MFG - Earnings call transcript Q4 2022 | Mizuho Financial Group, Inc.

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Operator

Let me start the Mizuho Financial Holdings Investor Presentation for Fiscal Year 2022 [ph] Thank you very much for taking time out of your busy schedule today to attend the session. I am Naoaki Chisaka of the IR department, and I will be serving as the moderator.

Before we begin, let me introduce the speakers who are presenting and taking questions. From your left is Mr. Kihara, President and Group CEO and Deputy President, Group CIO and Group CFO, Mr. Umemiya. the start we before session. Disclaimer we In on uncertainties. forward-looking based state current today's expectations, and discussion, our risks which statements to may are subject statements uncertainties. risks subject These are to and that those aware Please differ results forward-looking the from be statements. discussed actual in may with we Group CEO, presentation Mr. Today, a from start will Kihara the Mr. followed strategies by titled during which presentation Investor Year for Fiscal and based for financial about results on XXXX XX material Presentation minutes covering Q&A, Kihara and Mr. CFO, the Group Umemiya will questions. take your

around X X for about We hour in Kihara, to end Thank for advance p.m. have your the Q&A you floor Mr. cooperation. is yours.

Masahiro Kihara

very for your you Thank speaking. to moment. me time. make Kihara, at this much taking Allow presentation

since record we've ever the Page XXXX, X, year. progress. high so previous income special established I billion in XX.X per like billion, groups time. from and results we of provide JPY losses high. On basis, XX.X defense JPY business from and we in-house stockholdings, XX.X factors, achieved and X. the gains dividend, by increase we X.XX grew billion transactions So of that achieved up attributable overview of net funds credit-related ahead deposits, an JPY forward-looking forth, billion JPY expenses steady and JPY provisioned including was X net to XX.X X,XXX There XXX.X billion. year-on-year on because of achieved a I JPY all companies' we canceled to of but to share in-house Customer seen tax on Page on the net financial XXX a billion said so revenues FY impairment was consolidated JPY we their year-end would increased JPY record an stock and billion, companies profit And

improvement improvement systems respond If business you that X. in implemented to failure. go - plan to was order There was please Page could

we points. system order we progress there to are have important and failures, up of have systems, problems capturing and our much we're checked of X In signs So time. shared our prevent until ahead

the impact something we're of functions the the system. verify customers to when also minimize trying And We happens. on

So of those, DCSP, that. in we and collaboration we verified good have need have terms to

to so slide and And personnel we organization. need on proceeded on number focus X, we have

change governance. culture. X. have And we worked have We also the to Page on

terms in systems, So other in upper in the stable impact half, And the of this cost budget the the business initiatives, enough is included on we to base. business. half, the to strengthen have allocate lower buffer about

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going upside to achieve and so but invest XX billion. increase we going so personnel We're in that DX number and into stable forth, the billion For other stable would reduction increase FY initiatives, initiatives. JPY revenue and XX to trading XXXX, banking, to we're revenue, other revenue. Therefore, like JPY

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have we a income. will achieve to look cautious, So position to to and we be take flexible

the For fee billion. combined, XXX JPY

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to course, expand have efforts again focus, once of areas we and our scope. For of the redouble

we So business consolidated Please Page on to drive XX. profit. to have net go

return. return, risk So cost

comparison the year-over-year. and been been have working we seeing can of of putting on it. quality you can see, from are XXXX, or the demonstrating lot XXXX, as each revenue, see we've the companies, And a You improvements emphasis of on

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This from situation, could structural was expenses talent fiscal fiscal is be and and please total. foreign impact the 'XX, areas. will planned income improve will an will billion. on JPY is our areas This improved year total XXXX offset XX impact improve in drop reform the X.XXX On investment to important, see of exchange And and a that an of Page lastly JPY billion least, comparison inflation JPY hand 'XX. XX to XX in JPY of investment. billion not the that, new productivity. basis, growth Fiscal we you very the with this XX. left In X,XXX.X actual with we'll minus billion. If is in with you billion as the be stable revenue - the continue of making and turn but JPY growth Investing growth and but

this X.X So JPY expense trillion for fiscal our year. is year, forecast this for

same XX business of is year profit, combined and can existing for XX will this and of is and JPY the fiscal billion trading, you X expected. So be and sales impact areas year, new And plus on see billion the billion this a JPY of expected invested for digital in marketing, area. plus next gross a level fiscal JPY

costs. is some outstanding to for of fiscal There please could you Credit JPY COVID-XX. if XXXX. billion So turn Page XXX impact related XX.

And so forth.

is risk Next Page Recycling In target, graph X where XXX.X you shares, billion the find see where XX, is reached you'll our reduction And bar business. XXX shares. million our the JPY in in the extremely reduction. years reduction. for a XXXX, critical of assets the JPY to we of is center, have

bottom So XX, years. as shareholdings you plan billion in reduction X over right. X-year business March to order of of in March see as the X-year of XXX outlook worth be to period from at top plan the across The our right. will period a JPY reduce is billion see over at the 'XX you extended JPY XXX

on earnings billion related ordinary credit-related XXX profit costs and concludes the consolidated net you forecast, billion net net income of gains that to slide. next to in fine JPY JPY JPY attributable JPY XXX billion which was and can my XX billion JPY profit, XXX So stocks, the XXX see FD. billion; in

could next Page XX, slide, go to the returns. shareholder you If

day, remain unchanged. policy return shareholder changed tariffs. and the policy we the but in of our misunderstanding some But towards the capital other basic conference thinking Our repurchasing I not called have maybe our press

our is XXXX, policy. forward. approach is our be difficult will foresee described our year continuing. our the lockdown of very slide, towards towards taking in it fiscal operating thinking We to into consideration going at bottom And still policies Shanghai is capital the And XXXX

So cost our it's difficult not see forecast, profit very well dividend gross and place. expand do control we going in have forward. And therefore, we to but will a

in will in in past, that of way make continue possibility been but the is So enhance that we working manner. target. sure order that disciplined will to achieving a done in it approach the We've our

the over strategy. earnings this and now So to business concludes

Makoto Umemiya

XX. Page the fruits past to them. our we years, of efforts. would seen and And the on for we've have like to X we turn Please focused expand further What deepen them

business what is we've been our going Pages is and XX. of that synergies, the strategy initiatives our years and areas focus forward. at of So last in several These concentrating XX that areas on

top customers. XX, XX branch reorganized and Page - at individual management, retail, networks customers - asset corporate look for strategy, and bank a global so take the retail we have equity proceed securities individual left, collaboration between could separated you If

and investment equity investment portfolio, JPY As trillion. our accounts. investments trust We've results. a we balance now JPY digital which seen years improve like equity a And leveraging X.X of to trust to promote period, years. X.X would and and equity be used have proposal enhanced fund capabilities wrap is government trust And we balance our for 'XX XX investment holding result is increase trying X.X acquiring these efforts to trillion we to

And so securities fund JPY to trillion increased going X be forward. balance to

to XX, XX. go please Page could you If

of doing. part the between explain securities, what been that's page bank combining and me the Let model, CIB lower efforts we've

Americas profit As improve you so is times. United And gross to ranking we efforts [indiscernible] are X.X U.S. ICDCM for the States, continuous know, in And making this. SMT

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Moving XX. Retail on Page Global strategy, to

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Mizuho. XX, side, DX of for technology, ecosystem Moving in we our analysis, terms DX which data on approach, to We organizational you of IT such AI be see financial the Page nutshell, have may about terms on technology. in a implementation, left-hand do can In technology. delayed as is

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XX. Page on, Moving

I are aware of think you already this.

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are time the And that embarking that before business share vision and also to and I'm uncertain, in line purpose with repeating culture DX will the as that Mizuho and risk. our make these that initiatives will the execute but to employees IT lead So into closing, the some and but to message. listen attentively management. act is will take are we of through of of age resources my to share I and our stakeholders digital organization invest vision while catalyst sure sensitivity and to of organization. the where a be of wide our management And penetrates And environment and to well stable open incubation. invest want innovation the X. on continue stakeholders lastly, accountable in co-creation challenges in heightening I we order And new to with ensure to talent very we create needs The and a range as you for might as able in myself, a domain is value operations very difficult foresee. on to proactively will will It's the we

will IT the year, management in investment able increase will revenue And be the quite year. we dramatically what different. And is throughout we plan time gross not billion now verify And JPY time this towards implemented and compile focus resources. and but what achieve risk at to the That policy platformers different. many we have we we achieved. that it be our this it, with to XXX have but completely where about same geopolitical business and visualize least, from would about was CDs be increase profit look should completely at fiscal management I changed should say Lastly, therefore, hope the to portfolio, things in approach we need think own X-year the is I business on and expenses,

for attention. my you concludes kind thank presentation, much that very your and So

Operator

me please Takamiya [Operator Let Securities. questions Instructions] from Nomura take Ken

Ken Takamiya

I questions. have two

results what comprehensive current is it the But that. So position you're are over the And that do so see the By going under become the And group-wide if X-year the President, X-year are that perspective So you you challenges Ever a you What current Or plan, what plan you you're perspective, could the plan? business seeing could from now what the results did please of results of summarize the since as outlook and challenges. is what so challenges? of forward? that's plan. if what is for or medium-term a in line, you results leadership? share And that. it the and explain achievements lacking? X-year perspective, just the more far. the

Unidentified Company Representative

the for you question. Thank

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Operator

Shinichiro Nakamura America from question, Next Securities. of Bank

Shinichiro Nakamura

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was about buyback investments. share and growth that So

Unidentified Company Representative

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question? Next

Operator

with Morgan not the I other media, questions. question In any the is introduced business, Thank Q banks. the behind Nagasaka, Kihara, chance interview. a Next have said Mia from to Mizuho CEO, you. you Among read two what had in I Stanley. had them. core -Mia Nagasaka

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kind order using What are and just to and core could not initiatives the are You What have your have If a you research share new please the companies. us. investment, of KPIs that? number you are to you're making are other business, incorporate but efforts in you monitor you technology? going with at of frameworks set? alliances What or with strategic for progress how that that

Unidentified Company Representative

Thank you questions. for the

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Operator

present are who no from are questions physically there [indiscernible] those If

Unidentified Analyst

much beyond, you Thank you most taking be mean How beyond expect year as my question. this say, do of will Impact XXXX XXXX. in fiscal seen failure, system transition you of very that and XXXX? for does it to this fiscal

Unidentified Company Representative

very Yes. you Thank much.

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Operator

Sato? So questions Sato. SMBC Nikko, Masahiko

Masahiko Sato

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could paid. be XXX JPY XX And billion, so given perhaps JPY

if so that. clarify may And I

Unidentified Company Representative

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question Next

Operator

from Akira Takai Daiwa Securities.

Akira Takai

two My Mizuho. Takai billion Akira to questions. billion and XXX level. profit among question from this JPY from is first for MFG, SMFG,XXX fiscal in last the the X variance Securities. trillion three mega This JPY I have Daiwa is year this year,

my And want XX% about XXX is three it MFG do question So you, plan Or of level, achieve catch a assets. that level? answer up? are is be there do the in you billion or to you in seems they to up, stably able business? who role to business It's SMFG, JPY like mega. of they're increasing among mean catch the the ahead this geographic regional to would your SNSD, the their are that [indiscernible] if expanding expand globally. And expansion And their you your case that to have

connect your terms to two Will planning order traditional And is expected, expand is leverage profit, Are is power it tend could have first to be or direction and question like finance. profit. opportunities? necessarily think opportunity terms business you sustainability, quite huge in strong This direction be in to demand a those sustainable don't my of of How it so and will do that intend high-risk finance, I my be the need the seems you is That such counter sustainable in but outside of my And finance. in sustainable different to this business? in which business a energy patchy for of high questions. banking catch about up the There to those second such for to business be So Mizuho? or budget terms for you areas, demand? question. sustainable will to intend areas are

Unidentified Company Representative

Thank The is audio poor. you question. your much very very for

billion. overachieve we JPY be So to XXX will aiming

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business So of there a number opportunities. I think are

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question. Next

Koichi Niwa

My Two is expenses from retail name Citigroup. about global and questions Niwa strategy.

remember. has question was I ratio do to what Page 'XX for first with The the XX% from under XX. plan X-year expense target G&A FY

So you if of needed. the assumption to in towards And top year, share your whatever fiscal But could grow. you course, do cost well, next is control, is that the that you commented terms will has comments. of line

use. Page Next, the XX, that That was retail phase you strategy. global

seems it and made investments your that into Asia stage elevated. has have been you So

for it the the areas what of global functions necessary have for right. you just the what pursue retail strategy, investments. said strategy? do will retail cost functions well, And respect With be large to need global a think to you you expenses, are and So

stable So of growth we how can cost for we shift expenses enhancement, and We to example, by to personnel. enhance investment productivity. reduce operations having the have productivity rise. business And can But will can [indiscernible] the personnel bulk areas. growth by

bring and corporate, versus down retail can the there functions there's on. the Retail that's in productivity. back focus that be bring areas productivity the So And where the with and contact sales and conducted in middle we and personnel. back. area, to costs, having - need can enhanced, the the down? and problems that by with large front the back, customers, front area back between Well to are are to booking that of office office middle we trying way, area people where the reform. the those we're shift the Or we can we And

And reassigning to gross like productivity so by as profit. we well personnel, raise would as

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large there. SMEs. as Asia we as As customers, Kong, far well concerned, Singapore, have cover We corporates is corporate as Hong headquarters

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to be that much to seen comes it there's with may we and - Asia. So utilize able When the in collaboration advancement Asia. in global retail, in Japan corporates in

So there Are other that's questions? you. Thank what doing. we're any

Unidentified Analyst

the question. an taking much related XX, very for This my XX Page Group. you ecosystem question. kind as and is Mizuho of Thank

mid-term outside X of long-term to You And at you in are And what the talked you outcome have For could you the are in partners the quick If you could But the and you quantitative for questions KPI. out there that particular anything digital looking may do what any ecosystem terms rapidly about targets of year? from that wins short-term, be to able next what your may kind deployed outside the and be question. think are example, appeal have gain. areas about? expecting Just outcomes, were areas? alliances. you outcome? rolled various first that any or might What have that or there you marketing, in expectations

expenses So this fiscal year. increasing

in what line banking, and your downside. and markets are groups, or top on any upside So expectations customer

customer growth going upside wasn't - some part give flat supplementary comments clearly. But that. much on and to appreciate. hear that. so coming will If apologies. - be from second markets I top line top you the groups, question from I how your you Thank of for line, to be banking. very able is to and could My

very numbers, clarifying. range able you growth? If maybe you or line a but to outlook perhaps will me your specific give could not Okay. me give forecast for for be much Thank top give you a breakdown,

your in resources, and we business find leveraging is the So aspects. we currently relationship terms productivity partners And the external is or be will is directly the what in In question, part term. and our Mizuho with very We're our of this, that such the are that willing into inside working year to work maybe first next is with to capabilities order profit, difficult. thing, outside. can us, productivity. important, in the of looking one whether do we reflected two, whether to from we use quite be Improving to related in improve so by to technologies transformation digital which to short - on not are partners those business going able want

So look expense XX. the side, bar it's not XX. JPY this. XX going the on is if right-hand Bottom business But graph included to it in expense right page - on of it, the it wins. is bottom Yes, Page gross be at was Digital increase. you which in quick or profit billion line Page marketing

outside And and the capital upside could So year's markets. a will didn't key. and demand whether overseas and profit, into if yes, that this in this XXX factors Between there lens the the deposits 'XX also, there format, see is increase where decrease. economy, this and have positive there In some I of will part slide. also drop be is see are impact pace loans can deposits will gross could will XXXX 'XX comparison, meantime, downturn in these increase Japan if and outside some in go bear fruit stable and we of great on impact, and this. the and fiscal Based for cash environment, is revenue, be XXX, transactions and But on decrease. a of in are a there towards you Japan. loans

much for decrease. And impact difficult Yes, But in to Thank upside of be. expecting indeed. a that this your answers say terms, somewhat I year, very talking it's hope about will So fiscal how we're the value some you. question.

Operator

Thank you. Any please? other questions,

Unidentified Analyst

questions. down in is traction culture culture corporate corporate you're what you're cross saying Is your the the two that possible that progress my are difficulties have it Conversely, said. implementing I [indiscernible] reform about And external is sands? question, water that feeling One seeing bring it you challenges That's inclusive or what to to are of question second zero? directors, reform? they shareholdings.

Unidentified Company Representative

concepts with constructive Are opinions trials, So trying new we're we welcoming from views. attempts, embark on such well, respect new new to to new point. That's ideas, of culture, the individual and employees.

everyone air Can their members. into who staff be turned XX,XXX proactively have views. someone We can

also I Well, have approach. and think problems, have are we what we we there still to grow. where point a to top-down to to seem out seek

so we must change have think which to that's higher, I difficult. a Diverse also in And quarter, and be human resources important. that is

express inviting those an free their new to by views. enabling outside. are people develop And environment people We hiring where the from feel people

we cross substantial the in of in ago, it - that half but we've slashed whether to say XXX book change years this so end shareholdings, not made did most several XXXX, difficult of XXXX, and issues And of of Page And employees. requires shares XX, the And down is part it's progress. can we price. number the of the held each end XX meticular as as issuers. into individual I have careful communication we very and with terms presentation,

And holdings. that. of to plan so important in we that the have balance order have to a course, of And do it's to continue to for reduce

close plan to that, we're and communication. continue to bring this Thank to to Without a for the we we that, have able effort but going have So and will need you. will that's do. down at close to what be make communication, not we

Operator

I you for much hope Thank that answers very that. your question. Yes.

Rie Nishihara

have to would is groups before, ask that I especially that. and presentation. - 'XX. But but but you XX, you this already other XX, player business year your to was JPMorgan, [ph] has that which offered in think, guidance is you And decrease This, have on conservative the group very this seems here. it year-over-year. guidance is question, I your Rie growing from and Page conservative, increase fiscal Nishihara. the to guess in a been Thank Thank year is customers earnings decrease question, achieve profit for it challenging, strength has to asked going profit, I compared an customer midterm where guidance, according customer like to mega from is the able area been plan. been your in said discontigu group a A figure for you it's that were think very I the very Page

institutions. have again conservative ratio, XX, decrease so you on the question. dividend, to I appreciate to also first other understand significant half And that assumption. business? dividend very anything CETX a Ukraine? that Or would is And my any and that? Is there's This And where you would that? Increasing? environment is I So that but is if increase for players very will that issues the taking is very business in the impact us rate a environment increase? are the there same is that why in you such conservative going concerns other and about you is into become it. guidance? JPY from from uncertain, - share leading expect there of to is a business mega And why do account, Mizuho year-over-year certainly banking can our the you other other different to Are with Russia that unique all

Unidentified Company Representative

Thank for you This the figure plan. based very midterm 'XX. This is on your the much question. is for

to don't My We stick Page JPY XXX apologies. XXX intend - have no XX. JPY to to number. This intentions is to stick this we XX. billion. referring Page I'm this, to billion,

customer especially fact the misleading. was Fiscal things deliver that the We 'XX, have to the the XX. poor. and we and our XXX stable on will we extremely want midterm investment, business continue to billion, of business might these XXXX, year been here plan And business, that JPY audio group for level. figure aim a fiscal are operations growth Page for higher have

- rapidly. remains continue I changing to business environment concerns. feel is they we quite criticisms and understand grow. I I And some about are plan understand the dividend, And to have unchanged. Our That that is

other current coming billion, if we're change we - could XXX Although billion therefore, JPY where changed JPY our will And I is understand XX. to and I achieve do be questions. understand from, Any criticism. able XXX to it you're JPY target.

Ken Takamiya

forward. which going Takamiya But asked. is question, behind I Ken have would have understand the Securities. one about Other expenses. expense from management I to like Nomura people idea

any but focus you're making impact continuous for investment is be expenses growth reduction going to must to making on So the There we're we're have likely onward? to a to going done growth, be next on need you efforts. investment are while if increase, And But the that cost this that with material going is cost and to basis. for going that growth. year, year continue

Unidentified Company Representative

going to result and cost the ratio But control gross a Well, initiatives down. go as expense continue. course, go may of are to up perhaps profits

Ken Takamiya

allocate And if going And you how could expenses? are as going you to us. a manage share are So with you that concept going them forward? to how

Unidentified Company Representative

from we year. Payment software, to spend But then issues, branch last that's resigned to billion. had we've XX structure consolidation expenses for and JPY

expense such XX% enhance we requires eliminate spending continue discussion. don't costs. solid at that something we to we to And is will productivity, ratio. and continue so investment And will Well, have on costs on for other doing the investment hand, growth growth, for

for strengthening businesses for that by new people example. So existing and creating businesses overseas, hiring

I think we can in do more DCM, terms of for example.

closely. that hit to that the like and would return XX% something overall, cost, the expense we need we So And on ratio. to watch is cost

you. the So Thank thinking. that's

Ken Takamiya

expenses of spending expense been you've face deteriorated. in XXXX, ratio the half But So has latter top your of the in increasing line.

aware you're that on and reduction? working of that's cost so And

Unidentified Company Representative

process you. you We to spending I the of much, you Thank thoughts. thank closely. at understand have look Well, cost very

Operator

Mia Nagasaka, Morgan Stanley.

Mia Nagasaka

XX. figures, the is XX it these JPY How Page accounting for I - to market. About tend numbers, JPY how can other Thanks billion, the reconcile revenues look the billion question. also at the in I is from there and businesses. related XX.X in business other

JPY XXX been we that, not have So for were would if it billion.

XX compared this, an If XX, been XX it would a items year than to are for it billion, total but seems or not So of 'XX, so. that looking we're have playing the 'XX. greater of I JPY be could could JPY at to it an there's about compared be billion. and base, accounting upside with numbers, was upside there more JPY these XXX anticipating billion improvement JPY XX.X fiscal you by Page two billion

could was government ForEx. and take what the is overseas numbers you expected I fiscal under seen If 'XX, where minus us once and think, bonds, in year bonds again, through these

it reducing than XX duration less trillion are fiscal cashing and year? out. is you to shorter are from So actually and getting JPY positions are you this or expecting And billion you X foreign trillion your bonds, what JPY JPY X

a seek difficult where So will be accounting Umemiya Umemiya from speaking. what that think of on extremely for very it to and we're management basis, seem you little That new kind building accounting, questions. in doesn't it's those say is especially your to Allow CapEx your this showing from it What gain Makoto finance, of Markets but we're A growth question. not elaborate your What So this significant. converting you is converting be not could be are, and me growth to is financial respond is I XXXX, basis positions would fiscal your year, is a to If significant, sales the helpful? - approach? related bit, to completely. to policy? a you bonds,

you if give share answer apple-to-apple. So you But a I I am could to sharp what we're very not with comparing thinking. able

gains position. earlier, you foreign mentioned so the our of As carry we bonds, are reducing

And include the very And to doesn't there's banking, therefore, be situation gains of the offers sales need within in say, from has been volatile over only year fiscal uncertain carry business an between is it the loss But 'XX a a cannot And is is not, and during volatile fiscal fiscal expected should incurring do trading, in there I fiscal loss So 'XX, offset likely environment. and be not level incurred. that opportunity. markets, same year sales will capital loss, 'XX, meantime, which very two. also that. Will year situation. 'XX. we This the or in be

we That we answer directly of a compared profit increase from breakdown by not may image 'XX. have. some 'XX, XX have we fiscal and in trading is do sales increase That that billion than So see. we JPY that's net your More not upside believe the the we question year-over-year. what more and but an business, can see to item, because that

Okay, thank you.

some the are are from there coming So that customer group.

is an XX. you increase in customer see groups on there Page as So

accounting department, increase Understood. of markets will instead in you. Thank at just we So looking terms. an naturally expect

I for one question. think we have more time

Makoto Umemiya

additionally the slides of scheduled, of are it's meeting. the posted be there little questions, If we would XXth no a May. will the part And like to but further conclude on earlier than

Operator

Asset from Nishihara Rie Management. JPMorgan

question. have speaking. We one other Nishihara

Rie Nishihara

question. a have I

ROE? at you You X% So to think target have ROE what Do of have specific aim a over specifically, order you're over X% aiming over to achieve that you in that ideas? the X%, at? are

Makoto Umemiya

to aim our at We don't moment we of vision you. target number thank questions? But we in Well, over - we that X%. specific the this have terms at you. X%. a least other have. a specific Thank at Any That's don't have of have

Makoto Umemiya

I conclude If would we session. there this Kihara, to presentation would a few to IR Group able that are free Ms. ask to to like you not, If today, words. like not say any contact questions the ask please department. CEO, to feel are

Masahiro Kihara

from we be have to which we changes again and there. need wish the achieve the that players lessons are learn X-year society about and we're on [indiscernible] environment, reflect And have that And areas course, very becoming Thank open taking once of we of to you the numbers substantial. on, analysts, And and to a focus where be. put But together changes think rapid everyone, to taking to what portfolio, the much communication look seriously. We the take busy any accountable. in to we rate, At have the all good the very where with and review we plan. very given Thank at them the to in out while for we would like fully schedules. your time need of market, you we That's to for much, [indiscernible]. time need

continue opinions. again So today. we your candid for you welcome Thank once to your participation

Operator

much you. call. conference taking Thank with participating and very you for time Thank every – this

Mizuho Financial (MFG) 18 May 222022 Q4 Earnings call transcript