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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:	November 12, 2021
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2021 (Six months ended September 30, 2021) (Under Japanese GAAP)      

Company Name: Mizuho Financial Group, Inc. (“MHFG”) November 12, 2021

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone:	+81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 29, 2021	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		December 7, 2021
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2021 (for the six months ended September 30, 2021)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
1H F2021		1,579,249		0.1			399,340		49.2			385,657		78.9
1H F2020		1,576,761		(20.6	)		267,610		(32.5	)		215,523		(25.0	)

Note: Comprehensive Income: 1H F2021: ¥382,910 million, 1.7%; 1H F2020: ¥376,172 million, 97.5%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2021		152.12		152.12
1H F2020		84.99		84.98

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

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2021		227,195,390		9,640,884		4.1
Fiscal 2020		225,586,211		9,362,207		4.1

Reference: Own Capital: As of September 30, 2021: ¥9,523,829 million; As of March 31, 2021: ¥9,256,275 million

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

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2020		—		3.75		—		37.50		—
Fiscal 2021		—		40.00
Fiscal 2021 (estimate)						—		40.00		80.00

Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock : Yes
	2.	MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact of the share consolidation is not reflected in Cash Dividends per Share of Common Stock for the end of the second quarter of Fiscal 2020. If the share consolidation were taken into consideration, it would be ¥37.50 per share. 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 previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
Fiscal 2021			530,000		12.5		209.03

Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2021: Yes
		Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2021 (for the fiscal year ending March 31, 2022). Profit Attributable to Owners of Parent: The latest announced estimates: ¥510,000 million, Revised estimates: ¥530,000 million, Changes from the original estimates: ¥20,000 million, 3.9%
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares during 1H and the number of outstanding shares as of September 30, 2021 (which is used as a proxy for the average number of outstanding shares during the remainder of the relevant period).

Notes

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

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

i. Changes in accounting policies due to revisions of accounting standards: Yes

ii. Changes in accounting policies other than i above: No

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(3) Issued Shares of Common Stock

i.  Period-end issued shares (including treasury stock):	As of September 30, 2021	2,539,249,894 shares	As of March 31, 2021	2,539,249,894 shares
ii.  Period-end treasury stock:	As of September 30, 2021	4,599,386 shares	As of March 31, 2021	3,889,782 shares
iii. Average outstanding shares:	1st Half Fiscal 2021	2,535,113,784 shares	1st Half Fiscal 2020	2,535,837,918 shares

Note: MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact of the share consolidation is reflected in the number of Average outstanding shares.

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

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

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

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

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

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

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Matters Related to Summary Information (Notes)	p.1-2
(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2
2. Interim Consolidated Financial Statements and Others	p.1-3
(1) Consolidated Balance Sheets	p.1-3
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
(3) Consolidated Statements of Changes in Net Assets	p.1-7
(4) Note for Assumption of Going Concern	p.1-8
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2021

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Wednesday, November 17, 2021. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the interim period ended September 30, 2021.

In accordance with “Accounting Standard for Revenue Recognition”, MHFG recognizes revenue at the time of the transfer of promised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in exchange for those goods or services.

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, 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, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the interim consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the interim consolidated balance sheet, the interim consolidated statement of income and per share information for the interim period ended September 30, 2021 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2021			As of September 30,  2021
Assets
Cash and Due from Banks	¥	47,981,981		¥	47,075,429
Call Loans and Bills Purchased		589,776			330,455
Receivables under Resale Agreements		11,623,654			16,932,692
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			2,412,626
Other Debt Purchased		3,208,004			3,137,520
Trading Assets		12,589,294			12,610,648
Money Held in Trust		582,368			637,862
Securities		43,697,262			43,725,034
Loans and Bills Discounted		83,704,675			82,198,528
Foreign Exchange Assets		2,084,756			2,228,808
Derivatives other than for Trading Assets		1,719,349			1,407,561
Other Assets		6,174,020			5,296,681
Tangible Fixed Assets		1,135,449			1,118,837
Intangible Fixed Assets		620,224			603,477
Net Defined Benefit Asset		1,109,107			959,987
Deferred Tax Assets		31,402			27,842
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			7,085,422
Reserves for Possible Losses on Loans		(575,572	)		(594,023	)
Reserve for Possible Losses on Investments		(0	)		(1	)
Total Assets	¥	225,586,211		¥	227,195,390

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2021			As of September 30, 2021
Liabilities
Deposits	¥	133,312,406		¥	129,291,662
Negotiable Certificates of Deposit		17,192,572			19,215,068
Call Money and Bills Sold		1,312,790			1,431,315
Payables under Repurchase Agreements		18,607,255			22,277,769
Guarantee Deposits Received under Securities Lending Transactions		958,148			1,229,187
Commercial Paper		2,105,067			1,969,424
Trading Liabilities		8,115,377			6,464,003
Borrowed Money		7,441,822			7,495,869
Foreign Exchange Liabilities		532,042			500,486
Short-term Bonds		456,045			543,561
Bonds and Notes		10,321,672			10,513,503
Due to Trust Accounts		1,160,608			1,182,263
Derivatives other than for Trading Liabilities		1,739,671			1,480,764
Other Liabilities		5,862,013			6,469,900
Reserve for Bonus Payments		104,131			58,833
Reserve for Variable Compensation		2,935			1,014
Net Defined Benefit Liability		71,049			71,775
Reserve for Director and Corporate Auditor Retirement Benefits		683			488
Reserve for Possible Losses on Sales of Loans		1,074			181
Reserve for Contingencies		6,762			8,562
Reserve for Reimbursement of Deposits		22,099			19,901
Reserve for Reimbursement of Debentures		14,419			12,157
Reserves under Special Laws		3,135			3,127
Deferred Tax Liabilities		215,557			166,823
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			61,436
Acceptances and Guarantees		6,602,744			7,085,422
Total Liabilities	¥	216,224,003		¥	217,554,505
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,712,422
Treasury Stock		(7,124	)		(8,164	)
Total Shareholders’ Equity		7,807,239			8,086,349
Net Unrealized Gains (Losses) on Other Securities		1,132,460			1,154,756
Deferred Gains or Losses on Hedges		31,618			(743	)
Revaluation Reserve for Land		136,384			135,297
Foreign Currency Translation Adjustments		(139,514	)		(80,968	)
Remeasurements of Defined Benefit Plans		288,088			229,137
Total Accumulated Other Comprehensive Income		1,449,035			1,437,480
Stock Acquisition Rights		134			95
Non-Controlling Interests		105,797			116,959
Total Net Assets		9,362,207			9,640,884
Total Liabilities and Net Assets	¥	225,586,211		¥	227,195,390

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the six  months ended September 30, 2020		For the six months ended September 30, 2021
Ordinary Income	¥	1,576,761	¥	1,579,249
Interest Income		693,651		615,622
Interest on Loans and Bills Discounted		490,811		422,172
Interest and Dividends on Securities		122,600		119,583
Fiduciary Income		27,143		29,728
Fee and Commission Income		397,087		416,769
Trading Income		238,219		226,614
Other Operating Income		156,922		142,799
Other Ordinary Income		63,736		147,714
Ordinary Expenses		1,309,150		1,179,909
Interest Expenses		253,522		141,461
Interest on Deposits		91,376		28,002
Fee and Commission Expenses		77,475		86,326
Trading Expenses		1,455		35,301
Other Operating Expenses		68,248		59,622
General and Administrative Expenses		681,287		667,594
Other Ordinary Expenses		227,161		189,602
Ordinary Profits		267,610		399,340
Extraordinary Gains		72,735		51,553
Extraordinary Losses		6,955		4,271
Income before Income Taxes		333,391		446,622
Income Taxes:
Current		74,186		65,604
Deferred		41,813		(10,941	)
Total Income Taxes		116,000		54,663
Profit		217,390		391,958
Profit Attributable to Non-controlling Interests		1,867		6,301
Profit Attributable to Owners of Parent	¥	215,523	¥	385,657

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the six months ended September 30, 2020			For the six months ended September 30, 2021
Profit	¥	217,390		¥	391,958
Other Comprehensive Income		158,782			(9,048	)
Net Unrealized Gains (Losses) on Other Securities		212,348			23,805
Deferred Gains or Losses on Hedges		(5,843	)		(32,261	)
Foreign Currency Translation Adjustments		(36,529	)		50,061
Remeasurements of Defined Benefit Plans		(9,851	)		(58,390	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,341	)		7,736
Comprehensive Income		376,172			382,910
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		377,963			375,995
Comprehensive Income Attributable to Non-controlling Interests		(1,791	)		6,914

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2020

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

	Accumulated Other Comprehensive Income															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																							(95,208	)
Profit Attributable to Owners of Parent																							215,523
Repurchase of Treasury Stock																							(1,995	)
Disposition of Treasury Stock																							1,305
Transfer from Revaluation Reserve for Land																							(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							(519	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ Equity		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		156,070
Total Changes during the period		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		273,997
Balance as of the end of the period		1,038,781		66,262			137,834		(170,773	)		84,475			1,156,580		134			102,192			8,905,205

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2021

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,135,940			4,421,655			(7,124	)		7,807,239
Cumulative Effects of Changes in Accounting Policies							(724	)					(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,135,940			4,420,931			(7,124	)		7,806,515
Changes during the period
Cash Dividends							(95,201	)					(95,201	)
Profit Attributable to Owners of Parent							385,657						385,657
Repurchase of Treasury Stock										(2,646	)		(2,646	)
Disposition of Treasury Stock				(51	)					1,606			1,554
Transfer from Revaluation Reserve for Land							1,086						1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(10,616	)								(10,616	)
Transfer from Retained Earnings to Capital Surplus				51			(51	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(10,616	)		291,490			(1,040	)		279,833
Balance as of the end of the period		2,256,767		1,125,324			4,712,422			(8,164	)		8,086,349

	Accumulated Other Comprehensive Income																	Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,362,207
Cumulative Effects of Changes in Accounting Policies																—								(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,361,483
Changes during the period
Cash Dividends																								(95,201	)
Profit Attributable to Owners of Parent																								385,657
Repurchase of Treasury Stock																								(2,646	)
Disposition of Treasury Stock																								1,554
Transfer from Revaluation Reserve for Land																								1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								(10,616	)
Transfer from Retained Earnings to Capital Surplus																								—
Net Changes in Items other than Shareholders’ Equity		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		(433	)
Total Changes during the period		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		279,400
Balance as of the end of the period		1,154,756		(743	)		135,297			(80,968	)		229,137			1,437,480			95			116,959		9,640,884

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2021

(Six months ended September 30, 2021)

(Under Japanese GAAP)

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2021	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 basaed 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”), which is available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2021

1. Income Analysis

Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Consolidated Gross Profits	1		1,108,822			(3,500	)		1,112,323
Net Interest Income	2		474,160			34,031			440,129
Fiduciary Income	3		29,728			2,584			27,143
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		330,443			10,831			319,611
Net Trading Income	6		191,312			(45,451	)		236,764
Net Other Operating Income	7		83,177			(5,496	)		88,673
General and Administrative Expenses	8		(667,594	)		13,693			(681,287	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(59,856	)		24,921			(84,777	)
Losses on Write-offs of Loans	10		(7,023	)		420			(7,444	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		10,225			6,669			3,555
Net Gains (Losses) related to Stocks	12		14,931			84,422			(69,490	)
Equity in Income from Investments in Affiliates	13		16,519			4,959			11,559
Other	14		(23,707	)		564			(24,271	)
Ordinary Profits	15		399,340			131,729			267,610
Net Extraordinary Gains (Losses)	16		47,281			(18,498	)		65,780
Income before Income Taxes	17		446,622			113,231			333,391
Income Taxes - Current	18		(65,604	)		8,581			(74,186	)
- Deferred	19		10,941			52,755			(41,813	)
Profit	20		391,958			174,568			217,390
Profit Attributable to Non-controlling Interests	21		(6,301	)		(4,434	)		(1,867	)
Profit Attributable to Owners of Parent	22		385,657			170,133			215,523
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(49,631	)		31,590			(81,222	)
Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]
Reference:
Consolidated Net Business Profits	24		438,574			126			438,448
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			7			153
Number of affiliates under the equity method	26		29			3			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021												First Half of Fiscal 2020
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		666,600			57,772			724,373			(30,547	)		754,920
Domestic Gross Profits	2		337,771			57,677			395,449			9,459			385,989
Net Interest Income	3		225,666			9,105			234,772			26,305			208,466
Fiduciary Income	4					30,058			30,058			2,781			27,277
Trust Fees for Jointly Operated Designated Money Trust	5					1,975			1,975			(48	)		2,024
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		112,122			18,954			131,076			(11,647	)		142,724
Net Trading Income	8		(7,790	)		(629	)		(8,419	)		(19,559	)		11,139
Net Other Operating Income	9		7,773			188			7,961			11,579			(3,618	)
International Gross Profits	10		328,829			94			328,924			(40,006	)		368,930
Net Interest Income	11		190,025			274			190,299			7,513			182,785
Net Fee and Commission Income	12		63,630			(172	)		63,457			(8,020	)		71,477
Net Trading Income	13		47,785			(11	)		47,774			(14,841	)		62,615
Net Other Operating Income	14		27,388			4			27,392			(24,659	)		52,051
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(382,729	)		(40,130	)		(422,859	)		17,401			(440,260	)
Expense Ratio	16		57.4	%		69.4	%		58.3	%		0.0	%		58.3	%
Personnel Expenses	17		(149,030	)		(18,813	)		(167,844	)		5,926			(173,771	)
Non-Personnel Expenses	18		(211,158	)		(19,447	)		(230,605	)		10,220			(240,825	)
Premium for Deposit Insurance	19		(16,227	)		(559	)		(16,787	)		(67	)		(16,720	)
Miscellaneous Taxes	20		(22,540	)		(1,869	)		(24,409	)		1,254			(25,664	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		283,871			17,642			301,513			(13,145	)		314,659
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		260,591			17,631			278,223			8,047			270,176
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		253,835			17,631			271,467			3,479			267,988
Reversal of (Provision for) General Reserve for Losses on Loans	24		(68,140	)		(809	)		(68,950	)		(8,083	)		(60,866	)
Net Business Profits	25		215,731			16,832			232,563			(21,228	)		253,792
Net Gains (Losses) related to Bonds	26		23,279			10			23,290			(21,193	)		44,483
Net Non-Recurring Gains (Losses)	27		29,129			2,116			31,246			136,692			(105,446	)
Net Gains (Losses) related to Stocks	28		10,360			400			10,761			86,078			(75,317	)
Expenses related to Portfolio Problems	29		10,517			(88	)		10,429			32,411			(21,981	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		9,202			0			9,202			5,833			3,368
Other	31		(951	)		1,804			853			12,368			(11,515	)
Ordinary Profits	32		244,860			18,949			263,810			115,463			148,346
Net Extraordinary Gains (Losses)	33		40,249			7,331			47,581			(10,279	)		57,860
Net Gains (Losses) on Disposition of Fixed Assets	34		(821	)		(113	)		(934	)		(1,788	)		853
Losses on Impairment of Fixed Assets	35		(2,539	)		(38	)		(2,577	)		(1,816	)		(761	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		43,610			7,483			51,093			43,198			7,895
Accumulation (Amortization) of Unrecognized Prior Service Cost	37		—			—			—			(52,391	)		52,391
Losses on Transfer to Defined Contribution Pension Plan	38		—			—			—			2,519			(2,519	)
Income before Income Taxes	39		285,110			26,281			311,391			105,184			206,206
Income Taxes - Current	40		(90,355	)		(4,559	)		(94,914	)		(46,228	)		(48,685	)
- Deferred	41		(25,332	)		(3,255	)		(28,587	)		3,506			(32,094	)
Net Income	42		169,422			18,466			187,888			62,462			125,426
(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		(48,420	)		(897	)		(49,317	)		30,161			(79,479	)
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		(68,140	)		(809	)		(68,950	)		(8,302	)		(60,647	)
Losses on Write-offs of Loans	46		2,990			(73	)		2,916			6,874			(3,958	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		16,549			(14	)		16,534			31,946			(15,411	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	48		106			—			106			106			—
Reversal of (Provision for) Reserve for Contingencies	49		306			—			306			(814	)		1,120
Other (including Losses on Sales of Loans)	50		(232	)		—			(232	)		350			(583	)
Total	51		(48,420	)		(897	)		(49,317	)		30,161			(79,479	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Gross Profits	1		666,600			(28,393	)		694,993
Domestic Gross Profits	2		337,771			3,760			334,010
Net Interest Income	3		225,666			27,353			198,312
Net Fee and Commission Income	4		112,122			(17,978	)		130,100
Net Trading Income	5		(7,790	)		(17,757	)		9,966
Net Other Operating Income	6		7,773			12,142			(4,369	)
International Gross Profits	7		328,829			(32,153	)		360,983
Net Interest Income	8		190,025			10,553			179,471
Net Fee and Commission Income	9		63,630			(8,199	)		71,830
Net Trading Income	10		47,785			(15,514	)		63,299
Net Other Operating Income	11		27,388			(18,993	)		46,381
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(382,729	)		16,433			(399,162	)
Expense Ratio	13		57.4	%		(0.0	%)		57.4	%
Personnel Expenses	14		(149,030	)		5,150			(154,180	)
Non-Personnel Expenses	15		(211,158	)		9,818			(220,976	)
Premium for Deposit Insurance	16		(16,227	)		(144	)		(16,083	)
Miscellaneous Taxes	17		(22,540	)		1,465			(24,005	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		283,871			(11,959	)		295,831
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		260,591			2,841			257,750
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		253,835			(2,229	)		256,064
Reversal of (Provision for) General Reserve for Losses on Loans	21		(68,140	)		(7,273	)		(60,866	)
Net Business Profits	22		215,731			(19,233	)		234,964
Net Gains (Losses) related to Bonds	23		23,279			(14,800	)		38,080
Net Non-Recurring Gains (Losses)	24		29,129			131,567			(102,437	)
Net Gains (Losses) related to Stocks	25		10,360			82,745			(72,385	)
Expenses related to Portfolio Problems	26		10,517			32,499			(21,981	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		9,202			6,081			3,121
Other	28		(951	)		10,240			(11,191	)
Ordinary Profits	29		244,860			112,333			132,527
Net Extraordinary Gains (Losses)	30		40,249			(11,749	)		51,998
Net Gains (Losses) on Disposition of Fixed Assets	31		(821	)		(2,050	)		1,229
Losses on Impairment of Fixed Assets	32		(2,539	)		(1,778	)		(761	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		43,610			35,715			7,895
Accumulation (Amortization) of Unrecognized Prior Service Cost	34		—			(45,822	)		45,822
Losses on Transfer to Defined Contribution Pension Plan	35		—			2,187			(2,187	)
Income before Income Taxes	36		285,110			100,584			184,525
Income Taxes - Current	37		(90,355	)		(43,850	)		(46,504	)
- Deferred	38		(25,332	)		2,965			(28,298	)
Net Income	39		169,422			59,699			109,722
*   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		(48,420	)		31,306			(79,726	)
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		(68,140	)		(7,273	)		(60,866	)
Losses on Write-offs of Loans	42		2,990			6,948			(3,958	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		16,549			31,988			(15,438	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		106			106			—
Reversal of (Provision for) Reserve for Contingencies	45		306			(814	)		1,120
Other (including Losses on Sales of Loans)	46		(232	)		350			(583	)
Total	47		(48,420	)		31,306			(79,726	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Gross Profits	1		57,772			(2,154	)		59,926
Domestic Gross Profits	2		57,677			5,699			51,978
Net Interest Income	3		9,105			(1,048	)		10,153
Fiduciary Income	4		30,058			2,781			27,277
Trust Fees for Jointly Operated Designated Money Trust	5		1,975			(48	)		2,024
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		18,954			6,330			12,623
Net Trading Income	8		(629	)		(1,801	)		1,172
Net Other Operating Income	9		188			(563	)		751
International Gross Profits	10		94			(7,853	)		7,947
Net Interest Income	11		274			(3,039	)		3,313
Net Fee and Commission Income	12		(172	)		179			(352	)
Net Trading Income	13		(11	)		672			(683	)
Net Other Operating Income	14		4			(5,665	)		5,670
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(40,130	)		967			(41,098	)
Expense Ratio	16		69.4	%		0.8	%		68.5	%
Personnel Expenses	17		(18,813	)		776			(19,590	)
Non-Personnel Expenses	18		(19,447	)		401			(19,848	)
Premium for Deposit Insurance	19		(559	)		76			(636	)
Miscellaneous Taxes	20		(1,869	)		(210	)		(1,659	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		17,642			(1,186	)		18,828
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		17,631			5,206			12,425
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		17,631			5,708			11,923
Reversal of (Provision for) General Reserve for Losses on Loans	24		(809	)		(809	)		—
Net Business Profits	25		16,832			(1,995	)		18,828
Net Gains (Losses) related to Bonds	26		10			(6,392	)		6,402
Net Non-Recurring Gains (Losses)	27		2,116			5,125			(3,009	)
Net Gains (Losses) related to Stocks	28		400			3,332			(2,932	)
Expenses related to Portfolio Problems	29		(88	)		(88	)		(0	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		0			(247	)		247
Other	31		1,804			2,128			(323	)
Ordinary Profits	32		18,949			3,129			15,819
Net Extraordinary Gains (Losses)	33		7,331			1,469			5,862
Net Gains (Losses) on Disposition of Fixed Assets	34		(113	)		262			(375	)
Losses on Impairment of Fixed Assets	35		(38	)		(38	)		—
Gains on Cancellation of Employee Retirement Benefit Trust	36		7,483			7,483			—
Accumulation (Amortization) of Unrecognized Prior Service Cost	37		—			(6,569	)		6,569
Losses on Transfer to Defined Contribution Pension Plan	38		—			331			(331	)
Income before Income Taxes	39		26,281			4,599			21,681
Income Taxes - Current	40		(4,559	)		(2,378	)		(2,181	)
- Deferred	41		(3,255	)		540			(3,796	)
Net Income	42		18,466			2,762			15,704
(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		(897	)		(1,144	)		247
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		(809	)		(1,028	)		219
Losses on Write-offs of Loans	46		(73	)		(73	)		0
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(14	)		(42	)		27
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		(897	)		(1,144	)		247

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.39			0.01			0.37
Return on Loans and Bills Discounted (1)		2		0.74			0.03			0.71
Return on Securities		3		0.30			0.08			0.21
Cost of Funding (including Expenses)		4		0.51			(0.05	)		0.56
Cost of Deposits (including Expenses)		5		0.52			(0.03	)		0.56
Cost of Deposits (2)		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.30			(0.22	)		0.52
Net Interest Margin	(1)-(4)	8		(0.12	)		0.06			(0.18	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.22			0.07			0.15
Loan and Deposit Rate Margin	(2)-(6)	10		0.74			0.03			0.71
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include Negotiable Certificates of Deposit (“NCDs”).
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.76			0.02			0.73
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.23			0.06			0.17
Loan and Deposit Rate Margin	(11)-(6)	13		0.76			0.02			0.73
			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14		0.47			0.01			0.45
Return on Loans and Bills Discounted (1)		15		0.59			0.01			0.57
Return on Securities		16		1.74			0.62			1.12
Cost of Funding		17		0.13			0.02			0.10
Cost of Deposits (2)		18		0.01			(0.00	)		0.01
Net Interest Margin	(14)-(17)	19		0.34			(0.00	)		0.35
Loan and Deposit Rate Margin	(15)-(18)	20		0.58			0.01			0.56
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include NCDs.
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.60			(0.00	)		0.60
Loan and Deposit Rate Margin	(21)-(18)	22		0.59			(0.00	)		0.59
Reference			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted (1)		23		0.73			0.03			0.70
Cost of Deposits (2)		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.73			0.03			0.70
(1)   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
(2)   Deposits include NCDs.
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.75			0.02			0.73
Loan and Deposit Rate Margin	(26)-(24)	27		0.75			0.02			0.72

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	First Half of Fiscal 2021										First Half of Fiscal 2020
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		184,666,842		0.57		7,415,632			(0.09	)		177,251,209		0.66
Loans and Bills Discounted		80,865,008		0.91		(3,891,405	)		(0.09	)		84,756,413		1.01
Securities		45,009,933		0.49		8,018,814			(0.11	)		36,991,118		0.60
Source of Funds		183,824,544		0.12		7,941,608			(0.12	)		175,882,935		0.24
Deposits		128,046,394		0.02		(3,738,599	)		(0.09	)		131,784,993		0.11
NCDs		19,877,406		0.05		6,329,745			(0.19	)		13,547,661		0.24
Domestic Operations
Use of Funds		127,843,280		0.39		9,541,078			0.01			118,302,201		0.37
Loans and Bills Discounted		52,802,381		0.73		(1,003,909	)		0.03			53,806,290		0.70
Securities		29,583,431		0.30		7,368,742			0.08			22,214,688		0.21
Source of Funds		126,395,809		0.03		9,308,343			(0.00	)		117,087,466		0.04
Deposits		100,679,698		0.00		(751,478	)		(0.00	)		101,431,176		0.00
NCDs		13,728,174		0.00		5,827,518			(0.00	)		7,900,656		0.00
International Operations
Use of Funds		59,514,244		0.94		(615,573	)		(0.28	)		60,129,817		1.23
Loans and Bills Discounted		28,062,627		1.26		(2,887,495	)		(0.29	)		30,950,123		1.55
Securities		15,426,502		0.86		650,072			(0.32	)		14,776,429		1.18
Source of Funds		60,119,416		0.30		143,137			(0.33	)		59,976,279		0.63
Deposits		27,366,695		0.10		(2,987,121	)		(0.40	)		30,353,817		0.50
NCDs		6,149,232		0.15		502,226			(0.43	)		5,647,005		0.59

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Millions of yen, %)
	First Half of Fiscal 2021										First Half of Fiscal 2020
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		5,304,757		0.48		(994,057	)		(0.09	)		6,298,815		0.57
Loans and Bills Discounted		3,268,511		0.60		(235,864	)		(0.02	)		3,504,375		0.62
Securities		253,726		1.69		(622,218	)		0.29			875,944		1.40
Source of Funds		5,377,237		0.13		(1,016,785	)		(0.01	)		6,394,023		0.14
Deposits		2,880,365		0.01		(235,353	)		(0.00	)		3,115,718		0.01
NCDs		645,954		0.00		82,902			(0.00	)		563,051		0.00
Domestic Operations
Use of Funds		5,264,259		0.47		(470,432	)		0.01			5,734,692		0.45
Loans and Bills Discounted		3,223,676		0.59		(140,696	)		0.01			3,364,372		0.57
Securities		245,476		1.74		(185,911	)		0.62			431,388		1.12
Source of Funds		5,336,361		0.13		(460,549	)		0.02			5,796,911		0.10
Deposits		2,876,384		0.01		(235,724	)		(0.00	)		3,112,108		0.01
NCDs		645,954		0.00		82,902			(0.00	)		563,051		0.00
International Operations
Use of Funds		67,984		1.02		(543,088	)		(0.62	)		611,073		1.65
Loans and Bills Discounted		44,835		1.47		(95,167	)		(0.41	)		140,003		1.88
Securities		8,249		0.29		(436,306	)		(1.37	)		444,556		1.67
Source of Funds		68,362		0.21		(575,699	)		(0.32	)		644,062		0.54
Deposits		3,981		0.01		371			(0.11	)		3,609		0.13
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		21,178			(24,100	)		45,279
Gains on Sales and Others		49,923			(27,378	)		77,301
Losses on Sales and Others		(27,219	)		2,692			(29,912	)
Impairment (Devaluation)		(1,296	)		1,751			(3,048	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		(0	)		(0	)
Gains (Losses) on Derivatives other than for Trading		(228	)		(1,166	)		938
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		14,931			84,422			(69,490	)
Gains on Sales		116,459			72,330			44,129
Losses on Sales		(80,931	)		(56,923	)		(24,008	)
Impairment (Devaluation)		(1,906	)		60,776			(62,682	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(18,690	)		8,238			(26,929	)
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		23,290			(21,193	)		44,483
Gains on Sales and Others		52,146			(25,137	)		77,284
Losses on Sales and Others		(27,332	)		3,399			(30,731	)
Impairment (Devaluation)		(1,296	)		1,721			(3,017	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(228	)		(1,176	)		947
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		10,761			86,078			(75,317	)
Gains on Sales		109,122			70,788			38,333
Losses on Sales		(78,276	)		(57,462	)		(20,814	)
Impairment (Devaluation)		(1,394	)		64,424			(65,818	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			89			(89	)
Gains (Losses) on Derivatives other than for Trading		(18,690	)		8,238			(26,929	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		23,279			(14,800	)		38,080
Gains on Sales and Others		52,135			(17,530	)		69,665
Losses on Sales and Others		(27,330	)		2,358			(29,689	)
Impairment (Devaluation)		(1,296	)		1,720			(3,017	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(228	)		(1,349	)		1,121
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		10,360			82,745			(72,385	)
Gains on Sales		108,640			76,278			32,361
Losses on Sales		(78,233	)		(59,951	)		(18,281	)
Impairment (Devaluation)		(1,356	)		62,529			(63,885	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			89			(89	)
Gains (Losses) on Derivatives other than for Trading		(18,690	)		3,800			(22,490	)
Mizuho Trust & Banking
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		10			(6,392	)		6,402
Gains on Sales and Others		11			(7,606	)		7,618
Losses on Sales and Others		(1	)		1,040			(1,041	)
Impairment (Devaluation)		—			0			(0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			173			(173	)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		400			3,332			(2,932	)
Gains on Sales		482			(5,490	)		5,972
Losses on Sales		(43	)		2,489			(2,532	)
Impairment (Devaluation)		(38	)		1,895			(1,933	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			4,438			(4,438	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

	(Millions of yen)
	As of September 30, 2021									As of March 31, 2021
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		41,930,391		1,627,137			1,986,505		359,367		42,534,848		1,603,253			1,989,800		386,547
Japanese Stocks		2,933,126		1,734,527			1,780,968		46,441		2,865,985		1,698,265			1,744,614		46,348
Japanese Bonds		22,433,956		(35,116	)		22,009		57,125		24,145,048		(44,978	)		24,765		69,743
Japanese Government Bonds		19,003,042		(24,301	)		1,113		25,415		20,920,582		(31,717	)		3,583		35,301
Other		16,563,307		(72,273	)		183,526		255,800		15,523,814		(50,033	)		220,421		270,454
Foreign Bonds		13,489,382		(47,725	)		58,129		105,855		12,433,912		(33,009	)		66,678		99,687
*   In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included. *   The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs. *   Unrealized Gains/Losses include ¥38,068 million and ¥32,481 million, which were recognized in the statement of income for September 30, 2021 and March 31, 2021, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation adjustments as of September 30, 2021 and March 31, 2021 are ¥1,589,069 million and ¥1,570,772 million, respectively. *   Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2021 and March 31, 2021 are ¥1,154,756 million and ¥1,132,460 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of September 30, 2021									As of March 31, 2021
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Bonds Held to Maturity		1,394,142		9,439			15,871		6,431		885,529		18,069			21,225		3,155

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2021									As of March 31, 2021
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		40,729,325		1,547,414			1,908,231		360,816		41,388,529		1,527,548			1,915,021		387,472
Japanese Stocks		2,842,612		1,656,686			1,705,296		48,610		2,779,891		1,624,579			1,673,165		48,585
Japanese Bonds		22,413,879		(35,121	)		22,004		57,125		24,125,549		(44,985	)		24,758		69,743
Japanese Government Bonds		18,991,867		(24,304	)		1,110		25,415		20,909,339		(31,722	)		3,578		35,301
Other		15,472,833		(74,150	)		180,930		255,080		14,483,088		(52,045	)		217,097		269,142
Foreign Bonds		13,019,159		(47,982	)		57,157		105,140		12,031,174		(32,575	)		65,800		98,375
Mizuho Bank
Other Securities		40,438,630		1,457,776			1,815,072		357,295		41,113,338		1,441,229			1,826,408		385,178
Japanese Stocks		2,673,371		1,568,326			1,613,450		45,123		2,625,643		1,539,526			1,585,832		46,306
Japanese Bonds		22,298,234		(36,009	)		21,081		57,091		24,010,684		(45,887	)		23,842		69,729
Japanese Government Bonds		18,961,865		(24,302	)		1,110		25,413		20,879,330		(31,720	)		3,578		35,299
Other		15,467,024		(74,539	)		180,540		255,080		14,477,009		(52,409	)		216,733		269,142
Foreign Bonds		13,019,159		(47,982	)		57,157		105,140		12,031,174		(32,575	)		65,800		98,375
Mizuho Trust & Banking
Other Securities		290,695		89,637			93,158		3,520		275,190		86,318			88,612		2,293
Japanese Stocks		169,240		88,360			91,846		3,486		154,247		85,052			87,332		2,279
Japanese Bonds		115,645		888			922		34		114,865		901			915		13
Japanese Government Bonds		30,002		(1	)		—		1		30,009		(1	)		—		1
Other		5,809		389			389		0		6,078		364			364		0
Foreign Bonds		—		—			—		—		—		—			—		—

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

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

* Unrealized Gains/Losses include ¥38,068 million and ¥32,481 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2021 and March 31, 2021, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after necessary adjustments (aggregate figures for the 2 banks) as of September 30, 2021 and March 31, 2021 are ¥1,509,346 million and ¥1,495,067 million, respectively.

* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of September 30, 2021 and March 31, 2021 are as follows:

	(Millions of yen)
	As of September 30, 2021		As of March 31, 2021
Aggregate Figures		1,082,874		1,076,333
Mizuho Bank		1,012,693		1,009,001
Mizuho Trust & Banking		70,180		67,331

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2021								As of March 31, 2021
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		1,394,142		9,439		15,871		6,431		885,529		18,069		21,225		3,155
Mizuho Bank		1,394,142		9,439		15,871		6,431		885,529		18,069		21,225		3,155
Mizuho Trust & Banking		—		—		—		—		—		—		—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2021								As of March 31, 2021
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		135,771		311,808		311,980		172		135,771		286,554		286,573		19
Mizuho Bank		135,771		311,808		311,980		172		135,771		286,554		286,573		19
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

Reference

Unrealized Gains/Losses on Other Securities

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

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

Consolidated

	(Millions of yen)
	As of September 30, 2021						As of March 31, 2021
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,589,069			18,297			1,570,772
Japanese Stocks		1,696,459			30,674			1,665,784
Japanese Bonds		(35,116	)		9,862			(44,978	)
Japanese Government Bonds		(24,301	)		7,416			(31,717	)
Other		(72,273	)		(22,240	)		(50,033	)
Foreign Bonds		(47,725	)		(14,716	)		(33,009	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2021						As of March 31, 2021
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,509,346			14,278			1,495,067
Japanese Stocks		1,618,618			26,520			1,592,098
Japanese Bonds		(35,121	)		9,863			(44,985	)
Japanese Government Bonds		(24,304	)		7,417			(31,722	)
Other		(74,150	)		(22,105	)		(52,045	)
Foreign Bonds		(47,982	)		(15,407	)		(32,575	)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	Maturity as of September 30, 2021								Change											Maturity as of March 31, 2021
	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		11,547.1		8,630.5		1,741.6		938.3		(4,314.3	)		2,222.4		102.5			272.4			15,861.4		6,408.1		1,639.1			665.9
Japanese Government Bonds		11,096.7		6,918.6		1,152.7		265.1		(4,350.6	)		2,074.7		147.7			210.1			15,447.4		4,843.9		1,005.0			55.0
Japanese Local Government Bonds		40.9		241.5		204.6		7.4		(13.9	)		22.7		33.3			(11.1	)		54.9		218.7		171.3			18.5
Japanese Corporate Bonds		409.3		1,470.3		384.3		665.8		50.2			124.9		(78.4	)		73.4			359.1		1,345.4		462.8			592.4
Other		2,503.6		3,371.8		2,786.0		5,676.2		(127.8	)		555.0		744.0			99.8			2,631.5		2,816.7		2,041.9			5,576.4
Mizuho Bank
Japanese Bonds		11,513.9		8,560.5		1,730.0		938.3		(4,314.3	)		2,213.0		111.1			272.4			15,828.3		6,347.4		1,618.9			665.9
Japanese Government Bonds		11,066.7		6,918.6		1,152.7		265.1		(4,350.6	)		2,074.7		147.7			210.1			15,417.4		4,843.9		1,005.0			55.0
Japanese Local Government Bonds		40.9		241.5		204.6		7.4		(13.9	)		22.7		33.3			(11.1	)		54.9		218.7		171.3	��		18.5
Japanese Corporate Bonds		406.2		1,400.4		372.6		665.8		50.2			115.5		(69.9	)		73.4			355.9		1,284.8		442.6			592.4
Other		2,503.2		3,367.1		2,783.9		5,676.2		(127.7	)		554.6		743.8			99.8			2,630.9		2,812.5		2,040.0			5,576.4
Mizuho Trust & Banking
Japanese Bonds		33.1		69.9		11.6		—		0.0			9.3		(8.5	)		—			33.1		60.6		20.2			—
Japanese Government Bonds		30.0		—		—		—		—			—		—			—			30.0		—		—			—
Japanese Local Government Bonds		—		—		—		—		—			—		—			—			—		—		—			—
Japanese Corporate Bonds		3.1		69.9		11.6		—		0.0			9.3		(8.5	)		—			3.1		60.6		20.2			—
Other		0.4		4.6		2.1		0.0		(0.0	)		0.3		0.1			0.0			0.5		4.2		1.9			—

2-12

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

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

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of September 30, 2021								Change											As of March 31, 2021
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year		1 - 5 years			Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		3,024.5		9,118.0		4,941.9		17,084.5		78.7		42.5			(637.1	)		(515.7	)		2,945.7		9,075.4		5,579.0		17,600.3
Receive Float / Pay Fixed		701.8		1,535.9		4,323.9		6,561.8		93.5		(371.8	)		1,056.0			777.8			608.2		1,907.8		3,267.8		5,784.0
Receive Float / Pay Float		—		—		—		—		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—			—			—			—		—		—		—
Total		3,726.3		10,654.0		9,265.9		23,646.3		172.3		(329.3	)		418.9			262.0			3,553.9		10,983.3		8,846.9		23,384.3
Mizuho Bank
Receive Fixed / Pay Float		3,024.5		9,118.0		4,926.9		17,069.5		78.7		42.5			(642.1	)		(520.7	)		2,945.7		9,075.4		5,569.0		17,590.3
Receive Float / Pay Fixed		701.8		1,465.9		3,958.9		6,126.8		93.5		(371.8	)		1,056.0			777.8			608.2		1,837.8		2,902.8		5,349.0
Receive Float / Pay Float		—		—		—		—		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—			—			—			—		—		—		—
Total		3,726.3		10,584.0		8,885.9		23,196.3		172.3		(329.3	)		413.9			257.0			3,553.9		10,913.3		8,471.9		22,939.3
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		15.0		15.0		—		—			5.0			5.0			—		—		10.0		10.0
Receive Float / Pay Fixed		—		70.0		365.0		435.0		—		—			—			—			—		70.0		365.0		435.0
Receive Float / Pay Float		—		—		—		—		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—			—			—			—		—		—		—
Total		—		70.0		380.0		450.0		—		—			5.0			5.0			—		70.0		375.0		445.0

Reference:

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

	(Billions of yen)
	As of September 30, 2021						Change								As of March 31, 2021
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		1,107.4		1,114.2	(6.7	)		(70.9	)		(24.7	)	(46.2	)		1,178.4		1,138.9	39.5
Mizuho Bank		1,097.4		1,097.3	0.0			(71.3	)		(28.1	)	(43.1	)		1,168.8		1,125.5	43.2
Mizuho Trust & Banking		10.0		16.8	(6.8	)		0.3			3.4		(3.0	)		9.6		13.3	(3.7	)

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

2-13

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

		(Millions of yen)
		First Half of     Fiscal 2021			Change			First Half of       Fiscal 2020
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,125,762			(94,993	)		1,220,755
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,113,359			115,930			1,997,428
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(397,727	)		(243,087	)		(154,639	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(B)+ (C) - (A)		589,869			(32,163	)		622,033
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		987,980			(84,573	)		1,072,553
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,851,065			94,480			1,756,585
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(338,917	)		(211,159	)		(127,758	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		524,167			(32,105	)		556,273
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		137,781			(10,420	)		148,201
Discount Rate (%)			(0.07)~0.82						(0.00)~0.62
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		262,293			21,450			240,842
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(58,809	)		(31,928	)		(26,881	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(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)
	First Half of     Fiscal 2021			Change			First Half of       Fiscal 2020
Service Cost		(10,139	)		3,614			(13,753	)
Interest Cost		(1,629	)		156			(1,785	)
Expected Return on Plan Assets		15,028			(2,347	)		17,376
Accumulation (Amortization) of Unrecognized Actuarial Differences		25,725			11,961			13,763
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(52,391	)		52,391
Gains on Cancellation of Employee Retirement Benefit Trust		51,093			43,198			7,895
Losses on Transfer to Defined Contribution Pension Plan		—			2,519			(2,519	)
Other		(3,813	)		413			(4,226	)
Total		76,266			7,124			69,141
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 are recorded to Extraordinary Gains (Losses).
Mizuho Bank
	(Millions of yen)
	First Half of     Fiscal 2021			Change			First Half of       Fiscal 2020
Service Cost		(8,524	)		3,085			(11,609	)
Interest Cost		(1,428	)		138			(1,566	)
Expected Return on Plan Assets		13,398			(2,172	)		15,570
Accumulation (Amortization) of Unrecognized Actuarial Differences		22,682			10,247			12,435
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(45,822	)		45,822
Gains on Cancellation of Employee Retirement Benefit Trust		43,610			35,715			7,895
Losses on Transfer to Defined Contribution Pension Plan		—			2,187			(2,187	)
Other		(3,539	)		287			(3,826	)
Total		66,199			3,667			62,532
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 are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking
	(Millions of yen)
	First Half of Fiscal 2021			Change			First Half of       Fiscal 2020
Service Cost		(1,614	)		528			(2,143	)
Interest Cost		(201	)		17			(218	)
Expected Return on Plan Assets		1,630			(175	)		1,805
Accumulation (Amortization) of Unrecognized Actuarial Differences		3,042			1,714			1,328
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(6,569	)		6,569
Gains on Cancellation of Employee Retirement Benefit Trust	��	7,483			7,483			—
Losses on Transfer to Defined Contribution Pension Plan		—			331			(331	)
Other		(274	)		125			(400	)
Total		10,066			3,456			6,609

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 are recorded to Extraordinary Gains (Losses).

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

		(Millions of yen)
		First Half of Fiscal 2021			Change			First Half of       Fiscal 2020
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,335,890			(104,450	)		1,440,341
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,373,949			148,939			2,225,010
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(409,679	)		(270,870	)		(138,808	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		1,109,107			262,325			846,782
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		71,049			8,935			62,113
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		First Half of     Fiscal 2021			Change			First Half of Fiscal 2020
Service Cost			(15,917	)		4,808			(20,725	)
Interest Cost			(1,970	)		173			(2,144	)
Expected Return on Plan Assets			17,402			(2,057	)		19,460
Accumulation (Amortization) of Unrecognized Actuarial Differences			25,922			13,483			12,439
Accumulation (Amortization) of Unrecognized Prior Service Cost			(23	)		(61,993	)		61,969
Gains on Cancellation of Employee Retirement Benefit Trust			51,093			43,198			7,895
Losses on Transfer to Defined Contribution Pension Plan			—			3,320			(3,320	)
Other			(6,832	)		508			(7,341	)
Total			69,675			1,442			68,232

Notes: (1) Accumulation (Amortization) of Unrecognized Prior Service Cost,Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020, except for a portion thereof, are recorded to Extraordinary Gains (Losses) (¥66,579 million).

(2) Gains on Cancellation of Employee Retirement Benefit Trust in Fiscal 2021 is recorded to Extraordinary Gains.

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated					(%, Billions of yen)
	As of September 30, 2021 (Preliminary)		Change			As of March 31, 2021
(1)   Total Capital Ratio		17.76		0.89			16.87
(2)   Tier 1 Capital Ratio		15.03		0.66			14.37
(3)   Common Equity Tier 1 Capital Ratio		12.27		0.64			11.63
(4)   Total Capital		11,927.0		541.6			11,385.3
(5)   Tier 1 Capital		10,098.4		396.4			9,701.9
(6)   Common Equity Tier 1 Capital		8,243.5		393.6			7,849.9
(7)   Risk weighted Assets		67,147.7		(334.2	)		67,481.9
(8)   Total Required Capital (7) X8%		5,371.8		(26.7	)		5,398.5
Mizuho Bank International Standard
	Consolidated							Non-Consolidated
	As of September 30, 2021 (Preliminary)		Change			As of March 31, 2021		As of September 30, 2021 (Preliminary)
(1)   Total Capital Ratio		17.59		1.02			16.57		17.79
(2)   Tier 1 Capital Ratio		14.79		0.74			14.05		14.83
(3)   Common Equity Tier 1 Capital Ratio		11.82		0.71			11.11		11.66
(4)   Total Capital		10,923.5		523.5			10,399.9		10,354.9
(5)   Tier 1 Capital		9,186.6		367.8			8,818.7		8,634.6
(6)   Common Equity Tier 1 Capital		7,339.5		367.7			6,971.8		6,789.8
(7)   Risk weighted Assets		62,092.0		(641.9	)		62,734.0		58,204.1
(8)   Total Required Capital (7) X8%		4,967.3		(51.3	)		5,018.7		4,656.3
Mizuho Trust & Banking International Standard
	Consolidated							Non-Consolidated
	As of September 30, 2021 (Preliminary)		Change			As of March 31, 2021		As of September 30, 2021 (Preliminary)
(1)   Total Capital Ratio		26.71		(2.23	)		28.94		26.04
(2)   Tier 1 Capital Ratio		26.70		(2.24	)		28.94		26.03
(3)   Common Equity Tier 1 Capital Ratio		26.70		(2.24	)		28.94		26.03
(4)   Total Capital		479.4		(47.1	)		526.6		464.8
(5)   Tier 1 Capital		479.3		(47.1	)		526.5		464.7
(6)   Common Equity Tier 1 Capital		479.3		(47.1	)		526.5		464.7
(7)   Risk weighted Assets		1,794.9		(24.2	)		1,819.1		1,784.8
(8)   Total Required Capital (7) X8%		143.5		(1.9	)		145.5		142.7

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

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

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

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

Consolidated

	(Millions of yen, %)
	As of September 30, 2021										As of March 31, 2021
			%		Change			%					%
Loans to Bankrupt Obligors		23,211		0.02		3,657			0.00			19,554		0.02
Non-Accrual Delinquent Loans		329,493		0.40		(85,825	)		(0.09	)		415,318		0.49
Loans Past Due for 3 Months or More		1,126		0.00		591			0.00			534		0.00
Restructured Loans		457,085		0.55		80,035			0.10			377,049		0.45
Total		810,916		0.98		(1,541	)		0.01			812,457		0.97
Total Loans		82,198,528		100.00		(1,506,147	)					83,704,675		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		103,956				(1,392	)					105,348
Trust Account
	As of September 30, 2021										As of March 31, 2021
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		—			—			—		—
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		—		—		—			—			—		—
Total Loans		4,292		100.00		(494	)					4,787		100.00
Consolidated + Trust Account
	As of September 30, 2021										As of March 31, 2021
			%		Change			%					%
Loans to Bankrupt Obligors		23,211		0.02		3,657			0.00			19,554		0.02
Non-Accrual Delinquent Loans		329,493		0.40		(85,825	)		(0.09	)		415,318		0.49
Loans Past Due for 3 Months or More		1,126		0.00		591			0.00			534		0.00
Restructured Loans		457,085		0.55		80,035			0.10			377,049		0.45
Total		810,916		0.98		(1,541	)		0.01			812,457		0.97
Total Loans		82,202,820		100.00		(1,506,641	)					83,709,462		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 September 30, 2021										As of March 31, 2021
			%		Change			%					%
Loans to Bankrupt Obligors		21,689		0.02		2,679			0.00			19,009		0.02
Non-Accrual Delinquent Loans		315,367		0.37		(82,205	)		(0.08	)		397,573		0.46
Loans Past Due for 3 Months or More		1,125		0.00		591			0.00			534		0.00
Restructured Loans		417,318		0.50		84,849			0.11			332,469		0.38
Total		755,501		0.90		5,914			0.03			749,587		0.87
Total Loans		83,264,462		100.00		(2,177,182	)					85,441,645		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		99,559				(1,275	)					100,834
Mizuho Bank
Loans to Bankrupt Obligors		21,689		0.02		2,693			0.00			18,995		0.02
Non-Accrual Delinquent Loans		310,339		0.38		(80,555	)		(0.08	)		390,895		0.47
Loans Past Due for 3 Months or More		1,124		0.00		589			0.00			534		0.00
Restructured Loans		416,040		0.51		84,017			0.11			332,022		0.40
Total		749,193		0.93		6,744			0.03			742,448		0.90
Total Loans		80,080,848		100.00		(1,993,742	)					82,074,591		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		99,343				(1,275	)					100,618
Mizuho Trust & Banking (Banking Account)
Loans to Bankrupt Obligors		—		—		(14	)		(0.00	)		14		0.00
Non-Accrual Delinquent Loans		5,028		0.15		(1,649	)		(0.04	)		6,678		0.19
Loans Past Due for 3 Months or More		1		0.00		1			0.00			—		—
Restructured Loans		1,278		0.04		831			0.02			446		0.01
Total		6,308		0.19		(830	)		(0.01	)		7,138		0.21
Total Loans		3,179,321		100.00		(182,945	)					3,362,267		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		215				(0	)					216
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		—		—		—			—			—		—
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		—		—		—			—			—		—
Total Loans		4,292		100.00		(494	)					4,787		100.00

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

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Reserves for Possible Losses on Loans		594,023		18,450			575,572
General Reserve for Possible Losses on Loans		448,993		65,931			383,062
Specific Reserve for Possible Losses on Loans		143,821		(47,387	)		191,208
Reserve for Possible Losses on Loans to Restructuring Countries		1,209		(92	)		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		113,626		(3,208	)		116,834
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Reserves for Possible Losses on Loans		560,225		19,928			540,297
General Reserve for Possible Losses on Loans		430,386		65,469			364,916
Specific Reserve for Possible Losses on Loans		128,629		(45,448	)		174,078
Reserve for Possible Losses on Loans to Restructuring Countries		1,209		(92	)		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		108,735		(2,930	)		111,666
Mizuho Bank
Reserves for Possible Losses on Loans		556,219		20,118			536,101
General Reserve for Possible Losses on Loans		426,729		64,660			362,068
Specific Reserve for Possible Losses on Loans		128,280		(44,449	)		172,730
Reserve for Possible Losses on Loans to Restructuring Countries		1,209		(92	)		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		108,519		(2,930	)		111,450
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		4,006		(189	)		4,196
General Reserve for Possible Losses on Loans		3,657		809			2,847
Specific Reserve for Possible Losses on Loans		349		(998	)		1,348
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		215		(0	)		216

Reserve for Possible Losses on Entrusted Loans (¥13 million and ¥15 million for September 30, 2021 and March 31, 2021, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

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

Consolidated

	(%)
	As of September 30, 2021		Change		As of March 31, 2021
Mizuho Financial Group		73.25		2.40		70.84
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of September 30, 2021		Change		As of March 31, 2021
Total		74.15		2.07		72.07
Mizuho Bank		74.24		2.03		72.20
Mizuho Trust & Banking (Banking Account)		63.51		4.73		58.77

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

2-21

Mizuho Financial Group, Inc.

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

Consolidated

	(Millions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		54,362		(1,143	)		55,506
Claims with Collection Risk		327,028		(82,713	)		409,742
Claims for Special Attention		458,211		80,627			377,584
Sub-total[1]		839,603		(3,229	)		842,832
Normal Claims		92,186,254		(1,000,543	)		93,186,798
Total[2]		93,025,857		(1,003,773	)		94,029,630
	(%)
NPL ratio[1]/[2]		0.90		0.00			0.89
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Sub-total[3]		—		—			—
Normal Claims		4,292		(494	)		4,787
Total[4]		4,292		(494	)		4,787
	(%)
NPL ratio[3]/[4]		—		—			—
Consolidated + Trust Account
	(Millions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		54,362		(1,143	)		55,506
Claims with Collection Risk		327,028		(82,713	)		409,742
Claims for Special Attention		458,211		80,627			377,584
Sub-total[5]		839,603		(3,229	)		842,832
Normal Claims		92,190,547		(1,001,037	)		93,191,585
Total[6]		93,030,150		(1,004,267	)		94,034,418
	(%)
NPL ratio[5]/[6]		0.90		0.00			0.89

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 September 30, 2021		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		43,576		(5,144	)		48,720
Claims with Collection Risk		327,254		(83,798	)		411,052
Claims for Special Attention		418,444		85,440			333,004
Sub-total[1]		789,275		(3,502	)		792,777
Normal Claims		93,455,464		(1,688,911	)		95,144,375
Total[2]		94,244,739		(1,692,413	)		95,937,152
	(%)
NPL ratio[1]/[2]		0.83		0.01			0.82
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		43,304		(5,136	)		48,440
Claims with Collection Risk		322,497		(82,142	)		404,640
Claims for Special Attention		417,165		84,607			332,557
Sub-total[3]		782,966		(2,671	)		785,638
Normal Claims		90,261,980		(1,506,909	)		91,768,889
Total[4]		91,044,947		(1,509,580	)		92,554,528
	(%)
NPL ratio[3]/[4]		0.85		0.01			0.84
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		272		(8	)		280
Claims with Collection Risk		4,756		(1,655	)		6,412
Claims for Special Attention		1,279		833			446
Sub-total[5]		6,308		(830	)		7,138
Normal Claims		3,189,190		(181,507	)		3,370,698
Total[6]		3,195,499		(182,338	)		3,377,837
	(%)
NPL ratio[5]/[6]		0.19		(0.01	)		0.21
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		4,292		(494	)		4,787
Total[8]		4,292		(494	)		4,787
	(%)
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 September 30, 2021		Change			As of March 31, 2021
Aggregate Figures for the 2 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		43.5		(5.1	)		48.7
Collateral, Guarantees, and equivalent		37.6		(4.6	)		42.3
Reserve for Possible Losses		5.8		(0.4	)		6.3
Claims with Collection Risk		327.2		(83.7	)		411.0
Collateral, Guarantees, and equivalent		142.3		(22.3	)		164.7
Reserve for Possible Losses		122.7		(44.9	)		167.6
Claims for Special Attention		418.4		85.4			333.0
Collateral, Guarantees, and equivalent		111.7		10.8			100.9
Reserve for Possible Losses		92.4		34.9			57.5
Total		789.2		(3.5	)		792.7
Collateral, Guarantees, and equivalent		291.8		(16.2	)		308.0
Reserve for Possible Losses		221.1		(10.4	)		231.6
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		43.3		(5.1	)		48.4
Collateral, Guarantees, and equivalent		37.4		(4.6	)		42.0
Reserve for Possible Losses		5.8		(0.4	)		6.3
Claims with Collection Risk		322.4		(82.1	)		404.6
Collateral, Guarantees, and equivalent		138.2		(22.3	)		160.5
Reserve for Possible Losses		122.3		(43.9	)		166.3
Claims for Special Attention		417.1		84.6			332.5
Collateral, Guarantees, and equivalent		111.6		10.8			100.8
Reserve for Possible Losses		92.2		34.7			57.4
Total		782.9		(2.6	)		785.6
Collateral, Guarantees, and equivalent		287.3		(16.1	)		303.4
Reserve for Possible Losses		220.5		(9.6	)		230.1
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.2		(0.0	)		0.2
Collateral, Guarantees, and equivalent		0.2		(0.0	)		0.2
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		4.7		(1.6	)		6.4
Collateral, Guarantees, and equivalent		4.1		(0.0	)		4.2
Reserve for Possible Losses		0.3		(0.9	)		1.3
Claims for Special Attention		1.2		0.8			0.4
Collateral, Guarantees, and equivalent		0.0		(0.0	)		0.0
Reserve for Possible Losses		0.2		0.1			0.0
Total		6.3		(0.8	)		7.1
Collateral, Guarantees, and equivalent		4.4		(0.0	)		4.5
Reserve for Possible Losses		0.5		(0.8	)		1.4
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 September 30, 2021		Change			As of March 31, 2021
Aggregate Figures for the 2 Banks (Banking Account)
Coverage Amount		512.9		(26.6	)		539.6
Reserves for Possible Losses on Loans		221.1		(10.4	)		231.6
Collateral, Guarantees, and equivalent		291.8		(16.2	)		308.0
	(%)
Coverage Ratio		64.9		(3.0	)		68.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.0		0.1			80.8
Claims for Special Attention		48.8		1.2			47.5
Claims against Special Attention Obligors		48.5		5.1			43.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		66.3		(1.6	)		68.0
Claims for Special Attention		30.1		5.3			24.7
Claims against Special Attention Obligors		37.1		8.3			28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		30.38		7.52			22.85
Claims against Watch Obligors excluding Special Attention Obligors		4.18		(0.68	)		4.87
Claims against Normal Obligors		0.10		(0.00	)		0.10
Mizuho Bank
	(Billions of yen)
Coverage Amount		507.8		(25.7	)		533.6
Reserves for Possible Losses on Loans		220.5		(9.6	)		230.1
Collateral, Guarantees, and equivalent		287.3		(16.1	)		303.4
	(%)
Coverage Ratio		64.8		(3.0	)		67.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		80.8		0.0			80.7
Claims for Special Attention		48.8		1.2			47.6
Claims against Special Attention Obligors		48.6		5.2			43.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		66.4		(1.7	)		68.1
Claims for Special Attention		30.2		5.4			24.8
Claims against Special Attention Obligors		37.1		8.4			28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		30.41		7.55			22.86
Claims against Watch Obligors excluding Special Attention Obligors		4.25		(0.66	)		4.92
Claims against Normal Obligors		0.10		(0.00	)		0.10

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Coverage Amount		5.0		(0.9	)		5.9
Reserves for Possible Losses on Loans		0.5		(0.8	)		1.4
Collateral, Guarantees, and equivalent		4.4		(0.0	)		4.5
	(%)
Coverage Ratio		80.1		(3.5	)		83.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		94.6		7.9			86.7
Claims for Special Attention		21.9		(7.5	)		29.4
Claims against Special Attention Obligors		20.9		(5.4	)		26.4
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		57.1		(4.0	)		61.1
Claims for Special Attention		19.2		(0.9	)		20.2
Claims against Special Attention Obligors		19.2		(0.9	)		20.1
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.81		0.23			18.57
Claims against Watch Obligors excluding Special Attention Obligors		1.00		(0.65	)		1.66
Claims against Normal Obligors		0.08		0.02			0.06

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 2018		Fiscal 2019		Fiscal 2020		Fiscal 2021
	As of March 31, 2019		As of March 31, 2020		As of March 31, 2021		As of September 30, 2021
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		52.9		38.1		29.2		26.1		0.2		26.4		(2.8	)
Claims with Collection Risk		347.6		214.6		164.1		144.2		1.1		145.4		(18.7	)
Amount Categorized as above up to Fiscal 2018		400.6		252.7		193.4		170.4		1.3		171.8		(21.5	)
of which the amount which was in the process of being removed from the balance sheet		40.8		32.4		26.5		28.1		0.2		28.3		1.7
Claims against Bankrupt and Substantially Bankrupt Obligors				12.8		4.4		6.5		0.0		6.5		2.1
Claims with Collection Risk				171.8		82.6		34.1		0.0		34.2		(48.4	)
Amount Newly Categorized as above during Fiscal 2019				184.7		87.0		40.7		0.1		40.8		(46.2	)
of which the amount which was in the process of being removed from the balance sheet				12.0		5.0		7.2		0.0		7.2		2.1
Claims against Bankrupt and Substantially Bankrupt Obligors						15.0		5.2		0.0		5.2		(9.7	)
Claims with Collection Risk						164.2		110.7		3.3		114.0		(50.1	)
Amount Newly Categorized as above during Fiscal 2020						179.2		116.0		3.3		119.3		(59.8	)
of which the amount which was in the process of being removed from the balance sheet						13.6		4.6		0.0		4.6		(9.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors								5.3		0.0		5.3		5.3
Claims with Collection Risk								33.2		0.1		33.4		33.4
Amount Newly Categorized as above during the First Half of Fiscal 2021								38.6		0.1		38.8		38.8
of which the amount which was in the process of being removed from the balance sheet								5.3		0.0		5.3		5.3
Claims against Bankrupt and Substantially Bankrupt Obligors		52.9		51.0		48.7		43.3		0.2		43.5		(5.1	)
Claims with Collection Risk		347.6		386.5		411.0		322.4		4.7		327.2		(83.7	)
Total		400.6		437.5		459.7		365.8		5.0		370.8		(88.9	)
of which the amount which was in the process of being removed from the balance sheet		40.8		44.5		45.3		45.3		0.2		45.5		0.2

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

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2021

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(3.3	)		(3.3	)		—
Restructuring		(21.9	)		(21.9	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(14.9	)		(14.9	)		—
Direct Write-off		19.9			21.0			(1.0	)
Other		(107.5	)		(106.7	)		(0.7	)
Debt recovery		(36.1	)		(35.5	)		(0.6	)
Improvement in Business Performance		(71.3	)		(71.2	)		(0.1	)
Total		(127.7	)		(125.9	)		(1.8	)

2-28

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

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

	(Billions of yen)
	As of September 30, 2021										As of March 31, 2021
	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)		59,938.6		706.2		(2,105.5	)		26.3			62,044.2		679.8
Manufacturing		10,462.1		229.1		(452.4	)		17.9			10,914.5		211.1
Agriculture & Forestry		47.8		0.7		(2.8	)		(0.0	)		50.7		0.7
Fishery		2.5		0.3		0.2			(0.0	)		2.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		225.8		0.2		(90.0	)		0.1			315.8		0.1
Construction		708.8		5.0		(19.3	)		(0.2	)		728.1		5.2
Utilities		2,890.2		1.1		37.5			(0.9	)		2,852.6		2.1
Communication		1,270.5		9.4		45.4			0.0			1,225.0		9.3
Transportation & Postal Industry		2,628.9		28.5		(18.8	)		19.9			2,647.7		8.5
Wholesale & Retail		5,154.8		142.1		60.8			4.0			5,093.9		138.0
Finance & Insurance		8,477.4		15.3		(743.9	)		(9.3	)		9,221.3		24.7
Real Estate		9,704.8		36.5		77.1			(3.5	)		9,627.6		40.0
Commodity Lease		2,921.0		1.4		(145.0	)		(0.0	)		3,066.0		1.4
Service Industries		3,083.2		153.4		(258.6	)		15.0			3,341.8		138.4
Local Governments		642.8		—		(33.3	)		—			676.2		—
Governments		955.5		—		(268.1	)		—			1,223.6		—
Other		10,762.1		82.7		(294.3	)		(16.6	)		11,056.5		99.3
Overseas Total (including Loans Booked Offshore)		23,833.0		49.2		(107.2	)		(20.4	)		23,940.2		69.6
Governments		169.7		—		(55.4	)		—			225.1		—
Financial Institutions		8,770.6		—		90.3			—			8,680.3		—
Other		14,892.5		49.2		(142.2	)		(20.4	)		15,034.7		69.6
Total		83,771.7		755.5		(2,212.8	)		5.9			85,984.5		749.5

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

As of September 30, 2021:	¥590.0 billion (from MHBK)
As of March 31, 2021:	¥850.0 billion (from MHBK)

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

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Mizuho Financial Group, Inc.

	(Billions of yen)
	As of September 30, 2021										As of March 31, 2021
	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)		56,248.2		699.9		(1,886.7	)		27.2			58,134.9		672.7
Manufacturing		10,033.6		228.8		(421.1	)		19.6			10,454.8		209.1
Agriculture & Forestry		47.7		0.7		(2.8	)		(0.0	)		50.6		0.7
Fishery		2.5		0.3		0.2			(0.0	)		2.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		224.2		0.2		(89.8	)		0.1			314.1		0.1
Construction		667.5		5.0		(24.9	)		(0.2	)		692.4		5.2
Utilities		2,606.8		1.1		37.4			(0.9	)		2,569.4		2.1
Communication		1,177.8		9.4		40.3			0.0			1,137.4		9.3
Transportation & Postal Industry		2,451.9		28.5		6.8			19.9			2,445.1		8.5
Wholesale & Retail		5,027.1		141.1		79.6			3.0			4,947.4		138.0
Finance & Insurance		7,973.9		15.3		(761.9	)		(9.3	)		8,735.8		24.7
Real Estate		8,317.5		33.6		73.3			(3.4	)		8,244.1		37.1
Commodity Lease		2,709.9		1.4		(146.8	)		(0.0	)		2,856.8		1.4
Service Industries		3,034.3		152.9		(253.2	)		15.0			3,287.6		137.9
Local Governments		640.6		—		(32.8	)		—			673.5		—
Governments		955.5		—		(132.3	)		—			1,087.9		—
Other		10,376.7		81.0		(258.5	)		(16.5	)		10,635.3		97.5
Overseas Total (including Loans Booked Offshore)		23,832.5		49.2		(107.0	)		(20.4	)		23,939.6		69.6
Governments		169.7		—		(55.4	)		—			225.1		—
Financial Institutions		8,770.6		—		90.3			—			8,680.3		—
Other		14,892.1		49.2		(142.0	)		(20.4	)		15,034.1		69.6
Total		80,080.8		749.1		(1,993.7	)		6.7			82,074.5		742.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,690.4		6.3		(218.8	)		(0.8	)		3,909.3		7.1
Manufacturing		428.4		0.2		(31.3	)		(1.7	)		459.7		1.9
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		1.5		—		(0.1	)		—			1.7		—
Construction		41.2		—		5.5			—			35.7		—
Utilities		283.3		—		0.1			—			283.2		—
Communication		92.6		—		5.1			—			87.5		—
Transportation & Postal Industry		176.9		—		(25.7	)		—			202.6		—
Wholesale & Retail		127.7		0.9		(18.7	)		0.9			146.4		—
Finance & Insurance		503.4		—		17.9			—			485.5		—
Real Estate		1,387.2		2.9		3.8			(0.0	)		1,383.4		2.9
Commodity Lease		211.0		—		1.8			—			209.2		—
Service Industries		48.8		0.5		(5.3	)		0.0			54.2		0.5
Local Governments		2.2		—		(0.4	)		—			2.7		—
Governments		—		—		(135.7	)		—			135.7		—
Other		385.3		1.6		(35.7	)		(0.0	)		421.1		1.7
Overseas Total (including Loans Booked Offshore)		0.4		—		(0.2	)		—			0.6		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		0.4		—		(0.2	)		—			0.6		—
Total		3,690.8		6.3		(219.1	)		(0.8	)		3,909.9		7.1

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

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Mizuho Financial Group, Inc.

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

Non-Consolidated

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

	(Billions of yen, %)
	As of September 30, 2021										As of March 31, 2021
					Change
	Non Performing Loans basaed on the FRA		Coverage Ratio		Non Performing Loans basaed on the FRA			Coverage Ratio			Non Performing Loans basaed on the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		722.3		63.6		21.3			(2.6	)		700.9		66.3
Manufacturing		238.9		53.7		13.7			(1.9	)		225.1		55.6
Agriculture & Forestry		0.7		52.3		(0.0	)		(1.1	)		0.7		53.4
Fishery		0.3		62.6		(0.0	)		0.0			0.3		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		0.2		90.4		0.1			11.4			0.1		78.9
Construction		5.2		81.8		(0.2	)		5.5			5.5		76.3
Utilities		1.1		52.0		(0.9	)		(19.8	)		2.1		71.8
Communication		9.7		73.3		0.0			(0.4	)		9.7		73.7
Transportation & Postal Industry		28.6		48.3		19.9			(20.8	)		8.7		69.1
Wholesale & Retail		144.2		56.2		4.6			(0.5	)		139.6		56.8
Finance & Insurance		15.3		74.0		(9.7	)		(8.4	)		25.1		82.5
Real Estate		37.0		86.2		(3.5	)		(2.6	)		40.5		88.8
Commodity Lease		1.4		79.7		(0.0	)		(10.8	)		1.4		90.6
Service Industries		156.3		66.2		14.2			(0.5	)		142.0		66.7
Local Governments		—		—		—			—			—		—
Other		82.7		91.6		(16.6	)		3.7			99.4		87.9
Overseas Total (including Loans Booked Offshore)		66.9		78.9		(24.8	)		(2.4	)		91.8		81.3
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		66.9		78.9		(24.8	)		(2.4	)		91.8		81.3
Total		789.2		64.9		(3.5	)		(3.0	)		792.7		68.0

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

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Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

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

	(Billions of yen)
	As of September 30, 2021					As of March 31, 2021
			Change
Housing and Consumer Loans		8,599.0		(163.7	)		8,762.8
Housing Loans for owner’s residential housing		8,003.0		(122.5	)		8,125.6
Mizuho Bank
Housing and Consumer Loans		8,541.4		(159.1	)		8,700.5
Housing Loans		8,099.1		(132.9	)		8,232.0
for owner’s residential housing		7,949.2		(118.4	)		8,067.6
Consumer loans		442.2		(26.2	)		468.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		57.6		(4.6	)		62.2
Housing Loans for owner’s residential housing		53.8		(4.1	)		57.9
*  Above figures are aggregate banking and trust account amounts.
(2) Loans to SMEs and Individual Customers
Non-Consolidated
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
	(%, Billions of yen)
	As of September 30, 2021					As of March 31, 2021
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.3		(0.0	)		57.3
Loans to SMEs and Individual Customers		34,362.8		(1,238.2	)		35,601.0
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.7		(0.2	)		57.9
Loans to SMEs and Individual Customers		32,470.1		(1,208.6	)		33,678.8
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		51.2		2.1			49.1
Loans to SMEs and Individual Customers		1,892.6		(29.6	)		1,922.2

* Above figures are aggregate banking and trust account amounts.

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

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

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

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Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

	(Billions of yen)
	As of September 30, 2021										As of March 31, 2021
			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		7,338.8		29.7		21.8			(2.5	)		7,317.0		32.3
Hong Kong		1,903.9		0.4		(11.3	)		0.1			1,915.3		0.3
Singapore		1,012.4		27.6		(113.4	)		0.0			1,125.9		27.6
Thailand		1,039.6		0.2		(42.5	)		(0.2	)		1,082.2		0.5
Taiwan		1,121.6		0.1		274.7			0.0			846.8		0.0
India		489.3		0.2		10.2			(2.4	)		479.0		2.7
South Korea		545.9		0.0		2.1			0.0			543.8		0.0
Indonesia		355.6		0.9		(66.7	)		0.0			422.3		0.9
Philippines		279.7		0.0		(13.6	)		(0.0	)		293.3		0.0
China		157.4		—		(39.7	)		—			197.2		—
Malaysia		103.6		—		(9.3	)		—			113.0		—
Central and South America		4,945.7		16.4		(171.7	)		(6.8	)		5,117.4		23.2
Mexico		317.0		0.8		(27.7	)		(0.0	)		344.7		0.8
Brazile		174.2		4.0		(2.9	)		(0.7	)		177.1		4.8
North America		7,714.0		10.1		238.4			(23.5	)		7,475.6		33.6
United States		6,920.8		10.1		367.3			(11.5	)		6,553.4		21.6
Eastern Europe		288.3		—		(2.1	)		—			290.4		—
Russia		217.7		—		5.8			—			211.8		—
Western Europe		3,927.4		27.9		(235.5	)		9.9			4,162.9		18.0
United Kingdom		1,151.3		6.4		(24.6	)		(1.1	)		1,176.0		7.5
Netherlands		918.2		—		(55.4	)		—			973.7		—
Germany		416.0		—		(93.1	)		(4.9	)		509.1		4.9
Ireland		342.4		21.4		34.1			21.4			308.3		—
Switzerland		149.7		0.0		(15.2	)		0.0			165.0		—
France		173.0		—		(42.5	)		—			215.6		—
Turkey		84.8		—		(10.4	)		—			95.2		—
Italy		112.9		—		(30.0	)		—			142.9		—
Other		2,918.7		8.3		(226.8	)		3.8			3,145.6		4.5
Australia		1,577.7		—		(55.1	)		—			1,632.8		—
Total		27,133.1		92.7		(376.0	)		(19.1	)		27,509.1		111.8
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 September 30, 2021										As of March 31, 2021
					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		1,147.9		1.4		34.8			0.4			1,113.0		1.0
Mizuho Bank (USA)		464.9		2.9		70.6			0.1			394.2		2.7
PT. Bank Mizuho Indonesia		289.7		1.2		(24.9	)		(1.7	)		314.7		3.0

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Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from October 1, 2021 to September 30, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,233.8
Income before Income Taxes	2		3,466.3
Tax Adjustments (1)	3		180.1
Taxable Income before Current Deductible Temporary Differences (2)	4		3,646.4
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,116.5

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

(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2021.

Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2017		379.9
Fiscal 2018		267.2
Fiscal 2019		378.5
Fiscal 2020		316.3
First Half of Fiscal 2021 (estimate)		186.0

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

* Figure for the first half of fiscal 2021 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2021			Change			As of March 31, 2021
Reserves for Possible Losses on Loans	7		190.6			4.3			186.2
Impairment of Securities	8		122.5			(3.6	)		126.2
Net Unrealized Losses on Other Securities	9		9.7			(1.0	)		10.7
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		132.5			(13.9	)		146.5
Net Deferred Hedge Losses	12		4.7			4.7			—
Tax Losses Carried Forward	13		—			—			—
Other	14		214.4			(17.3	)		231.7
Total Deferred Tax Assets	15		674.7			(26.9	)		701.6
Valuation Allowance	16		(133.6	)		2.1			(135.7	)
Sub-Total [ 15 + 16 ]	17		541.0			(24.7	)		565.8
Amount related to Retirement Benefits Accounting	18		(142.2	)		18.2			(160.5	)
Net Unrealized Gains on Other Securities	19		(405.6	)		(8.8	)		(396.8	)
Net Deferred Hedge Gains	20		—			10.8			(10.8	)
Other	21		(49.3	)		(12.9	)		(36.3	)
Total Deferred Tax Liabilities	22		(597.2	)		7.3			(604.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(56.1	)		(17.4	)		(38.7	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities*	24		(407.0	)		(7.2	)		(399.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		4.7			15.6			(10.8	)
Tax effects related to others	26		346.0			(25.8	)		371.8

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

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

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

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

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Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from October 1, 2021 to September 30, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		215.4
Income before Income Taxes	2		227.7
Tax Adjustments (1)	3		(41.7	)
Taxable Income before Current Deductible Temporary Differences (2)	4		186.0
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		56.9

(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 September 30, 2021.

Reference: Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2017		40.5
Fiscal 2018		39.0
Fiscal 2019		31.7
Fiscal 2020		26.6
First Half of Fiscal 2021 (estimate)		14.0

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

* Figure for the first half of fiscal 2021 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2021			Change			As of March 31, 2021
Reserves for Possible Losses on Loans	7		1.2			(0.0	)		1.3
Impairment of Securities	8		8.1			(0.8	)		9.0
Net Unrealized Losses on Other Securities	9		0.4			0.1			0.2
Reserve for Employee Retirement Benefits (1)	10		2.0			2.0			0.0
Reserve for Loss of Transfer	11		1.3			(0.1	)		1.4
Net Deferred Hedge Losses	12		2.0			0.9			1.1
Tax Losses Carried Forward	13		—			—			—
Other (2)	14		17.4			(2.9	)		20.4
Total Deferred Tax Assets	15		32.8			(0.9	)		33.7
Valuation Allowance	16		(8.9	)		0.6			(9.6	)
Sub-Total [ 15 + 16 ]	17		23.8			(0.2	)		24.0
Amount related to Retirement Benefits Accounting (3)	18		(19.3	)		0.8			(20.1	)
Net Unrealized Gains on Other Securities	19		(19.7	)		(0.7	)		(18.9	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(2.9	)		(2.6	)		(0.3	)
Total Deferred Tax Liabilities	22		(42.0	)		(2.5	)		(39.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(18.2	)		(2.7	)		(15.5	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities (4)	24		(19.4	)		(0.4	)		(18.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		2.0			0.9			1.1
Tax effects related to others	26		(0.9	)		(3.2	)		2.3

(1,2,3) The presentation of “Reserve for Employee Retirement Benefits”, “Other” and “Amount related to Retirement Benefits Accounting” has been changed from this fiscal year. In order to reflect the change in presentation of the financial statements, “ Reserve for Employee Retirement Benefits “ of ¥3.1 billion, “Other” of ¥5.1 billion and “Amount related to Retirement Benefits Accounting” of ¥(7.9) billion presented in the statements for the previous fiscal year have been reclassified as “ Reserve for Employee Retirement Benefits “ of ¥0 billion, “Other” of ¥20.4 billion and “Amount related to Retirement Benefits Accounting” of ¥(20.1) billion.

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

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

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

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

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Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of September 30, 2021		Change			As of March 31, 2021
Deposits		107,624.9		(3,418.3	)		111,043.3
Individual Deposits		47,702.7		381.1			47,321.6
Corporate Deposits		51,794.3		(2,798.4	)		54,592.7
Financial/Government Institutions		8,127.7		(1,001.1	)		9,128.8
Mizuho Bank
Deposits		104,960.2		(3,203.1	)		108,163.3
Individual Deposits		46,870.1		378.6			46,491.5
Corporate Deposits		50,620.0		(2,653.9	)		53,273.9
Financial/Government Institutions		7,469.9		(927.8	)		8,397.8
Mizuho Trust & Banking
Deposits		2,664.7		(215.2	)		2,879.9
Individual Deposits		832.6		2.4			830.1
Corporate Deposits		1,174.3		(144.4	)		1,318.8
Financial/Government Institutions		657.7		(73.2	)		731.0

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

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Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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

	As of September 30, 2021		Change			As of March 31, 2021
Directors, Executive Officers as defined in the Companies Act, and Auditors		47		2			45
Executive Officers as defined in our internal regulations (excluding those doubling as Directors as defined in the Companies Act)		42		(75	)		117
The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees Consolidated
	As of September 30, 2021		Change			As of March 31, 2021
Employees (excluding Executive Officers as defined in our internal regulations)		53,952		(540	)		54,492
Average number of temporary employees		14,277		(1,032	)		15,309
The number of Employees excludes employees seconded outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees. 3. Number of Offices Domestic: The 2 Banks and Mizuho Securities
	As of September 30, 2021		Change			As of March 31, 2021
Mizuho Bank		461		(2	)		463
Mizuho Trust & Banking		60		—			60
Mizuho Securities		237		(1	)		238
The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others. Overseas: The 2 Banks and Mizuho Securities
	As of September 30, 2021		Change			As of March 31, 2021
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.

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Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2021

Consolidated

	(Billions of yen)
	Fiscal 2021
Ordinary Profits		690.0
Profit Attributable to Owners of Parent		530.0

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		580.0			545.0			35.0
Ordinary Profits		475.0			435.0			40.0
Net Income		280.0			245.0			35.0
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.

Note: Following the results from 1H, MHFG revised Earnings Plan for Fiscal 2021.

Consolidated

Ordinary Profits:

The latest previously announced estimates: ¥720.0 billion, Revised estimates: ¥690.0 billion, Changes from the original estimates: ¥(30.0) billion, (4.1)%

Profit Attributable to Owners of Parent:

The latest previously announced estimates: ¥510.0 billion, Revised estimates: ¥530.0 billion, Changes from the original estimates: ¥20.0 billion, 3.9%

Non-Consolidated

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

The latest previously announced estimates: ¥590.0 billion, Revised estimates: ¥580.0 billion, Changes from the original estimates: ¥(10.0) billion, (1.6)%

Ordinary Profits:

The latest previously announced estimates: ¥540.0 billion, Revised estimates: ¥475.0 billion, Changes from the original estimates: ¥(65.0) billion, (12.0)%

Net Income:

The latest previously announced estimates: ¥375.0 billion, Revised estimates: ¥280.0 billion, Changes from the original estimates: ¥(95.0) billion, (25.3)%

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

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Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of September 30, 2021 (A)			As of March 31, 2021 (B)			Change (A) -  (B)
Assets
Cash and Due from Banks	¥	43,993,613		¥	45,460,471		¥	(1,466,858	)
Call Loans		748,154			967,504			(219,350	)
Receivables under Resale Agreements		7,867,773			2,376,420			5,491,353
Guarantee Deposits Paid under Securities Borrowing Transactions		151,967			151,282			685
Other Debt Purchased		470,267			482,837			(12,569	)
Trading Assets		4,007,832			4,655,665			(647,833	)
Money Held in Trust		503			503			0
Securities		43,636,219			43,720,657			(84,438	)
Loans and Bills Discounted		80,080,848			82,074,591			(1,993,742	)
Foreign Exchange Assets		2,138,323			2,016,766			121,557
Derivatives other than for Trading		3,290,700			3,998,530			(707,829	)
Other Assets		4,191,028			4,920,054			(729,025	)
Tangible Fixed Assets		866,226			881,564			(15,337	)
Intangible Fixed Assets		352,293			360,296			(8,003	)
Prepaid Pension Cost		464,578			524,167			(59,589	)
Customers’ Liabilities for Acceptances and Guarantees		7,333,353			6,828,085			505,267
Reserves for Possible Losses on Loans		(556,219	)		(536,101	)		(20,118	)
Total Assets	¥	199,037,466		¥	198,883,298		¥	154,167
Liabilities
Deposits	¥	124,153,095		¥	128,279,005		¥	(4,125,910	)
Negotiable Certificates of Deposit		18,476,561			16,684,774			1,791,787
Call Money		1,065,799			1,061,104			4,694
Payables under Repurchase Agreements		11,668,064			8,760,834			2,907,230
Guarantee Deposits Received under Securities Lending Transactions		268,420			170,648			97,771
Commercial Paper		1,969,424			2,105,067			(135,643	)
Trading Liabilities		2,580,677			3,255,476			(674,798	)
Borrowed Money		15,372,230	��		15,084,290			287,939
Foreign Exchange Liabilities		684,472			717,422			(32,950	)
Bonds and Notes		841,616			911,779			(70,162	)
Derivatives other than for Trading		3,365,770			4,016,868			(651,098	)
Other Liabilities		3,719,473			3,448,928			270,545
Reserve for Bonus Payments		12,282			25,042			(12,760	)
Reserve for Variable Compensation		308			983			(674	)
Reserve for Possible Losses on Sales of Loans		181			1,074			(893	)
Reserve for Contingencies		2,815			3,092			(277	)
Reserve for Reimbursement of Deposits		18,537			20,540			(2,003	)
Reserve for Reimbursement of Debentures		12,157			14,419			(2,261	)
Deferred Tax Liabilities		56,170			38,723			17,447
Deferred Tax Liabilities for Revaluation Reserve for Land		61,436			61,915			(479	)
Acceptances and Guarantees		7,333,353			6,828,085			505,267
Total Liabilities		191,662,849			191,490,080			172,769
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,167			2,286,167			—
Capital Reserve		655,450			655,450			—
Other Capital Surplus		1,630,716			1,630,716			—
Retained Earnings		2,508,993			2,514,003			(5,010	)
Appropriated Reserve		389,012			353,908			35,103
Other Retained Earnings		2,119,980			2,160,095			(40,114	)
Retained Earnings Brought Forward		2,119,980			2,160,095			(40,114	)
Total Shareholders’ Equity		6,199,225			6,204,236			(5,010	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,040,601			1,023,139			17,462
Net Deferred Hedge Gains (Losses), net of Taxes		(508	)		29,458			(29,967	)
Revaluation Reserve for Land, net of Taxes		135,297			136,384			(1,086	)
Total Valuation and Translation Adjustments		1,175,391			1,188,982			(13,590	)
Total Net Assets		7,374,616			7,393,218			(18,601	)
Total Liabilities and Net Assets	¥	199,037,466		¥	198,883,298		¥	154,167

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Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the six months ended September 30, 2021 (A)		For the six months ended September 30, 2020 (B)		Change (A) - (B)
Ordinary Income	¥	1,011,425	¥	1,046,419	¥	(34,994	)
Interest Income		530,212		593,571		(63,358	)
Interest on Loans and Bills Discounted		372,420		431,238		(58,818	)
Interest and Dividends on Securities		111,191		112,486		(1,295	)
Fee and Commission Income		247,688		249,820		(2,131	)
Trading Income		39,994		73,501		(33,506	)
Other Operating Income		70,736		92,307		(21,570	)
Other Ordinary Income		122,792		37,219		85,572
Ordinary Expenses		766,564		913,892		(147,328	)
Interest Expenses		114,521		215,786		(101,265	)
Interest on Deposits		15,417		78,339		(62,922	)
Fee and Commission Expenses		71,935		47,890		24,045
Trading Expenses		—		234		(234	)
Other Operating Expenses		35,575		50,294		(14,719	)
General and Administrative Expenses		364,459