UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

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 ☐

 

 

 


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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:   November 14, 2024
Mizuho Financial Group, Inc.
By:  

/s/ Takefumi Yonezawa

Name:   Takefumi Yonezawa
Title:   Senior Executive Officer / Group CFO


For Immediate Release:

 

 

Consolidated Financial Statements for the Second Quarter of Fiscal 2024

(Six months ended September 30, 2024)

(Under Japanese GAAP)

   LOGO

 

Company Name:    Mizuho Financial Group, Inc. (“MHFG”)    November 14, 2024

 

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
Filing of Hanki Hokokusho (scheduled):    November 29, 2024  

Trading Accounts: 

  Established
Commencement of Dividend Payment (scheduled):    December 6, 2024    
Supplementary Materials on Quarterly Results:    Attached    
IR Conference on Quarterly Results:    Scheduled    

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2024 (for the six months ended September 30, 2024)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)

 

     Ordinary Income      Ordinary Profits      Profit
Attributable to
Owners of Parent
 
     ¥ million      %      ¥ million      %      ¥ million      %  

1H F2024

     4,585,215        8.0        747,079        30.1        566,141        36.1  

1H F2023

     4,244,507        44.1        574,093        30.6        415,753        24.4  

 

Note:   

Comprehensive Income:

1H F2024: ¥591,838 million, 6.1%; 1H F2023: ¥557,657 million, —%

 

     Net Income
per Share of
Common Stock
     Diluted Net Income
per Share of
Common Stock
 
     ¥      ¥  

1H F2024

     223.35        223.35  

1H F2023

     164.03        164.03  

(2) Consolidated Financial Conditions

 

     Total Assets      Total Net Assets      Own Capital Ratio  
     ¥ million      ¥ million      %  

1H F2024

     277,354,891        10,761,319        3.8  

Fiscal 2023

     278,672,151        10,312,135        3.6  

 

Reference:   

Own Capital:

As of September 30, 2024: ¥10,681,646 million; As of March 31, 2024: ¥10,232,538 million

Note:  

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100

Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock

 

     Annual Cash Dividends per Share  
     First
Quarter-end
     Second
Quarter-end
     Third
Quarter-end
     Fiscal
Year-end
     Total  
     ¥      ¥      ¥      ¥      ¥  

Fiscal 2023

     —         50.00        —         55.00        105.00  

Fiscal 2024

     —         65.00           

Fiscal 2024 (estimate)

           —         65.00        130.00  

Note: Revision of the latest announced estimates for cash dividends for shareholders of common stock: Yes

3. Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025)

 

     (%: Changes from the previous fiscal year)  
                   Profit
Attributable to
Owners of
Parent
     Net Income
per Share of
Common Stock
 
                   ¥ million      %      ¥  

Fiscal 2024

                               820,000        20.7        323.48  

 

Notes:    1.    Revision of the latest announced earnings estimates for Fiscal 2024: Yes
      Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025). Profit Attributable to Owners of Parent: The latest announced estimates: ¥750,000 million, Revised estimates: ¥820,000 million, Changes from the original estimates: ¥70,000 million, 9.3%
   2.    The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during the 1Q and 2Q, and the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2024).


Notes

(1) Significant changes in the scope of consolidation during the period: No

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

i. Changes in accounting policies due to revisions of accounting standards: No

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

iii. Changes in accounting estimates: No

iv. Restatements: No

(3) Issued Shares of Common Stock

 

i.  Period-end issued shares (including treasury stock):

  As of September 30, 2024   2,539,249,894 shares   As of March 31, 2024    2,539,249,894 shares

ii.  Period-end treasury stock:

  As of September 30, 2024   4,291,043 shares   As of March 31, 2024    4,739,805 shares

iii. Average outstanding shares:

  1st Half Fiscal 2024   2,534,759,156 shares   1st Half Fiscal 2023    2,534,579,208 shares

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

 

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; 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 medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

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

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.

 


Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1. Interim Consolidated Financial Statements and Others      p.1-2  

(1) Consolidated Balance Sheets

     p.1-2  

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

     p.1-4  

(3) Consolidated Statements of Changes in Net Assets

     p.1-6  

(4) Note for Assumption of Going Concern

     p.1-7  

øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2024

  

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 Friday, November 15, 2024. 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. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

 

     Millions of yen  
     As of
  March 31, 2024  
    As of
September 30, 2024
 

Assets

    

Cash and Due from Banks

   ¥ 72,968,900     ¥ 71,620,559  

Call Loans and Bills Purchased

     1,259,964       1,121,682  

Receivables under Resale Agreements

     20,533,096       22,657,784  

Guarantee Deposits Paid under Securities Borrowing Transactions

     2,357,463       2,177,103  

Other Debt Purchased

     4,174,891       3,690,073  

Trading Assets

     21,381,444       21,567,775  

Money Held in Trust

     583,647       612,755  

Securities

     38,245,422       38,188,142  

Loans and Bills Discounted

     92,778,781       92,354,009  

Foreign Exchange Assets

     2,259,701       2,212,641  

Derivatives other than for Trading Assets

     2,606,667       2,845,012  

Other Assets

     7,364,363       6,379,668  

Tangible Fixed Assets

     1,139,470       1,093,441  

Intangible Fixed Assets

     725,142       755,656  

Net Defined Benefit Asset

     847,116       863,709  

Deferred Tax Assets

     135,428       83,115  

Customers’ Liabilities for Acceptances and Guarantees

     10,098,502       9,861,424  

Reserves for Possible Losses on Loans

     (787,848     (729,659

Reserve for Possible Losses on Investments

     (4     (5
  

 

 

   

 

 

 

Total Assets

   ¥ 278,672,151     ¥ 277,354,891  
  

 

 

   

 

 

 

 

1-2


Mizuho Financial Group, Inc.

 

     Millions of yen  
     As of
  March 31, 2024  
    As of
September 30, 2024
 

Liabilities

    

Deposits

   ¥ 159,854,668     ¥ 155,675,626  

Negotiable Certificates of Deposit

     11,590,532       12,193,562  

Call Money and Bills Sold

     1,660,682       2,819,989  

Payables under Repurchase Agreements

     38,103,216       38,716,833  

Guarantee Deposits Received under Securities Lending Transactions

     1,306,422       1,362,370  

Commercial Paper

     1,165,988       1,005,716  

Trading Liabilities

     13,836,028       13,690,008  

Borrowed Money

     5,449,852       5,689,002  

Foreign Exchange Liabilities

     900,034       1,122,353  

Short-term Bonds

     565,736       749,612  

Bonds and Notes

     11,999,712       12,372,001  

Due to Trust Accounts

     983,877       1,033,963  

Derivatives other than for Trading Liabilities

     3,818,518       4,158,134  

Other Liabilities

     6,618,151       5,815,545  

Reserve for Bonus Payments

     185,977       123,860  

Reserve for Variable Compensation

     2,527       1,168  

Net Defined Benefit Liability

     67,151       67,502  

Reserve for Director and Corporate Auditor Retirement Benefits

     541       432  

Reserve for Possible Losses on Sales of Loans

     8,645       8,761  

Reserve for Contingencies

     19,321       16,461  

Reserve for Reimbursement of Deposits

     10,378       8,840  

Reserve for Reimbursement of Debentures

     25,125       23,718  

Reserves under Special Laws

     3,781       3,772  

Deferred Tax Liabilities

     27,058       26,497  

Deferred Tax Liabilities for Revaluation Reserve for Land

     57,583       46,410  

Acceptances and Guarantees

     10,098,502       9,861,424  
  

 

 

   

 

 

 

Total Liabilities

   ¥ 268,360,016     ¥ 266,593,572  
  

 

 

   

 

 

 

Net Assets

    

Common Stock

   ¥ 2,256,767     ¥ 2,256,767  

Capital Surplus

     1,129,730       1,129,731  

Retained Earnings

     5,538,891       5,990,738  

Treasury Stock

     (9,402     (9,539
  

 

 

   

 

 

 

Total Shareholders’ Equity

     8,915,987       9,367,698  
  

 

 

   

 

 

 

Net Unrealized Gains (Losses) on Other Securities

     929,815       947,280  

Deferred Gains or Losses on Hedges

     (298,280     (305,050

Revaluation Reserve for Land

     126,879       101,564  

Foreign Currency Translation Adjustments

     344,250       372,540  

Remeasurements of Defined Benefit Plans

     214,337       198,141  

Own Credit Risk Adjustments, Net of Tax

     (452     (527
  

 

 

   

 

 

 

Total Accumulated Other Comprehensive Income

     1,316,550       1,313,948  
  

 

 

   

 

 

 

Stock Acquisition Rights

     5       5  

Non-controlling Interests

     79,591       79,667  
  

 

 

   

 

 

 

Total Net Assets

     10,312,135       10,761,319  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

   ¥ 278,672,151     ¥ 277,354,891  
  

 

 

   

 

 

 

 

1-3


Mizuho Financial Group, Inc.

 

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

Consolidated Statements of Income

 

     Millions of yen  
     For the six months
ended

September 30, 2023
     For the six months
ended

September 30, 2024
 

Ordinary Income

   ¥ 4,244,507      ¥ 4,585,215  

Interest Income

     2,706,494        3,045,939  

Interest on Loans and Bills Discounted

     1,361,163        1,373,557  

Interest and Dividends on Securities

     293,228        431,507  

Fiduciary Income

     30,458        30,291  

Fee and Commission Income

     485,482        512,874  

Trading Income

     725,069        558,460  

Other Operating Income

     194,063        228,699  

Other Ordinary Income

     102,938        208,950  

Ordinary Expenses

     3,670,413        3,838,136  

Interest Expenses

      2,251,880         2,563,082  

Interest on Deposits

     832,381        874,568  

Fee and Commission Expenses

     101,128        110,088  

Trading Expenses

     432,114        —   

Other Operating Expenses

     43,524        182,395  

General and Administrative Expenses

     782,989        877,168  

Other Ordinary Expenses

     58,775        105,401  
  

 

 

    

 

 

 

Ordinary Profits

     574,093        747,079  
  

 

 

    

 

 

 

Extraordinary Gains

     24,072        49,527  

Extraordinary Losses

     1,842        5,447  
  

 

 

    

 

 

 

Income before Income Taxes

     596,323        791,158  
  

 

 

    

 

 

 

Income Taxes:

     

Current

     134,897        187,649  

Deferred

     43,760        35,483  
  

 

 

    

 

 

 

Total Income Taxes

     178,658         223,133   
  

 

 

    

 

 

 

Profit

     417,665        568,025  
  

 

 

    

 

 

 

Profit Attributable to Non-controlling Interests

     1,911        1,884  
  

 

 

    

 

 

 

Profit Attributable to Owners of Parent

   ¥ 415,753      ¥ 566,141  
  

 

 

    

 

 

 

 

1-4


Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

     Millions of yen  
     For the six months
ended

September 30, 2023
    For the six months
ended

September 30, 2024
 

Profit

   ¥ 417,665     ¥ 568,025  

Other Comprehensive Income

     139,992       23,813  

Net Unrealized Gains (Losses) on Other Securities

     (98,538     18,120  

Deferred Gains or Losses on Hedges

     64,183       (6,897

Foreign Currency Translation Adjustments

     182,210       18,117  

Remeasurements of Defined Benefit Plans

     (25,736     (15,925

Own Credit Risk Adjustments, Net of Tax

     28       (75

Share of Other Comprehensive Income of Associates Accounted for Using Equity Method

     17,844       10,474  
  

 

 

   

 

 

 

Comprehensive Income

        557,657          591,838  
  

 

 

   

 

 

 

(Breakdown)

    

Comprehensive Income Attributable to Owners of Parent

     552,666       588,854  

Comprehensive Income Attributable to Non-controlling Interests

     4,991       2,983  

 

1-5


Mizuho Financial Group, Inc.

 

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 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        1,129,267        5,093,911       (8,786     8,471,160  

Cumulative Effects of Changes in Accounting Policies

           (1,883       (1,883

Balance as of the beginning of the period reflecting Changes in Accounting Policies

     2,256,767        1,129,267        5,092,027       (8,786     8,469,276  

Changes during the period

            

Cash Dividends

           (107,882       (107,882

Profit Attributable to Owners of Parent

           415,753         415,753  

Repurchase of Treasury Stock

             (2,360     (2,360

Disposition of Treasury Stock

        0          2,706       2,706  

Transfer from Revaluation Reserve for Land

           1,529         1,529  

Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others

           231         231  

Net Changes in Items other than Shareholders’ Equity

            
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Changes during the period

     —         0        309,631       346       309,978  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

     2,256,767        1,129,267        5,401,659       (8,439     8,779,254  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

    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

    564,495       (358,102     129,321       144,093       182,306       19       662,133       5       75,163       9,208,463  

Cumulative Effects of Changes in Accounting Policies

                —            (1,883

Balance as of the beginning of the period reflecting Changes in Accounting Policies

    564,495       (358,102     129,321       144,093       182,306       19       662,133       5       75,163       9,206,579  

Changes during the period

                   

Cash Dividends

                      (107,882

Profit Attributable to Owners of Parent

                      415,753  

Repurchase of Treasury Stock

                      (2,360

Disposition of Treasury Stock

                      2,706  

Transfer from Revaluation Reserve for Land

                      1,529  

Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others

                      231  

Net Changes in Items other than Shareholders’ Equity

    (99,774     63,815       (1,529     198,790       (25,947     28       135,382       —        1,475       136,857  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

    (99,774     63,815       (1,529     198,790       (25,947     28       135,382       —        1,475       446,835  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

    464,720       (294,287     127,792       342,883       156,359       48       797,516       5       76,638       9,653,415  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

1-6


Mizuho Financial Group, Inc.

 

For the six months ended September 30, 2024

 

     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        1,129,730        5,538,891       (9,402     8,915,987  

Changes during the period

            

Cash Dividends

           (139,610       (139,610

Profit Attributable to Owners of Parent

           566,141         566,141  

Repurchase of Treasury Stock

             (2,772     (2,772

Disposition of Treasury Stock

        1          2,636       2,637  

Transfer from Revaluation Reserve for Land

           25,315         25,315  

Net Changes in Items other than Shareholders’ Equity

            
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Changes during the period

     —         1        451,846       (136     451,710  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

     2,256,767        1,129,731        5,990,738       (9,539     9,367,698  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

    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

    929,815       (298,280     126,879       344,250       214,337       (452     1,316,550       5       79,591       10,312,135  

Changes during the period

                   

Cash Dividends

                      (139,610

Profit Attributable to Owners of Parent

                      566,141  

Repurchase of Treasury Stock

                      (2,772

Disposition of Treasury Stock

                      2,637  

Transfer from Revaluation Reserve for Land

                      25,315  

Net Changes in Items other than Shareholders’ Equity

    17,464       (6,770     (25,315     28,290       (16,195     (75     (2,601     —        75       (2,526
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

    17,464       (6,770     (25,315     28,290       (16,195     (75     (2,601     —        75       449,184  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

    947,280       (305,050     101,564       372,540       198,141       (527     1,313,948       5       79,667       10,761,319  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(4) Note for Assumption of Going Concern

There is no applicable information.

 

1-7


SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2024

(Six months ended September 30, 2024)

(Under Japanese GAAP)

 

 

 

LOGO

Mizuho Financial Group, Inc.


C O N T E N T S

 

 

Notes:

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

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

 

 

 

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024

   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. Employee Retirement Benefits

     NON        CON        2-13  

8. Capital Ratio

     CON        NON        2-16  

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        2-17  

2. Status of Reserves for Possible Losses on Loans

     CON        NON        2-21  

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

     CON        NON        2-22  

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

     NON           2-23  

5. Overview of Non-Performing Loans(“NPLs”)

     NON           2-26  

6. Results of Removal of NPLs from the Balance Sheet

     NON           2-27  

7. Status of Loans by Industry

        

(1) Outstanding Balances by Industry

     NON           2-28  

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

     NON           2-30  

8. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

        

(“SMEs”) and Individual Customers

        

(1) Balance of Housing and Consumer Loans

     NON           2-31  

(2) Loans to SMEs and Individual Customers

     NON           2-31  

9. Status of Loans by Region

        

(1) Outstanding Balances by Region

     NON           2-32  

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

     NON           2-33  

III. OTHERS

   See above Notes      Page  

1. Estimation for Calculating Deferred Tax Assets

     NON           2-34  

2. Breakdown of Deposits (Domestic Offices)

     NON           2-36  


Attachments

                 Page  

Mizuho Bank, Ltd.

        

Comparison of Non-Consolidated Balance Sheets (selected items)

           2-37  

Comparison of Non-Consolidated Statements of Income (selected items)

           2-38  

 

 

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; 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 medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

 

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

 

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

 

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.


Mizuho Financial Group, Inc.

 

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024

1. Income Analysis

Consolidated

 

            (Millions of yen)  
            First Half of Fiscal 2024     First Half of Fiscal 2023  
                  Change        

Consolidated Gross Profits

     1        1,520,698       207,777       1,312,920  

Net Interest Income

     2        482,856       28,242       454,614  

Fiduciary Income

     3        30,291       (166     30,458  

Credit Costs for Trust Accounts

     4        —        —        —   

Net Fee and Commission Income

     5        402,786       18,431       384,354  

Net Trading Income

     6        558,460       265,506       292,954  

Net Other Operating Income

     7        46,303       (104,235     150,538  

General and Administrative Expenses

     8        (877,168     (94,178     (782,989

Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)

     9        (10,966     (678     (10,287

Losses on Write-offs of Loans

     10        (7,952     1,516       (9,468

Gains on Reversal of Reserves for Possible Losses on Loans, and others

     11        25,653       26,434       (781

Net Gains (Losses) related to Stocks

     12        79,955       45,359       34,596  

Equity in Income from Investments in Affiliates

     13        27,771       4,205       23,565  

Other

     14        (18,865     (15,934     (2,930
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

     15        747,079       172,985       574,093  
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     16        44,079       21,850       22,229  

Income before Income Taxes

     17        791,158       194,835       596,323  

Income Taxes - Current

     18        (187,649     (52,752     (134,897

- Deferred

     19        (35,483     8,276       (43,760

Profit

     20        568,025       150,359       417,665  

Profit Attributable to Non-controlling Interests

     21        (1,884     27       (1,911
     

 

 

   

 

 

   

 

 

 

Profit Attributable to Owners of Parent

     22        566,141       150,387       415,753  
     

 

 

   

 

 

   

 

 

 

Credit-related Costs (including Credit Costs for Trust Accounts)

     23        14,686       25,755       (11,068

 

* 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        655,732       119,672       536,060  

 

* 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        226       38       188  

Number of affiliates under the equity method

     26        26       3       23  

 

2-1


Mizuho Financial Group, Inc.

 

Aggregate Figures for the 2 Banks

Non-Consolidated

 

            (Millions of yen)  
            First Half of Fiscal 2024     First Half of Fiscal 2023  
            MHBK     MHTB     Aggregate
Figures
     Change        

Gross Profits

     1        873,944       53,917       927,861        132,227       795,633  

Domestic Gross Profits

     2        457,361       54,008       511,370        58,298       453,071  

Net Interest Income

     3        300,869       10,945       311,814        74,056       237,758  

Fiduciary Income

     4          30,516       30,516        (128     30,644  

Trust Fees for Jointly Operated Designated Money Trust

     5          1,857       1,857        (126     1,983  

Credit Costs for Trust Accounts *(1)

     6          —        —         —        —   

Net Fee and Commission Income

     7        124,235       12,460       136,695        (2,388     139,083  

Net Trading Income

     8        7,110         7,110        (22,987     30,097  

Net Other Operating Income

     9        25,146       86       25,233        9,745       15,487  

International Gross Profits

     10        416,582       (91     416,491        73,929       342,561  

Net Interest Income

     11        191,667       13       191,680        (15,230     206,911  

Net Fee and Commission Income

     12        58,403       (110     58,293        (12,724     71,017  

Net Trading Income

     13        173,125         173,125        185,098       (11,973

Net Other Operating Income

     14        (6,614     5       (6,608      (83,214     76,606  

General and Administrative Expenses (excluding Non-Recurring Losses)

     15        (442,307     (43,966     (486,274      (43,113     (443,160

Expense Ratio

     16        50.6     81.5     52.4      (3.2 %)      55.6

Personnel Expenses

     17        (162,698     (21,853     (184,551      (10,315     (174,236

Non-Personnel Expenses

     18        (247,416     (20,231     (267,647      (24,950     (242,697

Premium for Deposit Insurance

     19        (8,539     (257     (8,796      (383     (8,412

Miscellaneous Taxes

     20        (32,193     (1,881     (34,074      (7,848     (26,226
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

     21        431,636       9,950       441,586        89,113       352,473  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *(2)

     22        363,334       9,952       373,286        31,361       341,925  

Excluding Net Gains (Losses) from redemption of Investment Trusts

     23        355,068       9,952       365,020        38,257       326,763  
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Reversal of (Provision for) General Reserve for Losses on Loans

     24        —        —        —         —        —   
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Business Profits

     25        431,636       9,950       441,586        89,113       352,473  

Net Gains (Losses) related to Bonds

     26        68,302       (1     68,300        57,752       10,548  
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

     27        85,840       13,573       99,413        56,999       42,414  

Net Gains (Losses) related to Stocks

     28        65,724       9,582       75,306        45,525       29,781  

Expenses related to Portfolio Problems

     29        (10,009     —        (10,009      (688     (9,321

Gains on Reversal of Reserves for Possible Losses on Loans, and others

     30        24,336       178       24,514        22,589       1,924  

Other

     31        5,788       3,812       9,601        (10,428     20,029  
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Ordinary Profits

     32        517,476       23,523       541,000        146,112       394,887  
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     33        41,908       1,007       42,915        20,121       22,794  

Net Gains (Losses) on Disposition of Fixed Assets

     34        32,959       (288     32,671        28,336       4,334  

Losses on Impairment of Fixed Assets

     35        (854     —        (854      (532     (321

Gains on Cancellation of Employee Retirement Benefit Trust

     36        3,434       354       3,788        (14,993     18,782  

Accumulation (Amortization) of Unrecognized Prior Service Cost

     37        6,368       941       7,310        7,310       —   

Income before Income Taxes

     38        559,384       24,531       583,916        166,233       417,682  

Income Taxes - Current

     39        (184,336     (4,822     (189,158      (89,282     (99,876

- Deferred

     40        25,648       (1,752     23,895        78,810       (54,914
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Income

     41        400,696       17,956       418,653        155,762       262,890  
     

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

*(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

     42        14,327       178       14,505        21,901       (7,396

 

Credit-related Costs [42] = 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

     43          —        —         —        —   

Reversal of (Provision for) General Reserve for Losses on Loans

     44        36,065       (2     36,062        73,732       (37,669

Losses on Write-offs of Loans

     45        (1,691     0       (1,691      4,934       (6,625

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

     46        (23,607     180       (23,426      (52,075     28,648  

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

     47        5,930       —        5,930        (1,737     7,667  

Reversal of (Provision for) Reserve for Contingencies

     48        537       —        537        (666     1,203  

Other (including Losses on Sales of Loans)

     49        (2,906     —        (2,906      (2,284     (622

Total

     50        14,327       178       14,505        21,901       (7,396

 

2-2


Mizuho Financial Group, Inc.

 

Mizuho Bank

Non-Consolidated

 

                 (Millions of yen)  
                 First Half of Fiscal 2024     First Half of Fiscal 2023  
                       Change        

Gross Profits

        1        873,944       128,013       745,930  

Domestic Gross Profits

        2        457,361       54,064       403,296  

Net Interest Income

        3        300,869       72,808       228,061  

Net Fee and Commission Income

        4        124,235       (5,398     129,634  

Net Trading Income

        5        7,110       (22,987     30,097  

Net Other Operating Income

        6        25,146       9,642       15,503  

International Gross Profits

        7        416,582       73,949       342,633  

Net Interest Income

        8        191,667       (15,226     206,894  

Net Fee and Commission Income

        9        58,403       (12,693     71,097  

Net Trading Income

        10        173,125       185,098       (11,973

Net Other Operating Income

        11        (6,614     (83,229     76,615  

General and Administrative Expenses (excluding Non-Recurring Losses)

        12        (442,307     (39,172     (403,135

Expense Ratio

        13        50.6     (3.4 %)      54.0

Personnel Expenses

        14        (162,698     (7,644     (155,053

Non-Personnel Expenses

        15        (247,416     (23,899     (223,517

Premium for Deposit Insurance

        16        (8,539 )      (369     (8,170

Miscellaneous Taxes

        17        (32,193     (7,627     (24,565
        

 

 

   

 

 

   

 

 

 

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

        18        431,636       88,841       342,794  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *

        19        363,334       31,091       332,242  

Excluding Net Gains (Losses) from redemption of Investment Trusts

        20        355,068       37,987       317,081  
        

 

 

   

 

 

   

 

 

 

Reversal of (Provision for) General Reserve for Losses on Loans

        21        —        —        —   
        

 

 

   

 

 

   

 

 

 

Net Business Profits

        22        431,636       88,841       342,794  

Net Gains (Losses) related to Bonds

        23        68,302       57,750       10,551  
        

 

 

   

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

        24        85,840       50,100       35,739  

Net Gains (Losses) related to Stocks

        25        65,724       37,359       28,365  

Expenses related to Portfolio Problems

        26        (10,009     (688     (9,321

Gains on Reversal of Reserves for Possible Losses on Loans, and others

        27        24,336       23,340       995  

Other

        28        5,788       (9,910     15,699  
        

 

 

   

 

 

   

 

 

 

Ordinary Profits

        29        517,476       138,942       378,534  
        

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

        30        41,908       19,076       22,832  

Net Gains (Losses) on Disposition of Fixed Assets

        31        32,959       28,615       4,344  

Losses on Impairment of Fixed Assets

        32        (854     (560     (294

Gains on Cancellation of Employee Retirement Benefit Trust

        33        3,434       (15,348     18,782  

Accumulation (Amortization) of Unrecognized Prior Service Cost

        34        6,368       6,368       —   

Income before Income Taxes

        35        559,384       158,018       401,366  

Income Taxes - Current

        36        (184,336     (86,352     (97,983

- Deferred

        37        25,648       78,175       (52,526
        

 

 

   

 

 

   

 

 

 

Net Income

        38        400,696       149,841       250,855  
        

 

 

   

 

 

   

 

 

 

 

*   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

        39        14,327       22,652       (8,325

 

Credit-related Costs [39] = 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

        40        36,065       74,667       (38,601

Losses on Write-offs of Loans

        41        (1,691     4,934       (6,626

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

        42        (23,607     (52,261     28,653  

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

        43        5,930       (1,737     7,667  

Reversal of (Provision for) Reserve for Contingencies

        44        537       (666     1,203  

Other (including Losses on Sales of Loans)

        45        (2,906     (2,284     (622

Total

        46        14,327       22,652       (8,325

 

2-3


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

Non-Consolidated

 

                                                                                                        
                 (Millions of yen)  
                 First Half of Fiscal 2024     First Half of Fiscal 2023  
                       Change        

Gross Profits

        1          53,917         4,213        49,703  

Domestic Gross Profits

        2        54,008       4,233       49,775  

Net Interest Income

        3        10,945       1,248       9,697  

Fiduciary Income

        4        30,516       (128     30,644  

Trust Fees for Jointly Operated Designated Money Trust

        5        1,857       (126     1,983  

Credit Costs for Trust Accounts *(1)

        6        —        —        —   

Net Fee and Commission Income

        7        12,460       3,010       9,449  

Net Other Operating Income

        8        86       103       (16

International Gross Profits

        9        (91     (19     (71

Net Interest Income

        10        13       (3     17  

Net Fee and Commission Income

        11        (110     (30     (79

Net Other Operating Income

        12        5       14       (8

General and Administrative Expenses (excluding Non-Recurring Losses)

        13        (43,966)       (3,941)       (40,025)  

Expense Ratio

        14        81.5     1.0     80.5

Personnel Expenses

        15        (21,853     (2,670     (19,183

Non-Personnel Expenses

        16        (20,231     (1,050     (19,180

Premium for Deposit Insurance

        17        (257     (14     (242

Miscellaneous Taxes

        18        (1,881     (220     (1,661
        

 

 

   

 

 

   

 

 

 

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

        19        9,950       272       9,678  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *(2)

        20        9,952       270       9,682  

Excluding Net Gains (Losses) from redemption of Investment Trusts

        21        9,952       269       9,682  
        

 

 

   

 

 

   

 

 

 

Reversal of (Provision for) General Reserve for Losses on Loans

        22        —        —        —   
        

 

 

   

 

 

   

 

 

 

Net Business Profits

        23        9,950       272       9,678  

Net Gains (Losses) related to Bonds

        24        (1     1       (3
        

 

 

   

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

        25        13,573       6,898       6,674  

Net Gains (Losses) related to Stocks

        26        9,582       8,166       1,416  

Expenses related to Portfolio Problems

        27        —        —        —   

Gains on Reversal of Reserves for Possible Losses on Loans, and others

        28        178       (750     928  

Other

        29        3,812       (517     4,329  
        

 

 

   

 

 

   

 

 

 

Ordinary Profits

        30        23,523       7,170       16,353  
        

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

        31        1,007       1,044       (37

Net Gains (Losses) on Disposition of Fixed Assets

        32        (288     (278     (9

Losses on Impairment of Fixed Assets

        33        —        27       (27

Gains on Cancellation of Employee Retirement Benefit Trust

        34        354       354       —   

Accumulation (Amortization) of Unrecognized Prior Service Cost

        35        941       941       —   

Income before Income Taxes

        36        24,531       8,215       16,315  

Income Taxes - Current

        37        (4,822     (2,929     (1,892

- Deferred

        38        (1,752     635       (2,388
        

 

 

   

 

 

   

 

 

 

Net Income

        39        17,956       5,920       12,035  
        

 

 

   

 

 

   

 

 

 

 

*(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[20]

   

      =Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[19]-Net Gains (Losses) related to Bonds[24]

 

Credit-related Costs

        40        178       (750)       928  

 

Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Losses on Loans [22] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [28] + Credit Costs for Trust Accounts [6]

 

Reference: Breakdown of Credit-related Costs

            

Credit Costs for Trust Accounts

        41        —        —        —   

Reversal of (Provision for) General Reserve for Losses on Loans

        42        (2)       (935)       932  

Losses on Write-offs of Loans

        43        0       (0)       0  

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

        44        180       185       (4

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

        45        —        —        —   

Reversal of (Provision for) Reserve for Contingencies

        46        —        —        —   

Other (including Losses on Sales of Loans)

        47        —        —        —   

Total

        48        178       (750)       928  

 

2-4


Mizuho Financial Group, Inc.

 

2. Interest Margins (Domestic Operations)

Non-Consolidated

 

              (%)  
              First Half of Fiscal 2024     First Half of Fiscal 2023  
Mizuho Bank                   Change        

Return on Interest-Earning Assets

     1      0.53                0.09         0.44    

Return on Loans and Bills Discounted (1)

     2      0.87       0.13       0.74  

Return on Securities

     3      0.65       0.29       0.36  

Cost of Funding (including Expenses)

     4      0.56       0.06       0.49  

Cost of Deposits (including Expenses)

     5      0.57       0.07       0.49  

Cost of Deposits (2)

     6      0.02       0.02       0.00  

Cost of Other External Liabilities

     7      0.41       0.15       0.26  
       

 

 

   

 

 

   

 

 

 

Net Interest Margin

  (1)-(4)    8      (0.02     0.02       (0.05

Loan and Deposit Rate Margin (including Expenses)

  (2)-(5)    9      0.30       0.05       0.24  

Loan and Deposit Rate Margin

  (2)-(6)    10      0.84       0.10       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      0.90       0.14       0.76  

Loan and Deposit Rate Margin (including Expenses)

  (11)-(5)    12      0.32       0.06       0.26  

Loan and Deposit Rate Margin

  (11)-(6)    13      0.87       0.11       0.76  
              (%)  
              First Half of Fiscal 2024     First Half of Fiscal 2023  
Mizuho Trust & Banking                   Change        

Return on Interest-Earning Assets

     14      0.63       0.12       0.50  

Return on Loans and Bills Discounted (1)

     15      0.73       0.10       0.62  

Return on Securities

     16      3.54       0.60       2.93  

Cost of Funding

     17      0.16       0.06       0.10  

Cost of Deposits (2)

     18      0.04       0.04       0.00  
       

 

 

   

 

 

   

 

 

 

Net Interest Margin

  (14)-(17)    19      0.46       0.06       0.40  

Loan and Deposit Rate Margin

  (15)-(18)    20      0.68       0.06       0.61  
       

 

 

   

 

 

   

 

 

 

 

(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      0.73       0.10       0.62  

Loan and Deposit Rate Margin

  (21)-(18)    22      0.68       0.06       0.61  
                                   
Reference             (%)  
              First Half of Fiscal 2024     First Half of Fiscal 2023  
Aggregate Figures for the 2 Banks          Change        

Return on Loans and Bills Discounted (1)

     23      0.87       0.13       0.73  

Cost of Deposits (2)

     24      0.02       0.02       0.00  
       

 

 

   

 

 

   

 

 

 

Loan and Deposit Rate Margin

  (23)-(24)    25               0.84              0.10               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      0.89       0.13       0.75  

Loan and Deposit Rate Margin

  (26)-(24)    27      0.86       0.11       0.75  

 

2-5


Mizuho Financial Group, Inc.

 

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

 

     (Millions of yen, %)  
     First Half of Fiscal 2024      First Half of Fiscal 2023  
                   Change                
     Average
Balance
     Rate      Average Balance     Rate      Average Balance      Rate  

Total

                

Use of Funds

     206,656,989        2.40        18,254,046       0.05        188,402,942        2.35  

Loans and Bills Discounted

     91,294,158        2.78        1,081,797       0.02        90,212,361        2.76  

Securities

     38,452,174        2.10        (2,830,872     0.77        41,283,047        1.33  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     210,903,575        1.88        4,098,191       0.16        206,805,384        1.72  

Deposits

     154,378,883        1.08        6,663,890       0.00        147,714,993        1.07  

NCDs

     11,477,758        3.85        (6,873,875     1.43        18,351,634        2.41  
Domestic Operations                 

Use of Funds

     128,875,861        0.53        14,943,804       0.09        113,932,057        0.44  

Loans and Bills Discounted

     56,031,465        0.86        2,874,711       0.13        53,156,753        0.73  

Securities

     18,808,504        0.65        (7,318,198     0.29        26,126,702        0.36  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     132,118,608        0.06        2,709,432       0.03        129,409,175        0.03  

Deposits

     116,477,361        0.02        7,051,575       0.02        109,425,785        0.00  

NCDs

     2,955,755        0.04        (6,593,780     0.04        9,549,536        0.00  
International Operations                 

Use of Funds

     78,668,773        5.44        1,171,810       0.36        77,496,962        5.07  

Loans and Bills Discounted

     35,262,693        5.84        (1,792,914     0.16        37,055,607        5.68  

Securities

     19,643,670        3.49        4,487,325       0.49        15,156,345        2.99  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     79,672,613        4.89        (749,672     0.51        80,422,285        4.37  

Deposits

     37,901,522        4.34        (387,685     0.18        38,289,207        4.15  

NCDs

     8,522,003        5.16        (280,094     0.12        8,802,098        5.03  

 

*

The Average Balance and Rate of Loans and Bills Discounted for First Half of Fiscal 2023 have been corrected.

 

2-6


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking (Banking Account)

 

     (Millions of yen, %)  
     First Half of Fiscal 2024      First Half of Fiscal 2023  
                   Change                
     Average
Balance
     Rate      Average Balance     Rate      Average Balance      Rate  

Total

                

Use of Funds

       4,647,779        0.64        (382,558     0.12          5,030,338        0.52  

Loans and Bills Discounted

     2,812,710        0.75        (214,969     0.11        3,027,679        0.63  

Securities

     175,656        3.37        (7,981     0.56        183,638        2.80  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     4,443,300        0.18         (1,400,866     0.06        5,844,166        0.11  

Deposits

     2,646,045        0.04        (349,985     0.03        2,996,031        0.00  

NCDs

     308,199        0.08        (156,784     0.07        464,983        0.00  
Domestic Operations                 

Use of Funds

     4,635,568        0.63        (382,610     0.12        5,018,178        0.50  

Loans and Bills Discounted

     2,794,452        0.73        (212,742     0.11        3,007,195        0.62  

Securities

     167,340        3.54        (7,997     0.60        175,337        2.93  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     4,430,750        0.16        (1,400,668     0.06        5,831,418        0.10  

Deposits

     2,643,497        0.04        (349,630     0.03        2,993,128        0.00  

NCDs

     308,199        0.08        (156,784     0.07        464,983        0.00  
International Operations                 

Use of Funds

     35,014        1.75        (429     0.09        35,444        1.65  

Loans and Bills Discounted

     18,257        3.33        (2,226     0.51        20,483        2.82  

Securities

     8,316        —         15       (0.06      8,300        0.06  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     35,353        1.65        (678     0.12        36,032        1.53  

Deposits

     2,548        0.03        (355     0.02        2,903        0.00  

NCDs

     —         —         —        —         —         —   

 

2-7


Mizuho Financial Group, Inc.

 

4. Net Gains/Losses on Securities

Consolidated

 

     (Millions of yen)  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Bonds

     67,454       56,647       10,807  

Gains on Sales and Others

     92,349       73,493       18,856  

Losses on Sales and Others

     (29,397     (16,571     (12,825

Impairment (Devaluation)

     (359     826       (1,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     (0     1       (1

Gains (Losses) on Derivatives other than for Trading

     4,861       (1,102     5,964  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Stocks

     79,955       45,359       34,596  

Gains on Sales

     152,045       86,364       65,680  

Losses on Sales

     (65,576     (53,917     (11,659

Impairment (Devaluation)

     (3,383     (1,857     (1,526

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     (3,128     14,769       (17,898

Non-Consolidated

 

Aggregate Figures for the 2 Banks

 

 

     (Millions of yen)  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Bonds

     68,300       57,752       10,548  

Gains on Sales and Others

     92,380       73,173       19,207  

Losses on Sales and Others

     (28,582     (15,143     (13,439

Impairment (Devaluation)

     (359     826       (1,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     4,861       (1,103     5,965  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Stocks

     75,306       45,525       29,781  

Gains on Sales

     142,264       85,351       56,912  

Losses on Sales

     (62,239     (53,298     (8,940

Impairment (Devaluation)

     (1,589     (1,296     (292

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     (3,128     14,769       (17,898

 

2-8


Mizuho Financial Group, Inc.

 

Mizuho Bank

 

     (Millions of yen)  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Bonds

     68,302       57,750       10,551  

Gains on Sales and Others

     92,380       73,173       19,207  

Losses on Sales and Others

     (28,581     (15,145     (13,435

Impairment (Devaluation)

     (359     826       (1,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     4,861       (1,103     5,965  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Stocks

     65,724       37,359       28,365  

Gains on Sales

     132,582       77,120       55,462  

Losses on Sales

     (62,172     (53,265     (8,906

Impairment (Devaluation)

     (1,557     (1,265     (292

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     (3,128     14,769       (17,898
Mizuho Trust & Banking

 

     (Millions of yen)  
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Bonds

     (1     1       (3

Gains on Sales and Others

     —        —        —   

Losses on Sales and Others

     (1     1       (3

Impairment (Devaluation)

     —        —        —   

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —        —        —   

Gains (Losses) on Derivatives other than for Trading

     —        —        —   
     First Half of Fiscal 2024     First Half of Fiscal 2023  
           Change        

Net Gains (Losses) related to Stocks

     9,582       8,166       1,416  

Gains on Sales

     9,681       8,231       1,450  

Losses on Sales

     (67     (33     (34

Impairment (Devaluation)

     (31     (31     —   

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 September 30, 2024      As of March 31, 2024  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
     (= Fair Value)            Gains      Losses      (= Fair Value)             Gains      Losses  

Other Securities

     32,622,446        1,351,167       2,093,422        742,254        32,731,510        1,326,873        2,339,385        1,012,512  

Japanese Stocks

     2,896,360        2,009,179       2,016,934        7,754        3,102,660        2,185,715        2,190,460        4,744  

Japanese Bonds

     13,616,282        (44,314     8,097        52,411        14,366,374        (28,514      18,115        46,629  

Japanese Government Bonds

     10,495,089        (3,417     471     

 

3,889

 

     10,974,393        6,247        9,326        3,078  

Other

     16,109,803        (613,697     68,390        682,088        15,262,474        (830,328      130,809        961,137  

Foreign Bonds

     13,715,438        (453,308     38,001        491,309        12,293,417        (711,631      20,332        731,964  

 

                      

•  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.

•  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 September 30, 2024 and March 31, 2024 are ¥16,328 million (Foreign Bonds ¥29,609 million and Japanese Government Bonds ¥0 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of September 30, 2024 and March 31, 2024 are ¥1,367,495 million (Foreign Bonds ¥(423,699) million and Japanese Government Bonds ¥(3,416) million) and ¥1,508,634 million (Foreign Bonds ¥(493,514) million and Japanese Government Bonds ¥220 million), respectively.

•  Unrealized Gains/Losses on Other Securities as of September 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.

 

(2) Bonds Held to Maturity

 

   

   

   

 

     (Millions of yen)  
     As of September 30, 2024      As of March 31, 2024  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Bonds Held to Maturity

     4,061,962        (111,071     30,797        141,869        4,045,134        (182,210      8,789        190,999  

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of September 30, 2024      As of March 31, 2024  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
     (= Fair Value)            Gains      Losses      (= Fair Value)             Gains      Losses  

Other Securities

     31,604,453        1,274,245       2,015,149        740,904        31,951,115        1,242,880        2,255,245        1,012,365  

Japanese Stocks

     2,806,197        1,934,175       1,941,629        7,454        3,009,329        2,104,250        2,108,913        4,663  

Japanese Bonds

     13,555,013        (44,121     8,097        52,218        14,313,789        (28,631      17,998        46,629  

Japanese Government Bonds

     10,485,113        (3,417     471        3,889        10,963,328        6,247        9,326        3,078  

Other

     15,243,242        (615,808     65,422        681,230        14,627,995        (832,739      128,333        961,072  

Foreign Bonds

     13,057,806        (455,100     35,474        490,574        11,723,012        (712,961      18,938        731,899  

Mizuho Bank

                      

Other Securities

     31,380,118        1,168,639       1,907,990        739,351        31,711,507        1,126,334        2,137,624        1,011,290  

Japanese Stocks

     2,646,466        1,829,229       1,835,173        5,943        2,836,690        1,988,703        1,992,308        3,605  

Japanese Bonds

     13,495,202        (44,405     7,781        52,186        14,252,023        (29,022      17,589        46,612  

Japanese Government Bonds

     10,485,113        (3,417     471        3,889        10,963,328        6,247        9,326        3,078  

Other

     15,238,449        (616,185     65,035        681,220        14,622,794        (833,346      127,725        961,072  

Foreign Bonds

     13,057,806        (455,100     35,474        490,574        11,723,012        (712,961      18,938        731,899  

Mizuho Trust & Banking

                      

Other Securities

     224,335        105,606       107,159        1,553        239,607        116,546        117,621        1,075  

Japanese Stocks

     159,731        104,945       106,456        1,511        172,639        115,547        116,605        1,057  

Japanese Bonds

     59,811        283       315        32        61,766        391        408        17  

Japanese Government Bonds

     —         —        —         —         —         —         —         —   

Other

     4,792        377       387        10        5,201        607        607        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.

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 September 30, 2024 and March 31, 2024 are ¥16,328 million (Foreign Bonds ¥29,609 million and Japanese Government Bonds ¥0 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026)million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of September 30, 2024 and March 31, 2024 are ¥1,290,573 million (Foreign Bonds ¥(425,491) million and Japanese Government Bonds ¥(3,416) million) and ¥1,408,932 million (Foreign Bonds ¥(494,843) million and Japanese Government Bonds ¥220 million), respectively.

Unrealized Gains/Losses on Other Securities as of September 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

 

2-10


Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of September 30, 2024      As of March 31, 2024  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value            Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

     4,061,962        (111,071     30,797        141,869        4,045,134        (182,210      8,789        190,999  

Mizuho Bank

     4,061,962        (111,071     30,797        141,869        4,045,134        (182,210      8,789        190,999  

Mizuho Trust & Banking

     —         —        —         —         —         —         —         —   

 

(3) Investment in Subsidiaries and Affiliates

 

Aggregate Figures for the 2 Banks

 

 

  
     (Millions of yen)  
     As of September 30, 2024      As of March 31, 2024  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value            Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

     106,131        419,679       419,679        —         106,131        468,940        468,940        —   

Mizuho Bank

     106,131        419,679       419,679        —         106,131        468,940        468,940        —   

Mizuho Trust & Banking

     —         —        —         —         —         —         —         —   

(Reference)

Unrealized Gains/Losses on Other Securities

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

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method 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 September 30, 2024     As of
March 31,
2024
 
     Unrealized Gains/Losses     Unrealized
Gains/Losses
 
           Change  

Other Securities

     1,309,197       35,483       1,273,714  

Japanese Stocks

     1,966,316       (166,901     2,133,218  

Japanese Bonds

     (44,314     (15,800     (28,514

Japanese Government Bonds

     (3,417     (9,664     6,247  

Other

     (612,804     218,185       (830,990

Foreign Bonds

     (452,415     259,878       (712,294

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of September 30, 2024     As of
March 31,
2024
 
     Unrealized Gains/Losses     Unrealized
Gains/Losses
 
           Change  

Other Securities

     1,232,156       41,773       1,190,383  

Japanese Stocks

     1,892,086       (159,667     2,051,753  

Japanese Bonds

     (44,121     (15,490     (28,631

Japanese Government Bonds

     (3,417     (9,664     6,247  

Other

     (615,808     216,931       (832,739

Foreign Bonds

     (455,100     257,860       (712,961

 

2-11


Mizuho Financial Group, Inc.

 

6. Projected Redemption Amounts for Securities

 

   

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

Non-Consolidated

Aggregate Figures for the 2 Banks

 

    

(Billions of yen)

    

Maturity as of September 30, 2024

   Change    

Maturity as of March 31, 2024

    

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

   10,419.5    2,006.5    1,047.4    553.2      (870.9     148.5       (61.4     (12.4   11,290.5    1,858.0    1,108.9    565.7

Japanese Government Bonds

   9,806.6    559.6    549.6    —       (844.8     369.1       (46.1     —      10,651.5    190.5    595.7    — 

Japanese Local Government Bonds

   72.3    223.0    305.2    7.5      (0.2     2.5          15.6       (1.8   72.5    220.4    289.5    9.3

Japanese Corporate Bonds

   540.5    1,223.8    192.6    545.7      (25.9     (223.1     (30.9     (10.6   566.4    1,447.0    223.6    556.4

Other

   3,574.7    4,538.9    1,964.0    7,997.7      743.1       2,225.1       (308.7     (1,290.8   2,831.6    2,313.7    2,272.8    9,288.5
Mizuho Bank                                

Japanese Bonds

   10,413.8    1,952.9    1,047.2    553.2      (875.5     154.8       (61.3     (12.4   11,289.3    1,798.0    1,108.6    565.7

Japanese Government Bonds

   9,806.6    559.6    549.6    —       (844.8     369.1       (46.1     —      10,651.5    190.5    595.7    — 

Japanese Local Government Bonds

   72.3    223.0    305.2    7.5      (0.2     2.5       15.6       (1.8   72.5    220.4    289.5    9.3

Japanese Corporate Bonds

   534.8    1,170.2    192.4    545.7      (30.4     (216.8     (30.8     (10.6   565.2     1,387.1    223.3    556.4

Other

   3,573.9     4,530.6      1,961.9     7,997.7      743.0       2,225.0       (308.8     (1,290.8   2,830.9    2,305.5    2,270.7     9,288.5
Mizuho Trust & Banking

 

                

Japanese Bonds

   5.7    53.6    0.2    —       4.5       (6.3     (0.1     —      1.1    59.9    0.3    — 

Japanese Government Bonds

   —     —     —     —           —        —        —        —      —     —     —     — 

Japanese Local Government Bonds

   —     —     —     —       —        —        —        —      —     —     —     — 

Japanese Corporate Bonds

   5.7    53.6    0.2    —       4.5       (6.3     (0.1     —      1.1    59.9    0.3    — 

Other

   0.8    8.2    2.1    —       0.1       0.0       0.0       —      0.7    8.2    2.1    — 

 

2-12


Mizuho Financial Group, Inc.

 

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

 

         (Millions of yen)  
          First Half of 
Fiscal 2024
        Change       First Half of  
Fiscal 2023
 

Retirement Benefit Obligations (at the beginning of the fiscal year)

  (A)      951,654       (48,826     1,000,481  

Discount Rate (%)

       0.14~2.08         (0.00)~1.54  
    

 

 

   

 

 

   

 

 

 

Fair Value of Plan Assets (at the beginning of the fiscal year)

  (B)      1,650,618       (84,207     1,734,825  

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

  (C)      (285,198     (23,168     (262,029

Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

  (B)+ (C) - (A)      413,764       (58,549     472,314  

Mizuho Bank

        

Retirement Benefit Obligations (at the beginning of the fiscal year)

  (A)      833,031       (43,584     876,616  

Discount Rate (%)

       0.14~2.08         (0.00)~1.54  
    

 

 

   

 

 

   

 

 

 

Fair Value of Plan Assets (at the beginning of the fiscal year)

  (B)      1,390,609       (94,254     1,484,864  

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

  (C)      (221,576     (16,858     (204,717

Prepaid Pension Cost (at the beginning of the fiscal year)

  (B)+ (C) - (A)      336,001       (67,528     403,530  

Mizuho Trust & Banking

        

Retirement Benefit Obligations (at the beginning of the fiscal year)

  (A)      118,623       (5,241     123,864  

Discount Rate (%)

       0.14~2.08         (0.00)~1.54  
    

 

 

   

 

 

   

 

 

 

Fair Value of Plan Assets (at the beginning of the fiscal year)

  (B)      260,008       10,047       249,960  

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

  (C)      (63,621     (6,309     (57,311

Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

  (B)+ (C) - (A)      77,763       8,979       68,784  

 

2-13


Mizuho Financial Group, Inc.

 

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

         (Millions of yen)  
          First Half of 
Fiscal 2024
    Change       First Half of  
Fiscal 2023
 

Service Cost

       (6,554     2,005       (8,560

Interest Cost

                  (5,054     (1,646     (3,407

Expected Return on Plan Assets

       12,743       (717     13,461  

Accumulation (Amortization) of Unrecognized Actuarial Differences

       18,891       (1,242     20,134  

Accumulation (Amortization) of Unrecognized Prior Service Cost

       7,310       7,310       —   

Gains on Cancellation of Employee Retirement Benefit Trust

       3,788       (14,993     18,782  

Other

       (2,687     (1,528     (1,159
    

 

 

   

 

 

   

 

 

 

Total

       28,438       (10,812     39,251  
    

 

 

   

 

 

   

 

 

 

 

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

 

 

Mizuho Bank

        
         (Millions of yen)  
          First Half of 
Fiscal 2024
    Change     First Half of
  Fiscal 2023  
 

Service Cost

       (5,536     1,709       (7,245

Interest Cost

                  (4,441     (1,459     (2,982

Expected Return on Plan Assets

       11,016       (908     11,925  

Accumulation (Amortization) of Unrecognized Actuarial Differences

       14,661       (1,652     16,314  

Accumulation (Amortization) of Unrecognized Prior Service Cost

       6,368       6,368       —   

Gains on Cancellation of Employee Retirement Benefit Trust

       3,434       (15,348     18,782  

Other

       (2,300     (1,273     (1,027
    

 

 

   

 

 

   

 

 

 

Total

       23,201       (12,565     35,766  
    

 

 

   

 

 

   

 

 

 

 

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

 

 

Mizuho Trust & Banking

 

         (Millions of yen)  
          First Half of 
Fiscal 2024
    Change     First Half of
  Fiscal 2023  
 

Service Cost

       (1,018     296       (1,315

Interest Cost

                  (612     (187     (425

Expected Return on Plan Assets

       1,727       191       1,536  

Accumulation (Amortization) of Unrecognized Actuarial Differences

       4,230       409       3,820  

Accumulation (Amortization) of Unrecognized Prior Service Cost

       941       941       —   

Gains on Cancellation of Employee Retirement Benefit Trust

       354       354       —   

Other

       (386     (254     (132
    

 

 

   

 

 

   

 

 

 

Total

       5,236       1,752       3,484  
    

 

 

   

 

 

   

 

 

 

 

 

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

 

2-14


Mizuho Financial Group, Inc.

 

Consolidated

Retirement Benefit Obligations

 

         (Millions of yen)  
         First Half of
Fiscal 2024
    Change       First Half of  
Fiscal 2023
 

Retirement Benefit Obligations (at the beginning of the fiscal year)

  (A)      1,150,480       (49,608     1,200,089  

Fair Value of Plan Assets (at the beginning of the fiscal year)

  (B)      1,930,446       (60,484     1,990,930  

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

  (C)      (304,590     (41,629     (262,960

Net Defined Benefit Asset (at the beginning of the fiscal year)

  (D)      847,116       (12,154     859,271  

Net Defined Benefit Liability (at the beginning of the fiscal year)

  (A)-(B)+(D)      67,151       (1,278     68,429  

 

Income (Expenses) related to Employee Retirement Benefits

 

         (Millions of yen)  
          First Half of 
Fiscal 2024
    Change     First Half of
Fiscal 2023
 

Service Cost

       (10,773     2,877       (13,650

Interest Cost

       (5,864     (1,759     (4,104

Expected Return on Plan Assets

       15,048       (788     15,836  

Accumulation (Amortization) of Unrecognized Actuarial Differences

                    19,579       (635     20,215  

Accumulation (Amortization) of Unrecognized Prior Service Cost

       9,026       9,015       11  

Gains on Cancellation of Employee Retirement Benefit Trust

       3,788       (14,993     18,782  

Other

       (8,759     (5,317     (3,442
    

 

 

   

 

 

   

 

 

 

Total

       22,046       (11,601     33,648  
    

 

 

   

 

 

   

 

 

 

 

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

 

2-15


Mizuho Financial Group, Inc.

 

8. Capital Ratio

Mizuho Financial Group

International Standard

 

     Consolidated             (%, Billions of yen)         
     As of September 30, 2024
(Preliminary)
     Change      As of March 31, 2024

 

        

(1)   Total Capital Ratio

     18.65        1.72        16.93     

(2)   Tier 1 Capital Ratio

     16.37        1.52        14.85     

(3)   Common Equity Tier 1 Capital Ratio

     13.69        0.96        12.73     

(4)   Total Capital

     13,013.2        698.6        12,314.6     

(5)   Tier 1 Capital

     11,425.8        624.0        10,801.8     

(6)   Common Equity Tier 1 Capital

     9,554.7        294.7        9,259.9     

(7)   Risk weighted Assets

     69,760.2        (2,960.0      72,720.2     

(8)   Total Required Capital (7) X8%

     5,580.8        (236.8      5,817.6     

Mizuho Bank

 

International Standard

           
     Consolidated                    Non-Consolidated  
     As of September 30, 2024
(Preliminary)
     Change      As of March 31, 2024

 

     As of September 30, 2024
(Preliminary)
 

(1)   Total Capital Ratio

     17.71        1.95        15.76        17.15  

(2)   Tier 1 Capital Ratio

     15.30        1.70        13.60        14.57  

(3)   Common Equity Tier 1 Capital Ratio

     12.35        1.09        11.26        11.35  

(4)   Total Capital

     11,262.2        861.6        10,400.6        9,897.7  

(5)   Tier 1 Capital

     9,724.7        751.0        8,973.6        8,405.3  

(6)   Common Equity Tier 1 Capital

     7,856.0        425.0        7,431.0        6,547.8  

(7)   Risk weighted Assets

     63,560.3        (2,398.8      65,959.1        57,681.3  

(8)   Total Required Capital (7) X8%

     5,084.8        (191.9      5,276.7        4,614.5  

Mizuho Trust & Banking

 

International Standard

           
     Consolidated                    Non-Consolidated  
     As of September 30, 2024
(Preliminary)
     Change      As of March 31, 2024

 

     As of September 30, 2024
(Preliminary)
 

(1)   Total Capital Ratio

     31.72        2.73        28.99        31.25  

(2)   Tier 1 Capital Ratio

     31.71        2.73        28.98        31.24  

(3)   Common Equity Tier 1 Capital Ratio

     31.71        2.73        28.98        31.24  

(4)   Total Capital

     489.0        12.3        476.7        452.6  

(5)   Tier 1 Capital

     488.8        12.2        476.6        452.5  

(6)   Common Equity Tier 1 Capital

     488.8        12.2        476.6        452.5  

(7)   Risk weighted Assets

     1,541.3        (103.1      1,644.4        1,448.4  

(8)   Total Required Capital (7) X8%

     123.3        (8.2      131.5        115.8  

 

2-16


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
September 30,
2024
     Change     As of
March 31,
2024
 

Claims against Bankrupt and Substantially Bankrupt Obligors

     37,193        696       36,497  

Claims with Collection Risk

     649,996        (50,733     700,730  

Claims for Special Attention

     477,898        (37,605     515,503  

Loans Past Due for 3 Months or More

     756        299       456  

Restructured Loans

     477,141        (37,904     515,046  

Sub-total[1]

     1,165,088        (87,642     1,252,731  

Normal Claims

     104,592,752        (788,113     105,380,865  
  

 

 

    

 

 

   

 

 

 

Total[2]

     105,757,840        (875,755     106,633,596  
  

 

 

    

 

 

   

 

 

 
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

 

Amount of Partial Direct Write-offs

     109,110        1,868       107,242  
     (%)  

NPL ratio[1]/[2]

     1.10        (0.07     1.17  
Trust Account        
     (Millions of yen)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

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

     1,739        (360     2,100  
  

 

 

    

 

 

   

 

 

 

Total[4]

     1,739        (360     2,100  
  

 

 

    

 

 

   

 

 

 
     (%)  

NPL ratio[3]/[4]

     —         —        —   

 

2-17


Mizuho Financial Group, Inc.

 

Consolidated + Trust Account

 

     (Millions of yen)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Claims against Bankrupt and Substantially Bankrupt Obligors

     37,193        696       36,497  

Claims with Collection Risk

     649,996        (50,733     700,730  

Claims for Special Attention

     477,898        (37,605     515,503  

Loans Past Due for 3 Months or More

     756        299       456  

Restructured Loans

     477,141        (37,904     515,046  

Sub-total[5]

     1,165,088        (87,642     1,252,731  

Normal Claims

     104,594,492        (788,473     105,382,965  
  

 

 

    

 

 

   

 

 

 

Total[6]

     105,759,580        (876,116     106,635,696  
  

 

 

    

 

 

   

 

 

 

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

 

Amount of Partial Direct Write-offs

     109,110        1,868       107,242  
     (%)  

NPL ratio[5]/[6]

     1.10        (0.07     1.17  

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

 

2-18


Mizuho Financial Group, Inc.

 

Non-Consolidated

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

 

     (Millions of yen)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Claims against Bankrupt and Substantially Bankrupt Obligors

     26,489        (159     26,649  

Claims with Collection Risk

     646,150        (62,515     708,665  

Claims for Special Attention

     471,454        (49,461     520,915  

Loans Past Due for 3 Months or More

     756        299       456  

Restructured Loans

     470,697        (49,761     520,459  

Sub-total[1]

     1,144,093        (112,136     1,256,230  

Normal Claims

     106,392,819        (2,490,962     108,883,781  
  

 

 

    

 

 

   

 

 

 

Total[2]

     107,536,913        (2,603,099     110,140,012  
  

 

 

    

 

 

   

 

 

 

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

     106,916        1,575       105,340  
     (%)  

NPL ratio[1]/[2]

     1.06        (0.07     1.14  

Mizuho Bank

       
     (Millions of yen)  

Claims against Bankrupt and Substantially Bankrupt Obligors

     26,381        (178     26,560  

Claims with Collection Risk

     638,122        (61,268     699,390  

Claims for Special Attention

     460,919        (50,878     511,797  

Loans Past Due for 3 Months or More

     754        297       456  

Restructured Loans

     460,165        (51,176     511,341  

Sub-total[3]

     1,125,422        (112,325     1,237,748  

Normal Claims

     103,640,440        (2,369,417     106,009,857  
  

 

 

    

 

 

   

 

 

 

Total[4]

     104,765,863        (2,481,743     107,247,606  
  

 

 

    

 

 

   

 

 

 

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

     106,682        1,575       105,106  
     (%)  

NPL ratio[3]/[4]

     1.07        (0.07     1.15  

 

2-19


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

(Banking Account)

 

     (Millions of yen)  

Claims against Bankrupt and Substantially Bankrupt Obligors

     108        19       89  

Claims with Collection Risk

     8,027        (1,247     9,275  

Claims for Special Attention

     10,534        1,417       9,117  

Loans Past Due for 3 Months or More

     2        2       —   

Restructured Loans

     10,532        1,414       9,117  

Sub-total[5]

     18,671             189       18,482  

Normal Claims

     2,750,639        (121,184     2,871,823  
  

 

 

    

 

 

   

 

 

 

Total[6]

       2,769,310        (120,995     2,890,305  
  

 

 

    

 

 

   

 

 

 

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

     233        (0     233  
     (%)  

NPL ratio[5]/[6]

     0.67        0.03       0.63  
(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

     1,739        (360     2,100  
  

 

 

    

 

 

   

 

 

 

Total[8]

     1,739        (360     2,100  
  

 

 

    

 

 

   

 

 

 
     (%)  

NPL ratio[7]/[8]

     —         —        —   

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

 

2-20


Mizuho Financial Group, Inc.

 

2. Status of Reserves for Possible Losses on Loans

Consolidated

     (Millions of yen)  
     As of
September 30,
2024
        Change     As of
March 31,
2024
 

Reserves for Possible Losses on Loans

     729,659        (58,189     787,848  

General Reserve for Possible Losses on Loans

     293,360        (36,402     329,763  

Specific Reserve for Possible Losses on Loans

     409,223        (14,687     423,911  

Reserve for Possible Losses on Loans to Restructuring Countries

          27,075        (7,099     34,174  

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

 

Amount of Partial Direct Write-offs

     109,419        1,807       107,611  

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Reserves for Possible Losses on Loans

     699,765        (61,316        761,081  

General Reserve for Possible Losses on Loans

     277,575        (36,062     313,638  

Specific Reserve for Possible Losses on Loans

     395,114        (18,154     413,268  

Reserve for Possible Losses on Loans to Restructuring Countries

     27,075        (7,099     34,174  

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

     106,916        1,575       105,340  

Mizuho Bank

       
Reserves for Possible Losses on Loans      694,792        (61,138     755,930  

General Reserve for Possible Losses on Loans

     274,291        (36,065     310,357  

Specific Reserve for Possible Losses on Loans

     393,424        (17,973     411,398  

Reserve for Possible Losses on Loans to Restructuring Countries

     27,075        (7,099     34,174  

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

     106,682        1,575       105,106  

Mizuho Trust & Banking

       

Reserves for Possible Losses on Loans

     4,973        (178     5,151  

General Reserve for Possible Losses on Loans

     3,284        2       3,281  

Specific Reserve for Possible Losses on Loans

     1,689        (180     1,870  

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

     233        (0     233  

Reserve for Possible Losses on Entrusted Loans (¥5 million and ¥6 million for September 30, 2024 and March 31, 2024, respectively) is not included in the above figures for Trust Account.

 

2-21


Mizuho Financial Group, Inc.

 

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

Consolidated

 

     (%)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Mizuho Financial Group

           62.62        (0.26     62.89  

 

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

 

Non-Consolidated

       
     (%)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Total

     61.16        0.57       60.58  

Mizuho Bank

     61.73        0.66       61.07  

Mizuho Trust & Banking (Banking Account)

     26.63            (1.23          27.87  

 

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

 

2-22


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
September 30, 2024
     Change     As of
March 31, 2024
 

Claims against Bankrupt and Substantially Bankrupt Obligors

     26.4        (0.1     26.6  

Collateral, Guarantees, and equivalent

     25.6        (0.4     26.0  

Reserve for Possible Losses

     0.8        0.3       0.5  

Claims with Collection Risk

     646.1        (62.5     708.6  

Collateral, Guarantees, and equivalent

     165.8        4.1       161.7  

Reserve for Possible Losses

     394.2        (14.2     408.5  

Claims for Special Attention

     471.4        (49.4     520.9  

Collateral, Guarantees, and equivalent

     144.5        (1.6     146.2  

Reserve for Possible Losses

     124.2        (19.8     144.1  

Total

     1,144.0        (112.1     1,256.2  

Collateral, Guarantees, and equivalent

     336.0        2.0       334.0  

Reserve for Possible Losses

     519.3        (33.8     553.2  
Mizuho Bank        

Claims against Bankrupt and Substantially Bankrupt Obligors

     26.3        (0.1     26.5  

Collateral, Guarantees, and equivalent

     25.5        (0.4     26.0  

Reserve for Possible Losses

     0.8        0.3       0.5  

Claims with Collection Risk

     638.1        (61.2     699.3  

Collateral, Guarantees, and equivalent

     160.4        5.0       155.3  

Reserve for Possible Losses

     392.5        (14.1     406.6  

Claims for Special Attention

     460.9        (50.8     511.7  

Collateral, Guarantees, and equivalent

     140.0        (1.7     141.7  

Reserve for Possible Losses

     123.1        (20.0     143.2  

Total

     1,125.4        (112.3     1,237.7  

Collateral, Guarantees, and equivalent

     325.9        2.8       323.1  

Reserve for Possible Losses

     516.6        (33.8     550.4  
Mizuho Trust & Banking (Banking Account)        

Claims against Bankrupt and Substantially Bankrupt Obligors

     0.1        0.0       0.0  

Collateral, Guarantees, and equivalent

     0.1        0.0       0.0  

Reserve for Possible Losses

     —         —        —   

Claims with Collection Risk

     8.0        (1.2     9.2  

Collateral, Guarantees, and equivalent

     5.3        (0.9     6.3  

Reserve for Possible Losses

     1.6        (0.1     1.8  

Claims for Special Attention

     10.5        1.4       9.1  

Collateral, Guarantees, and equivalent

     4.5        0.1       4.4  

Reserve for Possible Losses

     1.0        0.2       0.8  

Total

     18.6        0.1       18.4  

Collateral, Guarantees, and equivalent

     10.0        (0.8     10.8  

Reserve for Possible Losses

     2.7        0.0       2.7  
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.

 

2-23


Mizuho Financial Group, Inc.

 

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

 

     (Billions of yen)  
     As of
September 30, 2024
     Change     As of
March 31, 2024
 

Coverage Amount

     855.4        (31.8     887.2  

Reserves for Possible Losses on Loans

     519.3        (33.8     553.2  

Collateral, Guarantees, and equivalent

     336.0        2.0       334.0  
     (%)  

Coverage Ratio

     74.7        4.1       70.6  

Claims against Bankrupt and Substantially Bankrupt Obligors

     100.0        —        100.0  

Claims with Collection Risk

     86.6        6.2       80.4  

Claims for Special Attention

     57.0        1.2       55.7  

Claims against Special Attention Obligors

     57.3        2.8       54.5  

Reserve Ratio against Non-collateralized Claims

       
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

     100.0        —        100.0  

Claims with Collection Risk

     82.0        7.3       74.6  

Claims for Special Attention

     38.0        (0.4     38.4  

Claims against Special Attention Obligors

     37.0        (0.0     37.0  

Reference: Reserve Ratio

       
     (%)  

Claims against Special Attention Obligors

     25.10        (1.69     26.79  

Claims against Watch Obligors excluding Special Attention Obligors

     4.13        0.05       4.08  

Claims against Normal Obligors

     0.05        0.00       0.05  

Mizuho Bank

       
     (Billions of yen)  

Coverage Amount

     842.5        (31.0     873.6  

Reserves for Possible Losses on Loans

     516.6        (33.8     550.4  

Collateral, Guarantees, and equivalent

     325.9        2.8       323.1  
     (%)  

Coverage Ratio

     74.8        4.2       70.5  

Claims against Bankrupt and Substantially Bankrupt Obligors

     100.0        —        100.0  

Claims with Collection Risk

     86.6        6.2       80.3  

Claims for Special Attention

     57.1        1.4       55.6  

Claims against Special Attention Obligors

     57.8        2.9       54.8  

Reserve Ratio against Non-collateralized Claims

 

 
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

     100.0        —        100.0  

Claims with Collection Risk

     82.1        7.4       74.7  

Claims for Special Attention

     38.3        (0.3     38.7  

Claims against Special Attention Obligors

     37.7        0.1       37.5  

Reference: Reserve Ratio

       
     (%)  

Claims against Special Attention Obligors

     25.53        (1.60     27.13  

Claims against Watch Obligors excluding Special Attention Obligors

     4.15        0.04       4.10  

Claims against Normal Obligors

     0.06        0.00       0.05  

 

2-24


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking (Banking Account)

 

 

     (Billions of yen)  
     As of
September 30, 2024
     Change     As of
March 31, 2024
 

Coverage Amount

     12.8        (0.7     13.6  

Reserves for Possible Losses on Loans

     2.7        0.0       2.7  

Collateral, Guarantees, and equivalent

     10.0        (0.8     10.8  
     (%)  

Coverage Ratio

     68.7        (5.0     73.7  

Claims against Bankrupt and Substantially Bankrupt Obligors

     100.0        —        100.0  

Claims with Collection Risk

     87.9        (0.5     88.5  

Claims for Special Attention

     53.8        (4.6     58.4  

Claims against Special Attention Obligors

     43.2        1.8       41.4  

Reserve Ratio against Non-collateralized Claims

       
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

     —         —        —   

Claims with Collection Risk

     63.4        (0.2     63.6  

Claims for Special Attention

     18.3        (0.6     19.0  

Claims against Special Attention Obligors

     18.3        (0.6     18.9  

Reference: Reserve Ratio

       
     (%)  

Claims against Special Attention Obligors

     12.71        (0.96     13.67  

Claims against Watch Obligors excluding Special Attention Obligors

     0.53        0.13       0.40  

Claims against Normal Obligors

     0.03        (0.00     0.03  

 

2-25


Mizuho Financial Group, Inc.

 

5. Overview of Non-Performing Loans (“NPLs”)

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

 

LOGO

 

Notes:    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.

 

2-26


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 2021      Fiscal 2022     Fiscal 2023     Fiscal 2024  
     As of
March

31, 2022
     As of
March

31, 2023
    As of
March

31, 2024
    As of September 30, 2024  
                        MHBK      MHTB*      Aggregate
Figures for
the 2
Banks
     Change
from
March 31,
2024
 

Claims against Bankrupt and Substantially Bankrupt Obligors

     41.1        26.0       14.1       12.8        0.0        12.9        (1.1

Claims with Collection Risk

     726.0        504.6       439.9       375.7        5.3        381.0        (58.9

Amount Categorized as above up to Fiscal 2021

     767.1        530.6       454.1       388.5        5.4        394.0        (60.1

of which the amount which was in the process of being removed from the balance sheet

     40.0        24.2       13.7       12.9        0.0        12.9        (0.8

Claims against Bankrupt and Substantially Bankrupt Obligors

        7.9       1.7       4.5        —         4.5        2.8  

Claims with Collection Risk

        153.8       59.8       38.5        0.1        38.6        (21.1

Amount Newly Categorized as above during Fiscal 2022

        161.8       61.6       43.1        0.1        43.2        (18.3

of which the amount which was in the process of being removed from the balance sheet

        6.3       1.5       1.0        —         1.0        (0.5

Claims against Bankrupt and Substantially Bankrupt Obligors

          10.7       5.5        —         5.5        (5.2

Claims with Collection Risk

          208.7       145.2        2.5        147.8        (60.9

Amount Newly Categorized as above during Fiscal 2023

          219.5       150.8        2.5        153.3        (66.1

of which the amount which was in the process of being removed from the balance sheet

          9.4       4.7        —         4.7        (4.6

Claims against Bankrupt and Substantially Bankrupt Obligors

            3.4        0.0        3.4        3.4  

Claims with Collection Risk

            78.5        0.0        78.5        78.5  

Amount Newly Categorized as above during the First Half of Fiscal 2024

            81.9        0.0        82.0        82.0  

of which the amount which was in the process of being removed from the balance sheet

            3.4        0.0        3.4        3.4  

Claims against Bankrupt and Substantially Bankrupt Obligors

     41.1        34.0       26.6       26.3        0.1        26.4        (0.1

Claims with Collection Risk

     726.0        658.4       708.6       638.1        8.0        646.1        (62.5

Total

     767.1        692.5       735.3       664.5        8.1        672.6        (62.6

of which the amount which was in the process of being removed from the balance sheet

     40.0        30.5       24.7       22.0        0.1        22.2        (2.5

 

 

* 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 the First Half of Fiscal 2024

 

 

     (Billions of yen)  
     Aggregate
Figures

for the 2
Banks

(Banking
Account

+ Trust
Account)
    MHBK     MHTB
(Banking
Account
+ Trust
Account)
 

Liquidation

     (1.7     (1.7     —   

Restructuring

     (16.9     (16.9     —   

Improvement in Business Performance due to Restructuring

     —        —        —   

Loan Sales

     (19.1     (19.1     —   

Direct Write-off

     (21.4     (21.4     —   

Other

     (85.4     (84.1     (1.2

Debt recovery

     (33.7     (32.8     (0.9

Improvement in Business Performance

     (51.6     (51.3     (0.3
  

 

 

   

 

 

   

 

 

 

Total

     (144.6     (143.4     (1.2
  

 

 

   

 

 

   

 

 

 

 

2-27


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 September 30, 2024     As of March 31, 2024  
     Outstanding
Balance
     Change     Outstanding Balance  

Domestic Total (excluding Loans Booked Offshore)

     62,419.1        (2,402.8     64,821.9  

Manufacturing

     9,958.7        73.3       9,885.4  

Agriculture & Forestry

     47.8        0.9       46.8  

Fishery

     10.0        (0.4     10.4  

Mining, Quarrying Industry & Gravel Extraction Industry

     176.4        (17.8     194.3  

Construction

     1,054.3        (55.9     1,110.2  

Utilities

     3,282.1        (29.7     3,311.9  

Communication

     1,015.0        30.5       984.4  

Transportation & Postal Industry

     2,244.4        (114.8     2,359.3  

Wholesale & Retail

     4,896.7        75.3       4,821.4  

Finance & Insurance

     9,455.2        (2,051.0     11,506.3  

Real Estate

     12,061.5        241.2       11,820.2  

Commodity Lease

     3,170.9        41.1       3,129.8  

Service Industries

     2,971.9        (102.7     3,074.6  

Local Governments

     459.7        (27.8     487.6  

Governments

     1,630.5        (153.1     1,783.6  

Other

     9,983.3        (311.6     10,295.0  

Overseas Total (including Loans Booked Offshore)

     30,573.8        (255.4     30,829.3  

Governments

     237.5        (24.7     262.2  

Financial Institutions

     12,614.4        215.6       12,398.7  

Other

     17,721.8        (446.4     18,168.2  
  

 

 

    

 

 

   

 

 

 

Total

     92,992.9        (2,658.3     95,651.3  
  

 

 

    

 

 

   

 

 

 

 

*

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

As of September 30, 2024: ¥265.0 billion (from MHBK)
As of March 31, 2024: ¥631.0 billion (from MHBK)
*

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

 

2-28


Mizuho Financial Group, Inc.

 

Mizuho Bank

 

     (Billions of yen)  
     As of September 30, 2024     As of March 31, 2024  
     Outstanding
Balance
     Change     Outstanding
Balance
 

Domestic Total (excluding Loans Booked Offshore)

     59,152.2        (1,902.4     61,054.7  

Manufacturing

     9,625.9        87.4       9,538.5  

Agriculture & Forestry

     47.7        0.9       46.8  

Fishery

     10.0        (0.4     10.4  

Mining, Quarrying Industry & Gravel Extraction Industry

     175.3        (17.7     193.1  

Construction

     1,005.9        (57.0     1,063.0  

Utilities

     3,059.9        (13.9     3,073.8  

Communication

     976.0        55.4       920.6  

Transportation & Postal Industry

     2,115.6        (106.3     2,222.0  

Wholesale & Retail

     4,792.2        85.4       4,706.8  

Finance & Insurance

     8,992.2        (2,031.7     11,024.0  

Real Estate

     10,566.1        258.2       10,307.9  

Commodity Lease

     2,987.7        45.6       2,942.1  

Service Industries

     2,946.2        (96.2     3,042.4  

Local Governments

     459.3        (27.6     486.9  

Governments

     1,630.5        205.1       1,425.3  

Other

     9,760.7        (289.7     10,050.5  

Overseas Total (including Loans Booked Offshore)

     30,573.8        (255.4     30,829.3  

Governments

     237.5        (24.7     262.2  

Financial Institutions

     12,614.4        215.6       12,398.7  

Other

     17,721.8        (446.4     18,168.2  
  

 

 

    

 

 

   

 

 

 

Total

     89,726.0        (2,157.9     91,884.0  
  

 

 

    

 

 

   

 

 

 
Mizuho Trust & Banking (Banking Account + Trust Account)        

Domestic Total (excluding Loans Booked Offshore)

     3,266.8        (500.4     3,767.2  

Manufacturing

     332.7        (14.1     346.9  

Agriculture & Forestry

     0.0        (0.0     0.0  

Fishery

     —         —        —   

Mining, Quarrying Industry & Gravel Extraction Industry

     1.1        (0.1     1.2  

Construction

     48.3        1.1       47.1  

Utilities

     222.2        (15.8     238.0  

Communication

     38.9        (24.9     63.8  

Transportation & Postal Industry

     128.8        (8.5     137.3  

Wholesale & Retail

     104.5        (10.1     114.6  

Finance & Insurance

     462.9        (19.3     482.2  

Real Estate

     1,495.3        (17.0     1,512.3  

Commodity Lease

     183.1        (4.4     187.6  

Service Industries

     25.6        (6.5     32.2  

Local Governments

     0.4        (0.2     0.6  

Governments

     —         (358.3     358.3  

Other

     222.5        (21.8     244.4  

Overseas Total (including Loans Booked Offshore)

     —         —        —   

Governments

     —         —        —   

Financial Institutions

     —         —        —   

Other

     —         —        —   
  

 

 

    

 

 

   

 

 

 

Total

     3,266.8        (500.4     3,767.2  
  

 

 

    

 

 

   

 

 

 

 

*

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

 

2-29


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 September 30, 2024     As of March 31, 2024  
     Non Performing
Loans based on
the BA and the
FRA
     Coverage
Ratio
     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
 

Domestic Total (excluding Loans Booked Offshore)

     999.6        73.3        (68.4     4.5       1,068.0        68.8  

Manufacturing

     640.6        75.7        (6.8     4.7       647.4        71.0  

Agriculture & Forestry

     3.0        55.9        (5.7     (7.7     8.7        63.7  

Fishery

     —         —         —        —        —         —   

Mining, Quarrying Industry & Gravel Extraction Industry

     —         —         —        —        —         —   

Construction

     5.3        72.8        (3.1     1.4       8.5        71.3  

Utilities

     1.1        68.9        (1.7     13.4       2.8        55.4  

Communication

     12.7        62.4        2.6       2.6       10.1        59.8  

Transportation & Postal Industry

     10.1        70.8        (0.0     (0.6     10.1        71.5  

Wholesale & Retail

     119.4        60.2        (11.2     1.3       130.7        58.9  

Finance & Insurance

     26.4        55.8        (12.5     8.2       38.9        47.5  

Real Estate

     29.3        87.6        (1.2     0.9       30.6        86.6  

Commodity Lease

     0.2        70.8        (0.0     (4.8     0.3        75.6  

Service Industries

     93.2        63.2        (27.6     2.5       120.8        60.7  

Local Governments

     —         —         —        —        —         —   

Other

     57.7        94.6        (0.8     3.9       58.6        90.7  

Overseas Total (including Loans Booked Offshore)

     144.4        84.4        (43.7     3.7       188.2        80.7  

Governments

     —         —         —        —        —         —   

Financial Institutions

     —         —         —        —        —         —   

Other

     144.4        84.4        (43.7     3.7       188.2        80.7  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total

     1,144.0        74.7        (112.1     4.1       1,256.2        70.6  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

 

*

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

 

2-30


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
September 30,
2024
           As of
March 31,
2024
 
     Change  

Housing and Consumer Loans

     7,490.3        (236.6     7,727.0  

Housing Loans for owner’s residential housing

     7,031.3        (221.0     7,252.4  

Mizuho Bank

       

Housing and Consumer Loans

     7,455.0        (233.4     7,688.4  

Housing Loans

     7,080.5        (227.8     7,308.4  

for owner’s residential housing

     6,997.7        (218.1     7,215.8  

Consumer loans

     374.4        (5.6     380.0  

Mizuho Trust & Banking (Banking Account + Trust Account)

       

Housing and Consumer Loans

     35.3        (3.2     38.5  

Housing Loans for owner’s residential housing

     33.6        (2.9     36.5  

 

*  Above figures are aggregate banking and trust account amounts.

       

(2) Loans to SMEs and Individual Customers

 

Non-Consolidated

 

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

 

     (%, Billions of yen)  
     As of
September 30,
2024
           As of
March 31,
2024
 
     Change  

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

     58.2        0.1       58.1  

Loans to SMEs and Individual Customers

     36,389.0        (1,326.3     37,715.3  

Mizuho Bank

       

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

     58.5        (0.2     58.8  

Loans to SMEs and Individual Customers

     34,633.4        (1,269.8     35,903.3  

Mizuho Trust & Banking (Banking Account + Trust Account)

       

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

     53.7        5.6       48.0  

Loans to SMEs and Individual Customers

     1,755.5        (56.4     1,812.0  

 

*

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.)

 

2-31


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 September 30, 2024     As of March 31, 2024  
     Outstanding
Balance
     Change     Outstanding Balance  

Asia

     7,703.3        649.8       7,053.5  

Hong Kong

     1,095.6        (122.6     1,218.3  

Singapore

     1,384.3        160.3       1,224.0  

Thailand

     1,121.3        86.2       1,035.1  

Taiwan

     1,240.4        627.0       613.3  

India

     897.0        168.5       728.5  

South Korea

     655.9        (139.0     795.0  

Indonesia

     432.4        4.9       427.4  

Philippines

     281.4        (33.3     314.7  

China

     102.9        (27.6     130.6  

Malaysia

     92.0        (12.1     104.1  

Central and South America

     4,041.3        (1,242.7     5,284.1  

Mexico

     412.3        5.6       406.6  

Brazile

     159.7        (31.4     191.2  

North America

     12,558.3        (521.3     13,079.7  

United States

     11,219.5        (557.3     11,776.9  

Eastern Europe

     146.3        (19.0     165.4  

Russia

     123.8        (17.7     141.6  

Western Europe

     5,381.4        (414.5     5,795.9  

United Kingdom

     1,358.9        (122.3     1,481.2  

Netherlands

     1,121.9        (177.6     1,299.5  

Germany

     550.8        (16.6     567.4  

Ireland

     605.4        (29.5     635.0  

Switzerland

     105.9        19.9       85.9  

France

     370.6        (110.3     480.9  

Turkey

     62.5        3.8       58.7  

Italy

     22.2        (141.2     163.4  

Other

     4,258.7        55.5       4,203.2  

Australia

     2,228.0        101.2       2,126.7  

Total

     34,089.7        (1,492.3     35,582.0  

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 September 30, 2024     As of March 31, 2024  
     Outstanding
Balance
     Change     Outstanding Balance  

Mizuho Bank (China) ,Ltd

      1,104.8          (163.8      1,268.6  

Mizuho Bank (USA)

     376.3        (64.9     441.2  

PT. Bank Mizuho Indonesia

     614.7        81.5       533.1  

 

Note: The balances of loans of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥5.6 billion and ¥12.1 billion, respectively.

 

2-32


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 September 30, 2024     As of March 31, 2024  
     Non Performing
Loans based on
the BA and the

FRA
     Change     Non Performing
Loans based on
the BA and the
FRA
 

Asia

     66.6        (13.3     80.0  

Hong Kong

     0.9        (0.0     1.0  

Singapore

     20.6        (6.4     27.0  

Thailand

     1.2        (1.5     2.8  

Taiwan

     24.0        (2.1     26.2  

India

     —         (0.0     0.0  

South Korea

     —         (0.0     0.0  

Indonesia

     —         —        —   

Philippines

     0.0        (0.0     0.0  

China

     0.1        0.0       0.1  

Malaysia

     —         —        —   

Central and South America

     26.9        (13.7     40.7  

Mexico

     —         (0.3     0.3  

Brazile

     —         —        —   

North America

     56.5        (27.5     84.0  

United States

     56.5        (27.5     84.0  

Eastern Europe

     19.4        11.2       8.1  

Russia

     19.4        11.2       8.1  

Western Europe

     25.9        (11.2     37.1  

United Kingdom

     13.0        9.1       3.8  

Netherlands

     —         (6.0     6.0  

Germany

     —         —        —   

Ireland

     —         —        —   

Switzerland

     1.9        (0.0     1.9  

France

     —         (5.0     5.0  

Turkey

     —         —        —   

Italy

     9.5        (0.2     9.7  

Other

     7.9        0.0       7.9  

Australia

     7.9        0.0       7.8  

Total

     203.4        (54.6     258.1  

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 September 30, 2024     As of March 31, 2024  
     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

       0.4         (0.0     0.5  

Mizuho Bank (USA)

     —         —        —   

PT. Bank Mizuho Indonesia

     7.0        0.5         6.4  

 

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥3.3 billion and ¥0.2 billion, respectively.

 

2-33


Mizuho Financial Group, Inc.

 

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

 

            (Billions of yen)  
            Total amount for
five years
(from October 1, 2024
to
September 30, 2029)
 

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

     1        4,198.7  

Income before Income Taxes

     2        3,976.0  

Tax Adjustments (1)

     3        127.4  

Taxable Income before Current Deductible Temporary Differences (2)

     4        4,103.4  

Effective Statutory Tax Rate

     5        30.62%  

Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]

     6        1,256.4  

 

 

(1)

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

(2)

Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2024.

 

Reference: Past results of taxable income (tax loss)

 

  
     (Billions of yen)  

Fiscal 2020

     316.3  

Fiscal 2021

     360.3  

Fiscal 2022

     157.7  

Fiscal 2023

     406.1  

First Half of Fiscal 2024 (estimate)

     652.2  

 

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

Figure for the first half of fiscal 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

 

            (Billions of yen)  
            As of
September 30,
2024
    Change     As of
March 31,
2024
 

Reserves for Possible Losses on Loans

     7        220.2       (12.7     233.0  

Impairment of Securities

     8        100.1       9.1       90.9  

Net Unrealized Losses on Other Securities

     9        75.0       (41.5     116.5  

Reserve for Employee Retirement Benefits

     10        —        —        —   

Depreciation and Impairment

     11        62.9       (9.9     72.9  

Net Deferred Hedge Losses

     12        142.3       2.6       139.6  

Tax Losses Carried Forward

     13        9.6       (6.7     16.4  

Other

     14        303.8       (1.3     305.2  
     

 

 

   

 

 

   

 

 

 

Total Deferred Tax Assets

     15        914.1       (60.5     974.7  
     

 

 

   

 

 

   

 

 

 

Valuation Allowance

     16        (193.9     (0.0     (193.8
     

 

 

   

 

 

   

 

 

 

Sub-Total [ 15 + 16 ]

     17        720.2       (60.6     780.8  
     

 

 

   

 

 

   

 

 

 

Amount related to Retirement Benefits Accounting

     18        (111.0     (8.2     (102.8

Net Unrealized Gains on Other Securities

     19        (369.4     21.1       (390.5

Net Deferred Hedge Gains

     20        —        —        —   

Other

     21        (56.1     46.0       (102.2
     

 

 

   

 

 

   

 

 

 

Total Deferred Tax Liabilities

     22        (536.6     59.0       (595.6
     

 

 

   

 

 

   

 

 

 

Net Deferred Tax Assets (Liabilities) [17 + 22]

     23        183.5       (1.6     185.1  

Tax effects related to Net Unrealized Losses (Gains) on Other Securities *

     24        (312.5     (18.7     (293.7

Tax effects related to Net Deferred Hedge Losses (Gains)

     25        142.3       2.6       139.6  

Tax effects related to others

     26        353.7       14.4       339.2  

 

*

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.

 

2-34


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

1. Estimate of future taxable income

 

           (Billions of yen)  
           Total amount for
five years
(from October 1, 2024
to
September 30, 2029)
 

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

     1       164.4  

Income before Income Taxes

     2       263.7  

Tax Adjustments (1)

     3       (63.0

Taxable Income before Current Deductible Temporary Differences (2)

     4       200.7  

Effective Statutory Tax Rate

     5       30.62%  

Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]

     6       61.4  

 

(1)

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

(2)

Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2024.

Reference: Past results of taxable income (tax loss)

 

  
     (Billions of yen)  

Fiscal 2020

     26.6  

Fiscal 2021

     33.2  

Fiscal 2022

     30.0  

Fiscal 2023

     29.4  

First Half of Fiscal 2024 (estimate)

     15.3  

 

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

Figure for the first half of fiscal 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

 

           (Billions of yen)  
           As of
September 30,
2024
    Change     As of
March 31,
2024
 

Reserves for Possible Losses on Loans

     7       1.6       (0.0     1.6  

Impairment of Securities

     8       3.5       0.2       3.3  

Net Unrealized Losses on Other Securities

     9       0.2       0.0       0.2  

Reserve for Employee Retirement Benefits

     10       —        —        —   

Reserve for Loss of Transfer

     11       —        —        —   

Net Deferred Hedge Losses

     12       —        —        —   

Tax Losses Carried Forward

     13       —        —        —   

Other

     14       19.0       0.0       19.0  
    

 

 

   

 

 

   

 

 

 

Total Deferred Tax Assets

     15       24.4       0.2       24.2  
    

 

 

   

 

 

   

 

 

 

Valuation Allowance

     16       (5.0     0.1       (5.2
    

 

 

   

 

 

   

 

 

 

Sub-Total [ 15 + 16 ]

     17       19.4       0.4       18.9  
    

 

 

   

 

 

   

 

 

 

Amount related to Retirement Benefits Accounting

     18       (25.9     (2.1     (23.8

Net Unrealized Gains on Other Securities

     19       (24.5     2.8       (27.3

Net Deferred Hedge Gains

     20       (2.6     0.2       (2.9

Other

     21       (0.3     (0.0     (0.2
    

 

 

   

 

 

   

 

 

 

Total Deferred Tax Liabilities

     22       (53.4     0.8       (54.3
    

 

 

   

 

 

   

 

 

 

Net Deferred Tax Assets (Liabilities) [17 + 22]

     23       (34.0     1.3       (35.4

Tax effects related to Net Unrealized Losses (Gains) on Other Securities *

     24       (24.6     2.8       (27.4

Tax effects related to Net Deferred Hedge Losses (Gains)

     25       (2.6     0.2       (2.9

Tax effects related to others

     26       (6.7     (1.7     (5.0

 

*

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.

 

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Billions of yen)  
     As of
September 30,
2024
     Change     As of
March 31,
2024
 

Deposits

     121,637.7        (3,927.0     125,564.8  
  

 

 

    

 

 

   

 

 

 

Individual Deposits

     49,010.8        20.6       48,990.2  

Corporate Deposits

     62,461.9        (4,313.9     66,775.8  

Financial/Government Institutions

     10,164.9        366.2       9,798.7  
Mizuho Bank        

Deposits

     119,015.2        (3,919.3     122,934.6  
  

 

 

    

 

 

   

 

 

 

Individual Deposits

     48,272.3        27.7       48,244.5  

Corporate Deposits

     61,178.3        (4,141.8     65,320.1  

Financial/Government Institutions

     9,564.5        194.7       9,369.8  
Mizuho Trust & Banking        

Deposits

     2,622.4        (7.7     2,630.1  
  

 

 

    

 

 

   

 

 

 

Individual Deposits

     738.5        (7.1     745.6  

Corporate Deposits

     1,283.5        (172.1     1,455.6  

Financial/Government Institutions

     600.3        171.5       428.8  

 

*

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

 

2-36


Mizuho Financial Group, Inc.

 

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

 

     Millions of yen  
     As of
September 30,
2024 (A)
    As of
March 31,
2024 (B)
    Change
(A) - (B)
 

Assets

      

Cash and Due from Banks

   ¥ 68,777,804     ¥ 70,442,184     ¥ (1,664,380

Call Loans

     620,825       779,066       (158,240

Receivables under Resale Agreements

     6,661,347       6,693,619       (32,272

Guarantee Deposits Paid under Securities Borrowing Transactions

     191,888       188,451       3,436  

Other Debt Purchased

     647,724       707,057       (59,333

Trading Assets

     7,314,986       7,027,086       287,899  

Money Held in Trust

     505       505       (0

Securities

     37,678,334       37,809,325       (130,991

Loans and Bills Discounted

     89,726,095       91,884,028       (2,157,932

Foreign Exchange Assets

     2,079,001       2,171,460       (92,459

Derivatives other than for Trading

     5,563,680       9,081,601       (3,517,920

Other Assets

     5,012,144       6,144,905       (1,132,761

Tangible Fixed Assets

     835,934       872,336       (36,402

Intangible Fixed Assets

     448,040       404,708       43,331  

Prepaid Pension Cost

     362,807       336,001       26,806  

Deferred Tax Assets

     183,527       185,189       (1,661

Customers’ Liabilities for Acceptances and Guarantees

     11,684,897       11,745,869       (60,972

Reserves for Possible Losses on Loans

     (694,792     (755,930     61,138  
  

 

 

   

 

 

   

 

 

 

Total Assets

   ¥ 237,094,755     ¥ 245,717,469     ¥ (8,622,714
  

 

 

   

 

 

   

 

 

 

Liabilities

      

Deposits

   ¥ 150,029,920     ¥ 154,407,832     ¥ (4,377,911

Negotiable Certificates of Deposit

     11,771,429       11,250,486       520,942  

Call Money

     1,982,280       1,009,589       972,691  

Payables under Repurchase Agreements

     21,362,822       22,254,496       (891,674

Guarantee Deposits Received under Securities Lending Transactions

     154,415       38,776       115,638  

Commercial Paper

     1,005,716       1,165,988       (160,271

Trading Liabilities

     5,360,206       5,958,376       (598,169

Borrowed Money

     14,452,417       14,124,762       327,655  

Foreign Exchange Liabilities

     1,354,433       1,181,438       172,995  

Bonds and Notes

     458,833       641,904       (183,071

Derivatives other than for Trading

     6,875,519       10,309,625       (3,434,106

Other Liabilities

     3,667,273       4,596,842       (929,569

Reserve for Bonus Payments

     30,278       38,758       (8,480

Reserve for Variable Compensation

     293       801       (507

Reserve for Possible Losses on Sales of Loans

     8,761       8,645       115  

Reserve for Contingencies

     3,398       4,105       (707

Reserve for Reimbursement of Deposits

     8,416       9,871       (1,454

Reserve for Reimbursement of Debentures

     23,718       25,125       (1,407

Deferred Tax Liabilities for Revaluation Reserve for Land

     46,410       57,583       (11,172

Acceptances and Guarantees

     11,684,897       11,745,869       (60,972
  

 

 

   

 

 

   

 

 

 

Total Liabilities

     230,281,444       238,830,880       (8,549,436
  

 

 

   

 

 

   

 

 

 

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

     2,541,330       2,615,322       (73,991

Appropriated Reserve

     624,534       524,533       100,000  

Other Retained Earnings

     1,916,795       2,090,788       (173,992

Retained Earnings Brought Forward

     1,916,795       2,090,788       (173,992
  

 

 

   

 

 

   

 

 

 

Total Shareholders’ Equity

     6,204,787       6,278,779       (73,991
  

 

 

   

 

 

   

 

 

 

Net Unrealized Gains (Losses) on Other Securities, net of Taxes

     822,950       791,974       30,975  

Net Deferred Hedge Gains (Losses), net of Taxes

     (315,991     (311,045     (4,945

Revaluation Reserve for Land, net of Taxes

     101,564       126,879       (25,315
  

 

 

   

 

 

   

 

 

 

Total Valuation and Translation Adjustments

     608,523       607,808       714  
  

 

 

   

 

 

   

 

 

 

Total Net Assets

     6,813,311       6,886,588       (73,277
  

 

 

   

 

 

   

 

 

 

Total Liabilities and Net Assets

   ¥ 237,094,755     ¥ 245,717,469     ¥ (8,622,714
  

 

 

   

 

 

   

 

 

 

 

2-37


Mizuho Financial Group, Inc.

 

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

 

     Millions of yen  
     For the six months
ended
September 30, 2024
(A)
    For the six months
ended
September 30, 2023
(B)
     Change
(A) - (B)
 

Ordinary Income

   ¥ 3,273,841     ¥ 2,734,811      ¥ 539,029  

Interest Income

     2,490,924       2,223,471        267,452  

Interest on Loans and Bills Discounted

     1,276,139       1,250,830        25,308  

Interest and Dividends on Securities

     406,426       275,720        130,706  

Fee and Commission Income

     312,172       307,393        4,778  

Trading Income

     180,267       19,126        161,140  

Other Operating Income

     129,072       111,635        17,437  

Other Ordinary Income

     161,405       73,184        88,220  
  

 

 

   

 

 

    

 

 

 

Ordinary Expenses

     2,756,364       2,356,277        400,087  

Interest Expenses

     1,998,387       1,788,516        209,871  

Interest on Deposits

     840,978       798,467        42,511  

Fee and Commission Expenses

     129,533       106,662        22,871  

Trading Expenses

     31       1,002        (970

Other Operating Expenses

     110,539       19,515        91,024  

General and Administrative Expenses

     429,260       388,297        40,962  

Other Ordinary Expenses

     88,612       52,282        36,329  
  

 

 

   

 

 

    

 

 

 

Ordinary Profits

     517,476       378,534        138,942  
  

 

 

   

 

 

    

 

 

 

Extraordinary Gains

     45,924       23,958        21,965  
  

 

 

   

 

 

    

 

 

 

Extraordinary Losses

     4,015       1,125        2,889  
  

 

 

   

 

 

    

 

 

 

Income before Income Taxes

     559,384       401,366        158,018  

Income Taxes:

       

Current

     184,336       97,983        86,352  

Deferred

     (25,648     52,526        (78,175
  

 

 

   

 

 

    

 

 

 

Net Income

   ¥ 400,696     ¥ 250,855      ¥ 149,841  
  

 

 

   

 

 

    

 

 

 

 

2-38


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