UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 15, 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 Fiscal 2023

(Under Japanese GAAP)

    LOGO

 

Company Name:    Mizuho Financial Group, Inc. (“MHFG”)    May 15, 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  
Ordinary General Meeting of Shareholders (scheduled) :   June 26, 2024   Commencement of Dividend Payment (scheduled): June 6, 2024

Filing of Yuka Shoken Hokokusho to

 the Kanto Local Finance Bureau (scheduled):

   June 19, 2024   Trading Accounts: Established  
Supplementary Materials on Annual Results:   Attached    
IR Conference on Annual Results:   Scheduled    
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2023 (for the fiscal year ended March 31, 2024)

(1) Consolidated Results of Operations

 

(%: Changes from the previous fiscal year)

 

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

Fiscal 2023

      8,744,458        51.3        914,047        15.7        678,993        22.2  

Fiscal 2022

      5,778,772        45.8        789,606        41.0        555,527        4.7  

 

Note:

   

Comprehensive Income:

Fiscal 2023: ¥1,345,039 million, 384.4%; Fiscal 2022: ¥277,666 million, 489.2%

 

     Net Income
per Share of
Common Stock		      Diluted Net Income
per Share of
Common Stock		      Net Income
on Own Capital		      Ordinary Profits
to Total Assets		      Ordinary Profits
to Ordinary Income		  
     ¥      ¥      %      %      %  

Fiscal 2023

      267.88        267.88        7.0        0.3        10.4  

Fiscal 2022

      219.20        219.19        6.1        0.3        13.6  

 

Reference:

  

Equity in Income from Investments in Affiliates:

Fiscal 2023: ¥26,221 million; Fiscal 2022: ¥11,889 million

(2) Consolidated Financial Conditions

 

     Total Assets      Total Net Assets      Own Capital Ratio      Total Net Assets
per Share of
Common Stock		  
     ¥ million      ¥ million      %      ¥  

Fiscal 2023

      278,672,151        10,312,135        3.6        4,037.28  

Fiscal 2022

      254,258,203        9,208,463        3.5        3,603.98  

Reference:

  

Own Capital:

As of March 31, 2024: ¥ 10,232,538 million; As of March 31, 2023: ¥ 9,133,294 million

Note:

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

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

(3) Conditions of Consolidated Cash Flows

 

     Cash Flows from
Operating Activities		      Cash Flows from
Investing Activities		      Cash Flows from
Financing Activities		     Cash and Cash Equivalents
at the end of the fiscal year		  
     ¥ million      ¥ million      ¥ million     ¥ million  

Fiscal 2023

      1,884,978        1,982,207        (230,990 )      71,165,815  

Fiscal 2022

      8,867,246        6,605,667        (611,143 )      65,825,681  

2. Cash Dividends for Shareholders of Common Stock

 

     Annual Cash Dividends per Share      Total Cash Dividends
(Total)		      Dividends Pay-out
Ratio
(Consolidated basis)		      Dividends on Net
Assets
(Consolidated basis)		  
   First
quarter-end		      Second
quarter-end		      Third
quarter-end		      Fiscal
year-end		      Annual  
     ¥      ¥      ¥      ¥      ¥      ¥ million      %      %  

Fiscal 2022

      —         42.50        —         42.50        85.00        215,772        38.7        2.3  

Fiscal 2023

      —         50.00        —         55.00        105.00        266,529        39.1        2.7  

Fiscal 2024 (estimate)

      —         57.50        —         57.50        115.00           38.9     

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

 

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

1H F2024

      —         —         —   

Fiscal 2024

      750,000        10.4        295.79  

Note:

   The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock (excluding treasury stock and others) as of March 31, 2024.

Notes

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

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

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

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

  iii. Changes in accounting estimates: No

  iv. Restatements: No

  Note: For more information, please refer to “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

 

  i .  Year-end issued shares

     (including treasury stock):

     As of March 31, 2024       2,539,249,894 shares       As of March 31, 2023       2,539,249,894 shares  

  ii . Year-end treasury stock:

     As of March 31, 2024       4,739,805 shares       As of March 31, 2023       5,027,306 shares  

  iii. Average number of outstanding shares:

     Fiscal 2023       2,534,673,803 shares       Fiscal 2022       2,534,340,257 shares  

This immediate release is outside the scope of the audit.

 

 

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; 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”) and our report on Form 6-K furnished to the SEC on December 27, 2023, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

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

 

 

Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.   Overview of Consolidated Results of Operations and Financial Conditions      p.1-2  
  (1) Overview of Results of Operations      p.1-2  
  (2) Overview of Financial Conditions      p.1-3  
  (3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2023 and Dividend Estimates for Fiscal 2024      p.1-3  
2.   Basic Stance on Selection of Accounting Standards      p.1-4  
3.   Consolidated Financial Statements and Others      p.1-5  
  (1) Consolidated Balance Sheets      p.1-5  
  (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income      p.1-7  
  (3) Consolidated Statements of Changes in Net Assets      p.1-10  
  (4) Consolidated Statements of Cash Flows      p.1-12  
  (5) Notes regarding Consolidated Financial Statements      p.1-14  
 

(Matters Related to the Assumption of Going Concern)

   
 

(Changes in Accounting Policies)

   
 

(Business Segment Information)

   
 

(Per Share Information)

   
 

(Subsequent Events)

   

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Monday, May 20, 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. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2024, although the impact of steep inflation and consequent monetary tightening materialized in Europe and the United States, the U.S. economy remained strong, reflecting sustained steady consumer spending supported by a subsequent slowdown in inflation and a favorable income environment. Meanwhile, consumption and corporate activities stagnated in Europe. In China, the economy lacked momentum, as the prolonged adjustment of the real estate market depressed the economy.

In the United States, the economy continued to grow steadily, mainly in terms of consumption, even under steep inflation and sudden monetary tightening by the Federal Reserve Board (FRB) in response thereto. On the other hand, inflation has slowed steadily as a result of the easing of labor and supply shortages due to companies’ increased production capacity, which was enabled by increased investment, and increased labor force participation. Based on these circumstances, the FRB has left the policy interest rate unchanged since the rate hike at the meeting of the Federal Open Market Committee (FOMC) held in July 2023. However, since there are concerns that the rise in crude oil prices and other factors will extend to commodity prices, the FRB will determine future policies carefully while keeping an eye on the inflation and economic conditions.

In Europe, the economy slowed down while continuing to exhibit low growth. Consumer spending was stagnant and the impact of monetary tightening has exerted downward pressure on companies’ investment demand. In addition, inflation slowed as a result of a pause in the passing of rising energy costs onto consumers and the deteriorating economy. Since July 2022, the European Central Bank (ECB) has rapidly raised its policy interest rate; however, the ECB has left such rate unchanged since its October 2023 meeting in response to the slowdown in inflation. Nevertheless, the tightening of labor market conditions continues and the risk of a resurgence in wages and price inflation remains.

In Asia, the economy is lacking momentum. In China, although infrastructure related investment supported the economy, prolonged adjustment in the real estate market and weak consumer spending resulted in an economy that lacked momentum. In addition, considering China’s ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to issues such as trade and national security. In emerging economies, economic slowdown is coming to a halt in light of the improved market conditions for semiconductors. However, due to factors such as the slowdown of the global economy and the impact of monetary tightening, the economy has not yet fully recovered.

In Japan, economic recovery has been stagnant due to sluggish consumer spending resulting from price increases, and sluggish production activities of manufacturers due to slowdown of overseas economies. Going forward, however, the economy is expected to head toward gradual recovery with the support of investment demands that respond to changes in the economic structure, such as decarbonization-related investment. In addition to such circumstances, and in light of wage increases implemented by companies, the Bank of Japan decided to abolish yield curve control and to end negative interest rates. It is expected that the Bank of Japan will continue to determine its monetary policy by assessing developments concerning wages and prices and trends of the economy going forward.

The prospects for the growth of the global economy are expected to remain gradual, reflecting the impact of monetary tightening in Europe and the United States and the slowdown of growth in China. On the other hand, depending on the circumstances, such as sudden economic deterioration and disruption of the financial system resulting from acceleration of inflation due to a spiral of increasing wages resulting from a tighter labor market and price increases, and further monetary tightening, particularly in Europe and the United States, increasing tensions with respect to the situations in the Ukraine and the Middle East, there is a possibility of financial and capital market disruption and the risk of further economic downturn, which may also adversely affect the Japanese economy.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,703.3 billion for fiscal 2023, increasing by ¥424.8 billion from the previous fiscal year mainly due to the strong performance in both Customer Groups and Markets as a result of growth in interest, solutions and IB-related income alongside market tailwinds.

General and Administrative Expenses increased by ¥218.6 billion on a year-on-year basis to ¥1,663.9 billion mainly due to the resource deployment to growth areas and governance-related costs, as well as external factors such as Yen depreciation and inflation.

 

1-2

Mizuho Financial Group, Inc.

 

As a result, Consolidated Net Business Profits increased by ¥231.5 billion on a year-on-year basis to ¥1,036.8 billion. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others, which consists of Consolidated Net Business Profits, Net Gains (Losses) related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net Gains (Losses) related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥198.6 billion on a year-on-year basis to ¥1,005.8 billion.

Credit-related Costs increased by ¥17.0 billion on a year-on-year basis to ¥106.3 billion mainly due to the expenses incurred both domestically and overseas, offset in part by the reversal of forward-looking reserves in light of the improved future outlook for the business environment in certain industries.

Net Gains (Losses) related to Stocks decreased by ¥62.8 billion on a year-on-year basis to net gains of ¥23.6 billion mainly due to the negative impact from the cancellation of bear funds intended on fixing unrealized gain on stocks, offset in part by the steady progress in the sale of cross-holding stocks.

As a result, Ordinary Profits increased by ¥124.4 billion on a year-on-year basis to ¥914.0 billion.

Extraordinary Gains (Losses) increased by ¥51.6 billion on a year-on-year basis to net gains of ¥40.9 billion mainly due to the elimination of the impact of losses on impairment of fixed assets in the previous fiscal year.

Tax-related Expenses increased by ¥52.9 billion on a year-on-year basis to ¥271.7 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2023 increased by ¥123.4 billion on a year-on-year basis to ¥678.9 billion.

As for earnings estimates for fiscal 2024, we estimate Ordinary Profits of ¥1,050.0 billion and Profit Attributable to Owners of Parent of ¥750.0 billion on a consolidated basis.

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

(2) Overview of Financial Conditions

Consolidated Total Assets as of March 31, 2024 amounted to ¥278,672.1 billion, increasing by ¥24,413.9 billion from the end of the previous fiscal year mainly due to an increase in Receivables under Resale Agreements.

Securities amounted to ¥38,245.4 billion, increasing by ¥882.2 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥92,778.7 billion, increasing by ¥4,091.6 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥171,445.2 billion, increasing by ¥7,157.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥10,312.1 billion, increasing by ¥1,103.6 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥8,915.9 billion, Accumulated Other Comprehensive Income was ¥1,316.5 billion, and Non-controlling Interests was ¥79.5 billion.

Net Cash Provided by Operating Activities was ¥1,884.9 billion mainly due to increased Call Money. Net Cash Provided in Investing Activities was ¥1,982.2 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥230.9 billion mainly due to the redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2024 was ¥71,165.8 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2023 and Dividend Estimates for Fiscal 2024

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

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥55.0 of year-end cash dividends on common stock for Fiscal 2023 (annual cash dividends of ¥105.0 including interim dividends of ¥50.0), an increase of ¥5.0 from the most recent Dividend Estimate, based on the fact that Profit Attributable to Owners of Parent for Fiscal 2023 was ¥678.9 billion.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.8%, thus again fulfilling the lower end of the 9-10% range that we consider as the necessary level.

 

1-3

Year-end cash dividends on Common Stock

   ¥55.0 per share   (Increase of ¥5.0 from the most recent Dividend Estimate)

Annual cash dividends incl. interim dividends

   ¥105.0 per share   (Increase of ¥5.0 from the most recent Dividend Estimate)

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

As for the dividend estimates of common stock for Fiscal 2024, we predict ¥115.0 per share of common stock, which is an increase of ¥10.0 from Fiscal 2023. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

 

(Dividend Estimates for Fiscal 2024)      

Common Stock

    Cash Dividends per Share    ¥ 115.0      (Increase of ¥10.0 from Fiscal 2023)
  

of which Interim and Year-end Dividends

    ¥ 57.5      each

2. Basic Stance on Selection of Accounting Standards

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

 

1-4

Mizuho Financial Group, Inc.

 

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

 

     Millions of yen  
     As of
March 31,
2023		     As of
March 31,
2024		  

Assets

     

Cash and Due from Banks

    ¥ 67,152,100     ¥ 72,968,900  

Call Loans and Bills Purchased

      1,386,895       1,259,964  

Receivables under Resale Agreements

      11,693,419       20,533,096  

Guarantee Deposits Paid under Securities Borrowing Transactions

      1,897,429       2,357,463  

Other Debt Purchased

      3,836,735       4,174,891  

Trading Assets

      17,404,494       21,381,444  

Money Held in Trust

      514,607       583,647  

Securities

      37,363,140       38,245,422  

Loans and Bills Discounted

      88,687,155       92,778,781  

Foreign Exchange Assets

      2,408,587       2,259,701  

Derivatives other than for Trading Assets

      2,184,875       2,606,667  

Other Assets

      8,689,547       7,364,363  

Tangible Fixed Assets

      1,105,851       1,139,470  

Buildings

      325,241       330,325  

Land

      618,787       613,649  

Lease Assets

      6,333       16,423  

Construction in Progress

      43,679       47,074  

Other Tangible Fixed Assets

      111,808       131,997  

Intangible Fixed Assets

      572,719       725,142  

Software

      375,322       383,863  

Goodwill

      49,613       116,417  

Lease Assets

      2,098       4,421  

Other Intangible Fixed Assets

      145,685       220,440  

Net Defined Benefit Asset

      859,271       847,116  

Deferred Tax Assets

      316,168       135,428  

Customers’ Liabilities for Acceptances and Guarantees

      8,905,643       10,098,502  

Reserves for Possible Losses on Loans

      (720,437 )      (787,848 ) 

Reserve for Possible Losses on Investments

      (1 )      (4 ) 
  

 

 

    

 

 

  

Total Assets

    ¥ 254,258,203     ¥ 278,672,151  
  

 

 

    

 

 

  

 

1-5

Mizuho Financial Group, Inc.

 

     Millions of yen  
     As of
March 31,
2023		     As of
March 31,
2024		  

Liabilities

     

Deposits

    ¥ 150,498,976     ¥ 159,854,668  

Negotiable Certificates of Deposit

      13,788,347       11,590,532  

Call Money and Bills Sold

      1,814,873       1,660,682  

Payables under Repurchase Agreements

      25,735,560       38,103,216  

Guarantee Deposits Received under Securities Lending Transactions

      757,842       1,306,422  

Commercial Paper

      1,782,111       1,165,988  

Trading Liabilities

      12,698,007       13,836,028  

Borrowed Money

      4,155,480       5,449,852  

Foreign Exchange Liabilities

      671,552       900,034  

Short-term Bonds

      477,141       565,736  

Bonds and Notes

      11,371,189       11,999,712  

Due to Trust Accounts

      1,534,097       983,877  

Derivatives other than for Trading Liabilities

      2,749,138       3,818,518  

Other Liabilities

      7,777,025       6,618,151  

Reserve for Bonus Payments

      126,694       185,977  

Reserve for Variable Compensation

      2,381       2,527  

Net Defined Benefit Liability

      68,429       67,151  

Reserve for Director and Corporate Auditor Retirement Benefits

      539       541  

Reserve for Possible Losses on Sales of Loans

      15,049       8,645  

Reserve for Contingencies

      13,706       19,321  

Reserve for Reimbursement of Deposits

      13,695       10,378  

Reserve for Reimbursement of Debentures

      7,798       25,125  

Reserves under Special Laws

      3,352       3,781  

Deferred Tax Liabilities

      22,391       27,058  

Deferred Tax Liabilities for Revaluation Reserve for Land

      58,711       57,583  

Acceptances and Guarantees

      8,905,643       10,098,502  
  

 

 

    

 

 

  

Total Liabilities

    ¥ 245,049,740     ¥ 268,360,016  
  

 

 

    

 

 

  

Net Assets

     

Common Stock

    ¥ 2,256,767     ¥ 2,256,767  

Capital Surplus

      1,129,267       1,129,730  

Retained Earnings

      5,093,911       5,538,891  

Treasury Stock

      (8,786 )      (9,402 ) 
  

 

 

    

 

 

  

Total Shareholders’ Equity

      8,471,160       8,915,987  
  

 

 

    

 

 

  

Net Unrealized Gains (Losses) on Other Securities

      564,495       929,815  

Deferred Gains (Losses) on Hedges

      (358,102 )      (298,280 ) 

Revaluation Reserve for Land

      129,321       126,879  

Foreign Currency Translation Adjustments

      144,093       344,250  

Remeasurements of Defined Benefit Plans

      182,306       214,337  

Own Credit Risk Adjustments, Net of Tax

      19       (452 ) 
  

 

 

    

 

 

  

Total Accumulated Other Comprehensive Income

      662,133       1,316,550  
  

 

 

    

 

 

  

Stock Acquisition Rights

      5       5  

Non-controlling Interests

      75,163       79,591  
  

 

 

    

 

 

  

Total Net Assets

      9,208,463       10,312,135  
  

 

 

    

 

 

  

Total Liabilities and Net Assets

    ¥ 254,258,203     ¥ 278,672,151  
  

 

 

    

 

 

  

 

1-6

Mizuho Financial Group, Inc.

 

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

Consolidated Statements of Income

 

                                   
     Millions of yen  
     For the fiscal
year ended
March 31, 2023		     For the fiscal
year ended
March 31, 2024		  

Ordinary Income

    ¥ 5,778,772     ¥ 8,744,458   

Interest Income

      3,178,214       5,772,536  

Interest on Loans and Bills Discounted

      1,750,984       2,787,517  

Interest and Dividends on Securities

      392,104       674,386  

Interest on Call Loans and Bills Purchased

      13,898       33,521  

Interest on Receivables under Resale Agreements

      281,313       721,327  

Interest on Securities Borrowing Transactions

      22,411       44,916  

Interest on Due from Banks

      498,504       1,060,345  

Other Interest Income

      218,996       450,521  

Fiduciary Income

      58,958         61,487  

Fee and Commission Income

      915,534       1,060,235  

Trading Income

      992,631       1,090,397  

Other Operating Income

      452,853       360,724  

Other Ordinary Income

      180,579       399,078  

Recovery of Written-off Claims

      7,730       5,511  

Other

      172,848       393,566  

Ordinary Expenses

      4,989,165       7,830,410  

Interest Expenses

      2,217,636       4,884,924  

Interest on Deposits

      840,042       1,738,287  

Interest on Negotiable Certificates of Deposit

      209,222       520,886  

Interest on Call Money and Bills Sold

      17,140       22,927  

Interest on Payables under Repurchase Agreements

      651,987       1,754,457  

Interest on Securities Lending Transactions

      8,734       27,635  

Interest on Commercial Paper

      51,776       83,741  

Interest on Borrowed Money

      34,377       66,293  

Interest on Short-term Bonds

      71       112  

Interest on Bonds and Notes

      238,031       315,392  

Other Interest Expenses

      166,251       355,187  

Fee and Commission Expenses

      163,841       203,627  

Trading Expenses

      657,923       363,813  

Other Operating Expenses

      280,386       189,710  

General and Administrative Expenses

      1,445,283       1,663,951  

Other Ordinary Expenses

      224,095       524,383  

Provision for Reserves for Possible Losses on Loans

      65,698       78,672  

Other

      158,396       445,710  
  

 

 

    

 

 

  

Ordinary Profits

    ¥ 789,606     ¥ 914,047  
  

 

 

    

 

 

  

 

1-7

Mizuho Financial Group, Inc.

 

                                   
     Millions of yen  
     For the fiscal
year ended
March 31, 2023		     For the fiscal
year ended
March 31, 2024		  

Extraordinary Gains

    ¥ 50,888     ¥ 58,684  

Gains on Disposition of Fixed Assets

      3,260       5,946  

Gains on Cancellation of Employee Retirement Benefit Trust

      47,627       52,738  

Extraordinary Losses

      61,530       17,697  

Losses on Disposition of Fixed Assets

      7,462       9,304  

Losses on Impairment of Fixed Assets

      51,545       7,963  

Losses on Sales of Shares of Affiliates

      2,301       —   

Other Extraordinary Losses

      220       429  
  

 

 

    

 

 

  

Income before Income Taxes

      778,964       955,035  
  

 

 

    

 

 

  

Income Taxes:

     

Current

      180,716       279,674  

Refund of Income Taxes

      (9,911 )      (3,480 ) 

Deferred

      48,029       (4,459 ) 
  

 

 

    

 

 

  

Total Income Taxes

      218,834       271,735  
  

 

 

    

 

 

  

Profit

      560,130       683,299  
  

 

 

    

 

 

  

Profit Attributable to Non-controlling Interests

      4,602       4,305  
  

 

 

    

 

 

  

Profit Attributable to Owners of Parent

    ¥ 555,527     ¥ 678,993  
  

 

 

    

 

 

  

 

1-8

Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

                                   
     Millions of yen  
     For the fiscal
year ended
March 31, 2023		     For the fiscal
year ended
March 31, 2024		  

Profit

    ¥ 560,130     ¥ 683,299  

Other Comprehensive Income (Loss)

      (282,463 )      661,740  

Net Unrealized Gains (Losses) on Other Securities

      (157,244 )      367,374  

Deferred Gains (Losses) on Hedges

      (281,515 )      60,598  

Foreign Currency Translation Adjustments

      127,170       190,357  

Remeasurements of Defined Benefit Plans

      13,298       28,852  

Own Credit Risk Adjustments, Net of Tax

      42       (471 ) 

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

      15,783       15,030  
  

 

 

    

 

 

  

Comprehensive Income

      277,666       1,345,039  
  

 

 

    

 

 

  

(Breakdown)

     

Comprehensive Income Attributable to Owners of Parent

      273,298       1,335,852  

Comprehensive Income Attributable to Non-controlling Interests

      4,368       9,187  

 

1-9

Mizuho Financial Group, Inc.

 

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2023

 

     Millions of yen  
     Shareholders’ Equity  
   Common
Stock		      Capital
Surplus		     Retained
Earnings		     Treasury
Stock		     Total Shareholders’
Equity		  

Balance as of the beginning of the period

      2,256,767        1,125,324       4,756,435       (8,342 )      8,130,185  

Changes during the period

            

Cash Dividends

           (209,432 )        (209,432 ) 

Profit Attributable to Owners of Parent

           555,527         555,527  

Repurchase of Treasury Stock

             (2,314 )      (2,314 ) 

Disposition of Treasury Stock

         (255 )        1,870       1,615  

Transfer from Revaluation Reserve for Land

           2,834         2,834  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

         4,064           4,064  

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

           (11,319 )        (11,319 ) 

Transfer from Retained Earnings to Capital Surplus

         134       (134 )        —   

Net Changes in Items other than Shareholders’ Equity

            
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Changes during the period

      —         3,943       337,475       (443 )      340,975  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of the end of the period

      2,256,767        1,129,267       5,093,911       (8,786 )      8,471,160  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

    Accumulated Other Comprehensive Income     Stock
Acquisition
Rights		     Non-Controlling
Interests		     Total Net
Assets		  
  Net
Unrealized
Gains
(Losses)
on Other
Securities		     Deferred
Gains
(Losses)
on
Hedges		     Revaluation
Reserve for
Land		     Foreign
Currency
Translation
Adjustments		     Remeasurements
of Defined
Benefit Plans		     Own Credit
Risk
Adjustments,
Net of Tax		     Total
Accumulated
Other
Comprehensive
Income		  

Balance as of the beginning of the period

     719,822       (76,757 )      132,156       2,346       169,652       (23 )      947,197       94       123,555       9,201,031  

Changes during the period

                    

Cash Dividends

                       (209,432 ) 

Profit Attributable to Owners of Parent

                       555,527  

Repurchase of Treasury Stock

                       (2,314 ) 

Disposition of Treasury Stock

                       1,615  

Transfer from Revaluation Reserve for Land

                       2,834  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

                       4,064  

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

                       (11,319 ) 

Transfer from Retained Earnings to Capital Surplus

                       —   

Net Changes in Items other than Shareholders’ Equity

     (155,326 )      (281,345 )      (2,834 )      141,746       12,654       42       (285,063 )      (88 )      (48,392 )      (333,544 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Changes during the period

     (155,326 )      (281,345 )      (2,834 )      141,746       12,654       42       (285,063 )      (88 )      (48,392 )      7,431  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of the end of the period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1-10

Mizuho Financial Group, Inc.

 

For the fiscal year ended March 31, 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        1,129,267        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

            (234,802 )        (234,802 ) 

Profit Attributable to Owners of Parent

            678,993         678,993  

Repurchase of Treasury Stock

              (3,383 )      (3,383 ) 

Disposition of Treasury Stock

         0          2,766       2,767  

Transfer from Revaluation Reserve for Land

            2,441         2,441  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

         462            462  

Change 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

      —         463        446,864       (616 )      446,710  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Balance as of the end of the period

      2,256,767        1,129,730        5,538,891       (9,402 )      8,915,987  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

 

    Accumulated Other Comprehensive Income     Stock
Acquisition
Rights		     Non-Controlling
Interests		     Total Net
Assets		  
  Net
Unrealized
Gains
(Losses)
on Other
Securities		     Deferred
Gains
(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

                       (234,802 ) 

Profit Attributable to Owners of Parent

                       678,993  

Repurchase of Treasury Stock

                       (3,383 ) 

Disposition of Treasury Stock

                       2,767  

Transfer from Revaluation Reserve for Land

                       2,441  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

                       462  

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

                       231  

Net Changes in Items other than Shareholders’ Equity

     365,319       59,822       (2,441 )      200,157       32,031       (471 )      654,417       —        4,428       658,845  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Changes during the period

     365,319       59,822       (2,441 )      200,157       32,031       (471 )      654,417       —        4,428       1,105,555  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of the end of the period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1-11

Mizuho Financial Group, Inc.

 

(4) Consolidated Statements of Cash Flows

 

                                           
     Millions of yen  
     For the fiscal  year
ended
March 31, 2023		     For the fiscal  year
ended
March 31, 2024		  

Cash Flow from Operating Activities

                             

Income before Income Taxes

    ¥ 778,964     ¥ 955,035  

Depreciation

      163,166       173,173  

Losses on Impairment of Fixed Assets

      51,545       7,963  

Amortization of Goodwill

      3,771       5,020  

Equity in Loss (Gain) from Investments in Affiliates

      (11,889 )      (26,221 ) 

Increase (Decrease) in Reserves for Possible Losses on Loans

      (71,488 )      42,729  

Increase (Decrease) in Reserve for Possible Losses on Investments

      (106 )      3  

Increase (Decrease) in Reserve for Possible Losses on Sales of Loans

      13,740       (6,403 ) 

Increase (Decrease) in Reserve for Contingencies

      6,115       3,157  

Increase (Decrease) in Reserve for Bonus Payments

      1,746       49,304  

Increase (Decrease) in Reserve for Variable Compensation

      102       145  

Decrease (Increase) in Net Defined Benefit Asset

      69,067       102,323  

Increase (Decrease) in Net Defined Benefit Liability

      (4,506 )      (1,638 ) 

Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits

      (17 )      2  

Increase (Decrease) in Reserve for Reimbursement of Deposits

      (3,924 )      (3,316 ) 

Increase (Decrease) in Reserve for Reimbursement of Debentures

      (2,706 )      17,327  

Interest Income—accrual basis

      (3,178,214 )      (5,772,536 ) 

Interest Expenses—accrual basis

      2,217,636       4,884,924  

Losses (Gains) on Securities

      50,633       (24,038 ) 

Losses (Gains) on Money Held in Trust

      22       5  

Foreign Exchange Losses (Gains)—net

      (662,938 )      (1,061,035 ) 

Losses (Gains) on Disposition of Fixed Assets

      4,202       3,358  

Losses (Gains) on Cancellation of Employee Retirement Benefit Trust

      (47,627 )      (52,738 ) 

Decrease (Increase) in Trading Assets

      (3,869,757 )      (2,604,912 ) 

Increase (Decrease) in Trading Liabilities

      2,855,475       176,157  

Decrease (Increase) in Derivatives other than for Trading Assets

      118,439       (341,491 ) 

Increase (Decrease) in Derivatives other than for Trading Liabilities

      (46,028 )      997,746  

Decrease (Increase) in Loans and Bills Discounted

      (2,092,530 )      (96,019 ) 

Increase (Decrease) in Deposits

      10,000,741       5,381,997  

Increase (Decrease) in Negotiable Certificates of Deposit

      (3,395,330 )      (3,198,510 ) 

Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)

      (2,436,997 )      1,278,447  

Decrease (Increase) in Due from Banks (excluding Due from Central Banks)

      (44,557 )      (324,286 ) 

Decrease (Increase) in Call Loans, etc.

      1,029,697       (7,704,413 ) 

Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions

      442,660       (460,034 ) 

Increase (Decrease) in Call Money, etc.

      4,808,324       9,511,807  

Increase (Decrease) in Commercial Paper

      (155,216 )      (854,467 ) 

Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions

      (414,405 )      548,579  

Decrease (Increase) in Foreign Exchange Assets

      357,779       379,335  

Increase (Decrease) in Foreign Exchange Liabilities

      (837,977 )      223,630  

Increase (Decrease) in Short-term Bonds (Liabilities)

      (60,026 )      88,594  

Increase (Decrease) in Bonds and Notes

      887,829       441,113  

Increase (Decrease) in Due to Trust Accounts

      366,812       (550,220 ) 

Interest and Dividend Income—cash basis

      3,027,958       5,571,589  

Interest Expenses—cash basis

      (2,028,391 )      (4,756,988 ) 

Other—net

      1,108,820       (831,529 ) 
  

 

 

    

 

 

  

Subtotal

      9,000,617       2,172,672  
  

 

 

    

 

 

  

Cash Refunded (Paid) in Income Taxes

      (133,371 )      (287,693 ) 
  

 

 

    

 

 

  

Net Cash Provided by (Used in) Operating Activities

      8,867,246       1,884,978  
  

 

 

    

 

 

  

 

1-12

Mizuho Financial Group, Inc.

 

                                           
     Millions of yen  
     For the fiscal  year
ended
March 31, 2023		     For the fiscal  year
ended
March 31, 2024		  

Cash Flow from Investing Activities

                             

Payments for Purchase of Securities

      (80,978,246 )      (78,051,713 ) 

Proceeds from Sale of Securities

      44,652,769       37,149,439  

Proceeds from Redemption of Securities

      43,032,475       43,228,988  

Payments for Increase in Money Held in Trust

      (3,843 )      (78,560 ) 

Proceeds from Decrease in Money Held in Trust

      79,409       8,692  

Payments for Purchase of Tangible Fixed Assets

      (64,845 )      (63,123 ) 

Payments for Purchase of Intangible Fixed Assets

      (118,331 )      (193,888 ) 

Proceeds from Sale of Tangible Fixed Assets

      9,813       12,353  

Proceeds from Sale of Intangible Fixed Assets

      —        1,240  

Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)

      (3,533 )      (39,148 ) 

Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)

      —        7,927  
  

 

 

    

 

 

  

Net Cash Provided by (Used in) Investing Activities

      6,605,667       1,982,207  
  

 

 

    

 

 

  

Cash Flow from Financing Activities

     

Proceeds from Subordinated Borrowed Money

      20,000       —   

Repayments of Subordinated Borrowed Money

      (35,000 )      —   

Proceeds from Issuance of Subordinated Bonds

      208,500       499,000  

Payments for Redemption of Subordinated Bonds

      (544,615 )      (490,310 ) 

Proceeds from Investments by Non-controlling Shareholders

      2,219       153  

Repayments to Non-controlling Shareholders

      (324 )      (61 ) 

Cash Dividends Paid

      (209,457 )      (234,786 ) 

Cash Dividends Paid to Non-controlling Shareholders

      (10,459 )      (3,569 ) 

Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)

      (41,307 )      (800 ) 

Payments for Repurchase of Treasury Stock

      (2,314 )      (3,383 ) 

Proceeds from Sale of Treasury Stock

      1,615       2,767  
  

 

 

    

 

 

  

Net Cash Provided by (Used in) Financing Activities

      (611,143 )      (230,990 ) 
  

 

 

    

 

 

  

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents

      827,611       1,703,938  
  

 

 

    

 

 

  

Net Increase (Decrease) in Cash and Cash Equivalents

      15,689,381       5,340,133  
  

 

 

    

 

 

  

Cash and Cash Equivalents at the beginning of the fiscal year

      50,136,299       65,825,681  
  

 

 

    

 

 

  

Cash and Cash Equivalents at the end of the fiscal year

    ¥ 65,825,681     ¥ 71,165,815  
  

 

 

    

 

 

  

 

1-13

Mizuho Financial Group, Inc.

 

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Changes in Accounting Policies)

(Implementation of ASU2016-13, “Measurement of Credit Losses on Financial Instruments”)

Some overseas subsidiaries which apply U.S. GAAP and are considered non-public business entities have adopted ASU2016-13, “Measurement of Credit Losses on Financial Instruments” from the beginning of the fiscal year ended March 31, 2024. This update has replaced the incurred loss impairment methodology under previous U.S. GAAP with a methodology that reflects expected credit losses with respect to financial instruments in the amortized cost category, and full lifetime expected credit losses have been estimated upon initial recognition and a reserve has been recognized. In adopting the accounting standard, Retained Earnings was adjusted for the cumulative effect at the beginning of the fiscal year ended March 31, 2024 in accordance with transitional treatment set out in the accounting standard.

As a result, at the beginning of the fiscal year ended March 31, 2024, Reserves for Possible Losses on Loans increased by ¥1,188 million, Reserves for Contingencies increased by ¥1,485 million and Retained Earnings decreased by ¥1,883 million. The impact on Per Share Information is immaterial.

 

1-14

Mizuho Financial Group, Inc.

 

(Business Segment Information)

1. Summary of reportable segment

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

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

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

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

RBC:

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

CIBC:

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

GCIBC:

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

GMC:

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

AMC:

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

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

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

Effective as of April 1, 2023, MHFG partially restructured its in-house company system. CIBC was newly established by the integration of the Corporate & Institutional Company and the investment banking functions of the Global Products Unit. With the establishment of CIBC, the Global Corporate Company changed its name to GCIBC.

2. Calculating method of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others, and Fixed Assets by reportable segment

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

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

Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others is the amount of which General and Administrative Expenses (excluding Non-Recurring Losses and others), Equity in Income from Investments in Affiliates, and Amortization of Goodwill and others (including Amortization of Intangible Assets) are deducted from, or added to, Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others.

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

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

 

1-15

Mizuho Financial Group, Inc.

 

3. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others, and Fixed Assets by reportable segment

 

     Millions of yen  
     MHFG (Consolidated)         
     RBC      CIBC      GCIBC      GMC      AMC     Others
(Note 2)		         

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others

      749,224        556,311        670,215        432,456        57,221       206,823        2,672,250  

General and Administrative Expenses (excluding Non-Recurring Losses and others)

      651,128        217,770        352,425        307,450        36,118       117,018        1,681,909  

Equity in Income from Investments in Affiliates

      6,950        7,656        22,013        —         (11,873 )      1,475        26,221  

Amortization of Goodwill and others

      —         —         2,389        —         6,474       1,865        10,728  

Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others

      105,046        346,197        337,414        125,006        2,756       89,415        1,005,834  

Fixed Assets

      533,810        157,161        197,902        90,329        —        885,411        1,864,613  

 

Notes: 1.

    Gross Profits (excluding the amounts of credit costs of trust accounts) +Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥ (31,054) million, of which ¥ (37,085) million is included in the GMC.

2.

    “Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

3.

    “Others” in Fixed Assets includes assets of headquarters that have not been allocated to each segment, Fixed Assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.
   Among Fixed Assets that have not been allocated to each segment, some related expenses are allocated to each segment using a reasonable criteria of allocation.

 

1-16

Mizuho Financial Group, Inc.

 

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

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

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

 

(1)

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

 

     Millions of yen  
     Amount  
Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others      2,672,250  

Net Gains (Losses) related to ETFs and others

      31,054  

Other Ordinary Income

      399,078  

General and Administrative Expenses

      (1,663,951 ) 

Other Ordinary Expenses

      (524,383 ) 
  

 

 

  

Ordinary Profits recorded in Consolidated Statement of Income

      914,047  
  

 

 

  

 

(2)

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

 

     Millions of yen  
     Amount  

Net Business Profits

(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others

      1,005,834  

General and Administrative Expenses (Non-Recurring Losses)

      28,686  

Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)

      (114,038 ) 

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

      7,687  

Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others

      54,720  

Net Extraordinary Gains (Losses)

      40,987  

Others

      (68,842 ) 
  

 

 

  

Income before Income Taxes recorded in Consolidated Statement of Income

      955,035  
  

 

 

  

 

1-17

Mizuho Financial Group, Inc.

 

(Per Share Information)

(Consolidated basis)

 

            Fiscal 2022      Fiscal 2023  

Net Assets per Share of Common Stock

       ¥   3,603.98      ¥   4,037.28  

Net Income per Share of Common Stock

       ¥ 219.20      ¥ 267.88  

Diluted Net Income per Share of Common Stock

                ¥ 219.19      ¥ 267.88  

 

Notes: 1.

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

 

       Fiscal 2022      Fiscal 2023  

Net Assets per Share of Common Stock

 

      

Total Net Assets

    ¥ million        9,208,463        10,312,135  

Deductions from Total Net Assets

    ¥ million        75,168        79,597  

Stock Acquisition Rights

    ¥ million        5        5  

Non-Controlling Interests

    ¥ million        75,163        79,591  

Net Assets (year-end) related to Common Stock

    ¥ million        9,133,294        10,232,538  

Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated

     

 Thousands

of shares

  

 

       2,534,222        2,534,510  

 

  2.

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

 

       Fiscal 2022      Fiscal 2023  

Net Income per Share of Common Stock

 

      

Profit Attributable to Owners of Parent

    ¥ million        555,527        678,993  

Amount not attributable to Common Stock

    ¥ million        —         —   

Profit Attributable to Owners of Parent related to Common Stock

    ¥ million        555,527        678,993  

Average Outstanding Shares of Common Stock (during the period)

     

 Thousands

of shares

  

 

       2,534,340         2,534,673  

Diluted Net Income per Share of Common Stock

 

      

Adjustment to Profit Attributable to Owners of Parent

    ¥ million        —         —   

Increased Number of Shares of Common Stock

     

 Thousands

of shares

  

 

      15        2  

Stock Acquisition Rights

     

 Thousands

of shares

  

 

      15        2  

Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects

         —         —   

 

1-18

Mizuho Financial Group, Inc.

 

  3.

In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2023 and 2024. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2023 and 2024 are 3,231 thousand and 2,910 thousand, respectively.

 

   

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2023 and 2024 are 3,275 thousand and 2,759 thousand, respectively.

(Subsequent Events)

There is no applicable information.

 

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2023

(Under Japanese GAAP)

 

 

LOGO

CONTENTS

 

 

Notes:

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

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

 

     

I. FINANCIAL DATA FOR FISCAL 2023

    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”) and our report on Form 6-K furnished to the SEC on December 27, 2023, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

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

 

Mizuho Financial Group, Inc.

 

I. FINANCIAL DATA FOR FISCAL 2023

1. Income Analysis

Consolidated

 

            (Millions of yen)  
            Fiscal 2023     Fiscal 2022  
                   Change         

Consolidated Gross Profits

      1        2,703,304       424,899       2,278,405  

Net Interest Income

      2        887,612       (72,966 )      960,578  

Fiduciary Income

      3        61,487       2,528       58,958  

Credit Costs for Trust Accounts

      4        —        —        —   

Net Fee and Commission Income

      5        856,608       104,914       751,693  

Net Trading Income

      6        726,584       391,875       334,708  

Net Other Operating Income

      7        171,013       (1,452 )      172,466  

General and Administrative Expenses

      8        (1,663,951 )      (218,668 )      (1,445,283 ) 

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

      9        (114,038 )      (17,300 )      (96,737 ) 

Losses on Write-offs of Loans

      10        (22,356 )      (6,121 )      (16,234 ) 

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

      11        7,687       260       7,426  

Net Gains (Losses) related to Stocks

      12        23,666       (62,808 )      86,474  

Equity in Income from Investments in Affiliates

      13        26,221       14,332       11,889  

Other

      14        (68,842 )      (16,274 )      (52,568 ) 
     

 

 

    

 

 

    

 

 

  

Ordinary Profits

      15        914,047       124,441       789,606  
     

 

 

    

 

 

    

 

 

  

Net Extraordinary Gains (Losses)

      16        40,987       51,629       (10,641 ) 

Income before Income Taxes

      17        955,035       176,070       778,964  

Income Taxes - Current

      18        (276,194 )      (105,389 )      (170,805 ) 

            - Deferred

      19        4,459       52,488       (48,029 ) 

Profit

      20        683,299       123,169       560,130  

Profit Attributable to Non-controlling Interests

      21        (4,305 )      297       (4,602 ) 
     

 

 

    

 

 

    

 

 

  

Profit Attributable to Owners of Parent

      22        678,993       123,466       555,527  
     

 

 

    

 

 

    

 

 

  

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

      23        (106,350 )      (17,039 )      (89,311 ) 

 

* 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        1,036,888       231,592       805,296  

 

* 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        219       41       178  

Number of affiliates under the equity method

      26        25       —        25  

 

2-1

Mizuho Financial Group, Inc.

 

Aggregate Figures for the 2 Banks

Non-Consolidated

 

            (Millions of yen)  
            Fiscal 2023     Fiscal 2022  
            MHBK     MHTB     Aggregate
Figures		     Change        

Gross Profits

      1        1,514,040       111,321       1,625,362       194,330       1,431,031  

Domestic Gross Profits

      2        783,556       111,496       895,053       (41,958 )      937,012  

Net Interest Income

      3        478,846       19,356       498,202       23,890       474,312  

Fiduciary Income

      4          61,851       61,851       2,323       59,527  

Trust Fees for Jointly Operated Designated Money Trust

      5          3,923       3,923       (81 )      4,005  

Credit Costs for Trust Accounts (1)

      6          —        —        —        —   

Net Fee and Commission Income

      7        281,531       30,297       311,828       20,543       291,285  

Net Trading Income

      8        9,351         9,351       (54,664 )      64,015  

Net Other Operating Income

      9        13,828       (8 )      13,819       (34,051 )      47,870  

International Gross Profits

      10        730,483       (175 )      730,308       236,289       494,019  

Net Interest Income

      11        388,504       (19 )      388,484       (27,804 )      416,289  

Net Fee and Commission Income

      12        163,203       (148 )      163,054       12,321       150,732  

Net Trading Income

      13        134,288         134,288       192,314       (58,025 ) 

Net Other Operating Income

      14        44,488       (6 )      44,481       59,458       (14,976 ) 

General and Administrative Expenses (excluding Non-Recurring Losses)

      15        (852,882 )      (84,552 )      (937,434 )      (80,795 )      (856,639 ) 

Expense Ratio

      16        56.3 %      75.9 %      57.6 %      (2.1 )%      59.8 % 

Personnel Expenses

      17        (329,795 )      (41,884 )      (371,679 )      (34,566 )      (337,113 ) 

Non-Personnel Expenses

      18        (475,502 )      (39,064 )      (514,567 )      (43,814 )      (470,753 ) 

Premium for Deposit Insurance

      19        (16,342 )      (485 )      (16,827 )      (1,002 )      (15,825 ) 

Miscellaneous Taxes

      20        (47,584 )      (3,602 )      (51,187 )      (2,414 )      (48,773 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      21        661,158       26,769       687,927       113,535       574,391  

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

      22        700,156       26,776       726,933       (31,208 )      758,142  

Excluding Net Gains (Losses) from redemption of Investment Trusts

      23        673,904       26,776       700,681       (33,926 )      734,608  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      24        (16,596 )      (34 )      (16,631 )      29,893       (46,524 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Business Profits

      25        644,561       26,734       671,295       143,429       527,866  

Net Gains (Losses) related to Bonds

      26        (38,998 )      (7 )      (39,005 )      144,744       (183,750 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Non-Recurring Gains (Losses)

      27        (98,961 )      12,366       (86,594 )      (155,949 )      69,354  

Net Gains (Losses) related to Stocks

      28        (4,541 )      5,664       1,123       (59,665 )      60,788  

Expenses related to Portfolio Problems

      29        (84,700 )      (1,590 )      (86,290 )      (89,564 )      3,273  

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

      30        5,734       7       5,742       (1,214 )      6,956  

Other

      31        (15,453 )      8,284       (7,169 )      (5,505 )      (1,663 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ordinary Profits

      32        545,600       39,101       584,701       (12,519 )      597,221  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Extraordinary Gains (Losses)

      33        42,709       1,695       44,404       15,503       28,900  

Net Gains (Losses) on Disposition of Fixed Assets

      34        (641 )      (329 )      (971 )      3,390       (4,361 ) 

Losses on Impairment of Fixed Assets

      35        (7,244 )      (130 )      (7,375 )      10,832       (18,207 ) 

Gains on Cancellation of Employee Retirement Benefit Trust

      36        50,582       2,155       52,738       5,110       47,627  

Income before Income Taxes

      37        588,309       40,796       629,105       2,983       626,122  

Income Taxes - Current

      38        (186,107 )      (9,574 )      (195,682 )      (79,346 )      (116,335 ) 

- Deferred

      39        (30,004 )      (1,814 )      (31,819 )      54,835       (86,654 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

      40        372,197       29,407       401,604       (21,527 )      423,132  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].

(2)   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]

    =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]

    

    

     

Credit-related Costs

      41        (95,563 )      (1,617 )      (97,180 )      (60,885 )      (36,295)  

 

Credit-related Costs [41]  =  Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]

 

(Reference) Breakdown of Credit-related Costs

              

Credit Costs for Trust Accounts

      42          —        —        —        —   

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

      43        (16,596 )      (34 )      (16,631 )      29,893       (46,524 ) 

Losses on Write-offs of Loans

      44        (16,109 )      (1 )      (16,110 )      (7,766 )      (8,343 ) 

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

      45        (75,393 )      (1,530 )      (76,924 )      (86,380 )      9,456  

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

      46        15,308       —        15,308       127       15,181  

Reversal of (Provision for) Reserve for Contingencies

      47        854       (50 )      804       4,184       (3,380 ) 

Other (including Losses on Sales of Loans)

      48        (3,626 )      —        (3,626 )      (942 )      (2,684 ) 

Total

      49        (95,563 )      (1,617 )      (97,180 )      (60,885 )      (36,295 ) 

 

2-2

Mizuho Financial Group, Inc.

 

Mizuho Bank

Non-Consolidated

 

          (Millions of yen)  
          Fiscal 2023     Fiscal 2022  
                 Change         

Gross Profits

    1      1,514,040       192,846       1,321,194  

Domestic Gross Profits

    2      783,556       (43,533 )      827,090  

Net Interest Income

    3      478,846       24,169       454,676  

Net Fee and Commission Income

    4      281,531       21,193       260,337  

Net Trading Income

    5      9,351       (54,664 )      64,015  

Net Other Operating Income

    6      13,828       (34,232 )      48,060  

International Gross Profits

    7      730,483       236,379       494,104  

Net Interest Income

    8      388,504       (27,717 )      416,221  

Net Fee and Commission Income

    9      163,203       12,304       150,898  

Net Trading Income

    10      134,288       192,314       (58,025 ) 

Net Other Operating Income

    11      44,488       59,478       (14,990 ) 

General and Administrative Expenses (excluding Non-Recurring Losses)

    12      (852,882 )      (75,449 )      (777,433 ) 

Expense Ratio

    13      56.3 %       (2.5 )%       58.8 % 

Personnel Expenses

    14      (329,795 )      (31,344 )      (298,450 ) 

Non-Personnel Expenses

    15      (475,502 )      (41,587 )      (433,914 ) 

Premium for Deposit Insurance

    16      (16,342 )      (1,015 )      (15,326 ) 

Miscellaneous Taxes

    17      (47,584 )      (2,516 )      (45,067 ) 
     

 

 

    

 

 

    

 

 

  

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

    18      661,158       117,396       543,761  

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

    19      700,156       (27,343 )      727,500  

Excluding Net Gains (Losses) from redemption of Investment Trusts

    20      673,904       (30,061 )      703,966  
     

 

 

    

 

 

    

 

 

  

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

    21      (16,596 )      28,728       (45,325 ) 
     

 

 

    

 

 

    

 

 

  

Net Business Profits

    22      644,561       146,125       498,436  

Net Gains (Losses) related to Bonds

    23      (38,998 )      144,740       (183,738 ) 
     

 

 

    

 

 

    

 

 

  

Net Non-Recurring Gains (Losses)

    24      (98,961 )      (159,695 )      60,734  

Net Gains (Losses) related to Stocks

    25      (4,541 )      (62,437 )      57,896  

Expenses related to Portfolio Problems

    26      (84,700 )      (87,912 )      3,212  

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

    27      5,734       (1,220 )      6,955  

Other

    28      (15,453 )      (8,123 )      (7,330 ) 
     

 

 

    

 

 

    

 

 

  

Ordinary Profits

    29      545,600       (13,569 )      559,170  
     

 

 

    

 

 

    

 

 

  

Net Extraordinary Gains (Losses)

    30      42,709       13,766       28,942  

Net Gains (Losses) on Disposition of Fixed Assets

    31      (641 )      3,583       (4,225 ) 

Losses on Impairment of Fixed Assets

    32      (7,244 )      5,691       (12,936 ) 

Gains on Cancellation of Employee Retirement Benefit Trust

    33      50,582       5,029       45,553  

Income before Income Taxes

    34      588,309       197       588,112  

Income Taxes - Current

    35      (186,107 )      (79,816 )      (106,291 ) 

- Deferred

    36      (30,004 )      55,654       (85,659 ) 
     

 

 

    

 

 

    

 

 

  

Net Income

    37      372,197       (23,964 )      396,161  
     

 

 

    

 

 

    

 

 

  

 

*   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[19]
=Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]

    

Credit-related Costs

    38      (95,563 )      (60,405)       (35,157 ) 

 

Credit-related Costs [38]  = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Reserve for Losses on Loans [21]
 + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]

 

(Reference) Breakdown of Credit-related Costs          

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

    39      (16,596 )      28,728       (45,325 ) 

Losses on Write-offs of Loans

    40      (16,109 )      (7,771 )      (8,337 ) 

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

    41      (75,393 )      (84,781 )      9,387  

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

    42      15,308       127       15,181  

Reversal of (Provision for) Reserve for Contingencies

    43      854       4,234       (3,380 ) 

Other (including Losses on Sales of Loans)

    44      (3,626 )      (942 )      (2,684 ) 

Total

    45      (95,563 )      (60,405 )      (35,157 ) 

 

2-3

Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

Non-Consolidated

 

          (Millions of yen)  
          Fiscal 2023     Fiscal 2022  
                 Change         

Gross Profits

    1      111,321       1,484       109,836  

Domestic Gross Profits

    2      111,496       1,574       109,921  

Net Interest Income

    3      19,356       (279 )      19,635  

Fiduciary Income

    4      61,851       2,323       59,527  

Trust Fees for Jointly Operated Designated Money Trust

    5      3,923       (81 )      4,005  

Credit Costs for Trust Accounts (1)

    6      —        —        —   

Net Fee and Commission Income

    7      30,297       (650 )      30,947  

Net Other Operating Income

    8      (8 )      180       (189 ) 

International Gross Profits

    9      (175 )      (89 )      (85 ) 

Net Interest Income

    10      (19 )      (87 )      67  

Net Fee and Commission Income

    11      (148 )      17       (166 ) 

Net Other Operating Income

    12      (6 )      (20 )      13  

General and Administrative Expenses (excluding Non-Recurring Losses)

    13      (84,552 )      (5,345 )      (79,206 ) 

Expense Ratio

    14      75.9 %       3.8 %       72.1 % 

Personnel Expenses

    15      (41,884 )      (3,221 )      (38,662 ) 

Non-Personnel Expenses

    16      (39,064 )      (2,226 )      (36,838 ) 

Premium for Deposit Insurance

    17      (485 )      12       (498 ) 

Miscellaneous Taxes

    18      (3,602 )      102       (3,705 ) 
     

 

 

    

 

 

    

 

 

  

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

    19      26,769       (3,861 )      30,630  

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

    20      26,776       (3,864 )      30,641  

Excluding Net Gains (Losses) from redemption of Investment Trusts

    21      26,776       (3,864 )      30,641  
     

 

 

    

 

 

    

 

 

  

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

    22      (34 )      1,164       (1,199 ) 
     

 

 

    

 

 

    

 

 

  

Net Business Profits

    23      26,734       (2,696 )      29,430  

Net Gains (Losses) related to Bonds

    24      (7 )      3       (11 ) 
     

 

 

    

 

 

    

 

 

  

Net Non-Recurring Gains (Losses)

    25      12,366       3,745       8,620  

Net Gains (Losses) related to Stocks

    26      5,664       2,772       2,892  

Expenses related to Portfolio Problems

    27      (1,590 )      (1,651 )      61  

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

    28      7       6       1  

Other

    29      8,284       2,618       5,666  
     

 

 

    

 

 

    

 

 

  

Ordinary Profits

    30      39,101       1,049       38,051  
     

 

 

    

 

 

    

 

 

  

Net Extraordinary Gains (Losses)

    31      1,695       1,736       (41 ) 

Net Gains (Losses) on Disposition of Fixed Assets

    32      (329 )      (193 )      (136 ) 

Losses on Impairment of Fixed Assets

    33      (130 )      5,140       (5,271 ) 

Gains on Cancellation of Employee Retirement Benefit Trust

    34      2,155       81       2,074  

Income before Income Taxes

    35      40,796       2,786       38,009  

Income Taxes - Current

    36      (9,574 )      469       (10,043 ) 

- Deferred

    37      (1,814 )      (819 )      (995 ) 
     

 

 

    

 

 

    

 

 

  

Net Income

    38      29,407       2,436       26,970  
     

 

 

    

 

 

    

 

 

  

 

(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

    39      (1,617 )      (479 )      (1,137 ) 

 

Credit-related Costs [39]  = 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

    40      —        —        —   

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

    41      (34 )      1,164       (1,199 ) 

Losses on Write-offs of Loans

    42      (1 )      4       (6 ) 

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

    43      (1,530 )      (1,599)       68  

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

    44      —        —        —   

Reversal of (Provision for) Reserve for Contingencies

    45      (50 )      (50)       —   

Other (including Losses on Sales of Loans)

    46      —        —        —   

Total

    47      (1,617 )      (479 )      (1,137 ) 

 

2-4

Mizuho Financial Group, Inc.

 

2. Interest Margins (Domestic Operations)

Non-Consolidated

 

                 (%)  
                 Fiscal 2023     Fiscal 2022  
Mizuho Bank                      Change        

Return on Interest-Earning Assets

       1      0.46       0.02       0.43  

Return on Loans and Bills Discounted *1

       2      0.75       0.00       0.75  

Return on Securities

       3      0.41       0.06       0.34  

Cost of Funding (including Expenses)

       4      0.53       0.01       0.51  

Cost of Deposits (including Expenses)

       5      0.54       0.02       0.52  

Cost of Deposits *2

       6      0.00       (0.00 )      0.00  

Cost of Other External Liabilities

       7      0.29       0.02       0.26  
        

 

 

    

 

 

    

 

 

  

Net Interest Margin

      (1)-(4)      8      (0.06 )      0.01       (0.08 ) 

Loan and Deposit Rate Margin (including Expenses)

      (2)-(5)      9      0.21       (0.02 )      0.23  

Loan and Deposit Rate Margin

      (2)-(6)      10      0.75       0.00       0.75  
        

 

 

    

 

 

    

 

 

  

 

*1   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).

    

*2   Deposits include Negotiable Certificates of Deposit (“NCDs”).

    

(Reference) After excluding loans to the Japanese government and others

 

Return on Loans and Bills Discounted

       11      0.77       0.00       0.77  

Loan and Deposit Rate Margin (including Expenses)

      (11)-(5)      12      0.23       (0.01 )      0.25  

Loan and Deposit Rate Margin

      (11)-(6)      13      0.77       0.00       0.77  
                 (%)  
                 Fiscal 2023     Fiscal
2022		  
Mizuho Trust & Banking                      Change        

Return on Interest-Earning Assets

       14      0.51       0.01       0.50  

Return on Loans and Bills Discounted *1

       15      0.62       0.02       0.60  

Return on Securities

       16      3.08       0.57       2.51  

Cost of Funding

       17      0.10       (0.00 )      0.11  

Cost of Deposits *2

       18      0.00       (0.00 )      0.00  
        

 

 

    

 

 

    

 

 

  

Net Interest Margin

      (14)-(17)      19      0.40       0.01       0.38  

Loan and Deposit Rate Margin

      (15)-(18)      20      0.62       0.02       0.59  
        

 

 

    

 

 

    

 

 

  

 

*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      0.62       0.02       0.60  

Loan and Deposit Rate Margin

      (21)-(18)      22      0.62       0.02       0.59  
                                        
(Reference)             
                 (%)  
                 Fiscal 2023     Fiscal 2022  
Aggregate Figures for the 2 Banks                      Change        

Return on Loans and Bills Discounted *1

       23      0.75       0.00       0.74  

Cost of Deposits *2

       24      0.00       (0.00 )      0.00  
        

 

 

    

 

 

    

 

 

  

Loan and Deposit Rate Margin

      (23)-(24)      25      0.74       0.00       0.74  
        

 

 

    

 

 

    

 

 

  

 

*1   Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).

    

*2   Deposits include NCDs.

    

(Reference) After excluding loans to the Japanese government and others

 

Return on Loans and Bills Discounted

       26      0.76       0.00       0.76  

Loan and Deposit Rate Margin

      (26)-(24)      27      0.76       0.00       0.76  

 

2-5

Mizuho Financial Group, Inc.

 

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

 

     (Millions of yen, %)  
     Fiscal 2023      Fiscal 2022  
                   Change                
     Average Balance      Rate      Average Balance     Rate      Average Balance      Rate  

(Total)

                 

Use of Funds

      191,605,206        2.48        8,974,861       1.02        182,630,345        1.45  

Loans and Bills Discounted

      91,356,331        2.82        3,770,152       0.97        87,586,178        1.84  

Securities

      40,410,280        1.58        50,964       0.66        40,359,316        0.92  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      210,207,743        1.85        15,070,874       0.93        195,136,869        0.91  

Deposits

      149,027,703        1.12        10,224,447       0.54        138,803,255        0.57  

NCDs

      17,938,160        2.79        (1,496,919 )      1.75        19,435,079        1.03  

(Domestic Operations)

                 

Use of Funds

      113,027,722        0.46        (2,920,117 )      0.02        115,947,840        0.43  

Loans and Bills Discounted

      54,121,432        0.74        1,779,601       0.00        52,341,831        0.74  

Securities

      23,942,318        0.41        (2,708,513 )      0.06        26,650,831        0.34  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      129,055,476        0.03        3,149,381       (0.00 )       125,906,095        0.03  

Deposits

      110,226,696        0.00        6,924,091       0.00        103,302,605        0.00  

NCDs

      8,341,609        0.00        (3,952,958 )      (0.00 )       12,294,568        0.00  

(International Operations)

                 

Use of Funds

      80,251,146        5.27        8,528,809       2.26        71,722,336        3.00  

Loans and Bills Discounted

      37,234,898        5.84        1,990,550       2.36        35,244,347        3.48  

Securities

      16,467,961        3.29        2,759,477       1.26        13,708,484        2.02  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      82,825,929        4.63        8,555,324       2.29        74,270,605        2.34  

Deposits

      38,801,006        4.30        3,300,356       2.04        35,500,650        2.26  

NCDs

      9,596,550        5.21        2,456,038       2.39        7,140,511        2.82  

 

                 

*   The Average Balance and Rate of Loans and Bills Discounted for Fiscal 2022 have been corrected.

    

 

2-6

Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking (Banking Account)

 

     (Millions of yen, %)  
     Fiscal 2023      Fiscal 2022  
                   Change                
     Average Balance      Rate      Average Balance     Rate      Average Balance      Rate  

(Total)

                 

Use of Funds

      4,957,088        0.52        (198,913 )      0.01        5,156,002        0.50  

Loans and Bills Discounted

      2,977,787        0.64        (183,497 )      0.02        3,161,285        0.61  

Securities

      179,926        2.94        (30,163 )      0.52        210,090        2.42  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      5,629,563        0.12        137,915       0.00        5,491,647        0.11  

Deposits

      2,851,801        0.00        205,744       (0.00 )       2,646,057        0.00  

NCDs

      391,539        0.00        (252,938)       0.00        644,477        0.00  

(Domestic Operations)

                 

Use of Funds

      4,944,378        0.51        (194,391 )      0.01        5,138,769        0.50  

Loans and Bills Discounted

      2,957,618        0.62        (178,002 )      0.02        3,135,620        0.60  

Securities

      171,621        3.08        (30,179 )      0.57        201,800        2.51  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      5,616,234        0.10        141,896       (0.00 )       5,474,337        0.11  

Deposits

      2,848,917        0.00        206,090       (0.00 )       2,642,826        0.00  

NCDs

      391,539        0.00        (252,938 )      0.00        644,477        0.00  
(International Operations)                 

Use of Funds

      36,227        1.60        (4,415 )      0.55        40,643        1.04  

Loans and Bills Discounted

      20,169        2.85        (5,495 )      1.28        25,665        1.56  

Securities

      8,304        0.03        15       (0.15 )       8,289        0.18  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Source of Funds

      36,846        1.63        (3,875 )      0.74        40,721        0.88  

Deposits

      2,884        0.00        (345 )      0.00        3,230        0.00  

NCDs

      —         —         —        —         —         —   

 

2-7

Mizuho Financial Group, Inc.

 

4. Net Gains/Losses on Securities

Consolidated

 

     (Millions of yen)  
     Fiscal 2023     Fiscal 2022  
                 Change         

Net Gains (Losses) related to Bonds

      (37,102 )      147,005       (184,107 ) 

Gains on Sales and Others

      94,591       18,792       75,798  

Losses on Sales and Others

      (126,285 )      95,676       (221,962 ) 

Impairment (Devaluation)

      (2,147 )      (1,674 )      (472 ) 

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

      (3 )      (2 )      (0 ) 

Gains (Losses) on Derivatives other than for Trading

      (3,256 )      34,213       (37,470 ) 
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Stocks

      23,666       (62,808 )      86,474  

Gains on Sales

      350,394       202,597       147,796  

Losses on Sales

      (289,290 )      (239,582 )      (49,707 ) 

Impairment (Devaluation)

      (2,296 )      (210 )      (2,085 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      (35,140 )      (25,612 )      (9,528 ) 

Non-Consolidated

 

Aggregate Figures for the 2 Banks

 

 

     (Millions of yen)  
     Fiscal 2023      Fiscal 2022   
                Change        

Net Gains (Losses) related to Bonds

      (39,005 )      144,744       (183,750 ) 

Gains on Sales and Others

      93,968       17,221       76,746  

Losses on Sales and Others

      (127,829 )      94,731       (222,560 ) 

Impairment (Devaluation)

      (1,888 )      (1,424 )      (464 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      (3,256 )      34,215       (37,472 ) 
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Stocks

      1,123       (59,665 )      60,788  

Gains on Sales

      333,699       200,232       133,467  

Losses on Sales

      (285,649 )      (237,804 )      (47,844 ) 

Impairment (Devaluation)

      (11,785 )      3,519       (15,305 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      (35,140 )      (25,612 )      (9,528 ) 

 

2-8

Mizuho Financial Group, Inc.

 

Mizuho Bank       
     (Millions of yen)  
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Bonds

      (38,998 )      144,740       (183,738 ) 

Gains on Sales and Others

      93,968       17,221       76,746  

Losses on Sales and Others

      (127,821 )      94,727       (222,549 ) 

Impairment (Devaluation)

      (1,888 )      (1,424 )      (464 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      (3,256 )      34,215       (37,472 ) 
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Stocks

      (4,541 )      (62,437 )      57,896  

Gains on Sales

      327,960       200,019       127,940  

Losses on Sales

      (285,574 )      (240,313 )      (45,261 ) 

Impairment (Devaluation)

      (11,785 )      3,469       (15,254 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      (35,140 )      (25,612 )      (9,528 ) 
Mizuho Trust & Banking

 

     (Millions of yen)  
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Bonds

      (7 )      3       (11 ) 

Gains on Sales and Others

      —        —        —   

Losses on Sales and Others

      (7 )      3       (11 ) 

Impairment (Devaluation)

      —        —        —   

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      —        —        —   
     Fiscal 2023     Fiscal 2022  
           Change        

Net Gains (Losses) related to Stocks

      5,664       2,772       2,892  

Gains on Sales

      5,738       212       5,526  

Losses on Sales

      (74 )      2,509       (2,583 ) 

Impairment (Devaluation)

      —        50       (50 ) 

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

      —        —        —   

Gains (Losses) on Derivatives other than for Trading

      —        —        —   

 

2-9

Mizuho Financial Group, Inc.

 

5. Unrealized Gains/Losses on Securities

 

  •  

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

Consolidated

(1) Other Securities

 

     (Millions of yen)  
     As of March 31, 2024      As of March 31, 2023  
     Book Value
(= Fair Value)		      Unrealized Gains/Losses      Book Value
(= Fair Value)		      Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Other Securities

      32,731,510        1,326,873       2,339,385        1,012,512        34,403,458        789,855        1,596,302        806,446  

Japanese Stocks

      3,102,660        2,185,715       2,190,460        4,744        2,515,722        1,518,382        1,548,463        30,081  

Japanese Bonds

      14,366,374        (28,514 )      18,115        46,629        20,239,297        (61,492 )       14,440        75,933  

Japanese Government Bonds

      10,974,393        6,247       9,326        3,078        16,449,293        (31,971 )       3,871        35,842  

Other

      15,262,474        (830,328 )      130,809        961,137        11,648,438        (667,033 )       33,398        700,432  

Foreign Bonds

      12,293,417        (711,631 )      20,332        731,964        9,554,507        (580,690 )       14,788        595,479  

 

                       

*   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 March 31, 2024 and March 31, 2023 are ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million) and ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of March 31, 2024 and March 31, 2023 are ¥1,508,634 million (Foreign Bonds ¥(493,514) million and Japanese Government Bonds ¥220 million) and ¥848,927 million (Foreign Bonds ¥(454,722) million and Japanese Government Bonds ¥(46,478) million), respectively.

*   Unrealized Gains/Losses on Other Securities as of March 31, 2024 and March 31, 2023 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 March 31, 2024      As of March 31, 2023  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Bonds Held to Maturity

      4,045,134        (182,210 )      8,789        190,999        2,048,188        (133,080 )       2,538        135,618  

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of March 31, 2024      As of March 31, 2023  
     Book Value
(= Fair Value)		      Unrealized Gains/Losses      Book Value
(= Fair Value)		      Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Other Securities

      31,951,115        1,242,880       2,255,245        1,012,365        33,665,664        730,479        1,537,999        807,520  

Japanese Stocks

      3,009,329        2,104,250       2,108,913        4,663        2,444,956        1,458,955        1,491,327        32,372  

Japanese Bonds

      14,313,789        (28,631 )      17,998        46,629        20,220,815        (61,494 )       14,439        75,933  

Japanese Government Bonds

      10,963,328        6,247       9,326        3,078        16,438,019        (31,971 )       3,870        35,842  

Other

      14,627,995        (832,739 )      128,333        961,072        10,999,893        (666,982 )       32,232        699,215  

Foreign Bonds

      11,723,012        (712,961 )      18,938        731,899        8,953,192        (580,710 )       14,044        594,755  

Mizuho Bank

                       

Other Securities

      31,711,507        1,126,334       2,137,624        1,011,290        33,455,851        651,416        1,456,728        805,311  

Japanese Stocks

      2,836,690        1,988,703       1,992,308        3,605        2,306,663        1,380,927        1,411,109        30,182  

Japanese Bonds

      14,252,023        (29,022 )      17,589        46,612        20,155,116        (61,854 )       14,060        75,914  

Japanese Government Bonds

      10,963,328        6,247       9,326        3,078        16,438,019        (31,971 )       3,870        35,842  

Other

      14,622,794        (833,346 )      127,725        961,072        10,994,072        (667,656 )       31,558        699,215  

Foreign Bonds

      11,723,012        (712,961 )      18,938        731,899        8,953,192        (580,710 )       14,044        594,755  

Mizuho Trust & Banking

                       

Other Securities

      239,607        116,546       117,621        1,075        209,812        79,062        81,271        2,208  

Japanese Stocks

      172,639        115,547       116,605        1,057        138,292        78,027        80,218        2,190  

Japanese Bonds

      61,766        391       408        17        65,699        360        378        18  

Japanese Government Bonds

      —         —        —         —         —         —         —         —   

Other

      5,201        607       607        0        5,821        674        674        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 March 31, 2024 and March 31, 2023 are ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million) and ¥59,072 million (Foreign Bonds ¥125,968 million and Japanese Government Bonds ¥(14,507) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of March 31, 2024 and March 31, 2023 are ¥1,408,932 million (Foreign Bonds ¥(494,843) million and Japanese Government Bonds ¥220 million) and ¥789,551 million (Foreign Bonds ¥(454,742) million and Japanese Government Bonds ¥(46,478) million), respectively.

*   Unrealized Gains/Losses on Other Securities as of March 31, 2024 and March 31, 2023 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 March 31, 2024      As of March 31, 2023  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value            Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

      4,045,134        (182,210 )      8,789        190,999        2,048,188        (133,080 )       2,538        135,618  

Mizuho Bank

      4,045,134        (182,210 )      8,789        190,999        2,048,188        (133,080 )       2,538        135,618  

Mizuho Trust & Banking

      —         —        —         —         —         —         —         —   

 

(3) Investment in Subsidiaries and Affiliates

 

Aggregate Figures for the 2 Banks

 

 

   
     (Millions of yen)  
     As of March 31, 2024      As of March 31, 2023  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value            Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

      106,131        468,940       468,940        —         106,131        355,959        355,959        —   

Mizuho Bank

      106,131        468,940       468,940        —         106,131        355,959        355,959        —   

Mizuho Trust & Banking

      —         —        —         —         —         —         —         —   

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

 

     (Millions of yen)  
     As of March 31, 2024     As of
March 31,
2023		  
     Unrealized Gains/Losses     Unrealized
Gains/Losses		  
           Change  

Other Securities

      1,273,714       520,372       753,341  

Japanese Stocks

      2,133,218       651,447       1,481,771  

Japanese Bonds

      (28,514 )      32,978       (61,492 ) 

Japanese Government Bonds

      6,247       38,218       (31,971 ) 

Other

      (830,990 )      (164,054 )      (666,936 ) 

Foreign Bonds

      (712,294 )      (131,700 )      (580,593 ) 

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of March 31, 2024     As of
March 31,
2023		  
     Unrealized Gains/Losses     Unrealized
Gains/Losses		  
           Change  

Other Securities

      1,190,383       496,515       693,867  

Japanese Stocks

      2,051,753       629,409       1,422,344  

Japanese Bonds

      (28,631 )      32,862       (61,494 ) 

Japanese Government Bonds

      6,247       38,219       (31,971 ) 

Other

      (832,739 )      (165,757 )      (666,982 ) 

Foreign Bonds

      (712,961 )      (132,250 )      (580,711 ) 

 

2-11

Mizuho Financial Group, Inc.

 

6. Projected Redemption Amounts for Securities

 

  •  

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

Non-Consolidated

Aggregate Figures for the 2 Banks

 

    (Billions of yen)  
    Maturity as of March 31, 2024     Change     Maturity as of March 31, 2023  
    Within
1 year		     1 - 5
years		     5 - 10
years		     Over
10 years		     Within
1 year		     1 - 5
years		     5 - 10
years		     Over
10 years		     Within
1 year		     1 - 5
years		     5 - 10
years		     Over
10 years		  

Japanese Bonds

     11,290.5       1,858.0       1,108.9       565.7       (3,938.7 )      (1,086.1 )      (999.5 )      (146.0 )      15,229.2       2,944.1       2,108.4       711.7  

Japanese Government Bonds

     10,651.5       190.5       595.7       —        (3,889.9 )      (775.2 )      (984.1 )      (100.0 )      14,541.4       965.7       1,579.8       100.0  

Japanese Local Government Bonds

     72.5       220.4       289.5       9.3       37.0       (55.2 )      48.0       1.9       35.5       275.7       241.5       7.4  

Japanese Corporate Bonds

     566.4       1,447.0       223.6       556.4       (85.7 )      (255.7 )      (63.4 )      (47.9 )      652.2       1,702.7       287.1       604.3  

Other

     2,831.6       2,313.7       2,272.8       9,288.5       212.2       857.9       701.3       3,434.8       2,619.3       1,455.7       1,571.5       5,853.6  
Mizuho Bank                        

Japanese Bonds

     11,289.3       1,798.0       1,108.6       565.7       (3,938.2 )      (1,086.4 )      (995.7 )      (146.0 )      15,227.6       2,884.5       2,104.3       711.7  

Japanese Government Bonds

     10,651.5       190.5       595.7       —        (3,889.9 )      (775.2 )      (984.1 )      (100.0 )      14,541.4       965.7       1,579.8       100.0  

Japanese Local Government Bonds

     72.5       220.4       289.5       9.3       37.0       (55.2 )      48.0       1.9       35.5       275.7       241.5       7.4  

Japanese Corporate Bonds

     565.2       1,387.1       223.3       556.4       (85.3 )      (256.0 )      (59.6 )      (47.9 )      650.6       1,643.1       283.0       604.3  

Other

     2,830.9       2,305.5       2,270.7       9,288.5       211.9       854.7       702.3       3,434.8       2,618.9       1,450.8       1,568.3       5,853.6  
Mizuho Trust & Banking                        

Japanese Bonds

     1.1       59.9       0.3       —        (0.4 )      0.3       (3.8 )      —        1.6       59.5       4.1       —   

Japanese Government Bonds

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

Japanese Local Government Bonds

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

Japanese Corporate Bonds

     1.1       59.9       0.3       —        (0.4 )      0.3       (3.8 )      —        1.6       59.5       4.1       —   

Other

     0.7       8.2       2.1       —        0.3       3.2       (1.0 )      —        0.4       4.9       3.2       —   

 

2-12

Mizuho Financial Group, Inc.

 

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

 

            (Millions of yen)  
             Fiscal 2023       Change        Fiscal 2022    

Retirement Benefit Obligations

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

Discount Rate (%)

         0.14~2.08         (0.00)~1.54  
     

 

 

    

 

 

    

 

 

  

Total Fair Value of Plan Assets

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

Unrecognized Actuarial Differences

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

Prepaid Pension Cost/Reserve for Employee Retirement Benefits

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

Mizuho Bank

          

Retirement Benefit Obligations

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

Discount Rate (%)

         0.14~2.08         (0.00)~1.54  
     

 

 

    

 

 

    

 

 

  

Total Fair Value of Plan Assets

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

Unrecognized Actuarial Differences

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

Prepaid Pension Cost

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

Mizuho Trust & Banking

          

Retirement Benefit Obligations

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

Discount Rate (%)

         0.14~2.08         (0.00)~1.54  
     

 

 

    

 

 

    

 

 

  

Total Fair Value of Plan Assets

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

Unrecognized Actuarial Differences

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

Prepaid Pension Cost/Reserve for Employee Retirement Benefits

      (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)  
             Fiscal 2023       Change        Fiscal 2022    

Service Cost

         (17,136 )      1,938              (19,075)  

Interest Cost

         (6,815 )      (2,368 )      (4,447)  

Expected Return on Plan Assets

         26,923       (2,078 )      29,001  

Accumulation (Amortization) of Unrecognized Actuarial Differences

         37,575       (7,538 )      45,113  

Gains on Cancellation of Employee Retirement Benefit Trust

         52,738       5,110       47,627  

Other

         (2,207 )      1,969       (4,177)  
     

 

 

    

 

 

    

 

 

  

Total

         91,077       (2,965 )      94,042  
     

 

 

    

 

 

    

 

 

  

 

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

 

Mizuho Bank          
            (Millions of yen)  
             Fiscal 2023       Change        Fiscal 2022    

Service Cost

         (14,492 )      1,676       (16,168)  

Interest Cost

         (5,964 )      (2,068 )      (3,895)  

Expected Return on Plan Assets

         23,850       (2,068 )      25,918  

Accumulation (Amortization) of Unrecognized Actuarial Differences

         30,001       (9,691 )      39,692  

Gains on Cancellation of Employee Retirement Benefit Trust

         50,582       5,029       45,553  

Other

         (1,944 )      1,700       (3,645)  
     

 

 

    

 

 

    

 

 

  

Total

         82,033       (5,422 )      87,455  
     

 

 

    

 

 

    

 

 

  

 

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

 

 

Mizuho Trust & Banking

 

          
            (Millions of yen)  
            Fiscal 2023     Change     Fiscal 2022  

Service Cost

         (2,643 )      262       (2,906)  

Interest Cost

         (850 )      (299 )      (551)  

Expected Return on Plan Assets

         3,072       (9 )      3,082  

Accumulation (Amortization) of Unrecognized Actuarial Differences

         7,573       2,153       5,420  

Gains on Cancellation of Employee Retirement Benefit Trust

         2,155       81       2,074  

Other

                            (263 )      268       (532)  
     

 

 

    

 

 

    

 

 

  

Total

         9,044       2,457       6,586  
     

 

 

    

 

 

    

 

 

  

 

Note: 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)  
            As of March 31,
2024		     Change     As of March 31,
2023		  

Retirement Benefit Obligations

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

Fair Value of Plan Assets

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

Unrecognized Actuarial Differences

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

Net Defined Benefit Asset

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

Net Defined Benefit Liability

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

 

Income (Expenses) related to Employee Retirement Benefits

 

 

            (Millions of yen)  
             Fiscal 2023       Change       Fiscal 2022   

Service Cost

                            (27,473 )      1,834       (29,308 ) 

Interest Cost

         (8,664 )      (3,086 )      (5,578 ) 

Expected Return on Plan Assets

         32,112       (2,030 )      34,142  

Accumulation (Amortization) of Unrecognized Actuarial Differences

         37,750       (9,634 )      47,385  

Accumulation (Amortization) of Unrecognized Prior Service Cost

         23       34       (11 ) 

Gains on Cancellation of Employee Retirement Benefit Trust

         52,738       5,110       47,627  

Other

         (12,110 )      1,960       (14,070 ) 
     

 

 

    

 

 

    

 

 

  

Total

         74,376       (5,810 )      80,187  
     

 

 

    

 

 

    

 

 

  

 

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

 

2-15

Mizuho Financial Group, Inc.

 

8. Capital Ratio

Mizuho Financial Group

International Standard

 

     Consolidated             (%, Billions of yen)         
     As of March 31, 2024
(Preliminary)		      Change      As of March 31, 2023

 

         

(1)   Total Capital Ratio

      16.93        0.88        16.05     

(2)   Tier 1 Capital Ratio

      14.85        0.94        13.91     

(3)   Common Equity Tier 1 Capital Ratio

      12.73        0.93        11.80     

(4)   Total Capital

      12,314.6        1,007.6        11,306.9     

(5)   Tier 1 Capital

      10,801.8        998.4        9,803.3     

(6)   Common Equity Tier 1 Capital

      9,259.9        944.4        8,315.5     

(7)   Risk weighted Assets

      72,720.2        2,286.0        70,434.1     

(8)   Total Required Capital (7) X8%

      5,817.6        182.8        5,634.7     

Mizuho Bank

 

International Standard

            
     Consolidated                    Non-Consolidated  
     As of March 31, 2024
(Preliminary)		      Change      As of March 31, 2023

 

      As of March 31, 2024
(Preliminary)		  

(1)   Total Capital Ratio

      15.76        0.82        14.94        15.21  

(2)   Tier 1 Capital Ratio

      13.60        0.82        12.78        12.93  

(3)   Common Equity Tier 1 Capital Ratio

      11.26        0.75        10.51        10.39  

(4)   Total Capital

      10,400.6        630.9        9,769.7        9,185.4  

(5)   Tier 1 Capital

      8,973.6        617.0        8,356.5        7,805.1  

(6)   Common Equity Tier 1 Capital

      7,431.0        557.4        6,873.5        6,273.6  

(7)   Risk weighted Assets

      65,959.1        587.3        65,371.8        60,356.3  

(8)   Total Required Capital (7) X8%

      5,276.7        46.9        5,229.7        4,828.5  

Mizuho Trust & Banking

 

International Standard

            
     Consolidated                    Non-Consolidated  
     As of March 31, 2024
(Preliminary)		      Change      As of March 31, 2023

 

      As of March 31, 2024
(Preliminary)		  

(1)   Total Capital Ratio

      28.99        3.04        25.95        28.60  

(2)   Tier 1 Capital Ratio

      28.98        3.04        25.94        28.60  

(3)   Common Equity Tier 1 Capital Ratio

      28.98        3.04        25.94        28.60  

(4)   Total Capital

      476.7        31.8        444.9        446.8  

(5)   Tier 1 Capital

      476.6        31.8        444.7        446.7  

(6)   Common Equity Tier 1 Capital

      476.6        31.8        444.7        446.7  

(7)   Risk weighted Assets

      1,644.4        (69.8 )       1,714.3        1,561.7  

(8)   Total Required Capital (7) X8%

      131.5        (5.5 )       137.1        124.9  

 

Note: Risk-adjusted capital ratio of Mizuho Financial Group is computed in accordance with the Notification of the Financial Services Agency No.20, 2006. Risk-adjusted capital ratio of Mizuho Bank and Mizuho Trust & Banking are computed in accordance with the Notification of the Financial Services Agency No.19, 2006. On March 31, 2024, the calculation is based on the finalised Basel III standards.

 

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
March 31,
2024		            As of
March 31,
2023		  
     Change  

Claims against Bankrupt and Substantially Bankrupt Obligors

      36,497        (7,368 )      43,866  

Claims with Collection Risk

      700,730        45,334       655,396  

Claims for Special Attention

      515,503        143,069       372,433  

Loans Past Due for 3 Months or More

      456        167       288  

Restructured Loans

      515,046        142,901       372,144  

Sub-total[1]

      1,252,731        181,034       1,071,696  

Normal Claims

      105,380,865        4,923,851       100,457,014  
  

 

 

     

 

 

    

 

 

  

Total[2]

      106,633,596        5,104,886       101,528,710  
  

 

 

     

 

 

    

 

 

  

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

      107,242        19,995       87,247  
     (%)  

NPL ratio[1]/[2]

      1.17        0.11       1.05  
Trust Account        
     (Millions of yen)  
     As of
March 31,
2024		            As of
March 31,
2023		  
     Change  

Claims against Bankrupt and Substantially Bankrupt Obligors

      —         —        —   

Claims with Collection Risk

      —         —        —   

Claims for Special Attention

      —         —        —   

Loans Past Due for 3 Months or More

      —         —        —   

Restructured Loans

      —         —        —   

Sub-total[3]

      —         —        —   

Normal Claims

      2,100        (713 )      2,814  
  

 

 

     

 

 

    

 

 

  

Total[4]

      2,100        (713 )      2,814  
  

 

 

     

 

 

    

 

 

  
     (%)  

NPL ratio[3]/[4]

      —         —        —   

 

2-17

Mizuho Financial Group, Inc.

 

Consolidated + Trust Account

 

     (Millions of yen)  
     As of
March 31,
2024		            As of
March 31,
2023		  
     Change  

Claims against Bankrupt and Substantially Bankrupt Obligors

      36,497        (7,368 )      43,866  

Claims with Collection Risk

      700,730        45,334       655,396  

Claims for Special Attention

      515,503        143,069       372,433  

Loans Past Due for 3 Months or More

      456        167       288  

Restructured Loans

      515,046        142,901       372,144  

Sub-total[5]

      1,252,731        181,034       1,071,696  

Normal Claims

      105,382,965        4,923,137       100,459,828  
  

 

 

     

 

 

    

 

 

  

Total[6]

      106,635,696        5,104,172       101,531,524  
  

 

 

     

 

 

    

 

 

  

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

      107,242        19,995       87,247  
     (%)  

NPL ratio[5]/[6]

      1.17        0.11       1.05  

 

 

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
March 31,
2024		      Change     As of
March 31,
2023		  

Claims against Bankrupt and Substantially Bankrupt Obligors

      26,649        (7,387 )      34,036  

Claims with Collection Risk

      708,665        50,183       658,482  

Claims for Special Attention

      520,915        165,967       354,948  

Loans Past Due for 3 Months or More

      456        167       288  

Restructured Loans

      520,459        165,799       354,659  

Sub-total[1]

      1,256,230        208,763       1,047,467  

Normal Claims

      108,883,781        5,771,512       103,112,269  
  

 

 

     

 

 

    

 

 

  

Total[2]

      110,140,012        5,980,275       104,159,737  
  

 

 

     

 

 

    

 

 

  

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

 

  

Amount of Partial Direct Write-offs

      105,340        20,546       84,793  
     (%)  
NPL ratio[1]/[2]      1.14        0.13       1.00  
Mizuho Bank        
     (Millions of yen)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      26,560        (7,314 )      33,874  

Claims with Collection Risk

      699,390        48,166       651,224  

Claims for Special Attention

      511,797        165,131       346,665  

Loans Past Due for 3 Months or More

      456        167       288  

Restructured Loans

      511,341        164,964       346,377  

Sub-total[3]

      1,237,748        205,983       1,031,765  

Normal Claims

      106,009,857        5,970,615       100,039,242  
  

 

 

     

 

 

    

 

 

  

Total[4]

      107,247,606        6,176,598       101,071,007  
  

 

 

     

 

 

    

 

 

  

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

 

Amount of Partial Direct Write-offs

      105,106        20,529       84,576  
     (%)  

NPL ratio[3]/[4]

      1.15        0.13       1.02  

 

2-19

Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

(Banking Account)

 

     (Millions of yen)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      89        (72 )      161  

Claims with Collection Risk

      9,275        2,017       7,258  

Claims for Special Attention

      9,117        835       8,282  

Loans Past Due for 3 Months or More

      —         —        —   

Restructured Loans

      9,117        835       8,282  

Sub-total[5]

      18,482        2,779       15,702  

Normal Claims

      2,871,823        (198,389 )      3,070,213  
  

 

 

     

 

 

    

 

 

  

Total[6]

      2,890,305        (195,609 )      3,085,915  
  

 

 

     

 

 

    

 

 

  

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        16       217  
     (%)  

NPL ratio[5]/[6]

      0.63        0.13       0.50  

(Trust Account)

   
     (Millions of yen)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      —         —        —   

Claims with Collection Risk

      —         —        —   

Claims for Special Attention

      —         —        —   

Loans Past Due for 3 Months or More

      —         —        —   

Restructured Loans

      —         —        —   

Sub-total[7]

      —         —        —   

Normal Claims

      2,100        (713 )      2,814  
  

 

 

     

 

 

    

 

 

  

Total[8]

      2,100        (713 )      2,814  
  

 

 

     

 

 

    

 

 

  
     (%)  

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
March 31,
2024		      Change     As of
March 31,
2023		  

Reserves for Possible Losses on Loans

      787,848        67,410       720,437  

General Reserve for Possible Losses on Loans

      329,763        16,710       313,052  

Specific Reserve for Possible Losses on Loans

      423,911        60,462       363,448  

Reserve for Possible Losses on Loans to Restructuring Countries

      34,174        (9,762 )      43,937  

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

      107,611        20,077       87,534  

 

Non-Consolidated

 

Aggregate Figures for the 2 Banks

 

        
     (Millions of yen)  
     As of
March 31,
2024		      Change     As of
March 31,
2023		  
Reserves for Possible Losses on Loans      761,081        55,827       705,254  

General Reserve for Possible Losses on Loans

      313,638        16,631       297,006  

Specific Reserve for Possible Losses on Loans

      413,268        48,958       364,310  

Reserve for Possible Losses on Loans to Restructuring Countries

      34,174        (9,762 )      43,937  

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

        

Amount of Partial Direct Write-offs

      105,340        20,546       84,793  

 

Mizuho Bank

 

        

Reserves for Possible Losses on Loans

      755,930        54,278       701,652  

General Reserve for Possible Losses on Loans

      310,357        16,596       293,760  

Specific Reserve for Possible Losses on Loans

      411,398        47,443       363,954  

Reserve for Possible Losses on Loans to Restructuring Countries

      34,174        (9,762 )      43,937  

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

        

Amount of Partial Direct Write-offs

      105,106        20,529       84,576  

 

Mizuho Trust & Banking

 

        

Reserves for Possible Losses on Loans

      5,151        1,549       3,601  

General Reserve for Possible Losses on Loans

      3,281        34       3,246  

Specific Reserve for Possible Losses on Loans

      1,870        1,514       355  

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        16       217  

Reserve for Possible Losses on Entrusted Loans (¥6 million and ¥9 million for March 31, 2024 and March 31, 2023, 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
March 31,
2024		      Change     As of
March 31,
2023		  

Mizuho Financial Group

      62.89        (4.33 )      67.22  

 

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

        

Non-Consolidated

        
     (%)  
     As of
March 31,
2024		      Change     As of
March 31,
2023		  

Total

      60.58        (6.74 )      67.32  

Mizuho Bank

      61.07        (6.93 )      68.00  

Mizuho Trust & Banking (Banking Account)

      27.87        4.93       22.93  

 

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
March 31, 2024		      Change     As of
March 31, 2023		  

Claims against Bankrupt and Substantially Bankrupt Obligors

      26.6        (7.3 )      34.0  

Collateral, Guarantees, and equivalent

      26.0        (2.8 )      28.9  

Reserve for Possible Losses

      0.5        (4.5 )      5.1  

Claims with Collection Risk

      708.6        50.1       658.4  

Collateral, Guarantees, and equivalent

      161.7        (11.1 )      172.8  

Reserve for Possible Losses

      408.5        65.5       342.9  

Claims for Special Attention

      520.9        165.9       354.9  

Collateral, Guarantees, and equivalent

      146.2        42.7       103.4  

Reserve for Possible Losses

      144.1        78.0       66.0  

Total

      1,256.2        208.7       1,047.4  

Collateral, Guarantees, and equivalent

      334.0        28.7       305.2  

Reserve for Possible Losses

      553.2        139.0       414.1  
Mizuho Bank        

Claims against Bankrupt and Substantially Bankrupt Obligors

      26.5        (7.3 )      33.8  

Collateral, Guarantees, and equivalent

      26.0        (2.7 )      28.7  

Reserve for Possible Losses

      0.5        (4.5 )      5.1  

Claims with Collection Risk

      699.3        48.1       651.2  

Collateral, Guarantees, and equivalent

      155.3        (10.7 )      166.1  

Reserve for Possible Losses

      406.6        64.0       342.6  

Claims for Special Attention

      511.7        165.1       346.6  

Collateral, Guarantees, and equivalent

      141.7        45.2       96.4  

Reserve for Possible Losses

      143.2        77.4       65.7  

Total

      1,237.7        205.9       1,031.7  

Collateral, Guarantees, and equivalent

      323.1        31.7       291.3  

Reserve for Possible Losses

      550.4        136.9       413.5  
Mizuho Trust & Banking (Banking Account)        

Claims against Bankrupt and Substantially Bankrupt Obligors

      0.0        (0.0 )      0.1  

Collateral, Guarantees, and equivalent

      0.0        (0.0 )      0.1  

Reserve for Possible Losses

      —         —        —   

Claims with Collection Risk

      9.2        2.0       7.2  

Collateral, Guarantees, and equivalent

      6.3        (0.3 )      6.7  

Reserve for Possible Losses

      1.8        1.5       0.3  

Claims for Special Attention

      9.1        0.8       8.2  

Collateral, Guarantees, and equivalent

      4.4        (2.5 )      6.9  

Reserve for Possible Losses

      0.8        0.6       0.2  

Total

      18.4        2.7       15.7  

Collateral, Guarantees, and equivalent

      10.8        (2.9 )      13.8  

Reserve for Possible Losses

      2.7        2.1       0.6  
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
March 31, 2024		      Change     As of
March 31, 2023		  
       

Coverage Amount

      887.2        167.8       719.3  

Reserves for Possible Losses on Loans

      553.2        139.0       414.1  

Collateral, Guarantees, and equivalent

      334.0        28.7       305.2  
     (%)  

Coverage Ratio

      70.6        1.9       68.6  

Claims against Bankrupt and Substantially Bankrupt Obligors

      100.0        —        100.0  

Claims with Collection Risk

      80.4        2.1       78.3  

Claims for Special Attention

      55.7        7.9       47.7  

Claims against Special Attention Obligors

      54.5        3.0       51.5  

Reserve Ratio against Non-collateralized Claims

        
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      100.0        —        100.0  

Claims with Collection Risk

      74.6        4.0       70.6  

Claims for Special Attention

      38.4        12.1       26.2  

Claims against Special Attention Obligors

      37.0        7.3       29.7  

Reference: Reserve Ratio

        
     (%)  

Claims against Special Attention Obligors

      26.79        6.26       20.52  

Claims against Watch Obligors excluding Special Attention Obligors

      4.08        1.17       2.91  

Claims against Normal Obligors

      0.05        (0.03 )      0.09  

Mizuho Bank

        
     (Billions of yen)  

Coverage Amount

      873.6        168.6       704.9  

Reserves for Possible Losses on Loans

      550.4        136.9       413.5  

Collateral, Guarantees, and equivalent

      323.1        31.7       291.3  
     (%)  

Coverage Ratio

      70.5        2.2       68.3  

Claims against Bankrupt and Substantially Bankrupt Obligors

      100.0        —        100.0  

Claims with Collection Risk

      80.3        2.2       78.1  

Claims for Special Attention

      55.6        8.8       46.8  

Claims against Special Attention Obligors

      54.8        3.5       51.3  

Reserve Ratio against Non-collateralized Claims

 

  
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      100.0        —        100.0  

Claims with Collection Risk

      74.7        4.1       70.6  

Claims for Special Attention

      38.7        12.4       26.2  

Claims against Special Attention Obligors

      37.5        7.6       29.8  

Reference: Reserve Ratio

        
     (%)  

Claims against Special Attention Obligors

      27.13        6.39       20.74  

Claims against Watch Obligors excluding Special Attention Obligors

      4.10        1.18       2.92  

Claims against Normal Obligors

      0.05        (0.03 )      0.09  

 

2-24

Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking (Banking Account)

 

     (Billions of yen)  
     As of
March 31, 2024		      Change     As of
March 31, 2023		  

Coverage Amount

      13.6        (0.8 )      14.4  

Reserves for Possible Losses on Loans

      2.7        2.1       0.6  

Collateral, Guarantees, and equivalent

      10.8        (2.9 )      13.8  
     (%)  

Coverage Ratio

      73.7        (18.3 )      92.1  

Claims against Bankrupt and Substantially Bankrupt Obligors

      100.0        —        100.0  

Claims with Collection Risk

      88.5        (9.1 )      97.7  

Claims for Special Attention

      58.4        (28.6 )      87.1  

Claims against Special Attention Obligors

      41.4        (19.2 )      60.7  

Reserve Ratio against Non-collateralized Claims

        
     (%)  

Claims against Bankrupt and Substantially Bankrupt Obligors

      —         —        —   

Claims with Collection Risk

      63.6        (3.6 )      67.3  

Claims for Special Attention

      19.0        (0.8 )      19.8  

Claims against Special Attention Obligors

      18.9        (0.5 )      19.4  

Reference: Reserve Ratio

        
     (%)  

Claims against Special Attention Obligors

      13.67        4.19       9.48  

Claims against Watch Obligors excluding Special Attention Obligors

      0.40        (1.27 )      1.68  

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 2020      Fiscal 2021      Fiscal 2022      Fiscal 2023  
     As of
March 31,
2021		      As of
March 31,
2022		      As of
March 31,
2023		      As of March 31, 2024  
                          MHBK      MHTB*      Aggregate
Figures for
the 2
Banks		      Change from
March 31,
2023		  

Claims against Bankrupt and Substantially Bankrupt Obligors

      48.7        33.5        23.0        12.5        0.0        12.5        (10.4 ) 

Claims with Collection Risk

      411.0        255.0        204.1        152.8        0.8        153.7        (50.4 ) 

Amount Categorized as above up to Fiscal 2020

      459.7        288.6        227.2        165.3        0.9        166.3        (60.9 ) 

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

      45.3        32.9        21.6        12.5        0.0        12.6        (9.0 ) 

Claims against Bankrupt and Substantially Bankrupt Obligors

         7.6        2.9        1.5        0.0        1.5        (1.4 ) 

Claims with Collection Risk

         470.9        300.4        280.5        5.7        286.2        (14.1 ) 

Amount Newly Categorized as above during Fiscal 2021

         478.5        303.4        282.0        5.7        287.8        (15.6 ) 

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

         7.1        2.6        1.1        0.0        1.1        (1.4 ) 

Claims against Bankrupt and Substantially Bankrupt Obligors

            7.9        1.7        —         1.7        (6.2 ) 

Claims with Collection Risk

            153.8        59.7        0.1        59.8        (93.9 ) 

Amount Newly Categorized as above during Fiscal 2022

            161.8        61.5        0.1        61.6        (100.1 ) 

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

            6.3        1.5        —         1.5        (4.7 ) 

Claims against Bankrupt and Substantially Bankrupt Obligors

               10.7        0.0        10.7        10.7  

Claims with Collection Risk

               206.2        2.5        208.7        208.7  

Amount Newly Categorized as above during Fiscal 2023

               216.9        2.5        219.5        219.5  

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

               9.3        0.0        9.4        9.4  

Claims against Bankrupt and Substantially Bankrupt Obligors

      48.7        41.1        34.0        26.5        0.0        26.6        (7.3 ) 

Claims with Collection Risk

      411.0        726.0        658.4        699.3        9.2        708.6        50.1  

Total

      459.7        767.1        692.5        725.9        9.3        735.3        42.7  

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

      45.3        40.0        30.5        24.6        0.0        24.7        (5.7 ) 

 

 

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

*            denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in Fiscal 2023

 

     (Billions of yen)  
     Aggregate Figures
for the 2 Banks
(Banking Account
+ Trust Account)		     MHBK     MHTB
(Banking Account
+ Trust Account)		  

Liquidation

      (3.8 )      (3.8 )      (0.0 ) 

Restructuring

      (10.0 )      (10.0 )      —   

Improvement in Business Performance due to Restructuring

      —        —        —   

Loan Sales

      (58.1 )      (58.1 )      —   

Direct Write-off

      (0.6 )      (0.6 )      (0.0 ) 

Other

      (104.0 )      (103.4 )      (0.6 ) 

Debt recovery

      (58.0 )      (57.7 )      (0.2 ) 

Improvement in Business Performance

      (46.0 )      (45.6 )      (0.3 ) 
  

 

 

    

 

 

    

 

 

  

Total

      (176.7 )      (176.1 )      (0.6 ) 
  

 

 

    

 

 

    

 

 

  

 

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 March 31, 2024     As of March 31, 2023  
     Outstanding
Balance		      Change     Outstanding
Balance		  

Domestic Total (excluding Loans Booked Offshore)

      64,821.9        3,514.0       61,307.8  

Manufacturing

      9,885.4        38.2       9,847.1  

Agriculture & Forestry

      46.8        (0.7 )      47.5  

Fishery

      10.4        7.6       2.7  

Mining, Quarrying Industry & Gravel Extraction Industry

      194.3        (11.1 )      205.5  

Construction

      1,110.2        208.1       902.0  

Utilities

      3,311.9        (86.4 )      3,398.3  

Communication

      984.4        (15.9 )      1,000.3  

Transportation & Postal Industry

      2,359.3        (76.6 )      2,436.0  

Wholesale & Retail

      4,821.4        (90.0 )      4,911.5  

Finance & Insurance

      11,506.3        2,054.5       9,451.7  

Real Estate

      11,820.2        779.0       11,041.2  

Commodity Lease

      3,129.8        (6.5 )      3,136.3  

Service Industries

      3,074.6        92.2       2,982.4  

Local Governments

      487.6        (53.9 )      541.5  

Governments

      1,783.6        704.3       1,079.3  

Other

      10,295.0        (28.8 )      10,323.8  

Overseas Total (including Loans Booked Offshore)

      30,829.3        1,218.6       29,610.6  

Governments

      262.2        116.8       145.3  

Financial Institutions

      12,398.7        1,300.6       11,098.0  

Other

      18,168.2        (198.9 )      18,367.2  
  

 

 

     

 

 

    

 

 

  

Total

      95,651.3        4,732.7       90,918.5  
  

 

 

     

 

 

    

 

 

  

 

*

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

As of March 31, 2024:

    ¥631.0 billion (from MHBK)

As of March 31, 2023:

    ¥810.0 billion (from MHBK)
*

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

 

2-28

Mizuho Financial Group, Inc.

 

     (Billions of yen)  
     As of March 31, 2024     As of March 31, 2023  
     Outstanding
Balance		      Change     Outstanding
Balance		  
Mizuho Bank  

Domestic Total (excluding Loans Booked Offshore)

      61,054.7        3,384.9       57,669.7  

Manufacturing

      9,538.5        91.9       9,446.5  

Agriculture & Forestry

      46.8        (0.7 )      47.5  

Fishery

      10.4        7.6       2.7  

Mining, Quarrying Industry & Gravel Extraction Industry

      193.1        (11.0 )      204.1  

Construction

      1,063.0        203.8       859.1  

Utilities

      3,073.8        (58.5 )      3,132.4  

Communication

      920.6        12.9       907.6  

Transportation & Postal Industry

      2,222.0        (75.9 )      2,297.9  

Wholesale & Retail

      4,706.8        (85.0 )      4,791.8  

Finance & Insurance

      11,024.0        2,077.1       8,946.8  

Real Estate

      10,307.9        818.3       9,489.5  

Commodity Lease

      2,942.1        (4.6 )      2,946.8  

Service Industries

      3,042.4        101.1       2,941.3  

Local Governments

      486.9        (53.4 )      540.3  

Governments

      1,425.3        345.9       1,079.3  

Other

      10,050.5        15.2       10,035.3  

Overseas Total (including Loans Booked Offshore)

      30,829.3        1,218.6       29,610.6  

Governments

      262.2        116.8       145.3  

Financial Institutions

      12,398.7        1,300.6       11,098.0  

Other

      18,168.2        (198.9 )      18,367.2  
  

 

 

     

 

 

    

 

 

  

Total

      91,884.0        4,603.6       87,280.3  
  

 

 

     

 

 

    

 

 

  
Mizuho Trust & Banking (Banking Account + Trust Account)  

Domestic Total (excluding Loans Booked Offshore)

      3,767.2        129.1       3,638.1  

Manufacturing

      346.9        (53.6 )      400.6  

Agriculture & Forestry

      0.0        (0.0 )      0.0  

Fishery

      —         —        —   

Mining, Quarrying Industry & Gravel Extraction Industry

      1.2        (0.1 )      1.4  

Construction

      47.1        4.3       42.8  

Utilities

      238.0        (27.8 )      265.9  

Communication

      63.8        (28.8 )      92.6  

Transportation & Postal Industry

      137.3        (0.7 )      138.1  

Wholesale & Retail

      114.6        (5.0 )      119.7  

Finance & Insurance

      482.2        (22.5 )      504.8  

Real Estate

      1,512.3        (39.2 )      1,551.6  

Commodity Lease

      187.6        (1.8 )      189.5  

Service Industries

      32.2        (8.8 )      41.1  

Local Governments

      0.6        (0.4 )      1.1  

Governments

      358.3        358.3       —   

Other

      244.4        (44.0 )      288.5  

Overseas Total (including Loans Booked Offshore)

      —         —        —   

Governments

      —         —        —   

Financial Institutions

      —         —        —   

Other

      —         —        —   
  

 

 

     

 

 

    

 

 

  

Total

      3,767.2        129.1       3,638.1  
  

 

 

     

 

 

    

 

 

  

 

*

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 March 31, 2024     As of March 31, 2023  
                   Change               
   Non Performing
Loans based on
the BA and the
FRA		      Coverage
Ratio		      Non Performing
Loans based on
the BA and the
FRA		     Coverage
Ratio		     Non Performing
Loans based on
the BA and the
FRA		      Coverage
Ratio		  

Domestic Total (excluding Loans Booked Offshore)

      1,068.0        68.8        169.1       3.0       898.8        65.7  

Manufacturing

      647.4        71.0        183.0       6.6       464.3        64.3  

Agriculture & Forestry

      8.7        63.7        1.4       3.6       7.2        60.0  

Fishery

      —         —         (0.2 )      —        0.2        62.6  

Mining, Quarrying Industry & Gravel Extraction Industry

      —         —         —        —        —         —   

Construction

      8.5        71.3        2.2       (6.7 )      6.2        78.1  

Utilities

      2.8        55.4        (2.5 )      (0.1 )      5.3        55.6  

Communication

      10.1        59.8        1.3       (8.9 )      8.7        68.7  

Transportation & Postal Industry

      10.1        71.5        (11.7 )      7.7       21.9        63.8  

Wholesale & Retail

      130.7        58.9        9.1       (0.8 )      121.6        59.7  

Finance & Insurance

      38.9        47.5        26.8       2.0       12.0        45.4  

Real Estate

      30.6        86.6        0.2       (0.7 )      30.3        87.4  

Commodity Lease

      0.3        75.6        0.0       (13.7 )      0.2        89.4  

Service Industries

      120.8        60.7        (31.7 )      (0.5 )      152.5        61.3  

Local Governments

      —         —         —        —        —         —   

Other

      58.6        90.7        (9.1 )      0.0       67.8        90.6  

Overseas Total (including Loans Booked Offshore)

      188.2        80.7        39.5       (5.5 )      148.6        86.2  

Governments

      —         —         —        —        —         —   

Financial Institutions

      —         —         —        —        —         —   

Other

      188.2        80.7        39.5       (5.5 )      148.6        86.2  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total

      1,256.2        70.6        208.7       1.9       1,047.4        68.6  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

 

*

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
March 31,
2024		            As of
March 31,
2023		  
     Change  

Housing and Consumer Loans

      7,727.0        (385.5 )      8,112.5  

Housing Loans for owner’s residential housing

      7,252.4        (350.6 )      7,603.1  

Mizuho Bank

        

Housing and Consumer Loans

      7,688.4        (378.9 )      8,067.3  

Housing Loans

      7,308.4        (363.3 )      7,671.7  

for owner’s residential housing

      7,215.8        (344.5 )      7,560.4  

Consumer loans

      380.0        (15.5 )      395.5  

Mizuho Trust & Banking (Banking Account + Trust Account)

        

Housing and Consumer Loans

      38.5        (6.6 )      45.2  

Housing Loans for owner’s residential housing

      36.5        (6.0 )      42.6  

 

*  Above figures are aggregate banking and trust account amounts.

        

(2) Loans to SMEs and Individual Customers

 

Non-Consolidated

 

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

 

     (%, Billions of yen)  
     As of
March 31,
2024		            As of
March 31,
2023		  
     Change  

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

      58.1        (0.6 )      58.8  

Loans to SMEs and Individual Customers

      37,715.3        1,645.2       36,070.1  

Mizuho Bank

        

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

      58.8        0.1       58.6  

Loans to SMEs and Individual Customers

      35,903.3        2,052.5       33,850.8  

Mizuho Trust & Banking (Banking Account + Trust Account)

        

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

      48.0        (12.9 )      61.0  

Loans to SMEs and Individual Customers

      1,812.0        (407.2 )      2,219.3  

 

*

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 March 31, 2024     As of March 31,
2023		  
        Outstanding   
Balance		      Change        Outstanding   
Balance		  

Asia

      7,053.5        (496.6 )      7,550.1  

Hong Kong

      1,218.3        (467.3 )      1,685.7  

Singapore

      1,224.0        (71.9 )      1,295.9  

Thailand

      1,035.1        (26.4 )      1,061.5  

Taiwan

      613.3        (102.6 )      716.0  

India

      728.5        179.7       548.8  

South Korea

      795.0        (27.5 )      822.5  

Indonesia

      427.4        (2.3 )      429.8  

Philippines

      314.7        12.0       302.7  

China

      130.6        (25.0 )      155.6  

Malaysia

      104.1        12.1       92.0  

Central and South America

      5,284.1        (50.8 )      5,334.9  

Mexico

      406.6        (64.0 )      470.6  

Brazile

      191.2        (6.8 )      198.0  

North America

      13,079.7        1,495.0       11,584.6  

United States

      11,776.9        1,095.1       10,681.7  

Eastern Europe

      165.4        (72.4 )      237.8  

Russia

      141.6        (63.8 )      205.5  

Western Europe

      5,795.9        520.3       5,275.6  

United Kingdom

      1,481.2        249.6       1,231.6  

Netherlands

      1,299.5        139.7       1,159.7  

Germany

      567.4        (105.3 )      672.8  

Ireland

      635.0        180.3       454.6  

Switzerland

      85.9        (21.1 )      107.1  

France

      480.9        51.1       429.8  

Turkey

      58.7        (19.2 )      78.0  

Italy

      163.4        4.5       158.9  

Other

      4,203.2        513.5       3,689.6  

Australia

      2,126.7        78.6       2,048.1  

Total

      35,582.0        1,909.0       33,673.0  
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 March 31, 2024     As of March 31,
2023		  
        Outstanding   
Balance		      Change        Outstanding   
Balance		  

Mizuho Bank (China) ,Ltd

      1,268.6        (27.4 )      1,296.1  

Mizuho Bank (USA)

      441.2        (36.4 )      477.7  

PT. Bank Mizuho Indonesia

      533.1        93.9       439.2  

Note: The balances of loans of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2024 and 2023 are ¥12.1 billion and

¥49.9 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 March 31, 2024     As of March 31, 2023  
     Non Performing
Loans based on the
BA and the FRA		      Change     Non Performing
Loans based on the
BA and the FRA		  

Asia

      80.0        (3.2 )      83.2  

Hong Kong

      1.0        0.3       0.6  

Singapore

      27.0        (7.4 )      34.5  

Thailand

      2.8        0.6       2.1  

Taiwan

      26.2        4.7       21.4  

India

      0.0        (0.1 )      0.1  

South Korea

      0.0        0.0       —   

Indonesia

      —         (0.8 )      0.8  

Philippines

      0.0        (0.0 )      0.0  

China

      0.1        0.0       0.1  

Malaysia

      —         —        —   

Central and South America

      40.7        24.6       16.1  

Mexico

      0.3        0.0       0.3  

Brazile

      —         (1.9 )      1.9  

North America

      84.0        68.7       15.3  

United States

      84.0        68.7       15.3  

Eastern Europe

      8.1        (32.8 )      41.0  

Russia

      8.1        (32.8 )      41.0  

Western Europe

      37.1        5.1       32.0  

United Kingdom

      3.8        (0.1 )      4.0  

Netherlands

      6.0        6.0       —   

Germany

      —         —        —   

Ireland

      —         —        —   

Switzerland

      1.9        1.9       —   

France

      5.0        5.0       —   

Turkey

      —         —        —   

Italy

      9.7        1.0       8.7  

Other

      7.9        (0.2 )      8.2  

Australia

      7.8        7.8       —   

Total

      258.1        62.0       196.0  
The above figures are based on obligor country of location.

 

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

 

     As of March 31, 2024     As of March 31, 2023  
     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

      0.5        (0.3 )      0.8  

Mizuho Bank (USA)

      —         —        —   

PT. Bank Mizuho Indonesia

      6.4        0.4       5.9  

 

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2024 and 2023 are ¥0.2 billion and ¥0.6 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 April 1, 2024
to
March 31, 2029)		  

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

      1        4,098.6  

Income before Income Taxes

      2        4,054.4  

Tax Adjustments *1

      3        21.3  

Taxable Income before Current Deductible Temporary Differences *2

      4        4,075.7  

Effective Statutory Tax Rate

      5        30.62%  

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

      6        1,247.9  

 

*1.

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

*2.

Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2024.

 

(Reference) Past results of taxable income (tax loss)

 

   
     (Billions of yen)  

Fiscal 2019

      378.5  

Fiscal 2020

      316.3  

Fiscal 2021

      360.3  

Fiscal 2022

      157.7  

Fiscal 2023(estimate)

      399.0  

 

*1.

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

*2.

Figure for fiscal 2023 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

 

            (Billions of yen)  
            As of
March 31,
2024		     Change     As of
March 31,
2023		  

Reserves for Possible Losses on Loans

      7        233.0       7.6       225.4  

Impairment of Securities

      8        90.9       (21.4 )      112.4  

Net Unrealized Losses on Other Securities

      9        116.5       (9.2 )      125.8  

Reserve for Employee Retirement Benefits

      10        —        —        —   

Depreciation and Impairment

      11        72.9       (20.8 )      93.7  

Net Deferred Hedge Losses

      12        139.6       (26.6 )      166.3  

Tax Losses Carried Forward

      13        16.4       7.9       8.4  

Other

      14        305.2       58.9       246.2  
     

 

 

    

 

 

    

 

 

  

Total Deferred Tax Assets

      15        974.7       (3.7 )      978.4  
     

 

 

    

 

 

    

 

 

  

Valuation Allowance

      16        (193.8 )      (57.8 )      (136.0 ) 
     

 

 

    

 

 

    

 

 

  

Sub-Total [ 15 + 16 ]

      17        780.8       (61.5 )      842.4  
     

 

 

    

 

 

    

 

 

  

Amount related to Retirement Benefits Accounting

      18        (102.8 )      20.6       (123.5 ) 

Net Unrealized Gains on Other Securities

      19        (390.5 )      (118.6 )      (271.9 ) 

Net Deferred Hedge Gains

      20        —        —        —   

Other

      21        (102.2 )      (37.5 )      (64.6 ) 
     

 

 

    

 

 

    

 

 

  

Total Deferred Tax Liabilities

      22        (595.6 )      (135.5 )      (460.1 ) 
     

 

 

    

 

 

    

 

 

  

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

      23        185.1       (197.0 )      382.2  

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

      24        (293.7 )      (139.2 )      (154.5 ) 

Tax effects related to Net Deferred Hedge Losses (Gains)

      25        139.6       (26.6 )      166.3  

Tax effects related to others

      26        339.2       (31.1 )      370.4  

 

*

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

 

 

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

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

 

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

 

2-34

Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

1. Estimate of future taxable income

 

            (Billions of yen)  
            Total amount
for five years
(from April 1, 2024
to
March 31, 2029)		  

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

      1        159.9  

Income before Income Taxes

      2        253.1  

Tax Adjustments (1)

      3        (71.9 ) 

Taxable Income before Current Deductible Temporary Differences (2)

      4        181.1  

Effective Statutory Tax Rate

      5        30.62%  

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

      6        55.4  

 

*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 March 31, 2024.

 

(Reference) Past results of taxable income (tax loss)

 

   
     (Billions of yen)  

Fiscal 2019

      31.7  

Fiscal 2020

      26.6  

Fiscal 2021

      33.2  

Fiscal 2022

      30.0  

Fiscal 2023(estimate)

      29.0  

 

*1.

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

*2.

Figure for fiscal 2023 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

 

            (Billions of yen)  
            As of
March 31,
2024		     Change     As of
March 31,
2023		  

Reserves for Possible Losses on Loans

      7        1.6       0.4       1.1  

Impairment of Securities

      8        3.3       (2.4 )      5.7  

Net Unrealized Losses on Other Securities

      9        0.2       (0.1 )      0.3  

Reserve for Employee Retirement Benefits

      10        —        (0.6 )      0.6  

Reserve for Loss of Transfer

      11        —        —        —   

Net Deferred Hedge Losses

      12        —        —        —   

Tax Losses Carried Forward

      13        —        —        —   

Other

      14        19.0       0.5       18.4  
     

 

 

    

 

 

    

 

 

  

Total Deferred Tax Assets

      15        24.2       (2.1 )      26.4  
     

 

 

    

 

 

    

 

 

  

Valuation Allowance

      16        (5.2 )      2.2       (7.5 ) 
     

 

 

    

 

 

    

 

 

  

Sub-Total [ 15 + 16 ]

      17        18.9       0.0       18.9  
     

 

 

    

 

 

    

 

 

  

Amount related to Retirement Benefits Accounting

      18        (23.8 )      (2.0 )      (21.7 ) 

Net Unrealized Gains on Other Securities

      19        (27.3 )      (10.1 )      (17.2 ) 

Net Deferred Hedge Gains

      20        (2.9 )      (0.8 )      (2.0 ) 

Other

      21        (0.2 )      0.1       (0.4 ) 
     

 

 

    

 

 

    

 

 

  

Total Deferred Tax Liabilities

      22        (54.3 )      (12.9 )      (41.4 ) 
     

 

 

    

 

 

    

 

 

  

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

      23        (35.4 )      (12.8 )      (22.5 ) 

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

      24        (27.4 )      (10.1 )      (17.2 ) 

Tax effects related to Net Deferred Hedge Losses (Gains)

      25        (2.9 )      (0.8 )      (2.0 ) 

Tax effects related to others

      26        (5.0 )      (1.8 )      (3.2 ) 

 

*

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.

 

2-35

Mizuho Financial Group, Inc.

 

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Billions of yen)  
     As of
March 31,
2024		      Change     As of
March 31,
2023		  

Deposits

      125,564.8        6,381.9       119,182.8  

Individual Deposits

      48,990.2        907.5       48,082.7  

Corporate Deposits

      66,775.8        6,684.3       60,091.4  

Financial/Government Institutions

      9,798.7        (1,209.9 )      11,008.6  
Mizuho Bank        

Deposits

      122,934.6        6,531.8       116,402.8  

Individual Deposits

      48,244.5        936.0       47,308.5  

Corporate Deposits

      65,320.1        6,621.5       58,698.6  

Financial/Government Institutions

      9,369.8        (1,025.7 )      10,395.6  
Mizuho Trust & Banking        

Deposits

      2,630.1        (149.8 )      2,780.0  

Individual Deposits

      745.6        (28.5 )      774.2  

Corporate Deposits

      1,455.6        62.8       1,392.7  

Financial/Government Institutions

      428.8        (184.2 )      613.0  

 

*

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 March 31,
2024 (A)		     As of March 31,
2023 (B)		     Change
(A) - (B)		  

Assets

       

Cash and Due from Banks

    ¥ 70,442,184     ¥ 63,079,031     ¥ 7,363,153  

Call Loans

      779,066       1,812,740       (1,033,674 ) 

Receivables under Resale Agreements

      6,693,619       868,058       5,825,560  

Guarantee Deposits Paid under Securities Borrowing Transactions

      188,451       156,807       31,644  

Other Debt Purchased

      707,057       651,514       55,543  

Trading Assets

      7,027,086       5,422,696       1,604,390  

Money Held in Trust

      505       504       0  

Securities

      37,809,325       37,110,218       699,107  

Loans and Bills Discounted

      91,884,028       87,280,378       4,603,649  

Foreign Exchange Assets

      2,171,460       2,293,584       (122,123 ) 

Derivatives other than for Trading

      9,081,601       8,392,051       689,550  

Other Assets

      6,144,905       7,910,755       (1,765,849 ) 

Tangible Fixed Assets

      872,336       858,037       14,299  

Intangible Fixed Assets

      404,708       352,884       51,824  

Prepaid Pension Cost

      336,001       403,530       (67,528 ) 

Deferred Tax Assets

      185,189       382,227       (197,038 ) 

Customers’ Liabilities for Acceptances and Guarantees

      11,745,869       10,003,767       1,742,101  

Reserves for Possible Losses on Loans

      (755,930 )      (701,652 )      (54,278 ) 
  

 

 

    

 

 

    

 

 

  

Total Assets

    ¥ 245,717,469     ¥ 226,277,135     ¥ 19,440,333  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Deposits

    ¥ 154,407,832     ¥ 145,157,919     ¥ 9,249,912  

Negotiable Certificates of Deposit

      11,250,486       13,272,253       (2,021,766 ) 

Call Money

      1,009,589       1,229,224       (219,634 ) 

Payables under Repurchase Agreements

      22,254,496       14,106,366       8,148,129  

Guarantee Deposits Received under Securities Lending Transactions

      38,776       93,216       (54,439 ) 

Commercial Paper

      1,165,988       1,782,111       (616,123 ) 

Trading Liabilities

      5,958,376       4,574,447       1,383,929  

Borrowed Money

      14,124,762       12,507,802       1,616,959  

Foreign Exchange Liabilities

      1,181,438       889,189       292,249  

Bonds and Notes

      641,904       585,861       56,043  

Derivatives other than for Trading

      10,309,625       8,976,741       1,332,884  

Other Liabilities

      4,596,842       6,320,855       (1,724,012 ) 

Reserve for Bonus Payments

      38,758       26,406       12,351  

Reserve for Variable Compensation

      801       757       44  

Reserve for Possible Losses on Sales of Loans

      8,645       15,049       (6,403 ) 

Reserve for Contingencies

      4,105       4,781       (675 ) 

Reserve for Reimbursement of Deposits

      9,871       12,980       (3,109 ) 

Reserve for Reimbursement of Debentures

      25,125       7,798       17,327  

Deferred Tax Liabilities for Revaluation Reserve for Land

      57,583       58,711       (1,127 ) 

Acceptances and Guarantees

      11,745,869       10,003,767       1,742,101  
  

 

 

    

 

 

    

 

 

  

Total Liabilities

      238,830,880       219,626,240       19,204,640  
  

 

 

    

 

 

    

 

 

  

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

      2,615,322       2,757,032       (141,710 ) 

Appropriated Reserve

      524,533       421,264       103,269  

Other Retained Earnings

      2,090,788       2,335,768       (244,980 ) 

Retained Earnings Brought Forward

      2,090,788       2,335,768       (244,980 ) 
  

 

 

    

 

 

    

 

 

  

Total Shareholders’ Equity

      6,278,779       6,420,490       (141,710 ) 
  

 

 

    

 

 

    

 

 

  

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

      791,974       468,873       323,100  

Net Deferred Hedge Gains (Losses), net of Taxes

      (311,045 )      (367,790 )      56,745  

Revaluation Reserve for Land, net of Taxes

      126,879       129,321       (2,441 ) 
  

 

 

    

 

 

    

 

 

  

Total Valuation and Translation Adjustments

      607,808       230,404       377,404  
  

 

 

    

 

 

    

 

 

  

Total Net Assets

      6,886,588       6,650,894       235,693  
  

 

 

    

 

 

    

 

 

  

Total Liabilities and Net Assets

    ¥ 245,717,469     ¥ 226,277,135     ¥ 19,440,333  
  

 

 

    

 

 

    

 

 

  

 

2-37

Mizuho Financial Group, Inc.

 

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

 

     Millions of yen  
     For the fiscal
year ended
March 31,
2024 (A)		     For the fiscal
year ended
March 31,
2023 (B)		     Change
(A) - (B)		  

Ordinary Income

    ¥ 6,109,353     ¥ 3,665,159     ¥ 2,444,194  

Interest Income

      4,752,437       2,657,640       2,094,796  

Interest on Loans and Bills Discounted

      2,578,759       1,614,231       964,528  

Interest and Dividends on Securities

      642,076       371,369       270,707  

Fee and Commission Income

      661,142       589,189       71,953  

Trading Income

      144,357       6,350       138,006  

Other Operating Income

      199,502       264,425       (64,923 ) 

Other Ordinary Income

      351,914       147,553       204,360  
  

 

 

    

 

 

    

 

 

  

Ordinary Expenses

      5,563,753       3,105,989       2,457,764  

Interest Expenses

      3,885,086       1,786,742       2,098,344  

Interest on Deposits

      1,671,900       804,311       867,589  

Fee and Commission Expenses

      216,408       177,952       38,455  

Trading Expenses

      717       361       356  

Other Operating Expenses

      141,186       231,355       (90,169 ) 

General and Administrative Expenses

      825,649       742,375       83,273  

Other Ordinary Expenses

      494,704       167,201       327,503  
  

 

 

    

 

 

    

 

 

  

Ordinary Profits

      545,600       559,170       (13,569 ) 
  

 

 

    

 

 

    

 

 

  

Extraordinary Gains

      56,424       48,003       8,420  
  

 

 

    

 

 

    

 

 

  

Extraordinary Losses

      13,714       19,061       (5,346 ) 
  

 

 

    

 

 

    

 

 

  

Income before Income Taxes

      588,309       588,112       197  

Income Taxes:

       

Current

      189,701       115,972       73,729  

Refund of Income Taxes

      (3,593 )      (9,680 )      6,086  

Deferred

      30,004       85,659       (55,654 ) 
  

 

 

    

 

 

    

 

 

  

Net Income

    ¥ 372,197     ¥ 396,161     ¥ (23,964 ) 
  

 

 

    

 

 

    

 

 

  

 

2-38

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