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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2022

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes  ☐    No  ☒

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: May 13, 2022
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Deputy President & Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for Fiscal 2021 (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) May 13, 2022

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Yasutoshi Tanaka	General Manager of Accounting	Phone: +81-3-6838-6101

Ordinary General Meeting of Shareholders (scheduled) :	June 21, 2022	Commencement of Dividend Payment (scheduled): June 6, 2022
Filing of Yuka Shoken Hokokusho to   the Kanto Local Finance Bureau (scheduled):	June 22, 2022	Trading Accounts: Established
Supplementary Materials on Annual Results:	Attached
IR Conference on Annual Results:	Scheduled
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2021 (for the fiscal year ended March 31, 2022)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits				Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%		¥ million		%
Fiscal 2021		3,963,091		23.1		559,847		4.3		530,479		12.6
Fiscal 2020		3,218,095		(19.2)		536,306		(15.9)		471,020		5.0

Note: Comprehensive Income: Fiscal 2021: ¥47,121 million, (94.9)%; Fiscal 2020: ¥931,888 million, —%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2021		209.27		209.26		5.7		0.2		14.1
Fiscal 2020		185.75		185.75		5.2		0.2		16.6

Reference: Equity in Income from Investments in Affiliates: Fiscal 2021: ¥25,434 million; Fiscal 2020: ¥19,912 million

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2021		237,066,142		9,201,031		3.8		3,581.39
Fiscal 2020		225,586,211		9,362,207		4.1		3,650.87

Reference: Own Capital: As of March 31, 2022: ¥9,077,382 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.

(3) Conditions of Consolidated Cash Flows

	Cash Flows from Operating Activities		Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million		¥ million			¥ million			¥ million
Fiscal 2021		4,917,186		(1,860,490	)		(522,056	)		50,136,299
Fiscal 2020		16,613,235		(9,763,746	)		40,819			46,981,399

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2020		—		3.75		—		37.50		—		190,410		40.3		2.1
Fiscal 2021		—		40.00		—		40.00		80.00		203,087		38.2		2.2
Fiscal 2022 (estimate)		—		40.00		—		40.00		80.00				37.6

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 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 second quarter of Fiscal 2020 and the value of the dividend at the end of Fiscal 2020.

3. Consolidated Earnings Estimates for Fiscal 2022 (for the fiscal year ending March 31, 2023)

(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
1H F2022		—		—		—
Fiscal 2022		540,000		1.7		212.91

Note: The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2022.

Notes

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

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

      i .  Changes in accounting policies due to revisions of accounting standards: 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 “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

i .  Year-end issued shares            (including treasury stock):	As of March 31, 2022	2,539,249,894 shares	As of March 31, 2021	2,539,249,894 shares
ii . Year-end treasury stock:	As of March 31, 2022	4,659,024 shares	As of March 31, 2021	3,889,782 shares
iii. Average number of outstanding shares:	Fiscal 2021	2,534,897,183 shares	Fiscal 2020	2,535,683,043 shares

This immediate release is outside the scope of the audit.

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

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

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

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K/A furnished to the SEC on December 29, 2021, both of which are 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.

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2021 and Dividend Estimates for Fiscal 2022	p.1-3
2.	Basic Stance on Selection of Accounting Standards	p.1-4
3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Changes in Accounting Policies)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Wednesday, May 18, 2022. 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.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2022, the global economy continued to recover; recently, however, the recovery has been hindered by the spread of COVID-19 variants, growing inflationary pressures, particularly in the United States, and the global surge in commodity and resource prices due to the situation in Ukraine.

In the United States, the economy has continued to recover, mainly in terms of consumer spending. In addition, due to labor-supply constraints stemming from strong labor demand, the spread of COVID-19 and other factors, there have been wage increases and other efforts to secure personnel. Furthermore, the prices of commodities and resources have increased further due to the situation in Ukraine. In response to the recent intensification of inflationary pressures, the Federal Reserve Board (FRB) decided to raise interest rates at a meeting of the Federal Open Market Committee (FOMC) in March 2022, and has enhanced its sense of caution. As there are also concerns that rising prices and interest rate hikes will depress the economy, the economic outlook remains uncertain.

In Europe, although the economy slowed temporarily due to a resurgence in COVID-19 infections, there have been signs of recovery with the resumption of economic activities in major countries. In March 2022, at a meeting of the Governing Council, the European Central Bank (ECB) decided on a policy of accelerating the winding-down of its monetary easing measures, and thus there have been changes in the stance toward monetary easing. While the economy is expected to continue to recover going forward, concerns over the economic outlook persist, including the impact of inflationary pressures due to the surging commodity and resource prices as well as the consequences of economic sanctions on Russia.

In Asia, China has continued toward a recovery of private sector demand; however, the recovery has been hindered by weakened investment in real estate and infrastructure as well as downward pressure on production and consumption resulting from the spread of COVID-19 variants. Moreover, considering China’s ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to issues such as trade and national security. In emerging economies, restrictions on activities and the entry of foreign nationals due to the spread of variants have been factors that have inhibited the recovery. On the other hand, recently, there have been efforts to proceed with the normalization of economic activities. However, there are concerns that countries that lack natural resources or have limited capacity for fiscal stimulus could experience adverse economic impacts from the surging commodity and resource prices.

In Japan, the economy showed signs of recovery, mainly in terms of consumer spending related to services, due to the relaxation of activity restrictions and other factors. However, downward pressure remains due to the resurgence in COVID-19 infections. Although measures taken by the government and the Bank of Japan have curtailed the rise in unemployment and the number of corporate bankruptcies, recently, there have been concerns that corporate profits and household finances are coming under pressure from the rise in import prices caused by the surging prices of commodities and resources and the continuing depreciation of the yen.

Regarding the prospects for the global economy, it is expected that the gradual recovery will continue due to the increasing availability of vaccines, the relaxation of activity restrictions and other factors. However, depending on the circumstances, such as the protraction of the situation in Ukraine or worse-than-expected inflation, particularly in the United States, there are concerns about the risk of an economic downturn, which may also prolong the slowdown of the Japanese economy.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,252.4 billion for fiscal 2021, increasing by ¥53.7 billion from the previous fiscal year mainly due to the steady business performance in Customer Groups. General and Administrative Expenses decreased by ¥21.7 billion on a year-on-year basis to ¥1,392.8 billion mainly due to steady progress of cost reduction planned in structural reform in addition to decreased amortization expenses in unrecognized actuarial differences.

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Mizuho Financial Group, Inc.

As a result, Consolidated Net Business Profits increased by ¥53.5 billion on a year-on-year basis to ¥851.2 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others, which consists of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥53.4 billion on a year-on-year basis to ¥853.1 billion.

Credit-related Costs increased by ¥30.2 billion on a year-on-year basis to ¥235.1 billion mainly due to recording reserves related to Russia in addition to recording a large amount of reserve in a part of customers.

Net Gains (Losses) related to Stocks decreased by ¥55.9 billion on a year-on-year basis to net losses of ¥43.8 billion mainly due to reduction of stocks and cancellation of bear funds intended to fixing unrealized gain on stocks, whereas continuing sale of cross-holding stocks.

As a result, Ordinary Income increased by ¥23.5 billion on a year-on-year basis to ¥559.8 billion.

Extraordinary Gains (Losses) decreased by ¥71.8 billion on a year-on-year basis to net gains of ¥44.0 billion mainly due to decreasing extraordinary gains in connection with the revision of the pension plan recorded in the previous fiscal year whereas recording gains from refund from retirement benefit trust on the part of financial structural reform from the previous fiscal year.

Tax-related Expenses decreased by ¥114.0 billion on a year-on-year basis to ¥60.6 billion mainly due to the influence by tax effect to capital optimization in Mizuho Securities Co., Ltd. on the part of financial structural reform.

As a result, Profit Attributable to Owners of Parent for fiscal 2021 increased by ¥59.4 billion on a year-on-year basis to ¥530.4 billion.

As for earnings estimates for fiscal 2022, we estimate Ordinary Profits of ¥770.0 billion and Profit Attributable to Owners of Parent of ¥540.0 billion on a consolidated basis.

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

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2022 amounted to ¥237,066.1 billion, increasing by ¥11,479.9 billion from the end of the previous fiscal year mainly due to an increase in Cash and Due from Banks.

Securities were ¥44,641.0 billion, increasing by ¥943.7 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥84,736.2 billion, increasing by ¥1,031.6 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥155,699.8 billion, increasing by ¥5,194.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,201.0 billion, decreasing by ¥161.1 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥8,130.1 billion, Accumulated Other Comprehensive Income was ¥947.1 billion, and Non-controlling Interests was ¥123.5 billion.

Net Cash Provided by Operating Activities was ¥4,917.1 billion mainly due to increased deposits. Net Cash Used in Investing Activities was ¥1,860.4 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥522.0 billion mainly due to the redemption of subordinated bonds. As a result, Cash and Cash Equivalents as of March 31, 2022 was ¥50,136.2 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2021 and Dividend Estimates for Fiscal 2022

In Fiscal 2021, we revised our capital management policy in order to pursue the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, and set forth our shareholder return policy of progressive dividends being our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥40.0 of year-end cash dividends on common stock for Fiscal 2021 (annual cash dividends of ¥80.0 including interim dividends of ¥40.0) in accordance with the Dividend Estimate of an increase of ¥2.5, based on the fact that Profit Attributable to Owners of Parent for Fiscal 2021 was ¥530.4 billion.

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Mizuho Financial Group, Inc.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.3% and remains being at our target level of the 5-Year Business Plan which was set at the lower end of the 9-10% range.

Common Stock	¥40.0 per share	(unchanged from the estimate of an increase of ¥2.5)
Annual cash dividends incl. interim dividends	¥80.0 per share	(unchanged from the estimate of an increase of ¥5.0)

Meanwhile, in accordance with the Articles of Incorporation, we may decide to issue dividends by resolution of the Board of Directors unless otherwise stipulated by laws and regulations.

As for the dividend estimates of common stock for Fiscal 2022, we predict ¥80.0 per share of common stock, which is the same as Fiscal 2021. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

(Dividend Estimates for Fiscal 2022)
Common Stock	Cash Dividends per Share	¥	80.0
	of which Interim Dividends	¥	40.0

2. Basic Stance on Selection of Accounting Standards

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

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2021			As of March 31, 2022
Assets
Cash and Due from Banks	¥	47,981,981		¥	51,359,301
Call Loans and Bills Purchased		589,776			940,008
Receivables under Resale Agreements		11,623,654			12,750,363
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			2,340,089
Other Debt Purchased		3,208,004			3,476,021
Trading Assets		12,589,294			13,221,415
Money Held in Trust		582,368			591,183
Securities		43,697,262			44,641,060
Loans and Bills Discounted		83,704,675			84,736,280
Foreign Exchange Assets		2,084,756			2,627,492
Derivatives other than for Trading Assets		1,719,349			2,277,160
Other Assets		6,174,020			7,797,796
Tangible Fixed Assets		1,135,449			1,095,977
Buildings		268,587			340,016
Land		624,429			623,627
Lease Assets		7,622			4,675
Construction in Progress		124,049			21,737
Other Tangible Fixed Assets		110,762			105,919
Intangible Fixed Assets		620,224			601,292
Software		410,026			371,534
Goodwill		56,249			52,547
Lease Assets		2,758			1,823
Other Intangible Fixed Assets		151,190			175,387
Net Defined Benefit Asset		1,109,107			863,217
Deferred Tax Assets		31,402			184,594
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			8,346,878
Reserves for Possible Losses on Loans		(575,572	)		(783,886	)
Reserve for Possible Losses on Investments		(0	)		(107	)
Total Assets	¥	225,586,211		¥	237,066,142

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Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2021			As of March 31, 2022
Liabilities
Deposits	¥	133,312,406		¥	138,830,872
Negotiable Certificates of Deposit		17,192,572			16,868,931
Call Money and Bills Sold		1,312,790			1,278,050
Payables under Repurchase Agreements		18,607,255			20,068,779
Guarantee Deposits Received under Securities Lending Transactions		958,148			1,172,248
Commercial Paper		2,105,067			1,775,859
Trading Liabilities		8,115,377			9,608,976
Borrowed Money		7,441,822			6,590,527
Foreign Exchange Liabilities		532,042			1,508,453
Short-term Bonds		456,045			537,167
Bonds and Notes		10,321,672			10,714,004
Due to Trust Accounts		1,160,608			1,167,284
Derivatives other than for Trading Liabilities		1,739,671			2,770,852
Other Liabilities		5,862,013			6,301,484
Reserve for Bonus Payments		104,131			120,052
Reserve for Variable Compensation		2,935			2,278
Net Defined Benefit Liability		71,049			71,774
Reserve for Director and Corporate Auditor Retirement Benefits		683			557
Reserve for Possible Losses on Sales of Loans		1,074			1,309
Reserve for Contingencies		6,762			6,622
Reserve for Reimbursement of Deposits		22,099			17,620
Reserve for Reimbursement of Debentures		14,419			10,504
Reserves under Special Laws		3,135			3,132
Deferred Tax Liabilities		215,557			30,923
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			59,962
Acceptances and Guarantees		6,602,744			8,346,878
Total Liabilities	¥	216,224,003		¥	227,865,110
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,756,435
Treasury Stock		(7,124	)		(8,342	)
Total Shareholders’ Equity		7,807,239			8,130,185
Net Unrealized Gains (Losses) on Other Securities		1,132,460			719,822
Deferred Gains or Losses on Hedges		31,618			(76,757	)
Revaluation Reserve for Land		136,384			132,156
Foreign Currency Translation Adjustments		(139,514	)		2,346
Remeasurements of Defined Benefit Plans		288,088			169,652
Own Credit Risk Adjustments, Net of Tax		—			(23	)
Total Accumulated Other Comprehensive Income		1,449,035			947,197
Stock Acquisition Rights		134			94
Non-controlling Interests		105,797			123,555
Total Net Assets		9,362,207			9,201,031
Total Liabilities and Net Assets	¥	225,586,211		¥	237,066,142

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Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the fiscal year ended March 31, 2021		For the fiscal year ended March 31, 2022
Ordinary Income	¥	3,218,095	¥	3,963,091
Interest Income		1,333,509		1,309,009
Interest on Loans and Bills Discounted		942,426		877,895
Interest and Dividends on Securities		240,494		275,393
Interest on Call Loans and Bills Purchased		2,190		1,426
Interest on Receivables under Resale Agreements		41,535		29,694
Interest on Securities Borrowing Transactions		2,946		2,431
Interest on Due from Banks		45,411		58,748
Other Interest Income		58,503		63,419
Fiduciary Income		55,160		60,490
Fee and Commission Income		843,953		905,575
Trading Income		388,441		1,017,889
Other Operating Income		358,254		393,956
Other Ordinary Income		238,776		276,170
Recovery of Written-off Claims		5,034		18,260
Other		233,741		257,910
Ordinary Expenses		2,681,789		3,403,244
Interest Expenses		427,826		315,550
Interest on Deposits		137,405		64,829
Interest on Negotiable Certificates of Deposit		28,906		15,436
Interest on Call Money and Bills Sold		1,907		1,149
Interest on Payables under Repurchase Agreements		56,199		36,356
Interest on Securities Lending Transactions		788		42
Interest on Commercial Paper		3,564		3,721
Interest on Borrowed Money		16,867		6,034
Interest on Short-term Bonds		55		68
Interest on Bonds and Notes		163,863		171,577
Other Interest Expenses		18,266		16,334
Fee and Commission Expenses		156,805		164,579
Trading Expenses		311		730,204
Other Operating Expenses		195,683		224,116
General and Administrative Expenses		1,414,608		1,392,896
Other Ordinary Expenses		486,554		575,896
Provision for Reserves for Possible Losses on Loans		180,636		236,491
Other		305,918		339,404
Ordinary Profits	¥	536,306	¥	559,847

1-7

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2021			For the fiscal year ended March 31, 2022
Extraordinary Gains	¥	142,202		¥	78,196
Gains on Disposition of Fixed Assets		3,030			3,938
Gains on Cancellation of Employee Retirement Benefit Trust		76,996			74,254
Accumulation (Amortization) of Unrecognized Prior Service Cost		62,176			—
Other Extraordinary Gains		—			3
Extraordinary Losses		26,345			34,171
Losses on Disposition of Fixed Assets		9,606			6,585
Losses on Impairment of Fixed Assets		12,793			27,585
Losses on Transfer to Defined Contribution Pension Plan		3,320			—
Other Extraordinary Losses		625			—
Income before Income Taxes		652,163			603,872
Income Taxes:
Current		172,785			130,079
Refund of Income Taxes		(7,097	)		(12,738	)
Deferred		9,099			(56,652	)
Total Income Taxes		174,788			60,688
Profit		477,375			543,183
Profit Attributable to Non-controlling Interests		6,355			12,703
Profit Attributable to Owners of Parent	¥	471,020		¥	530,479

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the fiscal year ended March 31, 2021			For the fiscal year ended March 31, 2022
Profit	¥	477,375		¥	543,183
Other Comprehensive Income		454,513			(496,061	)
Net Unrealized Gains (Losses) on Other Securities		305,969			(411,077	)
Deferred Gains or Losses on Hedges		(40,294	)		(108,186	)
Foreign Currency Translation Adjustments		(1,874	)		130,612
Remeasurements of Defined Benefit Plans		187,744			(115,038	)
Own Credit Risk Adjustments, Net of Tax		—			(23	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		2,968			7,650
Comprehensive Income		931,888			47,121
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		927,366			33,676
Comprehensive Income Attributable to Non-controlling Interests		4,522			13,444

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2021

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,136,467			4,174,190			(6,414	)		7,561,010
Cumulative Effects of Changes in Accounting Policies							(32,639	)					(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,136,467			4,141,550			(6,414	)		7,528,370
Changes during the period
Cash Dividends							(190,418	)					(190,418	)
Profit Attributable to Owners of Parent							471,020						471,020
Repurchase of Treasury Stock										(2,545	)		(2,545	)
Disposition of Treasury Stock				(99	)					1,835			1,736
Transfer from Revaluation Reserve for Land							271						271
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(526	)								(526	)
Decrease in Retained Earnings by Increasing of Equity Method Affiliates							(668	)					(668	)
Transfer from Retained Earnings to Capital Surplus				99			(99	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(526	)		280,105			(709	)		278,869
Balance as of the end of the period		2,256,767		1,135,940			4,421,655			(7,124	)		7,807,239

	Accumulated Other Comprehensive Income															Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		823,085		72,081			136,655			(133,178	)		94,317		992,960		213			109,662			8,663,847
Cumulative Effects of Changes in Accounting Policies															—								(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		823,085		72,081			136,655			(133,178	)		94,317		992,960		213			109,662			8,631,208
Changes during the period
Cash Dividends																							(190,418	)
Profit Attributable to Owners of Parent																							471,020
Repurchase of Treasury Stock																							(2,545	)
Disposition of Treasury Stock																							1,736
Transfer from Revaluation Reserve for Land																							271
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							(526	)
Decrease in Retained Earnings by Increasing of Equity Method Affiliates																							(668	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ Equity		309,374		(40,463	)		(271	)		(6,336	)		193,770		456,074		(79	)		(3,865	)		452,130
Total Changes during the period		309,374		(40,463	)		(271	)		(6,336	)		193,770		456,074		(79	)		(3,865	)		730,999
Balance as of the end of the period		1,132,460		31,618			136,384			(139,514	)		288,088		1,449,035		134			105,797			9,362,207

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2022

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,135,940			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							(196,746	)					(196,746	)
Profit Attributable to Owners of Parent							530,479						530,479
Repurchase of Treasury Stock										(2,869	)		(2,869	)
Disposition of Treasury Stock				(54	)					1,651			1,597
Transfer from Revaluation Reserve for Land							4,227						4,227
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(10,616	)								(10,616	)
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others							(2,402	)					(2,402	)
Transfer from Retained Earnings to Capital Surplus				54			(54	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(10,616	)		335,503			(1,217	)		323,669
Balance as of the end of the period		2,256,767		1,125,324			4,756,435			(8,342	)		8,130,185

	Accumulated Other Comprehensive Income																					Stock Acquisition Rights			Non-Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income
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																												(196,746	)
Profit Attributable to Owners of Parent																												530,479
Repurchase of Treasury Stock																												(2,869	)
Disposition of Treasury Stock																												1,597
Transfer from Revaluation Reserve for Land																												4,227
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																												(10,616	)
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others																												(2,402	)
Transfer from Retained Earnings to Capital Surplus																												—
Net Changes in Items other than Shareholders’ Equity		(412,638	)		(108,375	)		(4,227	)		141,861			(118,435	)		(23	)		(501,838	)		(40	)		17,757		(484,121	)
Total Changes during the period		(412,638	)		(108,375	)		(4,227	)		141,861			(118,435	)		(23	)		(501,838	)		(40	)		17,757		(160,451	)
Balance as of the end of the period		719,822			(76,757	)		132,156			2,346			169,652			(23	)		947,197			94			123,555		9,201,031

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

	Millions of yen
	For the fiscal  year ended March 31, 2021			For the fiscal  year ended March 31, 2022
Cash Flow from Operating Activities
Income before Income Taxes	¥	652,163		¥	603,872
Depreciation		163,231			161,897
Losses on Impairment of Fixed Assets		12,793			27,585
Amortization of Goodwill		3,743			3,741
Equity in Loss (Gain) from Investments in Affiliates		(19,912	)		(25,434	)
Increase (Decrease) in Reserves for Possible Losses on Loans		143,127			194,340
Increase (Decrease) in Reserve for Possible Losses on Investments		0			106
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		437			234
Increase (Decrease) in Reserve for Contingencies		1,564			(202	)
Increase (Decrease) in Reserve for Bonus Payments		27,295			11,954
Increase (Decrease) in Reserve for Variable Compensation		375			(656	)
Decrease (Increase) in Net Defined Benefit Asset		86,807			56,392
Increase (Decrease) in Net Defined Benefit Liability		(869	)		6,169
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(260	)		(126	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(5,751	)		(4,479	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		(4,253	)		(3,915	)
Interest Income—accrual basis		(1,333,509	)		(1,309,009	)
Interest Expenses—accrual basis		427,826			315,550
Losses (Gains) on Securities		(49,071	)		62,305
Losses (Gains) on Money Held in Trust		(1,647	)		85
Foreign Exchange Losses (Gains)—net		(173,635	)		(928,800	)
Losses (Gains) on Disposition of Fixed Assets		6,576			2,647
Losses (Gains) on Revision of Retirement Benefit Plan		(58,855	)		—
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(76,996	)		(74,254	)
Decrease (Increase) in Trading Assets		1,188,511			(201,023	)
Increase (Decrease) in Trading Liabilities		(2,021,852	)		1,234,368
Decrease (Increase) in Derivatives other than for Trading Assets		308,891			(528,425	)
Increase (Decrease) in Derivatives other than for Trading Liabilities		36,977			996,914
Decrease (Increase) in Loans and Bills Discounted		1,355,723			1,343,307
Increase (Decrease) in Deposits		801,380			3,508,335
Increase (Decrease) in Negotiable Certificates of Deposit		3,437,852			(913,529	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		2,191,633			(869,766	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		239,094			(125,565	)
Decrease (Increase) in Call Loans, etc.		6,873,070			(928,392	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		(464,549	)		367,621
Increase (Decrease) in Call Money, etc.		(812,714	)		(133,057	)
Increase (Decrease) in Commercial Paper		1,686,839			(551,464	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(150,107	)		214,099
Decrease (Increase) in Foreign Exchange Assets		43,754			(398,661	)
Increase (Decrease) in Foreign Exchange Liabilities		18,923			973,697
Increase (Decrease) in Short-term Bonds (Liabilities)		82,387			81,121
Increase (Decrease) in Bonds and Notes		1,187,520			607,064
Increase (Decrease) in Due to Trust Accounts		105,097			6,676
Interest and Dividend Income—cash basis		1,444,014			1,424,865
Interest Expenses—cash basis		(496,241	)		(273,855	)
Other—net		(27,154	)		147,257
Subtotal		16,830,231			5,081,594
Cash Refunded (Paid) in Income Taxes		(216,995	)		(164,408	)
Net Cash Provided by (Used in) Operating Activities		16,613,235			4,917,186

1-12

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal  year ended March 31, 2021			For the fiscal  year ended March 31, 2022
Cash Flow from Investing Activities
Payments for Purchase of Securities		(97,434,015	)		(102,478,445	)
Proceeds from Sale of Securities		51,925,747			57,161,461
Proceeds from Redemption of Securities		36,114,600			43,586,621
Payments for Increase in Money Held in Trust		(183,852	)		(31,898	)
Proceeds from Decrease in Money Held in Trust		14,515			22,312
Payments for Purchase of Tangible Fixed Assets		(107,392	)		(42,297	)
Payments for Purchase of Intangible Fixed Assets		(108,812	)		(96,964	)
Proceeds from Sale of Tangible Fixed Assets		13,618			18,239
Proceeds from Sale of Intangible Fixed Assets		44			480
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		1,799			—
Net Cash Provided by (Used in) Investing Activities		(9,763,746	)		(1,860,490	)
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		45,000			10,000
Repayments of Subordinated Borrowed Money		—			(4,000	)
Proceeds from Issuance of Subordinated Bonds		555,000			171,410
Payments for Redemption of Subordinated Bonds		(360,000	)		(494,000	)
Proceeds from Investments by Non-controlling Shareholders		2,988			565
Repayments to Non-controlling Shareholders		(627	)		(502	)
Cash Dividends Paid		(190,497	)		(196,783	)
Cash Dividends Paid to Non-controlling Shareholders		(4,676	)		(7,693	)
Proceeds from Sale of Stocks of Subsidiaries (not affecting the scope of consolidation)		40			—
Payments for Repurchase of Treasury Stock		(1,848	)		(1,927	)
Proceeds from Sale of Treasury Stock		854			873
Payments for Repurchase of Treasury Stock of Subsidiaries		(5,414	)		(0	)
Net Cash Provided by (Used in) Financing Activities		40,819			(522,056	)
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		227,487			620,261
Net Increase (Decrease) in Cash and Cash Equivalents		7,117,795			3,154,900
Cash and Cash Equivalents at the beginning of the fiscal year		39,863,604			46,981,399
Cash and Cash Equivalents at the end of the fiscal year	¥	46,981,399		¥	50,136,299

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Changes in Accounting Policies)

(Accounting Standard for 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 consolidated fiscal year ended March 31, 2022.

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 consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the consolidated balance sheet, the consolidated statement of income, the consolidated statement of cash flows and per share information for the consolidated fiscal year ended March 31, 2022 is immaterial.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

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

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

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

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

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

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

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

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

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

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

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

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

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

1-15

Mizuho Financial Group, Inc.

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

	Millions of yen
	MHFG (Consolidated)
	Retail & Business Banking Company		Corporate & Institutional Company		Global Corporate Company		Global Markets Company		Asset Management Company		Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		713,625		491,735		518,765		378,897		59,507		91,857	2,254,386
General and administrative expenses (excluding Non-Recurring Losses and others)		620,956		198,104		267,680		227,561		33,448		67,238	1,414,987
Equity in income from investments in affiliates		5,929		3,751		13,186		—		1,514		1,054	25,434
Amortization of goodwill and others		2,161		95		360		804		7,247		989	11,656
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others		96,437		297,287		263,911		150,532		20,326		24,683	853,176
Fixed assets		504,159		160,167		161,452		88,787		—		782,705	1,697,270

Notes: 1.	Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 1,916 million, of which ¥ 2,274 million is included in the Global Markets Company.
2.	“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.	“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.
	Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using a reasonable criteria of allocation.

1-16

Mizuho Financial Group, Inc.

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

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

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

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

	Millions of yen
	Amount
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others		2,254,386
Net gains or losses related to ETFs and others		(1,916	)
Other Ordinary Income		276,170
General and Administrative Expenses		(1,392,896	)
Other Ordinary Expenses		(575,896	)
Ordinary Profits recorded in Consolidated Statement of Income		559,847

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

	Millions of yen
	Amount
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others		853,176
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		33,748
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(255,941	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		20,765
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		(45,763	)
Net Extraordinary Gains (Losses)		44,024
Others		(46,137	)
Income before Income Taxes recorded in Consolidated Statement of Income		603,872

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

	Fiscal 2020		Fiscal 2021
Net Assets per Share of Common Stock	¥	3,650.87	¥	3,581.39
Net Income per Share of Common Stock	¥	185.75	¥	209.27
Diluted Net Income per Share of Common Stock	¥	185.75	¥	209.26

Notes: 1. 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. Net Assets per Share of Common Stock, Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are calculated under the assumption that the share consolidation had been conducted at the beginning of fiscal 2020.

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

			Fiscal 2020		Fiscal 2021
Net Assets per Share of Common Stock
Total Net Assets	¥	million		9,362,207		9,201,031
Deductions from Total Net Assets	¥	million		105,932		123,649
Stock Acquisition Rights	¥	million		134		94
Non-Controlling Interests	¥	million		105,797		123,555
Net Assets (year-end) related to Common Stock	¥	million		9,256,275		9,077,382
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated		Thousands of shares		2,535,360		2,534,590

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

			Fiscal 2020		Fiscal 2021
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		471,020		530,479
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		471,020		530,479
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares		2,535,683		2,534,897
Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥	million		—		—
Increased Number of Shares of Common Stock		Thousands of shares		89		65
Stock Acquisition Rights		Thousands of shares		89		65
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects				—		—

1-18

Mizuho Financial Group, Inc.

4. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2021 and 2022. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2021 and 2022 are 2,554 thousand and 3,079 thousand, respectively.

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2021 and 2022 are 2,350 thousand and 2,892 thousand, respectively.

(Subsequent Events)

There is no applicable information.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2021

(Under Japanese GAAP)

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR FISCAL 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 Perfoming Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)		CON	NON		2- 18
2. Status of Reserves for Possible Losses on Loans		CON	NON		2- 22
3. Reserve Ratios for Non Perfoming Loans based on the BA and the FRA		CON	NON		2- 23
4. Coverage on Non Perfoming Loans based on the BA and the FRA		NON			2- 24
5. Overview of Non-Performing Loans(“NPLs”)		NON			2- 27
6. Results of Removal of NPLs from the Balance Sheet		NON			2- 28
7. Status of Loans by Industry
(1) Outstanding Balances by Industry		NON			2- 29
(2) Non Perfoming Loans based on the BA and the FRA and Coverage Ratio by Industry		NON			2- 31
8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers
(1) Balance of Housing and Consumer Loans		NON			2- 32
(2) Loans to SMEs and Individual Customers		NON			2- 32
9. Status of Loans by Region
(1) Outstanding Balances by Region		NON			2- 33
(2) Non Perfoming Loans based on the BA and the FRA by Region		NON			2- 34
III. DEFERRED TAXES	See above Notes			Page
1. Estimation for Calculating Deferred Tax Assets		NON			2- 35
IV. OTHERS	See above Notes			Page
1. Breakdown of Deposits (Domestic Offices)		NON			2- 37
2. Number of Directors and Employees					2- 38
3. Number of Offices					2- 38
4. Earnings Plan for Fiscal 2022		CON	NON		2- 39

Attachments	Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 40
Comparison of Non-Consolidated Statements of Income (selected items)		2- 41
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 42
Comparison of Non-Consolidated Statements of Income (selected items)		2- 43
Statement of Trust Assets and Liabilities		2- 44
Comparison of Balances of Principal Items		2- 45
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 46
Comparison of Non-Consolidated Statements of Income (selected items)		2- 47

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

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

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

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), and our report on Form 6-K furnished to the SEC on December 29, 2021, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2021

1. Income Analysis

Consolidated

		(Millions of yen)
		Fiscal 2021						Fiscal 2020
					Change
Consolidated Gross Profits	1		2,252,469			53,775			2,198,693
Net Interest Income	2		993,458			87,775			905,683
Fiduciary Income	3		60,490			5,330			55,160
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		740,995			53,847			687,147
Net Trading Income	6		287,685			(100,445	)		388,130
Net Other Operating Income	7		169,839			7,268			162,571
General and Administrative Expenses	8		(1,392,896	)		21,712			(1,414,608	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(255,941	)		(46,025	)		(209,915	)
Losses on Write-offs of Loans	10		(11,975	)		6,358			(18,334	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		20,765			15,824			4,940
Net Gains (Losses) related to Stocks	12		(43,846	)		(55,972	)		12,125
Equity in Income from Investments in Affiliates	13		25,434			5,521			19,912
Other	14		(46,137	)		28,704			(74,842	)
Ordinary Profits	15		559,847			23,540			536,306
Net Extraordinary Gains (Losses)	16		44,024			(71,832	)		115,857
Income before Income Taxes	17		603,872			(48,291	)		652,163
Income Taxes - Current	18		(117,341	)		48,347			(165,688	)
- Deferred	19		56,652			65,752			(9,099	)
Profit	20		543,183			65,807			477,375
Profit Attributable to Non-controlling Interests	21		(12,703	)		(6,348	)		(6,355	)
Profit Attributable to Owners of Parent	22		530,479			59,459			471,020
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(235,175	)		(30,201	)		(204,974	)
* 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		851,259			53,527			797,731
* 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		163			3			160
Number of affiliates under the equity method	26		24			(4	)		28

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		Fiscal 2021												Fiscal 2020
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,346,323			122,327			1,468,651			(8,656	)		1,477,308
Domestic Gross Profits	2		729,997			122,137			852,134			83,618			768,515
Net Interest Income	3		452,582			18,806			471,388			22,718			448,670
Fiduciary Income	4					61,028			61,028			5,065			55,962
Trust Fees for Jointly Operated Designated Money Trust	5					3,955			3,955			(66	)		4,022
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		255,277			42,585			297,862			(11,439	)		309,302
Net Trading Income	8		13,031			(629	)		12,402			32,319			(19,916	)
Net Other Operating Income	9		9,106			346			9,452			34,954			(25,502	)
International Gross Profits	10		616,325			190			616,516			(92,275	)		708,792
Net Interest Income	11		434,207			514			434,721			67,883			366,838
Net Fee and Commission Income	12		137,716			(322	)		137,394			(9,866	)		147,260
Net Trading Income	13		(11,367	)		(11	)		(11,378	)		(116,513	)		105,135
Net Other Operating Income	14		55,768			10			55,779			(33,779	)		89,558
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(778,023	)		(79,882	)		(857,906	)		39,192			(897,098	)
Expense Ratio	16		57.7	%		65.3	%		58.4	%		(2.3	%)		60.7	%
Personnel Expenses	17		(302,204	)		(37,992	)		(340,197	)		15,932			(356,129	)
Non-Personnel Expenses	18		(429,991	)		(38,053	)		(468,044	)		21,704			(489,748	)
Premium for Deposit Insurance	19		(32,455	)		(1,115	)		(33,571	)		(130	)		(33,440	)
Miscellaneous Taxes	20		(45,827	)		(3,837	)		(49,665	)		1,554			(51,220	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		568,299			42,445			610,744			30,535			580,209
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		617,769			42,437			660,207			83,513			576,694
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		600,320			42,428			642,748			73,550			569,197
Reversal of (Provision for) General Reserve for Losses on Loans	24		110,153			—			110,153			258,473			(148,319	)
Net Business Profits	25		678,453			42,445			720,898			289,008			431,889
Net Gains (Losses) related to Bonds	26		(49,469	)		7			(49,462	)		(52,977	)		3,515
Net Non-Recurring Gains (Losses)	27		(467,594	)		8,150			(459,443	)		(349,554	)		(109,889	)
Net Gains (Losses) related to Stocks	28		(51,123	)		3,720			(47,402	)		(35,100	)		(12,301	)
Expenses related to Portfolio Problems	29		(433,961	)		(75	)		(434,036	)		(376,499	)		(57,537	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		19,466			716			20,183			15,832			4,351
Other	31		(1,976	)		3,789			1,812			46,213			(44,401	)
Ordinary Profits	32		210,858			50,595			261,454			(60,545	)		321,999
Net Extraordinary Gains (Losses)	33		38,088			7,298			45,387			(65,284	)		110,671
Net Gains (Losses) on Disposition of Fixed Assets	34		(1,264	)		(264	)		(1,528	)		3,510			(5,038	)
Losses on Impairment of Fixed Assets	35		(27,158	)		(179	)		(27,338	)		(16,179	)		(11,159	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		66,511			7,742			74,254			(2,742	)		76,996
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		248,946			57,894			306,841			(125,829	)		432,671
Income Taxes - Current	40		(159,760	)		(10,651	)		(170,411	)		(65,851	)		(104,560	)
- Deferred	41		87,395			(4,559	)		82,836			99,169			(16,333	)
Net Income	42		176,581			42,683			219,265			(92,512	)		311,777
(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		(304,341	)		640			(303,700	)		(102,193	)		(201,506)
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		110,153			801			110,954			259,274			(148,319	)
Losses on Write-offs of Loans	46		7,362			(70	)		7,291			18,447			(11,155	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(369,688	)		(89	)		(369,777	)		(337,841	)		(31,936	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	48		(53,293	)		—			(53,293	)		(51,991	)		(1,301	)
Reversal of (Provision for) Reserve for Contingencies	49		2,062			—			2,062			3,356			(1,293	)
Other (including Losses on Sales of Loans)	50		(938	)		—			(938	)		6,560			(7,498	)
Total	51		(304,341	)		640			(303,700	)		(102,193	)		(201,506	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		Fiscal 2021						Fiscal 2020
					Change
Gross Profits	1		1,346,323			(1,442	)		1,347,766
Domestic Gross Profits	2		729,997			79,560			650,437
Net Interest Income	3		452,582			30,126			422,456
Net Fee and Commission Income	4		255,277			(20,021	)		275,299
Net Trading Income	5		13,031			34,466			(21,434	)
Net Other Operating Income	6		9,106			34,989			(25,883	)
International Gross Profits	7		616,325			(81,003	)		697,328
Net Interest Income	8		434,207			71,480			362,726
Net Fee and Commission Income	9		137,716			(10,014	)		147,730
Net Trading Income	10		(11,367	)		(116,362	)		104,995
Net Other Operating Income	11		55,768			(26,107	)		81,876
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(778,023	)		37,087			(815,110	)
Expense Ratio	13		57.7	%		(2.6	%)		60.4	%
Personnel Expenses	14		(302,204	)		15,152			(317,357	)
Non-Personnel Expenses	15		(429,991	)		20,083			(450,074	)
Premium for Deposit Insurance	16		(32,455	)		(288	)		(32,167	)
Miscellaneous Taxes	17		(45,827	)		1,851			(47,678	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		568,299			35,644			532,655
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		617,769			80,659			537,110
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		600,320			70,176			530,143
Reversal of (Provision for) General Reserve for Losses on Loans	21		110,153			258,157			(148,003	)
Net Business Profits	22		678,453			293,801			384,651
Net Gains (Losses) related to Bonds	23		(49,469	)		(45,015	)		(4,454	)
Net Non-Recurring Gains (Losses)	24		(467,594	)		(361,010	)		(106,584	)
Net Gains (Losses) related to Stocks	25		(51,123	)		(35,949	)		(15,173	)
Expenses related to Portfolio Problems	26		(433,961	)		(376,616	)		(57,345	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		19,466			15,116			4,350
Other	28		(1,976	)		36,439			(38,416	)
Ordinary Profits	29		210,858			(67,208	)		278,066
Net Extraordinary Gains (Losses)	30		38,088			(57,626	)		95,714
Net Gains (Losses) on Disposition of Fixed Assets	31		(1,264	)		2,560			(3,825	)
Losses on Impairment of Fixed Assets	32		(27,158	)		(16,433	)		(10,725	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		66,511			(118	)		66,630
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		248,946			(124,834	)		373,781
Income Taxes - Current	37		(159,760	)		(63,773	)		(95,987	)
- Deferred	38		87,395			97,800			(10,404	)
Net Income	39		176,581			(90,807	)		267,389
*   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		(304,341	)		(103,342)			(200,998	)
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		110,153			258,157			(148,003	)
Losses on Write-offs of Loans	42		7,362			18,517			(11,154	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(369,688	)		(337,943	)		(31,745	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		(53,293	)		(51,991	)		(1,301	)
Reversal of (Provision for) Reserve for Contingencies	45		2,062			3,356			(1,293	)
Other (including Losses on Sales of Loans)	46		(938	)		6,560			(7,498	)
Total	47		(304,341	)		(103,342	)		(200,998	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		Fiscal 2021						Fiscal 2020
					Change
Gross Profits	1		122,327			(7,213	)		129,541
Domestic Gross Profits	2		122,137			4,058			118,078
Net Interest Income	3		18,806			(7,407	)		26,213
Fiduciary Income	4		61,028			5,065			55,962
Trust Fees for Jointly Operated Designated Money Trust	5		3,955			(66	)		4,022
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		42,585			8,582			34,003
Net Trading Income	8		(629	)		(2,146	)		1,517
Net Other Operating Income	9		346			(34	)		381
International Gross Profits	10		190			(11,272	)		11,463
Net Interest Income	11		514			(3,597	)		4,111
Net Fee and Commission Income	12		(322	)		147			(470	)
Net Trading Income	13		(11	)		(151	)		140
Net Other Operating Income	14		10			(7,671	)		7,682
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(79,882	)		2,104			(81,987	)
Expense Ratio	16		65.3	%		2.0	%		63.2	%
Personnel Expenses	17		(37,992	)		779			(38,772	)
Non-Personnel Expenses	18		(38,053	)		1,621			(39,674	)
Premium for Deposit Insurance	19		(1,115	)		157			(1,273	)
Miscellaneous Taxes	20		(3,837	)		(296	)		(3,541	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		42,445			(5,108	)		47,554
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		42,437			2,853			39,584
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		42,428			3,373			39,054
Reversal of (Provision for) General Reserve for Losses on Loans	24		—			315			(315	)
Net Business Profits	25		42,445			(4,793	)		47,238
Net Gains (Losses) related to Bonds	26		7			(7,962	)		7,969
Net Non-Recurring Gains (Losses)	27		8,150			11,456			(3,305	)
Net Gains (Losses) related to Stocks	28		3,720			848			2,871
Expenses related to Portfolio Problems	29		(75	)		117			(192	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		716			716			0
Other	31		3,789			9,774			(5,984	)
Ordinary Profits	32		50,595			6,662			43,933
Net Extraordinary Gains (Losses)	33		7,298			(7,657	)		14,956
Net Gains (Losses) on Disposition of Fixed Assets	34		(264	)		949			(1,213	)
Losses on Impairment of Fixed Assets	35		(179	)		253			(433	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		7,742			(2,623	)		10,365
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		57,894			(994	)		58,889
Income Taxes - Current	40		(10,651	)		(2,078	)		(8,573	)
- Deferred	41		(4,559	)		1,368			(5,928	)
Net Income	42		42,683			(1,704	)		44,388
(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		640			1,148			(507	)
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		801			1,116			(315	)
Losses on Write-offs of Loans	46		(70	)		(70	)		(0	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47		(89	)		102			(191	)
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		640			1,148			(507	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			Fiscal 2021						Fiscal 2020
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.39			0.00			0.39
Return on Loans and Bills Discounted *1		2		0.74			0.01			0.72
Return on Securities		3		0.36			0.09			0.26
Cost of Funding (including Expenses)		4		0.52			(0.03	)		0.56
Cost of Deposits (including Expenses)		5		0.54			(0.03	)		0.57
Cost of Deposits *2		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.29			(0.11	)		0.41
Net Interest Margin	(1)-(4)	8		(0.13	)		0.04			(0.17	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.20			0.04			0.15
Loan and Deposit Rate Margin	(2)-(6)	10		0.74			0.01			0.72
*1   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2   Deposits include Negotiable Certificates of Deposit (“NCDs”).
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.75			0.00			0.75
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.21			0.03			0.17
Loan and Deposit Rate Margin	(11)-(6)	13		0.75			0.00			0.74
			(%)
			Fiscal 2021						Fiscal 2020
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14		0.49			(0.09	)		0.58
Return on Loans and Bills Discounted *1		15		0.59			0.01			0.57
Return on Securities		16		2.13			(1.22	)		3.35
Cost of Funding		17		0.13			0.01			0.11
Cost of Deposits *2		18		0.01			(0.00	)		0.01
Net Interest Margin	(14)-(17)	19		0.36			(0.10	)		0.46
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)			(%)
			Fiscal 2021						Fiscal 2020
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted *1		23		0.73			0.01			0.71
Cost of Deposits *2		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.73			0.01			0.71
*1   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2   Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.74			0.00			0.74
Loan and Deposit Rate Margin	(26)-(24)	27		0.74			0.00			0.73

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	Fiscal 2021										Fiscal 2020
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		187,127,354		0.60		7,433,160			(0.03	)		179,694,193		0.63
Loans and Bills Discounted		82,642,328		0.93		(2,160,702	)		(0.03	)		84,803,030		0.97
Securities		42,818,698		0.60		2,950,523			0.03			39,868,174		0.57
Source of Funds		186,854,774		0.13		8,444,261			(0.07	)		178,410,512		0.20
Deposits		129,447,977		0.02		(953,646	)		(0.05	)		130,401,624		0.08
NCDs		19,996,613		0.06		3,857,726			(0.09	)		16,138,886		0.16
(Domestic Operations)
Use of Funds		126,977,255		0.39		6,017,817			0.00			120,959,437		0.39
Loans and Bills Discounted		52,282,666		0.73		(1,576,455	)		0.01			53,859,122		0.71
Securities		27,385,169		0.36		2,362,439			0.09			25,022,730		0.26
Source of Funds		125,551,077		0.04		5,934,571			(0.00	)		119,616,506		0.04
Deposits		100,299,405		0.00		343,162			(0.00	)		99,956,243		0.00
NCDs		13,384,502		0.00		3,462,804			(0.00	)		9,921,697		0.00
(International Operations)
Use of Funds		64,008,337		0.99		3,265,123			(0.12	)		60,743,214		1.11
Loans and Bills Discounted		30,359,661		1.29		(584,246	)		(0.13	)		30,943,908		1.42
Securities		15,433,528		1.04		588,084			(0.03	)		14,845,444		1.08
Source of Funds		65,161,934		0.30		4,359,470			(0.20	)		60,802,464		0.51
Deposits		29,148,571		0.11		(1,296,808	)		(0.24	)		30,445,380		0.36
NCDs		6,612,111		0.17		394,922			(0.22	)		6,217,189		0.40

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)
	(Millions of yen, %)
	Fiscal 2021										Fiscal 2020
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		5,253,176		0.50		(709,284	)		(0.15	)		5,962,461		0.65
Loans and Bills Discounted		3,233,280		0.60		(231,576	)		(0.00	)		3,464,856		0.61
Securities		238,061		2.06		(333,777	)		(0.64	)		571,839		2.71
Source of Funds		5,242,473		0.13		(790,516	)		(0.00	)		6,032,989		0.14
Deposits		2,773,797		0.01		(314,536	)		(0.00	)		3,088,333		0.01
NCDs		689,023		0.00		91,765			(0.00	)		597,258		0.00
(Domestic Operations)
Use of Funds		5,218,775		0.49		(404,568	)		(0.09	)		5,623,344		0.58
Loans and Bills Discounted		3,190,763		0.59		(157,507	)		0.01			3,348,271		0.58
Securities		229,807		2.13		(104,146	)		(1.22	)		333,954		3.35
Source of Funds		5,207,746		0.13		(463,558	)		0.01			5,671,305		0.11
Deposits		2,769,934		0.01		(314,680	)		(0.00	)		3,084,615		0.01
NCDs		689,023		0.00		91,765			(0.00	)		597,258		0.00
(International Operations)
Use of Funds		60,512		1.03		(317,712	)		(0.58	)		378,225		1.61
Loans and Bills Discounted		42,516		1.40		(74,068	)		(0.14	)		116,584		1.55
Securities		8,253		0.26		(229,631	)		(1.53	)		237,884		1.80
Source of Funds		60,839		0.18		(339,954	)		(0.31	)		400,794		0.50
Deposits		3,862		0.01		144			(0.08	)		3,718		0.09
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		(52,447	)		(54,065	)		1,618
Gains on Sales and Others		116,650			(1,098	)		117,748
Losses on Sales and Others		(165,477	)		(49,114	)		(116,363	)
Impairment (Devaluation)		(1,382	)		1,949			(3,332	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0			1			(0	)
Gains (Losses) on Derivatives other than for Trading		(2,237	)		(5,804	)		3,567
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		(43,846	)		(55,972	)		12,125
Gains on Sales		219,155			14,862			204,293
Losses on Sales		(189,598	)		(42,140	)		(147,457	)
Impairment (Devaluation)		(41,652	)		(35,836	)		(5,815	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(106	)		(106	)		—
Gains (Losses) on Derivatives other than for Trading		(31,644	)		7,249			(38,893	)
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		(49,462	)		(52,977	)		3,515
Gains on Sales and Others		119,916			(739	)		120,655
Losses on Sales and Others		(165,750	)		(48,345	)		(117,405	)
Impairment (Devaluation)		(1,382	)		1,930			(3,312	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,246	)		(5,823	)		3,577
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		(47,402	)		(35,100	)		(12,301	)
Gains on Sales		210,720			25,962			184,757
Losses on Sales		(186,047	)		(40,464	)		(145,582	)
Impairment (Devaluation)		(40,323	)		(27,741	)		(12,581	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(106	)		(106	)		—
Gains (Losses) on Derivatives other than for Trading		(31,644	)		7,249			(38,893	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
	(Millions of yen)
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		(49,469	)		(45,015	)		(4,454	)
Gains on Sales and Others		119,905			10,873			109,032
Losses on Sales and Others		(165,746	)		(51,821	)		(113,924	)
Impairment (Devaluation)		(1,382	)		1,926			(3,308	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,246	)		(5,992	)		3,746
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		(51,123	)		(35,949	)		(15,173	)
Gains on Sales		206,583			35,904			170,679
Losses on Sales		(185,786	)		(45,239	)		(140,546	)
Impairment (Devaluation)		(40,169	)		(29,294	)		(10,875	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(106	)		(106	)		—
Gains (Losses) on Derivatives other than for Trading		(31,644	)		2,786			(34,431	)
Mizuho Trust & Banking
	(Millions of yen)
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Bonds		7			(7,962	)		7,969
Gains on Sales and Others		11			(11,612	)		11,623
Losses on Sales and Others		(4	)		3,476			(3,480	)
Impairment (Devaluation)		—			4			(4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			169			(169	)
	Fiscal 2021						Fiscal 2020
				Change
Net Gains (Losses) related to Stocks		3,720			848			2,871
Gains on Sales		4,136			(9,941	)		14,077
Losses on Sales		(261	)		4,774			(5,036	)
Impairment (Devaluation)		(153	)		1,552			(1,706	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			4,462			(4,462	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

	(Millions of yen)
	As of March 31, 2022									As of March 31, 2021
	Book Value (= Fair Value)		Unrealized Gains/Losses							Book Value (= Fair Value)		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Other Securities		42,065,723		990,184			1,593,785		603,600		42,534,848		1,603,253			1,989,800		386,547
Japanese Stocks		2,577,310		1,499,915			1,538,391		38,475		2,865,985		1,698,265			1,744,614		46,348
Japanese Bonds		28,620,413		(52,186	)		19,799		71,986		24,145,048		(44,978	)		24,765		69,743
Japanese Government Bonds		25,158,730		(30,543	)		7,495		38,039		20,920,582		(31,717	)		3,583		35,301
Other		10,867,999		(457,544	)		35,593		493,138		15,523,814		(50,033	)		220,421		270,454
Foreign Bonds		8,937,594		(414,292	)		2,316		416,609		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 ¥27,448 million and ¥32,481 million, which were recognized in the statement of income for March 31, 2022 and March 31, 2021, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation adjustments as of March 31, 2022 and March 31, 2021 are ¥962,735 million and ¥1,570,772 million, respectively. *   Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of March 31, 2022 and March 31, 2021 are ¥126,280 million and ¥1,646 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 accounting, including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of March 31, 2022 and March 31, 2021 are ¥719,822 million and ¥1,132,460 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of March 31, 2022									As of March 31, 2021
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Bonds Held to Maturity		1,517,583		(52,007	)		5,336		57,343		885,529		18,069			21,225		3,155

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2022									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		41,483,698		919,942			1,525,116		605,173		41,388,529		1,527,548			1,915,021		387,472
Japanese Stocks		2,497,331		1,432,316			1,473,018		40,701		2,779,891		1,624,579			1,673,165		48,585
Japanese Bonds		28,603,457		(52,190	)		19,795		71,986		24,125,549		(44,985	)		24,758		69,743
Japanese Government Bonds		25,147,531		(30,545	)		7,493		38,039		20,909,339		(31,722	)		3,578		35,301
Other		10,382,908		(460,182	)		32,302		492,484		14,483,088		(52,045	)		217,097		269,142
Foreign Bonds		8,487,969		(414,822	)		1,198		416,020		12,031,174		(32,575	)		65,800		98,375
Mizuho Bank
Other Securities		41,243,397		846,893			1,446,756		599,863		41,113,338		1,441,229			1,826,408		385,178
Japanese Stocks		2,349,073		1,360,494			1,395,908		35,413		2,625,643		1,539,526			1,585,832		46,306
Japanese Bonds		28,517,031		(52,979	)		18,984		71,964		24,010,684		(45,887	)		23,842		69,729
Japanese Government Bonds		25,147,531		(30,545	)		7,493		38,039		20,879,330		(31,720	)		3,578		35,299
Other		10,377,292		(460,620	)		31,864		492,484		14,477,009		(52,409	)		216,733		269,142
Foreign Bonds		8,487,969		(414,822	)		1,198		416,020		12,031,174		(32,575	)		65,800		98,375
Mizuho Trust & Banking
Other Securities		240,300		73,048			78,359		5,310		275,190		86,318			88,612		2,293
Japanese Stocks		148,258		71,822			77,109		5,287		154,247		85,052			87,332		2,279
Japanese Bonds		86,426		788			811		22		114,865		901			915		13
Japanese Government Bonds		—		—			—		—		30,009		(1	)		—		1
Other		5,616		437			437		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 ¥27,448 million and ¥32,481 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2022 and March 31, 2021, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after necessary adjustments (aggregate figures for the 2 banks) as of March 31, 2022 and March 31, 2021 are ¥892,494 million and ¥1,495,067 million, respectively.

* Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of March 31, 2022 and March 31, 2021 are ¥126,280 million and ¥1,646 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 accounting including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of March 31, 2022 and March 31, 2021 are as follows.

	(Millions of yen)
	As of March 31, 2022		As of March 31, 2021
Aggregate Figures		654,388		1,076,333
Mizuho Bank		596,706		1,009,001
Mizuho Trust & Banking		57,681		67,331

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2022									As of March 31, 2021
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		1,517,583		(52,007	)		5,336		57,343		885,529		18,069		21,225		3,155
Mizuho Bank		1,517,583		(52,007	)		5,336		57,343		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 March 31, 2022									As of March 31, 2021
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		108,996		311,957			312,302		345		135,771		286,554		286,573		19
Mizuho Bank		108,996		311,957			312,302		345		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 accounting. 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 March 31, 2022						As of March 31, 2021
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		962,735			(608,036	)		1,570,772
Japanese Stocks		1,472,467			(193,316	)		1,665,784
Japanese Bonds		(52,186	)		(7,208	)		(44,978	)
Japanese Government Bonds		(30,543	)		1,174			(31,717	)
Other		(457,544	)		(407,511	)		(50,033	)
Foreign Bonds		(414,293	)		(381,283	)		(33,009	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2022						As of March 31, 2021
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		892,494			(602,573	)		1,495,067
Japanese Stocks		1,404,868			(187,230	)		1,592,098
Japanese Bonds		(52,190	)		(7,205	)		(44,985	)
Japanese Government Bonds		(30,545	)		1,176			(31,722	)
Other		(460,183	)		(408,137	)		(52,045	)
Foreign Bonds		(414,822	)		(382,247	)		(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 March 31, 2022								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		19,791.3		6,438.0		2,189.5		640.4		3,929.8			29.9			550.4			(25.4	)		15,861.4		6,408.1		1,639.1		665.9
Japanese Government Bonds		19,322.9		4,522.4		1,638.6		105.0		3,875.5			(321.5	)		633.6			50.0			15,447.4		4,843.9		1,005.0		55.0
Japanese Local Government Bonds		27.2		220.1		166.7		7.4		(27.7	)		1.3			(4.5	)		(11.1	)		54.9		218.7		171.3		18.5
Japanese Corporate Bonds		441.1		1,695.5		384.2		528.0		82.0			350.0			(78.6	)		(64.3	)		359.1		1,345.4		462.8		592.4
Other		2,369.4		1,697.1		1,984.3		4,242.6		(262.0	)		(1,119.5	)		(57.6	)		(1,333.7	)		2,631.5		2,816.7		2,041.9		5,576.4
Mizuho Bank
Japanese Bonds		19,791.0		6,365.4		2,176.8		640.4		3,962.6			17.9			557.9			(25.4	)		15,828.3		6,347.4		1,618.9		665.9
Japanese Government Bonds		19,322.9		4,522.4		1,638.6		105.0		3,905.5			(321.5	)		633.6			50.0			15,417.4		4,843.9		1,005.0		55.0
Japanese Local Government Bonds		27.2		220.1		166.7		7.4		(27.7	)		1.3			(4.5	)		(11.1	)		54.9		218.7		171.3		18.5
Japanese Corporate Bonds		440.7		1,622.9		371.4		528.0		84.7			338.1			(71.1	)		(64.3	)		355.9		1,284.8		442.6		592.4
Other		2,368.8		1,692.1		1,981.7		4,242.6		(262.1	)		(1,120.3	)		(58.2	)		(1,333.7	)		2,630.9		2,812.5		2,040.0		5,576.4
Mizuho Trust & Banking
Japanese Bonds		0.3		72.5		12.7		—		(32.7	)		11.9			(7.4	)		—			33.1		60.6		20.2		—
Japanese Government Bonds		—		—		—		—		(30.0	)		—			—			—			30.0		—		—		—
Japanese Local Government Bonds		—		—		—		—		—			—			—			—			—		—		—		—
Japanese Corporate Bonds		0.3		72.5		12.7		—		(2.7	)		11.9			(7.4	)		—			3.1		60.6		20.2		—
Other		0.5		5.0		2.5		—		0.0			0.7			0.5			—			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 March 31, 2022								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		3,222.0		9,266.7		4,156.4		16,645.2		276.3		191.2		(1,422.6	)		(955.0	)		2,945.7		9,075.4		5,579.0		17,600.3
Receive Float / Pay Fixed		1,271.4		2,844.9		3,133.9		7,250.3		663.2		937.0		(133.9	)		1,466.3			608.2		1,907.8		3,267.8		5,784.0
Receive Float / Pay Float		—		—		—		—		—		—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—		—			—			—		—		—		—
Total		4,493.5		12,111.7		7,290.3		23,895.6		939.5		1,128.3		(1,556.6	)		511.2			3,553.9		10,983.3		8,846.9		23,384.3
Mizuho Bank
Receive Fixed / Pay Float		3,222.0		9,266.7		4,156.4		16,645.2		276.3		191.2		(1,412.6	)		(945.0	)		2,945.7		9,075.4		5,569.0		17,590.3
Receive Float / Pay Fixed		1,271.4		2,744.9		2,778.9		6,795.3		663.2		907.0		(123.9	)		1,446.3			608.2		1,837.8		2,902.8		5,349.0
Receive Float / Pay Float		—		—		—		—		—		—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—		—			—			—		—		—		—
Total		4,493.5		12,011.7		6,935.3		23,440.6		939.5		1,098.3		(1,536.6	)		501.2			3,553.9		10,913.3		8,471.9		22,939.3
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—		—		(10.0	)		(10.0	)		—		—		10.0		10.0
Receive Float / Pay Fixed		—		100.0		355.0		455.0		—		30.0		(10.0	)		20.0			—		70.0		365.0		435.0
Receive Float / Pay Float		—		—		—		—		—		—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—		—		—			—			—		—		—		—
Total		—		100.0		355.0		455.0		—		30.0		(20.0	)		10.0			—		70.0		375.0		445.0

(Reference)

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

	(Billions of yen)
	As of March 31, 2022						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		1,336.0		1,451.7	(115.7	)		157.5		312.8	(155.2	)		1,178.4		1,138.9	39.5
Mizuho Bank		1,320.4		1,435.8	(115.3	)		151.5		310.2	(158.6	)		1,168.8		1,125.5	43.2
Mizuho Trust & Banking		15.5		15.9	(0.3	)		5.9		2.5	3.3			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)
		Fiscal 2021			Change			Fiscal 2020
Retirement Benefit Obligations	(A)		1,069,848			(55,913	)		1,125,762
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82
Total Fair Value of Plan Assets	(B)		1,800,159			(313,199	)		2,113,359
Unrecognized Actuarial Differences	(C)		(228,027	)		169,699			(397,727	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		502,283			(87,586	)		589,869
Mizuho Bank
Retirement Benefit Obligations	(A)		938,002			(49,977	)		987,980
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82
Total Fair Value of Plan Assets	(B)		1,576,015			(275,050	)		1,851,065
Unrecognized Actuarial Differences	(C)		(197,401	)		141,516			(338,917	)
Prepaid Pension Cost	(B)+ (C)-(A)		440,611			(83,556	)		524,167
Mizuho Trust & Banking
Retirement Benefit Obligations	(A)		131,845			(5,936	)		137,781
Discount Rate (%)			(0.00)~1.05						(0.07)~0.82
Total Fair Value of Plan Assets	(B)		224,144			(38,148	)		262,293
Unrecognized Actuarial Differences	(C)		(30,626	)		28,182			(58,809	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		61,672			(4,029	)		65,701

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

	(Millions of yen)
	Fiscal 2021			Change			Fiscal 2020
Service Cost		(20,278	)		3,501			(23,779	)
Interest Cost		(3,258	)		153			(3,412	)
Expected Return on Plan Assets		30,057			(4,694	)		34,752
Accumulation (Amortization) of Unrecognized Actuarial Differences		48,056			22,842			25,213
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(52,391	)		52,391
Gains on Cancellation of Employee Retirement Benefit Trust		74,254			(2,742	)		76,996
Losses on Transfer to Defined Contribution Pension Plan		—			2,519			(2,519	)
Other		(8,309	)		(186	)		(8,122	)
Total		120,522			(30,997	)		151,520

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)
	Fiscal 2021			Change			Fiscal 2020
Service Cost		(17,046	)		2,983			(20,030	)
Interest Cost		(2,856	)		138			(2,994	)
Expected Return on Plan Assets		26,796			(4,344	)		31,140
Accumulation (Amortization) of Unrecognized Actuarial Differences		42,270			19,495			22,775
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(45,822	)		45,822
Gains on Cancellation of Employee Retirement Benefit Trust		66,511			(118	)		66,630
Losses on Transfer to Defined Contribution Pension Plan		—			2,187			(2,187	)
Other		(7,501	)		(353	)		(7,147	)
Total		108,173			(25,835	)		134,008

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)
	Fiscal 2021			Change			Fiscal 2020
Service Cost		(3,231	)		518			(3,749	)
Interest Cost		(402	)		15			(418	)
Expected Return on Plan Assets		3,261			(350	)		3,611
Accumulation (Amortization) of Unrecognized Actuarial Differences		5,785			3,347			2,438
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			(6,569	)		6,569
Gains on Cancellation of Employee Retirement Benefit Trust		7,742			(2,623	)		10,365
Losses on Transfer to Defined Contribution Pension Plan		—			331			(331	)
Other		(807	)		166			(974	)
Total		12,348			(5,162	)		17,511

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)
		As of March 31, 2022			Change			As of March 31, 2021
Retirement Benefit Obligations	(A)		1,278,926			(56,963	)		1,335,890
Fair Value of Plan Assets	(B)		2,070,370			(303,579	)		2,373,949
Unrecognized Actuarial Differences	(C)		(243,853	)		165,825			(409,679	)
Net Defined Benefit Asset	(D)		863,217			(245,890	)		1,109,107
Net Defined Benefit Liability	(A)-(B)+(D)		71,774			725			71,049
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		Fiscal 2021			Change			Fiscal 2020
Service Cost			(32,421	)		4,682			(37,103	)
Interest Cost			(4,169	)		146			(4,315	)
Expected Return on Plan Assets			34,951			(4,140	)		39,092
Accumulation (Amortization) of Unrecognized Actuarial Differences			48,449			25,886			22,563
Accumulation (Amortization) of Unrecognized Prior Service Cost			(46	)		(62,164	)		62,117
Gains on Cancellation of Employee Retirement Benefit Trust			74,254			(2,742	)		76,996
Losses on Transfer to Defined Contribution Pension Plan			—			3,320			(3,320	)
Other			(12,298	)		1,268			(13,567	)
Total			108,721			(33,742	)		142,463

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) (¥135,852 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 March 31, 2022 (Preliminary)		Change			As of March 31, 2021
(1)   Total Capital Ratio		17.53		0.66			16.87
(2)   Tier 1 Capital Ratio		15.00		0.63			14.37
(3)   Common Equity Tier 1 Capital Ratio		12.46		0.83			11.63
(4)   Total Capital		11,351.6		(33.7	)		11,385.3
(5)   Tier 1 Capital		9,713.2		11.3			9,701.9
(6)   Common Equity Tier 1 Capital		8,067.2		217.3			7,849.9
(7)   Risk weighted Assets		64,730.4		(2,751.5	)		67,481.9
(8)   Total Required Capital (7) X8%		5,178.4		(220.1	)		5,398.5
Mizuho Bank International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2022 (Preliminary)		Change			As of March 31, 2021		As of March 31, 2022 (Preliminary)
(1)   Total Capital Ratio		17.02		0.45			16.57		16.88
(2)   Tier 1 Capital Ratio		14.42		0.37			14.05		14.09
(3)   Common Equity Tier 1 Capital Ratio		11.68		0.57			11.11		11.20
(4)   Total Capital		10,150.6		(249.2	)		10,399.9		9,483.8
(5)   Tier 1 Capital		8,604.5		(214.2	)		8,818.7		7,919.9
(6)   Common Equity Tier 1 Capital		6,968.7		(3.1	)		6,971.8		6,293.6
(7)   Risk weighted Assets		59,638.6		(3,095.3	)		62,734.0		56,178.1
(8)   Total Required Capital (7) X8%		4,771.0		(247.6	)		5,018.7		4,494.2
Mizuho Trust & Banking International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2022 (Preliminary)		Change			As of March 31, 2021		As of March 31, 2022 (Preliminary)
(1)   Total Capital Ratio		25.18		(3.76	)		28.94		24.40
(2)   Tier 1 Capital Ratio		25.18		(3.76	)		28.94		24.40
(3)   Common Equity Tier 1 Capital Ratio		25.18		(3.76	)		28.94		24.40
(4)   Total Capital		442.5		(84.1	)		526.6		425.8
(5)   Tier 1 Capital		442.4		(84.1	)		526.5		425.7
(6)   Common Equity Tier 1 Capital		442.4		(84.1	)		526.5		425.7
(7)   Risk weighted Assets		1,756.9		(62.2	)		1,819.1		1,744.6
(8)   Total Required Capital (7) X8%		140.5		(4.9	)		145.5		139.5

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

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

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

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

Consolidated

	(Millions of yen)
	As of March 31, 2022					As of March 31, 2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		50,846		(4,659	)		55,506
Claims with Collection Risk		722,222		312,480			409,742
Claims for Special Attention		354,034		(23,550	)		377,584
Loans Past Due for 3 Months or More		2,498		1,963			534
Restructured Loans		351,535		(25,513	)		377,049
Sub-total[1]		1,127,104		284,271			842,832
Normal Claims		96,224,900		3,038,102			93,186,798
Total[2]		97,352,004		3,322,373			94,029,630
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		108,874		(7,495	)		116,369
	(%)
NPL ratio[1]/[2]		1.15		0.26			0.89
Trust Account
	(Millions of yen)
	As of March 31, 2022					As of March 31, 2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		—		—			—
Claims for Special Attention		—		—			—
Loans Past Due for 3 Months or More		—		—			—
Restructured Loans		—		—			—
Sub-total[3]		—		—			—
Normal Claims		3,825		(962	)		4,787
Total[4]		3,825		(962	)		4,787
	(%)
NPL ratio[3]/[4]		—		—			—

2-18

Mizuho Financial Group, Inc.

Consolidated + Trust Account
	(Millions of yen)
	As of March 31, 2022					As of March 31, 2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		50,846		(4,659	)		55,506
Claims with Collection Risk		722,222		312,480			409,742
Claims for Special Attention		354,034		(23,550	)		377,584
Loans Past Due for 3 Months or More		2,498		1,963			534
Restructured Loans		351,535		(25,513	)		377,049
Sub-total[5]		1,127,104		284,271			842,832
Normal Claims		96,228,725		3,037,140			93,191,585
Total[6]		97,355,829		3,321,411			94,034,418
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		108,874		(7,495	)		116,369
	(%)
NPL ratio[5]/[6]		1.15		0.26			0.89

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

2-19

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

	(Millions of yen)
	As of March 31, 2022		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		41,109		(7,610	)		48,720
Claims with Collection Risk		726,007		314,954			411,052
Claims for Special Attention		318,564		(14,439	)		333,004
Loans Past Due for 3 Months or More		2,497		1,962			534
Restructured Loans		316,066		(16,402	)		332,469
Sub-total[1]		1,085,681		292,904			792,777
Normal Claims		97,933,539		2,789,163			95,144,375
Total[2]		99,019,221		3,082,068			95,937,152
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		105,413		(6,252	)		111,666
	(%)
NPL ratio[1]/[2]		1.09		0.27			0.82
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		40,761		(7,678	)		48,440
Claims with Collection Risk		714,801		310,160			404,640
Claims for Special Attention		316,984		(15,573	)		332,557
Loans Past Due for 3 Months or More		2,473		1,939			534
Restructured Loans		314,510		(17,512	)		332,022
Sub-total[3]		1,072,547		286,908			785,638
Normal Claims		94,734,910		2,966,020			91,768,889
Total[4]		95,807,457		3,252,929			92,554,528
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		105,202		(6,247	)		111,450
	(%)
NPL ratio[3]/[4]		1.11		0.27			0.84

2-20

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
(Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		348	68		280
Claims with Collection Risk		11,206	4,793		6,412
Claims for Special Attention		1,580	1,133		446
Loans Past Due for 3 Months or More		23	23		—
Restructured Loans		1,556	1,109		446
Sub-total[5]		13,134	5,995		7,138
Normal Claims		3,194,804	(175,894	)	3,370,698
Total[6]		3,207,938	(169,898	)	3,377,837
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		210	(5	)	216
	(%)
NPL ratio[5]/[6]		0.40	0.19		0.21
(Trust Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—		—
Claims with Collection Risk		—	—		—
Claims for Special Attention		—	—		—
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		—	—		—
Sub-total[7]		—	—		—
Normal Claims		3,825	(962	)	4,787
Total[8]		3,825	(962	)	4,787
	(%)
NPL ratio[7]/[8]		—	—		—
Trust account represents trust accounts that guarantee principals in the agreement.

2-21

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of March 31, 2022		Change			As of March 31, 2021
Reserves for Possible Losses on Loans		783,886		208,313			575,572
General Reserve for Possible Losses on Loans		269,140		(113,921	)		383,062
Specific Reserve for Possible Losses on Loans		460,013		268,804			191,208
Reserve for Possible Losses on Loans to Restructuring Countries		54,732		53,430			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		109,122		(7,712	)		116,834
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of March 31, 2022		Change			As of March 31, 2021
Reserves for Possible Losses on Loans		817,249		276,952			540,297
General Reserve for Possible Losses on Loans		250,482		(114,434	)		364,916
Specific Reserve for Possible Losses on Loans		512,034		337,956			174,078
Reserve for Possible Losses on Loans to Restructuring Countries		54,732		53,430			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		105,413		(6,252	)		111,666
Mizuho Bank
Reserves for Possible Losses on Loans		814,778		278,677			536,101
General Reserve for Possible Losses on Loans		248,435		(113,633	)		362,068
Specific Reserve for Possible Losses on Loans		511,610		338,880			172,730
Reserve for Possible Losses on Loans to Restructuring Countries		54,732		53,430			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		105,202		(6,247	)		111,450
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		2,470		(1,725	)		4,196
General Reserve for Possible Losses on Loans		2,046		(801	)		2,847
Specific Reserve for Possible Losses on Loans		424		(924	)		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		210		(5	)		216

Reserve for Possible Losses on Entrusted Loans (¥12 million and ¥15 million for March 31, 2022 and March 31, 2021, respectively) is not included in the above figures for Trust Account.

2-22

Mizuho Financial Group, Inc.

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

Consolidated

	(%)
	As of March 31, 2022		Change			As of March 31, 2021
Mizuho Financial Group		69.54		1.25			68.29
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of March 31, 2022		Change			As of March 31, 2021
Total		75.27		7.12			68.15
Mizuho Bank		75.96		7.72			68.23
Mizuho Trust & Banking (Banking Account)		18.81		(39.96	)		58.77

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

2-23

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of March 31, 2022		Change			As of March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors		41.1		(7.6	)		48.7
Collateral, Guarantees, and equivalent		35.4		(6.9	)		42.3
Reserve for Possible Losses		5.6		(0.6	)		6.3
Claims with Collection Risk		726.0		314.9			411.0
Collateral, Guarantees, and equivalent		164.8		0.1			164.7
Reserve for Possible Losses		438.9		271.2			167.6
Claims for Special Attention		318.5		(14.4	)		333.0
Collateral, Guarantees, and equivalent		93.5		(7.3	)		100.9
Reserve for Possible Losses		52.2		(5.2	)		57.5
Total		1,085.6		292.9			792.7
Collateral, Guarantees, and equivalent		293.8		(14.1	)		308.0
Reserve for Possible Losses		496.9		265.3			231.6
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		40.7		(7.6	)		48.4
Collateral, Guarantees, and equivalent		35.0		(6.9	)		42.0
Reserve for Possible Losses		5.6		(0.6	)		6.3
Claims with Collection Risk		714.8		310.1			404.6
Collateral, Guarantees, and equivalent		154.2		(6.2	)		160.5
Reserve for Possible Losses		438.5		272.2			166.3
Claims for Special Attention		316.9		(15.5	)		332.5
Collateral, Guarantees, and equivalent		93.4		(7.4	)		100.8
Reserve for Possible Losses		51.9		(5.4	)		57.4
Total		1,072.5		286.9			785.6
Collateral, Guarantees, and equivalent		282.7		(20.6	)		303.4
Reserve for Possible Losses		496.2		266.0			230.1
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.3		0.0			0.2
Collateral, Guarantees, and equivalent		0.3		0.0			0.2
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		11.2		4.7			6.4
Collateral, Guarantees, and equivalent		10.6		6.3			4.2
Reserve for Possible Losses		0.4		(0.9	)		1.3
Claims for Special Attention		1.5		1.1			0.4
Collateral, Guarantees, and equivalent		0.1		0.0			0.0
Reserve for Possible Losses		0.2		0.2			0.0
Total		13.1		5.9			7.1
Collateral, Guarantees, and equivalent		11.0		6.5			4.5
Reserve for Possible Losses		0.7		(0.7	)		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

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of March 31, 2022		Change			As of March 31, 2021
Coverage Amount		790.7		251.1			539.6
Reserves for Possible Losses on Loans		496.9		265.3			231.6
Collateral, Guarantees, and equivalent		293.8		(14.1	)		308.0
	(%)
Coverage Ratio		72.8		4.7			68.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.1		2.2			80.8
Claims for Special Attention		45.7		(1.8	)		47.5
Claims against Special Attention Obligors		46.8		3.4			43.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.2		10.1			68.0
Claims for Special Attention		23.2		(1.5	)		24.7
Claims against Special Attention Obligors		25.3		(3.4	)		28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.05		(4.80	)		22.85
Claims against Watch Obligors excluding Special Attention Obligors		3.46		(1.40	)		4.87
Claims against Normal Obligors		0.10		(0.00	)		0.10
Mizuho Bank
	(Billions of yen)
Coverage Amount		778.9		245.3			533.6
Reserves for Possible Losses on Loans		496.2		266.0			230.1
Collateral, Guarantees, and equivalent		282.7		(20.6	)		303.4
	(%)
Coverage Ratio		72.6		4.7			67.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.9		2.1			80.7
Claims for Special Attention		45.8		(1.7	)		47.6
Claims against Special Attention Obligors		46.9		3.5			43.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.2		10.0			68.1
Claims for Special Attention		23.2		(1.5	)		24.8
Claims against Special Attention Obligors		25.3		(3.3	)		28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.04		(4.81	)		22.86
Claims against Watch Obligors excluding Special Attention Obligors		3.49		(1.43	)		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 March 31, 2022		Change			As of March 31, 2021
Coverage Amount		11.7		5.7			5.9
Reserves for Possible Losses on Loans		0.7		(0.7	)		1.4
Collateral, Guarantees, and equivalent		11.0		6.5			4.5
	(%)
Coverage Ratio		89.5		5.8			83.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		98.2		11.5			86.7
Claims for Special Attention		25.6		(3.8	)		29.4
Claims against Special Attention Obligors		24.0		(2.3	)		26.4
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		68.1		7.0			61.1
Claims for Special Attention		20.0		(0.2	)		20.2
Claims against Special Attention Obligors		19.9		(0.1	)		20.1
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		18.96		0.38			18.57
Claims against Watch Obligors excluding Special Attention Obligors		1.08		(0.57	)		1.66
Claims against Normal Obligors		0.04		(0.02	)		0.06

2-26

Mizuho Financial Group, Inc.

5. 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.

2-27

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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

	(Billions of yen)
	Fiscal 2018		Fiscal 2019		Fiscal 2020		Fiscal 2021
	As of March 31, 2019		As of March 31, 2020		As of March 31, 2021		As of March 31, 2022
							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		23.6		0.2			23.8		(5.3	)
Claims with Collection Risk		347.6		214.6		164.1		133.7		1.0			134.7		(29.4	)
Amount Categorized as above up to Fiscal 2018		400.6		252.7		193.4		157.3		1.2			158.6		(34.8	)
of which the amount which was in the process of being removed from the balance sheet		40.8		32.4		26.5		25.0		(0.4	)		24.5		(1.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors				12.8		4.4		4.7		—			4.7		0.3
Claims with Collection Risk				171.8		82.6		27.7		0.0			27.8		(54.8	)
Amount Newly Categorized as above during Fiscal 2019				184.7		87.0		32.5		0.0			32.6		(54.4	)
of which the amount which was in the process of being removed from the balance sheet				12.0		5.0		5.5		—			5.5		0.4
Claims against Bankrupt and Substantially Bankrupt Obligors						15.0		4.8		0.0			4.8		(10.1	)
Claims with Collection Risk						164.2		89.4		3.0			92.5		(71.6	)
Amount Newly Categorized as above during Fiscal 2020						179.2		94.2		3.1			97.3		(81.8	)
of which the amount which was in the process of being removed from the balance sheet						13.6		2.7		0.0			2.7		(10.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors								7.4		0.1			7.6		7.6
Claims with Collection Risk								463.8		7.0			470.9		470.9
Amount Newly Categorized as above during Fiscal 2021								471.3		7.1			478.5		478.5
of which the amount which was in the process of being removed from the balance sheet								7.0		0.1			7.1		7.1
Claims against Bankrupt and Substantially Bankrupt Obligors		52.9		51.0		48.7		40.7		0.3			41.1		(7.6	)
Claims with Collection Risk		347.6		386.5		411.0		714.8		11.2			726.0		314.9
Total		400.6		437.5		459.7		755.5		11.5			767.1		307.3
of which the amount which was in the process of being removed from the balance sheet		40.8		44.5		45.3		40.4		(0.3	)		40.0		(5.2	)

*     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 Fiscal 2021

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(5.8	)		(5.8	)		—
Restructuring		(24.8	)		(24.8	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(21.4	)		(21.4	)		—
Direct Write-off		20.8			21.8			(1.0	)
Other		(139.8	)		(138.7	)		(1.1	)
Debt recovery		(112.6	)		(111.8	)		(0.7	)
Improvement in Business Performance		(27.2	)		(26.8	)		(0.4	)
Total		(171.1	)		(168.8	)		(2.2	)

2-28

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2022					As of March 31, 2021
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		60,188.1		(1,856.1	)		62,044.2
Manufacturing		9,770.8		(1,143.7	)		10,914.5
Agriculture & Forestry		47.5		(3.1	)		50.7
Fishery		2.9		0.7			2.2
Mining, Quarrying Industry & Gravel Extraction Industry		220.7		(95.1	)		315.8
Construction		857.4		129.2			728.1
Utilities		3,043.3		190.7			2,852.6
Communication		1,206.4		(18.5	)		1,225.0
Transportation & Postal Industry		2,581.5		(66.2	)		2,647.7
Wholesale & Retail		5,214.7		120.8			5,093.9
Finance & Insurance		9,032.1		(189.1	)		9,221.3
Real Estate		10,160.4		532.7			9,627.6
Commodity Lease		2,891.9		(174.0	)		3,066.0
Service Industries		3,082.0		(259.8	)		3,341.8
Local Governments		589.0		(87.1	)		676.2
Governments		836.5		(387.0	)		1,223.6
Other		10,650.0		(406.4	)		11,056.5
Overseas Total (including Loans Booked Offshore)		26,463.8		2,523.6			23,940.2
Governments		263.8		38.6			225.1
Financial Institutions		9,544.6		864.3			8,680.3
Other		16,655.3		1,620.5			15,034.7
Total		86,651.9		667.4			85,984.5

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

As of March 31, 2022:	¥755.0 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.

2-29

Mizuho Financial Group, Inc.

	(Billions of yen)
	As of March 31, 2022					As of March 31, 2021
	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		56,498.8		(1,636.1	)		58,134.9
Manufacturing		9,356.9		(1,097.9	)		10,454.8
Agriculture & Forestry		47.5		(3.1	)		50.6
Fishery		2.9		0.7			2.2
Mining, Quarrying Industry & Gravel Extraction Industry		219.2		(94.9	)		314.1
Construction		816.7		124.2			692.4
Utilities		2,766.4		197.0			2,569.4
Communication		1,104.9		(32.5	)		1,137.4
Transportation & Postal Industry		2,402.6		(42.4	)		2,445.1
Wholesale & Retail		5,083.4		135.9			4,947.4
Finance & Insurance		8,555.8		(179.9	)		8,735.8
Real Estate		8,699.8		455.7			8,244.1
Commodity Lease		2,693.8		(163.0	)		2,856.8
Service Industries		3,029.8		(257.7	)		3,287.6
Local Governments		587.3		(86.1	)		673.5
Governments		836.5		(251.3	)		1,087.9
Other		10,294.6		(340.7	)		10,635.3
Overseas Total (including Loans Booked Offshore)		26,463.6		2,524.0			23,939.6
Governments		263.8		38.6			225.1
Financial Institutions		9,544.6		864.3			8,680.3
Other		16,655.1		1,621.0			15,034.1
Total		82,962.4		887.8			82,074.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,689.3		(220.0	)		3,909.3
Manufacturing		413.9		(45.8	)		459.7
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.5		(0.1	)		1.7
Construction		40.7		5.0			35.7
Utilities		276.9		(6.2	)		283.2
Communication		101.5		14.0			87.5
Transportation & Postal Industry		178.8		(23.8	)		202.6
Wholesale & Retail		131.3		(15.1	)		146.4
Finance & Insurance		476.2		(9.2	)		485.5
Real Estate		1,460.5		77.0			1,383.4
Commodity Lease		198.1		(11.0	)		209.2
Service Industries		52.1		(2.0	)		54.2
Local Governments		1.6		(1.0	)		2.7
Governments		—		(135.7	)		135.7
Other		355.4		(65.6	)		421.1
Overseas Total (including Loans Booked Offshore)		0.2		(0.4	)		0.6
Governments		—		—			—
Financial Institutions		—		—			—
Other		0.2		(0.4	)		0.6
Total		3,689.5		(220.4	)		3,909.9

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

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Mizuho Financial Group, Inc.

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

Non-Consolidated

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

	(Billions of yen, %)
	As of March 31, 2022										As of March 31, 2021
					Change
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio			Non Performing Loans based on the BA and the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		998.4		72.3		297.4			5.9			700.9		66.3
Manufacturing		516.5		76.4		291.4			20.7			225.1		55.6
Agriculture & Forestry		1.3		46.9		0.5			(6.5	)		0.7		53.4
Fishery		0.2		62.6		(0.0	)		(0.0	)		0.3		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		0.1		100.0		0.0			21.0			0.1		78.9
Construction		5.9		78.5		0.4			2.2			5.5		76.3
Utilities		1.1		37.4		(0.9	)		(34.4	)		2.1		71.8
Communication		9.1		75.1		(0.5	)		1.3			9.7		73.7
Transportation & Postal Industry		26.2		47.7		17.5			(21.4	)		8.7		69.1
Wholesale & Retail		130.3		57.5		(9.3	)		0.7			139.6		56.8
Finance & Insurance		14.3		81.6		(10.8	)		(0.9	)		25.1		82.5
Real Estate		35.5		81.5		(5.0	)		(7.2	)		40.5		88.8
Commodity Lease		1.4		87.1		(0.0	)		(3.4	)		1.4		90.6
Service Industries		169.4		63.2		27.3			(3.5	)		142.0		66.7
Local Governments		—		—		—			—			—		—
Other		86.5		89.6		(12.9	)		1.7			99.4		87.9
Overseas Total (including Loans Booked Offshore)		87.2		78.9		(4.5	)		(2.4	)		91.8		81.3
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		87.2		78.9		(4.5	)		(2.4	)		91.8		81.3
Total		1,085.6		72.8		292.9			4.7			792.7		68.0

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

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Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2022					As of March 31, 2021
			Change
Housing and Consumer Loans		8,457.3		(305.4	)		8,762.8
Housing Loans for owner’s residential housing		7,896.3		(229.2	)		8,125.6
Mizuho Bank
Housing and Consumer Loans		8,404.1		(296.4	)		8,700.5
Housing Loans		7,981.4		(250.6	)		8,232.0
for owner’s residential housing		7,846.4		(221.1	)		8,067.6
Consumer loans		422.6		(45.8	)		468.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		53.2		(8.9	)		62.2
Housing Loans for owner’s residential housing		49.8		(8.1	)		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 March 31, 2022					As of March 31, 2021
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.9		0.6			57.3
Loans to SMEs and Individual Customers		34,897.9		(703.1	)		35,601.0
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.3		0.4			57.9
Loans to SMEs and Individual Customers		32,976.0		(702.7	)		33,678.8
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		52.0		2.9			49.1
Loans to SMEs and Individual Customers		1,921.8		(0.4	)		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.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2022					As of March 31, 2021
	Outstanding        Balance		Change			Outstanding        Balance
Asia		7,768.0		451.0			7,317.0
Hong Kong		1,893.9		(21.3	)		1,915.3
Singapore		1,354.1		228.2			1,125.9
Thailand		1,139.2		57.0			1,082.2
Taiwan		984.3		137.4			846.8
India		527.2		48.1			479.0
South Korea		647.8		104.0			543.8
Indonesia		321.3		(101.0	)		422.3
Philippines		294.5		1.2			293.3
China		124.8		(72.3	)		197.2
Malaysia		92.4		(20.5	)		113.0
Central and South America		5,189.5		72.0			5,117.4
Mexico		369.0		24.2			344.7
Brazile		239.8		62.7			177.1
North America		8,244.1		768.5			7,475.6
United States		7,444.1		890.6			6,553.4
Eastern Europe		274.2		(16.2	)		290.4
Russia		209.8		(1.9	)		211.8
Western Europe		4,914.0		751.0			4,162.9
United Kingdom		1,462.0		285.9			1,176.0
Netherlands		942.5		(31.2	)		973.7
Germany		468.5		(40.5	)		509.1
Ireland		318.5		10.1			308.3
Switzerland		321.5		156.4			165.0
France		356.4		140.7			215.6
Turkey		89.8		(5.4	)		95.2
Italy		106.0		(36.9	)		142.9
Other		3,567.9		422.3			3,145.6
Australia		1,972.1		339.2			1,632.8
Total		29,957.9		2,448.8			27,509.1

The above figures are based on obligor country of location.

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

	As of March 31, 2022					As of March 31, 2021
	Outstanding        Balance		Change			Outstanding        Balance
Mizuho Bank (China), Ltd		1,280.4		167.4			1,113.0
Mizuho Bank (USA)		458.0		63.7			394.2
PT. Bank Mizuho Indonesia		300.7		(13.9	)		314.7

Note: The balances of loans of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2022 and 2021 are ¥68.8 billion and ¥62.4 billion, respectively.

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Mizuho Financial Group, Inc.

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

Non-Consolidated

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

	(Billions of yen)
	As of March 31, 2022					As of March 31, 2021
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Asia		56.8		19.0			37.8
Hong Kong		0.0		(0.3	)		0.3
Singapore		35.0		1.8			33.2
Thailand		1.0		0.4			0.5
Taiwan		0.0		0.0			0.0
India		0.1		(2.5	)		2.7
South Korea		0.0		(0.0	)		0.0
Indonesia		0.9		0.0			0.9
Philippines		0.0		(0.0	)		0.0
China		0.0		0.0			—
Malaysia		—		—			—
Central and South America		17.8		(5.4	)		23.3
Mexico		0.4		(0.4	)		0.8
Brazile		3.5		(1.2	)		4.8
North America		15.0		(19.9	)		34.9
United States		15.0		(7.9	)		22.9
Eastern Europe		7.8		7.8			—
Russia		7.8		7.8			—
Western Europe		23.2		(31.1	)		54.4
United Kingdom		3.4		(4.1	)		7.5
Netherlands		—		—			—
Germany		0.5		(4.3	)		4.9
Ireland		—		(21.2	)		21.2
Switzerland		0.2		(0.1	)		0.3
France		—		(0.0	)		0.0
Turkey		—		—			—
Italy		8.2		5.3			2.8
Other		11.8		7.2			4.6
Australia		—		—			—
Total		132.8		(22.3	)		155.2

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.

	As of March 31, 2022					As of March 31, 2021
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Mizuho Bank (China) ,Ltd		1.8		0.6			1.1
Mizuho Bank (USA)		3.0		0.3			2.7
PT. Bank Mizuho Indonesia		5.8		(1.5	)		7.3

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2022 and 2021 are not existed.

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Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from April 1, 2022 to March 31, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,263.7
Income before Income Taxes	2		3,611.8
Tax Adjustments *1	3		262.6
Taxable Income before Current Deductible Temporary Differences *2	4		3,874.4
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,186.3

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

*2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2022.

(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
Fiscal 2021(estimate)		356.0

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

*2. Figure for fiscal 2021 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2022			Change			As of March 31, 2021
Reserves for Possible Losses on Loans	7		251.6			65.3			186.2
Impairment of Securities	8		125.2			(1.0	)		126.2
Net Unrealized Losses on Other Securities	9		62.3			51.5			10.7
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		122.1			(24.3	)		146.5
Net Deferred Hedge Losses	12		3.9			3.9			—
Tax Losses Carried Forward	13		0.1			0.1			—
Other	14		229.7			(1.9	)		231.7
Total Deferred Tax Assets	15		831.1			129.4			701.6
Valuation Allowance	16		(106.7	)		29.0			(135.7	)
Sub-Total [ 15 + 16 ]	17		724.3			158.5			565.8
Amount related to Retirement Benefits Accounting	18		(134.9	)		25.5			(160.5	)
Net Unrealized Gains on Other Securities	19		(276.8	)		119.9			(396.8	)
Net Deferred Hedge Gains	20		—			10.8			(10.8	)
Other	21		(39.4	)		(3.0	)		(36.3	)
Total Deferred Tax Liabilities	22		(451.2	)		153.3			(604.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		273.1			311.8			(38.7	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(223.9	)		175.7			(399.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		39.7			50.6			(10.8	)
Tax effects related to others	26		457.3			85.4			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 April 1, 2022 to March 31, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		199.8
Income before Income Taxes	2		222.1
Tax Adjustments (1)	3		(44.7	)
Taxable Income before Current Deductible Temporary Differences (2)	4		177.4
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		54.3

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

*2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2022.

(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
Fiscal 2021(estimate)		33.0

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

*2. Figure for fiscal 2021 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2022			Change			As of March 31, 2021
Reserves for Possible Losses on Loans	7		0.7			(0.5	)		1.3
Impairment of Securities	8		7.7			(1.2	)		9.0
Net Unrealized Losses on Other Securities	9		0.4			0.1			0.2
Reserve for Employee Retirement Benefits (1)	10		1.5			1.4			0.0
Reserve for Loss of Transfer	11		0.9			(0.5	)		1.4
Net Deferred Hedge Losses	12		0.1			(1.0	)		1.1
Tax Losses Carried Forward	13		—			—			—
Other (2)	14		17.8			(2.5	)		20.4
Total Deferred Tax Assets	15		29.3			(4.3	)		33.7
Valuation Allowance	16		(7.7	)		1.9			(9.6	)
Sub-Total [ 15 + 16 ]	17		21.6			(2.3	)		24.0
Amount related to Retirement Benefits Accounting (3)	18		(20.3	)		(0.1	)		(20.1	)
Net Unrealized Gains on Other Securities	19		(16.1	)		2.8			(18.9	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(2.6	)		(2.2	)		(0.3	)
Total Deferred Tax Liabilities	22		(39.1	)		0.4			(39.5	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(17.4	)		(1.9	)		(15.5	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities (4)	24		(15.3	)		3.6			(18.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		0.1			(1.0	)		1.1
Tax effects related to others	26		(2.2	)		(4.5	)		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 March 31, 2022		Change			As of March 31, 2021
Deposits		112,531.4		1,488.1			111,043.3
Individual Deposits		47,667.5		345.8			47,321.6
Corporate Deposits		55,596.1		1,003.4			54,592.7
Financial/Government Institutions		9,267.7		138.8			9,128.8
Mizuho Bank
Deposits		109,960.1		1,796.7			108,163.3
Individual Deposits		46,863.5		371.9			46,491.5
Corporate Deposits		54,457.9		1,184.0			53,273.9
Financial/Government Institutions		8,638.6		240.7			8,397.8
Mizuho Trust & Banking
Deposits		2,571.3		(308.5	)		2,879.9
Individual Deposits		803.9		(26.1	)		830.1
Corporate Deposits		1,138.1		(180.6	)		1,318.8
Financial/Government Institutions		629.1		(101.8	)		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 March 31, 2022		Change			As of March 31, 2021
Directors, Executive Officers as defined in the Companies Act, and Auditors		45		—			45
Executive Officers as defined in our internal regulations (excluding those doubling as Directors as defined in the Companies Act)		44		(73	)		117
*  The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees Consolidated
	As of March 31, 2022		Change			As of March 31, 2021
Employees (excluding Executive Officers as defined in our internal regulations)		52,420		(2,072	)		54,492
Average number of temporary employees		14,019		(1,290	)		15,309
*  The number of Employees excludes employees seconded to outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.
3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of March 31, 2022		Change			As of March 31, 2021
Mizuho Bank		461		(2	)		463
Mizuho Trust & Banking		60		—			60
Mizuho Securities		230		(8	)		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 March 31, 2022		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.

2-38

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2022

Consolidated

	(Billions of yen)
	Fiscal 2022
Ordinary Profits		770.0
Profit Attributable to Owners of Parent		540.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

	(Billions of yen)
	Fiscal 2022
	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		630.0			595.0			35.0
Ordinary Profits		565.0			525.0			40.0
Net Income		380.0			350.0			30.0
Credit-related Costs		(90.0	)		(90.0	)		—

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

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

2-39

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of March 31, 2022 (A)			As of March 31, 2021 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	48,803,771		¥	45,460,471		¥	3,343,300
Call Loans		1,223,766			967,504			256,261
Receivables under Resale Agreements		1,681,260			2,376,420			(695,159	)
Guarantee Deposits Paid under Securities Borrowing Transactions		154,255			151,282			2,972
Other Debt Purchased		679,939			482,837			197,102
Trading Assets		4,496,695			4,655,665			(158,970	)
Money Held in Trust		504			503			0
Securities		44,608,181			43,720,657			887,523
Loans and Bills Discounted		82,962,457			82,074,591			887,866
Foreign Exchange Assets		2,509,122			2,016,766			492,356
Derivatives other than for Trading		6,133,443			3,998,530			2,134,913
Other Assets		5,958,848			4,920,054			1,038,794
Tangible Fixed Assets		847,689			881,564			(33,874	)
Intangible Fixed Assets		347,681			360,296			(12,614	)
Prepaid Pension Cost		440,611			524,167			(83,556	)
Deferred Tax Assets		273,129			—			273,129
Customers’ Liabilities for Acceptances and Guarantees		8,733,646			6,828,085			1,905,560
Reserves for Possible Losses on Loans		(814,778	)		(536,101	)		(278,677	)
Reserve for Possible Losses on Investments		(106	)		—			(106	)
Total Assets	¥	209,040,119		¥	198,883,298		¥	10,156,821
Liabilities
Deposits	¥	133,633,887		¥	128,279,005		¥	5,354,881
Negotiable Certificates of Deposit		16,162,209			16,684,774			(522,564	)
Call Money		940,058			1,061,104			(121,046	)
Payables under Repurchase Agreements		9,293,236			8,760,834			532,401
Guarantee Deposits Received under Securities Lending Transactions		146,864			170,648			(23,783	)
Commercial Paper		1,775,859			2,105,067			(329,207	)
Trading Liabilities		3,447,533			3,255,476			192,056
Borrowed Money		14,397,626			15,084,290			(686,664	)
Foreign Exchange Liabilities		1,788,299			717,422			1,070,876
Bonds and Notes		810,504			911,779			(101,274	)
Derivatives other than for Trading		6,635,032			4,016,868			2,618,163
Other Liabilities		4,302,633			3,448,928			853,704
Reserve for Bonus Payments		24,582			25,042			(460	)
Reserve for Variable Compensation		763			983			(219	)
Reserve for Possible Losses on Sales of Loans		1,309			1,074			234
Reserve for Contingencies		1,306			3,092			(1,785	)
Reserve for Reimbursement of Deposits		16,627			20,540			(3,913	)
Reserve for Reimbursement of Debentures		10,504			14,419			(3,915	)
Deferred Tax Liabilities		—			38,723			(38,723	)
Deferred Tax Liabilities for Revaluation Reserve for Land		59,962			61,915			(1,953	)
Acceptances and Guarantees		8,733,646			6,828,085			1,905,560
Total Liabilities		202,182,447			191,490,080			10,692,366
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,259,392			2,286,167			(26,774	)
Capital Reserve		660,805			655,450			5,354
Other Capital Surplus		1,598,587			1,630,716			(32,129	)
Retained Earnings		2,519,294			2,514,003			5,290
Appropriated Reserve		389,012			353,908			35,103
Other Retained Earnings		2,130,281			2,160,095			(29,813	)
Retained Earnings Brought Forward		2,130,281			2,160,095			(29,813	)
Total Shareholders’ Equity		6,182,751			6,204,236			(21,484	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		623,367			1,023,139			(399,771	)
Net Deferred Hedge Gains (Losses), net of Taxes		(80,603	)		29,458			(110,062	)
Revaluation Reserve for Land, net of Taxes		132,156			136,384			(4,227	)
Total Valuation and Translation Adjustments		674,920			1,188,982			(514,061	)
Total Net Assets		6,857,672			7,393,218			(535,545	)
Total Liabilities and Net Assets	¥	209,040,119		¥	198,883,298		¥	10,156,821

2-40

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the fiscal year ended March 31, 2022 (A)			For the fiscal year ended March 31, 2021 (B)			Change (A) - (B)
Ordinary Income	¥	2,147,111		¥	2,132,943		¥	14,168
Interest Income		1,131,111			1,146,971			(15,860	)
Interest on Loans and Bills Discounted		774,657			828,466			(53,808	)
Interest and Dividends on Securities		260,684			227,314			33,369
Fee and Commission Income		542,348			514,834			27,513
Trading Income		1,664			83,910			(82,245	)
Other Operating Income		235,596			204,734			30,862
Other Ordinary Income		236,390			182,491			53,898
Ordinary Expenses		1,936,252			1,854,876			81,376
Interest Expenses		244,322			361,789			(117,467	)
Interest on Deposits		36,330			112,893			(76,562	)
Fee and Commission Expenses		149,353			91,804			57,549
Trading Expenses		—			349			(349	)
Other Operating Expenses		170,721			148,741			21,979
General and Administrative Expenses		744,859			802,123			(57,263	)
Other Ordinary Expenses		626,995			450,067			176,927
Ordinary Profits		210,858			278,066			(67,208	)
Extraordinary Gains		70,436			115,474			(45,038	)
Extraordinary Losses		32,348			19,760			12,587
Income before Income Taxes		248,946			373,781			(124,834	)
Income Taxes:
Current		172,495			102,550			69,944
Refund of Income Taxes		(12,734	)		(6,563	)		(6,170	)
Deferred		(87,395	)		10,404			(97,800	)
Net Income	¥	176,581		¥	267,389		¥	(90,807	)

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of March 31, 2022 (A)			As of March 31, 2021 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,923,672		¥	2,010,405		¥	(86,732	)
Call Loans		—			22,134			(22,134	)
Guarantee Deposits Paid under Securities Borrowing Transactions		20,046			—			20,046
Other Debt Purchased		35,314			26,092			9,222
Trading Assets		—			130,476			(130,476	)
Money Held in Trust		26,556			9,804			16,752
Securities		288,530			321,504			(32,973	)
Loans and Bills Discounted		3,192,348			3,362,267			(169,918	)
Foreign Exchange Assets		3,898			6,313			(2,415	)
Other Assets		255,755			321,181			(65,426	)
Tangible Fixed Assets		100,132			102,139			(2,007	)
Intangible Fixed Assets		21,728			25,486			(3,757	)
Prepaid Pension Cost		66,607			65,962			645
Customers’ Liabilities for Acceptances and Guarantees		14,100			14,008			92
Reserves for Possible Losses on Loans		(2,470	)		(4,196	)		1,725
Total Assets	¥	5,946,221		¥	6,413,579		¥	(467,358	)
Liabilities
Deposits	¥	2,571,352		¥	2,879,951		¥	(308,598	)
Negotiable Certificates of Deposit		691,880			618,380			73,500
Call Money		603,990			581,838			22,151
Trading Liabilities		—			131,235			(131,235	)
Borrowed Money		300,000			375,082			(75,082	)
Due to Trust Accounts		1,167,284			1,160,608			6,676
Other Liabilities		31,317			23,141			8,176
Reserve for Bonus Payments		2,741			3,199			(458	)
Reserve for Variable Compensation		272			380			(108	)
Provision for Retirement Benefits		4,935			260			4,675
Reserve for Reimbursement of Deposits		992			1,558			(566	)
Reserve for Loss of Transfer		3,061			4,814			(1,753	)
Deferred Tax Liabilities		17,484			15,515			1,969
Acceptances and Guarantees		14,100			14,008			92
Total Liabilities		5,409,413			5,809,974			(400,560	)
Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		296,471			275,949			20,522
Appropriated Reserve		150,297			45,865			104,432
Other Retained Earnings		146,174			230,083			(83,909	)
Retained Earnings Brought Forward		146,174			230,083			(83,909	)
Treasury Stock		(79,999	)		—			(79,999	)
Total Shareholders’ Equity		479,346			538,824			(59,477	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		57,707			67,360			(9,653	)
Net Deferred Hedge Gains (Losses), net of Taxes		(246	)		(2,579	)		2,332
Total Valuation and Translation Adjustments		57,460			64,781			(7,320	)
Total Net Assets		536,807			603,605			(66,797	)
Total Liabilities and Net Assets	¥	5,946,221		¥	6,413,579		¥	(467,358	)

2-42

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the fiscal year ended March 31, 2022 (A)		For the fiscal year ended March 31, 2021 (B)		Change (A) - (B)
Ordinary Income	¥	173,959	¥	191,924	¥	(17,965	)
Fiduciary Income		61,028		55,962		5,065
Interest Income		26,345		38,922		(12,576	)
Interest on Loans and Bills Discounted		19,640		21,259		(1,618	)
Interest and Dividends on Securities		4,926		15,497		(10,571	)
Fee and Commission Income		79,058		68,275		10,782
Trading Income		—		1,657		(1,657	)
Other Operating Income		369		11,911		(11,541	)
Other Ordinary Income		7,157		15,195		(8,037	)
Ordinary Expenses		123,363		147,991		(24,628	)
Interest Expenses		7,049		8,606		(1,556	)
Interest on Deposits		296		403		(107	)
Fee and Commission Expenses		36,795		34,743		2,052
Trading Expenses		640		—		640
Other Operating Expenses		12		3,847		(3,835	)
General and Administrative Expenses		75,132		80,986		(5,854	)
Other Ordinary Expenses		3,733		19,808		(16,074	)
Ordinary Profits		50,595		43,933		6,662
Extraordinary Gains		7,742		16,935		(9,192	)
Extraordinary Losses		443		1,978		(1,534	)
Income before Income Taxes		57,894		58,889		(994	)
Income Taxes:
Current		10,651		8,573		2,078
Deferred		4,559		5,928		(1,368	)
Net Income	¥	42,683	¥	44,388	¥	(1,704	)

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2022

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		497,185	Money Trusts		29,909,179
Securities		69,195	Pension Trusts		3,173,021
Beneficiary Rights to the Trusts		72,257,621	Property Formation Benefit Trusts		4,918
Securities held in Custody Accounts		410,287	Investment Trusts		21,571,181
Money Claims		23,217,982	Money Entrusted Other than Money Trusts		2,183,821
Tangible Fixed Assets		10,046,952	Securities Trusts		14,655,986
Intangible Fixed Assets		338,900	Money Claims Trusts		22,151,505
Other Claims		1,407,528	Land and Fixtures Trusts		517,050
Due from Banking Account		1,167,284	Composite Trusts		15,762,288
Cash and Due from Banks		521,425	Other Trusts		5,413
Total		109,934,364	Total		109,934,364

Notes:

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

2. Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥69,963,260 million.

3. Joint trust assets under the management of other companies: ¥177,791 million.

4. There is no balance of Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk, Loans Past Due for 3 Months or More or Restructured Loans in the claims of trust accounts that guarantee principals in the agreement of ¥3,825 million.

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

Money Trusts

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		3,825	Principal		832,808
Securities		1	Reserve		12
Others		829,072	Others		77
Total		832,898	Total		832,898

2-44

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

	Millions of yen
Items	As of March 31, 2022 (A)		As of March 31, 2021 (B)		Change (A) - (B)
Total Amount of Funds		36,350,351		34,615,632		1,734,719
Deposits		2,571,352		2,879,951		(308,598	)
Negotiable Certificates of Deposit		691,880		618,380		73,500
Money Trusts		29,909,179		27,961,821		1,947,357
Pension Trusts		3,173,021		3,150,691		22,330
Property Formation Benefit Trusts		4,918		4,788		130
Loans and Bills Discounted		3,689,533		3,909,986		(220,453	)
of Banking accounts		3,192,348		3,362,267		(169,918	)
of Trust accounts		497,185		547,719		(50,534	)
Securities for Investments		357,726		430,543		(72,816	)
of Banking accounts		288,530		321,504		(32,973	)
of Trust accounts		69,195		109,039		(39,843	)

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of March 31, 2022 (A)			As of March 31, 2021 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	405,261		¥	369,894		¥	35,366
Cash Segregated as Deposits for Customers and Others		541,274			554,281			(13,006	)
Trading Assets		6,921,502			6,222,426			699,076
Receivables - Unsettled Trades		145,887			—			145,887
Operating Investment Securities		40,926			34,338			6,588
Receivables Related to Margin Transactions		34,802			32,553			2,248
Collateralized Short-Term Financing Agreements-Receivable		4,707,548			4,520,477			187,071
Advances Paid		94			441			(347	)
Securities: Fail to Deliver		32,415			15,265			17,150
Short-Term Loans Receivable		47,983			36,085			11,898
Other Current Assets		700,334			461,711			238,623
Less: Allowance for Doubtful Accounts		(79	)		(276	)		197
Noncurrent Assets
Property and Equipment		18,742			19,775			(1,033	)
Intangible Assets		68,497			66,544			1,953
Investments and Other Assets		304,034			314,486			(10,451	)
Total Assets	¥	13,969,227		¥	12,648,003		¥	1,321,223
Liabilities
Current Liabilities
Trading Liabilities	¥	5,356,537		¥	4,765,362		¥	591,175
Payables - Unsettled Trades		—			253,734			(253,734	)
Payables Related to Margin Transactions		50,556			39,793			10,762
Collateralized Short-Term Financing Agreements-Payable		4,144,682			3,510,972			633,710
Deposits Received		425,452			444,112			(18,659	)
Guarantee Deposits Received		425,613			417,142			8,471
Securities: Fail to Receive		7,083			2,854			4,229
Short-Term Borrowings		904,079			806,728			97,350
Commercial Paper		490,500			423,500			67,000
Bonds and Notes Due within One Year		148,768			127,648			21,120
Income Taxes Payable		2,515			11,565			(9,050	)
Accrued Employees’ Bonuses		25,379			25,365			14
Provision for Variable Compensation		411			788			(377	)
Other Current Liabilities		46,970			50,122			(3,152	)
Noncurrent Liabilities
Bonds and Notes		753,870			623,175			130,694
Long-Term Borrowings		580,000			150,400			429,600
Provision for Retirement Benefits		22,579			21,216			1,362
Reserve for Loss of Transfer		1,541			4,194			(2,653	)
Other Noncurrent Liabilities		3,769			3,132			636
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		3,132			3,135			(3	)
Total Liabilities		13,393,441			11,684,945			1,708,496
Net Assets
Common Stock		125,167			125,167			—
Capital Surplus		381,649			381,649			—
Additional Paid - in Capital		285,831			285,831			—
Other Capital Surplus		95,817			95,817			—
Retained Earnings		425,554			440,661			(15,107	)
Other Retained Earnings		425,554			440,661			(15,107	)
Retained Earnings Brought Forward		425,554			440,661			(15,107	)
Treasury Stock		(369,999	)		—			(369,999	)
Total Shareholders’ Equity		562,371			947,478			(385,107	)
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		23,193			25,339			(2,146	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,778	)		(9,759	)		(19	)
Total Valuation and Translation Adjustments		13,415			15,580			(2,165	)
Total Net Assets		575,786			963,058			(387,272	)
Total Liabilities and Net Assets	¥	13,969,227		¥	12,648,003		¥	1,321,223

2-46

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the fiscal year ended March 31, 2022 (A)			For the fiscal year ended March 31, 2021 (B)			Change (A) - (B)
Operating Revenues	¥	380,505		¥	408,177		¥	(27,672	)
Commissions		183,633			181,774			1,858
Net Gain on Trading		123,761			152,257			(28,496	)
Net Gain on Operating Investment Securities		(2,831	)		630			(3,462	)
Interest and Dividend Income		75,942			73,514			2,428
Interest Expenses		53,612			56,850			(3,237	)
Net Operating Revenues		326,892			351,326			(24,434	)
Selling, General and Administrative Expenses		251,967			264,682			(12,715	)
Transaction-Related Expenses		70,197			73,476			(3,279	)
Personnel Expenses		96,131			100,958			(4,827	)
Real Estate Expenses		21,017			22,148			(1,130	)
Administrative Expenses		39,150			39,411			(261	)
Depreciation and Amortization		17,770			19,994			(2,224	)
Taxes and Dues		5,252			5,797			(545	)
Provision of Allowance for Doubtful Accounts		36			283			(246	)
Other		2,411			2,612			(200	)
Operating Income		74,924			86,643			(11,718	)
Non-Operating Income		3,437			4,210			(772	)
Non-Operating Expenses		506			221			285
Ordinary Income		77,855			90,632			(12,776	)
Extraordinary Gain		3,738			13,748			(10,010	)
Extraordinary Loss		10,627			15,830			(5,202	)
Income before Income Taxes		70,966			88,550			(17,584	)
Income Taxes:
Current		10,303			14,761			(4,457	)
Deferred		203			(3,167	)		3,370
Net Income	¥	60,459		¥	76,956		¥	(16,497	)

2-47