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 2023

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: May 15, 2023
Mizuho Financial Group, Inc.
By:	/s/ Takefumi Yonezawa
Name:	Takefumi Yonezawa
Title:	Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for Fiscal 2022 (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) May 15, 2023

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 23, 2023	Commencement of Dividend Payment (scheduled): June 6, 2023
Filing of Yuka Shoken Hokokusho to   the Kanto Local Finance Bureau (scheduled):	June 16, 2023	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 2022 (for the fiscal year ended March 31, 2023)

(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 2022		5,778,772		45.8		789,606		41.0		555,527		4.7
Fiscal 2021		3,963,091		23.1		559,847		4.3		530,479		12.6

Note: Comprehensive Income: Fiscal 2022: ¥277,666 million, 489.2%; Fiscal 2021: ¥47,121 million, (94.9)%

	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 2022		219.20		219.19		6.1		0.3		13.6
Fiscal 2021		209.27		209.26		5.7		0.2		14.1

Reference: Equity in Income from Investments in Affiliates: Fiscal 2022: ¥11,889 million; Fiscal 2021: ¥25,434 million

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2022		254,258,203		9,208,463		3.5		3,603.98
Fiscal 2021		237,066,142		9,201,031		3.8		3,581.39

Reference: Own Capital: As of March 31, 2023: ¥9,133,294 million; As of March 31, 2022: ¥9,077,382 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 2022		8,867,246		6,605,667			(611,143	)		65,825,681
Fiscal 2021		4,917,186		(1,860,490	)		(522,056	)		50,136,299

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 2021		—		40.00		—		40.00		80.00		203,087		38.2		2.2
Fiscal 2022		—		42.50		—		42.50		85.00		215,772		38.7		2.3
Fiscal 2023 (estimate)		—		47.50		—		47.50		95.00				39.5

3. Consolidated Earnings Estimates for Fiscal 2023 (for the fiscal year ending March 31, 2024)

(%: 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 F2023		—		—		—
Fiscal 2023		610,000		9.8		240.61

Note: The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock (excluding treasury stock) as of March 31, 2023.

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, 2023	2,539,249,894 shares	As of March 31, 2022	2,539,249,894 shares
ii . Year-end treasury stock:	As of March 31, 2023	5,027,306 shares	As of March 31, 2022	4,659,024 shares
iii. Average number of outstanding shares:	Fiscal 2022	2,534,340,257 shares	Fiscal 2021	2,534,897,183 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 geopolitical disruptions and the corona virus pandemic; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 28, 2022, 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 2022 and Dividend Estimates for Fiscal 2023	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 Thursday, May 18, 2023. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. 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, 2023, while demand continued to recover, supported by the transition to a world of living with COVID-19 and fiscal expenditure by each country, global inflation was triggered by structural shifts in the labor market, natural resource supply constraints caused by the situation in Ukraine and other factors. In addition, the impact of the heightened pace of monetary tightening, which is centered on Europe and the United States, materialized and the outlook for the global economy remained uncertain.

In the United States, the economy continued to grow steadily, mainly in terms of consumption, even under steep inflation and sudden monetary tightening by the Federal Reserve Board (FRB) in response thereto. Wages, which support consumption, remained high as a result of labor supply constraints stemming from strong demand for labor, the spread of COVID-19 and other factors. While the FRB continued to tighten monetary policy based on these circumstances, several financial institutions have gone bankrupt and the economic outlook has become increasingly uncertain.

In Europe, economic growth slowed due to surging resource prices and resource supply constraints caused by the situation in Ukraine. Although the rise in gas prices came to a pause, the rise in food prices and other factors continued to increase inflation, pushing down consumption. However, as not only price increases but also wage growth is accelerating, the European Central Bank (ECB) has continued to raise interest rates. The economy is expected to remain somewhat sluggish in the future, affected by the rising rate of inflation and interest rate hikes. In addition, there are concerns that the financial market turmoil caused by uncertainty over the business management of financial institutions will have a significant impact on monetary policy and economic trends.

In Asia, China has experienced weak real estate investment for a prolonged time and consumer sentiment has also remained weak due to the “Zero COVID” policy. After the end of the “Zero COVID” policy, the number of infections temporarily rose in a steep manner but the infection rate eventually stabilized. Led mainly by services consumption, China has recently been recovering at a gradual rate. However, 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, the overall growth rate has been higher due to the relaxation of restrictions on activities. On the other hand, the trend of growth has recently slowed as the corresponding round of recovery of consumer demand following the COVID-19 pandemic has come to an end and the impact of inflation has slowed such growth.

In Japan, despite the weakened production activities of manufacturers due to sluggish capital investment and shortages of semiconductors, with the relaxation of restrictions on activities, gradual recovery is expected to continue mainly in domestic demand-oriented industries, such as service industries. Inflation rates that had been rising against the backdrop of increased resource prices and the depreciation of the yen are also expected to weaken in light of a pause in the surge in the commodity market. On the other hand, the slowdown of overseas economies due to monetary tightening in Europe and the United States that may diminish capital investments is a cause for concern. Concerns remain high about whether there will be a change in the financial policy of the Bank of Japan; and if the change is actually implemented, such change may affect the Japanese economy.

The prospects for the global economy are expected to remain uncertain given a lack of clarity as to the impact that global monetary tightening will have on the real economy. In addition, depending on the circumstances, such as the spread of financial system instabilities resulting from the bankruptcy of financial institutions in Europe and the United States, increasing tensions with respect to the situation in Ukraine and further worsening of inflation, particularly in the United States, there is a possibility of financial and capital market disruption and the risk of further economic downturn, which may also adversely affect the Japanese economy.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,278.4 billion for fiscal 2022, increasing by ¥25.9 billion from the previous fiscal year. General and Administrative Expenses increased by ¥52.3 billion on a year-on-year basis to ¥1,445.2 billion mainly due to increasing expenses as a result of currency fluctuations whereas further progress in cost reduction through structural reform was achived.

1-2

Mizuho Financial Group, Inc.

As a result, Consolidated Net Business Profits decreased by ¥45.9 billion on a year-on-year basis to ¥805.2 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., decreased by ¥46.0 billion on a year-on-year basis to ¥807.1 billion mainly due to a decline in profits after booking unrealized losses on foreign bonds portfolio in Markets Groups whereas we had a steady business performance in Customer Groups especially overseas.

Credit-related Costs decreased by ¥145.8 billion on a year-on-year basis to ¥89.3 billion mainly due to the elimination of a large provision for reserves relating to certain customers recorded in the previous fiscal year.

Net Gains (Losses) related to Stocks increased by ¥130.3 billion on a year-on-year basis to net gains of ¥86.4 billion mainly due to the elimination of losses on the cancellation of bear funds intended on fixing unrealized gain on stocks recorded in the previous fiscal year in addition to steady progress in the sale of cross-holding stocks.

As a result, Ordinary Income increased by ¥229.7 billion on a year-on-year basis to ¥789.6 billion.

Extraordinary Gains (Losses) decreased by ¥54.6 billion on a year-on-year basis to net losses of ¥10.6 billion mainly due to the elimination of a large amount of gains on cancellation of employee retirement benefit trust recorded in the previous fiscal year.

Tax-related Expenses increased by ¥158.1 billion on a year-on-year basis to ¥218.8 billion mainly due to the elimination of the influence of the tax effect of capital optimization of Mizuho Securities Co., Ltd. as part of our financial structural reform recorded in the previous fiscal year.

As a result, Profit Attributable to Owners of Parent for fiscal 2022 increased by ¥25.0 billion on a year-on-year basis to ¥555.5 billion.

As for earnings estimates for fiscal 2023, we estimate Ordinary Profits of ¥860.0 billion and Profit Attributable to Owners of Parent of ¥610.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2023 amounted to ¥254,258.2 billion, increasing by ¥17,192.0 billion from the end of the previous fiscal year mainly due to an increase in Cash and Due from Banks.

Securities were ¥37,363.1 billion, decreasing by ¥7,277.9 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥88,687.1 billion, increasing by ¥3,950.8 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥164,287.3 billion, increasing by ¥8,587.5 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,208.4 billion, increasing by ¥7.4 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥8,471.1 billion, Accumulated Other Comprehensive Income was ¥662.1 billion, and Non-controlling Interests was ¥75.1 billion.

Net Cash Provided by Operating Activities was ¥8,867.2 billion mainly due to increased deposits. Net Cash Provided in Investing Activities was ¥6,605.6 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥611.1 billion mainly due to the redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2023 was ¥65,825.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2022 and Dividend Estimates for Fiscal 2023

Based on our capital management policy of pursuing the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, we maintain our shareholder return policy of progressive dividends as 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.

1-3

Mizuho Financial Group, Inc.

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥42.5 of year-end cash dividends on common stock for Fiscal 2022 (annual cash dividends of ¥85.0 including interim dividends of ¥42.5) 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 2022 was ¥555.5 billion.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.5%, thus again fulfilling our target level of the 5-Year Business Plan which was set at the lower end of the 9-10% range.

Year-end cash dividends on Common Stock	¥42.5 per share	(unchanged from the estimate of an increase of ¥2.5)
Annual cash dividends incl. interim dividends	¥85.0 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 2023, we predict ¥95.0 per share of common stock, which is an increase of ¥10.0 from Fiscal 2022. 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 2023)
Common Stock	Cash Dividends per Share	¥	95.0	(Increase of ¥10.0 from Fiscal 2022)
	of which Interim Dividends	¥	47.5	(Increase of ¥5.0 from Fiscal 2022)

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.

1-4

Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2022			As of March 31, 2023
Assets
Cash and Due from Banks	¥	51,359,301		¥	67,152,100
Call Loans and Bills Purchased		940,008			1,386,895
Receivables under Resale Agreements		12,750,363			11,693,419
Guarantee Deposits Paid under Securities Borrowing Transactions		2,340,089			1,897,429
Other Debt Purchased		3,476,021			3,836,735
Trading Assets		13,221,415			17,404,494
Money Held in Trust		591,183			514,607
Securities		44,641,060			37,363,140
Loans and Bills Discounted		84,736,280			88,687,155
Foreign Exchange Assets		2,627,492			2,408,587
Derivatives other than for Trading Assets		2,277,160			2,184,875
Other Assets		7,797,796			8,689,547
Tangible Fixed Assets		1,095,977			1,105,851
Buildings		340,016			325,241
Land		623,627			618,787
Lease Assets		4,675			6,333
Construction in Progress		21,737			43,679
Other Tangible Fixed Assets		105,919			111,808
Intangible Fixed Assets		601,292			572,719
Software		371,534			375,322
Goodwill		52,547			49,613
Lease Assets		1,823			2,098
Other Intangible Fixed Assets		175,387			145,685
Net Defined Benefit Asset		863,217			859,271
Deferred Tax Assets		184,594			316,168
Customers’ Liabilities for Acceptances and Guarantees		8,346,878			8,905,643
Reserves for Possible Losses on Loans		(783,886	)		(720,437	)
Reserve for Possible Losses on Investments		(107	)		(1	)
Total Assets	¥	237,066,142		¥	254,258,203

1-5

Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2022			As of March 31, 2023
Liabilities
Deposits	¥	138,830,872		¥	150,498,976
Negotiable Certificates of Deposit		16,868,931			13,788,347
Call Money and Bills Sold		1,278,050			1,814,873
Payables under Repurchase Agreements		20,068,779			25,735,560
Guarantee Deposits Received under Securities Lending Transactions		1,172,248			757,842
Commercial Paper		1,775,859			1,782,111
Trading Liabilities		9,608,976			12,698,007
Borrowed Money		6,590,527			4,155,480
Foreign Exchange Liabilities		1,508,453			671,552
Short-term Bonds		537,167			477,141
Bonds and Notes		10,714,004			11,371,189
Due to Trust Accounts		1,167,284			1,534,097
Derivatives other than for Trading Liabilities		2,770,852			2,749,138
Other Liabilities		6,301,484			7,777,025
Reserve for Bonus Payments		120,052			126,694
Reserve for Variable Compensation		2,278			2,381
Net Defined Benefit Liability		71,774			68,429
Reserve for Director and Corporate Auditor Retirement Benefits		557			539
Reserve for Possible Losses on Sales of Loans		1,309			15,049
Reserve for Contingencies		6,622			13,706
Reserve for Reimbursement of Deposits		17,620			13,695
Reserve for Reimbursement of Debentures		10,504			7,798
Reserves under Special Laws		3,132			3,352
Deferred Tax Liabilities		30,923			22,391
Deferred Tax Liabilities for Revaluation Reserve for Land		59,962			58,711
Acceptances and Guarantees		8,346,878			8,905,643
Total Liabilities	¥	227,865,110		¥	245,049,740
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,125,324			1,129,267
Retained Earnings		4,756,435			5,093,911
Treasury Stock		(8,342	)		(8,786	)
Total Shareholders’ Equity		8,130,185			8,471,160
Net Unrealized Gains (Losses) on Other Securities		719,822			564,495
Deferred Gains or Losses on Hedges		(76,757	)		(358,102	)
Revaluation Reserve for Land		132,156			129,321
Foreign Currency Translation Adjustments		2,346			144,093
Remeasurements of Defined Benefit Plans		169,652			182,306
Own Credit Risk Adjustments, Net of Tax		(23	)		19
Total Accumulated Other Comprehensive Income		947,197			662,133
Stock Acquisition Rights		94			5
Non-controlling Interests		123,555			75,163
Total Net Assets		9,201,031			9,208,463
Total Liabilities and Net Assets	¥	237,066,142		¥	254,258,203

1-6

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, 2022		For the fiscal year ended March 31, 2023
Ordinary Income	¥	3,963,091	¥	5,778,772
Interest Income		1,309,009		3,178,214
Interest on Loans and Bills Discounted		877,895		1,750,984
Interest and Dividends on Securities		275,393		392,104
Interest on Call Loans and Bills Purchased		1,426		13,898
Interest on Receivables under Resale Agreements		29,694		281,313
Interest on Securities Borrowing Transactions		2,431		22,411
Interest on Due from Banks		58,748		498,504
Other Interest Income		63,419		218,996
Fiduciary Income		60,490		58,958
Fee and Commission Income		905,575		915,534
Trading Income		1,017,889		992,631
Other Operating Income		393,956		452,853
Other Ordinary Income		276,170		180,579
Recovery of Written-off Claims		18,260		7,730
Other		257,910		172,848
Ordinary Expenses		3,403,244		4,989,165
Interest Expenses		315,550		2,217,636
Interest on Deposits		64,829		840,042
Interest on Negotiable Certificates of Deposit		15,436		209,222
Interest on Call Money and Bills Sold		1,149		17,140
Interest on Payables under Repurchase Agreements		36,356		651,987
Interest on Securities Lending Transactions		42		8,734
Interest on Commercial Paper		3,721		51,776
Interest on Borrowed Money		6,034		34,377
Interest on Short-term Bonds		68		71
Interest on Bonds and Notes		171,577		238,031
Other Interest Expenses		16,334		166,251
Fee and Commission Expenses		164,579		163,841
Trading Expenses		730,204		657,923
Other Operating Expenses		224,116		280,386
General and Administrative Expenses		1,392,896		1,445,283
Other Ordinary Expenses		575,896		224,095
Provision for Reserves for Possible Losses on Loans		236,491		65,698
Other		339,404		158,396
Ordinary Profits	¥	559,847	¥	789,606

1-7

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2022			For the fiscal year ended March 31, 2023
Extraordinary Gains	¥	78,196		¥	50,888
Gains on Disposition of Fixed Assets		3,938			3,260
Gains on Cancellation of Employee Retirement Benefit Trust		74,254			47,627
Other Extraordinary Gains		3			—
Extraordinary Losses		34,171			61,530
Losses on Disposition of Fixed Assets		6,585			7,462
Losses on Impairment of Fixed Assets		27,585			51,545
Losses on Sales of Shares of Affiliates		—			2,301
Other Extraordinary Losses		—			220
Income before Income Taxes		603,872			778,964
Income Taxes:
Current		130,079			180,716
Refund of Income Taxes		(12,738	)		(9,911	)
Deferred		(56,652	)		48,029
Total Income Taxes		60,688			218,834
Profit		543,183			560,130
Profit Attributable to Non-controlling Interests		12,703			4,602
Profit Attributable to Owners of Parent	¥	530,479		¥	555,527

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the fiscal year ended March 31, 2022			For the fiscal year ended March 31, 2023
Profit	¥	543,183		¥	560,130
Other Comprehensive Income (Loss)		(496,061	)		(282,463	)
Net Unrealized Gains (Losses) on Other Securities		(411,077	)		(157,244	)
Deferred Gains or Losses on Hedges		(108,186	)		(281,515	)
Foreign Currency Translation Adjustments		130,612			127,170
Remeasurements of Defined Benefit Plans		(115,038	)		13,298
Own Credit Risk Adjustments, Net of Tax		(23	)		42
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		7,650			15,783
Comprehensive Income		47,121			277,666
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		33,676			273,298
Comprehensive Income Attributable to Non-controlling Interests		13,444			4,368

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

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

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2023

	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		1,125,324			4,756,435			(8,342	)		8,130,185
Changes during the period
Cash Dividends							(209,432	)					(209,432	)
Profit Attributable to Owners of Parent							555,527						555,527
Repurchase of Treasury Stock										(2,314	)		(2,314	)
Disposition of Treasury Stock				(255	)					1,870			1,615
Transfer from Revaluation Reserve for Land							2,834						2,834
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				4,064									4,064
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others							(11,319	)					(11,319	)
Transfer from Retained Earnings to Capital Surplus				134			(134	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		3,943			337,475			(443	)		340,975
Balance as of the end of the period		2,256,767		1,129,267			5,093,911			(8,786	)		8,471,160

	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		719,822			(76,757	)		132,156			2,346		169,652		(23	)		947,197			94			123,555			9,201,031
Changes during the period
Cash Dividends																											(209,432	)
Profit Attributable to Owners of Parent																											555,527
Repurchase of Treasury Stock																											(2,314	)
Disposition of Treasury Stock																											1,615
Transfer from Revaluation Reserve for Land																											2,834
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																											4,064
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others																											(11,319	)
Transfer from Retained Earnings to Capital Surplus																											—
Net Changes in Items other than Shareholders’ Equity		(155,326	)		(281,345	)		(2,834	)		141,746		12,654		42			(285,063	)		(88	)		(48,392	)		(333,544	)
Total Changes during the period		(155,326	)		(281,345	)		(2,834	)		141,746		12,654		42			(285,063	)		(88	)		(48,392	)		7,431
Balance as of the end of the period		564,495			(358,102	)		129,321			144,093		182,306		19			662,133			5			75,163			9,208,463

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

	Millions of yen
	For the fiscal year ended March 31, 2022			For the fiscal year ended March 31, 2023
Cash Flow from Operating Activities
Income before Income Taxes	¥	603,872		¥	778,964
Depreciation		161,897			163,166
Losses on Impairment of Fixed Assets		27,585			51,545
Amortization of Goodwill		3,741			3,771
Equity in Loss (Gain) from Investments in Affiliates		(25,434	)		(11,889	)
Increase (Decrease) in Reserves for Possible Losses on Loans		194,340			(71,488	)
Increase (Decrease) in Reserve for Possible Losses on Investments		106			(106	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		234			13,740
Increase (Decrease) in Reserve for Contingencies		(202	)		6,115
Increase (Decrease) in Reserve for Bonus Payments		11,954			1,746
Increase (Decrease) in Reserve for Variable Compensation		(656	)		102
Decrease (Increase) in Net Defined Benefit Asset		56,392			69,067
Increase (Decrease) in Net Defined Benefit Liability		6,169			(4,506	)
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(126	)		(17	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(4,479	)		(3,924	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		(3,915	)		(2,706	)
Interest Income—accrual basis		(1,309,009	)		(3,178,214	)
Interest Expenses—accrual basis		315,550			2,217,636
Losses (Gains) on Securities		62,305			50,633
Losses (Gains) on Money Held in Trust		85			22
Foreign Exchange Losses (Gains)—net		(928,800	)		(662,938	)
Losses (Gains) on Disposition of Fixed Assets		2,647			4,202
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(74,254	)		(47,627	)
Decrease (Increase) in Trading Assets		(201,023	)		(3,869,757	)
Increase (Decrease) in Trading Liabilities		1,234,368			2,855,475
Decrease (Increase) in Derivatives other than for Trading Assets		(528,425	)		118,439
Increase (Decrease) in Derivatives other than for Trading Liabilities		996,914			(46,028	)
Decrease (Increase) in Loans and Bills Discounted		1,343,307			(2,092,530	)
Increase (Decrease) in Deposits		3,508,335			10,000,741
Increase (Decrease) in Negotiable Certificates of Deposit		(913,529	)		(3,395,330	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		(869,766	)		(2,436,997	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(125,565	)		(44,557	)
Decrease (Increase) in Call Loans, etc.		(928,392	)		1,029,697
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		367,621			442,660
Increase (Decrease) in Call Money, etc.		(133,057	)		4,808,324
Increase (Decrease) in Commercial Paper		(551,464	)		(155,216	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		214,099			(414,405	)
Decrease (Increase) in Foreign Exchange Assets		(398,661	)		357,779
Increase (Decrease) in Foreign Exchange Liabilities		973,697			(837,977	)
Increase (Decrease) in Short-term Bonds (Liabilities)		81,121			(60,026	)
Increase (Decrease) in Bonds and Notes		607,064			887,829
Increase (Decrease) in Due to Trust Accounts		6,676			366,812
Interest and Dividend Income—cash basis		1,424,865			3,027,958
Interest Expenses—cash basis		(273,855	)		(2,028,391	)
Other—net		147,257			1,108,820
Subtotal		5,081,594			9,000,617
Cash Refunded (Paid) in Income Taxes		(164,408	)		(133,371	)
Net Cash Provided by (Used in) Operating Activities		4,917,186			8,867,246

1-12

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal year ended March 31, 2022			For the fiscal year ended March 31, 2023
Cash Flow from Investing Activities
Payments for Purchase of Securities		(102,478,445	)		(80,978,246	)
Proceeds from Sale of Securities		57,161,461			44,652,769
Proceeds from Redemption of Securities		43,586,621			43,032,475
Payments for Increase in Money Held in Trust		(31,898	)		(3,843	)
Proceeds from Decrease in Money Held in Trust		22,312			79,409
Payments for Purchase of Tangible Fixed Assets		(42,297	)		(64,845	)
Payments for Purchase of Intangible Fixed Assets		(96,964	)		(118,331	)
Proceeds from Sale of Tangible Fixed Assets		18,239			9,813
Proceeds from Sale of Intangible Fixed Assets		480			—
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		—			(3,533	)
Net Cash Provided by (Used in) Investing Activities		(1,860,490	)		6,605,667
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		10,000			20,000
Repayments of Subordinated Borrowed Money		(4,000	)		(35,000	)
Proceeds from Issuance of Subordinated Bonds		171,410			208,500
Payments for Redemption of Subordinated Bonds		(494,000	)		(544,615	)
Proceeds from Investments by Non-controlling Shareholders		565			2,219
Repayments to Non-controlling Shareholders		(502	)		(324	)
Cash Dividends Paid		(196,783	)		(209,457	)
Cash Dividends Paid to Non-controlling Shareholders		(7,693	)		(10,459	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		—			(41,307	)
Payments for Repurchase of Treasury Stock		(1,927	)		(2,314	)
Proceeds from Sale of Treasury Stock		873			1,615
Payments for Repurchase of Treasury Stock of Subsidiaries		(0	)		—
Net Cash Provided by (Used in) Financing Activities		(522,056	)		(611,143	)
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		620,261			827,611
Net Increase (Decrease) in Cash and Cash Equivalents		3,154,900			15,689,381
Cash and Cash Equivalents at the beginning of the fiscal year		46,981,399			50,136,299
Cash and Cash Equivalents at the end of the fiscal year	¥	50,136,299		¥	65,825,681

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)

(Implementation Guidance on Accounting Standard for Fair Value Measurement)

MHFG has applied “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021 (referred to as “Fair Value Accounting Standard Implementation Guidance”)) from the beginning of the consolidated fiscal year ended March 31, 2023. In accordance with the transitional treatment set out in Paragraph 27-2 of “Fair Value Accounting Standard Implementation Guidance”, MHFG applies the new accounting policy set forth in “Fair Value Accounting Standard Implementation Guidance” prospectively. As a result, some Investment trusts and others are calculated using net asset value, etc., as of the calculation date of the fair value.

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		704,010			502,333		672,208		321,205		55,165		25,325		2,280,246
General and administrative expenses (excluding Non-Recurring Losses and others)		611,572			197,274		322,981		258,031		35,194		48,512		1,473,564
Equity in income from investments in affiliates		(17,036	)		6,376		22,781		���		241		(472	)	11,889
Amortization of goodwill and others		2,071			91		740		770		6,861		901		11,434
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		73,331			311,344		371,268		62,404		13,351		(24,561	)	807,136
Fixed assets		489,333			150,141		173,722		87,865		—		777,510		1,678,571

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 ¥ 1,840 million, of which ¥ (299) 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		2,280,246
Net gains or losses related to ETFs and others		(1,840	)
Other Ordinary Income		180,579
General and Administrative Expenses		(1,445,283	)
Other Ordinary Expenses		(224,095	)
Ordinary Profits recorded in Consolidated Statement of Income		789,606

(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		807,136
General and Administrative Expenses (non-recurring losses)		39,715
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(96,737	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		7,426
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		84,633
Net Extraordinary Gains (Losses)		(10,641	)
Others		(52,568	)
Income before Income Taxes recorded in Consolidated Statement of Income		778,964

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

	Fiscal 2021		Fiscal 2022
Net Assets per Share of Common Stock	¥	3,581.39	¥	3,603.98
Net Income per Share of Common Stock	¥	209.27	¥	219.20
Diluted Net Income per Share of Common Stock	¥	209.26	¥	219.19

Notes: 1. Total Net Assets per Share of Common Stock is based on the following information:

			Fiscal 2021		Fiscal 2022
Net Assets per Share of Common Stock
Total Net Assets	¥	million		9,201,031		9,208,463
Deductions from Total Net Assets	¥	million		123,649		75,168
Stock Acquisition Rights	¥	million		94		5
Non-Controlling Interests	¥	million		123,555		75,163
Net Assets (year-end) related to Common Stock	¥	million		9,077,382		9,133,294
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated		Thousands of shares		2,534,590		2,534,222

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

			Fiscal 2021		Fiscal 2022
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		530,479		555,527
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		530,479		555,527
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares		2,534,897		2,534,340
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		65		15
Stock Acquisition Rights		Thousands of shares		65		15
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.

3. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2022 and 2023. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2022 and 2023 are 3,079 thousand and 3,231 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, 2022 and 2023 are 2,892 thousand and 3,275 thousand, respectively.

(Subsequent Events)

There is no applicable information.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2022

(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 2022	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 Performing 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 Performing Loans based on the BA and the FRA		CON	NON		2- 23
4. Coverage on Non Performing 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 Performing 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 Performing 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 2023		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 geopolitical disruptions and the corona virus pandemic; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 28, 2022, 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 2022

1. Income Analysis

Consolidated

		(Millions of yen)
		Fiscal 2022						Fiscal 2021
					Change
Consolidated Gross Profits	1		2,278,405			25,936			2,252,469
Net Interest Income	2		960,578			(32,879	)		993,458
Fiduciary Income	3		58,958			(1,531	)		60,490
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		751,693			10,697			740,995
Net Trading Income	6		334,708			47,023			287,685
Net Other Operating Income	7		172,466			2,626			169,839
General and Administrative Expenses	8		(1,445,283	)		(52,387	)		(1,392,896	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(96,737	)		159,203			(255,941	)
Losses on Write-offs of Loans	10		(16,234	)		(4,259	)		(11,975	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		7,426			(13,339	)		20,765
Net Gains (Losses) related to Stocks	12		86,474			130,321			(43,846	)
Equity in Income from Investments in Affiliates	13		11,889			(13,545	)		25,434
Other	14		(52,568	)		(6,430	)		(46,137	)
Ordinary Profits	15		789,606			229,759			559,847
Net Extraordinary Gains (Losses)	16		(10,641	)		(54,666	)		44,024
Income before Income Taxes	17		778,964			175,092			603,872
Income Taxes - Current	18		(170,805	)		(53,464	)		(117,341	)
- Deferred	19		(48,029	)		(104,681	)		56,652
Profit	20		560,130			16,947			543,183
Profit Attributable to Non-controlling Interests	21		(4,602	)		8,100			(12,703	)
Profit Attributable to Owners of Parent	22		555,527			25,047			530,479
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(89,311	)		145,864			(235,175	)
* 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		805,296			(45,963	)		851,259
* 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		178			15			163
Number of affiliates under the equity method	26		25			1			24

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		Fiscal 2022												Fiscal 2021
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,321,194			109,836			1,431,031			(37,620	)		1,468,651
Domestic Gross Profits	2		827,090			109,921			937,012			84,877			852,134
Net Interest Income	3		454,676			19,635			474,312			2,923			471,388
Fiduciary Income	4					59,527			59,527			(1,500	)		61,028
Trust Fees for Jointly Operated Designated Money Trust	5					4,005			4,005			49			3,955
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		260,337			30,947			291,285			(6,577	)		297,862
Net Trading Income	8		64,015			—			64,015			51,612			12,402
Net Other Operating Income	9		48,060			(189	)		47,870			38,418			9,452
International Gross Profits	10		494,104			(85	)		494,019			(122,497	)		616,516
Net Interest Income	11		416,221			67			416,289			(18,431	)		434,721
Net Fee and Commission Income	12		150,898			(166	)		150,732			13,338			137,394
Net Trading Income	13		(58,025	)		—			(58,025	)		(46,647	)		(11,378	)
Net Other Operating Income	14		(14,990	)		13			(14,976	)		(70,756	)		55,779
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(777,433	)		(79,206	)		(856,639	)		1,267			(857,906	)
Expense Ratio	16		58.8	%		72.1	%		59.8	%		1.4	%		58.4	%
Personnel Expenses	17		(298,450	)		(38,662	)		(337,113	)		3,084			(340,197	)
Non-Personnel Expenses	18		(433,914	)		(36,838	)		(470,753	)		(2,708	)		(468,044	)
Premium for Deposit Insurance	19		(15,326	)		(498	)		(15,825	)		17,746			(33,571	)
Miscellaneous Taxes	20		(45,067	)		(3,705	)		(48,773	)		892			(49,665	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		543,761			30,630			574,391			(36,353	)		610,744
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		727,500			30,641			758,142			97,934			660,207
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		703,966			30,641			734,608			91,860			642,748
Reversal of (Provision for) General Reserve for Losses on Loans	24		(45,325	)		(1,199	)		(46,524	)		(156,678	)		110,153
Net Business Profits	25		498,436			29,430			527,866			(193,031	)		720,898
Net Gains (Losses) related to Bonds	26		(183,738	)		(11	)		(183,750	)		(134,287	)		(49,462	)
Net Non-Recurring Gains (Losses)	27		60,734			8,620			69,354			528,798			(459,443	)
Net Gains (Losses) related to Stocks	28		57,896			2,892			60,788			108,191			(47,402	)
Expenses related to Portfolio Problems	29		3,212			61			3,273			437,310			(434,036	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		6,955			1			6,956			(13,226	)		20,183
Other	31		(7,330	)		5,666			(1,663	)		(3,476	)		1,812
Ordinary Profits	32		559,170			38,051			597,221			335,767			261,454
Net Extraordinary Gains (Losses)	33		28,942			(41	)		28,900			(16,486	)		45,387
Net Gains (Losses) on Disposition of Fixed Assets	34		(4,225	)		(136	)		(4,361	)		(2,832	)		(1,528	)
Losses on Impairment of Fixed Assets	35		(12,936	)		(5,271	)		(18,207	)		9,131			(27,338	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		45,553			2,074			47,627			(26,626	)		74,254
Income before Income Taxes	37		588,112			38,009			626,122			319,280			306,841
Income Taxes - Current	38		(106,291	)		(10,043	)		(116,335	)		54,076			(170,411	)
- Deferred	39		(85,659	)		(995	)		(86,654	)		(169,490	)		82,836
Net Income	40		396,161			26,970			423,132			203,866			219,265
(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	41		(35,157	)		(1,137	)		(36,295	)		267,405			(303,700)
Credit-related Costs [41]  =   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	42					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	43		(45,325	)		(1,199	)		(46,524	)		(157,479	)		110,954
Losses on Write-offs of Loans	44		(8,337	)		(6	)		(8,343	)		(15,635	)		7,291
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		9,387			68			9,456			379,234			(369,777	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		15,181			—			15,181			68,474			(53,293	)
Reversal of (Provision for) Reserve for Contingencies	47		(3,380	)		—			(3,380	)		(5,442	)		2,062
Other (including Losses on Sales of Loans)	48		(2,684	)		—			(2,684	)		(1,745	)		(938	)
Total	49		(35,157	)		(1,137	)		(36,295	)		267,405			(303,700	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		Fiscal 2022						Fiscal 2021
					Change
Gross Profits	1		1,321,194			(25,129	)		1,346,323
Domestic Gross Profits	2		827,090			97,092			729,997
Net Interest Income	3		454,676			2,094			452,582
Net Fee and Commission Income	4		260,337			5,060			255,277
Net Trading Income	5		64,015			50,983			13,031
Net Other Operating Income	6		48,060			38,954			9,106
International Gross Profits	7		494,104			(122,221	)		616,325
Net Interest Income	8		416,221			(17,985	)		434,207
Net Fee and Commission Income	9		150,898			13,182			137,716
Net Trading Income	10		(58,025	)		(46,658	)		(11,367	)
Net Other Operating Income	11		(14,990	)		(70,759	)		55,768
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(777,433	)		590			(778,023	)
Expense Ratio	13		58.8	%		1.0	%		57.7	%
Personnel Expenses	14		(298,450	)		3,754			(302,204	)
Non-Personnel Expenses	15		(433,914	)		(3,923	)		(429,991	)
Premium for Deposit Insurance	16		(15,326	)		17,128			(32,455	)
Miscellaneous Taxes	17		(45,067	)		760			(45,827	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		543,761			(24,538	)		568,299
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		727,500			109,730			617,769
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		703,966			103,646			600,320
Reversal of (Provision for) General Reserve for Losses on Loans	21		(45,325	)		(155,478	)		110,153
Net Business Profits	22		498,436			(180,017	)		678,453
Net Gains (Losses) related to Bonds	23		(183,738	)		(134,269	)		(49,469	)
Net Non-Recurring Gains (Losses)	24		60,734			528,328			(467,594	)
Net Gains (Losses) related to Stocks	25		57,896			109,019			(51,123	)
Expenses related to Portfolio Problems	26		3,212			437,173			(433,961	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		6,955			(12,511	)		19,466
Other	28		(7,330	)		(5,353	)		(1,976	)
Ordinary Profits	29		559,170			348,311			210,858
Net Extraordinary Gains (Losses)	30		28,942			(9,145	)		38,088
Net Gains (Losses) on Disposition of Fixed Assets	31		(4,225	)		(2,960	)		(1,264	)
Losses on Impairment of Fixed Assets	32		(12,936	)		14,222			(27,158	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		45,553			(20,958	)		66,511
Income before Income Taxes	34		588,112			339,165			248,946
Income Taxes - Current	35		(106,291	)		53,469			(159,760	)
- Deferred	36		(85,659	)		(173,055	)		87,395
Net Income	37		396,161			219,579			176,581
*   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	38		(35,157	)		269,183			(304,341	)
Credit-related Costs [38]   =  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	39		(45,325	)		(155,478	)		110,153
Losses on Write-offs of Loans	40		(8,337	)		(15,700	)		7,362
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		9,387			379,076			(369,688	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		15,181			68,474			(53,293	)
Reversal of (Provision for) Reserve for Contingencies	43		(3,380	)		(5,442	)		2,062
Other (including Losses on Sales of Loans)	44		(2,684	)		(1,745	)		(938	)
Total	45		(35,157	)		269,183			(304,341	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		Fiscal 2022						Fiscal 2021
					Change
Gross Profits	1		109,836			(12,491	)		122,327
Domestic Gross Profits	2		109,921			(12,215	)		122,137
Net Interest Income	3		19,635			829			18,806
Fiduciary Income	4		59,527			(1,500	)		61,028
Trust Fees for Jointly Operated Designated Money Trust	5		4,005			49			3,955
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		30,947			(11,637	)		42,585
Net Trading Income	8		—			629			(629	)
Net Other Operating Income	9		(189	)		(536	)		346
International Gross Profits	10		(85	)		(276	)		190
Net Interest Income	11		67			(446	)		514
Net Fee and Commission Income	12		(166	)		156			(322	)
Net Trading Income	13		—			11			(11	)
Net Other Operating Income	14		13			2			10
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(79,206	)		676			(79,882	)
Expense Ratio	16		72.1	%		6.8	%		65.3	%
Personnel Expenses	17		(38,662	)		(670	)		(37,992	)
Non-Personnel Expenses	18		(36,838	)		1,214			(38,053	)
Premium for Deposit Insurance	19		(498	)		617			(1,115	)
Miscellaneous Taxes	20		(3,705	)		131			(3,837	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		30,630			(11,814	)		42,445
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	22		30,641			(11,795	)		42,437
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		30,641			(11,786	)		42,428
Reversal of (Provision for) General Reserve for Losses on Loans	24		(1,199	)		(1,199	)		—
Net Business Profits	25		29,430			(13,014	)		42,445
Net Gains (Losses) related to Bonds	26		(11	)		(18	)		7
Net Non-Recurring Gains (Losses)	27		8,620			469			8,150
Net Gains (Losses) related to Stocks	28		2,892			(828	)		3,720
Expenses related to Portfolio Problems	29		61			136			(75	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		1			(715	)		716
Other	31		5,666			1,876			3,789
Ordinary Profits	32		38,051			(12,544	)		50,595
Net Extraordinary Gains (Losses)	33		(41	)		(7,340	)		7,298
Net Gains (Losses) on Disposition of Fixed Assets	34		(136	)		127			(264	)
Losses on Impairment of Fixed Assets	35		(5,271	)		(5,091	)		(179	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		2,074			(5,668	)		7,742
Income before Income Taxes	37		38,009			(19,884	)		57,894
Income Taxes - Current	38		(10,043	)		607			(10,651	)
- Deferred	39		(995	)		3,564			(4,559	)
Net Income	40		26,970			(15,712	)		42,683
(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	41		(1,137	)		(1,778	)		640
Credit-related Costs [41]   =  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	42		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	43		(1,199	)		(2,000)			801
Losses on Write-offs of Loans	44		(6	)		64			(70	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		68			158			(89	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		—			—			—
Reversal of (Provision for) Reserve for Contingencies	47		—			—			—
Other (including Losses on Sales of Loans)	48		—			—			—
Total	49		(1,137	)		(1,778	)		640

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			Fiscal 2022						Fiscal 2021
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.43			0.03			0.39
Return on Loans and Bills Discounted *1		2		0.75			0.01			0.74
Return on Securities		3		0.34			(0.01	)		0.36
Cost of Funding (including Expenses)		4		0.51			(0.01	)		0.52
Cost of Deposits (including Expenses)		5		0.52			(0.02	)		0.54
Cost of Deposits *2		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.26			(0.02	)		0.29
Net Interest Margin	(1)-(4)	8		(0.08	)		0.05			(0.13	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.23			0.03			0.20
Loan and Deposit Rate Margin	(2)-(6)	10		0.75			0.01			0.74
*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		0.77			0.01			0.75
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.25			0.03			0.21
Loan and Deposit Rate Margin	(11)-(6)	13		0.77			0.01			0.75
			(%)
			Fiscal 2022						Fiscal 2021
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14		0.50			0.01			0.49
Return on Loans and Bills Discounted *1		15		0.60			0.01			0.59
Return on Securities		16		2.51			0.37			2.13
Cost of Funding		17		0.11			(0.01	)		0.13
Cost of Deposits *2		18		0.00			(0.00	)		0.01
Net Interest Margin	(14)-(17)	19		0.38			0.02			0.36
Loan and Deposit Rate Margin	(15)-(18)	20		0.59			0.01			0.58
*1   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2   Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.60			0.00			0.60
Loan and Deposit Rate Margin	(21)-(18)	22		0.59			0.00			0.59
(Reference)			(%)
			Fiscal 2022						Fiscal 2021
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted *1		23		0.74			0.01			0.73
Cost of Deposits *2		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.74			0.01			0.73
*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		0.76			0.01			0.74
Loan and Deposit Rate Margin	(26)-(24)	27		0.76			0.01			0.74

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	Fiscal 2022										Fiscal 2021
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		182,630,345		1.45		(4,497,008	)		0.85			187,127,354		0.60
Loans and Bills Discounted		87,092,723		1.85		4,450,395			0.91			82,642,328		0.93
Securities		40,359,316		0.92		(2,459,382	)		0.31			42,818,698		0.60
Source of Funds		195,136,869		0.91		8,282,095			0.78			186,854,774		0.13
Deposits		138,803,255		0.57		9,355,277			0.55			129,447,977		0.02
NCDs		19,435,079		1.03		(561,533	)		0.97			19,996,613		0.06
(Domestic Operations)
Use of Funds		115,947,840		0.43		(11,029,414	)		0.03			126,977,255		0.39
Loans and Bills Discounted		52,341,831		0.74		59,164			0.00			52,282,666		0.73
Securities		26,650,831		0.34		(734,337	)		(0.01	)		27,385,169		0.36
Source of Funds		125,906,095		0.03		355,017			(0.00	)		125,551,077		0.04
Deposits		103,302,605		0.00		3,003,199			(0.00	)		100,299,405		0.00
NCDs		12,294,568		0.00		(1,089,933	)		(0.00	)		13,384,502		0.00
(International Operations)
Use of Funds		71,722,336		3.00		7,713,998			2.01			64,008,337		0.99
Loans and Bills Discounted		34,750,892		3.53		4,391,230			2.23			30,359,661		1.29
Securities		13,708,484		2.02		(1,725,044	)		0.98			15,433,528		1.04
Source of Funds		74,270,605		2.34		9,108,670			2.03			65,161,934		0.30
Deposits		35,500,650		2.26		6,352,078			2.14			29,148,571		0.11
NCDs		7,140,511		2.82		528,400			2.64			6,612,111		0.17

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Millions of yen, %)
	Fiscal 2022										Fiscal 2021
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds		5,156,002		0.50		(97,174	)		0.00			5,253,176		0.50
Loans and Bills Discounted		3,161,285		0.61		(71,994	)		0.00			3,233,280		0.60
Securities		210,090		2.42		(27,971	)		0.35			238,061		2.06
Source of Funds		5,491,647		0.11		249,174			(0.01	)		5,242,473		0.13
Deposits		2,646,057		0.00		(127,740	)		(0.00	)		2,773,797		0.01
NCDs		644,477		0.00		(44,545	)		(0.00	)		689,023		0.00
(Domestic Operations)
Use of Funds		5,138,769		0.50		(80,006	)		0.01			5,218,775		0.49
Loans and Bills Discounted		3,135,620		0.60		(55,143	)		0.00			3,190,763		0.59
Securities		201,800		2.51		(28,006	)		0.37			229,807		2.13
Source of Funds		5,474,337		0.11		266,591			(0.01	)		5,207,746		0.13
Deposits		2,642,826		0.00		(127,108	)		(0.00	)		2,769,934		0.01
NCDs		644,477		0.00		(44,545	)		(0.00	)		689,023		0.00
(International Operations)
Use of Funds		40,643		1.04		(19,869	)		0.01			60,512		1.03
Loans and Bills Discounted		25,665		1.56		(16,850	)		0.15			42,516		1.40
Securities		8,289		0.18		35			(0.08	)		8,253		0.26
Source of Funds		40,721		0.88		(20,117	)		0.69			60,839		0.18
Deposits		3,230		0.00		(631	)		(0.00	)		3,862		0.01
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(184,107	)		(131,659	)		(52,447	)
Gains on Sales and Others		75,798			(40,851	)		116,650
Losses on Sales and Others		(221,962	)		(56,484	)		(165,477	)
Impairment (Devaluation)		(472	)		909			(1,382	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		(0	)		0
Gains (Losses) on Derivatives other than for Trading		(37,470	)		(35,232	)		(2,237	)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		86,474			130,321			(43,846	)
Gains on Sales		147,796			(71,359	)		219,155
Losses on Sales		(49,707	)		139,890			(189,598	)
Impairment (Devaluation)		(2,085	)		39,566			(41,652	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			106			(106	)
Gains (Losses) on Derivatives other than for Trading		(9,528	)		22,116			(31,644	)
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(183,750	)		(134,287	)		(49,462	)
Gains on Sales and Others		76,746			(43,169	)		119,916
Losses on Sales and Others		(222,560	)		(56,810	)		(165,750	)
Impairment (Devaluation)		(464	)		917			(1,382	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(37,472	)		(35,225	)		(2,246	)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		60,788			108,191			(47,402	)
Gains on Sales		133,467			(77,252	)		210,720
Losses on Sales		(47,844	)		138,202			(186,047	)
Impairment (Devaluation)		(15,305	)		25,018			(40,323	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			106			(106	)
Gains (Losses) on Derivatives other than for Trading		(9,528	)		22,116			(31,644	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank
	(Millions of yen)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(183,738	)		(134,269	)		(49,469	)
Gains on Sales and Others		76,746			(43,158	)		119,905
Losses on Sales and Others		(222,549	)		(56,802	)		(165,746	)
Impairment (Devaluation)		(464	)		917			(1,382	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(37,472	)		(35,225	)		(2,246	)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		57,896			109,019			(51,123	)
Gains on Sales		127,940			(78,643	)		206,583
Losses on Sales		(45,261	)		140,524			(185,786	)
Impairment (Devaluation)		(15,254	)		24,915			(40,169	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			106			(106	)
Gains (Losses) on Derivatives other than for Trading		(9,528	)		22,116			(31,644	)
Mizuho Trust & Banking
	(Millions of yen)
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Bonds		(11	)		(18	)		7
Gains on Sales and Others		—			(11	)		11
Losses on Sales and Others		(11	)		(7	)		(4	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—
	Fiscal 2022						Fiscal 2021
				Change
Net Gains (Losses) related to Stocks		2,892			(828	)		3,720
Gains on Sales		5,526			1,390			4,136
Losses on Sales		(2,583	)		(2,322	)		(261	)
Impairment (Devaluation)		(50	)		103			(153	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

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, 2023									As of March 31, 2022
	Book Value (= Fair Value)		Unrealized Gains/Losses							Book Value (= Fair Value)		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Other Securities		34,403,458		789,855			1,596,302		806,446		42,065,723		990,184			1,593,785		603,600
Japanese Stocks		2,515,722		1,518,382			1,548,463		30,081		2,577,310		1,499,915			1,538,391		38,475
Japanese Bonds		20,239,297		(61,492	)		14,440		75,933		28,620,413		(52,186	)		19,799		71,986
Japanese Government Bonds		16,449,293		(31,971	)		3,871		35,842		25,158,730		(30,543	)		7,495		38,039
Other		11,648,438		(667,033	)		33,398		700,432		10,867,999		(457,544	)		35,593		493,138
Foreign Bonds		9,554,507		(580,690	)		14,788		595,479		8,937,594		(414,292	)		2,316		416,609
*   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 ¥36,513 million and ¥27,448 million, which were recognized in the statement of income for March 31, 2023 and March 31, 2022, respectively, by applying the fair-value hedge accounting and others. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation adjustments as of March 31, 2023 and March 31, 2022 are ¥753,341 million and ¥962,735 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, 2023 and March 31, 2022 are ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507) million) and ¥126,280 million (Foreign Bonds ¥135,310 million and Japanese Government Bonds ¥— million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of March 31, 2023 and March 31, 2022 are ¥848,927 million (Foreign Bonds ¥(454,722) million and Japanese Government Bonds ¥(46,478) million) and ¥1,116,464 million (Foreign Bonds ¥(278,982) million and Japanese Government Bonds ¥(30,543) 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 and others, including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of March 31, 2023 and March 31, 2022 are ¥564,495 million and ¥719,822 million, respectively. (2) Bonds Held to Maturity
	(Millions of yen)
	As of March 31, 2023									As of March 31, 2022
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
						Gains		Losses							Gains		Losses
Bonds Held to Maturity		2,048,188		(133,080	)		2,538		135,618		1,517,583		(52,007	)		5,336		57,343

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2023									As of March 31, 2022
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)						Gains		Losses
Other Securities		33,665,664		730,479			1,537,999		807,520		41,483,698		919,942				1,525,116		605,173
Japanese Stocks		2,444,956		1,458,955			1,491,327		32,372		2,497,331		1,432,316				1,473,018		40,701
Japanese Bonds		20,220,815		(61,494	)		14,439		75,933		28,603,457		(52,190	)			19,795		71,986
Japanese Government Bonds		16,438,019		(31,971	)		3,870		35,842		25,147,531		(30,545	)			7,493		38,039
Other		10,999,893		(666,982	)		32,232		699,215		10,382,908		(460,182	)	��		32,302		492,484
Foreign Bonds		8,953,192		(580,710	)		14,044		594,755		8,487,969		(414,822	)			1,198		416,020
Mizuho Bank
Other Securities		33,455,851		651,416			1,456,728		805,311		41,243,397		846,893				1,446,756		599,863
Japanese Stocks		2,306,663		1,380,927			1,411,109		30,182		2,349,073		1,360,494				1,395,908		35,413
Japanese Bonds		20,155,116		(61,854	)		14,060		75,914		28,517,031		(52,979	)			18,984		71,964
Japanese Government Bonds		16,438,019		(31,971	)		3,870		35,842		25,147,531		(30,545	)			7,493		38,039
Other		10,994,072		(667,656	)		31,558		699,215		10,377,292		(460,620	)			31,864		492,484
Foreign Bonds		8,953,192		(580,710	)		14,044		594,755		8,487,969		(414,822	)			1,198		416,020
Mizuho Trust & Banking
Other Securities		209,812		79,062			81,271		2,208		240,300		73,048				78,359		5,310
Japanese Stocks		138,292		78,027			80,218		2,190		148,258		71,822				77,109		5,287
Japanese Bonds		65,699		360			378		18		86,426		788				811		22
Japanese Government Bonds		—		—			—		—		—		—				—		—
Other		5,821		674			674		0		5,616		437				437		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 ¥36,611 million and ¥27,448 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2023 and March 31, 2022, 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, 2023 and March 31, 2022 are ¥693,867 million and ¥892,494 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, 2023 and March 31, 2022 are ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507) million) and ¥126,280 million (Foreign Bonds ¥135,310 million and Japanese Government Bonds ¥— million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of March 31, 2023 and March 31, 2022 are ¥789,551 million (Foreign Bonds ¥(454,742) million and Japanese Government Bonds ¥(46,478) million) and ¥1,046,223 million (Foreign Bonds ¥(279,511) million and Japanese Government Bonds ¥(30,545) 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, 2023 and March 31, 2022 are as follows.

	(Millions of yen)
	As of March 31, 2023		As of March 31, 2022
Aggregate Figures		524,356		654,388
Mizuho Bank		462,550		596,706
Mizuho Trust & Banking		61,805		57,681

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2023									As of March 31, 2022
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		2,048,188		(133,080	)		2,538		135,618		1,517,583		(52,007	)		5,336		57,343
Mizuho Bank		2,048,188		(133,080	)		2,538		135,618		1,517,583		(52,007	)		5,336		57,343
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of March 31, 2023									As of March 31, 2022
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		106,131		355,959			355,959		—		108,996		311,957			312,302		345
Mizuho Bank		106,131		355,959			355,959		—		108,996		311,957			312,302		345
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 and others. 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, 2023						As of March 31, 2022
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		753,341			(209,393	)		962,735
Japanese Stocks		1,481,771			9,303			1,472,467
Japanese Bonds		(61,492	)		(9,305	)		(52,186	)
Japanese Government Bonds		(31,971	)		(1,427	)		(30,543	)
Other		(666,936	)		(209,391	)		(457,544	)
Foreign Bonds		(580,593	)		(166,300	)		(414,293	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2023						As of March 31, 2022
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		693,867			(198,626	)		892,494
Japanese Stocks		1,422,344			17,476			1,404,868
Japanese Bonds		(61,494	)		(9,303	)		(52,190	)
Japanese Government Bonds		(31,971	)		(1,425	)		(30,545	)
Other		(666,982	)		(206,799	)		(460,183	)
Foreign Bonds		(580,711	)		(165,888	)		(414,822	)

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, 2023								Change												Maturity as of March 31, 2022
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		15,229.2		2,944.1		2,108.4		711.7		(4,562.0	)		(3,493.8	)		(81.1	)		71.3			19,791.3		6,438.0		2,189.5		640.4
Japanese Government Bonds		14,541.4		965.7		1,579.8		100.0		(4,781.5	)		(3,556.7	)		(58.8	)		(5.0	)		19,322.9		4,522.4		1,638.6		105.0
Japanese Local Government Bonds		35.5		275.7		241.5		7.4		8.3			55.6			74.7			—			27.2		220.1		166.7		7.4
Japanese Corporate Bonds		652.2		1,702.7		287.1		604.3		211.1			7.2			(97.0	)		76.3			441.1		1,695.5		384.2		528.0
Other		2,619.3		1,455.7		1,571.5		5,853.6		249.9			(241.3	)		(412.7	)		1,610.9			2,369.4		1,697.1		1,984.3		4,242.6
Mizuho Bank
Japanese Bonds		15,227.6		2,884.5		2,104.3		711.7		(4,563.4	)		(3,480.9	)		(72.4	)		71.3			19,791.0		6,365.4		2,176.8		640.4
Japanese Government Bonds		14,541.4		965.7		1,579.8		100.0		(4,781.5	)		(3,556.7	)		(58.8	)		(5.0	)		19,322.9		4,522.4		1,638.6		105.0
Japanese Local Government Bonds		35.5		275.7		241.5		7.4		8.3			55.6			74.7			—			27.2		220.1		166.7		7.4
Japanese Corporate Bonds		650.6		1,643.1		283.0		604.3		209.8			20.1			(88.4	)		76.3			440.7		1,622.9		371.4		528.0
Other		2,618.9		1,450.8		1,568.3		5,853.6		250.0			(241.3	)		(413.4	)		1,610.9			2,368.8		1,692.1		1,981.7		4,242.6
Mizuho Trust & Banking
Japanese Bonds		1.6		59.5		4.1		—		1.3			(12.9	)		(8.6	)		—			0.3		72.5		12.7		—
Japanese Government Bonds		—		—		—		—		—			—			—			—			—		—		—		—
Japanese Local Government Bonds		—		—		—		—		—			—			—			—			—		—		—		—
Japanese Corporate Bonds		1.6		59.5		4.1		—		1.3			(12.9	)		(8.6	)		—			0.3		72.5		12.7		—
Other		0.4		4.9		3.2		—		(0.1	)		(0.0	)		0.6			—			0.5		5.0		2.5		—

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, 2023								Change										As of March 31, 2022
	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		3,098.5		14,433.0		6,643.9		24,175.5		(123.5	)		5,166.2			2,487.5		7,530.2		3,222.0		9,266.7		4,156.4		16,645.2
Receive Float / Pay Fixed		681.5		2,335.6		4,803.8		7,820.9		(589.8	)		(509.3	)		1,669.8		570.6		1,271.4		2,844.9		3,133.9		7,250.3
Receive Float / Pay Float		—		—		—		—		—			—			—		—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—		—		—		—		—		—
Total		3,780.1		16,768.6		11,447.7		31,996.4		(713.4	)		4,656.8			4,157.4		8,100.8		4,493.5		12,111.7		7,290.3		23,895.6
Mizuho Bank
Receive Fixed / Pay Float		3,098.5		14,433.0		6,643.9		24,175.5		(123.5	)		5,166.2			2,487.5		7,530.2		3,222.0		9,266.7		4,156.4		16,645.2
Receive Float / Pay Fixed		681.5		2,285.6		4,289.8		7,256.9		(589.8	)		(459.3	)		1,510.8		461.6		1,271.4		2,744.9		2,778.9		6,795.3
Receive Float / Pay Float		—		—		—		—		—			—			—		—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—		—		—		—		—		—
Total		3,780.1		16,718.6		10,933.7		31,432.4		(713.4	)		4,706.8			3,998.4		7,991.8		4,493.5		12,011.7		6,935.3		23,440.6
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—			—			—		—		—		—		—		—
Receive Float / Pay Fixed		—		50.0		514.0		564.0		—			(50.0	)		159.0		109.0		—		100.0		355.0		455.0
Receive Float / Pay Float		—		—		—		—		—			—			—		—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—		—		—		—		—		—
Total		—		50.0		514.0		564.0		—			(50.0	)		159.0		109.0		—		100.0		355.0		455.0

(Reference)

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

	(Billions of yen)
	As of March 31, 2023						Change							As of March 31, 2022
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses							Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses					Gains		Losses
Aggregate Figures		2,302.9		2,825.5	(522.6	)		966.8		1,373.7		(406.8	)		1,336.0		1,451.7	(115.7	)
Mizuho Bank		2,281.5		2,810.8	(529.3	)		961.1		1,375.0		(413.9	)		1,320.4		1,435.8	(115.3	)
Mizuho Trust & Banking		21.3		14.6	6.6			5.7		(1.2	)	7.0			15.5		15.9	(0.3	)

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 2022			Change			Fiscal 2021
Retirement Benefit Obligations	(A)		1,000,481			(69,367	)		1,069,848
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05
Total Fair Value of Plan Assets	(B)		1,734,825			(65,334	)		1,800,159
Unrecognized Actuarial Differences	(C)		(262,029	)		(34,001	)		(228,027	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		472,314			(29,968	)		502,283
Mizuho Bank
Retirement Benefit Obligations	(A)		876,616			(61,386	)		938,002
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05
Total Fair Value of Plan Assets	(B)		1,484,864			(91,150	)		1,576,015
Unrecognized Actuarial Differences	(C)		(204,717	)		(7,316	)		(197,401	)
Prepaid Pension Cost	(B)+ (C)-(A)		403,530			(37,081	)		440,611
Mizuho Trust & Banking
Retirement Benefit Obligations	(A)		123,864			(7,981	)		131,845
Discount Rate (%)			(0.00)~1.54						(0.00)~1.05
Total Fair Value of Plan Assets	(B)		249,960			25,816			224,144
Unrecognized Actuarial Differences	(C)		(57,311	)		(26,685	)		(30,626	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		68,784			7,112			61,672

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

	(Millions of yen)
	Fiscal 2022			Change			Fiscal 2021
Service Cost		(19,075	)		1,203			(20,278	)
Interest Cost		(4,447	)		(1,188	)		(3,258	)
Expected Return on Plan Assets		29,001			(1,056	)		30,057
Accumulation (Amortization) of Unrecognized Actuarial Differences		45,113			(2,942	)		48,056
Gains on Cancellation of Employee Retirement Benefit Trust		47,627			(26,626	)		74,254
Other		(4,177	)		4,131			(8,309	)
Total		94,042			(26,479	)		120,522
Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank
	(Millions of yen)
	Fiscal 2022			Change			Fiscal 2021
Service Cost		(16,168	)		878			(17,046	)
Interest Cost		(3,895	)		(1,039	)		(2,856	)
Expected Return on Plan Assets		25,918			(877	)		26,796
Accumulation (Amortization) of Unrecognized Actuarial Differences		39,692			(2,577	)		42,270
Gains on Cancellation of Employee Retirement Benefit Trust		45,553			(20,958	)		66,511
Other		(3,645	)		3,856			(7,501	)
Total		87,455			(20,718	)		108,173
Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking
	(Millions of yen)
	Fiscal 2022			Change			Fiscal 2021
Service Cost		(2,906	)		325			(3,231	)
Interest Cost		(551	)		(148	)		(402	)
Expected Return on Plan Assets		3,082			(179	)		3,261
Accumulation (Amortization) of Unrecognized Actuarial Differences		5,420			(365	)		5,785
Gains on Cancellation of Employee Retirement Benefit Trust		2,074			(5,668	)		7,742
Other		(532	)		275			(807	)
Total		6,586			(5,761	)		12,348

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

		(Millions of yen)
		As of March 31, 2023			Change			As of March 31, 2022
Retirement Benefit Obligations	(A)		1,200,089			(78,837	)		1,278,926
Fair Value of Plan Assets	(B)		1,990,930			(79,439	)		2,070,370
Unrecognized Actuarial Differences	(C)		(262,960	)		(19,107	)		(243,853	)
Net Defined Benefit Asset	(D)		859,271			(3,946	)		863,217
Net Defined Benefit Liability	(A)-(B)+(D)		68,429			(3,344	)		71,774
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		Fiscal 2022			Change			Fiscal 2021
Service Cost			(29,308	)		3,113			(32,421	)
Interest Cost			(5,578	)		(1,409	)		(4,169	)
Expected Return on Plan Assets			34,142			(808	)		34,951
Accumulation (Amortization) of Unrecognized Actuarial Differences			47,385			(1,064	)		48,449
Accumulation (Amortization) of Unrecognized Prior Service Cost			(11	)		34			(46	)
Gains on Cancellation of Employee Retirement Benefit Trust			47,627			(26,626	)		74,254
Other			(14,070	)		423			(14,494	)
Total			80,187			(26,337	)		106,525

Note: Gains on Cancellation of Employee Retirement Benefit Trust 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, 2023 (Preliminary)		Change			As of March 31, 2022
(1)   Total Capital Ratio		16.05		(1.48	)		17.53
(2)   Tier 1 Capital Ratio		13.91		(1.09	)		15.00
(3)   Common Equity Tier 1 Capital Ratio		11.80		(0.66	)		12.46
(4)   Total Capital		11,306.9		(44.7	)		11,351.6
(5)   Tier 1 Capital		9,803.3		90.1			9,713.2
(6)   Common Equity Tier 1 Capital		8,315.5		248.2			8,067.2
(7)   Risk weighted Assets		70,434.1		5,703.7			64,730.4
(8)   Total Required Capital (7) X8%		5,634.7		456.2			5,178.4
Mizuho Bank International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2023 (Preliminary)		Change			As of March 31, 2022		As of March 31, 2023 (Preliminary)
(1)   Total Capital Ratio		14.94		(2.08	)		17.02		14.48
(2)   Tier 1 Capital Ratio		12.78		(1.64	)		14.42		12.18
(3)   Common Equity Tier 1 Capital Ratio		10.51		(1.17	)		11.68		9.78
(4)   Total Capital		9,769.7		(380.8	)		10,150.6		8,853.4
(5)   Tier 1 Capital		8,356.5		(247.9	)		8,604.5		7,450.7
(6)   Common Equity Tier 1 Capital		6,873.5		(95.1	)		6,968.7		5,981.9
(7)   Risk weighted Assets		65,371.8		5,733.1			59,638.6		61,141.7
(8)   Total Required Capital (7) X8%		5,229.7		458.6			4,771.0		4,891.3
Mizuho Trust & Banking International Standard
	Consolidated							Non-Consolidated
	As of March 31, 2023 (Preliminary)		Change			As of March 31, 2022		As of March 31, 2023 (Preliminary)
(1)   Total Capital Ratio		25.95		0.77			25.18		25.11
(2)   Tier 1 Capital Ratio		25.94		0.76			25.18		25.10
(3)   Common Equity Tier 1 Capital Ratio		25.94		0.76			25.18		25.10
(4)   Total Capital		444.9		2.4			442.5		425.4
(5)   Tier 1 Capital		444.7		2.3			442.4		425.2
(6)   Common Equity Tier 1 Capital		444.7		2.3			442.4		425.2
(7)   Risk weighted Assets		1,714.3		(42.6	)		1,756.9		1,693.9
(8)   Total Required Capital (7) X8%		137.1		(3.4	)		140.5		135.5

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, 2023					As of March 31, 2022
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		43,866		(6,980	)		50,846
Claims with Collection Risk		655,396		(66,826	)		722,222
Claims for Special Attention		372,433		18,399			354,034
Loans Past Due for 3 Months or More		288		(2,209	)		2,498
Restructured Loans		372,144		20,609			351,535
Sub-total[1]		1,071,696		(55,407	)		1,127,104
Normal Claims		100,457,014		4,232,113			96,224,900
Total[2]		101,528,710		4,176,705			97,352,004
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		87,247		(21,626	)		108,874
	(%)
NPL ratio[1]/[2]		1.05		(0.10	)		1.15
Trust Account
	(Millions of yen)
	As of March 31, 2023					As of March 31, 2022
			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		2,814		(1,010	)		3,825
Total[4]		2,814		(1,010	)		3,825
	(%)
NPL ratio[3]/[4]		—		—			—

2-18

Mizuho Financial Group, Inc.

Consolidated + Trust Account
	(Millions of yen)
	As of March 31, 2023					As of March 31, 2022
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		43,866		(6,980	)		50,846
Claims with Collection Risk		655,396		(66,826	)		722,222
Claims for Special Attention		372,433		18,399			354,034
Loans Past Due for 3 Months or More		288		(2,209	)		2,498
Restructured Loans		372,144		20,609			351,535
Sub-total[5]		1,071,696		(55,407	)		1,127,104
Normal Claims		100,459,828		4,231,102			96,228,725
Total[6]		101,531,524		4,175,694			97,355,829
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		87,247		(21,626	)		108,874
	(%)
NPL ratio[5]/[6]		1.05		(0.10	)		1.15

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, 2023		Change			As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		34,036		(7,073	)		41,109
Claims with Collection Risk		658,482		(67,524	)		726,007
Claims for Special Attention		354,948		36,383			318,564
Loans Past Due for 3 Months or More		288		(2,209	)		2,497
Restructured Loans		354,659		38,592			316,066
Sub-total[1]		1,047,467		(38,214	)		1,085,681
Normal Claims		103,112,269		5,178,730			97,933,539
Total[2]		104,159,737		5,140,516			99,019,221
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		84,793		(20,619	)		105,413
	(%)
NPL ratio[1]/[2]		1.00		(0.09	)		1.09
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		33,874		(6,886	)		40,761
Claims with Collection Risk		651,224		(63,576	)		714,801
Claims for Special Attention		346,665		29,681			316,984
Loans Past Due for 3 Months or More		288		(2,185	)		2,473
Restructured Loans		346,377		31,866			314,510
Sub-total[3]		1,031,765		(40,781	)		1,072,547
Normal Claims		100,039,242		5,304,332			94,734,910
Total[4]		101,071,007		5,263,550			95,807,457
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		84,576		(20,626	)		105,202
	(%)
NPL ratio[3]/[4]		1.02		(0.09	)		1.11

2-20

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
(Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		161		(186	)	348
Claims with Collection Risk		7,258		(3,948	)	11,206
Claims for Special Attention		8,282		6,702		1,580
Loans Past Due for 3 Months or More		—		(23	)	23
Restructured Loans		8,282	��	6,726		1,556
Sub-total[5]		15,702		2,567		13,134
Normal Claims		3,070,213		(124,591	)	3,194,804
Total[6]		3,085,915		(122,023	)	3,207,938
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		217		6		210
	(%)
NPL ratio[5]/[6]		0.50		0.09		0.40
(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		2,814		(1,010	)	3,825
Total[8]		2,814		(1,010	)	3,825
	(%)
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, 2023		Change			As of March 31, 2022
Reserves for Possible Losses on Loans		720,437		(63,448	)		783,886
General Reserve for Possible Losses on Loans		313,052		43,912			269,140
Specific Reserve for Possible Losses on Loans		363,448		(96,565	)		460,013
Reserve for Possible Losses on Loans to Restructuring Countries		43,937		(10,795	)		54,732
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		87,534		(21,588	)		109,122
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of March 31, 2023		Change			As of March 31, 2022
Reserves for Possible Losses on Loans		705,254		(111,995	)		817,249
General Reserve for Possible Losses on Loans		297,006		46,524			250,482
Specific Reserve for Possible Losses on Loans		364,310		(147,724	)		512,034
Reserve for Possible Losses on Loans to Restructuring Countries		43,937		(10,795	)		54,732
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		84,793		(20,619	)		105,413
Mizuho Bank
Reserves for Possible Losses on Loans		701,652		(113,126	)		814,778
General Reserve for Possible Losses on Loans		293,760		45,325			248,435
Specific Reserve for Possible Losses on Loans		363,954		(147,655	)		511,610
Reserve for Possible Losses on Loans to Restructuring Countries		43,937		(10,795	)		54,732
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		84,576		(20,626	)		105,202
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		3,601		1,130			2,470
General Reserve for Possible Losses on Loans		3,246		1,199			2,046
Specific Reserve for Possible Losses on Loans		355		(68	)		424
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		217		6			210

Reserve for Possible Losses on Entrusted Loans (¥9 million and ¥12 million for March 31, 2023 and March 31, 2022, 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, 2023		Change			As of March 31, 2022
Mizuho Financial Group		67.22		(2.32	)		69.54
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of March 31, 2023		Change			As of March 31, 2022
Total		67.32		(7.94	)		75.27
Mizuho Bank		68.00		(7.96	)		75.96
Mizuho Trust & Banking (Banking Account)		22.93		4.12			18.81

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, 2023		Change			As of March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		34.0		(7.0	)		41.1
Collateral, Guarantees, and equivalent		28.9		(6.4	)		35.4
Reserve for Possible Losses		5.1		(0.5	)		5.6
Claims with Collection Risk		658.4		(67.5	)		726.0
Collateral, Guarantees, and equivalent		172.8		8.0			164.8
Reserve for Possible Losses		342.9		(95.9	)		438.9
Claims for Special Attention		354.9		36.3			318.5
Collateral, Guarantees, and equivalent		103.4		9.9			93.5
Reserve for Possible Losses		66.0		13.7			52.2
Total		1,047.4		(38.2	)		1,085.6
Collateral, Guarantees, and equivalent		305.2		11.4			293.8
Reserve for Possible Losses		414.1		(82.7	)		496.9
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		33.8		(6.8	)		40.7
Collateral, Guarantees, and equivalent		28.7		(6.2	)		35.0
Reserve for Possible Losses		5.1		(0.5	)		5.6
Claims with Collection Risk		651.2		(63.5	)		714.8
Collateral, Guarantees, and equivalent		166.1		11.8			154.2
Reserve for Possible Losses		342.6		(95.9	)		438.5
Claims for Special Attention		346.6		29.6			316.9
Collateral, Guarantees, and equivalent		96.4		3.0			93.4
Reserve for Possible Losses		65.7		13.8			51.9
Total		1,031.7		(40.7	)		1,072.5
Collateral, Guarantees, and equivalent		291.3		8.6			282.7
Reserve for Possible Losses		413.5		(82.6	)		496.2
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.1		(0.1	)		0.3
Collateral, Guarantees, and equivalent		0.1		(0.1	)		0.3
Reserve for Possible Losses		—		—			—
Claims with Collection Risk		7.2		(3.9	)		11.2
Collateral, Guarantees, and equivalent		6.7		(3.8	)		10.6
Reserve for Possible Losses		0.3		(0.0	)		0.4
Claims for Special Attention		8.2		6.7			1.5
Collateral, Guarantees, and equivalent		6.9		6.8			0.1
Reserve for Possible Losses		0.2		(0.0	)		0.2
Total		15.7		2.5			13.1
Collateral, Guarantees, and equivalent		13.8		2.7			11.0
Reserve for Possible Losses		0.6		(0.0	)		0.7
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, 2023		Change			As of March 31, 2022
Coverage Amount		719.3		(71.3	)		790.7
Reserves for Possible Losses on Loans		414.1		(82.7	)		496.9
Collateral, Guarantees, and equivalent		305.2		11.4			293.8
	(%)
Coverage Ratio		68.6		(4.1	)		72.8
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.3		(4.8	)		83.1
Claims for Special Attention		47.7		1.9			45.7
Claims against Special Attention Obligors		51.5		4.7			46.8
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		70.6		(7.6	)		78.2
Claims for Special Attention		26.2		3.0			23.2
Claims against Special Attention Obligors		29.7		4.4			25.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		20.52		2.47			18.05
Claims against Watch Obligors excluding Special Attention Obligors		2.91		(0.54	)		3.46
Claims against Normal Obligors		0.09		(0.00	)		0.10
Mizuho Bank
	(Billions of yen)
Coverage Amount		704.9		(74.0	)		778.9
Reserves for Possible Losses on Loans		413.5		(82.6	)		496.2
Collateral, Guarantees, and equivalent		291.3		8.6			282.7
	(%)
Coverage Ratio		68.3		(4.3	)		72.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.1		(4.8	)		82.9
Claims for Special Attention		46.8		0.9			45.8
Claims against Special Attention Obligors		51.3		4.4			46.9
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		70.6		(7.6	)		78.2
Claims for Special Attention		26.2		3.0			23.2
Claims against Special Attention Obligors		29.8		4.5			25.3
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		20.74		2.69			18.04
Claims against Watch Obligors excluding Special Attention Obligors		2.92		(0.56	)		3.49
Claims against Normal Obligors		0.09		(0.00	)		0.10

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of March 31, 2023		Change			As of March 31, 2022
Coverage Amount		14.4		2.7			11.7
Reserves for Possible Losses on Loans		0.6		(0.0	)		0.7
Collateral, Guarantees, and equivalent		13.8		2.7			11.0
	(%)
Coverage Ratio		92.1		2.5			89.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		97.7		(0.5	)		98.2
Claims for Special Attention		87.1		61.4			25.6
Claims against Special Attention Obligors		60.7		36.6			24.0
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		67.3		(0.8	)		68.1
Claims for Special Attention		19.8		(0.1	)		20.0
Claims against Special Attention Obligors		19.4		(0.5	)		19.9
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		9.48		(9.48	)		18.96
Claims against Watch Obligors excluding Special Attention Obligors		1.68		0.59			1.08
Claims against Normal Obligors		0.03		(0.00	)		0.04

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 2019		Fiscal 2020		Fiscal 2021		Fiscal 2022
	As of March 31, 2020		As of March 31, 2021		As of March 31, 2022		As of March 31, 2023
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors		51.0		33.6		28.6		20.3		0.1		20.4		(8.1	)
Claims with Collection Risk		386.5		246.8		162.5		138.1		0.7		138.9		(23.6	)
Amount Categorized as above up to Fiscal 2019		437.5		280.5		191.2		158.5		0.8		159.4		(31.7	)
of which the amount which was in the process of being removed from the balance sheet		44.5		31.6		30.1		19.9		0.1		20.0		(10.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				15.0		4.8		2.5		0.0		2.5		(2.2	)
Claims with Collection Risk				164.2		92.5		64.9		0.3		65.2		(27.3	)
Amount Newly Categorized as above during Fiscal 2020				179.2		97.3		67.4		0.3		67.8		(29.5	)
of which the amount which was in the process of being removed from the balance sheet				13.6		2.7		1.5		0.0		1.5		(1.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors						7.6		2.9		0.0		2.9		(4.6	)
Claims with Collection Risk						470.9		294.6		5.8		300.4		(170.4	)
Amount Newly Categorized as above during Fiscal 2021						478.5		297.5		5.8		303.4		(175.0	)
of which the amount which was in the process of being removed from the balance sheet						7.1		2.5		0.0		2.6		(4.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors								7.9		0.0		7.9		7.9
Claims with Collection Risk								153.5		0.3		153.8		153.8
Amount Newly Categorized as above during Fiscal 2022								161.4		0.3		161.8		161.8
of which the amount which was in the process of being removed from the balance sheet								6.2		0.0		6.3		6.3
Claims against Bankrupt and Substantially Bankrupt Obligors		51.0		48.7		41.1		33.8		0.1		34.0		(7.0	)
Claims with Collection Risk		386.5		411.0		726.0		651.2		7.2		658.4		(67.5	)
Total		437.5		459.7		767.1		685.0		7.4		692.5		(74.5	)
of which the amount which was in the process of being removed from the balance sheet		44.5		45.3		40.0		30.3		0.1		30.5		(9.5	)

*     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 2022

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(9.4	)		(9.4	)		—
Restructuring		(147.2	)		(147.2	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(23.4	)		(23.4	)		—
Direct Write-off		164.8			164.8			—
Other		(221.1	)		(216.6	)		(4.4	)
Debt recovery		(188.9	)		(184.7	)		(4.1	)
Improvement in Business Performance		(32.2	)		(31.9	)		(0.3	)
Total		(236.4	)		(231.9	)		(4.4	)

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, 2023					As of March 31, 2022
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		61,307.8		1,119.7			60,188.1
Manufacturing		9,847.1		76.2			9,770.8
Agriculture & Forestry		47.5		0.0			47.5
Fishery		2.7		(0.1	)		2.9
Mining, Quarrying Industry & Gravel Extraction Industry		205.5		(15.2	)		220.7
Construction		902.0		44.6			857.4
Utilities		3,398.3		354.9			3,043.3
Communication		1,000.3		(206.1	)		1,206.4
Transportation & Postal Industry		2,436.0		(145.4	)		2,581.5
Wholesale & Retail		4,911.5		(303.2	)		5,214.7
Finance & Insurance		9,451.7		419.5			9,032.1
Real Estate		11,041.2		880.8			10,160.4
Commodity Lease		3,136.3		244.3			2,891.9
Service Industries		2,982.4		(99.5	)		3,082.0
Local Governments		541.5		(47.5	)		589.0
Governments		1,079.3		242.7			836.5
Other		10,323.8		(326.2	)		10,650.0
Overseas Total (including Loans Booked Offshore)		29,610.6		3,146.7			26,463.8
Governments		145.3		(118.4	)		263.8
Financial Institutions		11,098.0		1,553.4			9,544.6
Other		18,367.2		1,711.8			16,655.3
Total		90,918.5		4,266.5			86,651.9

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

As of March 31, 2023:	¥810.0 billion (from MHBK)
As of March 31, 2022:	¥755.0 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, 2023					As of March 31, 2022
	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		57,669.7		1,170.9			56,498.8
Manufacturing		9,446.5		89.6			9,356.9
Agriculture & Forestry		47.5		0.0			47.5
Fishery		2.7		(0.1	)		2.9
Mining, Quarrying Industry & Gravel Extraction Industry		204.1		(15.0	)		219.2
Construction		859.1		42.4			816.7
Utilities		3,132.4		365.9			2,766.4
Communication		907.6		(197.2	)		1,104.9
Transportation & Postal Industry		2,297.9		(104.7	)		2,402.6
Wholesale & Retail		4,791.8		(291.6	)		5,083.4
Finance & Insurance		8,946.8		390.9			8,555.8
Real Estate		9,489.5		789.6			8,699.8
Commodity Lease		2,946.8		253.0			2,693.8
Service Industries		2,941.3		(88.4	)		3,029.8
Local Governments		540.3		(46.9	)		587.3
Governments		1,079.3		242.7			836.5
Other		10,035.3		(259.2	)		10,294.6
Overseas Total (including Loans Booked Offshore)		29,610.6		3,147.0			26,463.6
Governments		145.3		(118.4	)		263.8
Financial Institutions		11,098.0		1,553.4			9,544.6
Other		18,367.2		1,712.0			16,655.1
Total		87,280.3		4,317.9			82,962.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,638.1		(51.1	)		3,689.3
Manufacturing		400.6		(13.3	)		413.9
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.4		(0.1	)		1.5
Construction		42.8		2.1			40.7
Utilities		265.9		(11.0	)		276.9
Communication		92.6		(8.8	)		101.5
Transportation & Postal Industry		138.1		(40.6	)		178.8
Wholesale & Retail		119.7		(11.6	)		131.3
Finance & Insurance		504.8		28.5			476.2
Real Estate		1,551.6		91.1			1,460.5
Commodity Lease		189.5		(8.6	)		198.1
Service Industries		41.1		(11.0	)		52.1
Local Governments		1.1		(0.5	)		1.6
Governments		—		—			—
Other		288.5		(66.9	)		355.4
Overseas Total (including Loans Booked Offshore)		—		(0.2	)		0.2
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		(0.2	)		0.2
Total		3,638.1		(51.3	)		3,689.5

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

2-30

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, 2023										As of March 31, 2022
					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)		898.8		65.7		(99.5	)		(6.5	)		998.4		72.3
Manufacturing		464.3		64.3		(52.2	)		(12.0	)		516.5		76.4
Agriculture & Forestry		7.2		60.0		5.9			13.1			1.3		46.9
Fishery		0.2		62.6		(0.0	)		0.0			0.2		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		(0.1	)		—			0.1		100.0
Construction		6.2		78.1		0.2			(0.4	)		5.9		78.5
Utilities		5.3		55.6		4.2			18.1			1.1		37.4
Communication		8.7		68.7		(0.4	)		(6.3	)		9.1		75.1
Transportation & Postal Industry		21.9		63.8		(4.3	)		16.0			26.2		47.7
Wholesale & Retail		121.6		59.7		(8.7	)		2.1			130.3		57.5
Finance & Insurance		12.0		45.4		(2.2	)		(36.1	)		14.3		81.6
Real Estate		30.3		87.4		(5.2	)		5.9			35.5		81.5
Commodity Lease		0.2		89.4		(1.1	)		2.2			1.4		87.1
Service Industries		152.5		61.3		(16.8	)		(1.9	)		169.4		63.2
Local Governments		—		—		—			—			—		—
Other		67.8		90.6		(18.6	)		0.9			86.5		89.6
Overseas Total (including Loans Booked Offshore)		148.6		86.2		61.3			7.3			87.2		78.9
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		148.6		86.2		61.3			7.3			87.2		78.9
Total		1,047.4		68.6		(38.2	)		(4.1	)		1,085.6		72.8

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

2-31

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, 2023					As of March 31, 2022
			Change
Housing and Consumer Loans		8,112.5		(344.7	)		8,457.3
Housing Loans for owner’s residential housing		7,603.1		(293.2	)		7,896.3
Mizuho Bank
Housing and Consumer Loans		8,067.3		(336.7	)		8,404.1
Housing Loans		7,671.7		(309.6	)		7,981.4
for owner’s residential housing		7,560.4		(286.0	)		7,846.4
Consumer loans		395.5		(27.0	)		422.6
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		45.2		(8.0	)		53.2
Housing Loans for owner’s residential housing		42.6		(7.1	)		49.8
*  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, 2023					As of March 31, 2022
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.8		0.8			57.9
Loans to SMEs and Individual Customers		36,070.1		1,172.2			34,897.9
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.6		0.3			58.3
Loans to SMEs and Individual Customers		33,850.8		874.7			32,976.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		61.0		8.9			52.0
Loans to SMEs and Individual Customers		2,219.3		297.4			1,921.8

* 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.)

2-32

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, 2023					As of March 31, 2022
	Outstanding        Balance		Change			Outstanding        Balance
Asia		7,550.1		(217.8	)		7,768.0
Hong Kong		1,685.7		(208.2	)		1,893.9
Singapore		1,295.9		(58.2	)		1,354.1
Thailand		1,061.5		(77.6	)		1,139.2
Taiwan		716.0		(268.2	)		984.3
India		548.8		21.5			527.2
South Korea		822.5		174.7			647.8
Indonesia		429.8		108.4			321.3
Philippines		302.7		8.1			294.5
China		155.6		30.8			124.8
Malaysia		92.0		(0.3	)		92.4
Central and South America		5,334.9		145.4			5,189.5
Mexico		470.6		101.6			369.0
Brazile		198.0		(41.8	)		239.8
North America		11,584.6		3,340.4			8,244.1
United States		10,681.7		3,237.6			7,444.1
Eastern Europe		237.8		(36.3	)		274.2
Russia		205.5		(4.3	)		209.8
Western Europe		5,275.6		361.6			4,914.0
United Kingdom		1,231.6		(230.3	)		1,462.0
Netherlands		1,159.7		217.2			942.5
Germany		672.8		204.3			468.5
Ireland		454.6		136.1			318.5
Switzerland		107.1		(214.3	)		321.5
France		429.8		73.4			356.4
Turkey		78.0		(11.8	)		89.8
Italy		158.9		52.9			106.0
Other		3,689.6		121.6			3,567.9
Australia		2,048.1		75.9			1,972.1
Total		33,673.0		3,715.0			29,957.9
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, 2023					As of March 31, 2022
	Outstanding        Balance		Change			Outstanding        Balance
Mizuho Bank (China) ,Ltd		1,296.1		15.6			1,280.4
Mizuho Bank (USA)		477.7		19.7			458.0
PT. Bank Mizuho Indonesia		439.2		138.4			300.7

Note: The balances of loans of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2023 and 2022 are ¥49.9 billion and

¥68.8 billion, respectively.

2-33

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, 2023					As of March 31, 2022
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Asia		83.2		26.3			56.8
Hong Kong		0.6		0.6			0.0
Singapore		34.5		(0.4	)		35.0
Thailand		2.1		1.1			1.0
Taiwan		21.4		21.4			0.0
India		0.1		0.0			0.1
South Korea		—		(0.0	)		0.0
Indonesia		0.8		(0.1	)		0.9
Philippines		0.0		(0.0	)		0.0
China		0.1		0.1			0.0
Malaysia		—		—			—
Central and South America		16.1		(1.7	)		17.8
Mexico		0.3		(0.0	)		0.4
Brazile		1.9		(1.6	)		3.5
North America		15.3		0.3			15.0
United States		15.3		0.3			15.0
Eastern Europe		41.0		33.1			7.8
Russia		41.0		33.1			7.8
Western Europe		32.0		8.7			23.2
United Kingdom		4.0		0.5			3.4
Netherlands		—		—			—
Germany		—		(0.5	)		0.5
Ireland		—		—			—
Switzerland		—		(0.2	)		0.2
France		—		—			—
Turkey		—		—			—
Italy		8.7		0.5			8.2
Other		8.2		(3.6	)		11.8
Australia		—		—			—
Total		196.0		63.2			132.8
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, 2023					As of March 31, 2022
	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		0.8		(1.0	)		1.8
Mizuho Bank (USA)		—		(3.0	)		3.0
PT. Bank Mizuho Indonesia		5.9		0.1			5.8

Note: The balance 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, 2023 is ¥0.6 billion. The balance 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 is not existed.

2-34

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, 2023 to March 31, 2028)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,350.7
Income before Income Taxes	2		3,372.5
Tax Adjustments *1	3		401.7
Taxable Income before Current Deductible Temporary Differences *2	4		3,774.2
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,155.6

*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, 2023.

(Reference) Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2018		267.2
Fiscal 2019		378.5
Fiscal 2020		316.3
Fiscal 2021		360.3
Fiscal 2022(estimate)		162.0

*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 2022 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2023			Change			As of March 31, 2022
Reserves for Possible Losses on Loans	7		225.4			(26.2	)		251.6
Impairment of Securities	8		112.4			(12.8	)		125.2
Net Unrealized Losses on Other Securities	9		125.8			63.5			62.3
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		93.7			(28.4	)		122.1
Net Deferred Hedge Losses	12		166.3			126.5			39.7
Tax Losses Carried Forward	13		8.4			8.2			0.1
Other	14		246.2			16.4			229.7
Total Deferred Tax Assets	15		978.4			147.3			831.1
Valuation Allowance	16		(136.0	)		(29.3	)		(106.7	)
Sub-Total [ 15 + 16 ]	17		842.4			118.0			724.3
Amount related to Retirement Benefits Accounting	18		(123.5	)		11.3			(134.9	)
Net Unrealized Gains on Other Securities	19		(271.9	)		4.9			(276.8	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(64.6	)		(25.2	)		(39.4	)
Total Deferred Tax Liabilities	22		(460.1	)		(8.9	)		(451.2	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		382.2			109.0			273.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(154.5	)		69.4			(223.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		166.3			126.5			39.7
Tax effects related to others	26		370.4			(86.9	)		457.3

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

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

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

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

2-35

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from April 1, 2023 to March 31, 2028)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		195.9
Income before Income Taxes	2		226.6
Tax Adjustments (1)	3		(16.4	)
Taxable Income before Current Deductible Temporary Differences (2)	4		210.1
Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		64.3

*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, 2023.

(Reference) Past results of taxable income (tax loss)
	(Billions of yen)
Fiscal 2018		39.0
Fiscal 2019		31.7
Fiscal 2020		26.6
Fiscal 2021		33.2
Fiscal 2022(estimate)		31.0

*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 2022 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of March 31, 2023			Change			As of March 31, 2022
Reserves for Possible Losses on Loans	7		1.1			0.3			0.7
Impairment of Securities	8		5.7			(2.0	)		7.7
Net Unrealized Losses on Other Securities	9		0.3			(0.0	)		0.4
Reserve for Employee Retirement Benefits	10		0.6			(0.8	)		1.5
Reserve for Loss of Transfer	11		—			(0.9	)		0.9
Net Deferred Hedge Losses	12		—			(0.1	)		0.1
Tax Losses Carried Forward	13		—			—			—
Other	14		18.4			0.6			17.8
Total Deferred Tax Assets	15		26.4			(2.9	)		29.3
Valuation Allowance	16		(7.5	)		0.2			(7.7	)
Sub-Total [ 15 + 16 ]	17		18.9			(2.7	)		21.6
Amount related to Retirement Benefits Accounting	18		(21.7	)		(1.3	)		(20.3	)
Net Unrealized Gains on Other Securities	19		(17.2	)		(1.0	)		(16.1	)
Net Deferred Hedge Gains	20		(2.0	)		(2.0	)		—
Other	21		(0.4	)		2.2			(2.6	)
Total Deferred Tax Liabilities	22		(41.4	)		(2.3	)		(39.1	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(22.5	)		(5.0	)		(17.4	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities*	24		(17.2	)		(1.8	)		(15.3	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(2.0	)		(2.1	)		0.1
Tax effects related to others	26		(3.2	)		(0.9	)		(2.2	)

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

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

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

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

2-36

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, 2023		Change			As of March 31, 2022
Deposits		119,182.8		6,651.3			112,531.4
Individual Deposits		48,082.7		415.2			47,667.5
Corporate Deposits		60,091.4		4,495.2			55,596.1
Financial/Government Institutions		11,008.6		1,740.8			9,267.7
Mizuho Bank
Deposits		116,402.8		6,442.7			109,960.1
Individual Deposits		47,308.5		445.0			46,863.5
Corporate Deposits		58,698.6		4,240.6			54,457.9
Financial/Government Institutions		10,395.6		1,757.0			8,638.6
Mizuho Trust & Banking
Deposits		2,780.0		208.6			2,571.3
Individual Deposits		774.2		(29.7	)		803.9
Corporate Deposits		1,392.7		254.5			1,138.1
Financial/Government Institutions		613.0		(16.1	)		629.1

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

2-37

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, 2023		Change			As of March 31, 2022
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)		46		2			44
*  The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees Consolidated
	As of March 31, 2023		Change			As of March 31, 2022
Employees (excluding Executive Officers as defined in our internal regulations)		51,212		(1,208	)		52,420
Average number of temporary employees		13,190		(829	)		14,019
*  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, 2023		Change			As of March 31, 2022
Mizuho Bank		461		—			461
Mizuho Trust & Banking		59		(1	)		60
Mizuho Securities		225		(5	)		230
*  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, 2023		Change			As of March 31, 2022
Mizuho Bank		48		(1	)		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 2023

Consolidated

	(Billions of yen)
	Fiscal 2023
Ordinary Profits		860.0
Profit Attributable to Owners of Parent		610.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

	(Billions of yen)
	Fiscal 2023
	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		635.0			600.0			35.0
Ordinary Profits		605.0			565.0			40.0
Net Income		425.0			395.0			30.0
Credit-related Costs		(95.0	)		(90.0	)		(5.0	)

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

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

2-39

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of March 31, 2023 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	63,079,031		¥	48,803,771		¥	14,275,259
Call Loans		1,812,740			1,223,766			588,974
Receivables under Resale Agreements		868,058			1,681,260			(813,202	)
Guarantee Deposits Paid under Securities Borrowing Transactions		156,807			154,255			2,552
Other Debt Purchased		651,514			679,939			(28,425	)
Trading Assets		5,422,696			4,496,695			926,000
Money Held in Trust		504			504			0
Securities		37,110,218			44,608,181			(7,497,962	)
Loans and Bills Discounted		87,280,378			82,962,457			4,317,920
Foreign Exchange Assets		2,293,584			2,509,122			(215,538	)
Derivatives other than for Trading		8,392,051			6,133,443			2,258,607
Other Assets		7,910,755			5,958,848			1,951,907
Tangible Fixed Assets		858,037			847,689			10,347
Intangible Fixed Assets		352,884			347,681			5,203
Prepaid Pension Cost		403,530			440,611			(37,081	)
Deferred Tax Assets		382,227			273,129			109,098
Customers’ Liabilities for Acceptances and Guarantees		10,003,767			8,733,646			1,270,120
Reserves for Possible Losses on Loans		(701,652	)		(814,778	)		113,126
Reserve for Possible Losses on Investments		—			(106	)		106
Total Assets	¥	226,277,135		¥	209,040,119		¥	17,237,015
Liabilities
Deposits	¥	145,157,919		¥	133,633,887		¥	11,524,032
Negotiable Certificates of Deposit		13,272,253			16,162,209			(2,889,955	)
Call Money		1,229,224			940,058			289,165
Payables under Repurchase Agreements		14,106,366			9,293,236			4,813,130
Guarantee Deposits Received under Securities Lending Transactions		93,216			146,864			(53,648	)
Commercial Paper		1,782,111			1,775,859			6,251
Trading Liabilities		4,574,447			3,447,533			1,126,914
Borrowed Money		12,507,802			14,397,626			(1,889,823	)
Foreign Exchange Liabilities		889,189			1,788,299			(899,110	)
Bonds and Notes		585,861			810,504			(224,643	)
Derivatives other than for Trading		8,976,741			6,635,032			2,341,708
Other Liabilities		6,320,855			4,302,633			2,018,222
Reserve for Bonus Payments		26,406			24,582			1,824
Reserve for Variable Compensation		757			763			(6	)
Reserve for Possible Losses on Sales of Loans		15,049			1,309			13,740
Reserve for Contingencies		4,781			1,306			3,474
Reserve for Reimbursement of Deposits		12,980			16,627			(3,646	)
Reserve for Reimbursement of Debentures		7,798			10,504			(2,706	)
Deferred Tax Liabilities for Revaluation Reserve for Land		58,711			59,962			(1,251	)
Acceptances and Guarantees		10,003,767			8,733,646			1,270,120
Total Liabilities		219,626,240			202,182,447			17,443,793
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,259,392			2,259,392			—
Capital Reserve		660,805			660,805			—
Other Capital Surplus		1,598,587			1,598,587			—
Retained Earnings		2,757,032			2,519,294			237,738
Appropriated Reserve		421,264			389,012			32,251
Other Retained Earnings		2,335,768			2,130,281			205,487
Retained Earnings Brought Forward		2,335,768			2,130,281			205,487
Total Shareholders’ Equity		6,420,490			6,182,751			237,738
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		468,873			623,367			(154,494	)
Net Deferred Hedge Gains (Losses), net of Taxes		(367,790	)		(80,603	)		(287,187	)
Revaluation Reserve for Land, net of Taxes		129,321			132,156			(2,834	)
Total Valuation and Translation Adjustments		230,404			674,920			(444,516	)
Total Net Assets		6,650,894			6,857,672			(206,777	)
Total Liabilities and Net Assets	¥	226,277,135		¥	209,040,119		¥	17,237,015

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, 2023 (A)			For the fiscal year ended March 31, 2022 (B)			Change (A) - (B)
Ordinary Income	¥	3,665,159		¥	2,147,111		¥	1,518,047
Interest Income		2,657,640			1,131,111			1,526,528
Interest on Loans and Bills Discounted		1,614,231			774,657			839,574
Interest and Dividends on Securities		371,369			260,684			110,684
Fee and Commission Income		589,189			542,348			46,841
Trading Income		6,350			1,664			4,685
Other Operating Income		264,425			235,596			28,828
Other Ordinary Income		147,553			236,390			(88,836	)
Ordinary Expenses		3,105,989			1,936,252			1,169,736
Interest Expenses		1,786,742			244,322			1,542,419
Interest on Deposits		804,311			36,330			767,980
Fee and Commission Expenses		177,952			149,353			28,598
Trading Expenses		361			—			361
Other Operating Expenses		231,355			170,721			60,633
General and Administrative Expenses		742,375			744,859			(2,483	)
Other Ordinary Expenses		167,201			626,995			(459,793	)
Ordinary Profits		559,170			210,858			348,311
Extraordinary Gains		48,003			70,436			(22,432	)
Extraordinary Losses		19,061			32,348			(13,286	)
Income before Income Taxes		588,112			248,946			339,165
Income Taxes:
Current		115,972			172,495			(56,522	)
Refund of Income Taxes		(9,680	)		(12,734	)		3,053
Deferred		85,659			(87,395	)		173,055
Net Income	¥	396,161		¥	176,581		¥	219,579

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, 2023 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,704,297		¥	1,923,672		¥	780,625
Guarantee Deposits Paid under Securities Borrowing Transactions		20,177			20,046			131
Other Debt Purchased		32,261			35,314			(3,053	)
Money Held in Trust		27,418			26,556			861
Securities		265,136			288,530			(23,394	)
Loans and Bills Discounted		3,065,766			3,192,348			(126,582	)
Foreign Exchange Assets		5,160			3,898			1,262
Other Assets		277,573			255,755			21,818
Tangible Fixed Assets		93,577			100,132			(6,554	)
Intangible Fixed Assets		18,929			21,728			(2,798	)
Prepaid Pension Cost		71,058			66,607			4,450
Customers’ Liabilities for Acceptances and Guarantees		13,655			14,100			(445	)
Reserves for Possible Losses on Loans		(3,601	)		(2,470	)		(1,130	)
Total Assets	¥	6,591,410		¥	5,946,221		¥	645,189
Liabilities
Deposits	¥	2,780,028		¥	2,571,352		¥	208,676
Negotiable Certificates of Deposit		470,180			691,880			(221,700	)
Call Money		907,935			603,990			303,945
Borrowed Money		303,400			300,000			3,400
Due to Trust Accounts		1,534,097			1,167,284			366,812
Other Liabilities		28,363			31,317			(2,953	)
Reserve for Bonus Payments		3,134			2,741			393
Reserve for Variable Compensation		245			272			(26	)
Provision for Retirement Benefits		2,273			4,935			(2,662	)
Reserve for Reimbursement of Deposits		714			992			(278	)
Reserve for Loss of Transfer		—			3,061			(3,061	)
Deferred Tax Liabilities		22,527			17,484			5,043
Acceptances and Guarantees		13,655			14,100			(445	)
Total Liabilities		6,066,558			5,409,413			657,144
Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		275,474			296,471			(20,997	)
Appropriated Reserve		159,891			150,297			9,593
Other Retained Earnings		115,583			146,174			(30,591	)
Retained Earnings Brought Forward		115,583			146,174			(30,591	)
Treasury Stock		(79,999	)		(79,999	)		—
Total Shareholders’ Equity		458,349			479,346			(20,997	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		61,861			57,707			4,153
Net Deferred Hedge Gains (Losses), net of Taxes		4,642			(246	)		4,888
Total Valuation and Translation Adjustments		66,503			57,460			9,042
Total Net Assets		524,852			536,807			(11,954	)
Total Liabilities and Net Assets	¥	6,591,410		¥	5,946,221		¥	645,189

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, 2023 (A)		For the fiscal year ended March 31, 2022 (B)		Change (A) - (B)
Ordinary Income	¥	162,102	¥	173,959	¥	(11,857	)
Fiduciary Income		59,527		61,028		(1,500	)
Interest Income		26,283		26,345		(62	)
Interest on Loans and Bills Discounted		19,376		19,640		(263	)
Interest and Dividends on Securities		5,088		4,926		162
Fee and Commission Income		68,350		79,058		(10,707	)
Other Operating Income		13		369		(356	)
Other Ordinary Income		7,927		7,157		769
Ordinary Expenses		124,051		123,363		687
Interest Expenses		6,611		7,049		(438	)
Interest on Deposits		186		296		(110	)
Fee and Commission Expenses		37,569		36,795		773
Trading Expenses		—		640		(640	)
Other Operating Expenses		189		12		176
General and Administrative Expenses		74,465		75,132		(666	)
Other Ordinary Expenses		5,215		3,733		1,482
Ordinary Profits		38,051		50,595		(12,544	)
Extraordinary Gains		5,720		7,742		(2,021	)
Extraordinary Losses		5,762		443		5,318
Income before Income Taxes		38,009		57,894		(19,884	)
Income Taxes:
Current		10,043		10,651		(607	)
Deferred		995		4,559		(3,564	)
Net Income	¥	26,970	¥	42,683	¥	(15,712	)

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2023

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		572,414	Money Trusts		29,178,683
Securities		42,170	Pension Trusts		3,201,484
Beneficiary Rights to the Trusts		71,061,503	Property Formation Benefit Trusts		3,737
Securities held in Custody Accounts		373,412	Investment Trusts		20,450,405
Money Claims		12,647,622	Money Entrusted Other than Money Trusts		2,129,418
Tangible Fixed Assets		10,879,470	Securities Trusts		15,094,438
Intangible Fixed Assets		340,953	Money Claims Trusts		11,520,986
Other Claims		1,201,474	Land and Fixtures Trusts		709,057
Due from Banking Account		1,534,097	Composite Trusts		16,874,039
Cash and Due from Banks		514,597	Other Trusts		5,463
Total		99,167,715	Total		99,167,715

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 ¥68,720,918 million.

3. Joint trust assets under the management of other companies: ¥168,454 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 ¥2,814 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		2,814	Principal		835,674
Securities		1	Reserve		9
Others		832,943	Others		74
Total		835,758	Total		835,758

2-44

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

	Millions of yen
Items	As of March 31, 2023 (A)		As of March 31, 2022 (B)		Change (A) - (B)
Total Amount of Funds		35,634,113		36,350,351		(716,237	)
Deposits		2,780,028		2,571,352		208,676
Negotiable Certificates of Deposit		470,180		691,880		(221,700	)
Money Trusts		29,178,683		29,909,179		(730,495	)
Pension Trusts		3,201,484		3,173,021		28,462
Property Formation Benefit Trusts		3,737		4,918		(1,181	)
Loans and Bills Discounted		3,638,180		3,689,533		(51,353	)
of Banking accounts		3,065,766		3,192,348		(126,582	)
of Trust accounts		572,414		497,185		75,229
Securities for Investments		307,306		357,726		(50,420	)
of Banking accounts		265,136		288,530		(23,394	)
of Trust accounts		42,170		69,195		(27,025	)

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of March 31, 2023 (A)			As of March 31, 2022 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	866,603		¥	405,261		¥	461,342
Cash Segregated as Deposits for Customers and Others		462,232			541,274			(79,042	)
Trading Assets		6,430,652			6,921,502			(490,850	)
Receivables - Unsettled Trades		—			145,887			(145,887	)
Operating Investment Securities		90,676			40,926			49,749
Operating Loans Receivable		9,611			—			9,611
Receivables Related to Margin Transactions		25,742			34,802			(9,059	)
Collateralized Short-Term Financing Agreements-Receivable		4,722,172			4,707,548			14,623
Advances Paid		1,372			94			1,278
Securities: Fail to Deliver		30,155			32,415			(2,259	)
Short-Term Loans Receivable		7,881			47,983			(40,102	)
Other Current Assets		563,427			700,334			(136,906	)
Less: Allowance for Doubtful Accounts		(64	)		(79	)		14
Noncurrent Assets
Property and Equipment		16,992			18,742			(1,750	)
Intangible Assets		44,747			68,497			(23,750	)
Investments and Other Assets		458,184			304,034			154,150
Total Assets	¥	13,730,388		¥	13,969,227		¥	(238,839	)
Liabilities
Current Liabilities
Trading Liabilities	¥	5,918,952		¥	5,356,537		¥	562,414
Payables - Unsettled Trades		36,516			—			36,516
Payables Related to Margin Transactions		37,624			50,556			(12,932	)
Collateralized Short-Term Financing Agreements-Payable		3,318,666			4,144,682			(826,016	)
Deposits Received		385,028			425,452			(40,424	)
Guarantee Deposits Received		191,053			425,613			(234,560	)
Securities: Fail to Receive		1,018			7,083			(6,064	)
Short-Term Borrowings		957,701			904,079			53,622
Commercial Paper		436,000			490,500			(54,500	)
Bonds and Notes Due within One Year		303,842			148,768			155,073
Income Taxes Payable		3,624			2,515			1,109
Accrued Employees’ Bonuses		15,390			25,379			(9,989	)
Provision for Variable Compensation		401			411			(9	)
Other Current Liabilities		49,852			46,970			2,882
Noncurrent Liabilities
Bonds and Notes		641,254			753,870			(112,615	)
Long-Term Borrowings		724,100			580,000			144,100
Provision for Retirement Benefits		21,790			22,579			(789	)
Reserve for Loss of Transfer		923			1,541			(617	)
Other Noncurrent Liabilities		3,895			3,769			126
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		3,352			3,132			220
Total Liabilities		13,050,989			13,393,441			(342,452	)
Net Assets
Common Stock		125,167			125,167			—
Capital Surplus		407,071			381,649			25,421
Additional Paid - in Capital		285,831			285,831			—
Other Capital Surplus		121,239			95,817			25,421
Retained Earnings		394,868			425,554			(30,685	)
Other Retained Earnings		394,868			425,554			(30,685	)
Retained Earnings Brought Forward		394,868			425,554			(30,685	)
Treasury Stock		(257,520	)		(369,999	)		112,479
Total Shareholders’ Equity		669,587			562,371			107,216
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		19,610			23,193			(3,583	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,798	)		(9,778	)		(20	)
Total Valuation and Translation Adjustments		9,811			13,415			(3,603	)
Total Net Assets		679,398			575,786			103,612
Total Liabilities and Net Assets	¥	13,730,388		¥	13,969,227		¥	(238,839	)

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, 2023 (A)			For the fiscal year ended March 31, 2022 (B)			Change (A) - (B)
Operating Revenues	¥	372,379		¥	380,505		¥	(8,125	)
Commissions		143,118			183,633			(40,514	)
Net Gain on Trading		90,648			123,761			(33,112	)
Net Gain on Operating Investment Securities		1,204			(2,831	)		4,036
Interest and Dividend Income		137,406			75,942			61,463
Interest Expenses		120,444			53,612			66,831
Net Operating Revenues		251,934			326,892			(74,957	)
Selling, General and Administrative Expenses		230,326			251,967			(21,641	)
Transaction-Related Expenses		52,590			70,197			(17,606	)
Personnel Expenses		83,735			96,131			(12,395	)
Real Estate Expenses		27,558			21,017			6,540
Administrative Expenses		41,437			39,150			2,286
Depreciation and Amortization		16,599			17,770			(1,170	)
Taxes and Dues		5,586			5,252			334
Provision of Allowance for Doubtful Accounts		53			36			16
Other		2,764			2,411			353
Operating Income		21,608			74,924			(53,316	)
Non-Operating Income		2,952			3,437			(484	)
Non-Operating Expenses		227			506			(279	)
Ordinary Income		24,333			77,855			(53,522	)
Extraordinary Gain		19,300			3,738			15,561
Extraordinary Loss		44,026			10,627			33,398
Income before Income Taxes		(393	)		70,966			(71,359	)
Income Taxes:
Current		3,737			10,303			(6,565	)
Deferred		(28,428	)		203			(28,632	)
Net Income	¥	24,297		¥	60,459		¥	(36,161	)

2-47