Mizuho Financial Group Inc 6-K, filed Aug 13, 2021

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 August 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

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

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date:	August 13, 2021
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Executive Officer / Group CFO

UNAUDITED QUARTERLY CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE THREE MONTHS ENDED JUNE 30, 2021

On August 13, 2021, we published our unaudited quarterly consolidated financial statements as of and for the three months ended June 30, 2021 prepared in accordance with Japanese GAAP as part of our quarterly securities report (shihanki hokokusho) for the same period filed by us with the relevant Japanese authorities. We have included in this report on Form 6-K an English translation of the unaudited quarterly consolidated financial statements and the notes thereto included in such quarterly securities report. Japanese GAAP differs in certain respects from U.S. GAAP. For a description of certain differences between U.S. GAAP and Japanese GAAP, see “Item 5. Operating and Financial Review and Prospects—Reconciliation with Japanese GAAP” in our most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission.

- 1 -

Financial Information

1.	The quarterly consolidated financial statements of Mizuho Financial Group, Inc. (“MHFG”) are prepared<br>in accordance with the “Ordinance on the Terminology, Forms, and Preparation Methods of Quarterly Consolidated Financial Statements” (Cabinet Office Ordinance No. 64 of 2007). The classification of assets and liabilities and that of<br>income and expenses are in accordance with the “Ordinance for Enforcement of the Banking Act” (Ordinance of the Ministry of Finance No. 10 of 1982).
2.	Ernst & Young ShinNihon LLC conducted a quarterly review on the quarterly consolidated financial<br>statements of MHFG for the three months ended June 30, 2021, pursuant to Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act.
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- 2 -

I.	Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheet

		(Millions of yen)
		As of<br><br><br>March 31, 2021				As ofJune 30, 2021
Assets
Cash and Due from Banks				47,981,981				42,323,448
Call Loans and Bills Purchased				589,776				385,421
Receivables under Resale Agreements				11,623,654				17,887,877
Guarantee Deposits Paid under Securities Borrowing Transactions				2,707,711				1,941,493
Other Debt Purchased				3,208,004				3,486,436
Trading Assets				12,589,294				13,910,770
Money Held in Trust				582,368				558,924
Securities		*2		43,697,262		*2		47,167,479
Loans and Bills Discounted		*1		83,704,675		*1		82,631,430
Foreign Exchange Assets				2,084,756				2,042,770
Derivatives other than for Trading Assets				1,719,349				1,335,646
Other Assets				6,174,020				4,105,801
Tangible Fixed Assets				1,135,449				1,127,636
Intangible Fixed Assets				620,224				609,925
Net Defined Benefit Asset				1,109,107				1,022,476
Deferred Tax Assets				31,402				27,243
Customers’ Liabilities for Acceptances and Guarantees				6,602,744				6,867,903
Reserves for Possible Losses on Loans				(575,572	)			(543,592	)
Reserve for Possible Losses on Investments				(0	)			(0	)
Total Assets				225,586,211				226,889,093

- 3 -

		(Millions of yen)
		As of<br><br><br>March 31, 2021				As of<br><br><br>June 30, 2021
Liabilities
Deposits				133,312,406				129,957,640
Negotiable Certificates of Deposit				17,192,572				19,681,826
Call Money and Bills Sold				1,312,790				1,219,870
Payables under Repurchase Agreements				18,607,255				22,193,696
Guarantee Deposits Received under Securities Lending Transactions				958,148				842,186
Commercial Paper				2,105,067				1,924,183
Trading Liabilities				8,115,377				7,576,190
Borrowed Money				7,441,822				7,394,138
Foreign Exchange Liabilities				532,042				505,906
Short-term Bonds				456,045				488,507
Bonds and Notes				10,321,672				10,364,435
Due to Trust Accounts				1,160,608				1,155,350
Derivatives other than for Trading Liabilities				1,739,671				1,330,630
Other Liabilities				5,862,013				5,581,521
Reserve for Bonus Payments				104,131				23,211
Reserve for Variable Compensation				2,935				3,560
Net Defined Benefit Liability				71,049				71,270
Reserve for Director and Corporate Auditor Retirement Benefits				683				495
Reserve for Possible Losses on Sales of Loans				1,074				911
Reserve for Contingencies				6,762				7,815
Reserve for Reimbursement of Deposits				22,099				20,887
Reserve for Reimbursement of Debentures				14,419				13,550
Reserves under Special Laws				3,135				3,127
Deferred Tax Liabilities				215,557				134,619
Deferred Tax Liabilities for Revaluation Reserve for Land				61,915				61,445
Acceptances and Guarantees				6,602,744				6,867,903
Total Liabilities				216,224,003				217,424,884
Net Assets
Common Stock and Preferred Stock				2,256,767				2,256,767
Capital Surplus				1,135,940				1,125,324
Retained Earnings				4,421,655				4,577,306
Treasury Stock				(7,124	)			(7,154	)
Total Shareholders’ Equity				7,807,239				7,952,243
Net Unrealized Gains (Losses) on Other Securities				1,132,460				1,076,695
Deferred Gains or Losses on Hedges				31,618				22,890
Revaluation Reserve for Land				136,384				135,318
Foreign Currency Translation Adjustments				(139,514	)			(92,486	)
Remeasurements of Defined Benefit Plans				288,088				255,570
Total Accumulated Other Comprehensive Income				1,449,035				1,397,988
Stock Acquisition Rights				134				114
Non-controlling Interests				105,797				113,861
Total Net Assets				9,362,207				9,464,209
Total Liabilities and Net Assets				225,586,211				226,889,093

- 4 -

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income

Quarterly Consolidated Statement of Income

		(Millions of yen)
		For the three months ended<br><br><br>June 30, 2020				For the three months ended<br><br><br>June 30, 2021
Ordinary Income				835,835				737,009
Interest Income				366,276				293,342
Interest on Loans and Bills Discounted				262,715				210,675
Interest and Dividends on Securities				59,632				46,524
Fiduciary Income				13,333				14,997
Fee and Commission Income				196,531				196,859
Trading Income				139,198				103,004
Other Operating Income				87,768				55,348
Other Ordinary Income		*1		32,726		*1		73,458
Ordinary Expenses				660,414				518,251
Interest Expenses				151,175				70,470
Interest on Deposits				55,515				14,464
Fee and Commission Expenses				39,728				39,405
Trading Expenses				1,390				128
Other Operating Expenses				41,257				26,394
General and Administrative Expenses				340,468				335,331
Other Ordinary Expenses		*2		86,394		*2		46,521
Ordinary Profits				175,421				218,757
Extraordinary Gains		*3		2,834		*3		28,954
Extraordinary Losses		*4		2,164		*4		1,530
Income before Income Taxes				176,092				246,181
Income Taxes:
Current				48,588				32,687
Deferred				4,955				(39,393	)
Total Income Taxes				53,544				(6,705	)
Profit				122,547				252,887
Profit Attributable to Non-controlling Interests				172				2,345
Profit Attributable to Owners of Parent				122,375				250,541

- 5 -

Quarterly Consolidated Statement of Comprehensive Income
		(Millions of yen)
		For the three months ended<br><br><br>June 30, 2020			For the three months ended<br><br><br>June 30, 2021
Profit			122,547			252,887
Other Comprehensive Income			70,078			(48,156	)
Net Unrealized Gains (Losses) on Other Securities			131,007			(53,348	)
Deferred Gains or Losses on Hedges			(9,414	)		(8,635	)
Foreign Currency Translation Adjustments			(45,327	)		38,509
Remeasurements of Defined Benefit Plans			(4,376	)		(32,036	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			(1,811	)		7,353
Comprehensive Income			192,626			204,730
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			195,229			200,559
Comprehensive Income Attributable to Non-controlling<br>Interests			(2,602	)		4,170

- 6 -

Notes to Quarterly Consolidated Financial Statements

Changes in Accounting Policies

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the first quarter ended June 30, 2021.

In accordance with “Accounting Standard for Revenue Recognition”, MHFG recognizes revenue at the time of the transfer of promised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in exchange for those goods or services.

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result, Retained Earnings decreased by ¥724 million as of April 1, 2021. The impact on the quarterly consolidated statement of income for the fiscal quarter ended June 30, 2021 is immaterial.

In accordance with transitional treatment set out in the Article 28-15 of “Accounting Standard for Quarterly Financial Reporting and its Implementation Guidance” (ASBJ Statement No.12, March 31, 2020), the breakdown of revenue from contracts with customers in the previous first quarter consolidated cumulative period is not presented.

Additional Information

The Board Benefit Trust (“BBT”) Program

Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate value through the continuous and stable growth of MHFG group pursuant to MHFG’s basic management policy defined under the Mizuho Financial Group’s Corporate Identity, MHFG has introduced a stock compensation program using a trust (the “Program”) that functions as an incentive for each Director and Executive Officer to exert maximum effort in performing his or her duties, and also as consideration for such exertion of effort.

(1)	Outline of the Program

The Program has adopted the Board Benefit Trust (“BBT”) framework. MHFG’s shares on the stock market will be acquired through a trust established based on the underlying funds contributed by MHFG, and MHFG’s shares will be distributed to Directors and Executive Officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. (the “Company Group”) in accordance with the Rules on Distribution of Shares to be prescribed in advance. The framework consists of the stock compensation program based on the Company Group Officer’s position in their respective company (“Stock Compensation I”) and the stock compensation program based on the performance evaluation of the Company Group (“Stock Compensation II”).

Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on their position. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated based on the status of achieving our Five-Year Business Plan. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amount equivalent to the market value of its stock in lieu of stock compensation in accordance with the Rules on Distribution of Shares.

Voting rights related to MHFG’s shares belonging to the trust assets under the trust shall not be exercised.

- 7 -

(2)	MHFG’s Shares Outstanding in the Trust

MHFG’s shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of June 30, 2021 was ¥3,929 million for 2,421 thousand shares (the carrying amount as of March 31, 2021 was ¥4,144 million for 2,554 thousand shares).

Reserves for Possible Losses on Loans

In light of the principles set forth in the report entitled “Japanese Financial Services Agency (“JFSA”)’s supervisory approaches to lending business and loan loss provisioning” published by JFSA in December 18, 2019, we have reflected the potential impact of the spread of COVID-19 and its prolongation on Reserves for Possible Losses on Loans for some credit. More specifically, we have estimated the expected loss amount that reflects the impact of the prolongation of COVID-19. The estimate includes the future prospect of business environment of each industry and the forecasted GDP growth rate as major assumptions. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the quarterly consolidated financial statements from those of the previous fiscal year.

Adoption of the Consolidated Taxation System

MHFG and some domestic consolidated subsidiaries of the Group apply the Consolidated Taxation System from the first quarter ended June 30, 2021.

Application of tax-effect accounting to the Transition from the Consolidated Taxation System to the GroupAggregation System

MHFG and some domestic consolidated subsidiaries of the Group record amounts of deferred tax assets and deferred tax liabilities based on the provisions of tax laws prior to amendment under the treatment in Paragraph 3 of “Treatment of the application of the tax-effect accounting in relation to the transition from the consolidated tax system to the aggregate group system” (Practical Solutions No.39 March 31, 2020), without applying the provisions of Paragraph 44 of “Guidance on Accounting Standard for tax-effect accounting” (Implementation Guidance No.28 February 16, 2018), regarding the tax items for which review of the non-consolidated Tax Payment System was implemented in accordance with the transition to the aggregated group system established under the “Act for Partial Revision of the Income Tax Act, etc.” (Act No. 8 of 2020) and the transition to the aggregated group system.

- 8 -

Notes to Quarterly Consolidated Balance Sheet

*1.	Non-Accrual, Past Due & Restructured Loans, which are included<br>in Loans and Bills Discounted, are as follows:
---	---	---	---	---	---	---	---	---
		(Millions of yen)
		As of March 31, 2021				As of June 30, 2021
Loans to Bankrupt Obligors			19,554				17,842
Non-Accrual Delinquent Loans			415,318				351,614
Loans Past Due for Three Months or More			534				1,110
Restructured Loans			377,049				412,976
Total			812,457				783,544

The amounts given in the above table are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

*2.	Amounts of liabilities for guarantees on corporate bonds included in Securities, which were issued by private<br>placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act)
---	---	---	---	---	---	---	---
	(Millions of yen)
	As of March 31, 2021				As of June 30, 2021
		1,407,731				1,373,837

Notes to Quarterly Consolidated Statement of Income

*1.	Other Ordinary Income includes the following:
---	---	---	---	---	---	---	---	---
		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Gains on Sales of Stocks			22,219				49,408
*2.	Other Ordinary Expenses includes the following:
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			****				****
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		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Losses on Sales of Stocks			16,017				15,358
Provision for Reserves for Possible Losses on Loans			34,178				—
*3.	Extraordinary Gains includes the following:
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---	---	---	---	---	---	---	---	---
		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Gains on Cancellation of Employee Retirement Benefit Trust			—				28,656
*4.	Extraordinary Losses is as follows:
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---	---	---	---	---	---	---	---	---
		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Losses on Disposition of Fixed Assets			993				1,104
Losses on Impairment of Fixed Assets			1,170				425

- 9 -

Notes to Quarterly Consolidated Statement of Cash Flows

We have not prepared Consolidated Statement of Cash Flows for the three months ended June 30, 2021. Depreciation (including Amortization of Intangible Fixed Assets excluding Goodwill) and Amortization of Goodwill for the three months ended June 30, 2020 and 2021 are as follows:

		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Depreciation			40,245				41,760
Amortization of Goodwill			937				932

Changes in Net Assets

For the three months ended June 30, 2020

1.	Cash dividends paid
Resolution	Type	Cash Dividends<br>(Millions of Yen)		Cash Dividends<br>per Share<br>(Yen)		Record Date		Effective Date		Resource of<br>Dividends
---	---	---	---	---	---	---	---	---	---	---	---	---
May 15, 2020<br><br><br>The Board of Directors	Common Stock		95,208		3.75		March 31, 2020		June 8, 2020		Retained<br> <br>Earnings
(Notes)	1.		Cash dividends based on the resolution of the Board of Directors held on May 15, 2020 include ¥73 million of cash dividends on treasury stock held by BBT trust account.
---	---	---	---
	2.		MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash<br>Dividends per Share is recorded at the amount before the share consolidation.

For the three months ended June 30, 2021

1.	Cash dividends paid
Resolution	Type		Cash Dividends<br>(Millions of Yen)			Cash Dividends<br>per Share<br>(Yen)			Record Date			Effective Date			Resource of<br>Dividends
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
May 15, 2021<br><br><br>The Board of Directors	Common Stock			95,201			37.50			March 31, 2021			June 8, 2021			Retained<br> <br>Earnings
(Note)			Cash dividends based on the resolution of the Board of Directors held on May 15, 2021 include ¥95 million of cash dividends on treasury stock held by BBT trust account.
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- 10 -

Business Segment Information, etc.

Business Segment Information

1.	Summary of reportable segment

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

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

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

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

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

- 11 -

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

For the three months ended June 30, 2020

		(Millions of yen)
		MHFG (Consolidated)
		Retail &<br>Business<br>Banking<br>Company			Corporate &<br>Institutional<br>Company			Global<br>Corporate<br>Company			Global<br>Markets<br>Company			Asset<br>Management<br>Company			Others<br>(Note 2)
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others			146,521			112,550			114,556			169,267			11,476			3,719		558,089
General and administrative expenses (excluding<br>Non-Recurring Losses and others)			160,720			53,380			62,864			52,584			7,879			3,216		340,643
Equity in income from investments in affiliates			1,715			1,481			2,802			—			9			(149	)	5,857
Amortization of goodwill and others			564			25			90			210			1,911			251		3,051
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before<br>reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others			(13,048	)		60,626			54,404			116,473			1,695			102		220,252
(Notes)		1.		“Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others” is reported instead of sales reported by general corporations. Net gains or losses related to<br>ETFs and others amounted to ¥(11,469) million, of which ¥(12,827) million is included in the Global Markets Company.
---	---	---	---	---
		2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
		3.		Following the change in allocation method for transactions between each segment and “Others” made in April, 2021, reclassification was made on the above table to reflect the relevant change.

- 12 -

For the three months ended June 30, 2021

		(Millions of yen)
		MHFG (Consolidated)
		Retail &<br>Business<br>Banking<br>Company			Corporate &<br>Institutional<br>Company			Global<br>Corporate<br>Company			Global<br>Markets<br>Company			Asset<br>Management<br>Company			Others<br>(Note 2)
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others			162,620			101,965			123,430			122,436			14,300			14,827		539,578
General and administrative expenses (excluding<br>Non-Recurring Losses and others)			161,407			51,021			62,904			53,923			8,183			5,930		343,368
Equity in income from investments in affiliates			6,031			1,275			4,729			—			289			430		12,754
Amortization of goodwill and others			540			24			90			201			1,812			(520	)	2,146
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before<br>reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others			6,704			52,195			65,165			68,312			4,594			9,847		206,817
(Notes)		1.		“Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others” is reported instead of sales reported by general corporations. Net gains or losses related to<br>ETFs and others amounted to ¥12,427 million, of which ¥12,444 million is included in the Global Markets Company.
---	---	---	---	---
		2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

- 13 -

3.

The difference between the total amounts of Net business profits or losses (excluding the amounts of credit<br>costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of reportable segments and the recorded amounts in the Quarterly Consolidated Statement of Income, and<br>the contents of the difference (Matters relating to adjustment to difference)

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

The contents of the difference for the three months ended June 30, 2020 and 2021, are as follows:

		(Millions of yen)
		For the three months ended<br>June 30, 2020				For the three months ended<br>June 30, 2021
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others			220,252				206,817
Credit Costs for Trust Accounts			—				—
General and Administrative Expenses (non-recurring<br>losses)			3,226				10,183
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for<br>losses on loans)			(41,177	)			(5,483	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			2,176				8,147
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others			(1,500	)			11,540
Net Extraordinary Gains (Losses)			670				27,423
Others			(7,556	)			(12,449	)
Income before Income Taxes recorded in Quarterly Consolidated Statement of Income			176,092				246,181

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Financial Instruments

There are no significant changes to be noted compared with the amount of the fiscal year ended March 31, 2021.

Securities

There are no significant changes to be noted compared with the amount of the fiscal year ended March 31, 2021.

Money Held in Trust

There are no significant changes to be noted compared with the amount of the fiscal year ended March 31, 2021.

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Derivatives Information

The classification, type, contract value, fair value and unrealized gains (losses) which are material for the operation of corporate group and have changed significantly in comparison to the end of fiscal year ended March 31, 2021 are as follows;

(1)	Interest Rate and Bond-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification		Type		Contract Value			Fair Value			Unrealized<br>Gains (Losses)
Over-the-Counter		Interest Rate Swaps			1,040,320,952			201,427			201,427
Inter-Company or Internal Transactions		Interest Rate Swaps			18,582,112			(105,653	)		(105,653	)
Total					—			95,773			95,773
(Notes)	1.		The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
---	---	---	---
	2.		Derivative transactions qualifying for hedge accounting under “Accounting and Auditing Treatment Relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical<br>Guideline No. 24, October 8, 2020) and others are excluded from the above table.

As of June 30, 2021

(Millions of yen)
Classification		Type		Contract Value			Fair Value			Unrealized<br>Gains (Losses)
Over-the-Counter		Interest Rate Swaps			1,045,229,701			284,153			284,153
Inter-Company or Internal Transactions		Interest Rate Swaps			21,337,517			(102,117	)		(102,117	)
Total					—			182,035			182,035
(Notes)	1.		The above transactions are marked to market, and changes in unrealized gains (losses) are included in the quarterly consolidated statement of income.
---	---	---	---
	2.		Derivative transactions qualifying for hedge accounting under “Accounting and Auditing Treatment Relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical<br>Guideline No. 24, October 8, 2020) and others are excluded from the above table.

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(2)	Currency-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification		Type		Contract Value			Fair Value			Unrealized<br>Gains (Losses)
Over-the-Counter		Swaps			69,875,350			44,712			44,670
Inter-Company or Internal Transactions		Swaps			2,214,554			(10,879	)		14,122
Total					—			33,832			58,793
(Notes)		1.		The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
---	---	---	---	---
		2.		The following transactions are excluded from the above table:
				•   Transactions qualifying for hedge accounting under “Accounting<br>and Auditing Treatment Relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline No. 25, October 8, 2020) and others.
				•   Transactions which are specified for certain financial assets and<br>liabilities denominated in foreign currencies and reflected on the consolidated balance sheet.
				•   Transactions denominated in foreign currencies which are eliminated<br>in consolidation.

As of June 30, 2021

(Millions of yen)
Classification		Type		Contract Value			Fair Value			Unrealized<br>Gains (Losses)
Over-the-Counter		Swaps			70,840,760			154,106			55,954
Inter-Company or Internal Transactions		Swaps			2,146,790			(6,452	)		13,546
Total					—			147,653			69,501
(Notes)		1.		The above transactions are marked to market, and changes in unrealized gains (losses) are included in the quarterly consolidated statement of income.
---	---	---	---	---
		2.		The following transactions are excluded from the above table:
				•   Transactions qualifying for hedge accounting under “Accounting<br>and Auditing Treatment Relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline No. 25, October 8, 2020) and others.
				•   Transactions which are specified for certain financial assets and<br>liabilities denominated in foreign currencies and reflected on the quarterly consolidated balance sheet.
				•   Transactions denominated in foreign currencies which are eliminated<br>in consolidation.

- 17 -

Revenue recognition

		(Millions of yen)
		For the three months ended<br>June 30, 2021
Ordinary Income			737,009
Fee and Commission Income			196,859
Securities-related business			50,330
Deposits and Lending business (1)			53,169
Remittance business			27,328
Trust-related business			17,241
Agency business			8,095
Guarantee-related business (2)			8,143
Fees for other customer services			32,549
Fiduciary Income			14,997
Other Ordinary Income (1)			525,152

Notes:

(1)	Part of these amounts are considered to be revenues from contracts that are within the scope of<br>“Accounting Standard for Revenue Recognition”.
(2)	These amounts are revenues from contracts that do not meet the scope of “Accounting Standard for Revenue<br>Recognition”.
---	---
(3)	In the above table, revenues that are within the scope of “Accounting Standard for Revenue<br>Recognition” are mainly generated from “Retail & Business Banking Company”, “Corporate & Institutional Company” and “Global Corporate Company”.
---	---

- 18 -

Per Share Information

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

				For the three months ended<br>June 30, 2020			For the three months ended<br>June 30, 2021
(1)   Net Income per Share of Common Stock		Yen			48.25			98.81
(The basis used for calculating Net Income per Share of Common Stock)
Profit Attributable to Owners of Parent		Millions of yen			122,375			250,541
Amount not attributable to Common Stock		Millions of yen			—			—
Profit Attributable to Owners of Parent related to Common Stock		Millions of yen			122,375			250,541
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares			2,536,083			2,535,338
(2)   Diluted Net Income per Share of Common Stock		Yen			48.25			98.81
(The basis used for calculating Diluted Net Income per Share of Common Stock)
Adjustment to Profit Attributable to Owners of Parent		Millions of yen			—			—
Increased Number of Shares of Common Stock		Thousands of shares			99			77
Stock Acquisition Rights		Thousands of shares			99			77
Description of dilutive securities which were not included in the calculation of Diluted Net<br>Income per Share of Common Stock as they have no dilutive effects and in which significant changes occurred after the end of the previous fiscal year					—			—
(Notes)		1.		MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Net<br>Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are calculated under the assumption that the share consolidation had been adopted at the beginning of fiscal 2020.
---	---	---	---	---
		2.		In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are<br>included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average number of such Treasury Stock shares deducted during the three months ended June 30, 2020 was<br>1,905 thousand, and the average number of such Treasury Stock shares deducted during the three months ended June 30, 2021 was 2,499 thousand.

- 19 -

II.	Others

At the meeting of the Board of Directors held on May 14, 2021, the year-end cash dividends for the 19th term were resolved as follows:

Total amount of year-end cash dividends		¥95,201 million
Year-end cash dividends per share
Common Stock		¥37.50
Effective date and starting date of dividend payments		June 8, 2021

- 20 -