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Mizuho Financial Group Inc 6-K, filed Nov 12, 2020

Mizuho Financial Group Inc (MFG)

6-K 2020-11-12 For: 2020-11-12
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Added on April 05, 2026

About this 6-K

Mizuho Financial Group Inc filed this 6-K on November 12, 2020.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: November 12, 2020
Mizuho Financial Group, Inc.
By: /s/ Makoto Umemiya
Name: Makoto Umemiya
Title: Senior Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2020<br><br><br>(Six months ended September 30, 2020)<br><br><br>(Under Japanese GAAP)
Company Name: Mizuho Financial Group, Inc. (“MHFG”) November 12, 2020
--- --- ---
Stock Code Number (Japan): 8411
--- --- --- ---
Stock Exchange Listings: Tokyo Stock Exchange (First Section), New York Stock Exchange
URL: https://www.mizuho-fg.com/index.html
Representative: Tatsufumi Sakai President & CEO
For Inquiry: Tomomichi Fujita General Manager of Accounting Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled): November 27, 2020 Trading Accounts: Established
Commencement of Dividend Payment (scheduled): December 7, 2020
Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2020 (for the six months ended September 30, 2020)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
Ordinary Income Ordinary Profits Profit Attributable toOwners of Parent
million % million % million %
1H F2020 (20.6 ) (32.5 ) (25.0 )
1H F2019 (0.3 ) (15.0 ) (19.9 )

All values are in Japanese Yen.

Note: Comprehensive Income: 1H F2020: ¥376,172 million, 97.5%; 1H F2019: ¥190,448 million, (19.2)%
Net Incomeper Share ofCommon Stock Diluted Net Incomeper Share ofCommon Stock
--- --- ---
1H F2020
1H F2019

All values are in Japanese Yen.

Note: 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.<br> <br>The impact from the share consolidation is reflected in<br>Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

(2) Consolidated Financial Conditions

Total Assets Total Net Assets Own Capital Ratio
million million %
1H F2020 3.9
Fiscal 2019 3.9

All values are in Japanese Yen.

Reference: Own Capital: As of September 30, 2020: ¥8,802,877 million; As of March 31, 2020: ¥8,553,971 million
Note: Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights -<br>Non-controlling Interests) / Total Assets × 100<br> <br>Own Capital Ratio stated above is not calculated based on the<br>public notice of Own Capital Ratio.
--- ---

2. Cash Dividends for Shareholders of CommonStock

Annual Cash Dividends per Share
FirstQuarter-end SecondQuarter-end ThirdQuarter-end FiscalYear-end Total
Fiscal 2019
Fiscal 2020
Fiscal 2020 (estimate)

All values are in Japanese Yen.

Notes: 1. Revision of the latest announced estimates for cash dividends for shareholders of common stock : No
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,<br>2020.<br>The impact from the share consolidation is reflected in the estimate of Cash Dividends per Share of Common Stock for the end of fiscal 2020. If the share<br>consolidation were not taken into consideration, it would be ¥3.75.<br> <br>In addition, MHFG left the value of total annual dividend blank (—) as it is<br>inappropriate simply to total the value of the dividend at the end of the first half of fiscal 2020 and the value of the dividend at the end of the fiscal 2020.

3. Consolidated Earnings Estimates for Fiscal 2020 (for the fiscal year ending March 31, 2021)

(%: Changes from the previous fiscal year)
Profit Attributable toOwners of Parent Net Incomeper Share ofCommon Stock
million %
Fiscal 2020 (21.9 )

All values are in Japanese Yen.

Notes: 1. Revision of the latest announced earnings estimates for fiscal 2020: Yes<br> <br>Following the result from 1H,MHFG revised<br>Consolidated Earnings Estimates for fiscal 2020 (for the fiscal year ending March 31, 2021).<br> <br>Profit Attributable to Owners of Parent: The latest<br>announced estimates: ¥320,000 million, Revised estimates: ¥350,000 million, Changes from the original estimates: ¥30,000 million, 9.3%
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,<br>2020. The number of share of common stock used in above per share information is based on the weighted average of the average number of outstanding shares during 1H and the number of outstanding shares as of September 30, 2020 (which is used as<br>a proxy for the average number of outstanding shares during 2H).<br>If the share consolidation were not taken into consideration, the Consolidated Earnings<br>Estimates for Net Income per Share of Common Stock for Fiscal 2020 (for the fiscal year ending March 31, 2021) would be ¥13.80.

Notes

(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanyingchanges 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: No
ii. Changes in accounting policies other than i above: Yes
--- ---
iii. Changes in accounting estimates: No
--- ---
iv. Restatements: No
--- ---
Note: For more information, please refer to “1.(1) Changes in Accounting Policies and Accounting Estimates /<br>Restatements” on page 1-2 of the attachment.
--- ---

(3) Issued Shares of Common Stock

i. Period-end issued shares<br>(including treasury<br>stock): As of September 30, 2020 2,539,249,894 shares As of March 31, 2020 2,539,249,894 shares
ii. Period-end treasury stock: As of September 30, 2020 3,868,308 shares As of March 31, 2020 3,210,681 shares
iii. Average outstanding shares: 1st Half Fiscal 2020 2,535,837,918 shares 1st Half Fiscal 2019 2,535,955,016 shares
Note: MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share<br>per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in the number of Period-end issued shares<br>(including treasury stock), Period-end treasury stock and Average outstanding shares.
--- ---

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

This immediate release contains statements thatconstitute 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 bymanagement 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 ourcurrent views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing ourbusiness strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value ofour 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; impairmentof 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 tomaintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-YearBusiness 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; andchanges to applicable laws and regulations.

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

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.”Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Matters Related to Summary Information (Notes) p.1-2
(1) Changes in Accounting Policies and Accounting Estimates / Restatements p.1-2
2. Interim Consolidated Financial Statements and Others p.1-3
(1) Consolidated Balance Sheets p.1-3
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income p.1-5
(3) Consolidated Statements of Changes in Net Assets p.1-7
(4) Note for Assumption of Going Concern p.1-8
ø SELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2020

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Thursday, November 19, 2020. 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. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Fair Value Measurement and Others)

MHFG has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30 July 4, 2019) and others from the beginning of the interim period ended September 30, 2020.

In accordance with Article 8 of “Accounting Standard for Fair Value Measurement”, the fair value adjustment method used to determine the fair value of derivatives is revised to maximize the use of relevant observable inputs estimated from derivatives and others traded in the market.

In accordance with Article 20 of “Accounting Standard for Fair Value Measurement”, 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, 2020.

As a result, Retained Earnings decreased by ¥32,639 million, Trading Assets decreased by ¥50,380 million, Derivatives other than for Trading Assets decreased by ¥6,379 million, Trading Liabilities decreased by ¥6,529 million, Derivatives other than for Trading Liabilities decreased by ¥3,184 million, Deferred Tax Assets increased by ¥14,405 million, and Net Assets per Share decreased by ¥12.87 as of April 1, 2020. The share consolidation was taken place at a ratio of ten pre-consolidation shares to one post-consolidation share on October 1, 2020. Net Asset per share is calculated under the assumption that the share consolidation had been taken place at the beginning of fiscal 2019.

And in accordance with the transitional treatment set forth in Article 19 of “Accounting Standard for Fair Value Measurement” and Article 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), MHFG has applied a new accounting policy prescribed by “Accounting Standard for Fair Value Measurement” and others from the interim period ended September 30, 2020.

As a result, in principle, while fair value of Japanese stocks was previously determined based on the average quoted market price over the month preceding the interim consolidated balance sheet date, from the end of the interim period ended September 30, 2020, fair value of Japanese stocks is determined based on the quoted market price as of the interim consolidated balance sheet date.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

Millions of yen
As of<br>March 31, 2020 As ofSeptember 30, 2020
Assets
Cash and Due from Banks ¥ 41,069,745 ¥ 42,498,278
Call Loans and Bills Purchased 584,686 243,267
Receivables under Resale Agreements 18,581,488 12,666,551
Guarantee Deposits Paid under Securities Borrowing Transactions 2,243,161 2,190,799
Other Debt Purchased 2,688,273 2,676,047
Trading Assets 13,248,734 14,564,434
Money Held in Trust 411,847 471,782
Securities 34,907,234 43,314,534
Loans and Bills Discounted 83,468,185 86,501,633
Foreign Exchange Assets 2,044,415 1,936,636
Derivatives other than for Trading Assets 1,944,060 1,439,293
Other Assets 5,206,121 4,413,001
Tangible Fixed Assets 1,103,622 1,101,614
Intangible Fixed Assets 636,139 619,695
Net Defined Benefit Asset 846,782 924,167
Deferred Tax Assets 32,493 23,368
Customers’ Liabilities for Acceptances and Guarantees 6,066,527 5,938,130
Reserves for Possible Losses on Loans (424,446 ) (477,516 )
Reserve for Possible Losses on Investments — (0 )
Total Assets ¥ 214,659,077 ¥ 221,045,717

1-3

Mizuho Financial Group, Inc.

Millions of yen
As of   March 31, 2020 As ofSeptember 30, 2020
Liabilities
Deposits ¥ 131,189,673 ¥ 134,665,825
Negotiable Certificates of Deposit 13,282,561 14,201,308
Call Money and Bills Sold 2,263,076 1,903,686
Payables under Repurchase Agreements 17,971,098 19,326,350
Guarantee Deposits Received under Securities Lending Transactions 1,108,255 1,244,440
Commercial Paper 411,089 921,282
Trading Liabilities 9,604,890 8,487,342
Borrowed Money 5,209,947 7,275,166
Foreign Exchange Liabilities 509,405 402,476
Short-term Bonds 373,658 331,447
Bonds and Notes 8,906,432 9,639,781
Due to Trust Accounts 1,055,510 1,336,263
Derivatives other than for Trading Liabilities 1,619,151 1,274,444
Other Liabilities 6,111,195 4,815,831
Reserve for Bonus Payments 75,175 55,860
Reserve for Variable Compensation 2,559 1,467
Net Defined Benefit Liability 62,113 71,950
Reserve for Director and Corporate Auditor Retirement Benefits 944 635
Reserve for Possible Losses on Sales of Loans 637 1,142
Reserve for Contingencies 6,443 4,180
Reserve for Reimbursement of Deposits 27,851 25,205
Reserve for Reimbursement of Debentures 18,672 17,663
Reserves under Special Laws 2,509 2,506
Deferred Tax Liabilities 53,150 133,564
Deferred Tax Liabilities for Revaluation Reserve for Land 62,695 62,555
Acceptances and Guarantees 6,066,527 5,938,130
Total Liabilities ¥ 205,995,229 ¥ 212,140,512
Net Assets
Common Stock ¥ 2,256,767 ¥ 2,256,767
Capital Surplus 1,136,467 1,135,948
Retained Earnings 4,174,190 4,260,606
Treasury Stock (6,414 ) (7,025 )
Total Shareholders’ Equity 7,561,010 7,646,297
Net Unrealized Gains (Losses) on Other Securities 823,085 1,038,781
Deferred Gains or Losses on Hedges 72,081 66,262
Revaluation Reserve for Land 136,655 137,834
Foreign Currency Translation Adjustments (133,178 ) (170,773 )
Remeasurements of Defined Benefit Plans 94,317 84,475
Total Accumulated Other Comprehensive Income 992,960 1,156,580
Stock Acquisition Rights 213 134
Non-Controlling Interests 109,662 102,192
Total Net Assets 8,663,847 8,905,205
Total Liabilities and Net Assets ¥ 214,659,077 ¥ 221,045,717

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

Millions of yen
For the sixmonths ended<br>September 30, 2019 For the sixmonths ended<br>September 30, 2020
Ordinary Income ¥ 1,987,425 ¥ 1,576,761
Interest Income 1,062,855 693,651
Interest on Loans and Bills Discounted 646,722 490,811
Interest and Dividends on Securities 138,351 122,600
Fiduciary Income 27,756 27,143
Fee and Commission Income 360,492 397,087
Trading Income 194,433 238,219
Other Operating Income 224,188 156,922
Other Ordinary Income 117,699 63,736
Ordinary Expenses 1,590,953 1,309,150
Interest Expenses 686,238 253,522
Interest on Deposits 261,393 91,376
Fee and Commission Expenses 84,392 77,475
Trading Expenses 2,533 1,455
Other Operating Expenses 65,839 68,248
General and Administrative Expenses 670,592 681,287
Other Ordinary Expenses 81,357 227,161
Ordinary Profits 396,471 267,610
Extraordinary Gains 1,252 72,735
Extraordinary Losses 6,252 6,955
Income before Income Taxes 391,471 333,391
Income Taxes:
Current 85,576 74,186
Deferred 10,593 41,813
Total Income Taxes 96,169 116,000
Profit 295,302 217,390
Profit Attributable to Non-controllingInterests 7,633 1,867
Profit Attributable to Owners of Parent ¥ 287,668 ¥ 215,523

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

Millions of yen
For the sixmonths ended<br>September 30, 2019 For the sixmonths ended<br>September 30, 2020
Profit ¥ 295,302 ¥ 217,390
Other Comprehensive Income (104,853 ) 158,782
Net Unrealized Gains (Losses) on Other Securities (122,173 ) 212,348
Deferred Gains or Losses on Hedges 74,719 (5,843 )
Foreign Currency Translation Adjustments (34,547 ) (36,529 )
Remeasurements of Defined Benefit Plans (20,957 ) (9,851 )
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method (1,894 ) (1,341 )
Comprehensive Income 190,448 376,172
(Breakdown)
Comprehensive Income Attributable to Owners of Parent 184,486 377,963
Comprehensive Income Attributable to Non-controlling<br>Interests 5,962 (1,791 )

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2019

Millions of yen
Shareholders’ Equity
CommonStock CapitalSurplus RetainedEarnings TreasuryStock TotalShareholders’Equity
Balance as of the beginning of the period 2,256,767 1,138,449 3,915,521 (7,703 ) 7,303,034
Changes during the period
Cash Dividends (95,197 ) (95,197 )
Profit Attributable to Owners of Parent 287,668 287,668
Repurchase of Treasury Stock (1,850 ) (1,850 )
Disposition of Treasury Stock (625 ) 2,744 2,119
Transfer from Revaluation Reserve for Land 55 55
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (885 ) (885 )
Transfer from Retained Earnings to Capital Surplus 611 (611 ) —
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period — (899 ) 191,915 893 191,910
Balance as of the end of the period 2,256,767 1,137,550 4,107,437 (6,809 ) 7,494,945
Accumulated Other Comprehensive Income StockAcquisitionRights Non-ControllingInterests TotalNetAssets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NetUnrealizedGains(Losses) onOtherSecurities DeferredGains orLosses onHedges RevaluationReserve forLand ForeignCurrencyTranslationAdjustments Remeasurementsof Defined<br>Benefit Plans TotalAccumulatedOtherComprehensiveIncome
Balance as of the beginning of the period 1,186,401 (22,282 ) 137,772 (111,057 ) 254,936 1,445,770 707 444,525 9,194,038
Changes during the period
Cash Dividends (95,197 )
Profit Attributable to Owners of Parent 287,668
Repurchase of Treasury Stock (1,850 )
Disposition of Treasury Stock 2,119
Transfer from Revaluation Reserve for Land 55
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (885 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ Equity (119,652 ) 74,670 (55 ) (37,096 ) (21,104 ) (103,238 ) (493 ) (308,279 ) (412,010 )
Total Changes during the period (119,652 ) 74,670 (55 ) (37,096 ) (21,104 ) (103,238 ) (493 ) (308,279 ) (220,100 )
Balance as of the end of the period 1,066,749 52,387 137,716 (148,153 ) 233,831 1,342,532 213 136,245 8,973,937

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2020

Millions of yen
Shareholders’ Equity
CommonStock CapitalSurplus RetainedEarnings TreasuryStock TotalShareholders’Equity
Balance as of the beginning of the period 2,256,767 1,136,467 4,174,190 (6,414 ) 7,561,010
Cumulative Effects of Changes in Accounting Policies (32,639 ) (32,639 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 2,256,767 1,136,467 4,141,550 (6,414 ) 7,528,370
Changes during the period
Cash Dividends (95,208 ) (95,208 )
Profit Attributable to Owners of Parent 215,523 215,523
Repurchase of Treasury Stock (1,995 ) (1,995 )
Disposition of Treasury Stock (80 ) 1,385 1,305
Transfer from Revaluation Reserve for Land (1,178 ) (1,178 )
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (519 ) (519 )
Transfer from Retained Earnings to Capital Surplus 80 (80 ) —
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period — (519 ) 119,056 (610 ) 117,926
Balance as of the end of the period 2,256,767 1,135,948 4,260,606 (7,025 ) 7,646,297
Accumulated Other Comprehensive Income
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NetUnrealizedGains(Losses) onOtherSecurities DeferredGains orLosses onHedges RevaluationReserve forLand ForeignCurrencyTranslationAdjustments Remeasurementsof Defined<br>Benefit Plans TotalAccumulatedOtherComprehensiveIncome StockAcquisitionRights Non-ControllingInterests TotalNetAssets
Balance as of the beginning of the period 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,663,847
Cumulative Effects of Changes in Accounting Policies — (32,639 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,631,208
Changes during the period
Cash Dividends (95,208 )
Profit Attributable to Owners of Parent 215,523
Repurchase of Treasury Stock (1,995 )
Disposition of Treasury Stock 1,305
Transfer from Revaluation Reserve for Land (1,178 )
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (519 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ Equity 215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 156,070
Total Changes during the period 215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 273,997
Balance as of the end of the period 1,038,781 66,262 137,834 (170,773 ) 84,475 1,156,580 134 102,192 8,905,205

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2020

(Six months ended September 30, 2020)

(Under Japanese GAAP)

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2020 See above Notes Page
1. Income Analysis CON NON 2-1
2. Interest Margins (Domestic Operations) NON 2-5
3. Use and Source of Funds NON 2-6
4. Net Gains/Losses on Securities CON NON 2-8
5. Unrealized Gains/Losses on Securities CON NON 2-10
6. Projected Redemption Amounts for Securities NON 2-12
7. Overview of Derivative Transactions Qualifying for Hedge Accounting NON 2-13
8. Employee Retirement Benefits NON CON 2-14
9. Capital Ratio CON NON 2-17
II. REVIEW OF CREDITS See above Notes Page
--- --- --- --- --- ---
1. Status of Non-Accrual, Past Due & Restructured<br>Loans CON NON 2-18
2. Status of Reserves for Possible Losses on Loans CON NON 2-20
3. Reserve Ratios for Non-Accrual, Past Due &<br>Restructured Loans CON NON 2-21
4. Status of Non Performing Loans based on the Financial Reconstruction<br>Act(“FRA”) CON NON 2-22
5. Coverage on Non Performing Loans based on the FRA NON 2-24
6. Overview of Non-Performing<br>Loans(“NPLs”) NON 2-27
7. Results of Removal of NPLs from the Balance Sheet NON 2-28
8. Status of Loans by Industry
(1)   Outstanding Balances and<br>Non-Accrual, Past Due & Restructured Loans by Industry NON 2-29
(2)   Non Performing Loans based on the FRA and Coverage Ratio by<br>Industry NON 2-31
9. Housing and Consumer Loans & Loans to Small and<br>Medium-Sized Enterprises (“SMEs”) and Individual Customers
(1)   Balance of Housing and Consumer Loans NON 2-32
(2)   Loans to SMEs and Individual Customers NON 2-32
10. Status of Loans by Region NON 2-33
III. DEFERRED TAXES See above Notes Page
1. Estimation for Calculating Deferred Tax Assets NON 2-34
IV. OTHERS See above Notes Page
1. Breakdown of Deposits (Domestic Offices) NON 2-36
2. Number of Directors and Employees 2-37
3. Number of Offices 2-37
4. Earnings Plan for Fiscal 2020 CON NON 2-38
Attachments Page
--- --- ---
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2-39
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2-40
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2-41
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2-42
Statement of Trust Assets and Liabilities 2-43
Comparison of Balances of Principal Items 2-44
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2-45
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2-46

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities LitigationReform 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 inrelation 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 andare subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interestrates; 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 andmeet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategicinitiatives 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. KeyInformation—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”),which is available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2020

1. Income Analysis

Consolidated

(Millions of yen)
First Half of Fiscal 2020 First Half of<br>Fiscal 2019
Change
Consolidated Gross Profits 1 **** 1,112,323 **** 81,600 1,030,722
Net Interest Income 2 **** 440,129 **** 63,512 376,617
Fiduciary Income 3 **** 27,143 **** (612 ) 27,756
Credit Costs for Trust Accounts 4 **** — **** — —
Net Fee and Commission Income 5 **** 319,611 **** 43,511 276,100
Net Trading Income 6 **** 236,764 **** 44,864 191,899
Net Other Operating Income 7 **** 88,673 **** (69,675 ) 158,349
General and Administrative Expenses 8 **** (681,287 ) (10,695 ) (670,592 )
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans) 9 **** (84,777 ) (65,635 ) (19,142 )
Losses on Write-offs of Loans 10 **** (7,444 ) 5,556 (13,001 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 11 **** 3,555 **** (4,360 ) 7,915
Net Gains (Losses) related to Stocks 12 **** (69,490 ) (116,909 ) 47,418
Equity in Income from Investments in Affiliates 13 **** 11,559 **** (7,549 ) 19,109
Other 14 **** (24,271 ) (5,312 ) (18,959 )
Ordinary Profits 15 **** 267,610 **** (128,861 ) 396,471
Net Extraordinary Gains (Losses) 16 **** 65,780 **** 70,780 (5,000 )
Income before Income Taxes 17 **** 333,391 **** (58,080 ) 391,471
Income Taxes—Current 18 **** (74,186 ) 11,389 (85,576 )
— Deferred 19 **** (41,813 ) (31,220 ) (10,593 )
Profit 20 **** 217,390 **** (77,911 ) 295,302
Profit Attributable to Non-controlling Interests 21 **** (1,867 ) 5,766 (7,633 )
Profit Attributable to Owners of Parent 22 **** 215,523 **** (72,145 ) 287,668
Credit-related Costs (including Credit Costs for Trust Accounts) 23 **** (81,222 ) (69,995 ) (11,226 )
Credit-related Costs [23] =     Expenses related<br>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 **** 438,448 **** 89,612 348,836
Consolidated Net Business<br>Profits [24] =     Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in<br>Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries 25 **** 153 **** 31 122
Number of affiliates under the equity method 26 **** 26 **** — 26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

(Millions of yen)
First Half of Fiscal 2020 First Half
MHBK MHTB AggregateFigures Change of Fiscal2019
Gross Profits 1 **** 694,993 **** **** 59,926 **** **** 754,920 **** 20,916 734,004
Domestic Gross Profits 2 **** 334,010 **** **** 51,978 **** **** 385,989 **** (26,688 ) 412,677
Net Interest Income 3 **** 198,312 **** **** 10,153 **** **** 208,466 **** (16,811 ) 225,277
Fiduciary Income 4 **** 27,277 **** **** 27,277 **** (641 ) 27,919
Trust Fees for Jointly Operated Designated Money Trust 5 **** 2,024 **** **** 2,024 **** (151 ) 2,175
Credit Costs for Trust Accounts ^(1)^ 6 **** — **** **** — **** — —
Net Fee and Commission Income 7 **** 130,100 **** **** 12,623 **** **** 142,724 **** 19,141 123,582
Net Trading Income ^(2)^ 8 **** 9,966 **** **** 1,172 **** **** 11,139 **** 5,333 5,806
Net Other Operating Income 9 **** (4,369 ) **** 751 **** **** (3,618 ) (33,710 ) 30,092
International Gross Profits 10 **** 360,983 **** **** 7,947 **** **** 368,930 **** 47,604 321,326
Net Interest Income 11 **** 179,471 **** **** 3,313 **** **** 182,785 **** 68,576 114,208
Net Fee and Commission Income 12 **** 71,830 **** **** (352 ) **** 71,477 **** 5,247 66,230
Net Trading Income ^(2)^ 13 **** 63,299 **** **** (683 ) **** 62,615 **** 681 61,933
Net Other Operating Income 14 **** 46,381 **** **** 5,670 **** **** 52,051 **** (26,900 ) 78,952
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 15 **** (399,162 ) **** (41,098 ) **** (440,260 ) 9,633 (449,894 )
Expense Ratio 16 **** 57.4 % **** 68.5 % **** 58.3 % (2.9 %) 61.2 %
Personnel Expenses 17 **** (154,180 ) **** (19,590 ) **** (173,771 ) 7,784 (181,555 )
Non-Personnel Expenses 18 **** (220,976 ) **** (19,848 ) **** (240,825 ) 662 (241,488 )
Premium for Deposit Insurance 19 **** (16,083 ) **** (636 ) **** (16,720 ) (503 ) (16,216 )
Miscellaneous Taxes 20 **** (24,005 ) **** (1,659 ) **** (25,664 ) 1,186 (26,851 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 21 **** 295,831 **** **** 18,828 **** **** 314,659 **** 30,549 284,109
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(3)^ 22 **** 257,750 **** **** 12,425 **** **** 270,176 **** 82,728 187,447
Excluding Net Gains (Losses) from redemption of Investment Trusts 23 **** 256,064 **** **** 11,923 **** **** 267,988 **** 82,552 185,435
Reversal of (Provision for) General Reserve for Losses on Loans 24 **** (60,866 ) **** — **** **** (60,866 ) (47,525 ) (13,341 )
Net Business Profits 25 **** 234,964 **** **** 18,828 **** **** 253,792 **** (16,975 ) 270,768
Net Gains (Losses) related to Bonds 26 **** 38,080 **** **** 6,402 **** **** 44,483 **** (52,178 ) 96,661
Net Non-Recurring Gains (Losses) 27 **** (102,437 ) **** (3,009 ) **** (105,446 ) (151,788 ) 46,341
Net Gains (Losses) related to Stocks 28 **** (72,385 ) **** (2,932 ) **** (75,317 ) (118,537 ) 43,220
Expenses related to Portfolio Problems 29 **** (21,981 ) **** (0 ) **** (21,981 ) (13,317 ) (8,664 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 30 **** 3,121 **** **** 247 **** **** 3,368 **** (3,597 ) 6,965
Other 31 **** (11,191 ) **** (323 ) **** (11,515 ) (16,335 ) 4,820
Ordinary Profits 32 **** 132,527 **** **** 15,819 **** **** 148,346 **** (168,763 ) 317,110
Net Extraordinary Gains (Losses) 33 **** 51,998 **** **** 5,862 **** **** 57,860 **** 62,675 (4,815 )
Net Gains (Losses) on Disposition of Fixed Assets 34 **** 1,229 **** **** (375 ) **** 853 **** 1,659 (805 )
Losses on Impairment of Fixed Assets 35 **** (761 ) **** — **** **** (761 ) 3,248 (4,010 )
Accumulation (Amortization) of Unrecognized Prior Service Cost 36 **** 45,822 **** **** 6,569 **** **** 52,391 **** 52,391 —
Gains on Cancellation of Employee Retirement Benefit Trust 37 **** 7,895 **** **** — **** **** 7,895 **** 7,895 —
Losses on Transfer to Defined Contribution Pension Plan 38 **** (2,187 ) **** (331 ) **** (2,519 ) (2,519 ) —
Income before Income Taxes 39 **** 184,525 **** **** 21,681 **** **** 206,206 **** (106,087 ) 312,294
Income Taxes—Current 40 **** (46,504 ) **** (2,181 ) **** (48,685 ) 20,387 (69,073 )
—Deferred 41 **** (28,298 ) **** (3,796 ) **** (32,094 ) (23,570 ) (8,523 )
Net Income 42 **** 109,722 **** **** 15,704 **** **** 125,426 **** (109,271 ) 234,697
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses<br>on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].<br> <br>(2) Net Business<br>Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]<br><br><br>=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 43 **** (79,726 ) **** 247 **** **** (79,479 ) (64,440 ) (15,039 )
Credit-related Costs [43] = Expenses related to Portfolio Problems [29] + Reversal<br>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 44 — — — —
Reversal of (Provision for) General Reserve for Losses on Loans 45 **** (60,866 ) **** 219 **** **** (60,647 ) (47,306 ) (13,341 )
Losses on Write-offs of Loans 46 **** (3,958 ) **** 0 **** **** (3,958 ) 647 (4,605 )
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 47 **** (15,438 ) **** 27 **** **** (15,411 ) (18,866 ) 3,455
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 48 **** — **** **** — **** **** — **** (4 ) 4
Reversal of (Provision for) Reserve for Contingencies 49 **** 1,120 **** **** — **** **** 1,120 **** 1,319 (198 )
Other (including Losses on Sales of Loans) 50 **** (583 ) **** — **** **** (583 ) (229 ) (353 )
Total 51 **** (79,726 ) **** 247 **** **** (79,479 ) (64,440 ) (15,039 )

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

(Millions of yen)
First Half of<br>Fiscal 2020 First Half of
Change Fiscal 2019
Gross Profits 1 **** 694,993 **** 25,825 669,168
Domestic Gross Profits 2 **** 334,010 **** (17,218 ) 351,229
Net Interest Income 3 **** 198,312 **** (15,299 ) 213,612
Net Fee and Commission Income 4 **** 130,100 **** 18,331 111,768
Net Trading Income 5 **** 9,966 **** 11,857 (1,890 )
Net Other Operating Income 6 **** (4,369 ) (32,107 ) 27,738
International Gross Profits 7 **** 360,983 **** 43,043 317,939
Net Interest Income 8 **** 179,471 **** 67,060 112,411
Net Fee and Commission Income 9 **** 71,830 **** 5,327 66,502
Net Trading Income 10 **** 63,299 **** (5,835 ) 69,135
Net Other Operating Income 11 **** 46,381 **** (23,507 ) 69,889
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 12 (399,162 ) 9,407 (408,569 )
Expense Ratio 13 **** 57.4 % (3.6 %) 61.0 %
Personnel Expenses 14 **** (154,180 ) 7,537 (161,718 )
Non-Personnel Expenses 15 **** (220,976 ) 630 (221,607 )
Premium for Deposit Insurance 16 **** (16,083 ) (514 ) (15,569 )
Miscellaneous Taxes 17 **** (24,005 ) 1,238 (25,243 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 18 **** 295,831 **** 35,232 260,598
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas * 19 **** 257,750 **** 82,550 175,200
Excluding Net Gains (Losses) from redemption of Investment Trusts 20 **** 256,064 **** 82,772 173,292
Reversal of (Provision for) General Reserve for Losses on Loans 21 **** (60,866 ) (47,619 ) (13,247 )
Net Business Profits 22 **** 234,964 **** (12,387 ) 247,351
Net Gains (Losses) related to Bonds 23 **** 38,080 **** (47,318 ) 85,398
Net Non-Recurring Gains (Losses) 24 (102,437 ) (150,492 ) 48,055
Net Gains (Losses) related to Stocks 25 **** (72,385 ) (116,012 ) 43,626
Expenses related to Portfolio Problems 26 **** (21,981 ) (13,272 ) (8,709 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 27 **** 3,121 **** (3,819 ) 6,941
Other 28 **** (11,191 ) (17,388 ) 6,196
Ordinary Profits 29 **** 132,527 **** (162,880 ) 295,407
Net Extraordinary Gains (Losses) 30 **** 51,998 **** 57,300 (5,301 )
Net Gains (Losses) on Disposition of Fixed Assets 31 **** 1,229 **** 2,862 (1,632 )
Losses on Impairment of Fixed Assets 32 **** (761 ) 2,907 (3,669 )
Accumulation (Amortization) of Unrecognized Prior Service Cost 33 **** 45,822 **** 45,822 —
Gains on Cancellation of Employee Retirement Benefit Trust 34 **** 7,895 **** 7,895 —
Losses on Transfer to Defined Contribution Pension Plan 35 **** (2,187 ) (2,187 ) —
Income before Income Taxes 36 **** 184,525 **** (105,580 ) 290,105
Income Taxes—Current 37 **** (46,504 ) 19,460 (65,965 )
—Deferred 38 **** (28,298 ) (23,293 ) (5,004 )
Net Income 39 109,722 (109,413 ) 219,135
* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses<br>on Loans) from core business areas[19]<br> <br>=Net Business Profits(before Reversal<br>of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs 40 (79,726 ) **** (64,711 ) **** (15,014 )
Credit-related Costs [40] =  Expenses related to Portfolio<br>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 41 **** (60,866 ) (47,619 ) (13,247 )
Losses on Write-offs of Loans 42 **** (3,958 ) 671 (4,630 )
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 43 **** (15,438 ) (18,848 ) 3,410
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 44 **** — **** (4 ) 4
Reversal of (Provision for) Reserve for Contingencies 45 **** 1,120 **** 1,319 (198 )
Other (including Losses on Sales of Loans) 46 **** (583 ) (229 ) (353 )
Total 47 (79,726 ) (64,711 ) (15,014 )

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking<br> <br><br><br><br>Non-Consolidated <br> <br><br><br><br>
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of
Change Fiscal 2019
Gross Profits 1 **** 59,926 **** (4,908 ) 64,835
Domestic Gross Profits 2 **** 51,978 **** (9,469 ) 61,448
Net Interest Income 3 **** 10,153 **** (1,511 ) 11,665
Fiduciary Income 4 **** 27,277 **** (641 ) 27,919
Trust Fees for Jointly Operated Designated Money Trust 5 2,024 (151 ) 2,175
Credit Costs for Trust Accounts ^(1)^ 6 **** — **** — —
Net Fee and Commission Income 7 **** 12,623 **** 810 11,813
Net Trading Income ^(2)^ 8 **** 1,172 **** (6,524 ) 7,696
Net Other Operating Income 9 **** 751 **** (1,602 ) 2,353
International Gross Profits 10 **** 7,947 **** 4,560 3,387
Net Interest Income 11 **** 3,313 **** 1,516 1,797
Net Fee and Commission Income 12 **** (352 ) (80 ) (271 )
Net Trading Income ^(2)^ 13 **** (683 ) 6,517 (7,201 )
Net Other Operating Income 14 **** 5,670 **** (3,392 ) 9,063
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 15 **** (41,098 ) 226 (41,324 )
Expense Ratio 16 **** 68.5 % 4.8 % 63.7 %
Personnel Expenses 17 **** (19,590 ) 246 (19,836 )
Non-Personnel Expenses 18 **** (19,848 ) 31 (19,880 )
Premium for Deposit Insurance 19 **** (636 ) 10 (647 )
Miscellaneous Taxes 20 **** (1,659 ) (51 ) (1,607 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 21 18,828 (4,682 ) 23,510
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(3)^ 22 **** 12,425 **** 178 12,247
Excluding Net Gains (Losses) from redemption of Investment Trusts 23 **** 11,923 **** (219 ) 12,143
Reversal of (Provision for) General Reserve for Losses on Loans 24 — 94 (94 )
Net Business Profits 25 18,828 (4,587 ) 23,416
Net Gains (Losses) related to Bonds 26 **** 6,402 **** (4,860 ) 11,263
Net Non-Recurring Gains (Losses) 27 (3,009 ) (1,295 ) (1,713 )
Net Gains (Losses) related to Stocks 28 **** (2,932 ) (2,525 ) (406 )
Expenses related to Portfolio Problems 29 **** (0 ) (45 ) 45
Gains on Reversal of Reserves for Possible Losses on Loans, and others 30 **** 247 **** 222 24
Other 31 **** (323 ) 1,052 (1,376 )
Ordinary Profits 32 **** 15,819 **** (5,883 ) 21,702
Net Extraordinary Gains (Losses) 33 **** 5,862 **** 5,375 486
Net Gains (Losses) on Disposition of Fixed Assets 34 **** (375 ) (1,203 ) 827
Losses on Impairment of Fixed Assets 35 **** — **** 341 (341 )
Accumulation (Amortization) of Unrecognized Prior Service Cost 36 **** 6,569 **** 6,569 —
Losses on Transfer to Defined Contribution Pension Plan 37 **** (331 ) (331 ) —
Income before Income Taxes 38 **** 21,681 **** (507 ) 22,188
Income Taxes—Current 39 **** (2,181 ) 926 (3,107 )
—Deferred 40 **** (3,796 ) (277 ) (3,519 )
Net Income 41 15,704 142 15,562
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for<br>Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].<br> <br>(2) Net Business<br>Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]<br><br><br>=Net Business Profits(before Reversal of (Provision for) General Reserve for<br>Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs 42 247 **** 271 **** (24 )
Credit-related Costs [42] =  Expenses related to Portfolio<br>Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts 43 **** — **** — —
Reversal of (Provision for) General Reserve for Losses on Loans 44 **** 219 **** 313 (94 )
Losses on Write-offs of Loans 45 **** 0 **** (24 ) 24
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 46 **** 27 **** (17 ) 45
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 47 **** — **** — —
Reversal of (Provision for) Reserve for Contingencies 48 **** — **** — —
Other (including Losses on Sales of Loans) 49 **** — **** — —
Total 50 **** 247 **** 271 (24 )

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)<br> <br><br><br><br>Non-Consolidated
(%)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal2019
Mizuho Bank Change
Return on Interest-Earning Assets 1 **** 0.37 **** (0.06 ) 0.44
Return on Loans and Bills Discounted ^(1)^ 2 **** 0.71 **** (0.05 ) 0.77
Return on Securities 3 **** 0.21 **** (0.23 ) 0.45
Cost of Funding (including Expenses) 4 **** 0.56 **** (0.05 ) 0.62
Cost of Deposits (including Expenses) 5 **** 0.56 **** (0.06 ) 0.62
Cost of Deposits ^(2)^ 6 **** 0.00 **** (0.00 ) 0.00
Cost of Other External Liabilities 7 **** 0.52 **** (0.07 ) 0.59
Net Interest Margin (1)-(4) 8 **** (0.18 ) 0.00 (0.18 )
Loan and Deposit Rate Margin (including Expenses) (2)-(5) 9 **** 0.15 **** 0.00 0.14
Loan and Deposit Rate Margin (2)-(6) 10 **** 0.71 **** (0.05 ) 0.76
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).<br><br><br>(2)  Deposits include Negotiable Certificates of Deposit (“NCDs”).<br><br><br><br> <br><br> <br>Reference: After<br>excluding loans to the Japanese government and others
Return on Loans and Bills Discounted 11 **** 0.73 **** (0.05 ) 0.79
Loan and Deposit Rate Margin (including Expenses) (11)-(5) 12 **** 0.17 **** 0.00 0.17
Loan and Deposit Rate Margin (11)-(6) 13 **** 0.73 **** (0.05 ) 0.79
(%)
Mizuho Trust & Banking First Half of<br>Fiscal 2020 First Half of<br>Fiscal2019
Change
Return on Interest-Earning Assets 14 **** 0.45 **** (0.03 ) 0.49
Return on Loans and Bills Discounted^(1)^ 15 **** 0.57 **** (0.02 ) 0.59
Return on Securities 16 **** 1.12 **** (0.29 ) 1.41
Cost of Funding 17 **** 0.10 **** 0.01 0.09
Cost of Deposits ^(2)^ 18 **** 0.01 **** 0.00 0.01
Net Interest Margin (14)-(17) 19 **** 0.35 **** (0.04 ) 0.40
Loan and Deposit Rate Margin (15)-(18) 20 **** 0.56 **** (0.01 ) 0.58
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).<br><br><br>(2)  Deposits include NCDs.<br> <br><br><br><br><br> <br>Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted 21 **** 0.60 **** (0.01 ) 0.61
Loan and Deposit Rate Margin (21)-(18) 22 **** 0.59 **** (0.01 ) 0.60
Reference (%)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal2019
Aggregate Figures for the 2 Banks Change
Return on Loans and Bills Discounted ^(1)^ 23 **** 0.70 **** (0.05 ) 0.76
Cost of Deposits ^(2)^ 24 **** 0.00 **** (0.00 ) 0.00
Loan and Deposit Rate Margin (23)-(24) 25 **** 0.70 **** (0.05 ) 0.75
(1)  Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).<br><br><br>(2)  Deposits include NCDs.<br> <br><br><br><br><br> <br>Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted 26 **** 0.73 **** (0.05 ) 0.78
Loan and Deposit Rate Margin (26)-(24) 27 **** 0.72 **** (0.05 ) 0.78

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)
First Half of Fiscal 2020
Change First Half of Fiscal 2019
Average Balance Rate Average Balance Rate Average Balance Rate
Total
Use of Funds **** 177,251,209 **** 0.66 23,674,077 (0.45 ) 153,577,132 1.12
Loans and Bills Discounted **** 84,756,413 **** 1.01 8,273,826 (0.50 ) 76,482,587 1.52
Securities **** 36,991,118 **** 0.60 9,004,889 (0.35 ) 27,986,229 0.96
Source of Funds **** 175,882,935 **** 0.24 22,715,359 (0.46 ) 153,167,575 0.70
Deposits **** 131,784,993 **** 0.11 12,819,635 (0.29 ) 118,965,358 0.41
NCDs **** 13,547,661 **** 0.24 (92,575 ) (0.74 ) 13,640,237 0.99
Domestic Operations
Use of Funds **** 118,302,201 **** 0.37 11,123,822 (0.06 ) 107,178,379 0.44
Loans and Bills Discounted **** 53,806,290 **** 0.70 5,170,930 (0.05 ) 48,635,360 0.76
Securities **** 22,214,688 **** 0.21 4,302,242 (0.23 ) 17,912,446 0.45
Source of Funds **** 117,087,466 **** 0.04 10,409,632 0.00 106,677,834 0.04
Deposits **** 101,431,176 **** 0.00 8,460,797 (0.00 ) 92,970,378 0.00
NCDs **** 7,900,656 **** 0.00 726,418 (0.00 ) 7,174,237 0.00
International Operations
Use of Funds **** 60,129,817 **** 1.23 10,668,504 (1.31 ) 49,461,312 2.54
Loans and Bills Discounted **** 30,950,123 **** 1.55 3,102,896 (1.29 ) 27,847,227 2.84
Securities **** 14,776,429 **** 1.18 4,702,646 (0.67 ) 10,073,782 1.85
Source of Funds **** 59,976,279 **** 0.63 10,423,978 (1.44 ) 49,552,301 2.08
Deposits **** 30,353,817 **** 0.50 4,358,837 (1.36 ) 25,994,980 1.87
NCDs **** 5,647,005 **** 0.59 (818,993 ) (1.50 ) 6,465,999 2.09

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (BankingAccount)
(Millions of yen, %)
First Half of Fiscal 2020
Change First Half of Fiscal 2019
Average Balance Rate Average Balance Rate Average Balance Rate
Total
Use of Funds **** 6,298,815 **** 0.57 (50,051 ) (0.05 ) 6,348,866 0.63
Loans and Bills Discounted **** 3,504,375 **** 0.62 124,626 (0.11 ) 3,379,749 0.74
Securities **** 875,944 **** 1.40 (4,788 ) (0.07 ) 880,732 1.47
Source of Funds **** 6,394,023 **** 0.14 (401,124 ) (0.05 ) 6,795,148 0.19
Deposits **** 3,115,718 **** 0.01 (363,241 ) (0.00 ) 3,478,959 0.02
NCDs **** 563,051 **** 0.00 114,741 (0.00 ) 448,309 0.01
Domestic Operations
Use of Funds **** 5,734,692 **** 0.45 (159,767 ) (0.03 ) 5,894,459 0.49
Loans and Bills Discounted **** 3,364,372 **** 0.57 185,141 (0.02 ) 3,179,231 0.59
Securities **** 431,388 **** 1.12 (153,633 ) (0.29 ) 585,021 1.41
Source of Funds **** 5,796,911 **** 0.10 (530,388 ) 0.01 6,327,299 0.09
Deposits **** 3,112,108 **** 0.01 (358,923 ) (0.00 ) 3,471,032 0.01
NCDs **** 563,051 **** 0.00 114,741 (0.00 ) 448,309 0.01
International Operations
Use of Funds **** 611,073 **** 1.65 96,500 (0.57 ) 514,572 2.22
Loans and Bills Discounted **** 140,003 **** 1.88 (60,514 ) (1.20 ) 200,517 3.09
Securities **** 444,556 **** 1.67 148,845 0.06 295,711 1.60
Source of Funds **** 644,062 **** 0.54 116,048 (0.94 ) 528,013 1.48
Deposits **** 3,609 **** 0.13 (4,317 ) (1.44 ) 7,927 1.57
NCDs **** — **** — — — — —

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

(Millions of yen)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Bonds **** 45,279 **** (51,493 ) 96,773
Gains on Sales and Others **** 77,301 **** (66,062 ) 143,364
Losses on Sales and Others **** (29,912 ) 13,400 (43,312 )
Impairment (Devaluation) **** (3,048 ) (2,293 ) (754 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (0 ) (0 ) —
Gains (Losses) on Derivatives other than for Trading **** 938 **** 3,462 (2,523 )
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Stocks **** (69,490 ) (116,909 ) 47,418
Gains on Sales **** 44,129 **** (42,568 ) 86,698
Losses on Sales **** (24,008 ) (3,004 ) (21,004 )
Impairment (Devaluation) **** (62,682 ) (52,652 ) (10,030 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** (26,929 ) (18,682 ) (8,246 )
Non-Consolidated<br> <br><br><br><br>Aggregate Figures for the 2 Banks <br><br><br><br> <br>
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Bonds **** 44,483 **** (52,178 ) 96,661
Gains on Sales and Others **** 77,284 **** (66,355 ) 143,639
Losses on Sales and Others **** (30,731 ) 12,971 (43,702 )
Impairment (Devaluation) **** (3,017 ) (2,266 ) (751 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** 947 **** 3,471 (2,523 )
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Stocks **** (75,317 ) (118,537 ) 43,220
Gains on Sales **** 38,333 **** (41,140 ) 79,474
Losses on Sales **** (20,814 ) (379 ) (20,435 )
Impairment (Devaluation) **** (65,818 ) (58,810 ) (7,008 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (89 ) 475 (565 )
Gains (Losses) on Derivatives other than for Trading **** (26,929 ) (18,682 ) (8,246 )

2-8

Mizuho Financial Group, Inc.

Mizuho Bank ****
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Bonds **** 38,080 **** (47,318 ) 85,398
Gains on Sales and Others **** 69,665 **** (58,914 ) 128,580
Losses on Sales and Others **** (29,689 ) 11,742 (41,431 )
Impairment (Devaluation) **** (3,017 ) (2,265 ) (751 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** 1,121 **** 2,119 (998 )
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Stocks **** (72,385 ) (116,012 ) 43,626
Gains on Sales **** 32,361 **** (45,153 ) 77,514
Losses on Sales **** (18,281 ) 810 (19,091 )
Impairment (Devaluation) **** (63,885 ) (57,188 ) (6,697 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (89 ) 475 (565 )
Gains (Losses) on Derivatives other than for Trading **** (22,490 ) (14,956 ) (7,533 )
Mizuho Trust & Banking ****
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Bonds **** 6,402 **** (4,860 ) 11,263
Gains on Sales and Others **** 7,618 **** (7,441 ) 15,059
Losses on Sales and Others **** (1,041 ) 1,228 (2,270 )
Impairment (Devaluation) **** (0 ) (0 ) —
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** (173 ) 1,352 (1,525 )
First Half of<br>Fiscal 2020 First Half of<br>Fiscal 2019
Change
Net Gains (Losses) related to Stocks **** (2,932 ) (2,525 ) (406 )
Gains on Sales **** 5,972 **** 4,012 1,959
Losses on Sales **** (2,532 ) (1,189 ) (1,343 )
Impairment (Devaluation) **** (1,933 ) (1,622 ) (311 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** (4,438 ) (3,726 ) (712 )

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
As of March 31, 2020
Unrealized Gains/Losses Book Value Unrealized Gains/Losses
Gains Losses (= Fair Value) Gains Losses
Other Securities 41,720,521 **** 1,461,541 **** **** 1,680,867 **** 219,325 33,337,628 1,171,146 1,543,609 372,462
Japanese Stocks 2,581,799 **** 1,370,207 **** **** 1,428,868 **** 58,660 2,338,429 1,066,360 1,167,903 101,543
Japanese Bonds 23,107,771 **** (50,561 ) **** 28,270 **** 78,831 15,702,512 (54,100 ) 30,037 84,137
Japanese Government Bonds 19,920,362 **** (44,661 ) **** 2,607 **** 47,268 12,601,934 (44,021 ) 6,540 50,562
Other 16,030,951 **** 141,895 **** **** 223,728 **** 81,833 15,296,686 158,886 345,668 186,781
Foreign Bonds 13,299,464 **** 171,500 **** **** 184,516 **** 13,016 12,702,213 200,954 246,097 45,142
•  In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and<br>Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.<br>•  As of September 30, 2020, fair value of securities is determined at the quoted market price if<br>available, or other reasonable value at the consolidated balance sheet date.    As of<br>March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.<br>   Fair value of securities other than Japanese stocks is determined at the quoted market price if<br>available, or other reasonable value at the consolidated balance sheet date. •  The book values of<br>Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.<br>•  Unrealized Gains/Losses include (1,301) million and (5,191) million, which were<br>recognized in the statement of income for September 30, 2020 and March 31, 2020, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation<br>adjustments as of September 30, 2020 and March 31, 2020 are 1,462,843 million and 1,176,337 million, respectively.<br>•  Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after<br>tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences and others regarding stocks and others without a quoted market price and<br>Investments in Partnerships) as of September 30, 2020 and March 31, 2020 are 1,038,781 million and 823,085 million, respectively.  <br>(2) Bonds Held to Maturity
As of March 31, 2020
Unrealized Gains/Losses Unrealized Gains/Losses
Gains Losses Book Value Gains Losses
Bonds Held to Maturity 788,395 **** 23,753 **** **** 23,753 **** — 860,233 15,096 15,467 370
Non-Consolidated  <br>(1) Other Securities  <br>Aggregate Figures for the 2 Banks
As of March 31, 2020
Unrealized Gains/Losses Book Value Unrealized Gains/Losses
Gains Losses (= Fair Value) Gains Losses
Other Securities 41,138,802 **** 1,391,024 **** **** 1,608,970 **** 217,946 32,728,555 1,097,064 1,471,736 374,672
Japanese Stocks 2,495,126 **** 1,301,296 **** **** 1,359,671 **** 58,374 2,253,467 994,275 1,098,051 103,776
Japanese Bonds 23,084,331 **** (50,569 ) **** 28,262 **** 78,831 15,675,573 (54,111 ) 30,026 84,137
Japanese Government Bonds 19,906,166 **** (44,667 ) **** 2,601 **** 47,268 12,585,075 (44,028 ) 6,533 50,562
Other 15,559,344 **** 140,297 **** **** 221,037 **** 80,740 14,799,514 156,900 343,658 186,758
Foreign Bonds 12,896,378 **** 170,789 **** **** 182,712 **** 11,923 12,360,799 199,672 244,795 45,122
Mizuho Bank
Other Securities 40,353,028 **** 1,311,844 **** **** 1,518,713 **** 206,869 31,816,754 1,033,585 1,393,577 359,992
Japanese Stocks 2,349,223 **** 1,229,768 **** **** 1,279,484 **** 49,716 2,118,532 937,153 1,033,813 96,660
Japanese Bonds 22,884,302 **** (51,238 ) **** 27,421 **** 78,660 15,413,226 (55,616 ) 28,480 84,097
Japanese Government Bonds 19,786,300 **** (44,504 ) **** 2,598 **** 47,102 12,406,892 (44,931 ) 5,631 50,562
Other 15,119,503 **** 133,314 **** **** 211,807 **** 78,492 14,284,996 152,048 331,282 179,234
Foreign Bonds 12,625,682 **** 163,640 **** **** 174,841 **** 11,201 11,916,915 188,388 233,272 44,883
Mizuho Trust & Banking
Other Securities 785,774 **** 79,179 **** **** 90,256 **** 11,077 911,800 63,479 78,159 14,680
Japanese Stocks 145,903 **** 71,527 **** **** 80,186 **** 8,658 134,934 57,122 64,237 7,115
Japanese Bonds 200,028 **** 669 **** **** 840 **** 171 262,347 1,505 1,545 40
Japanese Government Bonds 119,866 **** (162 ) **** 2 **** 165 178,183 902 902 —
Other 439,841 **** 6,982 **** **** 9,229 **** 2,247 514,518 4,851 12,376 7,524
Foreign Bonds 270,696 **** 7,148 **** **** 7,871 **** 722 443,884 11,283 11,522 238

All values are in Japanese Yen.

• In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and<br>certain items in “Other Debt Purchased” are also included.
• As of September 30, 2020, fair value of securities is determined at the quoted market price if available,<br>or other reasonable value at the consolidated balance sheet date.
--- ---
As of March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the<br>average quoted market price over the month preceding the consolidated balance sheet date.
---
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or<br>other reasonable value at the consolidated balance sheet date.
---
• The book values of Other Securities which have readily determinable fair value are stated at fair value, so<br>Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.
--- ---
• Unrealized Gains/Losses include ¥(1,301) million and ¥(5,191) million, which were recognized in the<br>statement of income (aggregate figures for the 2 banks) for September 30, 2020 and March 31, 2020, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax<br>adjustment (aggregate figures for the 2 banks) as of September 30, 2020 and March 31, 2020 are ¥1,392,325 million and ¥1,102,255 million, respectively.
--- ---
• Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax<br>adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as<br>of September 30, 2020 and March 31, 2020 are as follows:
--- ---
(Millions of yen)
--- --- --- --- ---
As of September 30, 2020 As of March 31, 2020
Aggregate Figures **** 1,000,725 784,915
Mizuho Bank **** 940,044 734,953
Mizuho Trust & Banking **** 60,681 49,961

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)
As of September 30, 2020 As of March 31, 2020
Book Value Unrealized Gains/Losses Book Value Unrealized Gains/Losses
Gains Losses Gains Losses
Aggregate Figures **** 788,395 **** 23,753 23,753 — 860,233 15,096 15,467 370
Mizuho Bank **** 788,395 **** 23,753 23,753 — 860,233 15,096 15,467 370
Mizuho Trust & Banking **** — **** — — — — — — —
(3) Investment in Subsidiaries and Affiliates
Aggregate Figures for the 2 Banks
(Millions of yen)
As of September 30, 2020 As of March 31, 2020
Book Value Unrealized Gains/Losses Book Value Unrealized Gains/Losses
Gains Losses Gains Losses
Aggregate Figures **** 135,771 **** 206,840 207,320 479 135,771 151,877 153,740 1,862
Mizuho Bank **** 135,771 **** 206,840 207,320 479 135,771 151,877 153,740 1,862
Mizuho Trust & Banking **** — **** — — — — — — —

Reference

UnrealizedGains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Unrealized Gains/Losses Unrealized<br>Gains/Losses
Change
Other Securities **** 1,462,843 **** **** 286,506 **** 1,176,337
Japanese Stocks **** 1,371,509 **** **** 299,958 **** 1,071,551
Japanese Bonds **** (50,561 ) **** 3,539 **** (54,100 )
Japanese Government Bonds **** (44,661 ) **** (639 ) (44,021 )
Other **** 141,895 **** **** (16,991 ) 158,886
Foreign Bonds **** 171,500 **** **** (29,453 ) 200,954
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks
(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Unrealized Gains/Losses Unrealized<br>Gains/Losses
Change
Other Securities **** 1,392,325 **** **** 290,070 **** 1,102,255
Japanese Stocks **** 1,302,597 **** **** 303,131 **** 999,466
Japanese Bonds **** (50,569 ) **** 3,541 **** (54,111 )
Japanese Government Bonds **** (44,667 ) **** (638 ) (44,028 )
Other **** 140,297 **** **** (16,602 ) 156,900
Foreign Bonds **** 170,788 **** **** (28,883 ) 199,672

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks

(Billions of yen)
Maturity as of September 30, 2020 Change Maturity as of March 31, 2020
Within<br>1 year 1 - 5<br>years 5 - 10<br>years Over<br>10 years Within<br>1 year 1 - 5<br>years 5 - 10<br>years Over<br>10 years Within<br>1 year 1 - 5<br>years 5 - 10<br>years Over<br>10 years
Japanese Bonds **** 14,955.9 **** 5,614.8 **** 2,143.5 **** 803.6 8,707.3 (1,273.9 ) (133.9 ) 177.4 6,248.6 6,888.8 2,277.4 626.2
Japanese Government Bonds **** 14,563.4 **** 4,076.7 **** 1,505.6 **** 195.0 8,712.0 (1,312.8 ) (156.5 ) 150.0 5,851.4 5,389.5 1,662.1 45.0
Japanese Local Government Bonds **** 30.5 **** 209.0 **** 150.1 **** 16.9 19.0 37.5 65.5 12.5 11.5 171.4 84.6 4.4
Japanese Corporate Bonds **** 362.0 **** 1,329.1 **** 487.7 **** 591.7 (23.7 ) 1.2 (42.9 ) 14.9 385.7 1,327.8 530.7 576.8
Other **** 3,026.2 **** 2,710.6 **** 2,991.3 **** 5,351.7 (203.0 ) (311.4 ) 414.7 618.9 3,229.3 3,022.1 2,576.5 4,732.7
Mizuho Bank
Japanese Bonds **** 14,844.5 **** 5,552.0 **** 2,128.3 **** 793.6 8,658.2 (1,166.0 ) (125.4 ) 167.4 6,186.3 6,718.1 2,253.7 626.2
Japanese Government Bonds **** 14,453.4 **** 4,076.7 **** 1,505.6 **** 185.0 8,655.1 (1,192.8 ) (156.5 ) 140.0 5,798.3 5,269.5 1,662.1 45.0
Japanese Local Government Bonds **** 29.9 **** 208.8 **** 150.1 **** 16.9 19.1 37.6 65.5 12.5 10.7 171.1 84.6 4.4
Japanese Corporate Bonds **** 361.2 **** 1,266.5 **** 472.5 **** 591.7 (15.9 ) (10.9 ) (34.5 ) 14.9 377.2 1,277.4 507.0 576.8
Other **** 2,985.7 **** 2,610.9 **** 2,828.3 **** 5,255.0 (224.8 ) (274.6 ) 426.9 618.9 3,210.6 2,885.5 2,401.3 4,636.1
Mizuho Trust & Banking
Japanese Bonds **** 111.3 **** 62.8 **** 15.1 **** 10.0 49.0 (107.8 ) (8.4 ) 10.0 62.3 170.7 23.6 —
Japanese Government Bonds **** 110.0 **** — **** — **** 10.0 56.9 (120.0 ) — 10.0 53.1 120.0 — —
Japanese Local Government Bonds **** 0.5 **** 0.1 **** — **** — (0.1 ) (0.1 ) — — 0.7 0.2 — —
Japanese Corporate Bonds **** 0.7 **** 62.6 **** 15.1 **** — (7.7 ) 12.2 (8.4 ) — 8.4 50.4 23.6 —
Other **** 40.5 **** 99.7 **** 162.9 **** 96.6 21.8 (36.8 ) (12.2 ) (0.0 ) 18.7 136.6 175.2 96.6

2-12

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

⬛ Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term

Aggregate Figures for the 2 Banks

(Billions of yen)
As of September 30, 2020 Change As of March 31, 2020
Within<br>1 year 1 - 5<br>years Over<br>5 years Total Within<br>1 year 1 - 5<br>years Over<br>5 years Total Within<br>1 year 1 - 5<br>years Over<br>5 years Total
Receive Fixed / Pay Float **** 3,435.8 **** 8,889.2 **** 5,917.6 **** 18,242.7 1,626.0 (1,594.4 ) 59.3 91.0 1,809.7 10,483.7 5,858.2 18,151.7
Receive Float / Pay Fixed **** 431.1 **** 1,861.9 **** 3,072.3 **** 5,365.4 11.0 (722.8 ) (63.4 ) (775.2 ) 420.1 2,584.7 3,135.7 6,140.6
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** 3,866.9 **** 10,751.2 **** 8,989.9 **** 23,608.1 1,637.1 (2,317.3 ) (4.0 ) (684.2 ) 2,229.8 13,068.5 8,994.0 24,292.3
Mizuho Bank
Receive Fixed / Pay Float **** 3,435.8 **** 8,889.2 **** 5,892.6 **** 18,217.7 1,626.0 (1,594.4 ) 34.3 66.0 1,809.7 10,483.7 5,858.2 18,151.7
Receive Float / Pay Fixed **** 431.1 **** 1,701.9 **** 2,727.1 **** 4,860.2 31.0 (752.8 ) 14.1 (707.5 ) 400.1 2,454.7 2,712.9 5,567.7
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** 3,866.9 **** 10,591.2 **** 8,619.7 **** 23,077.9 1,657.1 (2,347.3 ) 48.5 (641.5 ) 2,209.8 12,938.5 8,571.1 23,719.5
Mizuho Trust & Banking
Receive Fixed / Pay Float **** — **** — **** 25.0 **** 25.0 — — 25.0 25.0 — — — —
Receive Float / Pay Fixed **** — **** 160.0 **** 345.1 **** 505.1 (20.0 ) 30.0 (77.6 ) (67.6 ) 20.0 130.0 422.8 572.8
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** — **** 160.0 **** 370.1 **** 530.1 (20.0 ) 30.0 (52.6 ) (42.6 ) 20.0 130.0 422.8 572.8

Reference:

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

(Billions of yen)
As of September 30, 2020 Change As of March 31, 2020
Deferred Hedge Gains/Losses Deferred Hedge Gains/Losses Deferred Hedge Gains/Losses
Gains Losses Gains Losses Gains Losses
Aggregate Figures **** 1,287.8 **** 1,198.0 89.8 **** (108.7 ) (101.1 ) (7.5 ) 1,396.6 1,299.1 97.4
Mizuho Bank **** 1,215.7 **** 1,117.3 98.4 **** (105.7 ) (100.0 ) (5.6 ) 1,321.4 1,217.3 104.1
Mizuho Trust & Banking **** 72.1 **** 80.6 (8.5 ) (3.0 ) (1.1 ) (1.9 ) 75.1 81.8 (6.6 )

Note: Above figures reflect all derivative transactions qualifying for hedge accounting, and are before net of applicable income taxes and others.

2-13

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures forthe 2 Banks

(Millions of yen)
First Half of<br>Fiscal 2020
Change First Half ofFiscal 2019
Retirement Benefit Obligations (at the beginning of the fiscal year) (A) **** 1,220,755 **** (25,113 ) 1,245,869
Discount Rate (%) (0.00)~0.62 0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year) (B) **** 1,997,428 **** (160,525 ) 2,157,954
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C) **** (154,639 ) 219,803 (374,443 )
Prepaid Pension Cost (at the beginning of the fiscal year) (B)+ (C) - (A) **** 622,033 **** 84,391 537,641
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year) (A) **** 1,072,553 **** (23,859 ) 1,096,412
Discount Rate (%) **** (0.00)~0.62 **** 0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year) (B) **** 1,756,585 **** (166,223 ) 1,922,809
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C) **** (127,758 ) 216,762 (344,521 )
Prepaid Pension Cost (at the beginning of the fiscal year) (B)+ (C) - (A) **** 556,273 **** 74,397 481,875
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year) (A) **** 148,201 **** (1,254 ) 149,456
Discount Rate (%) **** (0.00)~0.62 **** 0.00~0.70
Fair Value of Plan Assets (at the beginning of the fiscal year) (B) **** 240,842 **** 5,697 235,145
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C) **** (26,881 ) 3,040 (29,922 )
Prepaid Pension Cost (at the beginning of the fiscal year) (B)+ (C) - (A) **** 65,759 **** 9,993 55,766

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits
Aggregate Figures for the 2 Banks
First Half of
Change Fiscal 2019
Service Cost (13,753 ) 999 (14,752 )
Interest Cost (1,785 ) (221 ) (1,564 )
Expected Return on Plan Assets 17,376 **** 13 17,363
Accumulation (Amortization) of Unrecognized Actuarial Differences 13,763 **** (17,031 ) 30,795
Accumulation (Amortization) of Unrecognized Prior Service Cost 52,391 **** 54,693 (2,301 )
Gains on Cancellation of Employee Retirement Benefit Trust 7,895 **** 7,895 —
Losses on Transfer to Defined Contribution Pension Plan (2,519 ) (2,519 ) —
Other (4,226 ) (2,488 ) (1,738 )
Total 69,141 **** 41,340 27,801
Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains<br>(Losses) (57,767 million).
Mizuho Bank ****
First Half of
Change Fiscal 2019
Service Cost (11,609 ) 894 (12,504 )
Interest Cost (1,566 ) (191 ) (1,374 )
Expected Return on Plan Assets 15,570 **** 17 15,552
Accumulation (Amortization) of Unrecognized Actuarial Differences 12,435 **** (16,225 ) 28,661
Accumulation (Amortization) of Unrecognized Prior Service Cost 45,822 **** 47,836 (2,013 )
Gains on Cancellation of Employee Retirement Benefit Trust 7,895 **** 7,895 —
Losses on Transfer to Defined Contribution Pension Plan (2,187 ) (2,187 ) —
Other (3,826 ) (2,251 ) (1,575 )
Total 62,532 **** 35,786 26,745

All values are in Japanese Yen.

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains (Losses) (¥51,530 million).

Mizuho Trust & Banking

(Millions of yen)
First Half of<br>Fiscal 2020 First Half of
Change Fiscal 2019
Service Cost **** (2,143 ) 104 (2,248 )
Interest Cost **** (218 ) (29 ) (189 )
Expected Return on Plan Assets **** 1,805 **** (4 ) 1,810
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 1,328 **** (805 ) 2,134
Accumulation (Amortization) of Unrecognized Prior Service Cost **** 6,569 **** 6,857 (287 )
Losses on Transfer to Defined Contribution Pension Plan **** (331 ) (331 ) —
Other **** (400 ) (237 ) (162 )
Total **** 6,609 **** 5,553 1,056

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020 are recorded to Extraordinary Gains (Losses) (¥6,237 million).

2-15

Mizuho Financial Group, Inc.

Consolidated
Retirement Benefit Obligations
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of
Change Fiscal 2019
Retirement Benefit Obligations (at the beginning of the fiscal year) (A) **** 1,440,341 **** (21,896 ) 1,462,237
Fair Value of Plan Assets (at the beginning of the fiscal year) (B) **** 2,225,010 **** (159,158 ) 2,384,168
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C) **** (138,808 ) 227,368 (366,177 )
Net Defined Benefit Asset (at the beginning of the fiscal year) (D) **** 846,782 **** (136,021 ) 982,804
Net Defined Benefit Liability (at the beginning of the fiscal year) (A)-(B)+(D) **** 62,113 **** 1,240 60,873
Income (Expenses) related to Employee RetirementBenefits ****
(Millions of yen)
First Half of<br>Fiscal 2020 First Half of
Change Fiscal 2019
Service Cost **** (20,725 ) 999 (21,725 )
Interest Cost **** (2,144 ) (260) (1,884 )
Expected Return on Plan Assets **** 19,460 **** (1 ) 19,461
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 12,439 **** (17,800 ) 30,239
Accumulation (Amortization) of Unrecognized Prior Service Cost **** 61,969 **** 64,739 (2,769 )
Gains on Cancellation of Employee Retirement Benefit Trust **** 7,895 **** 7,895 —
Losses on Transfer to Defined Contribution Pension Plan **** (3,320 ) (3,320 ) —
Other **** (7,341 ) (3,764 ) (3,576 )
Total **** 68,232 **** 48,487 19,745

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost,Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020, except for a portion thereof, are recorded to Extraordinary Gains (Losses) (¥66,579 million).

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

(%, Billions of yen)
Consolidated
As ofSeptember 30, 2020<br>(Preliminary) As ofMarch 31,2020
International Standard Change
(1) Total Capital Ratio **** 17.28 0.03 17.25
(2) Tier 1 Capital Ratio **** 14.69 0.17 14.52
(3) Common Equity Tier 1 Capital Ratio **** 11.57 (0.08 ) 11.65
(4) Total Capital **** 11,132.7 410.4 10,722.2
(5) Tier 1 Capital **** 9,467.5 443.0 9,024.4
(6) Common Equity Tier 1 Capital **** 7,452.6 207.8 7,244.7
(7) Risk weighted Assets **** 64,404.9 2,263.7 62,141.2
(8) Total Required Capital (7) X8% **** 5,152.3 181.1 4,971.2

Mizuho Bank

Consolidated Non-Consolidated
As ofSeptember 30, 2020<br>(Preliminary) As ofMarch 31,2020 As ofSeptember 30,2020<br>(Preliminary)
International Standard Change
(1) Total Capital Ratio **** 17.30 0.01 17.29 **** 17.71
(2) Tier 1 Capital Ratio **** 14.66 0.16 14.50 **** 14.93
(3) Common Equity Tier 1 Capital Ratio **** 11.30 (0.09 ) 11.39 **** 11.34
(4) Total Capital **** 10,337.8 473.1 9,864.6 **** 9,943.4
(5) Tier 1 Capital **** 8,764.9 490.2 8,274.7 **** 8,380.6
(6) Common Equity Tier 1 Capital **** 6,755.5 254.1 6,501.3 **** 6,368.9
(7) Risk weighted Assets **** 59,749.2 2,708.9 57,040.2 **** 56,116.4
(8) Total Required Capital (7) X8% **** 4,779.9 216.7 4,563.2 **** 4,489.3
Mizuho Trust & Banking
Consolidated Non-Consolidated
As ofSeptember 30, 2020<br>(Preliminary) As ofMarch 31,2020 As ofSeptember 30,2020<br>(Preliminary)
International Standard Change
(1) Total Capital Ratio **** 26.27 2.53 23.74 **** 25.52
(2) Tier 1 Capital Ratio **** 26.24 2.58 23.66 **** 25.49
(3) Common Equity Tier 1 Capital Ratio **** 26.24 2.60 23.64 **** 25.49
(4) Total Capital **** 509.6 18.7 490.8 **** 494.2
(5) Tier 1 Capital **** 509.0 19.8 489.2 **** 493.6
(6) Common Equity Tier 1 Capital **** 509.0 20.2 488.7 **** 493.6
(7) Risk weighted Assets **** 1,939.5 (127.7 ) 2,067.3 **** 1,936.5
(8) Total Required Capital (7) X8% **** 155.1 (10.2 ) 165.3 **** 154.9

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non-Accrual, Past Due & Restructured Loans

• 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, andIntensive Control Obligors are categorized as non-accrual loans.)

Consolidated

(Millions of yen, %)
As of September 30, 2020 As of March 31, 2020
% Change % %
Loans to Bankrupt Obligors **** 32,552 **** 0.03 16,613 0.01 15,938 0.01
Non-Accrual Delinquent Loans **** 412,673 **** 0.47 11,657 (0.00 ) 401,016 0.48
Loans Past Due for 3 Months or More **** 559 **** 0.00 (909 ) (0.00 ) 1,468 0.00
Restructured Loans **** 311,710 **** 0.36 55,280 0.05 256,429 0.30
Total **** 757,496 **** 0.87 82,642 0.06 674,853 0.80
Total Loans **** 86,501,633 **** 100.00 3,033,447 83,468,185 100.00
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 **** 99,976 20,150 79,826
Trust Account
As of September 30, 2020 As of March 31, 2020
% Change % %
Loans to Bankrupt Obligors **** — **** — — — — —
Non-Accrual Delinquent Loans **** — **** — — — — —
Loans Past Due for 3 Months or More **** — **** — — — — —
Restructured Loans **** — **** — — — — —
Total **** — **** — — — — —
Total Loans **** 5,536 **** 100.00 (3,236 ) 8,773 100.00
Consolidated + Trust Account
As of September 30, 2020 As of March 31, 2020
% Change % %
Loans to Bankrupt Obligors **** 32,552 **** 0.03 16,613 0.01 15,938 0.01
Non-Accrual Delinquent Loans **** 412,673 **** 0.47 11,657 (0.00 ) 401,016 0.48
Loans Past Due for 3 Months or More **** 559 **** 0.00 (909 ) (0.00 ) 1,468 0.00
Restructured Loans **** 311,710 **** 0.36 55,280 0.05 256,429 0.30
Total **** 757,496 **** 0.87 82,642 0.06 674,853 0.80
Total Loans **** 86,507,169 **** 100.00 3,030,210 83,476,958 100

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

(Millions of yen, %)
Aggregate Figures for the 2 Banks As of September 30, 2020 As of March 31, 2020
(Banking Account + Trust Account) % Change % %
Loans to Bankrupt Obligors **** 30,670 **** 0.03 15,884 0.01 14,786 0.01
Non-Accrual Delinquent Loans **** 390,651 **** 0.44 6,946 (0.00 ) 383,705 0.45
Loans Past Due for 3 Months or More **** 559 **** 0.00 (909 ) (0.00 ) 1,468 0.00
Restructured Loans **** 264,589 **** 0.30 42,578 0.03 222,011 0.26
Total **** 686,471 **** 0.78 64,499 0.04 621,972 0.73
Total Loans **** 87,212,482 **** 100.00 2,964,964 84,247,518 100.00
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 94,150 19,572 74,578
Mizuho Bank
Loans to Bankrupt Obligors **** 30,670 **** 0.03 15,884 0.01 14,786 0.01
Non-Accrual Delinquent Loans **** 383,725 **** 0.45 4,252 (0.01 ) 379,472 0.46
Loans Past Due for 3 Months or More **** 559 **** 0.00 (909 ) (0.00 ) 1,468 0.00
Restructured Loans **** 263,835 **** 0.31 42,964 0.04 220,871 0.27
Total **** 678,791 **** 0.81 62,192 0.04 616,599 0.76
Total Loans **** 83,740,979 **** 100.00 2,869,710 80,871,269 100.00
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 93,935 19,572 74,362
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors **** — **** — — — — —
Non-Accrual Delinquent Loans **** 6,926 **** 0.19 2,693 0.07 4,232 0.12
Loans Past Due for 3 Months or More **** — **** — — — — —
Restructured Loans **** 753 **** 0.02 (386 ) (0.01 ) 1,140 0.03
Total **** 7,679 **** 0.22 2,306 0.06 5,373 0.15
Total Loans **** 3,465,966 **** 100.00 98,490 3,367,475 100.00
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 215 (0 ) 215
(Trust Account)
Loans to Bankrupt Obligors **** — **** — — — — —
Non-Accrual Delinquent Loans **** — **** — — — — —
Loans Past Due for 3 Months or More **** — **** — — — — —
Restructured Loans **** — **** — — — — —
Total **** — **** — — — — —
Total Loans **** 5,536 **** 100.00 (3,236 ) 8,773 100.00

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

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Reserves for Possible Losses on Loans **** 477,516 53,070 424,446
General Reserve for Possible Losses on Loans **** 301,431 62,396 239,035
Specific Reserve for Possible Losses on Loans **** 176,084 (9,325 ) 185,410
Reserve for Possible Losses on Loans to Restructuring Countries **** — — —
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 109,898 20,681 89,216

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Reserves for Possible Losses on Loans **** 441,210 52,392 388,818
General Reserve for Possible Losses on Loans **** 277,244 60,647 216,597
Specific Reserve for Possible Losses on Loans **** 163,965 (8,255 ) 172,221
Reserve for Possible Losses on Loans to Restructuring Countries **** — — —
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 103,382 19,859 83,523
Mizuho Bank
Reserves for Possible Losses on Loans **** 437,768 52,639 385,129
General Reserve for Possible Losses on Loans **** 274,931 60,866 214,064
Specific Reserve for Possible Losses on Loans **** 162,836 (8,227 ) 171,064
Reserve for Possible Losses on Loans to Restructuring Countries **** — — —
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 103,167 19,859 83,308
Mizuho Trust & Banking
Reserves for Possible Losses on Loans **** 3,441 (247 ) 3,689
General Reserve for Possible Losses on Loans **** 2,313 (219 ) 2,532
Specific Reserve for Possible Losses on Loans **** 1,128 (27 ) 1,156
Reserve for Possible Losses on Loans to Restructuring Countries **** — — —
Above figures are presented net of partial direct<br>write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs **** 215 (0 ) 215

Reserve for Possible Losses on Entrusted Loans (¥17 million and ¥27 million for September 30, 2020 and March 31, 2020, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, PastDue & Restructured Loans

Consolidated

(%)
As of September 30, 2020 As of<br>March 31, 2020
Change
Mizuho Financial Group **** 63.03 0.14 62.89
Above figures<br>are presented net of partial direct write-offs.<br> <br><br><br><br>Non-Consolidated
(%)
As of September 30, 2020 As of<br>March 31, 2020
Change
Total **** 64.27 1.75 62.51
Mizuho Bank **** 64.49 2.03 62.46
Mizuho Trust & Banking (Banking Account) **** 44.81 (23.84 ) 68.65
Above figures<br>are presented net of partial direct write-offs.

2-21

Mizuho Financial Group, Inc.

4. Status of Non Performing Loans based on the Financial Reconstruction Act(“FRA”)

Consolidated

(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** 93,343 34,131 59,212
Claims with Collection Risk **** 382,844 (890 ) 383,734
Claims for Special Attention **** 312,269 54,371 257,898
Sub-total[1] **** 788,458 87,612 700,845
Normal Claims **** 95,324,350 2,663,058 92,661,291
Total[2] **** 96,112,808 2,750,670 93,362,137
(%)
NPL ratio[1]/[2] **** 0.82 0.06 0.75
Above figures are presented net of partial direct<br>write-offs.
Trust Account
(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** — — —
Claims for Special Attention **** — — —
Sub-total[3] **** — — —
Normal Claims **** 5,536 (3,236 ) 8,773
Total[4] **** 5,536 (3,236 ) 8,773
(%)
NPL ratio[3]/[4] **** — — —

Consolidated + Trust Account

(Millions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** 93,343 34,131 59,212
Claims with Collection Risk **** 382,844 (890 ) 383,734
Claims for Special Attention **** 312,269 54,371 257,898
Sub-total[5] **** 788,458 87,612 700,845
Normal Claims **** 95,329,886 2,659,821 92,670,065
Total[6] **** 96,118,344 2,747,433 93,370,910
(%)
NPL ratio[5]/[6] **** 0.82 0.06 0.75

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

(Millions of yen)
Aggregate Figures for the 2 Banks As of September 30, 2020 As of
(Banking Account + Trust Account) Change March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors **** 84,471 33,428 51,042
Claims with Collection Risk **** 382,473 (4,059 ) 386,532
Claims for Special Attention **** 265,149 41,669 223,480
Sub-total[1] **** 732,094 71,038 661,055
Normal Claims **** 96,285,815 2,394,901 93,890,914
Total[2] **** 97,017,910 2,465,940 94,551,969
(%)
NPL ratio[1]/[2] **** 0.75 0.05 0.69
Above figures are presented net of partial direct write-offs.
Mizuho Bank
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 84,081 33,478 50,602
Claims with Collection Risk **** 375,937 (6,802 ) 382,739
Claims for Special Attention **** 264,395 42,055 222,340
Sub-total[3] **** 724,414 68,731 655,682
Normal Claims **** 92,804,559 2,301,524 90,503,034
Total[4] **** 93,528,973 2,370,256 91,158,717
(%)
NPL ratio[3]/[4] **** 0.77 0.05 0.71
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking<br><br><br><br> <br>(Banking Account)
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 389 (50 ) 439
Claims with Collection Risk **** 6,536 2,743 3,793
Claims for Special Attention **** 753 (386 ) 1,140
Sub-total[5] **** 7,679 2,306 5,373
Normal Claims **** 3,475,719 96,613 3,379,106
Total[6] **** 3,483,399 98,920 3,384,479
(%)
NPL ratio[5]/[6] **** 0.22 0.06 0.15
Above figures are presented net of partial direct write-offs.
(Trust Account)
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** — — —
Claims for Special Attention **** — — —
Sub-total[7] **** — — —
Normal Claims **** 5,536 (3,236 ) 8,773
Total[8] **** 5,536 (3,236 ) 8,773
(%)
NPL ratio[7]/[8] **** — — —

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

2-23

Mizuho Financial Group, Inc.

5. Coverage on Non Performing Loans based on the FRA

Non-Consolidated

(1) Non Performing Loans based on the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)
As of September 30, 2020 As of
Change March 31, 2020
Claims against Bankrupt and Substantially Bankrupt Obligors **** 84.4 33.4 51.0
Collateral, Guarantees, and equivalent **** 77.9 32.6 45.2
Reserve for Possible Losses **** 6.5 0.7 5.7
Claims with Collection Risk **** 382.4 (4.0 ) 386.5
Collateral, Guarantees, and equivalent **** 156.5 7.0 149.5
Reserve for Possible Losses **** 156.9 (10.8 ) 167.8
Claims for Special Attention **** 265.1 41.6 223.4
Collateral, Guarantees, and equivalent **** 80.1 11.9 68.2
Reserve for Possible Losses **** 42.1 5.5 36.5
Total **** 732.0 71.0 661.0
Collateral, Guarantees, and equivalent **** 314.7 51.6 263.1
Reserve for Possible Losses **** 205.6 (4.5 ) 210.2
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors **** 84.0 33.4 50.6
Collateral, Guarantees, and equivalent **** 77.5 32.6 44.8
Reserve for Possible Losses **** 6.5 0.7 5.7
Claims with Collection Risk **** 375.9 (6.8 ) 382.7
Collateral, Guarantees, and equivalent **** 151.8 4.2 147.6
Reserve for Possible Losses **** 155.8 (10.8 ) 166.7
Claims for Special Attention **** 264.3 42.0 222.3
Collateral, Guarantees, and equivalent **** 80.1 11.8 68.2
Reserve for Possible Losses **** 41.9 5.6 36.3
Total **** 724.4 68.7 655.6
Collateral, Guarantees, and equivalent **** 309.5 48.8 260.7
Reserve for Possible Losses **** 204.4 (4.4 ) 208.8
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 0.3 (0.0 ) 0.4
Collateral, Guarantees, and equivalent **** 0.3 (0.0 ) 0.4
Reserve for Possible Losses **** — — —
Claims with Collection Risk **** 6.5 2.7 3.7
Collateral, Guarantees, and equivalent **** 4.7 2.7 1.9
Reserve for Possible Losses **** 1.1 (0.0 ) 1.1
Claims for Special Attention **** 0.7 (0.3 ) 1.1
Collateral, Guarantees, and equivalent **** 0.0 0.0 0.0
Reserve for Possible Losses **** 0.1 (0.0 ) 0.2
Total **** 7.6 2.3 5.3
Collateral, Guarantees, and equivalent **** 5.1 2.7 2.3
Reserve for Possible Losses **** 1.2 (0.1 ) 1.3
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Collateral, Guarantees, and equivalent **** — — —
Claims with Collection Risk **** — — —
Collateral, Guarantees, and equivalent **** — — —
Claims for Special Attention **** — — —
Collateral, Guarantees, and equivalent **** — — —
Total **** — — —
Collateral, Guarantees, and equivalent **** — — —

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Coverage Amount **** 520.3 47.0 473.3
Reserves for Possible Losses on Loans **** 205.6 (4.5 ) 210.2
Collateral, Guarantees, and equivalent **** 314.7 51.6 263.1
(%)
Coverage Ratio **** 71.0 (0.5 ) 71.6
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 81.9 (0.1 ) 82.1
Claims for Special Attention **** 46.1 (0.7 ) 46.9
Claims against Special Attention Obligors **** 47.8 (2.9 ) 50.7
Reserve Ratio against Non-collateralized Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 69.5 (1.3 ) 70.8
Claims for Special Attention **** 22.7 (0.7 ) 23.5
Claims against Special Attention Obligors **** 24.6 1.3 23.3
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 17.08 2.06 15.01
Claims against Watch Obligors excluding Special Attention Obligors **** 6.31 1.39 4.91
Claims against Normal Obligors **** 0.09 (0.00 ) 0.09
Mizuho Bank
(Billions of yen)
Coverage Amount **** 513.9 44.3 469.5
Reserves for Possible Losses on Loans **** 204.4 (4.4 ) 208.8
Collateral, Guarantees, and equivalent **** 309.5 48.8 260.7
(%)
Coverage Ratio **** 70.9 (0.6 ) 71.6
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 81.8 (0.2 ) 82.1
Claims for Special Attention **** 46.1 (0.8 ) 47.0
Claims against Special Attention Obligors **** 47.8 (2.9 ) 50.8
Reserve Ratio against Non-collateralized Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 69.5 (1.3 ) 70.9
Claims for Special Attention **** 22.7 (0.8 ) 23.5
Claims against Special Attention Obligors **** 24.6 1.3 23.3
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 17.08 2.08 14.99
Claims against Watch Obligors excluding Special Attention Obligors **** 6.37 1.42 4.95
Claims against Normal Obligors **** 0.09 (0.00 ) 0.09

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Coverage Amount **** 6.4 2.6 3.7
Reserves for Possible Losses on Loans **** 1.2 (0.1 ) 1.3
Collateral, Guarantees, and equivalent **** 5.1 2.7 2.3
(%)
Coverage Ratio **** 83.6 13.9 69.7
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 89.0 8.3 80.6
Claims for Special Attention **** 29.2 7.1 22.1
Claims against Special Attention Obligors **** 26.9 4.8 22.1
Reserve Ratio against Non-collateralized Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** 60.8 (0.0 ) 60.8
Claims for Special Attention **** 19.9 (0.2 ) 20.2
Claims against Special Attention Obligors **** 20.0 (0.2 ) 20.2
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 18.28 (1.51 ) 19.79
Claims against Watch Obligors excluding Special Attention Obligors **** 1.77 0.29 1.47
Claims against Normal Obligors **** 0.04 (0.01 ) 0.05

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes: 1. Claims for Special Attention is denoted on an individual loans basis.<br><br><br>Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
2. The difference between total Non-Accrual, Past Due & Restructured Loans and total Non Performing Loans based on the FRA represents the amount of claims other than loans included in<br>Non Performing Loans based on the FRA.

2-27

Mizuho Financial Group, Inc.

7. 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 FRA)

Aggregate Figuresfor the 2 Banks (Banking Account + Trust Account)

(Billions of yen)
Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020
As of March 31,2018 As of March 31,2019 As of March 31,2020 As of September 30, 2020
MHBK MHTB* Aggregate Figures for<br>the 2 Banks
Change from<br>March 31,<br>2020
Claims against Bankrupt and Substantially Bankrupt Obligors 76.6 33.6 26.5 24.8 0.2 25.0 (1.4 )
Claims with Collection Risk 284.2 187.8 139.7 128.0 1.5 129.5 (10.1 )
Amount Categorized as above up to Fiscal 2017 **** 360.9 221.4 166.3 152.8 1.7 **** 154.6 **** (11.6 )
of which the amount which was in the process of being removed from the balancesheet 47.2 22.5 20.6 20.9 0.2 21.1 0.5
Claims against Bankrupt and Substantially Bankrupt Obligors 19.3 11.5 9.7 0.0 9.8 (1.7 )
Claims with Collection Risk 159.8 74.8 54.6 0.1 54.8 (20.0 )
Amount Newly Categorized as above during Fiscal 2018 **** 179.1 86.4 64.3 0.2 **** 64.6 **** (21.8 )
of which the amount which was in the process of being removed from the balancesheet 18.2 11.8 10.0 0.0 10.1 (1.7 )
Claims against Bankrupt and Substantially Bankrupt Obligors 12.8 19.6 0.0 19.6 6.7
Claims with Collection Risk 171.8 112.3 1.8 114.1 (57.7 )
Amount Newly Categorized as above during Fiscal 2019 **** 184.7 131.9 1.8 **** 133.7 **** (50.9 )
of which the amount which was in the process of being removed from the balancesheet 12.0 19.6 0.0 19.6 7.6
Claims against Bankrupt and Substantially Bankrupt Obligors 29.8 0.0 29.9 29.9
Claims with Collection Risk 80.9 2.9 83.9 83.9
Amount Newly Categorized as above during the First Half of Fiscal 2020 110.8 3.0 **** 113.8 **** 113.8
of which the amount which was in the process of being removed from the balancesheet 12.2 0.0 12.2 12.2
Claims against Bankrupt and Substantially Bankrupt Obligors 76.6 52.9 51.0 84.0 0.3 84.4 33.4
Claims with Collection Risk 284.2 347.6 386.5 375.9 6.5 382.4 (4.0 )
Total **** 360.9 **** 400.6 **** 437.5 **** 460.0 **** 6.9 **** 466.9 **** 29.3 ****
of which the amount which was in the process of being removed from the balancesheet 47.2 40.8 44.5 62.8 0.3 63.2 18.6
* Trust account represents trust accounts that guarantee principals in the agreement.
--- ---
* denotes newly categorized amounts.
--- ---

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2020

(Billions of yen)
Aggregate Figures<br>for the 2 Banks<br>(Banking Account<br>+ Trust Account) MHBK MHTB(Banking Account+ Trust Account)
Liquidation (2.7 ) (2.7 ) —
Restructuring (1.0 ) (1.0 ) —
Improvement in Business Performance due to Restructuring — — —
Loan Sales (16.9 ) (16.9 ) —
Direct Write-off (21.2 ) (21.2 ) —
Other (42.5 ) (42.2 ) (0.3 )
Debt recovery (8.1 ) (8.0 ) (0.1 )
Improvement in Business Performance (34.3 ) (34.1 ) (0.1 )
Total (84.4 ) (84.1 ) (0.3 )

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Mizuho Financial Group, Inc.

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

Non-Consolidated

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

(Billions of yen)
As of September 30, 2020 As of March 31, 2020
Outstanding<br>Balance Non-Accrual,<br>Past Due &<br>Restructured<br>Loans Change Outstanding<br>Balance Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
OutstandingBalance Non-Accrual,Past Due &RestructuredLoans
Domestic Total<br>(excluding Loans Booked Offshore) **** 62,850.6 **** 579.6 3,902.9 68.1 58,947.6 511.4
Manufacturing **** 11,626.7 **** 158.8 1,987.8 18.3 9,638.9 140.5
Agriculture & Forestry **** 52.0 **** 1.1 (2.6 ) 0.2 54.7 0.8
Fishery **** 2.7 **** 0.3 (0.5 ) — 3.3 0.3
Mining, Quarrying Industry & Gravel Extraction Industry **** 350.5 **** 0.1 123.6 (0.1 ) 226.9 0.2
Construction **** 741.2 **** 6.7 15.7 (1.2 ) 725.4 8.0
Utilities **** 3,021.7 **** 11.2 185.8 (0.2 ) 2,835.9 11.5
Communication **** 1,348.8 **** 10.0 (88.0 ) (1.4 ) 1,436.9 11.5
Transportation & Postal Industry **** 2,615.8 **** 10.5 255.7 1.1 2,360.1 9.3
Wholesale & Retail **** 5,199.8 **** 141.7 269.7 8.8 4,930.0 132.9
Finance & Insurance **** 8,365.5 **** 11.7 145.1 1.3 8,220.3 10.3
Real Estate **** 9,275.4 **** 39.3 535.2 2.8 8,740.2 36.4
Commodity Lease **** 2,844.6 **** 1.7 (40.3 ) 0.1 2,884.9 1.6
Service Industries **** 3,459.2 **** 112.3 351.3 42.2 3,107.8 70.0
Local Governments **** 707.8 **** — (52.4 ) — 760.3 —
Governments **** 1,934.1 **** — 490.6 — 1,443.5 —
Other **** 11,304.1 **** 73.5 (273.9 ) (3.9 ) 11,578.0 77.5
Overseas Total<br>(including Loans Booked Offshore) **** 24,929.6 **** 106.8 (995.9 ) (3.6 ) 25,925.5 110.4
Governments **** 341.4 **** — (0.8 ) — 342.2 —
Financial Institutions **** 9,007.9 **** — (162.6 ) — 9,170.5 —
Other **** 15,580.2 **** 106.8 (832.5 ) (3.6 ) 16,412.7 110.4
Total **** 87,780.2 **** 686.4 2,907.0 64.4 84,873.2 621.9
* Loans to Finance & Insurance sector includes loans to MHFG as follows:
--- ---
As of September 30, 2020: ¥770.0 billion (from MHBK)
---
As of March 31, 2020: ¥860.0 billion (from MHBK)
---
* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.
--- ---

2-29

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2020 As of March 31, 2020
Outstanding<br>Balance Non-Accrual,<br>Past Due &<br>Restructured<br>Loans Change Outstanding<br>Balance Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Mizuho Bank Outstanding<br>Balance Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Domestic Total<br>(excluding Loans Booked Offshore) **** 58,812.2 **** 571.9 3,865.4 65.8 54,946.8 506.1
Manufacturing **** 11,157.9 **** 156.9 1,984.2 18.7 9,173.7 138.2
Agriculture & Forestry **** 51.9 **** 1.1 (2.6 ) 0.2 54.6 0.8
Fishery **** 2.7 **** 0.3 (0.5 ) — 3.3 0.3
Mining, Quarrying Industry & Gravel Extraction Industry **** 348.5 **** 0.1 123.8 (0.1 ) 224.7 0.2
Construction **** 701.1 **** 6.6 11.7 (1.2 ) 689.3 7.9
Utilities **** 2,738.6 **** 11.2 173.7 (0.2 ) 2,564.8 11.5
Communication **** 1,226.4 **** 10.0 (80.3 ) (1.1 ) 1,306.8 11.2
Transportation & Postal Industry **** 2,409.5 **** 10.5 247.8 1.1 2,161.6 9.3
Wholesale & Retail **** 5,056.1 **** 141.7 273.8 8.8 4,782.3 132.9
Finance & Insurance **** 7,888.8 **** 11.7 187.8 1.3 7,700.9 10.3
Real Estate **** 7,926.7 **** 36.1 476.6 0.1 7,450.1 36.0
Commodity Lease **** 2,615.4 **** 1.7 (52.3 ) 0.1 2,667.8 1.6
Service Industries **** 3,404.5 **** 112.0 352.5 41.9 3,051.9 70.0
Local Governments **** 704.6 **** — (48.5 ) — 753.2 —
Governments **** 1,751.7 **** — 413.6 — 1,338.0 —
Other **** 10,827.0 **** 71.4 (196.0 ) (3.8 ) 11,023.0 75.2
Overseas Total<br>(including Loans Booked Offshore) **** 24,928.7 **** 106.8 (995.7 ) (3.6 ) 25,924.4 110.4
Governments **** 341.4 **** — (0.8 ) — 342.2 —
Financial Institutions **** 9,007.9 **** — (162.6 ) — 9,170.5 —
Other **** 15,579.3 **** 106.8 (832.2 ) (3.6 ) 16,411.6 110.4
Total **** 83,740.9 **** 678.7 2,869.7 62.1 80,871.2 616.5
Mizuho Trust & Banking (Banking Account +Trust Account)
Domestic Total<br>(excluding Loans Booked Offshore) **** 4,038.4 **** 7.6 37.5 2.3 4,000.8 5.3
Manufacturing **** 468.7 **** 1.9 3.6 (0.3 ) 465.1 2.2
Agriculture & Forestry **** 0.0 **** — (0.0 ) — 0.0 —
Fishery **** — **** — — — — —
Mining, Quarrying Industry & Gravel Extraction Industry **** 2.0 **** — (0.2 ) — 2.2 —
Construction **** 40.0 **** 0.1 3.9 (0.0 ) 36.0 0.1
Utilities **** 283.1 **** — 12.0 — 271.0 —
Communication **** 122.4 **** — (7.6 ) (0.3 ) 130.1 0.3
Transportation & Postal Industry **** 206.3 **** — 7.8 — 198.4 —
Wholesale & Retail **** 143.6 **** — (4.0 ) — 147.6 —
Finance & Insurance **** 476.7 **** — (42.6 ) — 519.3 —
Real Estate **** 1,348.6 **** 3.1 58.5 2.7 1,290.0 0.4
Commodity Lease **** 229.1 **** — 11.9 — 217.1 —
Service Industries **** 54.6 **** 0.2 (1.2 ) 0.2 55.9 —
Local Governments **** 3.1 **** — (3.8 ) — 7.0 —
Governments **** 182.4 **** — 76.9 — 105.4 —
Other **** 477.1 **** 2.1 (77.8 ) (0.0 ) 554.9 2.2
Overseas Total<br>(including Loans Booked Offshore) **** 0.8 **** — (0.2 ) — 1.1 —
Governments **** — **** — — — — —
Financial Institutions **** — **** — — — — —
Other **** 0.8 **** — (0.2 ) — 1.1 —
Total **** 4,039.2 **** 7.6 37.3 2.3 4,001.9 5.3
* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.
--- ---

2-30

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

(Billions of yen, %)
As of September 30, 2020 As of March 31, 2020
Non PerformingLoans based onthe FRA Coverage Ratio Change Non PerformingLoans based onthe FRA Coverage Ratio
Non PerformingLoans based onthe FRA Coverage Ratio
Domestic Total<br>(excluding Loans Booked Offshore) **** 600.6 **** 67.9 71.0 0.3 529.5 67.6
Manufacturing **** 170.7 **** 63.0 20.4 (1.1 ) 150.3 64.2
Agriculture & Forestry **** 1.1 **** 41.9 0.2 0.4 0.8 41.5
Fishery **** 0.3 **** 62.6 — — 0.3 62.6
Mining, Quarrying Industry & Gravel Extraction Industry **** 0.1 **** 77.3 (0.3 ) (17.1 ) 0.5 94.4
Construction **** 6.9 **** 71.9 (1.4 ) (0.1 ) 8.3 72.0
Utilities **** 11.2 **** 98.2 (0.2 ) 59.7 11.5 38.5
Communication **** 10.1 **** 71.6 (1.4 ) 5.4 11.5 66.1
Transportation & Postal Industry **** 10.5 **** 66.6 1.1 1.0 9.4 65.5
Wholesale & Retail **** 144.6 **** 56.6 9.3 (1.0 ) 135.3 57.7
Finance & Insurance **** 12.0 **** 91.0 1.3 9.4 10.7 81.6
Real Estate **** 39.8 **** 86.5 4.2 4.7 35.6 81.7
Commodity Lease **** 1.7 **** 84.7 0.0 12.4 1.7 72.3
Service Industries **** 114.3 **** 63.0 41.0 (2.8 ) 73.2 65.9
Local Governments **** — **** — — — — —
Other **** 76.6 **** 88.8 (3.2 ) 0.3 79.9 88.4
Overseas Total<br>(including Loans Booked Offshore) **** 131.4 **** 85.4 0.0 (2.1 ) 131.4 87.6
Governments **** — **** — — — — —
Financial Institutions **** — **** — — — — —
Other **** 131.4 **** 85.4 0.0 (2.1 ) 131.4 87.6
Total **** 732.0 **** 71.0 71.0 (0.5 ) 661.0 71.6
* Trust account represents trust accounts that guarantee principals in the agreement.
--- ---

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Mizuho Financial Group, Inc.

9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers

(1) Balance of Housing and ConsumerLoans

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

(Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Housing and Consumer Loans **** 8,958.8 (256.9 ) 9,215.7
Housing Loans for owner’s residential housing **** 8,273.6 (189.8 ) 8,463.4
Mizuho Bank
Housing and Consumer Loans **** 8,891.3 (251.7 ) 9,143.1
Housing Loans **** 8,393.1 (201.9 ) 8,595.0
for owner’s residential housing **** 8,210.9 (185.1 ) 8,396.1
Consumer loans **** 498.2 (49.7 ) 548.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans **** 67.4 (5.1 ) 72.6
Housing Loans for owner’s residential housing **** 62.7 (4.6 ) 67.3
•   Above figures are aggregate banking and trust account amounts.<br><br><br><br> <br>(2) Loans to SMEs and Individual Customers<br><br><br><br> <br>Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks<br><br><br><br> <br>(Banking Account + Trust Account)
(%, Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 55.3 (2.1 ) 57.4
Loans to SMEs and Individual Customers **** 34,794.3 901.8 33,892.4
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 55.8 (2.2 ) 58.1
Loans to SMEs and Individual Customers **** 32,861.8 905.2 31,956.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 47.8 (0.5 ) 48.3
Loans to SMEs and Individual Customers **** 1,932.4 (3.4 ) 1,935.9
• 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<br>follows:
--- ---
Enterprises of which the capital is ¥300 million or below (¥100 million or below for the<br>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<br>or below for the retail and restaurant industries.)
---

2-32

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

(Billions of yen)
As of September 30, 2020 As of March 31, 2020
Non-Accrual,<br>PastDue &<br>Restructured<br>Loans Change
Outstanding<br>Balance Outstanding<br>Balance Non-Accrual,<br>PastDue &<br>Restructured<br>Loans Outstanding<br>Balance Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
Asia **** 7,864.8 **** 40.1 321.5 4.3 7,543.3 35.8
Hong Kong **** 1,972.7 **** 3.9 163.9 (0.4 ) 1,808.8 4.4
Singapore **** 1,190.8 **** 26.3 (95.2 ) 0.1 1,286.0 26.1
Thailand **** 1,054.4 **** 2.0 17.1 0.5 1,037.2 1.4
Taiwan **** 1,009.2 **** 0.0 262.3 (0.0 ) 746.9 0.0
India **** 560.2 **** 2.6 (58.9 ) (0.1 ) 619.2 2.7
South Korea **** 639.4 **** 0.0 (31.8 ) 0.0 671.2 —
Indonesia **** 489.7 **** 0.9 37.8 (0.0 ) 451.9 0.9
Philippines **** 303.8 **** 0.0 20.9 0.0 282.8 0.0
China **** 220.2 **** — 0.1 — 220.1 —
Thailand **** 160.2 **** 3.7 (3.9 ) 3.7 164.1 —
Central and South America **** 4,547.5 **** 19.6 (112.9 ) (2.9 ) 4,660.4 22.5
Mexico **** 414.0 **** 0.7 (12.4 ) (0.0 ) 426.4 0.8
Brazile **** 174.4 **** 5.9 (76.1 ) (1.5 ) 250.5 7.5
North America **** 7,420.7 **** 47.3 (1,344.4 ) 3.2 8,765.2 44.1
United States **** 6,548.5 **** 47.3 (1,381.3 ) 3.2 7,929.9 44.1
Eastern Europe **** 328.0 **** — 50.8 — 277.2 —
Russia **** 231.7 **** — 60.0 — 171.7 —
Western Europe **** 4,779.4 **** 23.6 225.7 9.7 4,553.6 13.8
United Kingdom **** 1,245.6 **** 7.0 (69.6 ) 7.0 1,315.3 —
Netherlands **** 1,012.1 **** 0.9 (140.0 ) (0.2 ) 1,152.2 1.2
Germany **** 653.4 **** 10.3 136.6 3.1 516.7 7.2
Ireland **** 256.5 **** — 4.4 — 252.0 —
Switzerland **** 213.1 **** — 41.1 — 171.9 —
France **** 214.6 **** — (35.9 ) — 250.6 —
Turkey **** 106.1 **** — 3.9 — 102.1 —
Italy **** 180.9 **** — 25.7 — 155.1 —
Other **** 3,152.5 **** 8.2 (116.2 ) (21.1 ) 3,268.8 29.4
Australia **** 1,526.8 **** — 1.9 — 1,524.8 —
Total **** 28,093.3 **** 139.0 (975.4 ) (6.8 ) 29,068.7 145.8
As of September 30, 2020 As of March 31, 2020
Non-Accrual,<br>PastDue &<br>Restructured<br>Loans Change
Outstanding<br>Balance Outstanding<br>Balance Non-Accrual,<br>PastDue &<br>Restructured<br>Loans Outstanding<br>Balance Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
Mizuho Bank (China) ,Ltd **** 1,066.6 **** 4.3 8.0 (0.4 ) 1,058.5 4.7
Mizuho Bank (USA) **** 500.2 **** — 29.6 — 470.6 —
PT. Bank Mizuho Indonesia **** 408.0 **** 0.5 55.2 0.4 352.8 0.1

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Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

(Billions of yen)
Total amount<br>for five years<br>(from October 1, 2020<br>to September 30, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 1 1,912.0
Income before Income Taxes 2 1,408.4
Tax Adjustments^(1)^ 3 172.8
Taxable Income before Current Deductible Temporary Differences^(2)^ 4 1,581.2
Effective Statutory Tax Rate 5 30.62 %
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences<br>[ 4 x 5 ] 6 484.1
(1) Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
--- ---
(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting<br>deductible temporary differences as of September 30, 2020.
--- ---

Reference: Past results of taxable income (tax loss)

(Billions of yen)
Fiscal 2016 442.3
Fiscal 2017 379.9
Fiscal 2018 267.2
Fiscal 2019 378.5
First Half of Fiscal 2020 (estimate) 160.0
• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
--- ---
• Figure for the first half of fiscal 2020 is an estimate of taxable income.
--- ---

2. Breakdown of Deferred Tax Assets

(Billions of yen)
As of September 30, 2020 As of<br>March 31,2020
**** Change
Reserves for Possible Losses on Loans 7 **** 153.3 **** 21.3 131.9
Impairment of Securities 8 **** 159.2 **** 13.3 145.9
Net Unrealized Losses on Other Securities 9 **** 8.6 **** (13.3 ) 22.0
Reserve for Employee Retirement Benefits 10 **** — **** — —
Depreciation and Impairment 11 **** 161.8 **** (14.5 ) 176.3
Net Deferred Hedge Losses 12 **** — **** — —
Tax Losses Carried Forward 13 **** — **** — —
Other 14 **** 255.2 **** (5.8 ) 261.0
Total Deferred Tax Assets 15 **** 738.3 **** 0.9 737.3
Valuation Allowance 16 **** (160.8 ) (0.1 ) (160.6 )
Sub-Total [ 15 + 16 ] 17 **** 577.5 **** 0.8 576.7
Amount related to Retirement Benefits Accounting 18 **** (188.5 ) (18.2 ) (170.3 )
Net Unrealized Gains on Other Securities 19 **** (371.9 ) (67.6 ) (304.3 )
Net Deferred Hedge Gains 20 **** (20.3 ) 7.5 (27.9 )
Other 21 **** (35.4 ) 1.6 (37.1 )
Total Deferred Tax Liabilities 22 **** (616.3 ) (76.5 ) (539.7 )
Net Deferred Tax Assets (Liabilities) [17 + 22] 23 **** (38.8 ) (75.7 ) 36.9
Tax effects related to Net Unrealized Losses (Gains) on<br><br><br>Other Securities * 24 **** (373.1 ) (69.2 ) (303.8 )
Tax effects related to Net Deferred Hedge Losses (Gains) 25 **** (20.3 ) 7.5 (27.9 )
Tax effects related to others 26 **** 354.6 **** (14.0 ) 368.6
* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation<br>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<br>for five years<br>(from October 1, 2020<br>to September 30, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 1 182.8
Income before Income Taxes 2 195.3
Tax Adjustments^(1)^ 3 (54.2 )
Taxable Income before Current Deductible Temporary Differences ^(2)^ 4 141.0
Effective Statutory Tax Rate 5 30.62 %
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences<br>[ 4 x 5 ] 6 43.1
(1) Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
--- ---
(2) Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting<br>deductible temporary differences as of September 30, 2020.
--- ---

Reference: Past results of taxable income (tax loss)

(Billions of yen)
Fiscal 2016 52.1
Fiscal 2017 40.5
Fiscal 2018 39.0
Fiscal 2019 31.7
First Half of Fiscal 2020 (estimate) 7.0
• Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
--- ---
• Figure for the first half of fiscal 2020 is an estimate of taxable income.
--- ---

2. Breakdown of Deferred Tax Assets

(Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
**** Change
Reserves for Possible Losses on Loans 7 **** 1.1 **** (0.0 ) 1.1
Impairment of Securities 8 **** 9.8 **** (1.3 ) 11.1
Net Unrealized Losses on Other Securities 9 **** 2.0 **** 0.9 1.1
Reserve for Employee Retirement Benefits 10 **** 4.2 **** (3.0 ) 7.2
Net Deferred Hedge Losses 11 **** 2.6 **** 0.5 2.0
Tax Losses Carried Forward 12 **** — **** — —
Other 13 **** 4.2 **** (0.8 ) 5.1
Total Deferred Tax Assets 14 **** 24.1 **** (3.8 ) 27.9
Valuation Allowance 15 **** (12.1 ) 0.4 (12.6 )
Sub-Total [ 14 + 15 ] 16 **** 11.9 **** (3.4 ) 15.3
Amount related to Retirement Benefits Accounting 17 **** (4.5 ) (0.0 ) (4.5 )
Net Unrealized Gains on Other Securities 18 **** (18.4 ) (4.9 ) (13.4 )
Net Deferred Hedge Gains 19 **** — **** — —
Other 20 **** (0.3 ) 0.2 (0.5 )
Total Deferred Tax Liabilities 21 **** (23.3 ) (4.7 ) (18.5 )
Net Deferred Tax Assets (Liabilities) [16 + 21] 22 **** (11.4 ) (8.1 ) (3.2 )
Tax effects related to Net Unrealized Losses (Gains) on<br><br><br>Other Securities * 23 **** (18.4 ) (4.9 ) (13.5 )
Tax effects related to Net Deferred Hedge Losses (Gains) 24 **** 2.6 **** 0.5 2.0
Tax effects related to others 25 **** 4.4 **** (3.7 ) 8.2
* Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation<br>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.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

(Billions of yen)
As of September 30, 2020 As of<br>March 31, 2020
Aggregate Figures for the 2 Banks Change
Deposits **** 111,266.7 4,390.6 106,876.1
Individual Deposits **** 46,586.8 1,568.2 45,018.6
Corporate Deposits **** 56,929.4 2,843.0 54,086.4
Financial/Government Institutions **** 7,750.4 (20.6 ) 7,771.0
Mizuho Bank
Deposits **** 108,133.6 4,353.8 103,779.8
Individual Deposits **** 45,730.4 1,570.0 44,160.3
Corporate Deposits **** 55,438.7 2,762.2 52,676.4
Financial/Government Institutions **** 6,964.4 21.4 6,943.0
Mizuho Trust & Banking
Deposits **** 3,133.1 36.8 3,096.2
Individual Deposits **** 856.4 (1.7 ) 858.2
Corporate Deposits **** 1,490.6 80.7 1,409.9
Financial/Government Institutions **** 785.9 (42.1 ) 828.0

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

2-36

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

Aggregate Figures for MizuhoFinancial Group, the 2 Banks, and Mizuho Securities

As of September 30, 2020 As of<br>March 31, 2020
Change
Directors, Executive Officers as defined in the Companies Act, and Auditors **** 45 (4 ) 49
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those<br>doubling as Directors and Executive Officers as defined in the Companies Act) **** 119 (9 ) 128
The above<br>numbers have been adjusted for those who are doubling other positions.<br> <br><br> <br>(2)Number of Employees<br> <br><br> <br>Consolidated
As of September 30, 2020 As of<br>March 31, 2020
Change
Employees (excluding Executive Officers as defined in our internal regulations and Specialist<br>Officers) **** 56,383 (881 ) 57,264
Average number of temporary employees **** 15,636 (1,374 ) 17,010
The number of<br>Employees excludes employees seconded outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.<br><br><br><br> <br>3. Number of Offices<br><br><br><br> <br>Domestic: The 2 Banks and Mizuho Securities
As of September 30, 2020 As of<br>March 31, 2020
Change
Mizuho Bank **** 464 — 464
Mizuho Trust & Banking **** 60 — 60
Mizuho Securities **** 244 (12 ) 256
The above<br>numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet<br>branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others.<br> <br><br><br><br>Overseas: The 2 Banks and Mizuho Securities
As of September 30, 2020 As of<br>March 31, 2020
Change
Mizuho Bank **** 49 — 49
Mizuho Trust & Banking — — —
Mizuho Securities **** 2 — 2

The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-37

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2020

Consolidated

(Billions of yen)
Fiscal 2020
Ordinary Profits **** 460.0 ****
Profit Attributable to Owners of Parent **** 350.0 ****
Non-Consolidated
Mizuho Bank, Mizuho Trust & Banking
(Billions of yen)
Fiscal 2020
Aggregate Figures<br>for the 2 Banks MHBK MHTB*
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>+ Net Gains (Losses) related to ETF **** 515.0 **** **** 475.0 **** **** 40.0 ****
Ordinary Profits **** 285.0 **** **** 250.0 **** **** 35.0 ****
Net Income **** 225.0 **** **** 195.0 **** **** 30.0 ****
Credit-related Costs **** (190.0 ) (185.0 ) (5.0 )

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

Note: Following the results from 1H, MHFG revised Earnings Plan for Fiscal 2020.

Consolidated

Ordinary Profits:

The latest announced estimates: ¥400.0 billion, Revised estimates: ¥460.0 billion, Changes from the original estimates: ¥60.0 billion, 15.0%

Profit Attributable to Owners of Parent:

The latest announced estimates: ¥320.0 billion, Revised estimates: ¥350.0 billion, Changes from the original estimates: ¥30.0 billion, 9.3%

Non-Consolidated

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF:

The latest announced estimates: ¥415.0 billion, Revised estimates: ¥515.0 billion, Changes from the original estimates: ¥100.0 billion, 24.0%

Ordinary Profits:

The latest announced estimates: ¥275.0 billion, Revised estimates: ¥285.0 billion, Changes from the original estimates: ¥10.0 billion, 3.6%

Net Income:

The latest announced estimates: ¥215.0 billion, Revised estimates: ¥225.0 billion, Changes from the original estimates: ¥10.0 billion, 4.6%

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

2-38

Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

Millions of yen
As of<br>September 30,<br>2020 (A) As of<br>March 31,<br>2020 (B) Change<br>(A) - (B)
Assets
Cash and Due from Banks ¥ 40,104,898 **** ¥ 38,833,234 ¥ 1,271,664
Call Loans **** 678,283 **** 958,359 (280,075 )
Receivables under Resale Agreements **** 3,333,942 **** 8,599,865 (5,265,923 )
Guarantee Deposits Paid under Securities Borrowing Transactions **** 157,087 **** 122,001 35,086
Other Debt Purchased **** 412,646 **** 430,330 (17,683 )
Trading Assets **** 4,972,474 **** 5,013,413 (40,939 )
Money Held in Trust **** 503 **** 503 (0 )
Securities **** 42,991,477 **** 34,372,765 8,618,712
Loans and Bills Discounted **** 83,740,979 **** 80,871,269 2,869,710
Foreign Exchange Assets **** 1,861,555 **** 1,966,593 (105,038 )
Derivatives other than for Trading **** 4,343,885 **** 5,164,666 (820,780 )
Other Assets **** 3,177,217 **** 2,939,258 237,958
Tangible Fixed Assets **** 850,953 **** 843,058 7,894
Intangible Fixed Assets **** 355,541 **** 357,432 (1,890 )
Prepaid Pension Cost **** 615,727 **** 556,273 59,454
Deferred Tax Assets **** — **** 36,950 (36,950 )
Customers’ Liabilities for Acceptances and Guarantees **** 6,259,247 **** 6,535,786 (276,538 )
Reserves for Possible Losses on Loans **** (437,768 ) (385,129 ) (52,639 )
Reserve for Possible Losses on Investments **** (1,584 ) (2,458 ) 874
Total Assets ¥ 193,417,069 **** ¥ 187,214,174 ¥ 6,202,895
Liabilities
Deposits ¥ 129,739,024 **** ¥ 126,337,030 ¥ 3,401,994
Negotiable Certificates of Deposit **** 13,684,178 **** 12,706,349 977,829
Call Money **** 1,153,898 **** 1,213,576 (59,678 )
Payables under Repurchase Agreements **** 7,644,857 **** 7,469,615 175,242
Guarantee Deposits Received under Securities Lending Transactions **** 292,521 **** 276,869 15,652
Commercial Paper **** 921,282 **** 411,089 510,193
Trading Liabilities **** 3,490,398 **** 3,795,423 (305,025 )
Borrowed Money **** 14,269,015 **** 11,394,924 2,874,091
Foreign Exchange Liabilities **** 550,761 **** 716,394 (165,633 )
Bonds and Notes **** 1,002,105 **** 1,100,670 (98,564 )
Derivatives other than for Trading **** 4,177,619 **** 4,843,165 (665,546 )
Other Liabilities **** 2,880,720 **** 3,175,327 (294,607 )
Reserve for Bonus Payments **** 14,705 **** 19,841 (5,135 )
Reserve for Variable Compensation **** 491 **** 765 (274 )
Reserve for Possible Losses on Sales of Loans **** 1,142 **** 637 504
Reserve for Contingencies **** 604 **** 1,770 (1,165 )
Reserve for Reimbursement of Deposits **** 23,407 **** 25,943 (2,536 )
Reserve for Reimbursement of Debentures **** 17,663 **** 18,672 (1,009 )
Deferred Tax Liabilities **** 38,812 **** — 38,812
Deferred Tax Liabilities for Revaluation Reserve for Land **** 62,555 **** 62,695 (140 )
Acceptances and Guarantees **** 6,259,247 **** 6,535,786 (276,538 )
Total Liabilities **** 186,225,016 **** 180,106,550 6,118,465
Net Assets
Common Stock and Preferred Stock **** 1,404,065 **** 1,404,065 —
Capital Surplus **** 2,286,167 **** 2,286,328 (161 )
Capital Reserve 655,450 655,418 32
Other Capital Surplus 1,630,716 1,630,910 (194 )
Retained Earnings **** 2,354,886 **** 2,472,640 (117,753 )
Appropriated Reserve 353,908 315,177 38,731
Other Retained Earnings 2,000,977 2,157,463 (156,485 )
Retained Earnings Brought Forward 2,000,977 2,157,463 (156,485 )
Total Shareholders’ Equity **** 6,045,118 **** 6,163,034 (117,915 )
Net Unrealized Gains (Losses) on Other Securities, net of Taxes **** 941,359 **** 736,239 205,120
Net Deferred Hedge Gains (Losses), net of Taxes **** 67,740 **** 71,693 (3,953 )
Revaluation Reserve for Land, net of Taxes **** 137,834 **** 136,655 1,178
Total Valuation and Translation Adjustments **** 1,146,934 **** 944,588 202,345
Total Net Assets **** 7,192,053 **** 7,107,623 84,430
Total Liabilities and Net Assets ¥ 193,417,069 **** ¥ 187,214,174 ¥ 6,202,895

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

Millions of yen
For the six months endedSeptember 30, 2020(A) For the six months ended<br>September 30, 2019<br>(B) Change<br>(A) - (B)
Ordinary Income ¥ 1,046,419 ¥ 1,388,581 ¥ (342,161 )
Interest Income **** 593,571 867,423 (273,852 )
Interest on Loans and Bills Discounted **** 431,238 582,940 (151,701 )
Interest and Dividends on Securities **** 112,486 134,804 (22,318 )
Fee and Commission Income **** 249,820 227,012 22,808
Trading Income **** 73,501 67,321 6,179
Other Operating Income **** 92,307 140,491 (48,183 )
Other Ordinary Income **** 37,219 86,333 (49,113 )
Ordinary Expenses **** 913,892 1,093,174 (179,281 )
Interest Expenses **** 215,786 541,399 (325,612 )
Interest on Deposits **** 78,339 245,799 (167,459 )
Fee and Commission Expenses **** 47,890 48,740 (850 )
Trading Expenses **** 234 76 158
Other Operating Expenses **** 50,294 42,862 7,432
General and Administrative Expenses **** 392,026 383,927 8,099
Other Ordinary Expenses **** 207,659 76,167 131,492
Ordinary Profits **** 132,527 295,407 (162,880 )
Extraordinary Gains **** 56,548 336 56,211
Extraordinary Losses **** 4,550 5,638 (1,088 )
Income before Income Taxes **** 184,525 290,105 (105,580 )
Income Taxes:
Current **** 46,504 65,965 (19,460 )
Deferred **** 28,298 5,004 23,293
Net Income ¥ 109,722 ¥ 219,135 ¥ (109,413 )

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

Millions of yen
As of<br>September 30,<br>2020 (A) As of<br>March 31,<br>2020 (B) Change<br>(A) - (B)
Assets
Cash and Due from Banks ¥ 2,235,246 **** ¥ 1,766,799 ¥ 468,446
Call Loans **** 6,345 **** 14,678 (8,332 )
Guarantee Deposits Paid under Securities Borrowing Transactions **** 32,855 **** 198,053 (165,198 )
Other Debt Purchased **** 167,398 **** 32,493 134,905
Trading Assets **** 162,639 **** 169,750 (7,110 )
Money Held in Trust **** 8,018 **** 7,125 892
Securities **** 695,685 **** 958,624 (262,939 )
Loans and Bills Discounted **** 3,465,966 **** 3,367,475 98,490
Foreign Exchange Assets **** 9,110 **** 7,865 1,244
Other Assets **** 270,761 **** 359,752 (88,990 )
Tangible Fixed Assets **** 100,808 **** 86,705 14,102
Intangible Fixed Assets **** 28,021 **** 30,529 (2,507 )
Prepaid Pension Cost **** 78,345 **** 65,759 12,585
Customers’ Liabilities for Acceptances and Guarantees **** 15,818 **** 14,755 1,062
Reserves for Possible Losses on Loans **** (3,441 ) (3,689 ) 247
Total Assets ¥ 7,273,580 **** ¥ 7,076,682 ¥ 196,898
Liabilities
Deposits ¥ 3,133,125 **** ¥ 3,096,295 ¥ 36,830
Negotiable Certificates of Deposit **** 561,080 **** 664,780 (103,700 )
Call Money **** 626,275 **** 807,706 (181,431 )
Guarantee Deposits Received under Securities Lending Transactions **** 355,615 **** 289,789 65,825
Trading Liabilities **** 166,077 **** 170,146 (4,068 )
Borrowed Money **** 462,502 **** 255,860 206,642
Foreign Exchange Liabilities **** 2 **** 23 (21 )
Bonds and Notes **** 10,000 **** 10,000 —
Due to Trust Accounts **** 1,336,263 **** 1,055,510 280,752
Other Liabilities **** 23,236 **** 142,457 (119,221 )
Reserve for Bonus Payments **** 2,293 **** 2,153 139
Reserve for Variable Compensation **** 190 **** 368 (178 )
Provision for Retirement Benefits **** 1,892 **** — 1,892
Reserve for Reimbursement of Deposits **** 1,797 **** 1,907 (109 )
Deferred Tax Liabilities **** 11,414 **** 3,220 8,193
Acceptances and Guarantees **** 15,818 **** 14,755 1,062
Total Liabilities 6,707,585 6,514,977 192,608
Net Assets
Common Stock and Preferred Stock **** 247,369 **** 247,369 —
Capital Surplus **** 15,505 **** 15,505 —
Capital Reserve **** 15,505 **** 15,505 —
Retained Earnings **** 248,353 **** 253,465 (5,111 )
Appropriated Reserve **** 45,647 **** 41,484 4,163
Other Retained Earnings **** 202,705 **** 211,980 (9,274 )
Retained Earnings Brought Forward **** 202,705 **** 211,980 (9,274 )
Total Shareholders’ Equity **** 511,228 **** 516,339 (5,111 )
Net Unrealized Gains (Losses) on Other Securities, net of Taxes **** 60,700 **** 49,981 10,718
Net Deferred Hedge Gains (Losses), net of Taxes **** (5,933 ) (4,615 ) (1,317 )
Total Valuation and Translation Adjustments **** 54,767 **** 45,365 9,401
Total Net Assets **** 565,995 **** 561,705 4,289
Total Liabilities and Net Assets ¥ 7,273,580 **** ¥ 7,076,682 ¥ 196,898

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO TRUST & BANKING

Millions of yen
For the six months ended<br>September 30, 2020(A) For the six months ended<br>September 30, 2019<br>(B) Change<br>(A) - (B)
Ordinary Income ¥ 89,548 ¥ 95,561 ¥ (6,012 )
Fiduciary Income **** 27,277 27,919 (641 )
Interest Income **** 18,261 20,261 (2,000 )
Interest on Loans and Bills Discounted **** 11,066 12,647 (1,581 )
Interest and Dividends on Securities **** 6,154 6,532 (378 )
Fee and Commission Income **** 29,087 29,143 (56 )
Trading Income **** 488 508 (20 )
Other Operating Income **** 7,749 15,278 (7,529 )
Other Ordinary Income **** 6,684 2,449 4,234
Ordinary Expenses **** 73,729 73,859 (129 )
Interest Expenses **** 4,797 6,801 (2,003 )
Interest on Deposits **** 205 350 (144 )
Fee and Commission Expenses **** 16,815 17,601 (785 )
Trading Expenses **** — 13 (13 )
Other Operating Expenses **** 1,328 3,862 (2,533 )
General and Administrative Expenses **** 40,447 39,656 791
Other Ordinary Expenses **** 10,340 5,923 4,416
Ordinary Profits **** 15,819 21,702 (5,883 )
Extraordinary Gains **** 6,569 907 5,662
Extraordinary Losses **** 707 420 286
Income before Income Taxes **** 21,681 22,188 (507 )
Income Taxes:
Current **** 2,181 3,107 (926 )
Deferred **** 3,796 3,519 277
Net Income ¥ 15,704 ¥ 15,562 ¥ 142

2-42

Mizuho Trust & Banking Co., Ltd.

Reference

Statement of Trust Assets and Liabilities

As of September 30, 2020
Assets Liabilities Amount
Loans and Bills Discounted 573,325 Money Trusts 24,649,662
Securities 123,858 Pension Trusts 3,355,051
Beneficiary Rights to the Trusts 64,114,439 Property Formation Benefit Trusts 4,645
Securities held in Custody Accounts 414,837 Investment Trusts 18,673,049
Money Claims 12,508,350 Money Entrusted Other than Money Trusts 1,895,964
Tangible Fixed Assets 8,460,577 Securities Trusts 13,664,620
Intangible Fixed Assets 356,170 Money Claims Trusts 11,401,488
Other Claims 251,043 Land and Fixtures Trusts 509,740
Due from Banking Account 1,336,263 Composite Trusts 14,468,123
Cash and Due from Banks 488,856 Other Trusts 5,375
Total 88,627,721 Total 88,627,721
Notes:
1.  The statement is exclusive of the Trusts that are difficult to value<br>monetarily.
2.  Beneficiary Rights to the Trusts include entrusted Trusts for asset<br>maintenance of 62,128,124 million.
3.  Joint trust assets under the management of other companies:<br>185,613 million.
4.  There is no balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans,or Loans Past Due for 3Months or More in the loans of trust accounts that guarantee principals in the agreement of 5,536 million.
Reference: Breakdown of Accounts of Money Trusts and Loan Trusts with the contracts of principal indemnification (including Trusts entrusted for asset management) are as follows:
Money Trusts
Assets Liabilities Amount
Loans and Bills Discounted 5,536 Principal 839,565
Securities 1 Reserve 17
Others 834,115 Others 71
Total 839,653 Total 839,653

All values are in Japanese Yen.

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Mizuho Trust & Banking Co., Ltd.

Reference

Comparison of Balances of Principal Items

Millions of yen
Items As ofSeptember 30,2020 (A) As of<br>March 31,<br>2020 (B) Change<br>(A) - (B)
Total Amount of Funds **** 31,703,564 31,015,448 688,116
Deposits **** 3,133,125 3,096,295 36,830
Negotiable Certificates of Deposit **** 561,080 664,780 (103,700 )
Money Trusts **** 24,649,662 24,065,825 583,836
Pension Trusts **** 3,355,051 3,183,854 171,197
Property Formation Benefit Trusts **** 4,645 4,692 (47 )
Loans and Bills Discounted **** 4,039,292 4,001,989 37,302
of Banking accounts **** 3,465,966 3,367,475 98,490
of Trust accounts **** 573,325 634,513 (61,188 )
Securities for Investments **** 819,544 1,089,515 (269,970 )
of Banking accounts **** 695,685 958,624 (262,939 )
of Trust accounts **** 123,858 130,890 (7,031 )

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

Millions of yen
As of<br>September 30,<br>2020 (A) As of<br>March 31,<br>2020 (B) Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits ¥ 300,052 **** ¥ 533,288 ¥ (233,236 )
Cash Segregated as Deposits for Customers and Others **** 445,394 **** 387,043 58,350
Trading Assets **** 7,877,065 **** 6,461,814 1,415,251
Operating Investment Securities **** 32,991 **** 33,430 (438 )
Receivables Related to Margin Transactions **** 29,365 **** 22,055 7,310
Collateralized Short-Term Financing Agreements-Receivable **** 4,500,354 **** 4,296,231 204,123
Advances Paid **** 257 **** 579 (322 )
Securities: Fail to Deliver **** 47,446 **** 12,971 34,475
Short-Term Loans Receivable **** 30,902 **** 37,298 (6,395 )
Other Current Assets **** 544,453 **** 595,830 (51,377 )
Less: Allowance for Doubtful Accounts **** (7 ) (7 ) (0 )
Noncurrent Assets
Property and Equipment **** 20,301 **** 11,196 9,104
Intangible Assets **** 60,309 **** 61,637 (1,327 )
Investments and Other Assets **** 306,506 **** 302,584 3,922
Total Assets ¥ 14,195,394 **** ¥ 12,755,956 ¥ 1,439,438
Liabilities
Current Liabilities
Trading Liabilities ¥ 4,996,970 **** ¥ 5,032,193 ¥ (35,222 )
Payables—Unsettled Trades **** 142,093 **** 61,668 80,425
Payables Related to Margin Transactions **** 50,720 **** 47,395 3,324
Collateralized Short-Term Financing Agreements-Payable **** 5,153,013 **** 3,660,235 1,492,777
Deposits Received **** 401,439 **** 350,409 51,029
Guarantee Deposits Received **** 337,440 **** 370,607 (33,166 )
Securities: Fail to Receive **** 32,352 **** 2,029 30,323
Short-Term Borrowings **** 918,467 **** 1,035,215 (116,748 )
Commercial Paper **** 297,000 **** 319,000 (22,000 )
Bonds and Notes Due within One Year **** 152,257 **** 137,358 14,898
Income Taxes Payable **** 2,577 **** 3,022 (445 )
Accrued Employees’ Bonuses **** 9,921 **** 13,531 (3,609 )
Provision for Variable Compensation **** 394 **** 816 (422 )
Provision for Bonus Point Redemption **** — **** 487 (487 )
Other Current Liabilities **** 37,110 **** 53,465 (16,355 )
Noncurrent Liabilities
Bonds and Notes **** 579,437 **** 620,079 (40,641 )
Long-Term Borrowings **** 138,400 **** 135,600 2,800
Provision for Retirement Benefits **** 20,398 **** 19,828 569
Other Noncurrent Liabilities **** 3,013 **** 2,111 902
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities **** 2,506 **** 2,509 (3 )
Total Liabilities **** 13,275,513 **** 11,867,565 1,407,947
Net Assets
Common Stock **** 125,167 **** 125,167 —
Capital Surplus **** 381,649 **** 381,649 —
Additional Paid—in Capital **** 285,831 **** 285,831 —
Other Capital Surplus **** 95,817 **** 95,817 —
Retained Earnings **** 395,707 **** 371,261 24,445
Other Retained Earnings **** 395,707 **** 371,261 24,445
Retained Earnings Brought Forward **** 395,707 **** 371,261 24,445
Total Shareholders’ Equity **** 902,524 **** 878,078 24,445
Net Unrealized Gains on (Operating) Investment Securities, net of Tax **** 27,259 **** 20,066 7,193
Net Deferred Gains or Losses on Hedges, net of Tax **** (9,902 ) (9,754 ) (147 )
Total Valuation and Translation Adjustments **** 17,357 **** 10,312 7,045
Total Net Assets **** 919,881 **** 888,390 31,491
Total Liabilities and Net Assets ¥ 14,195,394 **** ¥ 12,755,956 ¥ 1,439,438

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

Millions of yen
For the six months ended<br>September 30, 2020(A) For the six months ended<br>September 30, 2019<br>(B) Change<br>(A) - (B)
Operating Revenues ¥ 183,483 **** ¥ 171,759 ¥ 11,723
Commissions **** 81,518 **** 72,003 9,514
Net Gain on Trading **** 61,738 **** 50,169 11,569
Net Gain on Operating Investment Securities **** 222 **** 2,163 (1,941 )
Interest and Dividend Income **** 40,004 **** 47,423 (7,418 )
Interest Expenses **** 31,396 **** 44,926 (13,530 )
Net Operating Revenues **** 152,086 **** 126,833 25,253
Selling, General and Administrative Expenses **** 122,541 **** 113,688 8,853
Transaction-Related Expenses **** 32,744 **** 26,083 6,660
Personnel Expenses **** 45,919 **** 41,300 4,619
Real Estate Expenses **** 10,456 **** 11,842 (1,386 )
Administrative Expenses **** 19,566 **** 21,153 (1,586 )
Depreciation and Amortization **** 10,229 **** 9,458 770
Taxes and Dues **** 2,460 **** 2,294 165
Provision of Allowance for Doubtful Accounts **** (16 ) (25 ) 9
Other **** 1,181 **** 1,581 (399 )
Operating Income **** 29,545 **** 13,144 16,400
Non-Operating Income **** 3,324 **** 3,479 (154 )
Non-Operating Expenses **** 75 **** 67 7
Ordinary Income **** 32,794 **** 16,556 16,238
Extraordinary Gain **** 6,740 **** 185 6,554
Extraordinary Loss **** 1,586 **** 464 1,122
Income before Income Taxes **** 37,948 **** 16,276 21,671
Income Taxes:
Current **** 2,449 **** 1,263 1,186
Deferred **** 3,495 **** 2,739 755
Net Income ¥ 32,002 **** ¥ 12,274 ¥ 19,728

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