20,946	)		(92,978	)
Impairment (Devaluation)		(3,308	)		(1,122	)		(2,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,746			8,646			(4,900	)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		(15,173	)		(136,515	)		121,341
Gains on Sales		170,679			(31,921	)		202,601
Losses on Sales		(140,546	)		(77,996	)		(62,550	)
Impairment (Devaluation)		(10,875	)		27,653			(38,528	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			2,082			(2,082	)
Gains (Losses) on Derivatives other than for Trading		(34,431	)		(56,332	)		21,901
Mizuho Trust & Banking
	(Millions of yen)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Bonds		7,969			(4,607	)		12,577
Gains on Sales and Others		11,623			(12,296	)		23,919
Losses on Sales and Others		(3,480	)		7,677			(11,157	)
Impairment (Devaluation)		(4	)		(4	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(169	)		15			(184	)
	Fiscal 2020						Fiscal 2019
				Change
Net Gains (Losses) related to Stocks		2,871			(1,285	)		4,157
Gains on Sales		14,077			2,508			11,568
Losses on Sales		(5,036	)		3,139			(8,175	)
Impairment (Devaluation)		(1,706	)		745			(2,451	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,462	)		(7,679	)		3,216

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 March 31, 2021									As of March 31, 2020
	Book Value (= Fair Value)		Unrealized Gains/Losses							Book Value (= Fair Value)		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Other Securities		42,534,848		1,603,253			1,989,800		386,547		33,337,628		1,171,146			1,543,609		372,462
Japanese Stocks		2,865,985		1,698,265			1,744,614		46,348		2,338,429		1,066,360			1,167,903		101,543
Japanese Bonds		24,145,048		(44,978	)		24,765		69,743		15,702,512		(54,100	)		30,037		84,137
Japanese Government Bonds		20,920,582		(31,717	)		3,583		35,301		12,601,934		(44,021	)		6,540		50,562
Other		15,523,814		(50,033	)		220,421		270,454		15,296,686		158,886			345,668		186,781
Foreign Bonds		12,433,912		(33,009	)		66,678		99,687		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 March 31, 2021, 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 ¥32,481 million and ¥(5,191) million, which were recognized in the statement of income for March 31, 2021 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 March 31, 2021 and March 31, 2020 are ¥1,570,772 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 March 31, 2021 and March 31, 2020 are ¥1,132,460 million and ¥823,085 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of March 31, 2021									As of March 31, 2020
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Bonds Held to Maturity		885,529		18,069			21,225		3,155		860,233		15,096			15,467		370

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2021									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		41,388,529		1,527,548			1,915,021		387,472		32,728,555		1,097,064			1,471,736		374,672
Japanese Stocks		2,779,891		1,624,579			1,673,165		48,585		2,253,467		994,275			1,098,051		103,776
Japanese Bonds		24,125,549		(44,985	)		24,758		69,743		15,675,573		(54,111	)		30,026		84,137
Japanese Government Bonds		20,909,339		(31,722	)		3,578		35,301		12,585,075		(44,028	)		6,533		50,562
Other		14,483,088		(52,045	)		217,097		269,142		14,799,514		156,900			343,658		186,758
Foreign Bonds		12,031,174		(32,575	)		65,800		98,375		12,360,799		199,672			244,795		45,122
Mizuho Bank
Other Securities		41,113,338		1,441,229			1,826,408		385,178		31,816,754		1,033,585			1,393,577		359,992
Japanese Stocks		2,625,643		1,539,526			1,585,832		46,306		2,118,532		937,153			1,033,813		96,660
Japanese Bonds		24,010,684		(45,887	)		23,842		69,729		15,413,226		(55,616	)		28,480		84,097
Japanese Government Bonds		20,879,330		(31,720	)		3,578		35,299		12,406,892		(44,931	)		5,631		50,562
Other		14,477,009		(52,409	)		216,733		269,142		14,284,996		152,048			331,282		179,234
Foreign Bonds		12,031,174		(32,575	)		65,800		98,375		11,916,915		188,388			233,272		44,883
Mizuho Trust & Banking
Other Securities		275,190		86,318			88,612		2,293		911,800		63,479			78,159		14,680
Japanese Stocks		154,247		85,052			87,332		2,279		134,934		57,122			64,237		7,115
Japanese Bonds		114,865		901			915		13		262,347		1,505			1,545		40
Japanese Government Bonds		30,009		(1	)		—		1		178,183		902			902		—
Other		6,078		364			364		0		514,518		4,851			12,376		7,524
Foreign Bonds		—		—			—		—		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 March 31, 2021, 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 ¥32,481 million and ¥(5,191) million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2021 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 March 31, 2021 and March 31, 2020 are ¥1,495,067 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 March 31, 2021 and March 31, 2020 are as follows.

	(Millions of yen)
	As of March 31, 2021		As of March 31, 2020
Aggregate Figures		1,076,333		784,915
Mizuho Bank		1,009,001		734,953
Mizuho Trust & Banking		67,331		49,961

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2021								As of March 31, 2020
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		885,529		18,069		21,225		3,155		860,233		15,096		15,467		370
Mizuho Bank		885,529		18,069		21,225		3,155		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 March 31, 2021								As of March 31, 2020
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		135,771		286,554		286,573		19		135,771		151,877		153,740		1,862
Mizuho Bank		135,771		286,554		286,573		19		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 amount is as follows:

Consolidated

	(Millions of yen)
	As of March 31, 2021						As of March 31, 2020
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,570,772			394,434			1,176,337
Japanese Stocks		1,665,784			594,233			1,071,551
Japanese Bonds		(44,978	)		9,121			(54,100	)
Japanese Government Bonds		(31,717	)		12,303			(44,021	)
Other		(50,033	)		(208,920	)		158,886
Foreign Bonds		(33,009	)		(233,963	)		200,954

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2021						As of March 31, 2020
	Unrealized Gains/Losses						Unrealized
				Change			Gains/Losses
Other Securities		1,495,067			392,812			1,102,255
Japanese Stocks		1,592,098			592,631			999,466
Japanese Bonds		(44,985	)		9,125			(54,111	)
Japanese Government Bonds		(31,722	)		12,306			(44,028	)
Other		(52,045	)		(208,945	)		156,900
Foreign Bonds		(32,575	)		(232,247	)		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 March 31, 2021								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		15,861.4		6,408.1		1,639.1		665.9		9,612.8			(480.7	)		(638.3	)		39.6			6,248.6		6,888.8		2,277.4		626.2
Japanese Government Bonds		15,447.4		4,843.9		1,005.0		55.0		9,596.0			(545.6	)		(657.1	)		10.0			5,851.4		5,389.5		1,662.1		45.0
Japanese Local Government Bonds		54.9		218.7		171.3		18.5		43.4			47.3			86.6			14.1			11.5		171.4		84.6		4.4
Japanese Corporate Bonds		359.1		1,345.4		462.8		592.4		(26.5	)		17.5			(67.8	)		15.5			385.7		1,327.8		530.7		576.8
Other		2,631.5		2,816.7		2,041.9		5,576.4		(597.8	)		(205.3	)		(534.6	)		843.6			3,229.3		3,022.1		2,576.5		4,732.7
Mizuho Bank
Japanese Bonds		15,828.3		6,347.4		1,618.9		665.9		9,642.0			(370.6	)		(634.8	)		39.6			6,186.3		6,718.1		2,253.7		626.2
Japanese Government Bonds		15,417.4		4,843.9		1,005.0		55.0		9,619.1			(425.6	)		(657.1	)		10.0			5,798.3		5,269.5		1,662.1		45.0
Japanese Local Government Bonds		54.9		218.7		171.3		18.5		44.1			47.5			86.6			14.1			10.7		171.1		84.6		4.4
Japanese Corporate Bonds		355.9		1,284.8		442.6		592.4		(21.2	)		7.3			(64.4	)		15.5			377.2		1,277.4		507.0		576.8
Other		2,630.9		2,812.5		2,040.0		5,576.4		(579.6	)		(73.0	)		(361.3	)		940.3			3,210.6		2,885.5		2,401.3		4,636.1
Mizuho Trust & Banking
Japanese Bonds		33.1		60.6		20.2		—		(29.2	)		(110.0	)		(3.4	)		—			62.3		170.7		23.6		—
Japanese Government Bonds		30.0		—		—		—		(23.1	)		(120.0	)		—			—			53.1		120.0		—		—
Japanese Local Government Bonds		—		—		—		—		(0.7	)		(0.2	)		—			—			0.7		0.2		—		—
Japanese Corporate Bonds		3.1		60.6		20.2		—		(5.3	)		10.1			(3.4	)		—			8.4		50.4		23.6		—
Other		0.5		4.2		1.9		—		(18.1	)		(132.3	)		(173.3	)		(96.6	)		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 March 31, 2021								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		2,945.7		9,075.4		5,569.0		17,600.3		1,136.0			(1,408.3	)		(289.1	)		(551.4	)		1,809.7		10,483.7		5,858.2		18,151.7
Receive Float / Pay Fixed		608.2		1,907.8		3,267.8		5,784.0		188.1			(676.8	)		132.1			(356.6	)		420.1		2,584.7		3,135.7		6,140.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,553.9		10,983.3		8,836.9		23,384.3		1,324.1			(2,085.1	)		(157.0	)		(908.0	)		2,229.8		13,068.5		8,994.0		24,292.3
Mizuho Bank
Receive Fixed / Pay Float		2,945.7		9,075.4		5,569.0		17,590.3		1,136.0			(1,408.3	)		(289.1	)		(561.4	)		1,809.7		10,483.7		5,858.2		18,151.7
Receive Float / Pay Fixed		608.2		1,837.8		2,902.8		5,349.0		208.1			(616.8	)		189.9			(218.7	)		400.1		2,454.7		2,712.9		5,567.7
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,553.9		10,913.3		8,471.9		22,939.3		1,344.1			(2,025.1	)		(99.1	)		(780.2	)		2,209.8		12,938.5		8,571.1		23,719.5
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		10.0		—			—			—			10.0			—		—		—		—
Receive Float / Pay Fixed		—		70.0		365.0		435.0		(20.0	)		(60.0	)		(57.8	)		(137.8	)		20.0		130.0		422.8		572.8
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		—		70.0		365.0		445.0		(20.0	)		(60.0	)		(57.8	)		(127.8	)		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 March 31, 2021						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		1,178.4		1,138.9	39.5			(218.1	)		(160.2	)	(57.9	)		1,396.6		1,299.1	97.4
Mizuho Bank		1,168.8		1,125.5	43.2			(152.6	)		(91.7	)	(60.8	)		1,321.4		1,217.3	104.1
Mizuho Trust & Banking		9.6		13.3	(3.7	)		(65.5	)		(68.4	)	2.9			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)
		Fiscal 2020			Change			Fiscal 2019
Retirement Benefit Obligations	(A)		1,125,762			(94,993	)		1,220,755
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Total Fair Value of Plan Assets	(B)		2,113,359			115,930			1,997,428
Unrecognized Actuarial Differences	(C)		(397,727	)		(243,087	)		(154,639	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+(C)-(A)		589,869			(32,163	)		622,033
Mizuho Bank
Retirement Benefit Obligations	(A)		987,980			(84,573	)		1,072,553
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Total Fair Value of Plan Assets	(B)		1,851,065			94,480			1,756,585
Unrecognized Actuarial Differences	(C)		(338,917	)		(211,159	)		(127,758	)
Prepaid Pension Cost	(B)+ (C)-(A)		524,167			(32,105	)		556,273
Mizuho Trust & Banking
Retirement Benefit Obligations	(A)		137,781			(10,420	)		148,201
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Total Fair Value of Plan Assets	(B)		262,293			21,450			240,842
Unrecognized Actuarial Differences	(C)		(58,809	)		(31,928	)		(26,881	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+(C)-(A)		65,701			(57	)		65,759

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

	(Millions of yen)
	Fiscal 2020			Change			Fiscal 2019
Service Cost		(23,779	)		5,725			(29,505	)
Interest Cost		(3,412	)		(283	)		(3,128	)
Expected Return on Plan Assets		34,752			26			34,726
Accumulation (Amortization) of Unrecognized Actuarial Differences		25,213			(36,377	)		61,590
Accumulation (Amortization) of Unrecognized Prior Service Cost		52,391			54,693			(2,301	)
Gains on Cancellation of Employee Retirement Benefit Trust		76,996			76,996			—
Losses on Transfer to Defined Contribution Pension Plan		(2,519	)		(2,519	)		—
Other		(8,122	)		(2,439	)		(5,682	)
Total		151,520			95,821			55,698

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) (¥126,869 million).

Mizuho Bank

	(Millions of yen)
	Fiscal 2020			Change			Fiscal 2019
Service Cost		(20,030	)		4,980			(25,010	)
Interest Cost		(2,994	)		(244	)		(2,749	)
Expected Return on Plan Assets		31,140			35			31,105
Accumulation (Amortization) of Unrecognized Actuarial Differences		22,775			(34,547	)		57,322
Accumulation (Amortization) of Unrecognized Prior Service Cost		45,822			47,836			(2,013	)
Gains on Cancellation of Employee Retirement Benefit Trust		66,630			66,630			—
Losses on Transfer to Defined Contribution Pension Plan		(2,187	)		(2,187	)		—
Other		(7,147	)		(2,174	)		(4,973	)
Total		134,008			80,328			53,680

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) (¥110,265 million).

Mizuho Trust & Banking

	(Millions of yen)
	Fiscal 2020			Change			Fiscal 2019
Service Cost		(3,749	)		745			(4,495	)
Interest Cost		(418	)		(39	)		(379	)
Expected Return on Plan Assets		3,611			(8	)		3,620
Accumulation (Amortization) of Unrecognized Actuarial Differences		2,438			(1,830	)		4,268
Accumulation (Amortization) of Unrecognized Prior Service Cost		6,569			6,857			(287	)
Gains on Cancellation of Employee Retirement Benefit Trust		10,365			10,365			—
Losses on Transfer to Defined Contribution Pension Plan		(331	)		(331	)		—
Other		(974	)		(265	)		(709	)
Total		17,511			15,492			2,018

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) (¥16,603 million).

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

		(Millions of yen)
		As of March 31, 2021			Change			As of March 31, 2020
Retirement Benefit Obligations	(A)		1,335,890			(104,450	)		1,440,341
Fair Value of Plan Assets	(B)		2,373,949			148,939			2,225,010
Unrecognized Actuarial Differences	(C)		(409,679	)		(270,870	)		(138,808	)
Net Defined Benefit Asset	(D)		1,109,107			262,325			846,782
Net Defined Benefit Liability	(A)-(B)+(D)		71,049			8,935			62,113
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		Fiscal 2020			Change			Fiscal 2019
Service Cost			(37,103	)		6,593			(43,697	)
Interest Cost			(4,315	)		(302	)		(4,013	)
Expected Return on Plan Assets			39,092			(24	)		39,117
Accumulation (Amortization) of Unrecognized Actuarial Differences			22,563			(37,913	)		60,477
Accumulation (Amortization) of Unrecognized Prior Service Cost			62,117			64,921			(2,803	)
Gains on Cancellation of Employee Retirement Benefit Trust			76,996			76,996			—
Losses on Transfer to Defined Contribution Pension Plan			(3,320	)		(3,320	)		—
Other			(13,567	)		(1,613	)		(11,953	)
Total			142,463			105,337			37,126

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) (¥135,852 million).

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated					(%, Billions of yen)
	As of March 31, 2021 (Preliminary)		Change			As of March 31, 2020
(1)   Total Capital Ratio		16.87		(0.38	)		17.25
(2)   Tier 1 Capital Ratio		14.37		(0.15	)		14.52
(3)   Common Equity Tier 1 Capital Ratio		11.63		(0.02	)		11.65
(4)   Total Capital		11,385.3		663.1			10,722.2
(5)   Tier 1 Capital		9,701.9		677.5			9,024.4
(6)   Common Equity Tier 1 Capital		7,849.9		605.1			7,244.7
(7)   Risk weighted Assets		67,481.9		5,340.7			62,141.2
(8)   Total Required Capital (7) X8%		5,398.5		427.2			4,971.2
Mizuho Bank International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2021 (Preliminary)		Change			As of March 31, 2020		As of March 31, 2021 (Preliminary)
(1)   Total Capital Ratio		16.57		(0.72	)		17.29		16.96
(2)   Tier 1 Capital Ratio		14.05		(0.45	)		14.50		14.28
(3)   Common Equity Tier 1 Capital Ratio		11.11		(0.28	)		11.39		11.14
(4)   Total Capital		10,399.9		535.2			9,864.6		9,986.5
(5)   Tier 1 Capital		8,818.7		544.0			8,274.7		8,405.6
(6)   Common Equity Tier 1 Capital		6,971.8		470.5			6,501.3		6,560.9
(7)   Risk weighted Assets		62,734.0		5,693.7			57,040.2		58,853.5
(8)   Total Required Capital (7) X8%		5,018.7		455.5			4,563.2		4,708.2
Mizuho Trust & Banking International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2021 (Preliminary)		Change			As of March 31, 2020		As of March 31, 2021 (Preliminary)
(1)   Total Capital Ratio		28.94		5.20			23.74		28.64
(2)   Tier 1 Capital Ratio		28.94		5.28			23.66		28.63
(3)   Common Equity Tier 1 Capital Ratio		28.94		5.30			23.64		28.63
(4)   Total Capital		526.6		35.7			490.8		519.4
(5)   Tier 1 Capital		526.5		37.3			489.2		519.3
(6)   Common Equity Tier 1 Capital		526.5		37.7			488.7		519.3
(7)   Risk weighted Assets		1,819.1		(248.1	)		2,067.3		1,813.5
(8)   Total Required Capital (7) X8%		145.5		(19.8	)		165.3		145.0

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 March 31, 2021										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		19,554		0.02		3,615			0.00			15,938		0.01
Non-Accrual Delinquent Loans		415,318		0.49		14,302			0.01			401,016		0.48
Loans Past Due for 3 Months or More		534		0.00		(933	)		(0.00	)		1,468		0.00
Restructured Loans		377,049		0.45		120,620			0.14			256,429		0.30
Total		812,457		0.97		137,603			0.16			674,853		0.80
Total Loans		83,704,675		100.00		236,489						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		105,348				25,522						79,826
Trust Account
	As of March 31, 2021										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		4,787		100.00		(3,986	)					8,773		100.00
Consolidated + Trust Account
	As of March 31, 2021										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		19,554		0.02		3,615			0.00			15,938		0.01
Non-Accrual Delinquent Loans		404,948		0.48		3,932			0.00			401,016		0.48
Loans Past Due for 3 Months or More		534		0.00		(933	)		(0.00	)		1,468		0.00
Restructured Loans		377,049		0.45		120,620			0.14			256,429		0.30
Total		802,087		0.95		127,233			0.14			674,853		0.80
Total Loans		83,709,462		100.00		232,503						83,476,958		100.00

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

	(Millions of yen, %)
	As of March 31, 2021										As of March 31, 2020
			%		Change			%					%
Loans to Bankrupt Obligors		19,009		0.02		4,223			0.00			14,786		0.01
Non-Accrual Delinquent Loans		397,573		0.46		13,867			0.00			383,705		0.45
Loans Past Due for 3 Months or More		534		0.00		(933	)		(0.00	)		1,468		0.00
Restructured Loans		332,469		0.38		110,457			0.12			222,011		0.26
Total		749,587		0.87		127,615			0.13			621,972		0.73
Total Loans		85,441,645		100.00		1,194,127						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		100,834				26,256						74,578
Mizuho Bank
Loans to Bankrupt Obligors		18,995		0.02		4,209			0.00			14,786		0.01
Non-Accrual Delinquent Loans		390,895		0.47		11,422			0.00			379,472		0.46
Loans Past Due for 3 Months or More		534		0.00		(933	)		(0.00	)		1,468		0.00
Restructured Loans		332,022		0.40		111,151			0.13			220,871		0.27
Total		742,448		0.90		125,849			0.14			616,599		0.76
Total Loans		82,074,591		100.00		1,203,322						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		100,618				26,256						74,362
Mizuho Trust & Banking (Banking Account)
Loans to Bankrupt Obligors		14		0.00		14			0.00			—		—
Non-Accrual Delinquent Loans		6,678		0.19		2,445			0.07			4,232		0.12
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		446		0.01		(693	)		(0.02	)		1,140		0.03
Total		7,138		0.21		1,765			0.05			5,373		0.15
Total Loans		3,362,267		100.00		(5,208	)					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		216				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		4,787		100.00		(3,986	)					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 March 31, 2021		Change		As of March 31, 2020
Reserves for Possible Losses on Loans		575,572		151,126		424,446
General Reserve for Possible Losses on Loans		383,062		144,026		239,035
Specific Reserve for Possible Losses on Loans		191,208		5,798		185,410
Reserve for Possible Losses on Loans to Restructuring Countries		1,301		1,301		—
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		116,834		27,618		89,216
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of March 31, 2021		Change		As of March 31, 2020
Reserves for Possible Losses on Loans		540,297		151,478		388,818
General Reserve for Possible Losses on Loans		364,916		148,319		216,597
Specific Reserve for Possible Losses on Loans		174,078		1,857		172,221
Reserve for Possible Losses on Loans to Restructuring Countries		1,301		1,301		—
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		111,666		28,142		83,523
Mizuho Bank
Reserves for Possible Losses on Loans		536,101		150,971		385,129
General Reserve for Possible Losses on Loans		362,068		148,003		214,064
Specific Reserve for Possible Losses on Loans		172,730		1,665		171,064
Reserve for Possible Losses on Loans to Restructuring Countries		1,301		1,301		—
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		111,450		28,141		83,308
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		4,196		507		3,689
General Reserve for Possible Losses on Loans		2,847		315		2,532
Specific Reserve for Possible Losses on Loans		1,348		191		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		216		0		215

Reserve for Possible Losses on Entrusted Loans (¥15 million and ¥27 million for March 31, 2021 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 March 31, 2021		Change			As of March 31, 2020
Mizuho Financial Group		70.84		7.94			62.89
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of March 31, 2021		Change			As of March 31, 2020
Total		72.07		9.56			62.51
Mizuho Bank		72.20		9.74			62.46
Mizuho Trust & Banking (Banking Account)		58.77		(9.87	)		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 March 31, 2021		Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		55,506		(3,706	)		59,212
Claims with Collection Risk		409,742		26,007			383,734
Claims for Special Attention		377,584		119,686			257,898
Sub-total[1]		842,832		141,987			700,845
Normal Claims		93,186,798		525,506			92,661,291
Total[2]		94,029,630		667,493			93,362,137
	(%)
NPL ratio[1]/[2]		0.89		0.14			0.75
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			��
Sub-total[3]		—		—			—
Normal Claims		4,787		(3,986	)		8,773
Total[4]		4,787		(3,986	)		8,773
	(%)
NPL ratio[3]/[4]		—		—			—
Consolidated + Trust Account
	(Millions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		55,506		(3,706	)		59,212
Claims with Collection Risk		409,742		26,007			383,734
Claims for Special Attention		377,584		119,686			257,898
Sub-total[5]		842,832		141,987			700,845
Normal Claims		93,191,585		521,519			92,670,065
Total[6]		94,034,418		663,507			93,370,910
	(%)
NPL ratio[5]/[6]		0.89		0.14			0.75

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

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

	(Millions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors		48,720		(2,322	)		51,042
Claims with Collection Risk		411,052		24,520			386,532
Claims for Special Attention		333,004		109,523			223,480
Sub-total[1]		792,777		131,721			661,055
Normal Claims		95,144,375		1,253,461			93,890,914
Total[2]		95,937,152		1,385,182			94,551,969
	(%)
NPL ratio[1]/[2]		0.82		0.12			0.69
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		48,440		(2,162	)		50,602
Claims with Collection Risk		404,640		21,900			382,739
Claims for Special Attention		332,557		110,217			222,340
Sub-total[3]		785,638		129,955			655,682
Normal Claims		91,768,889		1,265,855			90,503,034
Total[4]		92,554,528		1,395,810			91,158,717
	(%)
NPL ratio[3]/[4]		0.84		0.12			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		280		(159	)		439
Claims with Collection Risk		6,412		2,619			3,793
Claims for Special Attention		446		(693	)		1,140
Sub-total[5]		7,138		1,765			5,373
Normal Claims		3,370,698		(8,407	)		3,379,106
Total[6]		3,377,837		(6,641	)		3,384,479
	(%)
NPL ratio[5]/[6]		0.21		0.05			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		4,787		(3,986	)		8,773
Total[8]		4,787		(3,986	)		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

	(Billions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Aggregate Figures for the 2 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		48.7		(2.3	)		51.0
Collateral, Guarantees, and equivalent		42.3		(2.9	)		45.2
Reserve for Possible Losses		6.3		0.6			5.7
Claims with Collection Risk		411.0		24.5			386.5
Collateral, Guarantees, and equivalent		164.7		15.1			149.5
Reserve for Possible Losses		167.6		(0.1	)		167.8
Claims for Special Attention		333.0		109.5			223.4
Collateral, Guarantees, and equivalent		100.9		32.6			68.2
Reserve for Possible Losses		57.5		20.9			36.5
Total		792.7		131.7			661.0
Collateral, Guarantees, and equivalent		308.0		44.9			263.1
Reserve for Possible Losses		231.6		21.3			210.2
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		48.4		(2.1	)		50.6
Collateral, Guarantees, and equivalent		42.0		(2.7	)		44.8
Reserve for Possible Losses		6.3		0.6			5.7
Claims with Collection Risk		404.6		21.9			382.7
Collateral, Guarantees, and equivalent		160.5		12.8			147.6
Reserve for Possible Losses		166.3		(0.3	)		166.7
Claims for Special Attention		332.5		110.2			222.3
Collateral, Guarantees, and equivalent		100.8		32.6			68.2
Reserve for Possible Losses		57.4		21.0			36.3
Total		785.6		129.9			655.6
Collateral, Guarantees, and equivalent		303.4		42.7			260.7
Reserve for Possible Losses		230.1		21.3			208.8
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.2		(0.1	)		0.4
Collateral, Guarantees, and equivalent		0.2		(0.1	)		0.4
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		6.4		2.6			3.7
Collateral, Guarantees, and equivalent		4.2		2.3			1.9
Reserve for Possible Losses		1.3		0.1			1.1
Claims for Special Attention		0.4		(0.6	)		1.1
Collateral, Guarantees, and equivalent		0.0		0.0			0.0
Reserve for Possible Losses		0.0		(0.1	)		0.2
Total		7.1		1.7			5.3
Collateral, Guarantees, and equivalent		4.5		2.1			2.3
Reserve for Possible Losses		1.4		0.0			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

	(Billions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Aggregate Figures for the 2 Banks (Banking Account)
Coverage Amount		539.6		66.3			473.3
Reserves for Possible Losses on Loans		231.6		21.3			210.2
Collateral, Guarantees, and equivalent		308.0		44.9			263.1
	(%)
Coverage Ratio		68.0		(3.5	)		71.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		80.8		(1.2	)		82.1
Claims for Special Attention		47.5		0.6			46.9
Claims against Special Attention Obligors		43.3		(7.3	)		50.7
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		68.0		(2.7	)		70.8
Claims for Special Attention		24.7		1.2			23.5
Claims against Special Attention Obligors		28.7		5.3			23.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		22.85		7.84			15.01
Claims against Watch Obligors excluding Special Attention Obligors		4.87		(0.04	)		4.91
Claims against Normal Obligors		0.10		0.00			0.09
Mizuho Bank
	(Billions of yen)
Coverage Amount		533.6		64.0			469.5
Reserves for Possible Losses on Loans		230.1		21.3			208.8
Collateral, Guarantees, and equivalent		303.4		42.7			260.7
	(%)
Coverage Ratio		67.9		(3.6	)		71.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		80.7		(1.3	)		82.1
Claims for Special Attention		47.6		0.5			47.0
Claims against Special Attention Obligors		43.3		(7.4	)		50.8
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		68.1		(2.7	)		70.9
Claims for Special Attention		24.8		1.2			23.5
Claims against Special Attention Obligors		28.7		5.3			23.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		22.86		7.86			14.99
Claims against Watch Obligors excluding Special Attention Obligors		4.92		(0.02	)		4.95
Claims against Normal Obligors		0.10		0.00			0.09

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Coverage Amount		5.9		2.2			3.7
Reserves for Possible Losses on Loans		1.4		0.0			1.3
Collateral, Guarantees, and equivalent		4.5		2.1			2.3
	(%)
Coverage Ratio		83.7		13.9			69.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		86.7		6.1			80.6
Claims for Special Attention		29.4		7.3			22.1
Claims against Special Attention Obligors		26.4		4.3			22.1
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		61.1		0.2			60.8
Claims for Special Attention		20.2		(0.0	)		20.2
Claims against Special Attention Obligors		20.1		(0.0	)		20.2
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.57		(1.21	)		19.79
Claims against Watch Obligors excluding Special Attention Obligors		1.66		0.18			1.47
Claims against Normal Obligors		0.06		0.00			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 March 31, 2021
							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		21.5		0.1		21.6		(4.8	)
Claims with Collection Risk		284.2		187.8		139.7		110.5		1.1		111.7		(28.0	)
Amount Categorized as above up to Fiscal 2017		360.9		221.4		166.3		132.1		1.3		133.4		(32.9	)
of which the amount which was in the process of being removed from the balance sheet		47.2		22.5		20.6		18.4		0.1		18.5		(2.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				19.3		11.5		7.5		0.0		7.5		(3.9	)
Claims with Collection Risk				159.8		74.8		52.2		0.1		52.4		(22.4	)
Amount Newly Categorized as above during Fiscal 2018				179.1		86.4		59.7		0.2		59.9		(26.4	)
of which the amount which was in the process of being removed from the balance sheet				18.2		11.8		7.8		0.0		7.9		(3.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors						12.8		4.4		—		4.4		(8.4	)
Claims with Collection Risk						171.8		80.9		1.7		82.6		(89.2	)
Amount Newly Categorized as above during Fiscal 2019						184.7		85.3		1.7		87.0		(97.6	)
of which the amount which was in the process of being removed from the balance sheet						12.0		5.0		—		5.0		(6.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors								15.0		0.0		15.0		15.0
Claims with Collection Risk								160.8		3.3		164.2		164.2
Amount Newly Categorized as above during Fiscal 2020								175.8		3.4		179.2		179.2
of which the amount which was in the process of being removed from the balance sheet								13.6		0.0		13.6		13.6
Claims against Bankrupt and Substantially Bankrupt Obligors		76.6		52.9		51.0		48.4		0.2		48.7		(2.3	)
Claims with Collection Risk		284.2		347.6		386.5		404.6		6.4		411.0		24.5
Total		360.9		400.6		437.5		453.0		6.6		459.7		22.1
of which the amount which was in the process of being removed from the balance sheet		47.2		40.8		44.5		45.0		0.2		45.3		0.8

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

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

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(5.7	)		(5.7	)		—
Restructuring		(2.8	)		(2.8	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(25.4	)		(25.4	)		—
Direct Write-off		(21.2	)		(21.2	)		—
Other		(101.7	)		(100.7	)		(0.9	)
Debt recovery		(67.6	)		(67.1	)		(0.4	)
Improvement in Business Performance		(34.1	)		(33.6	)		(0.4	)
Total		(157.0	)		(156.1	)		(0.9	)

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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 March 31, 2021										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)		62,044.2		679.8		3,096.6			168.4			58,947.6		511.4
Manufacturing		10,914.5		211.1		1,275.6			70.6			9,638.9		140.5
Agriculture & Forestry		50.7		0.7		(4.0	)		(0.0	)		54.7		0.8
Fishery		2.2		0.3		(1.1	)		0.0			3.3		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		315.8		0.1		88.9			(0.1	)		226.9		0.2
Construction		728.1		5.2		2.6			(2.7	)		725.4		8.0
Utilities		2,852.6		2.1		16.7			(9.4	)		2,835.9		11.5
Communication		1,225.0		9.3		(211.8	)		(2.1	)		1,436.9		11.5
Transportation & Postal Industry		2,647.7		8.5		287.6			(0.7	)		2,360.1		9.3
Wholesale & Retail		5,093.9		138.0		163.8			5.1			4,930.0		132.9
Finance & Insurance		9,221.3		24.7		1,000.9			14.3			8,220.3		10.3
Real Estate		9,627.6		40.0		887.4			3.5			8,740.2		36.4
Commodity Lease		3,066.0		1.4		181.0			(0.1	)		2,884.9		1.6
Service Industries		3,341.8		138.4		234.0			68.3			3,107.8		70.0
Local Governments		676.2		—		(84.0	)		—			760.3		—
Governments		1,223.6		—		(219.8	)		—			1,443.5		—
Other		11,056.5		99.3		(521.5	)		21.8			11,578.0		77.5
Overseas Total (including Loans Booked Offshore)		23,940.2		69.6		(1,985.2	)		(40.7	)		25,925.5		110.4
Governments		225.1		—		(117.0	)		—			342.2		—
Financial Institutions		8,680.3		—		(490.2	)		—			9,170.5		—
Other		15,034.7		69.6		(1,377.9	)		(40.7	)		16,412.7		110.4
Total		85,984.5		749.5		1,111.3			127.6			84,873.2		621.9

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

As of March 31, 2021:	¥850.0 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.

2-29

Mizuho Financial Group, Inc.

	(Billions of yen)
	As of March 31, 2021										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
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		58,134.9		672.7		3,188.1			166.6			54,946.8		506.1
Manufacturing		10,454.8		209.1		1,281.0			70.9			9,173.7		138.2
Agriculture & Forestry		50.6		0.7		(3.9	)		(0.0	)		54.6		0.8
Fishery		2.2		0.3		(1.1	)		0.0			3.3		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		314.1		0.1		89.3			(0.1	)		224.7		0.2
Construction		692.4		5.2		3.0			(2.6	)		689.3		7.9
Utilities		2,569.4		2.1		4.5			(9.4	)		2,564.8		11.5
Communication		1,137.4		9.3		(169.3	)		(1.8	)		1,306.8		11.2
Transportation & Postal Industry		2,445.1		8.5		283.4			(0.7	)		2,161.6		9.3
Wholesale & Retail		4,947.4		138.0		165.0			5.1			4,782.3		132.9
Finance & Insurance		8,735.8		24.7		1,034.8			14.3			7,700.9		10.3
Real Estate		8,244.1		37.1		794.0			1.0			7,450.1		36.0
Commodity Lease		2,856.8		1.4		189.0			(0.1	)		2,667.8		1.6
Service Industries		3,287.6		137.9		235.6			67.8			3,051.9		70.0
Local Governments		673.5		—		(79.7	)		—			753.2		—
Governments		1,087.9		—		(250.1	)		—			1,338.0		—
Other		10,635.3		97.5		(387.7	)		22.2			11,023.0		75.2
Overseas Total (including Loans Booked Offshore)		23,939.6		69.6		(1,984.8	)		(40.7	)		25,924.4		110.4
Governments		225.1		—		(117.0	)		—			342.2		—
Financial Institutions		8,680.3		—		(490.2	)		—			9,170.5		—
Other		15,034.1		69.6		(1,377.5	)		(40.7	)		16,411.6		110.4
Total		82,074.5		742.4		1,203.3			125.8			80,871.2		616.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,909.3		7.1		(91.5	)		1.7			4,000.8		5.3
Manufacturing		459.7		1.9		(5.3	)		(0.3	)		465.1		2.2
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		1.7		—		(0.4	)		—			2.2		—
Construction		35.7		—		(0.3	)		(0.1	)		36.0		0.1
Utilities		283.2		—		12.1			—			271.0		—
Communication		87.5		—		(42.5	)		(0.3	)		130.1		0.3
Transportation & Postal Industry		202.6		—		4.2			—			198.4		—
Wholesale & Retail		146.4		—		(1.2	)		—			147.6		—
Finance & Insurance		485.5		—		(33.8	)		—			519.3		—
Real Estate		1,383.4		2.9		93.3			2.4			1,290.0		0.4
Commodity Lease		209.2		—		(7.9	)		—			217.1		—
Service Industries		54.2		0.5		(1.6	)		0.5			55.9		—
Local Governments		2.7		—		(4.3	)		—			7.0		—
Governments		135.7		—		30.3			—			105.4		—
Other		421.1		1.7		(133.8	)		(0.4	)		554.9		2.2
Overseas Total (including Loans Booked Offshore)		0.6		—		(0.4	)		—			1.1		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		0.6		—		(0.4	)		—			1.1		—
Total		3,909.9		7.1		(92.0	)		1.7			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 March 31, 2021										As of March 31, 2020
					Change
	Non Performing Loans based on the FRA		Coverage Ratio		Non Performing Loans based on the FRA			Coverage Ratio			Non Performing Loans based on the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		700.9		66.3		171.3			(1.3	)		529.5		67.6
Manufacturing		225.1		55.6		74.8			(8.5	)		150.3		64.2
Agriculture & Forestry		0.7		53.4		(0.0	)		11.9			0.8		41.5
Fishery		0.3		62.6		0.0			0.0			0.3		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		0.1		78.9		(0.3	)		(15.4	)		0.5		94.4
Construction		5.5		76.3		(2.7	)		4.2			8.3		72.0
Utilities		2.1		71.8		(9.4	)		33.3			11.5		38.5
Communication		9.7		73.7		(1.8	)		7.5			11.5		66.1
Transportation & Postal Industry		8.7		69.1		(0.7	)		3.6			9.4		65.5
Wholesale & Retail		139.6		56.8		4.3			(0.8	)		135.3		57.7
Finance & Insurance		25.1		82.5		14.4			0.9			10.7		81.6
Real Estate		40.5		88.8		4.9			7.0			35.6		81.7
Commodity Lease		1.4		90.6		(0.2	)		18.3			1.7		72.3
Service Industries		142.0		66.7		68.8			0.8			73.2		65.9
Local Governments		—		—		—			—			—		—
Other		99.4		87.9		19.5			(0.5	)		79.9		88.4
Overseas Total (including Loans Booked Offshore)		91.8		81.3		(39.6	)		(6.2	)		131.4		87.6
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		91.8		81.3		(39.6	)		(6.2	)		131.4		87.6
Total		792.7		68.0		131.7			(3.5	)		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 March 31, 2021					As of March 31, 2020
			Change
Housing and Consumer Loans		8,762.8		(452.9	)		9,215.7
Housing Loans for owner’s residential housing		8,125.6		(337.8	)		8,463.4
Mizuho Bank
Housing and Consumer Loans		8,700.5		(442.5	)		9,143.1
Housing Loans		8,232.0		(362.9	)		8,595.0
for owner’s residential housing		8,067.6		(328.5	)		8,396.1
Consumer loans		468.4		(79.5	)		548.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		62.2		(10.4	)		72.6
Housing Loans for owner’s residential housing		57.9		(9.3	)		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 March 31, 2021					As of March 31, 2020
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.3		(0.1	)		57.4
Loans to SMEs and Individual Customers		35,601.0		1,708.6			33,892.4
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.9		(0.2	)		58.1
Loans to SMEs and Individual Customers		33,678.8		1,722.2			31,956.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		49.1		0.7			48.3
Loans to SMEs and Individual Customers		1,922.2		(13.6	)		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 March 31, 2021										As of March 31, 2020
			Non-Accrual, Past Due & Restructured Loans		Change								Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance				Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance
Asia		7,317.0		32.3		(226.2	)		(3.5	)		7,543.3		35.8
Hong Kong		1,915.3		0.3		106.5			(4.1	)		1,808.8		4.4
Singapore		1,125.9		27.6		(160.1	)		1.5			1,286.0		26.1
Thailand		1,082.2		0.5		44.9			(0.9	)		1,037.2		1.4
Taiwan		846.8		0.0		99.9			(0.0	)		746.9		0.0
India		479.0		2.7		(140.1	)		(0.0	)		619.2		2.7
South Korea		543.8		0.0		(127.4	)		0.0			671.2		—
Indonesia		422.3		0.9		(29.5	)		(0.0	)		451.9		0.9
Philippines		293.3		0.0		10.4			0.0			282.8		0.0
China		197.2		—		(22.8	)		—			220.1		—
Thailand		113.0		—		(51.1	)		—			164.1		—
Central and South America		5,117.4		23.2		456.9			0.7			4,660.4		22.5
Mexico		344.7		0.8		(81.6	)		(0.0	)		426.4		0.8
Brazile		177.1		4.8		(73.4	)		(2.6	)		250.5		7.5
North America		7,475.6		33.6		(1,289.6	)		(10.4	)		8,765.2		44.1
United States		6,553.4		21.6		(1,376.4	)		(22.4	)		7,929.9		44.1
Eastern Europe		290.4		—		13.2			—			277.2		—
Russia		211.8		—		40.1			—			171.7		—
Western Europe		4,162.9		18.0		(390.6	)		4.1			4,553.6		13.8
United Kingdom		1,176.0		7.5		(139.2	)		7.5			1,315.3		—
Netherlands		973.7		—		(178.5	)		(1.2	)		1,152.2		1.2
Germany		509.1		4.9		(7.6	)		(2.3	)		516.7		7.2
Ireland		308.3		—		56.2			—			252.0		—
Switzerland		165.0		—		(6.9	)		—			171.9		—
France		215.6		—		(34.9	)		—			250.6		—
Turkey		95.2		—		(6.8	)		—			102.1		—
Italy		142.9		—		(12.1	)		—			155.1		—
Other		3,145.6		4.5		(123.2	)		(24.8	)		3,268.8		29.4
Australia		1,632.8		—		108.0			—			1,524.8		—
Total		27,509.1		111.8		(1,559.5	)		(33.9	)		29,068.7		145.8
The above figures are based on obligor country of location.
The outstanding balance of loans and Non-Accrual, Past Due & Restructured Loans in major banking subsidiaries outside Japan is as follows.
	As of March 31, 2021										As of March 31, 2020
					Change
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank (China) ,Ltd		1,113.0		1.0		54.5			(3.7	)		1,058.5		4.7
Mizuho Bank (USA)		394.2		2.7		(76.3	)		2.7			470.6		—
PT. Bank Mizuho Indonesia		314.7		3.0		(38.1	)		2.9			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 April 1, 2021 to March 31, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,244.2
Income before Income Taxes	2		3,311.2
Tax Adjustments *1	3		88.4
Taxable Income before Current Deductible Temporary Differences *2	4		3,399.6
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,040.9

*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 March 31, 2021.

(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
Fiscal 2020(estimate)		304.0

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

*2. Figure for fiscal 2020 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2021			Change			As of March 31, 2020
Reserves for Possible Losses on Loans	7		186.2			54.3			131.9
Impairment of Securities	8		126.2			(19.7	)		145.9
Net Unrealized Losses on Other Securities	9		10.7			(11.2	)		22.0
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		146.5			(29.7	)		176.3
Net Deferred Hedge Losses	12		—			—			—
Tax Losses Carried Forward	13		—			—			—
Other	14		231.7			(29.2	)		261.0
Total Deferred Tax Assets	15		701.6			(35.7	)		737.3
Valuation Allowance	16		(135.7	)		24.8			(160.6	)
Sub-Total [ 15 + 16 ]	17		565.8			(10.8	)		576.7
Amount related to Retirement Benefits Accounting	18		(160.5	)		9.8			(170.3	)
Net Unrealized Gains on Other Securities	19		(396.8	)		(92.5	)		(304.3	)
Net Deferred Hedge Gains	20		(10.8	)		17.0			(27.9	)
Other	21		(36.3	)		0.8			(37.1	)
Total Deferred Tax Liabilities	22		(604.5	)		(64.8	)		(539.7	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(38.7	)		(75.6	)		36.9
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(399.7	)		(95.9	)		(303.8	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(10.8	)		17.0			(27.9	)
Tax effects related to others	26		371.8			3.2			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.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from April 1, 2021 to March 31, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		205.5
Income before Income Taxes	2		224.2
Tax Adjustments *1	3		(63.9	)
Taxable Income before Current Deductible Temporary Differences *2	4		160.3
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		49.0

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

*2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2021.

(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
Fiscal 2020(estimate)		27.0

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

*2. Figure for fiscal 2020 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2021			Change			As of March 31, 2020
Reserves for Possible Losses on Loans	7		1.3			0.1			1.1
Impairment of Securities	8		9.0			(2.1	)		11.1
Net Unrealized Losses on Other Securities	9		0.2			(0.8	)		1.1
Reserve for Employee Retirement Benefits	10		3.1			(4.1	)		7.2
Reserve for Loss of Transfer	11		1.4			1.4			—
Net Deferred Hedge Losses	12		1.1			(0.8	)		2.0
Tax Losses Carried Forward	13		—			—			—
Other	14		5.1			0.0			5.1
Total Deferred Tax Assets	15		21.5			(6.4	)		27.9
Valuation Allowance	16		(9.6	)		2.9			(12.6	)
Sub-Total [ 15 + 16 ]	17		11.8			(3.5	)		15.3
Amount related to Retirement Benefits Accounting	18		(7.9	)		(3.4	)		(4.5	)
Net Unrealized Gains on Other Securities	19		(18.9	)		(5.5	)		(13.4	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(0.3	)		0.1			(0.5	)
Total Deferred Tax Liabilities	22		(27.3	)		(8.7	)		(18.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(15.5	)		(12.2	)		(3.2	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(18.9	)		(5.4	)		(13.5	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		1.1			(0.8	)		2.0
Tax effects related to others	26		2.3			(5.9	)		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

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of March 31, 2021		Change			As of March 31, 2020
Deposits		111,043.3		4,167.2			106,876.1
Individual Deposits		47,321.6		2,303.0			45,018.6
Corporate Deposits		54,592.7		1,248.2			53,344.5
Financial/Government Institutions		9,128.8		615.8			8,513.0
Mizuho Bank
Deposits		108,163.3		4,383.5			103,779.8
Individual Deposits		46,491.5		2,331.2			44,160.3
Corporate Deposits		53,273.9		1,339.1			51,934.8
Financial/Government Institutions		8,397.8		713.1			7,684.6
Mizuho Trust & Banking
Deposits		2,879.9		(216.3	)		3,096.2
Individual Deposits		830.1		(28.1	)		858.2
Corporate Deposits		1,318.8		(90.8	)		1,409.6
Financial/Government Institutions		731.0		(97.2	)		828.3

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

* As for Mizuho Bank and Mizuho Trust & Banking, parts of Deposits which have been included in Corporate Deposits are included in Financial/Government Institutions.

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 March 31, 2021		Change			As of March 31, 2020
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)		117		(11	)		128
*  The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees Consolidated
	As of March 31, 2021		Change			As of March 31, 2020
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		54,492		(2,772	)		57,264
Average number of temporary employees		15,309		(1,701	)		17,010
*  The number of Employees excludes employees seconded to outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.
3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of March 31, 2021		Change			As of March 31, 2020
Mizuho Bank		463		(1	)		464
Mizuho Trust & Banking		60		—			60
Mizuho Securities		238		(18	)		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 March 31, 2021		Change			As of March 31, 2020
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 2021

Consolidated

	(Billions of yen)
	Fiscal 2021
Ordinary Profits		720.0
Profit Attributable to Owners of Parent		510.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

	(Billions of yen)
	Fiscal 2021
	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		590.0			555.0			35.0
Ordinary Profits		540.0			495.0			45.0
Net Income		375.0			345.0			30.0
Credit-related Costs		(90.0	)		(85.0	)		(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.

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 March 31, 2021 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	45,460,471		¥	38,833,234		¥	6,627,237
Call Loans		967,504			958,359			9,145
Receivables under Resale Agreements		2,376,420			8,599,865			(6,223,444	)
Guarantee Deposits Paid under Securities Borrowing Transactions		151,282			122,001			29,280
Other Debt Purchased		482,837			430,330			52,507
Trading Assets		4,655,665			5,013,413			(357,747	)
Money Held in Trust		503			503			(0	)
Securities		43,720,657			34,372,765			9,347,892
Loans and Bills Discounted		82,074,591			80,871,269			1,203,322
Foreign Exchange Assets		2,016,766			1,966,593			50,172
Derivatives other than for Trading		3,998,530			5,164,666			(1,166,136	)
Other Assets		4,920,054			2,939,258			1,980,795
Tangible Fixed Assets		881,564			843,058			38,505
Intangible Fixed Assets		360,296			357,432			2,864
Prepaid Pension Cost		524,167			556,273			(32,105	)
Deferred Tax Assets		—			36,950			(36,950	)
Customers’ Liabilities for Acceptances and Guarantees		6,828,085			6,535,786			292,299
Reserves for Possible Losses on Loans		(536,101	)		(385,129	)		(150,971	)
Reserve for Possible Losses on Investments		—			(2,458	)		2,458
Total Assets	¥	198,883,298		¥	187,214,174		¥	11,669,124
Liabilities
Deposits	¥	128,279,005		¥	126,337,030		¥	1,941,975
Negotiable Certificates of Deposit		16,684,774			12,706,349			3,978,424
Call Money		1,061,104			1,213,576			(152,472	)
Payables under Repurchase Agreements		8,760,834			7,469,615			1,291,219
Guarantee Deposits Received under Securities Lending Transactions		170,648			276,869			(106,220	)
Commercial Paper		2,105,067			411,089			1,693,978
Trading Liabilities		3,255,476			3,795,423			(539,947	)
Borrowed Money		15,084,290			11,394,924			3,689,366
Foreign Exchange Liabilities		717,422			716,394			1,028
Bonds and Notes		911,779			1,100,670			(188,891	)
Derivatives other than for Trading		4,016,868			4,843,165			(826,296	)
Other Liabilities		3,448,928			3,175,327			273,600
Reserve for Bonus Payments		25,042			19,841			5,201
Reserve for Variable Compensation		983			765			217
Reserve for Possible Losses on Sales of Loans		1,074			637			437
Reserve for Contingencies		3,092			1,770			1,322
Reserve for Reimbursement of Deposits		20,540			25,943			(5,403	)
Reserve for Reimbursement of Debentures		14,419			18,672			(4,253	)
Deferred Tax Liabilities		38,723			—			38,723
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			62,695			(780	)
Acceptances and Guarantees		6,828,085			6,535,786			292,299
Total Liabilities		191,490,080			180,106,550			11,383,529
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		2,514,003			2,472,640			41,363
Appropriated Reserve		353,908			315,177			38,731
Other Retained Earnings		2,160,095			2,157,463			2,632
Retained Earnings Brought Forward		2,160,095			2,157,463			2,632
Total Shareholders’ Equity		6,204,236			6,163,034			41,201
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,023,139			736,239			286,899
Net Deferred Hedge Gains (Losses), net of Taxes		29,458			71,693			(42,234	)
Revaluation Reserve for Land, net of Taxes		136,384			136,655			(271	)
Total Valuation and Translation Adjustments		1,188,982			944,588			244,393
Total Net Assets		7,393,218			7,107,623			285,595
Total Liabilities and Net Assets	¥	198,883,298		¥	187,214,174		¥	11,669,124

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the fiscal year ended March 31, 2021 (A)		For the fiscal year ended March 31, 2020 (B)			Change (A) - (B)
Ordinary Income	¥	2,132,943	¥	2,762,200		¥	(629,257	)
Interest Income		1,146,971		1,642,866			(495,894	)
Interest on Loans and Bills Discounted		828,466		1,113,558			(285,092	)
Interest and Dividends on Securities		227,314		258,265			(30,951	)
Fee and Commission Income		514,834		476,787			38,047
Trading Income		83,910		150,596			(66,686	)
Other Operating Income		204,734		238,043			(33,308	)
Other Ordinary Income		182,491		253,906			(71,414	)
Ordinary Expenses		1,854,876		2,331,438			(476,561	)
Interest Expenses		361,789		1,013,852			(652,062	)
Interest on Deposits		112,893		451,000			(338,107	)
Fee and Commission Expenses		91,804		91,650			154
Trading Expenses		349		809			(460	)
Other Operating Expenses		148,741		97,383			51,358
General and Administrative Expenses		802,123		789,552			12,570
Other Ordinary Expenses		450,067		338,189			111,878
Ordinary Profits		278,066		430,762			(152,695	)
Extraordinary Gains		115,474		1,296			114,178
Extraordinary Losses		19,760		18,484			1,275
Income before Income Taxes		373,781		413,574			(39,793	)
Income Taxes:
Current		95,987		109,151			(13,164	)
Deferred		10,404		(3,364	)		13,769
Net Income	¥	267,389	¥	307,788		¥	(40,398	)

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of March 31, 2021 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,010,405		¥	1,766,799		¥	243,606
Call Loans		22,134			14,678			7,455
Guarantee Deposits Paid under Securities Borrowing Transactions		—			198,053			(198,053	)
Other Debt Purchased		26,092			32,493			(6,400	)
Trading Assets		130,476			169,750			(39,274	)
Money Held in Trust		9,804			7,125			2,678
Securities		321,504			958,624			(637,120	)
Loans and Bills Discounted		3,362,267			3,367,475			(5,208	)
Foreign Exchange Assets		6,313			7,865			(1,552	)
Other Assets		321,181			359,752			(38,571	)
Tangible Fixed Assets		102,139			86,705			15,434
Intangible Fixed Assets		25,486			30,529			(5,043	)
Prepaid Pension Cost		65,962			65,759			202
Customers’ Liabilities for Acceptances and Guarantees		14,008			14,755			(747	)
Reserves for Possible Losses on Loans		(4,196	)		(3,689	)		(507	)
Total Assets	¥	6,413,579		¥	7,076,682		¥	(663,102	)
Liabilities
Deposits	¥	2,879,951		¥	3,096,295		¥	(216,344	)
Negotiable Certificates of Deposit		618,380			664,780			(46,400	)
Call Money		581,838			807,706			(225,868	)
Guarantee Deposits Received under Securities Lending Transactions		—			289,789			(289,789	)
Trading Liabilities		131,235			170,146			(38,910	)
Borrowed Money		375,082			255,860			119,222
Foreign Exchange Liabilities		—			23			(23	)
Bonds and Notes		—			10,000			(10,000	)
Due to Trust Accounts		1,160,608			1,055,510			105,097
Other Liabilities		23,141			142,457			(119,316	)
Reserve for Bonus Payments		3,199			2,153			1,045
Reserve for Variable Compensation		380			368			12
Provision for Retirement Benefits		260			—			260
Reserve for Reimbursement of Deposits		1,558			1,907			(348	)
Reserve for Loss of Transfer		4,814			—			4,814
Deferred Tax Liabilities		15,515			3,220			12,294
Acceptances and Guarantees		14,008			14,755			(747	)
Total Liabilities		5,809,974			6,514,977			(705,002	)
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		275,949			253,465			22,484
Appropriated Reserve		45,865			41,484			4,380
Other Retained Earnings		230,083			211,980			18,103
Retained Earnings Brought Forward		230,083			211,980			18,103
Total Shareholders’ Equity		538,824			516,339			22,484
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		67,360			49,981			17,379
Net Deferred Hedge Gains (Losses), net of Taxes		(2,579	)		(4,615	)		2,036
Total Valuation and Translation Adjustments		64,781			45,365			19,415
Total Net Assets		603,605			561,705			41,899
Total Liabilities and Net Assets	¥	6,413,579		¥	7,076,682		¥	(663,102	)

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 fiscal year ended March 31, 2021 (A)		For the fiscal year ended March 31, 2020 (B)		Change (A) - (B)
Ordinary Income	¥	191,924	¥	209,112	¥	(17,187	)
Fiduciary Income		55,962		59,132		(3,170	)
Interest Income		38,922		37,305		1,616
Interest on Loans and Bills Discounted		21,259		24,619		(3,359	)
Interest and Dividends on Securities		15,497		10,654		4,843
Fee and Commission Income		68,275		70,610		(2,335	)
Trading Income		1,657		1,526		131
Other Operating Income		11,911		24,319		(12,407	)
Other Ordinary Income		15,195		16,217		(1,021	)
Ordinary Expenses		147,991		159,435		(11,444	)
Interest Expenses		8,606		13,445		(4,839	)
Interest on Deposits		403		614		(210	)
Fee and Commission Expenses		34,743		35,027		(283	)
Trading Expenses		—		20		(20	)
Other Operating Expenses		3,847		11,458		(7,610	)
General and Administrative Expenses		80,986		81,211		(224	)
Other Ordinary Expenses		19,808		18,272		1,535
Ordinary Profits		43,933		49,676		(5,743	)
Extraordinary Gains		16,935		907		16,028
Extraordinary Losses		1,978		694		1,284
Income before Income Taxes		58,889		49,888		9,000
Income Taxes:
Current		8,573		10,342		(1,769	)
Deferred		5,928		4,147		1,781
Net Income	¥	44,388	¥	35,398	¥	8,989

2-42

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2021

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		547,719	Money Trusts		27,961,821
Securities		109,039	Pension Trusts		3,150,691
Beneficiary Rights to the Trusts		67,171,475	Property Formation Benefit Trusts		4,788
Securities held in Custody Accounts		438,766	Investment Trusts		20,366,322
Money Claims		17,775,590	Money Entrusted Other than Money Trusts		2,170,952
Tangible Fixed Assets		8,886,945	Securities Trusts		13,823,085
Intangible Fixed Assets		337,608	Money Claims Trusts		16,760,805
Other Claims		2,521,894	Land and Fixtures Trusts		514,078
Due from Banking Account		1,160,608	Composite Trusts		14,721,820
Cash and Due from Banks		530,094	Other Trusts		5,375
Total		99,479,741	Total		99,479,741

Notes:

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

2. Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥64,942,263 million.

3. Joint trust assets under the management of other companies: ¥171,932 million

4. There is no balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans,
or Loans Past Due for 3 Months or More in the loans of trust accounts that guaranteeprincipals in the agreement of ¥4,787 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		4,787	Principal		842,669
Securities		1	Reserve		15
Others		837,976	Others		80
Total		842,765	Total		842,765

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

	Millions of yen
Items	As of March 31, 2021 (A)		As of March 31, 2020 (B)		Change (A) - (B)
Total Amount of Funds		34,615,632		31,015,448		3,600,184
Deposits		2,879,951		3,096,295		(216,344	)
Negotiable Certificates of Deposit		618,380		664,780		(46,400	)
Money Trusts		27,961,821		24,065,825		3,895,996
Pension Trusts		3,150,691		3,183,854		(33,163	)
Property Formation Benefit Trusts		4,788		4,692		95
Loans and Bills Discounted		3,909,986		4,001,989		(92,002	)
of Banking accounts		3,362,267		3,367,475		(5,208	)
of Trust accounts		547,719		634,513		(86,794	)
Securities for Investments		430,543		1,089,515		(658,971	)
of Banking accounts		321,504		958,624		(637,120	)
of Trust accounts		109,039		130,890		(21,850	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of March 31, 2021 (A)			As of March 31, 2020 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	369,894		¥	533,288		¥	(163,394	)
Cash Segregated as Deposits for Customers and Others		554,281			387,043			167,237
Trading Assets		6,222,426			6,461,814			(239,388	)
Operating Investment Securities		34,338			33,430			908
Receivables Related to Margin Transactions		32,553			22,055			10,498
Collateralized Short-Term Financing Agreements-Receivable		4,520,477			4,296,231			224,245
Advances Paid		441			579			(137	)
Securities: Fail to Deliver		15,265			12,971			2,293
Short-Term Loans Receivable		36,085			37,298			(1,213	)
Other Current Assets		461,711			595,830			(134,119	)
Less: Allowance for Doubtful Accounts		(276	)		(7	)		(269	)
Noncurrent Assets
Property and Equipment		19,775			11,196			8,578
Intangible Assets		66,544			61,637			4,906
Investments and Other Assets		314,486			302,584			11,901
Total Assets	¥	12,648,003		¥	12,755,956		¥	(107,952	)
Liabilities
Current Liabilities
Trading Liabilities	¥	4,765,362		¥	5,032,193		¥	(266,831	)
Payables - Unsettled Trades		253,734			61,668			192,066
Payables Related to Margin Transactions		39,793			47,395			(7,601	)
Collateralized Short-Term Financing Agreements-Payable		3,510,972			3,660,235			(149,263	)
Deposits Received		444,112			350,409			93,702
Guarantee Deposits Received		417,142			370,607			46,535
Securities: Fail to Receive		2,854			2,029			825
Short-Term Borrowings		806,728			1,035,215			(228,486	)
Commercial Paper		423,500			319,000			104,500
Bonds and Notes Due within One Year		127,648			137,358			(9,710	)
Income Taxes Payable		11,565			3,022			8,542
Accrued Employees’ Bonuses		25,365			13,531			11,834
Provision for Variable Compensation		788			816			(28	)
Provision for Bonus Point Redemption		—			487			(487	)
Other Current Liabilities		50,122			53,465			(3,342	)
Noncurrent Liabilities
Bonds and Notes		623,175			620,079			3,096
Long-Term Borrowings		150,400			135,600			14,800
Provision for Retirement Benefits		21,216			19,828			1,388
Reserve for Loss of Transfer		4,194			—			4,194
Other Noncurrent Liabilities		3,132			2,111			1,021
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		3,135			2,509			625
Total Liabilities		11,684,945			11,867,565			(182,620	)
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		440,661			371,261			69,400
Other Retained Earnings		440,661			371,261			69,400
Retained Earnings Brought Forward		440,661			371,261			69,400
Total Shareholders’ Equity		947,478			878,078			69,400
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		25,339			20,066			5,273
Net Deferred Gains or Losses on Hedges, net of Tax		(9,759	)		(9,754	)		(4	)
Total Valuation and Translation Adjustments		15,580			10,312			5,268
Total Net Assets		963,058			888,390			74,668
Total Liabilities and Net Assets	¥	12,648,003		¥	12,755,956		¥	(107,952	)

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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 fiscal year ended March 31, 2021 (A)			For the fiscal year ended March 31, 2020 (B)			Change (A) - (B)
Operating Revenues	¥	408,177		¥	354,192		¥	53,984
Commissions		181,774			149,514			32,260
Net Gain on Trading		152,257			111,981			40,275
Net Gain on Operating Investment Securities		630			2,621			(1,990	)
Interest and Dividend Income		73,514			90,075			(16,561	)
Interest Expenses		56,850			82,590			(25,739	)
Net Operating Revenues		351,326			271,602			79,724
Selling, General and Administrative Expenses		264,682			237,737			26,945
Transaction-Related Expenses		73,476			57,929			15,547
Personnel Expenses		100,958			86,215			14,743
Real Estate Expenses		22,148			24,151			(2,003	)
Administrative Expenses		39,411			42,322			(2,910	)
Depreciation and Amortization		19,994			19,702			292
Taxes and Dues		5,797			4,436			1,360
Provision of Allowance for Doubtful Accounts		283			(20	)		304
Other		2,612			3,000			(388	)
Operating Income		86,643			33,864			52,779
Non-Operating Income		4,210			4,744			(534	)
Non-Operating Expenses		221			179			41
Ordinary Income		90,632			38,429			52,203
Extraordinary Gain		13,748			1,110			12,637
Extraordinary Loss		15,830			2,860			12,969
Income before Income Taxes		88,550			36,679			51,871
Income Taxes:
Current		14,761			5,158			9,602
Deferred		(3,167	)		2,310			(5,477	)
Net Income	¥	76,956		¥	29,210		¥	47,746

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