MFG 6-K, filed May 15, 2020, 0001193125-20-143266

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 15, 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 Fiscal 2019<br><br><br>(Under Japanese GAAP)
Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		May 15, 2020
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Stock Code Number (Japan):	8411
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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
Ordinary General Meeting of Shareholders (scheduled):		June 25, 2020	Commencement of Dividend Payment (scheduled):	June 8, 2020
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):		June 26, 2020	Trading Accounts: Established
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2019 (for the fiscal year ended March 31, 2020)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits		Profit Attributableto Owners ofParent
	million		%		million	%	million		%
Fiscal 2019		3,986,701		1.5		637,877	3.8			448,568	364.5
Fiscal 2018		3,925,649		10.2		614,118	(21.5	)		96,566	(83.2	)

All values are in Japanese Yen.

Note:	Comprehensive Income:<br> <br>Fiscal 2019:<br>¥7,673 million, —%; Fiscal 2018: ¥(110,542) million, —%
		Net Incomeper Share ofCommon Stock		Diluted Net Incomeper Share ofCommon Stock		Net Income<br>on Own Capital			Ordinary Profits<br>to Total Assets			Ordinary Profits<br>to Ordinary Income
---	---	---	---	---	---	---	---	---	---	---	---	---	---
						%			%			%
Fiscal 2019			17.68			17.68			5.1			0.3		16.0
Fiscal 2018			3.80			3.80			1.0			0.3		15.6

All values are in Japanese Yen.

Reference:	Equity in Income from Investments in Affiliates:<br><br><br>Fiscal 2019: ¥30,382 million; Fiscal 2018: ¥51,215 million

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets	Own Capital Ratio	Total Net Assetsper Share ofCommon Stock
	million		million	%
Fiscal 2019		214,659,077		8,663,847	3.9	337.29
Fiscal 2018		200,792,226		9,194,038	4.3	345.00

All values are in Japanese Yen.

Reference:	Own Capital:<br><br><br>As of March 31, 2020: ¥8,553,971 million; As of March 31, 2019: ¥8,748,805 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100
---	---
	Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

(3) Conditions of Consolidated Cash Flows

	Cash Flows fromOperating Activities		Cash Flows fromInvesting Activities	Cash Flows fromFinancing Activities		Cash and Cash Equivalentsat the end of the fiscal year
	million		million	million		million
Fiscal 2019		1,901,893		(5,808,537	)		(281,849	)	39,863,604
Fiscal 2018		(2,636,096	)	5,487,153			(18,640	)	44,254,874

All values are in Japanese Yen.

2. Cash Dividends for Shareholders of Common Stock

	Annual Cash Dividends per Share											Dividends Pay-outRatio<br>(Consolidated basis)	Dividends on NetAssets<br>(Consolidated basis)
	Firstquarter-end		Secondquarter-end	Thirdquarter-end	Fiscalyear-end		Annual
								million	%		%
Fiscal 2018		—		3.75		—		3.75		7.50		190,395	197.3	2.1
Fiscal 2019		—		3.75		—		3.75		7.50		190,416	42.4	2.1
Fiscal 2020 (estimate)		—		3.75		—		3.75		7.50			59.4

All values are in Japanese Yen.

Note:	The impact from the share consolidation scheduled on October 1, 2020 is not reflected to the estimate for<br>Cash Dividend per Share of Common Stock at the end of fiscal 2020. If the share consolidation is taken into account, it would be ¥37.50. Please refer to “Notes” below for detail.

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

(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributableto Owners ofParent				Net Incomeper Share ofCommon Stock
	million		%
1H F2020		—		—		—
Fiscal 2020		320,000		(28.6)		12.61

All values are in Japanese Yen.

Note:

The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2020. The impact from the share consolidation scheduled on October 1, 2020 is not reflected to the Consolidated Earnings Estimates for Net Income per Share of Common Stock for Fiscal 2020 (for the fiscal year ending March 31, 2021). If the share consolidation is taken into account, it would be ¥126.12. Please refer to “Notes” below for detail.

Notes

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

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

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

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 “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

i. Year-end issued<br>shares<br> <br>(including treasury stock):	As of March 31, 2020	25,392,498,945 shares	As of March 31, 2019	25,392,498,945 shares
ii. Year-end treasury<br>stock:	As of March 31, 2020	32,106,811 shares	As of March 31, 2019	33,962,404 shares
iii. Average number of outstanding shares:	Fiscal 2019	25,360,661,215 shares	Fiscal 2018	25,362,375,520 shares

This immediate release is outside the scope of the audit.

The Board of Directors of the MHFG today (May 15, 2020) resolved to include the following share consolidation in the agenda for the 18th Ordinary General Meeting of Shareholders to be held in June 2020.

Estimate for cash dividends and consolidated earnings estimates for the fiscal year ending March 31, 2021 with effect from the share consolidation, are as follows.

(1) Estimate for cash dividends and consolidated earnings estimates for the fiscal year ending March 31, 2021
Cash dividends per share of common stock	Second quarter-end	¥	3.75
	Fiscal year-end	¥	37.50
(2) Estimate for consolidated earnings estimates for the fiscal year ending March 31,<br>2021
Net income per share of common stock (Consolidated)		¥	126.12

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: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations;decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our informationtechnology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatoryrequirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO, ” and implement other strategic initiatives andmeasures 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”)and our report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page atwww.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2019 and Dividend Estimates for Fiscal 2020	p.1-3
2.	Basic Stance on Selection of Accounting Standards	p.1-4
3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Changes in Accounting Policies)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Wednesday, May 20, 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.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2020, the global economy showed a slowdown, primarily in the manufacturing industry, due to factors such as uncertainty related to the trade disputes between the United States and China. Furthermore, toward the end of the fiscal year, the global economy began to show signs indicative of a state of crisis due to the worldwide spread of COVID-19.

In the United States, the economy of which had been expanding, the economic base began to deteriorate rapidly, including a substantial decline in the rate of employment due to the impact of the spread of COVID-19. In light of such circumstances, the Federal Reserve Board (FRB) cut interest rates as an emergency measure twice in March, and the Trump administration implemented US$2 trillion worth of economic measures. However, concerns about a further decline in the economy have not been dispelled.

In Europe, where the economy remained weak, the European Central Bank (ECB) decided to purchase assets and expand long-term refinancing operations in response to the spread of COVID-19 throughout Europe. However, the economic situation is becoming increasingly serious.

In Asia, the Chinese economy continued to slow down. The growth of production, investment and consumption has slowed as economic activities have contracted since the beginning of 2020 due to COVID-19, in addition to the impact of trade disputes between the United States and China. Moreover, in emerging countries, currency depreciation and capital outflows have been observed, partly due to the fall in the prices of crude oil and other resources.

In Japan, the real GDP growth rate fell sharply negative in the October to December quarter of 2019, partly due to the impact of the consumption tax increase amid the sluggishness in export and production activities. In response to the spread of COVID-19, the Bank of Japan decided to expand financial support measures for businesses and increase purchases of exchange-traded funds (ETFs) and corporate bonds, and the government has also taken a series of emergency measures. However, economic activities are contracting at an accelerating pace.

As to the prospects for the global economy, negative growth is expected due to the impact of the spread of COVID-19. While monetary easing and economic stimulus measures implemented in each country are expected to have a positive effect on the economy, there is a concern that, if the impact becomes prolonged, demand will decrease further due to worsening employment and income situations. The Japanese economy is expected to remain in a difficult situation for the time being, due to factors such as decreased consumption, primarily in the service-related sector, and capital investments.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,062.2 billion for fiscal 2019, increasing by ¥249.4 billion from the previous fiscal year due to the steady business performance in both Customer Groups and Markets.

General and Administrative Expenses decreased by ¥52.4 billion on a year-on-year basis to ¥1,378.3 billion due to the efforts of structural reform.

As a result, Consolidated Net Business Profits increased by ¥268.5 billion on a year-on-year basis to ¥661.9 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others that consist of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd. increased by ¥264.2 billion on a year-on-year basis to ¥672.5 billion.

Credit-related Costs increased by ¥152.1 billion on a year-on-year basis to ¥171.7 billion due to recording Reserves for Possible Losses on Loans for some credit exposures reflecting the impact of COVID-19 in light of the principles set forth in the report entitled “JFSA’s supervisory approaches to lending business and loan loss provisioning” published by the Japanese Financial Services Agency in December 2019.

Net Gains (Losses) related to Stocks decreased by ¥137.6 billion on a year-on-year basis to net gains of ¥137.1 billion.

As a result, Ordinary Income increased by ¥23.7 billion on a year-on-year basis to ¥637.8 billion.

Extraordinary Gains (Losses) increased by ¥478.6 billion on a year-on-year basis to net losses of ¥19.1 billion due to the lack of losses in light of structural reform recorded last year.

Tax-related Expenses increased by ¥163.9 billion on a year-on-year basis to ¥161.4 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2019 increased by ¥352.0 billion on a year-on-year basis to ¥448.5 billion.

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Mizuho Financial Group, Inc.

As for earnings estimates for fiscal 2020, we estimate Ordinary Profits of ¥400.0 billion and Profit Attributable to Owners of Parent of ¥320.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates due to the further spread of COVID-19.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2020 amounted to ¥214,659.0 billion, increasing by ¥13,866.8 billion from the end of the previous fiscal year mainly due to an increase in Receivables under Resale Agreements.

Securities were ¥34,907.2 billion, increasing by ¥5,132.7 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥83,468.1 billion, increasing by ¥5,011.2 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥144,472.2 billion, increasing by ¥6,822.6 billion from the end of the previous fiscal year.

Net Assets amounted to ¥8,663.8 billion, decreasing by ¥530.1 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,561.0 billion, Accumulated Other Comprehensive Income was ¥992.9 billion, and Non-controlling Interests was ¥109.6 billion.

Net Cash Provided by Operating Activities was ¥1,901.8 billion mainly due to increased deposits. Net Cash Used in Investing Activities was ¥5,808.5 billion mainly due to purchase, sale, and redemption of securities and Net Cash Used in Financing Activities was ¥281.8 billion mainly due to repayments to non-controlling shareholders and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2020 was ¥39,863.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Paymentfor Fiscal 2019 and Dividend Estimates for Fiscal 2020

We have been implementing disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders, and set forth our shareholder return policy that we are maintaining the current level of dividends for the time being while aiming to strengthen our capital base further to enhance returns to shareholders at an early stage.

Based on this policy, we have decided to issue ¥3.75 of year-end cash dividends on common stock for Fiscal 2019 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) in accordance with Dividend Estimate at the beginning of the fiscal year.

The Board of Directors has decided on the ¥7.50 of annual cash dividends on common stock for Fiscal 2019, even though Profit Attributable to Owners of Parent for Fiscal 2019 was slightly lower than our Earnings Estimate at the beginning of the fiscal year as a result of additional Reserves for Possible Losses on Loans for some credit exposures from a forward-looking perspective based on future projections, reflecting the potential impact of COVID-19 on our financials. To make such decision, the Board of Directors has taken into account and considered thoroughly our business environment comprehensively including capital adequacy, and domestic and international regulation trends including the Basel regulatory framework.

Common Stock	¥3.75 per share	(unchanged from the estimate at the beginning of Fiscal 2019)
Annual cash dividends incl. interim dividends	¥7.50 per share	(unchanged from the estimate at the beginning of Fiscal 2019)

Furthermore, in accordance with the Articles of Incorporation, we decide to issue dividends not by a resolution at the General Meeting of Shareholders but by a resolution at the Board of Directors unless otherwise stipulated by laws and regulations. We decided on the year-end cash dividend payments on common stock for Fiscal 2020 at the Board of Directors held today.

For Fiscal 2020, based on the shareholder return policy, we will comprehensively consider the business environment such as the Group’s business results, profit base, status of capital adequacy, and domestic and international regulation trends, including the Basel framework, in determining the amounts of dividends payment.

As for the dividend estimates of common stock for Fiscal 2020, we predict ¥7.50 per share of common stock, which is the same as Fiscal 2019. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.

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Mizuho Financial Group, Inc.

(Dividend Estimates for Fiscal 2020)
Common Stock		Cash Dividends per Share		¥	7.50
		of which Interim Dividends		¥	3.75

In addition, with the approval of the 18th Ordinary General Meeting of Shareholders to be held in June 2020, the shares of common stock will be consolidated on the basis of one post-consolidation share per ten pre-consolidation shares to be effective on October 1, 2020. Taking such share consolidation into account, fiscal year-end dividend estimates for Fiscal 2020 will be ¥37.50.

Also, with the approval of the same General Meeting of Shareholders, the Articles of Incorporation will be amended such that the Board of Directors remains as the organization to make decisions on issuing dividends, but the General Meeting of Shareholders may also make decisions on such matters in the event a shareholder’s proposal is presented.

2. Basic Stance on Selection of Accounting Standards

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

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As ofMarch 31,<br>2019			As ofMarch 31,<br>2020
Assets
Cash and Due from Banks	¥	45,108,602		¥	41,069,745
Call Loans and Bills Purchased		648,254			584,686
Receivables under Resale Agreements		12,997,628			18,581,488
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			2,243,161
Other Debt Purchased		2,828,959			2,688,273
Trading Assets		12,043,608			13,248,734
Money Held in Trust		351,889			411,847
Securities		29,774,489			34,907,234
Loans and Bills Discounted		78,456,935			83,468,185
Foreign Exchange Assets		1,993,668			2,044,415
Derivatives other than for Trading Assets		1,328,227			1,944,060
Other Assets		4,229,589			5,206,121
Tangible Fixed Assets		1,037,006			1,103,622
Buildings		287,634			287,038
Land		614,851			610,305
Lease Assets		22,557			13,293
Construction in Progress		36,300			72,290
Other Tangible Fixed Assets		75,661			120,694
Intangible Fixed Assets		620,231			636,139
Software		161,364			429,136
Goodwill		65,495			61,276
Lease Assets		5,839			4,118
Other Intangible Fixed Assets		387,532			141,608
Net Defined Benefit Asset		982,804			846,782
Deferred Tax Assets		37,960			32,493
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			6,066,527
Reserves for Possible Losses on Loans		(287,815	)		(424,446	)

Total Assets	¥	200,792,226		¥	214,659,077

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Mizuho Financial Group, Inc.

	Millions of yen
	As of<br>March 31,<br>2019			As of<br>March 31,<br>2020
Liabilities
Deposits	¥	124,311,025		¥	131,189,673
Negotiable Certificates of Deposit		13,338,571			13,282,561
Call Money and Bills Sold		2,841,931			2,263,076
Payables under Repurchase Agreements		14,640,439			17,971,098
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,108,255
Commercial Paper		941,181			411,089
Trading Liabilities		8,325,520			9,604,890
Borrowed Money		3,061,504			5,209,947
Foreign Exchange Liabilities		669,578			509,405
Short-term Bonds		355,539			373,658
Bonds and Notes		8,351,071			8,906,432
Due to Trust Accounts		1,102,073			1,055,510
Derivatives other than for Trading Liabilities		1,165,602			1,619,151
Other Liabilities		4,512,325			6,111,195
Reserve for Bonus Payments		68,117			75,175
Reserve for Variable Compensation		2,867			2,559
Net Defined Benefit Liability		60,873			62,113
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			944
Reserve for Possible Losses on Sales of Loans		630			637
Reserve for Contingencies		4,910			6,443
Reserve for Reimbursement of Deposits		19,068			27,851
Reserve for Reimbursement of Debentures		25,566			18,672
Reserves under Special Laws		2,473			2,509
Deferred Tax Liabilities		185,974			53,150
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			62,695
Acceptances and Guarantees		6,062,053			6,066,527

Total Liabilities	¥	191,598,188		¥	205,995,229

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,136,467
Retained Earnings		3,915,521			4,174,190
Treasury Stock		(7,703	)		(6,414	)

Total Shareholders’ Equity		7,303,034			7,561,010

Net Unrealized Gains (Losses) on Other Securities		1,186,401			823,085
Deferred Gains or Losses on Hedges		(22,282	)		72,081
Revaluation Reserve for Land		137,772			136,655
Foreign Currency Translation Adjustments		(111,057	)		(133,178	)
Remeasurements of Defined Benefit Plans		254,936			94,317

Total Accumulated Other Comprehensive Income		1,445,770			992,960

Stock Acquisition Rights		707			213
Non-controlling Interests		444,525			109,662

Total Net Assets		9,194,038			8,663,847

Total Liabilities and Net Assets	¥	200,792,226		¥	214,659,077

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Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the fiscalyear endedMarch 31, 2019		For the fiscalyear endedMarch 31, 2020
Ordinary Income	¥	3,925,649	¥	3,986,701
Interest Income		2,056,327		2,014,440
Interest on Loans and Bills Discounted		1,253,970		1,242,279
Interest and Dividends on Securities		302,768		266,861
Interest on Call Loans and Bills Purchased		5,510		5,356
Interest on Receivables under Resale Agreements		229,637		251,830
Interest on Securities Borrowing Transactions		25,081		18,779
Interest on Due from Banks		123,545		105,257
Other Interest Income		115,813		124,074
Fiduciary Income		55,153		58,565
Fee and Commission Income		765,977		778,842
Trading Income		299,355		406,539
Other Operating Income		312,815		412,114
Other Ordinary Income		436,019		316,198
Gains on Reversal of Reserves for Possible Losses on Loans		4,357		—
Recovery of Written-off Claims		10,395		11,901
Other		421,266		304,296
Ordinary Expenses		3,311,531		3,348,823
Interest Expenses		1,293,846		1,280,897
Interest on Deposits		480,593		482,887
Interest on Negotiable Certificates of Deposit		129,752		124,332
Interest on Call Money and Bills Sold		11,030		8,686
Interest on Payables under Repurchase Agreements		374,524		351,012
Interest on Securities Lending Transactions		7,292		7,041
Interest on Commercial Paper		19,304		15,484
Interest on Borrowed Money		35,522		33,949
Interest on Short-term Bonds		28		31
Interest on Bonds and Notes		172,811		173,398
Other Interest Expenses		62,986		84,073
Fee and Commission Expenses		155,550		159,598
Trading Expenses		1,987		15,239
Other Operating Expenses		225,509		152,547
General and Administrative Expenses		1,430,850		1,378,398
Other Ordinary Expenses		203,788		362,142
Provision for Reserves for Possible Losses on Loans		—		161,005
Other		203,788		201,137

Ordinary Profits	¥	614,118	¥	637,877

1-7

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscalyear endedMarch 31, 2019			For the fiscalyear endedMarch 31, 2020
Extraordinary Gains	¥	11,280		¥	2,239
Gains on Disposition of Fixed Assets		3,438			2,239
Other Extraordinary Gains		7,841			—
Extraordinary Losses		509,138			21,399
Losses on Disposition of Fixed Assets		5,414			6,138
Losses on Impairment of Fixed Assets		503,612			15,224
Other Extraordinary Losses		112			36

Income before Income Taxes		116,259			618,717

Income Taxes:
Current		161,376			150,088
Deferred		(163,879	)		11,408

Total Income Taxes		(2,502	)		161,496

Profit		118,762			457,221

Profit Attributable to Non-controllingInterests		22,196			8,652

Profit Attributable to Owners of Parent	¥	96,566		¥	448,568

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the fiscalyear endedMarch 31, 2019			For the fiscalyear endedMarch 31, 2020
Profit	¥	118,762		¥	457,221
Other Comprehensive Income		(229,304	)		(449,547	)
Net Unrealized Gains (Losses) on Other Securities		(207,505	)		(359,779	)
Deferred Gains or Losses on Hedges		45,391			94,536
Foreign Currency Translation Adjustments		(23,882	)		(20,650	)
Remeasurements of Defined Benefit Plans		(35,577	)		(157,693	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(7,730	)		(5,961	)

Comprehensive Income		(110,542)			7,673

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(128,692	)		(3,123	)
Comprehensive Income Attributable to Non-controlling<br>Interests		18,150			10,797

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2019

	Millions of yen
	Shareholders’ Equity
	CommonStock		CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’Equity
Balance as of the beginning of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309
Changes during the period
Issuance of New Shares		218		218									437
Cash Dividends							(190,384	)					(190,384	)
Profit Attributable to Owners of Parent							96,566						96,566
Repurchase of Treasury Stock										(3,001	)		(3,001	)
Disposition of Treasury Stock				(23	)					1,295			1,271
Transfer from Revaluation Reserve for Land							6,504						6,504
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders				3,331									3,331
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		218		3,526			(87,313	)		(1,706	)		(85,274	)

Balance as of the end of the period		2,256,767		1,138,449			3,915,521			(7,703	)		7,303,034

	Accumulated Other Comprehensive Income																		Stock<br>Acquisition<br>Rights			Non-<br>Controlling<br>Interests			Total NetAssets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealized<br>Gains(Losses) onOther<br>Securities			DeferredGains orLosses on<br>Hedges			Revaluation<br>Reserve for<br>Land			Foreign<br>Currency<br>Translation<br>Adjustments			Remeasurements<br>of Defined<br>Benefit Plans			Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period		1,392,392			(67,578	)		144,277			(85,094	)		293,536			1,677,534			1,163			754,239			9,821,246
Changes during the period
Issuance of New Shares																										437
Cash Dividends																										(190,384	)
Profit Attributable to Owners of Parent																										96,566
Repurchase of Treasury Stock																										(3,001	)
Disposition of Treasury Stock																										1,271
Transfer from Revaluation Reserve for Land																										6,504
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders																										3,331
Net Changes in Items other than Shareholders’ Equity		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(541,934	)

Total Changes during the period		(205,990	)		45,295			(6,504	)		(25,963	)		(38,600	)		(231,763	)		(456	)		(309,713	)		(627,208	)

Balance as of the end of the period		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2020

		Millions of yen
		Shareholders’ Equity
		CommonStock			CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’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									(190,405	)					(190,405	)
Profit Attributable to Owners of Parent									448,568						448,568
Repurchase of Treasury Stock												(1,908	)		(1,908	)
Disposition of Treasury Stock						(625	)					3,197			2,571
Transfer from Revaluation Reserve for Land									1,117						1,117
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders						(1,968	)								(1,968	)
Transfer from Retained Earnings to Capital Surplus						611			(611	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period			—			(1,981	)		258,668			1,288			257,975

Balance as of the end of the period			2,256,767			1,136,467			4,174,190			(6,414	)		7,561,010

	Accumulated Other Comprehensive Income
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealized<br>Gains(Losses) onOther<br>Securities			DeferredGains orLosses on<br>Hedges			Revaluation<br>Reserve for<br>Land			Foreign<br>Currency<br>Translation<br>Adjustments			Remeasurements<br>of Defined<br>Benefit Plans			Total<br>Accumulated<br>Other<br>Comprehensive<br>Income			Stock<br>Acquisition<br>Rights			Non-<br>Controlling<br>Interests			Total NetAssets
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																										(190,405	)
Profit Attributable to Owners of Parent																										448,568
Repurchase of Treasury Stock																										(1,908	)
Disposition of Treasury Stock																										2,571
Transfer from Revaluation Reserve for Land																										1,117
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders																										(1,968	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(788,165	)

Total Changes during the period		(363,316	)		94,364			(1,117	)		(22,120	)		(160,619	)		(452,809	)		(493	)		(334,862	)		(530,190	)

Balance as of the end of the period		823,085			72,081			136,655			(133,178	)		94,317			992,960			213			109,662			8,663,847

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

	Millions of yen
	For the fiscal yearended<br>March 31, 2019			For the fiscal yearended<br>March 31, 2020
Cash Flow from Operating Activities	****	****	****	****	****	****
Income before Income Taxes	¥	116,259		¥	618,717
Depreciation		168,200			152,666
Losses on Impairment of Fixed Assets		503,612			15,224
Amortization of Goodwill		4,080			4,062
Equity in Loss (Gain) from Investments in Affiliates		(51,215	)		(30,382	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(26,910	)		139,940
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		(444	)		6
Increase (Decrease) in Reserve for Contingencies		183			1,793
Increase (Decrease) in Reserve for Bonus Payments		591			8,611
Increase (Decrease) in Reserve for Variable Compensation		(375	)		(307	)
Decrease (Increase) in Net Defined Benefit Asset		(57,863	)		(91,950	)
Increase (Decrease) in Net Defined Benefit Liability		2,497			2,590
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(41	)		(439	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(942	)		8,782
Increase (Decrease) in Reserve for Reimbursement of Debentures		(5,194	)		(6,893	)
Interest Income—accrual basis		(2,056,327	)		(2,014,440	)
Interest Expenses—accrual basis		1,293,846			1,280,897
Losses (Gains) on Securities		(195,755	)		(231,382	)
Losses (Gains) on Money Held in Trust		(40	)		(121	)
Foreign Exchange Losses (Gains)—net		(170,422	)		103,125
Losses (Gains) on Disposition of Fixed Assets		1,976			3,898
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(7,841	)		—
Decrease (Increase) in Trading Assets		(1,536,520	)		(1,435,994	)
Increase (Decrease) in Trading Liabilities		227,455			1,488,005
Decrease (Increase) in Derivatives other than for Trading Assets		485,333			(638,977	)
Increase (Decrease) in Derivatives other than for Trading Liabilities		(355,068	)		475,833
Decrease (Increase) in Loans and Bills Discounted		(2,407,594	)		(5,967,287	)
Increase (Decrease) in Deposits		927,918			7,732,005
Increase (Decrease) in Negotiable Certificates of Deposit		1,878,841			367,378
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		(1,800,307	)		2,165,756
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		611,070			(365,564	)
Decrease (Increase) in Call Loans, etc.		(4,807,554	)		(5,758,002	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		1,772,393			334,971
Increase (Decrease) in Call Money, etc.		1,748,141			3,128,355
Increase (Decrease) in Commercial Paper		199,104			(511,609	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(82,249	)		(376,328	)
Decrease (Increase) in Foreign Exchange Assets		(34,376	)		(106,795	)
Increase (Decrease) in Foreign Exchange Liabilities		223,848			(159,598	)
Increase (Decrease) in Short-term Bonds (Liabilities)		(6,646	)		18,119
Increase (Decrease) in Bonds and Notes		286,158			308,937
Increase (Decrease) in Due to Trust Accounts		(10,232	)		(46,563	)
Interest and Dividend Income—cash basis		2,027,241			2,047,339
Interest Expenses—cash basis		(1,250,247	)		(1,315,446	)
Other—net		(75,059	)		650,590

Subtotal		(2,460,479	)		1,999,524

Cash Refunded (Paid) in Income Taxes		(175,617	)		(97,631	)

Net Cash Provided by (Used in) Operating Activities		(2,636,096	)		1,901,893

1-12

Mizuho Financial Group, Inc.

	Millions of yen
	For the fiscal yearended<br>March 31, 2019			For the fiscal yearended<br>March 31, 2020
Cash Flow from Investing Activities
Payments for Purchase of Securities		(52,363,143	)		(72,474,752	)
Proceeds from Sale of Securities		38,799,373			48,136,966
Proceeds from Redemption of Securities		19,211,836			18,815,661
Payments for Increase in Money Held in Trust		(109,630	)		(78,650	)
Proceeds from Decrease in Money Held in Trust		94,984			18,523
Payments for Purchase of Tangible Fixed Assets		(42,703	)		(85,840	)
Payments for Purchase of Intangible Fixed Assets		(111,595	)		(151,011	)
Proceeds from Sale of Tangible Fixed Assets		7,811			6,353
Proceeds from Sale of Intangible Fixed Assets		—			3,144
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		219			1,067

Net Cash Provided by (Used in) Investing Activities		5,487,153			(5,808,537	)

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		10,000			15,000
Repayments of Subordinated Borrowed Money		(45,000	)		(30,000	)
Proceeds from Issuance of Subordinated Bonds		510,000			483,000
Payments for Redemption of Subordinated Bonds		(5,000	)		(213,000	)
Proceeds from Issuance of Common Stock		2			—
Proceeds from Investments by Non-controlling<br>Shareholders		3,514			2,883
Repayments to Non-controlling Shareholders		(275,079	)		(303,000	)
Cash Dividends Paid		(190,413	)		(190,386	)
Cash Dividends Paid to Non-controlling<br>Shareholders		(25,494	)		(9,568	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of<br>consolidation)		—			(4,653	)
Payments for Repurchase of Treasury Stock		(2,124	)		(1,441	)
Proceeds from Sale of Treasury Stock		952			1,516
Payments for Repurchase of Treasury Stock of Subsidiaries		—			(32,199	)

Net Cash Provided by (Used in) Financing Activities		(18,640	)		(281,849	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(32,656	)		(202,776	)

Net Increase (Decrease) in Cash and Cash Equivalents		2,799,759			(4,391,269	)

Cash and Cash Equivalents at the beginning of the fiscal year		46,334,334			44,254,874
Decrease in Cash and Cash Equivalents resulting from Exclusion of<br><br><br>Subsidiaries from Consolidation		(4,879,218	)		(0	)

Cash and Cash Equivalents at the end of the fiscal year	¥	44,254,874		¥	39,863,604

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Changes in Accounting Policies)

(Application of “Leases” (IFRS 16 and ASU 2016-02))

MHFG has applied “Leases” (IFRS 16 and ASU 2016-02) at some consolidated subsidiaries from the consolidated fiscal year ended March 31, 2020. Accordingly, lessees recognize assets and liabilities for all leases as a general rule.

In accordance with transitional treatment, MHFG has recognized the impact of adoption of this accounting standard cumulatively as of the date of adoption for balances at the beginning of the consolidated fiscal year ended March 31, 2020.

The impact on the consolidated financial statements for the consolidated fiscal year ended March 31, 2020 is immaterial.

(Changes in Hedge Accounting)

Previously, deferred method or the fair-value hedge method have been applied as hedge accounting methods.

From the third quarter ended December 31, 2019, hedge accounting methods of some items were changed from fair-value method to deferred method.

Based on current market trends, MHFG reconsidered its risk management activities from the third quarter ended December 31, 2019, in order to provide more transparent disclosure in the financial statements.

If the same accounting policy as that of the current fiscal year had been adopted in the interim period ended September 30, 2019, the effect of this change on this interim period would have been immaterial.

The effect of this change in accounting policy on past periods is immaterial. Therefore, we do not retrospectively apply this policy change in prior periods. This change has no impact on the gains and losses.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

Summary of reportable segment

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

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

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

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

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

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

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

Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts)

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

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

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

Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others is the amount of which General and administrative expenses (excluding non-recurring expenses and others), Equity in income from investments in affiliates, Amortization of goodwill and others (including amortization of intangible assets), and Others (consolidation adjustments) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others.

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

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

1-15

Mizuho Financial Group, Inc.

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

		Millions of yen
		MHFG (Consolidated)
		Retail &<br>Business<br>Banking<br>Company		Corporate &<br>Institutional<br>Company		Global<br>Corporate<br>Company		Global<br>Markets<br>Company		Asset<br>Management<br>Company		Others<br>(Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others			673,572		462,418		417,770		410,138		48,361		60,563		2,072,822
General and administrative expenses (excluding<br>Non-Recurring Losses and others)			668,435		215,035		249,044		208,861		28,966		41,097		1,411,438
Equity in income from investments in affiliates			11,762		1,957		10,355		—		1,295		5,013		30,382
Amortization of goodwill and others			363		425		369		2,346		7,774		1,961		13,238
Others			—		—		—		—		—		(5,942	)	(5,942	)
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before<br>reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others			16,536		248,915		178,712		198,931		12,916		16,575		672,585
Fixed assets			503,692		204,134		173,023		91,459		93		767,361		1,739,762
(Notes) 1.		Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others<br>amounted to ¥ 10,602 million, of which ¥ 7,334 million is included in the Global Markets Company.
---	---	---
2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.		“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments,<br>and others.
		Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using the reasonable criteria of allocation.

1-16

Mizuho Financial Group, Inc.

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

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

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

(1)	The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income
		Millions of yen
---	---	---	---	---
		Amount
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others			2,072,822
Net gains or losses related to ETFs and others			(10,602	)
Other Ordinary Income			316,198
General and Administrative Expenses			(1,378,398	)
Other Ordinary Expenses			(362,142	)

Ordinary Profits recorded in Consolidated Statement of Income			637,877

(2)	The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income
---	---
		Millions of yen
---	---	---	---	---
		Amount
Net Business Profits<br><br><br>(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related<br>to ETFs and others			672,585
Credit Costs for Trust Accounts			—
General and Administrative Expenses (non-recurring<br>losses)			46,278
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for<br>losses on loans)			(183,308	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			11,605
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others			126,571
Net Extraordinary Gains (Losses)			(19,159	)
Others			(35,854	)

Income before Income Taxes recorded in Consolidated Statement of Income			618,717

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

			Fiscal 2018		Fiscal 2019
Net Assets per Share of Common Stock			¥	345.00	¥	337.29
Net Income per Share of Common Stock			¥	3.80	¥	17.68
Diluted Net Income per Share of Common Stock			¥	3.80	¥	17.68
1. Total Net Assets per Share of Common Stock is based on the following<br>information:
			Fiscal 2018		Fiscal 2019
Net Assets per Share of Common Stock
Total Net Assets	¥	million		9,194,038		8,663,847
Deductions from Total Net Assets	¥	million		445,232		109,876
Stock Acquisition Rights	¥	million		707		213
Non-Controlling Interests	¥	million		444,525		109,662
Net Assets (year-end) related to Common Stock	¥	million		8,748,805		8,553,971
Year-end Outstanding Shares of Common Stock, based on<br>which Total Net Assets per Share of Common Stock was calculated		Thousands<br> <br>of shares		25,358,536		25,360,392
2. Net Income per Share of Common Stock and Diluted Net Income per Share of<br>Common Stock are based on the following information:
			Fiscal 2018		Fiscal 2019
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		96,566		448,568
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		96,566		448,568
Average Outstanding Shares of Common Stock (during the period)		Thousands<br> <br>of shares		25,362,375		25,360,661
Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥	million		—		—
Increased Number of Shares of Common Stock		Thousands<br> <br>of shares		4,522		1,582
Stock Acquisition Rights		Thousands<br> <br>of shares		4,522		1,582
Description of dilutive securities which were not included in the calculation of Diluted Net<br>Income per Share of Common Stock as they have no dilutive effects				—		—

1-18

Mizuho Financial Group, Inc.

3.	In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that<br>were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2019 and 2020. The numbers of such Treasury Stock shares deducted during the period<br>ended March 31, 2019 and 2020 are 18,917 thousand and 19,636 thousand, respectively.
	In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock,<br>such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended<br>March 31, 2019 and 2020 are 17,195 thousand and 19,255 thousand, respectively.
---	---

In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2019 and 2020. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2019 and 2020 are 18,917 thousand and 19,636 thousand, respectively.

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2019 and 2020 are 17,195 thousand and 19,255 thousand, respectively.

---

(Subsequent Events)

The Board of Directors of the MHFG today (May 15, 2020) resolved to include the share consolidation in the agenda for the 18th Ordinary General Meeting of Shareholders to be held in June 2020.

For details, please refer to “Notice on Partial Amendment to the Articles of Incorporation and Share Consolidation” announced today.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2019

(UnderJapanese GAAP)

LOGO

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 FISCAL 2019		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 Non-Accrual, Past<br>Due & Restructured Loans by Industry			NON					2- 29
(2) Non Performing Loans based on the FRA and Coverage Ratio by 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

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: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations;decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our informationtechnology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatoryrequirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of ”One MIZUHO”, and implement other strategic initiatives andmeasures 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”), andour report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page atwww.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2019

1. Income Analysis

Consolidated

		(Millions of yen)
		Fiscal 2019						Fiscal 2018
					Change
Consolidated Gross Profits	1	****	2,062,219	****		249,482			1,812,737
Net Interest Income	2	****	733,542	****		(28,937	)		762,480
Fiduciary Income	3	****	58,565	****		3,411			55,153
Credit Costs for Trust Accounts	4	****	—	****		—			—
Net Fee and Commission Income	5	****	619,243	****		8,815			610,427
Net Trading Income	6	****	391,299	****		93,931			297,367
Net Other Operating Income	7	****	259,567	****		172,261			87,306
General and Administrative Expenses	8	****	(1,378,398	)		52,451			(1,430,850	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)	9	****	(183,308	)		(152,598	)		(30,710	)
Losses on Write-offs of Loans	10	****	(21,940	)		4,425			(26,366	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11	****	11,605	****		449			11,156
Net Gains (Losses) related to Stocks	12	****	137,174	****		(137,689	)		274,863
Equity in Income from Investments in Affiliates	13	****	30,382	****		(20,832	)		51,215
Other	14	****	(41,797	)		32,496			(74,293	)

Ordinary Profits	15	****	637,877	****		23,758			614,118

Net Extraordinary Gains (Losses)	16	****	(19,159	)		478,698			(497,858	)
Income before Income Taxes	17	****	618,717	****		502,457			116,259
Income Taxes - Current	18	****	(150,088	)		11,288			(161,376	)
- Deferred	19	****	(11,408	)		(175,287	)		163,879
Profit	20	****	457,221	****		338,458			118,762
Profit Attributable to Non-controlling Interests	21	****	(8,652	)		13,543			(22,196	)

Profit Attributable to Owners of Parent	22	****	448,568	****		352,002			96,566

Credit-related Costs (including Credit Costs for Trust Accounts)	23	****	(171,703	)		(152,149	)		(19,553	)
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for)<br>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	****	661,982	****		268,593			393,389
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses<br>(excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	25	****	126	****		9			117
Number of affiliates under the equity method	26	****	26	****		4			22

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		Fiscal 2019												Fiscal 2018
		MHBK			MHTB			AggregateFigures			Change
Gross Profits	1	****	1,304,598	****	****	132,949	****	****	1,437,547	****		240,389			1,197,158
Domestic Gross Profits	2	****	750,934	****	****	126,769	****	****	877,703	****		88,440			789,263
Net Interest Income	3	****	413,957	****	****	21,810	****	****	435,768	****		(44,668	)		480,436
Fiduciary Income	4				****	59,132	****	****	59,132	****		4,134			54,997
Trust Fees for Jointly Operated Designated Money Trust	5				****	4,229	****	****	4,229	****		370			3,859
Credit Costs for Trust Accounts ^(1)^	6				****	—	****	****	—	****		—			—
Net Fee and Commission Income	7	****	248,316	****	****	36,202	****	****	284,519	****		1,045			283,473
Net Trading Income ^(2)^	8	****	48,841	****	****	8,267	****	****	57,109	****		108,797			(51,687	)
Net Other Operating Income	9	****	39,818	****	****	1,355	****	****	41,173	****		19,131			22,042
International Gross Profits	10	****	553,663	****	****	6,179	****	****	559,843	****		151,948			407,895
Net Interest Income	11	****	215,056	****	****	2,055	****	****	217,111	****		21,409			195,702
Net Fee and Commission Income	12	****	136,819	****	****	(619	)	****	136,200	****		2,496			133,703
Net Trading Income ^(2)^	13	****	100,945	****	****	(6,761	)	****	94,183	****		(20,534	)		114,717
Net Other Operating Income	14	****	100,841	****	****	11,505	****	****	112,347	****		148,576			(36,229	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	15	****	(838,102	)	****	(84,183	)	****	(922,286	)		27,105			(949,392	)
Expense Ratio	16	****	64.2	%	****	63.3	%	****	64.1	%		(15.1	%)		79.3	%
Personnel Expenses	17	****	(323,917	)	****	(39,766	)	****	(363,683	)		13,253			(376,936	)
Non-Personnel Expenses	18	****	(464,785	)	****	(40,969	)	****	(505,754	)		14,699			(520,454	)
Premium for Deposit Insurance	19	****	(31,138	)	****	(1,295	)	****	(32,433	)		(514	)		(31,919	)
Miscellaneous Taxes	20	****	(49,400	)	****	(3,448	)	****	(52,848	)		(847	)		(52,001	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	21	****	466,495	****	****	48,765	****	****	515,261	****		267,495			247,766
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(3)^	22	****	364,306	****	****	36,187	****	****	400,494	****		47,171			353,322
Excluding Net Gains (Losses) from redemption of Investment Trusts	23	****	359,557	****	****	36,083	****	****	395,641	****		48,547			347,093

Reversal of (Provision for) General Reserve for Losses on Loans	24	****	(105,579	)	****	(649	)	****	(106,229	)		(151,120	)		44,890

Net Business Profits	25	****	360,916	****	****	48,115	****	****	409,031	****		116,374			292,656
Net Gains (Losses) related to Bonds	26	****	102,189	****	****	12,577	****	****	114,767	****		220,323			(105,556	)

Net Non-Recurring Gains (Losses)	27	****	69,845	****	****	1,560	****	****	71,406	****		24,135			47,271
Net Gains (Losses) related to Stocks	28	****	121,341	****	****	4,157	****	****	125,499	****		(50,665	)		176,164
Expenses related to Portfolio Problems	29	****	(77,270	)	****	(979	)	****	(78,250	)		(3,823	)		(74,427	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30	****	10,439	****	****	299	****	****	10,738	****		3,945			6,792
Other	31	****	15,335	****	****	(1,916	)	****	13,419	****		74,678			(61,259	)

Ordinary Profits	32	****	430,762	****	****	49,676	****	****	480,438	****		140,510			339,928

Net Extraordinary Gains (Losses)	33	****	(17,187	)	****	212	****	****	(16,975	)		477,225			(494,200	)
Net Gains (Losses) on Disposition of Fixed Assets	34	****	(3,631	)	****	617	****	****	(3,013	)		(2,796	)		(217	)
Losses on Impairment of Fixed Assets	35	****	(13,556	)	****	(405	)	****	(13,961	)		487,864			(501,825	)
Gains on Cancellation of Employee Retirement Benefit Trust	36	****	—	****	****	—	****	****	—	****		(7,841	)		7,841
Income before Income Taxes (Losses)	37	****	413,574	****	****	49,888	****	****	463,463	****		617,736			(154,272	)
Income Taxes - Current	38	****	(109,151	)	****	(10,342	)	****	(119,493	)		(12,025	)		(107,468	)
- Deferred	39	****	3,364	****	****	(4,147	)	****	(782	)		(157,143	)		156,360

Net Income (Losses)	40	****	307,788	****	****	35,398	****	****	343,186	****		448,567			(105,380	)

(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].
(2) As for Gross Profits for MHTB, parts of Net Trading Income<br>which have been included in International Gross Profits are included in Domestic Gross Profits.
(3) Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans) from core business areas[22]
=Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	41	****	(172,410)	****	****	(1,330	)	****	(173,741	)		(150,997	)		(22,743)
* Credit-related Costs [41] = 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	42					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	43	****	(105,579	)	****	(649	)	****	(106,229	)		(151,120	)		44,890
Losses on Write-offs of Loans	44	****	(8,634	)	****	296	****	****	(8,337	)		7,507			(15,845	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45	****	(55,516	)	****	(976	)	****	(56,492	)		(9,865	)		(46,627	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	46	****	5	****	****	—	****	****	5	****		8			(3	)
Reversal of (Provision for) Reserve for Contingencies	47	****	(1,669	)	****	—	****	****	(1,669	)		(1,627	)		(41	)
Other (including Losses on Sales of Loans)	48	****	(1,016	)	****	—	****	****	(1,016	)		4,098			(5,115	)
Total	49	****	(172,410	)	****	(1,330	)	****	(173,741	)		(150,997	)		(22,743	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		Fiscal 2019						Fiscal 2018
					Change
Gross Profits	1	****	1,304,598	****		229,569			1,075,028
Domestic Gross Profits	2	****	750,934	****		81,472			669,461
Net Interest Income	3	****	413,957	****		(42,446	)		456,403
Net Fee and Commission Income	4	****	248,316	****		2,458			245,857
Net Trading Income	5	****	48,841	****		99,397			(50,555	)
Net Other Operating Income	6	****	39,818	****		22,062			17,755
International Gross Profits	7	****	553,663	****		148,097			405,566
Net Interest Income	8	****	215,056	****		21,704			193,352
Net Fee and Commission Income	9	****	136,819	****		2,415			134,404
Net Trading Income	10	****	100,945	****		(11,088	)		112,033
Net Other Operating Income	11	****	100,841	****		135,065			(34,224	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	12	****	(838,102	)		29,081			(867,184	)
Expense Ratio	13	****	64.2	%		(16.4	%)		80.6	%
Personnel Expenses	14	****	(323,917	)		13,313			(337,230	)
Non-Personnel Expenses	15	****	(464,785	)		16,627			(481,413	)
Premium for Deposit Insurance	16	****	(31,138	)		(523	)		(30,615	)
Miscellaneous Taxes	17	****	(49,400	)		(859	)		(48,540	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	18	****	466,495	****		258,651			207,844
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas *	19	****	364,306	****		48,820			315,486
Excluding Net Gains (Losses) from redemption of Investment Trusts	20	****	359,557	****		50,248			309,308

Reversal of (Provision for) General Reserve for Losses on Loans	21	****	(105,579	)		(150,664	)		45,084
Net Business Profits	22	****	360,916	****		107,987			252,929
Net Gains (Losses) related to Bonds	23	****	102,189	****		209,831			(107,641	)

Net Non-Recurring Gains (Losses)	24	****	69,845	****		38,201			31,644
Net Gains (Losses) related to Stocks	25	****	121,341	****		(34,435	)		155,777
Expenses related to Portfolio Problems	26	****	(77,270	)		(3,124	)		(74,146	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27	****	10,439	****		3,646			6,792
Other	28	****	15,335	****		72,114			(56,779	)

Ordinary Profits	29	****	430,762	****		146,188			284,573

Net Extraordinary Gains (Losses)	30	****	(17,187	)		474,849			(492,037	)
Net Gains (Losses) on Disposition of Fixed Assets	31	****	(3,631	)		(3,452	)		(179	)
Losses on Impairment of Fixed Assets	32	****	(13,556	)		486,143			(499,700	)
Gains on Cancellation of Employee Retirement Benefit Trust	33	****	—	****		(7,841	)		7,841
Income before Income Taxes (Losses)	34	****	413,574	****		621,038			(207,463	)
Income Taxes - Current	35	****	(109,151	)		(14,227	)		(94,923	)
- Deferred	36	****	3,364	****		(154,578	)		157,943

Net Income (Losses)	37	****	307,788	****		452,232			(144,444	)

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business<br>areas [19] = Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) [18] - Net Gains (Losses) related to Bonds [23]
Credit-related Costs	38	****	(172,410	)		(150,142	)		(22,268	)
* Credit-related Costs [38] = Expenses related to Portfolio Problems [26]<br>+ Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	39	****	(105,579	)		(150,664	)		45,084
Losses on Write-offs of Loans	40	****	(8,634	)		7,211			(15,845	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41	****	(55,516	)		(9,169	)		(46,346	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	42	****	5	****		8			(3	)
Reversal of (Provision for) Reserve for Contingencies	43	****	(1,669	)		(1,627	)		(41	)
Other (including Losses on Sales of Loans)	44	****	(1,016	)		4,098			(5,115	)
Total	45	****	(172,410	)		(150,142	)		(22,268	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		Fiscal 2019						Fiscal 2018
					Change
Gross Profits	1	****	132,949	****		10,819			122,129
Domestic Gross Profits	2	****	126,769	****		6,967			119,801
Net Interest Income	3	****	21,810	****		(2,222	)		24,033
Fiduciary Income	4	****	59,132	****		4,134			54,997
Trust Fees for Jointly Operated Designated Money Trust	5	****	4,229	****		370			3,859
Credit Costs for Trust Accounts ^(1)^	6	****	—	****		—			—
Net Fee and Commission Income	7	****	36,202	****		(1,413	)		37,615
Net Trading Income ^(2)^	8	****	8,267	****		9,399			(1,132	)
Net Other Operating Income	9	****	1,355	****		(2,931	)		4,286
International Gross Profits	10	****	6,179	****		3,851			2,328
Net Interest Income	11	****	2,055	****		(295	)		2,350
Net Fee and Commission Income	12	****	(619	)		81			(700	)
Net Trading Income ^(2)^	13	****	(6,761	)		(9,445	)		2,684
Net Other Operating Income	14	****	11,505	****		13,511			(2,005	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	15	****	(84,183	)		(1,976	)		(82,207	)
Expense Ratio	16	****	63.3	%		(3.9	%)		67.3	%
Personnel Expenses	17	****	(39,766	)		(60	)		(39,706	)
Non-Personnel Expenses	18	****	(40,969	)		(1,928	)		(39,041	)
Premium for Deposit Insurance	19	****	(1,295	)		8			(1,304	)
Miscellaneous Taxes	20	****	(3,448	)		12			(3,460	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	21	****	48,765	****		8,843			39,921
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(3)^	22	****	36,187	****		(1,648	)		37,836
Excluding Net Gains (Losses) from redemption of Investment Trusts	23	****	36,083	****		(1,701	)		37,784

Reversal of (Provision for) General Reserve for Losses on Loans	24	****	(649	)		(455	)		(194	)

Net Business Profits	25	****	48,115	****		8,387			39,727
Net Gains (Losses) related to Bonds	26	****	12,577	****		10,492			2,085

Net Non-Recurring Gains (Losses)	27	****	1,560	****		(14,065	)		15,626
Net Gains (Losses) related to Stocks	28	****	4,157	****		(16,229	)		20,387
Expenses related to Portfolio Problems	29	****	(979	)		(698	)		(280	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30	****	299	****		299			—
Other	31	****	(1,916	)		2,563			(4,479	)

Ordinary Profits	32	****	49,676	****		(5,678	)		55,354

Net Extraordinary Gains (Losses)	33	****	212	****		2,376			(2,163	)
Net Gains (Losses) on Disposition of Fixed Assets	34	****	617	****		655			(38	)
Losses on Impairment of Fixed Assets	35	****	(405	)		1,720			(2,125	)
Income before Income Taxes	36	****	49,888	****		(3,302	)		53,190
Income Taxes - Current	37	****	(10,342	)		2,201			(12,544	)
- Deferred	38	****	(4,147	)		(2,564	)		(1,582	)

Net Income	39	****	35,398	****		(3,665	)		39,063

(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>excludes the amounts of “Credit Costs for Trust Accounts” [6].
(2) As for Gross Profits, parts of Net Trading Income which have been<br>included in International Gross Profits are included in Domestic Gross Profits.
(3) Net Business Profits (before Reversal of (Provision for) General<br>Reserve for Losses on Loans) from core business areas [22] = Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) [21]- Net Gains (Losses) related to Bonds<br>[26]
Credit-related Costs	40	****	(1,330	)		(855)			(474	)
* Credit-related Costs [40] = Expenses related to Portfolio Problems [29]<br>+ 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	41	****	—	****		—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42	****	(649	)		(455	)		(194	)
Losses on Write-offs of Loans	43	****	296	****		296			—
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44	****	(976	)		(696	)		(280	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	45	****	—	****		—			—
Reversal of (Provision for) Reserve for Contingencies	46	****	—	****		—			—
Other (including Losses on Sales of Loans)	47	****	—	****		—			—
Total	48	****	(1,330	)		(855	)		(474	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			Fiscal 2019						Fiscal 2018
Mizuho Bank						Change
Return on Interest-Earning Assets		1	****	0.43	****		(0.04	)		0.47
Return on Loans and Bills Discounted *1		2	****	0.76	****		(0.03	)		0.79
Return on Securities		3	****	0.42	****		(0.09	)		0.51
Cost of Funding (including Expenses)		4	****	0.65	****		(0.03	)		0.68
Cost of Deposits (including Expenses)		5	****	0.64	****		(0.06	)		0.70
Cost of Deposits 2*		6	****	0.00	****		(0.00	)		0.00
Cost of Other External Liabilities		7	****	0.63	****		0.26			0.37

Net Interest Margin	(1)-(4)	8	****	(0.21	)		(0.00	)		(0.21	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9	****	0.12	****		0.02			0.09
Loan and Deposit Rate Margin	(2)-(6)	10	****	0.76	****		(0.03	)		0.79

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including<br>MHFG).
*2 Deposits include Negotiable Certificates of Deposit<br>(“NCDs”).
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11	****	0.78	****		(0.04	)		0.83
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12	****	0.14	****		0.01			0.12
Loan and Deposit Rate Margin	(11)-(6)	13	****	0.78	****		(0.04	)		0.82
			(%)
			Fiscal 2019						Fiscal 2018
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14	****	0.47	****		(0.03	)		0.51
Return on Loans and Bills Discounted *1		15	****	0.59	****		(0.01	)		0.61
Return on Securities		16	****	1.38	****		(0.13	)		1.52
Cost of Funding		17	****	0.09	****		0.00			0.08
Cost of Deposits *2		18	****	0.01	****		(0.00	)		0.02

Net Interest Margin	(14)-(17)	19	****	0.38	****		(0.03	)		0.42
Loan and Deposit Rate Margin	(15)-(18)	20	****	0.58	****		(0.01	)		0.59

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including<br>MHFG).
*2 Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21	****	0.61	****		(0.02	)		0.64
Loan and Deposit Rate Margin	(21)-(18)	22	****	0.60	****		(0.02	)		0.62

(Reference)			(%)
			Fiscal 2019						Fiscal 2018
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted *1		23	****	0.75	****		(0.03	)		0.78
Cost of Deposits *2		24	****	0.00	****		(0.00	)		0.00

Loan and Deposit Rate Margin	(23)-(24)	25	****	0.75	****		(0.03	)		0.78

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including<br>MHFG).
*2 Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26	****	0.77	****		(0.04	)		0.81
Loan and Deposit Rate Margin	(26)-(24)	27	****	0.77	****		(0.03	)		0.81

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	Fiscal 2019												Fiscal 2018
							Change
	Average Balance			Rate			Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds	****	155,653,684	****	****	1.05	****		3,675,568			(0.04	)		151,978,115		1.10
Loans and Bills Discounted	****	77,097,703	****	****	1.44	****		2,667,952			(0.06	)		74,429,750		1.51
Securities	****	28,255,948	****	****	0.91	****		(2,508,702	)		(0.00	)		30,764,651		0.91

Source of Funds	****	155,316,129	****	****	0.65	****		3,118,268			(0.02	)		152,197,861		0.67
Deposits	****	119,877,778	****	****	0.37	****		5,421,449			(0.01	)		114,456,329		0.39
NCDs	****	14,238,551	****	****	0.84	****		1,053,191			(0.13	)		13,185,359		0.97
(Domestic Operations)
Use of Funds	****	107,729,598	****	****	0.43	****		1,835,526			(0.04	)		105,894,071		0.47
Loans and Bills Discounted	****	48,949,371	****	****	0.75	****		1,864,314			(0.02	)		47,085,056		0.78
Securities	****	17,599,601	****	****	0.42	****		(1,715,912	)		(0.09	)		19,315,514		0.51

Source of Funds	****	107,281,154	****	****	0.04	****		1,818,187			0.00			105,462,967		0.04
Deposits	****	93,082,592	****	****	0.00	****		3,589,693			(0.00	)		89,492,898		0.00
NCDs	****	7,909,075	****	****	0.00	****		1,151,522			0.00			6,757,553		0.00
(International Operations)
Use of Funds	****	51,088,019	****	****	2.30	****		1,128,057			(0.06	)		49,959,962		2.37
Loans and Bills Discounted	****	28,148,331	****	****	2.64	****		803,637			(0.12	)		27,344,694		2.77
Securities	****	10,656,347	****	****	1.71	****		(792,790	)		0.13			11,449,137		1.58

Source of Funds	****	51,198,908	****	****	1.88	****		588,096			(0.07	)		50,610,811		1.96
Deposits	****	26,795,186	****	****	1.67	****		1,831,755			(0.11	)		24,963,431		1.78
NCDs	****	6,329,475	****	****	1.88	****		(98,331	)		(0.11	)		6,427,806		1.99

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)
	(Millions of yen, %)
	Fiscal 2019												Fiscal 2018
							Change
	Average Balance			Rate			Average Balance			Rate			Average Balance		Rate
(Total)
Use of Funds	****	6,203,818	****	****	0.60	****		(93,915	)		(0.07	)		6,297,733		0.67
Loans and Bills Discounted	****	3,380,972	****	****	0.72	****		14,245			(0.06	)		3,366,727		0.79
Securities	****	787,969	****	****	1.35	****		(110,103	)		(0.18	)		898,072		1.53

Source of Funds	****	6,622,855	****	****	0.20	****		(160,377	)		(0.03	)		6,783,233		0.24
Deposits	****	3,353,168	****	****	0.01	****		(114,014	)		(0.01	)		3,467,183		0.03
NCDs	****	541,402	****	****	0.00	****		127,256			(0.00	)		414,145		0.01
(Domestic Operations)
Use of Funds	****	5,767,526	****	****	0.47	****		(16,523	)		(0.03	)		5,784,050		0.51
Loans and Bills Discounted	****	3,191,918	****	****	0.59	****		70,944			(0.01	)		3,120,974		0.61
Securities	****	499,480	****	****	1.38	****		(70,874	)		(0.13	)		570,355		1.52

Source of Funds	****	6,176,693	****	****	0.09	****		(75,557	)		0.00			6,252,251		0.08
Deposits	****	3,346,557	****	****	0.01	****		(106,868	)		(0.00	)		3,453,426		0.02
NCDs	****	541,402	****	****	0.00	****		127,256			(0.00	)		414,145		0.01
(International Operations)
Use of Funds	****	494,142	****	****	1.94	****		(103,825	)		(0.25	)		597,968		2.20
Loans and Bills Discounted	****	189,053	****	****	2.93	****		(56,698	)		(0.08	)		245,752		3.01
Securities	****	288,488	****	****	1.28	****		(39,228	)		(0.27	)		327,716		1.55

Source of Funds	****	504,013	****	****	1.50	****		(111,254	)		(0.25	)		615,267		1.75
Deposits	****	6,610	****	****	1.25	****		(7,145	)		(0.59	)		13,756		1.84
NCDs	****	—	****	****	—	****		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Bonds	****	114,242	****		223,601			(109,359	)
Gains on Sales and Others	****	224,833	****		152,151			72,682
Losses on Sales and Others	****	(103,320	)		71,753			(175,074	)
Impairment (Devaluation)	****	(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(5,084	)		624			(5,708	)
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks	****	137,174	****		(137,689	)		274,863
Gains on Sales	****	226,005	****		(125,044	)		351,049
Losses on Sales	****	(72,258	)		(26,410	)		(45,847	)
Impairment (Devaluation)	****	(41,691	)		(35,896	)		(5,795	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	25,118	****		49,661			(24,542	)
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks									****
	(Millions of yen)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Bonds	****	114,767	****		220,323			(105,556	)
Gains on Sales and Others	****	226,174	****		149,619			76,554
Losses on Sales and Others	****	(104,136	)		71,006			(175,143	)
Impairment (Devaluation)	****	(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(5,084	)		624			(5,708	)
	Fiscal 2019						Fiscal 2018
				Change
Net Gains (Losses) related to Stocks	****	125,499	****		(50,665	)		176,164
Gains on Sales	****	214,169	****		(40,631	)		254,801
Losses on Sales	****	(70,725	)		(24,769	)		(45,956	)
Impairment (Devaluation)	****	(40,980	)		(33,212	)		(7,767	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(2,082	)		(1,712	)		(370	)
Gains (Losses) on Derivatives other than for Trading	****	25,118	****		49,661			(24,542	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank									****
	(Millions of yen)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Bonds	****	102,189	****		209,831			(107,641	)
Gains on Sales and Others	****	202,254	****		133,752			68,501
Losses on Sales and Others	****	(92,978	)		77,454			(170,433	)
Impairment (Devaluation)	****	(2,185	)		(926	)		(1,259	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(4,900	)		(448	)		(4,451	)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Stocks	****	121,341	****		(34,435	)		155,777
Gains on Sales	****	202,601	****		(22,958	)		225,559
Losses on Sales	****	(62,550	)		(22,792	)		(39,757	)
Impairment (Devaluation)	****	(38,528	)		(31,206	)		(7,321	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(2,082	)		(1,712	)		(370	)
Gains (Losses) on Derivatives other than for Trading	****	21,901	****		44,234			(22,332	)
Mizuho Trust & Banking									****
	(Millions of yen)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Bonds	****	12,577	****		10,492			2,085
Gains on Sales and Others	****	23,919	****		15,867			8,052
Losses on Sales and Others	****	(11,157	)		(6,447	)		(4,710	)
Impairment (Devaluation)	****	—	****		—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(184	)		1,072			(1,257	)
	Fiscal 2019						Fiscal 2018
	****			Change
Net Gains (Losses) related to Stocks	****	4,157	****		(16,229	)		20,387
Gains on Sales	****	11,568	****		(17,672	)		29,241
Losses on Sales	****	(8,175	)		(1,977	)		(6,198	)
Impairment (Devaluation)	****	(2,451	)		(2,005	)		(446	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	3,216	****		5,426			(2,210	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•	Securities for which it is deemed to be extremely difficult to determine the fair value are excluded.<br>

Consolidated

(1) Other Securities

		(Millions of yen)
		As of March 31, 2020											As of March 31, 2019
		Book Value<br>(= Fair Value)			Unrealized Gains/Losses								Book Value<br>(= Fair Value)	Unrealized Gains/Losses
								Gains			Losses					Gains	Losses
Other Securities	****	33,429,383	****	****	1,172,759	****	****	1,547,278	****	****	374,519	****	27,847,545	1,689,866		1,883,436	193,570
Japanese Stocks	****	2,338,429	****	****	1,066,360	****	****	1,167,903	****	****	101,543	****	3,143,560	1,723,661		1,774,459	50,797
Japanese Bonds	****	15,702,512	****	****	(54,100	)	****	30,037	****	****	84,137	****	14,786,949	5,270		37,284	32,014
Japanese Government Bonds	****	12,601,934	****	****	(44,021	)	****	6,540	****	****	50,562	****	11,896,134	5,921		8,755	2,834
Other	****	15,388,441	****	****	160,499	****	****	349,337	****	****	188,837	****	9,917,034	(39,065	)	71,692	110,757
Foreign Bonds	****	12,702,213	****	****	200,954	****	****	246,097	****	****	45,142	****	7,418,321	23,694		35,306	11,611
* 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>* Fair value of Japanese stocks with a quoted market price is determined based on the average<br>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<br>price if available, or other reasonable value at the consolidated balance sheet date. * The<br>book values of 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 (5,191) million and 38,000 million, which were<br>recognized in the statement of income for March 31, 2020 and March 31, 2019, 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 adjustments<br>as of March 31, 2020 and March 31, 2019 are 1,177,950 million and 1,651,865 million, respectively.<br>* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets<br>after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to<br>determine) as of March 31, 2020 and March 31, 2019 are 823,085 million and 1,186,401 million, respectively. <br>(2) Bonds Held to Maturity																		****
		(Millions of yen)
		As of March 31, 2020											As of March 31, 2019
		Book Value			Unrealized Gains/Losses								Book Value	Unrealized Gains/Losses
								Gains			Losses					Gains	Losses
Bonds Held to Maturity	****	860,233	****	****	15,096	****	****	15,467	****	****	370	****	1,602,209	7,378		19,907	12,528

All values are in Japanese Yen.

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2Banks

		(Millions of yen)
		As of March 31, 2020													As of March 31, 2019
		Book Value				Unrealized Gains/Losses									Book Value		Unrealized Gains/Losses
		(= Fair Value)							Gains			Losses			(= Fair Value)					Gains		Losses
Other Securities		****	32,816,718	****		****	1,098,369	****	****	1,474,980	****	****	376,610	****		27,416,537		1,617,290			1,813,859		196,568
Japanese Stocks		****	2,253,467	****		****	994,275	****	****	1,098,051	****	****	103,776	****		3,064,419		1,654,186			1,708,161		53,974
Japanese Bonds		****	15,675,573	****		****	(54,111	)	****	30,026	****	****	84,137	****		14,764,299		5,258			37,271		32,012
Japanese Government Bonds		****	12,585,075	****		****	(44,028	)	****	6,533	****	****	50,562	****		11,877,711		5,913			8,745		2,832
Other		****	14,887,678	****		****	158,205	****	****	346,902	****	****	188,696	****		9,587,819		(42,155	)		68,426		110,581
Foreign Bonds		****	12,360,799	****		****	199,672	****	****	244,795	****	****	45,122	****		7,196,583		23,108			34,617		11,508
Mizuho Bank
Other Securities		****	31,904,667	****		****	1,034,870	****	****	1,396,801	****	****	361,930	****		26,622,049		1,521,244			1,707,856		186,612
Japanese Stocks		****	2,118,532	****		****	937,153	****	****	1,033,813	****	****	96,660	****		2,880,149		1,557,759			1,608,371		50,611
Japanese Bonds		****	15,413,226	****		****	(55,616	)	****	28,480	****	****	84,097	****		14,500,458		4,637			36,525		31,887
Japanese Government Bonds		****	12,406,892	****		****	(44,931	)	****	5,631	****	****	50,562	****		11,687,096		5,853			8,594		2,740
Other		****	14,372,909	****		****	153,334	****	****	334,506	****	****	181,172	****		9,241,441		(41,152	)		62,959		104,112
Foreign Bonds		****	11,916,915	****		****	188,388	****	****	233,272	****	****	44,883	****		6,973,236		20,431			31,940		11,508
Mizuho Trust & Banking
Other Securities		****	912,050	****		****	63,499	****	****	78,179	****	****	14,680	****		794,488		96,046			106,002		9,956
Japanese Stocks		****	134,934	****		****	57,122	****	****	64,237	****	****	7,115	****		184,269		96,427			99,790		3,362
Japanese Bonds		****	262,347	****		****	1,505	****	****	1,545	****	****	40	****		263,840		621			745		124
Japanese Government Bonds		****	178,183	****		****	902	****	****	902	****	****	—	****		190,614		59			151		91
Other		****	514,768	****		****	4,871	****	****	12,395	****	****	7,524	****		346,377		(1,002	)		5,466		6,469
Foreign Bonds		****	443,884	****		****	11,283	****	****	11,522	****	****	238	****		223,347		2,676			2,676		—
*	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.
---	---
*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price<br>over the month preceding the 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 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 ¥(5,191) million and ¥38,000 million, which were recognized in the<br>statement of income (aggregate figures for the 2 banks) for March 31, 2020 and March 31, 2019, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment<br>(aggregate figures for the 2 banks) as of March 31, 2020 and March 31, 2019 are ¥1,103,561million and ¥1,579,289 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 regarding securities, the fair values of which are extremely difficult to determine) as of<br>March 31, 2020 and March 31, 2019 are as follows:
---	---
		(Millions of yen)
---	---	---	---	---	---	---	---
		As of March 31, 2020				As of March 31, 2019
Aggregate Figures		****	786,221	****			1,147,453
Mizuho Bank		****	736,239	****			1,071,157
Mizuho Trust & Banking		****	49,981	****			76,295

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2020												As of March 31, 2019
				Unrealized Gains/Losses											Unrealized Gains/Losses
	Book Value						Gains			Losses			Book Value				Gains			Losses
Aggregate Figures	****	860,233	****	****	15,096	****	****	15,467	****	****	370	****		1,602,209		7,378		19,907			12,528
Mizuho Bank	****	860,233	****	****	15,096	****	****	15,467	****	****	370	****		1,602,209		7,378		19,907			12,528
Mizuho Trust & Banking	****	—	****	****	—	****	****	—	****	****	—	****		—		—		—			—
(3) Investment in Subsidiaries and Affiliates<br><br><br><br> <br>Aggregate Figures for the 2 Banks																			<br><br><br><br> <br>
	(Millions of yen)
	As of March 31, 2020												As of March 31, 2019
				Unrealized Gains/Losses											Unrealized Gains/Losses
	Book Value						Gains			Losses			Book Value				Gains			Losses
Aggregate Figures	****	135,771	****	****	151,877	****	****	153,740	****	****	1,862	****		135,763		176,806		176,806			—
Mizuho Bank	****	135,771	****	****	151,877	****	****	153,740	****	****	1,862	****		135,763		176,806		176,806			—
Mizuho Trust & Banking	****	—	****	****	—	****	****	—	****	****	—	****		—		—		—			—

(Reference)

Unrealized Gains/Losses on Other Securities

(thebase 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 amount is as follows:

Consolidated

	(Millions of yen)
	As of March 31, 2020						As of<br>March 31,2019
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,177,950	****		(473,915	)		1,651,865
Japanese Stocks	****	1,071,551	****		(616,099	)		1,687,650
Japanese Bonds	****	(54,100	)		(59,370	)		5,270
Japanese Government Bonds	****	(44,021	)		(49,942	)		5,921
Other	****	160,499	****		201,554			(41,055	)
Foreign Bonds	****	200,954	****		179,249			21,704

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of March 31, 2020						As of<br>March 31,2019
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,103,561	****		(475,728	)		1,579,289
Japanese Stocks	****	999,466	****		(618,709	)		1,618,175
Japanese Bonds	****	(54,111	)		(59,370	)		5,258
Japanese Government Bonds	****	(44,028	)		(49,941	)		5,913
Other	****	158,205	****		202,350			(44,145	)
Foreign Bonds	****	199,672	****		178,553			21,118

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:<br>

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	Maturity as of March 31, 2020												Change												Maturity as of March 31, 2019
	Within1 year			1 - 5years			5 - 10years			Over10 years			Within1 year			1 - 5years			5 - 10years			Over10 years			Within1 year		1 - 5years		5 - 10years		Over10 years
Japanese Bonds	****	6,248.6	****	****	6,888.8	****	****	2,277.4	****	****	626.2	****		(2,569.0	)		2,871.8			139.9			(202.1	)		8,817.6		4,016.9		2,137.5		828.3
Japanese Government Bonds	****	5,851.4	****	****	5,389.5	****	****	1,662.1	****	****	45.0	****		(2,603.3	)		2,691.4			137.7			(200.0	)		8,454.7		2,698.1		1,524.4		245.0
Japanese Local Government Bonds	****	11.5	****	****	171.4	****	****	84.6	****	****	4.4	****		4.2			53.2			7.2			(0.3	)		7.2		118.1		77.3		4.7
Japanese Corporate Bonds	****	385.7	****	****	1,327.8	****	****	530.7	****	****	576.8	****		30.0			127.1			(5.0	)		(1.7	)		355.7		1,200.7		535.7		578.5
Other	****	3,229.3	****	****	3,022.1	****	****	2,576.5	****	****	4,732.7	****		(480.6	)		1,424.7			1,617.0			3,022.9			3,709.9		1,597.3		959.5		1,709.8
Mizuho Bank
Japanese Bonds	****	6,186.3	****	****	6,718.1	****	****	2,253.7	****	****	626.2	****		(2,486.0	)		2,781.4			153.3			(202.1	)		8,672.3		3,936.6		2,100.4		828.3
Japanese Government Bonds	****	5,798.3	****	****	5,269.5	****	****	1,662.1	****	****	45.0	****		(2,521.4	)		2,606.4			157.7			(200.0	)		8,319.7		2,663.1		1,504.4		245.0
Japanese Local Government Bonds	****	10.7	****	****	171.1	****	****	84.6	****	****	4.4	****		4.0			54.0			7.2			(0.3	)		6.7		117.1		77.3		4.7
Japanese Corporate Bonds	****	377.2	****	****	1,277.4	****	****	507.0	****	****	576.8	****		31.3			121.0			(11.5	)		(1.7	)		345.8		1,156.4		518.6		578.5
Other	****	3,210.6	****	****	2,885.5	****	****	2,401.3	****	****	4,636.1	****		(498.2	)		1,338.7			1,592.4			2,951.2			3,708.8		1,546.7		808.8		1,684.9
Mizuho Trust & Banking
Japanese Bonds	****	62.3	****	****	170.7	****	****	23.6	****	****	—	****		(82.9	)		90.4			(13.4	)		—			145.2		80.3		37.0		—
Japanese Government Bonds	****	53.1	****	****	120.0	****	****	—	****	****	—	****		(81.9	)		85.0			(20.0	)		—			135.0		35.0		20.0		—
Japanese Local Government Bonds	****	0.7	****	****	0.2	****	****	—	****	****	—	****		0.2			(0.7	)		—			—			0.4		1.0		—		—
Japanese Corporate Bonds	****	8.4	****	****	50.4	****	****	23.6	****	****	—	****		(1.3	)		6.1			6.5			—			9.8		44.2		17.0		—
Other	****	18.7	****	****	136.6	****	****	175.2	****	****	96.6	****		17.5			86.0			24.5			71.7			1.1		50.6		150.6		24.9

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<br>Contractual Term

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of March 31, 2020												Change											As of March 31, 2019
	Within1 year			1 - 5years			Over5 years			Total			Within1 year			1 - 5years		Over5 years			Total			Within1 year		1 - 5years		Over5 years		Total
Receive Fixed / Pay Float	****	1,809.7	****	****	10,483.7	****	****	5,858.2	****	****	18,151.7	****		(1,483.1	)		795.6		(3,555.4	)		(4,242.9	)		3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed	****	420.1	****	****	2,584.7	****	****	3,135.7	****	****	6,140.6	****		189.5			336.7		(1,955.4	)		(1,429.1	)		230.5		2,247.9		5,091.2		7,569.7
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Total	****	2,229.8	****	****	13,068.5	****	****	8,994.0	****	****	24,292.3	****		(1,293.6	)		1,132.3		(5,510.8	)		(5,672.1	)		3,523.4		11,936.1		14,504.9		29,964.5
Mizuho Bank
Receive Fixed / Pay Float	****	1,809.7	****	****	10,483.7	****	****	5,858.2	****	****	18,151.7	****		(1,483.1	)		795.6		(3,555.4	)		(4,242.9	)		3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed	****	400.1	****	****	2,454.7	****	****	2,712.9	****	****	5,567.7	****		169.5			296.7		(2,233.3	)		(1,766.9	)		230.5		2,157.9		4,946.2		7,334.7
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Total	****	2,209.8	****	****	12,938.5	****	****	8,571.1	****	****	23,719.5	****		(1,313.6	)		1,092.3		(5,788.7	)		(6,009.9	)		3,523.4		11,846.1		14,359.9		29,729.5
Mizuho Trust & Banking
Receive Fixed / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Receive Float / Pay Fixed	****	20.0	****	****	130.0	****	****	422.8	****	****	572.8	****		20.0			40.0		277.8			337.8			—		90.0		145.0		235.0
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Total	****	20.0	****	****	130.0	****	****	422.8	****	****	572.8	****		20.0			40.0		277.8			337.8			—		90.0		145.0		235.0

(Reference)

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

	(Billions of yen)
	As of March 31, 2020									Change								As of March 31, 2019
	Deferred Hedge Gains/Losses									Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains			Losses						Gains			Losses					Gains		Losses
Aggregate Figures	****	1,396.6	****	****	1,299.1	****	****	97.4	****		464.5			325.6		138.8			932.1		973.5	(41.3	)
Mizuho Bank	****	1,321.4	****	****	1,217.3	****	****	104.1	****		473.4			330.2		143.1			848.0		887.1	(39.0	)
Mizuho Trust & Banking	****	75.1	****	****	81.8	****	****	(6.6	)		(8.8	)		(4.5	)	(4.3	)		84.0		86.3	(2.3	)

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)
		Fiscal 2019			Change			Fiscal 2018
Retirement Benefit Obligations	(A)	****	1,220,755	****		(25,113	)		1,245,869
Discount Rate (%)		****	(0.00)~0.62	****					0.00~0.70

Total Fair Value of Plan Assets	(B)	****	1,997,428	****		(160,525	)		2,157,954
Unrecognized Actuarial Differences	(C)	****	(154,639	)		219,803			(374,443	)
Prepaid Pension Cost	(B)+(C)-(A)	****	622,033	****		84,391			537,641
Mizuho Bank
Retirement Benefit Obligations	(A)	****	1,072,553	****		(23,859	)		1,096,412
Discount Rate (%)		****	(0.00)~0.62	****					0.00~0.70

Total Fair Value of Plan Assets	(B)	****	1,756,585	****		(166,223	)		1,922,809
Unrecognized Actuarial Differences	(C)	****	(127,758	)		216,762			(344,521	)
Prepaid Pension Cost	(B)+(C)-(A)	****	556,273	****		74,397			481,875
Mizuho Trust & Banking
Retirement Benefit Obligations	(A)	****	148,201	****		(1,254	)		149,456
Discount Rate (%)		****	(0.00)~0.62	****					0.00~0.70

Total Fair Value of Plan Assets	(B)	****	240,842	****		5,697			235,145
Unrecognized Actuarial Differences	(C)	****	(26,881	)		3,040			(29,922)
Prepaid Pension Cost	(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

				(Millions of yen)
				Fiscal 2019			Change			Fiscal 2018
Service Cost	****	****	****	****	(29,505	)		(1,174	)		(28,331	)
Interest Cost				****	(3,128	)		1,076			(4,205	)
Expected Return on Plan Assets				****	34,726	****		1,824			32,901
Accumulation (Amortization) of Unrecognized Actuarial Differences				****	61,590	****		30,428			31,162
Accumulation (Amortization) of Unrecognized Prior Service Cost				****	(2,301	)		(2,301	)		—
Gains on Cancellation of Employee Retirement Benefit Trust				****	—	****		(7,841	)		7,841
Other				****	(5,682	)		(3,443	)		(2,238	)

Total				****	55,698	****		18,567			37,131

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

Mizuho Bank

				(Millions of yen)
				Fiscal 2019			Change			Fiscal 2018
Service Cost	****	****	****	****	(25,010	)		(903	)		(24,107	)
Interest Cost				****	(2,749	)		951			(3,701	)
Expected Return on Plan Assets				****	31,105	****		1,686			29,419
Accumulation (Amortization) of Unrecognized Actuarial Differences				****	57,322	****		26,781			30,541
Accumulation (Amortization) of Unrecognized Prior Service Cost				****	(2,013	)		(2,013	)		—
Gains on Cancellation of Employee Retirement Benefit Trust				****	—	****		(7,841	)		7,841
Other				****	(4,973	)		(2,979	)		(1,993	)

Total				****	53,680	****		15,680			37,999

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

Mizuho Trust & Banking

				(Millions of yen)
				Fiscal 2019			Change			Fiscal 2018
Service Cost				****	(4,495	)		(271	)		(4,224	)
Interest Cost				****	(379	)		124			(503	)
Expected Return on Plan Assets	****	****	****	****	3,620	****		137			3,482
Accumulation (Amortization) of Unrecognized Actuarial Differences				****	4,268	****		3,646			621
Accumulation (Amortization) of Unrecognized Prior Service Cost				****	(287	)		(287	)		—
Other				****	(709	)		(464	)		(244	)

Total				****	2,018	****		2,886			(868	)

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

					(Millions of yen)
					As of March 31,2020			Change			As of March 31,2019
Retirement Benefit Obligations			(A)		****	1,440,341	****		(21,896	)		1,462,237
Fair Value of Plan Assets			(B)		****	2,225,010	****		(159,158	)		2,384,168
Unrecognized Actuarial Differences			(C)		****	(138,808	)		227,368			(366,177	)
Net Defined Benefit Asset			(D)		****	846,782	****		(136,021	)		982,804
Net Defined Benefit Liability			(A)-(B)+(D)		****	62,113	****		1,240			60,873
Income (Expenses) related to Employee RetirementBenefits													****
					(Millions of yen)
					Fiscal 2019			Change			Fiscal 2018
Service Cost					****	(43,697	)		(1,645	)		(42,051	)
Interest Cost					****	(4,013	)		1,217			(5,231	)
Expected Return on Plan Assets		****	****	****	****	39,117	****		2,036			37,080
Accumulation (Amortization) of Unrecognized Actuarial Differences					****	60,477	****		30,440			30,036
Accumulation (Amortization) of Unrecognized Prior Service Cost					****	(2,803	)		(2,734	)		(69	)
Gains on Cancellation of Employee Retirement Benefit Trust					****	—	****		(7,841	)		7,841
Other					****	(11,953	)		(5,673	)		(6,279	)

Total					****	37,126	****		15,799			21,327

Notes:	(1	)	Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.
---	---	---	---
	(2	)	Parts of Income (Expenses) related to Employee Retirement Benefits which have been included in Other are included in Accumulation (Amortization) of Unrecognized Prior Service Cost.

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated						(%, Billions of yen)
	As of March 31, 2020<br>(Preliminary)			Change			As of March 31, 2019
(1) Total Capital Ratio	****	17.25	****		(1.60	)		18.85
(2) Tier 1 Capital Ratio	****	14.52	****		(1.42	)		15.94
(3) Common Equity Tier 1 Capital Ratio	****	11.65	****		(1.11	)		12.76
(4) Total Capital	****	10,722.2	****		(195.2	)		10,917.5
(5) Tier 1 Capital	****	9,024.4	****		(207.7	)		9,232.1
(6) Common Equity Tier 1 Capital	****	7,244.7	****		(145.2	)		7,390.0
(7) Risk weighted Assets	****	62,141.2	****		4,241.6			57,899.5
(8) Total Required Capital (7) X8%	****	4,971.2	****		339.3			4,631.9
Mizuho Bank<br> <br><br><br><br>International Standard
	Consolidated								Non-Consolidated
	As of March 31, 2020<br>(Preliminary)			Change			As of March 31, 2019		As of March 31, 2020<br>(Preliminary)
(1) Total Capital Ratio	****	17.29	****		(1.73	)		19.02	****	17.75	****
(2) Tier 1 Capital Ratio	****	14.50	****		(1.56	)		16.06	****	14.80	****
(3) Common Equity Tier 1 Capital Ratio	****	11.39	****		(1.21	)		12.60	****	11.47	****
(4) Total Capital	****	9,864.6	****		(233.3	)		10,098.0	****	9,481.9	****
(5) Tier 1 Capital	****	8,274.7	****		(252.6	)		8,527.3	****	7,905.0	****
(6) Common Equity Tier 1 Capital	****	6,501.3	****		(188.3	)		6,689.7	****	6,130.3	****
(7) Risk weighted Assets	****	57,040.2	****		3,966.6			53,073.6	****	53,404.4	****
(8) Total Required Capital (7) X8%	****	4,563.2	****		317.3			4,245.8	****	4,272.3	****
Mizuho Trust & Banking<br> <br><br><br><br>International Standard
	Consolidated								Non-Consolidated
	As of March 31, 2020<br>(Preliminary)			Change			As of March 31, 2019		As of March 31, 2020<br>(Preliminary)
(1) Total Capital Ratio	****	23.74	****		(0.13	)		23.87	****	23.18	****
(2) Tier 1 Capital Ratio	****	23.66	****		(0.04	)		23.70	****	23.10	****
(3) Common Equity Tier 1 Capital Ratio	****	23.64	****		(0.03	)		23.67	****	23.10	****
(4) Total Capital	****	490.8	****		(13.7	)		504.6	****	476.8	****
(5) Tier 1 Capital	****	489.2	****		(11.7	)		500.9	****	475.2	****
(6) Common Equity Tier 1 Capital	****	488.7	****		(11.6	)		500.4	****	475.2	****
(7) Risk weighted Assets	****	2,067.3	****		(46.1	)		2,113.4	****	2,056.8	****
(8) Total Required Capital (7) X8%	****	165.3	****		(3.6	)		169.0	****	164.5	****

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, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated

		(Millions of yen, %)
		As of March 31, 2020												As of March 31, 2019
					%			Change			%					%
Loans to Bankrupt Obligors		****	15,938	****	****	0.01	****		4,545			0.00			11,393		0.01
Non-Accrual Delinquent Loans		****	401,016	****	****	0.48	****		21,791			(0.00	)		379,225		0.48
Loans Past Due for 3 Months or More		****	1,468	****	****	0.00	****		1,032			0.00			436		0.00
Restructured Loans		****	256,429	****	****	0.30	****		61,062			0.05			195,366		0.24

Total		****	674,853	****	****	0.80	****		88,431			0.06			586,422		0.74

Total Loans		****	83,468,185	****	****	100.00	****		5,011,250						78,456,935		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	79,826	****					(7,587	)					87,413
Trust Account
		As of March 31, 2020												As of March 31, 2019
					%			Change			%					%
Loans to Bankrupt Obligors		****	—	****	****	—	****		—			—			—		—
Non-Accrual Delinquent Loans		****	—	****	****	—	****		(2,770	)		(28.15	)		2,770		28.15
Loans Past Due for 3 Months or More		****	—	****	****	—	****		—			—			—		—
Restructured Loans		****	—	****	****	—	****		—			—			—		—

Total		****	—	****	****	—	****		(2,770	)		(28.15	)		2,770		28.15

Total Loans		****	8,773	****	****	100.00	****		(1,066	)					9,840		100.00
Consolidated + Trust Account
		As of March 31, 2020												As of March 31, 2019
					%			Change			%					%
Loans to Bankrupt Obligors		****	15,938	****	****	0.01	****		4,545			0.00			11,393		0.01
Non-Accrual Delinquent Loans		****	401,016	****	****	0.48	****		19,020			(0.00	)		381,995		0.48
Loans Past Due for 3 Months or More		****	1,468	****	****	0.00	****		1,032			0.00			436		0.00
Restructured Loans		****	256,429	****	****	0.30	****		61,062			0.05			195,366		0.24

Total		****	674,853	****	****	0.80	****		85,661			0.05			589,192		0.75

Total Loans		****	83,476,958	****	****	100.00	****		5,010,183						78,466,775		100.00
	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

		(Millions of yen, %)
		As of March 31, 2020												As of March 31, 2019
					%			Change			%					%
Loans to Bankrupt Obligors		****	14,786	****	****	0.01	****		4,479			0.00			10,306		0.01
Non-Accrual Delinquent Loans		****	383,705	****	****	0.45	****		34,236			0.01			349,469		0.44
Loans Past Due for 3 Months or More		****	1,468	****	****	0.00	****		1,032			0.00			436		0.00
Restructured Loans		****	222,011	****	****	0.26	****		62,648			0.06			159,363		0.20

Total		****	621,972	****	****	0.73	****		102,396			0.08			519,575		0.65


Total Loans		****	84,247,518	****	****	100.00	****		4,835,141						79,412,377		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	74,578	****					(7,217	)					81,795
Mizuho Bank
Loans to Bankrupt Obligors		****	14,786	****	****	0.01	****		4,492			0.00			10,293		0.01
Non-Accrual Delinquent Loans		****	379,472	****	****	0.46	****		36,311			0.01			343,161		0.45
Loans Past Due for 3 Months or More		****	1,468	****	****	0.00	****		1,032			0.00			436		0.00
Restructured Loans		****	220,871	****	****	0.27	****		62,743			0.06			158,127		0.20

Total		****	616,599	****	****	0.76	****		104,580			0.08			512,019		0.67


Total Loans		****	80,871,269	****	****	100.00	****		4,823,905						76,047,363		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	74,362	****					(6,921	)					81,284
Mizuho Trust & Banking<br><br><br>(Banking Account)
Loans to Bankrupt Obligors		****	—	****	****	—	****		(13	)		(0.00	)		13		0.00
Non-Accrual Delinquent Loans		****	4,232	****	****	0.12	****		695			0.02			3,537		0.10
Loans Past Due for 3 Months or More		****	—	****	****	—	****		—			—			—		—
Restructured Loans		****	1,140	****	****	0.03	****		(94	)		(0.00	)		1,235		0.03

Total		****	5,373	****	****	0.15	****		587			0.01			4,785		0.14


Total Loans		****	3,367,475	****	****	100.00	****		12,302						3,355,173		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	215	****					(296	)					511
(Trust Account)
Loans to Bankrupt Obligors		****	—	****	****	—	****		—			—			—		—
Non-Accrual Delinquent Loans		****	—	****	****	—	****		(2,770	)		(28.15	)		2,770		28.15
Loans Past Due for 3 Months or More		****	—	****	****	—	****		—			—			—		—
Restructured Loans		****	—	****	****	—	****		—			—			—		—

Total		****	—	****	****	—	****		(2,770	)		(28.15	)		2,770		28.15


Total Loans		****	8,773	****	****	100.00	****		(1,066	)					9,840		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<br>March 31,2020			Change			As of<br>March 31,2019
Reserves for Possible Losses on Loans	****	424,446	****		136,630			287,815
General Reserve for Possible Losses on Loans	****	239,035	****		103,013			136,022
Specific Reserve for Possible Losses on Loans	****	185,410	****		33,622			151,787
Reserve for Possible Losses on Loans to Restructuring Countries	****	—	****		(5	)		5
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	89,216	****		(3,052	)		92,269

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Reserves for Possible Losses on Loans	****	388,818	****		144,417			244,401
General Reserve for Possible Losses on Loans	****	216,597	****		106,229			110,367
Specific Reserve for Possible Losses on Loans	****	172,221	****		38,192			134,028
Reserve for Possible Losses on Loans to Restructuring Countries	****	—	****		(5	)		5
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	83,523	****		(2,727	)		86,250
Mizuho Bank
Reserves for Possible Losses on Loans	****	385,129	****		143,053			242,076
General Reserve for Possible Losses on Loans	****	214,064	****		105,579			108,485
Specific Reserve for Possible Losses on Loans	****	171,064	****		37,478			133,585
Reserve for Possible Losses on Loans to Restructuring Countries	****	—	****		(5	)		5
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	83,308	****		(2,430	)		85,739
Mizuho Trust & Banking
Reserves for Possible Losses on Loans	****	3,689	****		1,364			2,324
General Reserve for Possible Losses on Loans	****	2,532	****		649			1,882
Specific Reserve for Possible Losses on Loans	****	1,156	****		714			442
Reserve for Possible Losses on Loans to Restructuring Countries	****	—	****		—			—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	215	****		(296	)		511

Reserve for Possible Losses on Entrusted Loans (¥27 million and ¥30 million for March 31, 2020 and March 31, 2019, 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<br>March 31,<br>2020			Change		As of<br>March 31,2019
Mizuho Financial Group		62.89			13.81		49.07
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of<br>March 31,2020			Change		As of<br>March 31,2019
Total	****	62.51	****		15.22		47.29
Mizuho Bank	****	62.46	****		15.18		47.27
Mizuho Trust & Banking (Banking Account)	****	68.65	****		20.07		48.58

Above figures 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<br>March 31,2020			Change			As of<br>March 31,2019
Claims against Bankrupt and Substantially Bankrupt Obligors	****	59,212	****		(578	)		59,790
Claims with Collection Risk	****	383,734	****		24,893			358,841
Claims for Special Attention	****	257,898	****		62,094			195,803
Sub-total[1]	****	700,845	****		86,409			614,435
Normal Claims	****	92,661,291	****		5,489,767			87,171,524

Total[2]	****	93,362,137	****		5,576,176			87,785,960

	(%)
NPL ratio[1]/[2]	****	0.75	****		0.05			0.69
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Claims against Bankrupt and Substantially Bankrupt Obligors		—			—			—
Claims with Collection Risk		—			(2,770	)		2,770
Claims for Special Attention		—			—			—
Sub-total[3]	****	—	****		(2,770	)		2,770
Normal Claims	****	8,773	****		1,703			7,069

Total[4]	****	8,773	****		(1,066	)		9,840

	(%)
NPL ratio[3]/[4]	****	—	****		(28.15	)		28.15
Consolidated + Trust Account
	(Millions of yen)
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Claims against Bankrupt and Substantially Bankrupt Obligors	****	59,212	****		(578	)		59,790
Claims with Collection Risk	****	383,734	****		22,122			361,612
Claims for Special Attention	****	257,898	****		62,094			195,803
Sub-total[5]	****	700,845	****		83,639			617,206
Normal Claims	****	92,670,065	****		5,491,470			87,178,594

Total[6]	****	93,370,910	****		5,575,110			87,795,800

	(%)
NPL ratio[5]/[6]	****	0.75	****		0.04			0.70

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

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

	(Millions of yen)
	As of<br>March 31,<br>2020			Change			As of<br>March 31,<br>2019
Claims against Bankrupt and Substantially Bankrupt Obligors	****	51,042	****		(1,924	)		52,966
Claims with Collection Risk	****	386,532	****		38,840			347,692
Claims for Special Attention	****	223,480	****		63,681			159,799
Sub-total[1]	****	661,055	****		100,597			560,458
Normal Claims	****	93,890,914	****		4,654,107			89,236,806

Total[2]	****	94,551,969	****		4,754,705			89,797,264

	(%)
NPL ratio[1]/[2]	****	0.69	****		0.07			0.62
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	50,602	****		(1,882	)		52,485
Claims with Collection Risk	****	382,739	****		40,886			341,852
Claims for Special Attention	****	222,340	****		63,776			158,563
Sub-total[3]	****	655,682	****		102,780			552,902
Normal Claims	****	90,503,034	****		4,643,603			85,859,431

Total[4]	****	91,158,717	****		4,746,383			86,412,333

	(%)
NPL ratio[3]/[4]	****	0.71	****		0.07			0.63
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking
(Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	439	****		(41	)		481
Claims with Collection Risk	****	3,793	****		723			3,069
Claims for Special Attention	****	1,140	****		(94	)		1,235
Sub-total[5]	****	5,373	****		587			4,785
Normal Claims	****	3,379,106	****		8,800			3,370,305

Total[6]	****	3,384,479	****		9,388			3,375,091

	(%)
NPL ratio[5]/[6]	****	0.15	****		0.01			0.14
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	****	—	****		(2,770	)		2,770
Claims for Special Attention	****	—	****		—			—
Sub-total[7]	****	—	****		(2,770	)		2,770
Normal Claims	****	8,773	****		1,703			7,069

Total[8]	****	8,773	****		(1,066	)		9,840

	(%)
NPL ratio[7]/[8]	****	—	****		(28.15	)		28.15

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

	(Billions of yen)
	As of<br>March 31, 2020			Change			As of<br>March 31, 2019
Aggregate Figures for the 2 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	51.0	****		(1.9	)		52.9
Collateral, Guarantees, and equivalent	****	45.2	****		(0.8	)		46.0
Reserve for Possible Losses	****	5.7	****		(1.1	)		6.8
Claims with Collection Risk	****	386.5	****		41.6			344.9
Collateral, Guarantees, and equivalent	****	149.5	****		20.4			129.1
Reserve for Possible Losses	****	167.8	****		39.2			128.6
Claims for Special Attention	****	223.4	****		63.6			159.7
Collateral, Guarantees, and equivalent	****	68.2	****		13.8			54.3
Reserve for Possible Losses	****	36.5	****		15.9			20.6
Total	****	661.0	****		103.3			557.6
Collateral, Guarantees, and equivalent	****	263.1	****		33.4			229.6
Reserve for Possible Losses	****	210.2	****		54.0			156.1
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors	****	50.6	****		(1.8	)		52.4
Collateral, Guarantees, and equivalent	****	44.8	****		(0.7	)		45.6
Reserve for Possible Losses	****	5.7	****		(1.1	)		6.8
Claims with Collection Risk	****	382.7	****		40.8			341.8
Collateral, Guarantees, and equivalent	****	147.6	****		20.8			126.8
Reserve for Possible Losses	****	166.7	****		38.5			128.1
Claims for Special Attention	****	222.3	****		63.7			158.5
Collateral, Guarantees, and equivalent	****	68.2	****		13.9			54.2
Reserve for Possible Losses	****	36.3	****		15.9			20.4
Total	****	655.6	****		102.7			552.9
Collateral, Guarantees, and equivalent	****	260.7	****		34.0			226.6
Reserve for Possible Losses	****	208.8	****		53.3			155.5
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	0.4	****		(0.0	)		0.4
Collateral, Guarantees, and equivalent	****	0.4	****		(0.0	)		0.4
Reserve for Possible Losses	****	—	****		—			—
Claims with Collection Risk	****	3.7	****		0.7			3.0
Collateral, Guarantees, and equivalent	****	1.9	****		(0.3	)		2.3
Reserve for Possible Losses	****	1.1	****		0.7			0.4
Claims for Special Attention	****	1.1	****		(0.0	)		1.2
Collateral, Guarantees, and equivalent	****	0.0	****		(0.1	)		0.1
Reserve for Possible Losses	****	0.2	****		0.0			0.2
Total	****	5.3	****		0.5			4.7
Collateral, Guarantees, and equivalent	****	2.3	****		(0.5	)		2.9
Reserve for Possible Losses	****	1.3	****		0.7			0.6
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	****		—			—
Collateral, Guarantees, and equivalent	****	—	****		—			—
Claims with Collection Risk	****	—	****		(2.7	)		2.7
Collateral, Guarantees, and equivalent	****	—	****		(2.7	)		2.7
Claims for Special Attention	****	—	****		—			—
Collateral, Guarantees, and equivalent	****	—	****		—			—
Total	****	—	****		(2.7	)		2.7
Collateral, Guarantees, and equivalent	****	—	****		(2.7	)		2.7

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

	(Billions of yen)
	As of<br>March 31, 2020			Change			As of<br>March 31, 2019
Aggregate Figures for the 2 Banks (Banking Account)
Coverage Amount	****	473.3	****		87.4			385.8
Reserves for Possible Losses on Loans	****	210.2	****		54.0			156.1
Collateral, Guarantees, and equivalent	****	263.1	****		33.4			229.6
	(%)
Coverage Ratio	****	71.6	****		2.3			69.3
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	82.1	****		7.3			74.7
Claims for Special Attention	****	46.9	****		(0.0	)		46.9
Claims against Special Attention Obligors	****	50.7	****		0.2			50.5
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	70.8	****		11.2			59.6
Claims for Special Attention	****	23.5	****		3.9			19.6
Claims against Special Attention Obligors	****	23.3	****		2.8			20.5
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	15.01	****		2.25			12.75
Claims against Watch Obligors excluding Special Attention Obligors	****	4.91	****		2.45			2.46
Claims against Normal Obligors	****	0.09	****		0.04			0.05
Mizuho Bank
	(Billions of yen)
Coverage Amount	****	469.5	****		87.3			382.2
Reserves for Possible Losses on Loans	****	208.8	****		53.3			155.5
Collateral, Guarantees, and equivalent	****	260.7	****		34.0			226.6
	(%)
Coverage Ratio	****	71.6	****		2.4			69.1
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	82.1	****		7.5			74.6
Claims for Special Attention	****	47.0	****		(0.0	)		47.1
Claims against Special Attention Obligors	****	50.8	****		0.2			50.6
Reserve Ratio against Non-collateralized<br>Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	70.9	****		11.2			59.6
Claims for Special Attention	****	23.5	****		3.9			19.6
Claims against Special Attention Obligors	****	23.3	****		2.8			20.5
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	14.99	****		2.24			12.74
Claims against Watch Obligors excluding Special Attention Obligors	****	4.95	****		2.48			2.47
Claims against Normal Obligors	****	0.09	****		0.04			0.05

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of<br>March 31, 2020			Change			As of<br>March 31, 2019
Coverage Amount	****	3.7	****		0.1			3.5
Reserves for Possible Losses on Loans	****	1.3	****		0.7			0.6
Collateral, Guarantees, and equivalent	****	2.3	****		(0.5	)		2.9
	(%)
Coverage Ratio	****	69.7	****		(5.2	)		75.0
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	80.6	****		(8.9	)		89.5
Claims for Special Attention	****	22.1	****		(7.0	)		29.2
Claims against Special Attention Obligors	****	22.1	****		(19.2	)		41.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	****		—			—
Claims with Collection Risk	****	60.8	****		2.9			57.9
Claims for Special Attention	****	20.2	****		0.8			19.4
Claims against Special Attention Obligors	****	20.2	****		0.8			19.4
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	19.79	****		5.64			14.15
Claims against Watch Obligors excluding Special Attention Obligors	****	1.47	****		0.36			1.11
Claims against Normal Obligors	****	0.05	****		0.01			0.04

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)

AggregateFigures for the 2 Banks (Banking Account + Trust Account)

		(Billions of yen)
		Fiscal 2016			Fiscal 2017			Fiscal 2018			Fiscal 2019
		As of<br>March 31,2017			As of<br>March 31,<br>2018			As of<br>March 31,<br>2019			As of March 31, 2020
											MHBK		MHTB*		Aggregate<br>Figures for<br>the 2<br>Banks			Change from<br>March 31,2019
Claims against Bankrupt and Substantially Bankrupt Obligors			82.7			64.1			27.7			23.9		0.2		24.2			(3.5	)
Claims with Collection Risk			390.0			218.1			153.8			121.2		1.4		122.7			(31.1	)
Amount Categorized as above up to Fiscal 2016		****	472.8	****		282.3			181.6			145.2		1.7	****	146.9	****		(34.6	)
of which the amount which was in the process of being removed from the balancesheet			72.7			34.9			16.8			18.1		0.2		18.4			1.5
Claims against Bankrupt and Substantially Bankrupt Obligors						12.4			5.9			2.3		0.0		2.3			(3.5	)
Claims with Collection Risk						66.1			33.9			16.8		0.1		16.9			(16.9	)
Amount Newly Categorized as above during Fiscal 2017					****	78.5	****		39.8			19.1		0.1	****	19.3	****		(20.5	)
of which the amount which was in the process of being removed from the balancesheet						12.2			5.7			2.1		0.0		2.1			(3.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors									19.3			11.4		0.1		11.5			(7.7	)
Claims with Collection Risk									159.8			74.6		0.2		74.8			(84.9	)
Amount Newly Categorized as above during Fiscal 2018								****	179.1	****		86.1		0.3	****	86.4	****		(92.7	)
of which the amount which was in the process of being removed from the balancesheet									18.2			11.7		0.1		11.8			(6.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors												12.8		0.0		12.8			12.8
Claims with Collection Risk												169.9		1.9		171.8			171.8
Amount Newly Categorized as above during Fiscal 2019												182.8		1.9	****	184.7	****		184.7
of which the amount which was in the process of being removed from the balancesheet												11.9		0.0		12.0			12.0
Claims against Bankrupt and Substantially Bankrupt Obligors			82.7			76.6			52.9			50.6		0.4		51.0			(1.9	)
Claims with Collection Risk			390.0			284.2			347.6			382.7		3.7		386.5			38.8
Total			472.8			360.9			400.6			433.3		4.2		437.5			36.9
of which the amount which was in the process of being removed from the balancesheet			72.7			47.2			40.8			44.0		0.4		44.5			3.7
*<br> Trust account represents trust accounts that guarantee principals in the agreement.
---	---	---	---	---
*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in Fiscal 2019

	(Billions of yen)
	Aggregate Figures<br>for the 2 Banks<br>(Banking Account<br>+ Trust Account)			MHBK			MHTB<br>(Banking Account<br>+ Trust Account)
Liquidation		(7.5	)		(7.5	)		—
Restructuring		(11.4	)		(11.4	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(35.2	)		(35.2	)		—
Direct Write-off		12.5			12.8			(0.2	)
Other		(106.1	)		(102.3	)		(3.7	)
Debt recovery		(91.0	)		(90.7	)		(0.2	)
Improvement in Business Performance		(15.0	)		(11.5	)		(3.5	)

Total		(147.8	)		(143.7	)		(4.0	)

2-28

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 March 31, 2020												As of March 31, 2019
		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
								Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Domestic Total (excluding Loans Booked Offshore)		****	58,947.6	****	****	511.4	****		1,513.0			78.4			57,434.6		433.0
Manufacturing		****	9,638.9	****	****	140.5	****		201.2			45.3			9,437.6		95.1
Agriculture & Forestry		****	54.7	****	****	0.8	****		7.2			0.6			47.4		0.2
Fishery		****	3.3	****	****	0.3	****		1.1			0.3			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		****	226.9	****	****	0.2	****		(20.1	)		0.1			247.1		0.1
Construction		****	725.4	****	****	8.0	****		58.2			3.1			667.1		4.9
Utilities		****	2,835.9	****	****	11.5	****		34.3			9.9			2,801.5		1.5
Communication		****	1,436.9	****	****	11.5	****		153.8			(4.0	)		1,283.0		15.5
Transportation & Postal Industry		****	2,360.1	****	****	9.3	****		(10.6	)		(0.9	)		2,370.7		10.3
Wholesale & Retail		****	4,930.0	****	****	132.9	****		58.1			25.5			4,871.8		107.4
Finance & Insurance		****	8,220.3	****	****	10.3	****		236.9			(0.3	)		7,983.4		10.7
Real Estate		****	8,740.2	****	****	36.4	****		579.7			7.2			8,160.4		29.2
Commodity Lease		****	2,884.9	****	****	1.6	****		712.4			(0.1	)		2,172.5		1.8
Service Industries		****	3,107.8	****	****	70.0	****		235.6			4.4			2,872.1		65.6
Local Governments		****	760.3	****	****	—	****		(40.1	)		(2.7	)		800.4		2.7
Governments		****	1,443.5	****	****	—	****		(120.8	)		—			1,564.4		—
Other		****	11,578.0	****	****	77.5	****		(574.3	)		(10.0	)		12,152.4		87.5
Overseas Total (including Loans Booked Offshore)		****	25,925.5	****	****	110.4	****		3,299.3			23.9			22,626.2		86.5
Governments		****	342.2	****	****	—	****		(3.8	)		—			346.0		—
Financial Institutions		****	9,170.5	****	****	—	****		1,242.8			—			7,927.7		—
Other		****	16,412.7	****	****	110.4	****		2,060.3			23.9			14,352.4		86.5

Total		****	84,873.2	****	****	621.9	****		4,812.3			102.3			80,060.9		519.5

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:<br>
---	---
As of March 31, 2020:		¥860.0billion (from MHBK)
---	---	---
As of March 31, 2019:		¥945.5 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.
---	---
*	A reclassification of Industry type has been made on the above table as of March 31, 2019 for consistency<br>with current figures.
---	---

2-29

Mizuho Financial Group, Inc.

		(Billions of yen)
		As of March 31, 2020												As of March 31, 2019
		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
								Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		****	54,946.8	****	****	506.1	****		1,524.0			80.6			53,422.7		425.4
Manufacturing		****	9,173.7	****	****	138.2	****		221.7			44.0			8,952.0		94.1
Agriculture & Forestry		****	54.6	****	****	0.8	****		7.1			0.6			47.4		0.2
Fishery		****	3.3	****	****	0.3	****		1.1			0.3			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		****	224.7	****	****	0.2	****		(20.1	)		0.1			244.9		0.1
Construction		****	689.3	****	****	7.9	****		59.8			3.1			629.5		4.7
Utilities		****	2,564.8	****	****	11.5	****		41.6			9.9			2,523.2		1.5
Communication		****	1,306.8	****	****	11.2	****		142.5			(4.3	)		1,164.2		15.5
Transportation & Postal Industry		****	2,161.6	****	****	9.3	****		4.4			(0.9	)		2,157.2		10.3
Wholesale & Retail		****	4,782.3	****	****	132.9	****		83.8			25.9			4,698.4		106.9
Finance & Insurance		****	7,700.9	****	****	10.3	****		178.8			(0.3	)		7,522.1		10.7
Real Estate		****	7,450.1	****	****	36.0	****		462.7			7.2			6,987.3		28.7
Commodity Lease		****	2,667.8	****	****	1.6	****		728.9			(0.1	)		1,938.9		1.8
Service Industries		****	3,051.9	****	****	70.0	****		236.8			4.5			2,815.0		65.5
Local Governments		****	753.2	****	****	—	****		(38.3	)		—			791.6		—
Governments		****	1,338.0	****	****	—	****		(126.3	)		—			1,464.3		—
Other		****	11,023.0	****	****	75.2	****		(460.8	)		(9.5	)		11,483.9		84.8
Overseas Total (including Loans Booked Offshore)		****	25,924.4	****	****	110.4	****		3,299.8			23.9			22,624.6		86.5
Governments		****	342.2	****	****	—	****		(3.8	)		—			346.0		—
Financial Institutions		****	9,170.5	****	****	—	****		1,242.8			—			7,927.7		—
Other		****	16,411.6	****	****	110.4	****		2,060.8			23.9			14,350.8		86.5

Total		****	80,871.2	****	****	616.5	****		4,823.9			104.5			76,047.3		512.0

* A reclassification of Industry type has been made on the above table as of March 31, 2019 for<br>consistency with current figures.
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		****	4,000.8	****	****	5.3	****		(11.0	)		(2.1	)		4,011.9		7.5
Manufacturing		****	465.1	****	****	2.2	****		(20.4	)		1.3			485.5		0.9
Agriculture & Forestry		****	0.0	****	****	—	****		0.0			—			—		—
Fishery		****	—	****	****	—	****		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		****	2.2	****	****	—	****		0.0			—			2.1		—
Construction		****	36.0	****	****	0.1	****		(1.5	)		(0.0	)		37.6		0.1
Utilities		****	271.0	****	****	—	****		(7.2	)		—			278.3		—
Communication		****	130.1	****	****	0.3	****		11.2			0.3			118.8		—
Transportation & Postal Industry		****	198.4	****	****	—	****		(15.0	)		—			213.5		—
Wholesale & Retail		****	147.6	****	****	—	****		(25.6	)		(0.4	)		173.3		0.4
Finance & Insurance		****	519.3	****	****	—	****		58.1			—			461.2		—
Real Estate		****	1,290.0	****	****	0.4	****		116.9			(0.0	)		1,173.1		0.4
Commodity Lease		****	217.1	****	****	—	****		(16.4	)		—			233.6		—
Service Industries		****	55.9	****	****	—	****		(1.2	)		(0.0	)		57.1		0.0
Local Governments		****	7.0	****	****	—	****		(1.7	)		(2.7	)		8.7		2.7
Governments		****	105.4	****	****	—	****		5.4			—			100.0		—
Other		****	554.9	****	****	2.2	****		(113.5	)		(0.4	)		668.5		2.6
Overseas Total (including Loans Booked Offshore)		****	1.1	****	****	—	****		(0.5	)		—			1.6		—
Governments		****	—	****	****	—	****		—			—			—		—
Financial Institutions		****	—	****	****	—	****		—			—			—		—
Other		****	1.1	****	****	—	****		(0.5	)		—			1.6		—

Total		****	4,001.9	****	****	5.3	****		(11.5	)		(2.1	)		4,013.5		7.5

*	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 March 31, 2020												As of March 31, 2019
								Change
		Non Performing<br>Loans based on<br>the FRA			CoverageRatio			Non Performing<br>Loans based on<br>the FRA			CoverageRatio			Non Performing<br>Loans based on<br>the FRA		CoverageRatio
Domestic Total (excluding Loans Booked Offshore)		****	529.5	****	****	67.6	****		77.1			(3.9	)		452.4		71.6
Manufacturing		****	150.3	****	****	64.2	****		42.6			(2.6	)		107.6		66.8
Agriculture & Forestry		****	0.8	****	****	41.5	****		0.6			(23.3	)		0.2		64.8
Fishery		****	0.3	****	****	62.6	****		0.3			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		****	0.5	****	****	94.4	****		(0.1	)		4.6			0.6		89.7
Construction		****	8.3	****	****	72.0	****		3.3			(1.1	)		5.0		73.1
Utilities		****	11.5	****	****	38.5	****		9.9			(25.6	)		1.5		64.1
Communication		****	11.5	****	****	66.1	****		(4.5	)		1.0			16.0		65.1
Transportation & Postal Industry		****	9.4	****	****	65.5	****		(0.9	)		(3.5	)		10.3		69.1
Wholesale & Retail		****	135.3	****	****	57.7	****		25.8			(4.0	)		109.4		61.7
Finance & Insurance		****	10.7	****	****	81.6	****		(0.0	)		12.6			10.7		68.9
Real Estate		****	35.6	****	****	81.7	****		4.6			(2.8	)		31.0		84.6
Commodity Lease		****	1.7	****	****	72.3	****		(0.1	)		0.7			1.9		71.6
Service Industries		****	73.2	****	****	65.9	****		7.1			1.0			66.1		64.9
Local Governments		****	—	****	****	—	****		(2.7	)		—			2.7		100.0
Other		****	79.9	****	****	88.4	****		(8.8	)		(2.4	)		88.7		90.8
Overseas Total (including Loans Booked Offshore)		****	131.4	****	****	87.6	****		23.4			27.7			108.0		59.8
Governments		****	—	****	****	—	****		—			—			—		—
Financial Institutions		****	—	****	****	—	****		—			—			—		—
Other		****	131.4	****	****	87.6	****		23.4			27.7			108.0		59.8

Total		****	661.0	****	****	71.6	****		100.5			2.2			560.4		69.3

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

2-31

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<br>March 31,2020						As of<br>March 31,2019
					Change
Housing and Consumer Loans		****	9,215.7	****		(446.1	)		9,661.9
Housing Loans for owner’s residential housing		****	8,463.4	****		(327.9	)		8,791.4
Mizuho Bank
Housing and Consumer Loans		****	9,143.1	****		(434.1	)		9,577.2
Housing Loans		****	8,595.0	****		(360.7	)		8,955.7
for owner’s residential housing		****	8,396.1	****		(317.1	)		8,713.2
Consumer loans		****	548.0	****		(73.4	)		621.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		****	72.6	****		(12.0	)		84.7
Housing Loans for owner’s residential housing		****	67.3	****		(10.8	)		78.1
* Above figures are aggregate banking and trust account amounts.
(2) Loans to SMEs and Individual Customers
Non-Consolidated
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
		(%, Billions of yen)
		As of<br>March 31,2020						As of<br>March 31,2019
					Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	57.4	****		(0.2	)		57.7
Loans to SMEs and Individual Customers		****	33,892.4	****		705.9			33,186.5
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	58.1	****		(0.2	)		58.4
Loans to SMEs and Individual Customers		****	31,956.5	****		740.4			31,216.1
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	48.3	****		(0.7	)		49.1
Loans to SMEs and Individual Customers		****	1,935.9	****		(34.4	)		1,970.3
*	Above figures are aggregate banking and trust account amounts.
---	---
*	Above figures do not include loans booked at overseas offices and offshore loans.
---	---
*	The definition of “Small and Medium-sized Enterprises” is as<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.)
---	---

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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 March 31, 2020									As of March 31, 2019
					Non-Accrual,<br>PastDue &<br>Restructured<br>Loans		Change					Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
		Outstanding<br>Balance					Outstanding<br>Balance		Non-Accrual,<br>PastDue &<br>Restructured<br>Loans		Outstanding<br>Balance
Asia	****	7,543.3	****	****	35.8	****	(306.6	)	3.9		7,849.9	31.8
Hong Kong	****	1,808.8	****	****	4.4	****	(40.9	)	2.0		1,849.7	2.4
Singapore	****	1,286.0	****	****	26.1	****	50.3		0.2		1,235.7	25.9
Thailand	****	1,037.2	****	****	1.4	****	1.5		0.9		1,035.7	0.4
Taiwan	****	746.9	****	****	0.0	****	16.3		(0.0	)	730.5	0.0
India	****	619.2	****	****	2.7	****	(98.9	)	1.8		718.1	0.8
South Korea	****	671.2	****	****	—	****	(48.4	)	—		719.6	—
Indonesia	****	451.9	****	****	0.9	****	(12.0	)	(0.9	)	463.9	1.9
Philippines	****	282.8	****	****	0.0	****	2.9		(0.0	)	279.9	0.0
China	****	220.1	****	****	—	****	(82.4	)	—		302.5	—
Thailand	****	164.1	****	****	—	****	(104.8	)	—		269.0	—
Central and South America	****	4,660.4	****	****	22.5	****	342.4		(6.9	)	4,317.9	29.5
Mexico	****	426.4	****	****	0.8	****	78.0		0.5		348.3	0.3
Brazile	****	250.5	****	****	7.5	****	(21.3	)	(3.1	)	271.9	10.6
North America	****	8,765.2	****	****	44.1	****	2,030.6		(14.4	)	6,734.6	58.5
United States	****	7,929.9	****	****	44.1	****	1,904.6		(14.4	)	6,025.3	58.5
Eastern Europe	****	277.2	****	****	—	****	44.7		—		232.4	—
Russia	****	171.7	****	****	—	****	24.3		—		147.4	—
Western Europe	****	4,553.6	****	****	13.8	****	808.7		12.4		3,744.8	1.4
United Kingdom	****	1,315.3	****	****	—	****	277.9		(0.9	)	1,037.3	0.9
Netherlands	****	1,152.2	****	****	1.2	****	135.2		0.6		1,017.0	0.5
Germany	****	516.7	****	****	7.2	****	16.8		7.2		499.8	—
Ireland	****	252.0	****	****	—	****	79.8		—		172.1	—
Switzerland	****	171.9	****	****	—	****	29.0		—		142.9	—
France	****	250.6	****	****	—	****	98.2		—		152.4	—
Turkey	****	102.1	****	****	—	****	(56.1	)	—		158.3	—
Italy	****	155.1	****	****	—	****	59.3		—		95.7	—
Other	****	3,268.8	****	****	29.4	****	132.3		20.4		3,136.4	8.9
Australia	****	1,524.8	****	****	—	****	100.4		—		1,424.3	—
Total	****	29,068.7	****	****	145.8	****	3,052.3		15.3		26,016.3	130.4
* Parts of Loans and Non-Accrual, Past Due & Restructured Loans which have been included in<br>“Japan” are included in “Central and South America” and parts of Loans which have been included in “Eastern Europe” are included in “North America”. As a result, the total of Loans by Region as of March 31,<br>2019 increased by 619.3 billion and the total of Non-Accrual, Past Due & Restructured Loans by Region as of March 31, 2019 increased by 2.5 billion.
The above figures are based on obligor country of location.
The outstanding balance of loans and Non-Accrual, Past Due & Restructured Loans in major banking subsidiaries outside Japan is as follows.
		As of March 31, 2020									As of March 31, 2019
							Change
		OutstandingBalance			Non-Accrual,<br>PastDue &<br>Restructured<br>Loans		OutstandingBalance		Non-Accrual,Past Due &RestructuredLoans		OutstandingBalance	Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
Mizuho Bank (China) ,Ltd	****	1,058.5	****	****	4.7	****	10.2		3.1		1,048.3	1.6
Mizuho Bank (USA)	****	470.6	****	****	—	****	20.5		—		450.1	—
PT. Bank Mizuho Indonesia	****	352.8	****	****	0.1	****	15.9		(0.3	)	336.8	0.5

All values are in Japanese Yen.

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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 forfive years(from April 1, 2020toMarch 31, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1			2,524.6
Income before Income Taxes		2			2,456.0
Tax Adjustments *1		3			92.9
Taxable Income before Current Deductible Temporary Differences *2		4			2,548.9
Effective Statutory Tax Rate		5			30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6			780.4
*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<br>adjusting deductible temporary differences as of March 31, 2020.
---	---
(Reference) Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2015			496.0
Fiscal 2016			442.3
Fiscal 2017			379.9
Fiscal 2018			267.2
Fiscal 2019(estimate)			361.0
*1.	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.
---	---
*2.	Figure for fiscal 2019 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

			(Billions of yen)
			As of<br>March 31,2020			Change			As of<br>March 31,2019
Reserves for Possible Losses on Loans		7	****	131.9	****		44.8			87.1
Impairment of Securities		8	****	145.9	****		16.1			129.8
Net Unrealized Losses on Other Securities		9	****	22.0	****		9.7			12.3
Reserve for Employee Retirement Benefits		10	****	—	****		—			—
Depreciation and Impairment		11	****	176.3	****		(24.0	)		200.3
Net Deferred Hedge Losses		12	****	—	****		(17.8	)		17.8
Tax Losses Carried Forward		13	****	—	****		—			—
Other		14	****	261.0	****		(3.7	)		264.7
Total Deferred Tax Assets		15	****	737.3	****		25.1			712.2

Valuation Allowance		16	****	(160.6	)		(15.8	)		(144.8	)
Sub-Total [ 15 + 16 ]		17	****	576.7	****		9.3			567.3

Amount related to Retirement Benefits Accounting		18	****	(170.3	)		(22.7	)		(147.5	)
Net Unrealized Gains on Other Securities		19	****	(304.3	)		106.2			(410.6	)
Net Deferred Hedge Gains		20	****	(27.9	)		(27.9	)		—
Other		21	****	(37.1	)		0.3			(37.5	)
Total Deferred Tax Liabilities		22	****	(539.7	)		55.9			(595.7	)

Net Deferred Tax Assets (Liabilities) [17 + 22]		23	****	36.9	****		65.2			(28.3	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *		24	****	(303.8	)		108.2			(412.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)		25	****	(27.9	)		(45.7	)		17.8
Tax effects related to others		26	****	368.6	****		2.7			365.9
*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting<br>Valuation Allowance.
---	---

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

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

The above includes forward-lookinginformation. 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 forfive years(from April 1, 2020toMarch 31, 2025)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1			226.7
Income before Income Taxes		2			239.4
Tax Adjustments *1		3			(47.8	)
Taxable Income before Current Deductible Temporary Differences *2		4			191.5
Effective Statutory Tax Rate		5			30.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6			58.5
*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<br>adjusting deductible temporary differences as of March 31, 2020.
---	---
(Reference) Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2015			45.1
Fiscal 2016			52.1
Fiscal 2017			40.5
Fiscal 2018			39.0
Fiscal 2019(estimate)			32.0
*1.	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.
---	---
*2.	Figure for fiscal 2019 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

			(Billions of yen)
			As of<br>March 31,2020			Change			As of<br>March 31,2019
Reserves for Possible Losses on Loans		7	****	1.1	****		0.3			0.8
Impairment of Securities		8	****	11.1	****		2.2			8.9
Net Unrealized Losses on Other Securities		9	****	1.1	****		0.9			0.2
Reserve for Employee Retirement Benefits		10	****	7.2	****		(2.5	)		9.8
Net Deferred Hedge Losses		11	****	2.0	****		1.3			0.7
Tax Losses Carried Forward		12	****	—	****		—			—
Other		13	****	5.1	****		(1.9	)		7.0
Total Deferred Tax Assets		14	****	27.9	****		0.3			27.6

Valuation Allowance		15	****	(12.6	)		(3.1	)		(9.4	)
Sub-Total [ 14 + 15 ]		16	****	15.3	****		(2.7	)		18.1

Amount related to Retirement Benefits Accounting		17	****	(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities		18	****	(13.4	)		6.1			(19.6	)
Net Deferred Hedge Gains		19	****	—	****		—			—
Other		20	****	(0.5	)		0.0			(0.5	)
Total Deferred Tax Liabilities		21	****	(18.5	)		6.1			(24.7	)

Net Deferred Tax Assets (Liabilities) [16 + 21]		22	****	(3.2	)		3.4			(6.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *		23	****	(13.5	)		6.2			(19.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)		24	****	2.0	****		1.3			0.7
Tax effects related to others		25	****	8.2	****		(4.1	)		12.4
*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting<br>Valuation Allowance.
---	---

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

The above includes forward-lookinginformation. 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

Aggregate Figures for the 2 Banks

		(Billions of yen)
		As of<br>March 31,2020			Change			As of<br>March 31,2019
Deposits		****	106,876.1	****		5,220.9			101,655.1
Individual Deposits		****	45,018.6	****		1,059.1			43,959.4
Corporate Deposits		****	54,086.4	****		3,879.2			50,207.1
Financial/Government Institutions		****	7,771.0	****		282.5			7,488.5
Mizuho Bank
Deposits		****	103,779.8	****		5,368.5			98,411.2
Individual Deposits		****	44,160.3	****		1,114.4			43,045.9
Corporate Deposits		****	52,676.4	****		3,842.5			48,833.8
Financial/Government Institutions		****	6,943.0	****		411.5			6,531.4
Mizuho Trust & Banking
Deposits		****	3,096.2	****		(147.6	)		3,243.8
Individual Deposits		****	858.2	****		(55.2	)		913.5
Corporate Deposits		****	1,409.9	****		36.6			1,373.2
Financial/Government Institutions		****	828.0	****		(129.0	)		957.0
*	Above figures do not include deposits booked at overseas offices and offshore deposits.
---	---
*	As for Mizuho Trust & Banking, parts of Deposits which have been included in Financial/Government<br>Institutions are included in Corporate 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<br>March 31,2020			Change			As of<br>March 31,2019
Directors, Executive Officers as defined in the Companies Act, and Auditors	****	49	****		(15	)		64
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)	****	128	****		—			128
* The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees<br> <br><br><br><br>Consolidated									<br> <br><br><br><br>
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Employees (excluding Executive Officers as defined in our internal regulations and Specialist<br>Officers)	****	57,264	****		(1,868	)		59,132
Average number of temporary employees	****	17,010	****		(697	)		17,707
* The number of Employees excludes employees seconded to outside the company and includes employees<br>seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.
3. Number of Offices<br> <br><br><br><br>(Domestic) The 2 Banks and Mizuho Securities									<br> <br><br><br><br>
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Mizuho Bank	****	464	****		—			464
Mizuho Trust & Banking	****	60	****		—			60
Mizuho Securities	****	256	****		(3	)		259
* The above numbers are the numbers of head office, domestic branches (excluding branches and offices for<br>remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic<br>sub-branches, and others.
(Overseas) The 2 Banks and Mizuho Securities									****
	As of<br>March 31,2020			Change			As of<br>March 31,2019
Mizuho Bank	****	49	****		1			48
Mizuho Trust & Banking	****	—	****		—			—
Mizuho Securities	****	2	****		—			2
* The above numbers are the numbers of overseas branches or relevant offices, and overseas representative<br>offices.

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Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2020

Consolidated

	(Billions of yen)
	Fiscal 2020
Ordinary Profits		400.0
Profit Attributable to Owners of Parent		320.0

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>+<br>Net Gains (Losses) related to ETF		****	415.0	****	****	380.0	****	****	35.0	****
Ordinary Profits		****	275.0	****	****	240.0	****	****	35.0	****
Net Income		****	215.0	****	****	190.0	****	****	25.0	****
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<br>the amounts of Credit Costs for Trust Accounts.
---	---

The above information constitute forward-looking statements. Please see the legendregarding forward-looking statements in CONTENTS.

2-38

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of March 31,2020 (A)			As of March 31,2019 (B)			Change(A) - (B)
Assets
Cash and Due from Banks	¥	38,833,234	****	¥	42,044,263		¥	(3,211,029	)
Call Loans	****	958,359	****		516,085			442,273
Receivables under Resale Agreements	****	8,599,865	****		4,226,040			4,373,824
Guarantee Deposits Paid under Securities Borrowing Transactions	****	122,001	****		100,501			21,500
Other Debt Purchased	****	430,330	****		491,276			(60,946	)
Trading Assets	****	5,013,413	****		3,708,952			1,304,460
Money Held in Trust	****	503	****		503			0
Securities	****	34,372,765	****		29,475,876			4,896,888
Loans and Bills Discounted	****	80,871,269	****		76,047,363			4,823,905
Foreign Exchange Assets	****	1,966,593	****		2,043,874			(77,280	)
Derivatives other than for Trading	****	5,164,666	****		3,192,132			1,972,533
Other Assets	****	2,939,258	****		2,705,113			234,145
Tangible Fixed Assets	****	843,058	****		729,129			113,928
Intangible Fixed Assets	****	357,432	****		354,116			3,315
Prepaid Pension Cost	****	556,273	****		481,875			74,397
Deferred Tax Assets	****	36,950	****		—			36,950
Customers’ Liabilities for Acceptances and Guarantees	****	6,535,786	****		6,492,905			42,881
Reserves for Possible Losses on Loans	****	(385,129	)		(242,076	)		(143,053	)
Reserve for Possible Losses on Investments	****	(2,458	)		(370	)		(2,088	)

Total Assets	¥	187,214,174	****	¥	172,367,564		¥	14,846,609

Liabilities
Deposits	¥	126,337,030	****	¥	119,411,223		¥	6,925,806
Negotiable Certificates of Deposit	****	12,706,349	****		12,912,548			(206,199	)
Call Money	****	1,213,576	****		1,308,045			(94,468	)
Payables under Repurchase Agreements	****	7,469,615	****		5,162,334			2,307,280
Guarantee Deposits Received under Securities Lending Transactions	****	276,869	****		305,032			(28,163	)
Commercial Paper	****	411,089	****		941,181			(530,092	)
Trading Liabilities	****	3,795,423	****		2,577,856			1,217,567
Borrowed Money	****	11,394,924	****		7,998,715			3,396,208
Foreign Exchange Liabilities	****	716,394	****		925,879			(209,484	)
Bonds and Notes	****	1,100,670	****		1,968,205			(867,534	)
Derivatives other than for Trading	****	4,843,165	****		3,031,284			1,811,881
Other Liabilities	****	3,175,327	****		2,138,527			1,036,800
Reserve for Bonus Payments	****	19,841	****		22,362			(2,521	)
Reserve for Variable Compensation	****	765	****		1,100			(334	)
Reserve for Possible Losses on Sales of Loans	****	637	****		630			6
Reserve for Contingencies	****	1,770	****		100			1,669
Reserve for Reimbursement of Deposits	****	25,943	****		16,987			8,956
Reserve for Reimbursement of Debentures	****	18,672	****		25,566			(6,893	)
Deferred Tax Liabilities	****	—	****		28,338			(28,338	)
Deferred Tax Liabilities for Revaluation Reserve for Land	****	62,695	****		63,315			(619	)
Acceptances and Guarantees	****	6,535,786	****		6,492,905			42,881

Total Liabilities	****	180,106,550	****		165,332,144			14,774,406

Net Assets
Common Stock and Preferred Stock	****	1,404,065	****		1,404,065			—
Capital Surplus	****	2,286,328	****		2,286,328			—
Capital Reserve	****	655,418	****		655,418			—
Other Capital Surplus	****	1,630,910	****		1,630,910			—
Retained Earnings	****	2,472,640	****		2,163,735			308,905
Appropriated Reserve	****	315,177	****		315,177			0
Other Retained Earnings	****	2,157,463	****		1,848,557			308,905
Retained Earnings Brought Forward	****	2,157,463	****		1,848,557			308,905

Total Shareholders’ Equity	****	6,163,034	****		5,854,129			308,905

Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	736,239	****		1,071,157			(334,918	)
Net Deferred Hedge Gains (Losses), net of Taxes	****	71,693	****		(27,639	)		99,333
Revaluation Reserve for Land, net of Taxes	****	136,655	****		137,772			(1,117	)

Total Valuation and Translation Adjustments	****	944,588	****		1,181,291			(236,702	)

Total Net Assets	****	7,107,623	****		7,035,420			72,202

Total Liabilities and Net Assets	¥	187,214,174	****	¥	172,367,564		¥	14,846,609

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the fiscalyear endedMarch 31,2020 (A)			For the fiscalyear endedMarch 31,2019 (B)			Change(A) - (B)
Ordinary Income	¥	2,762,200	****	¥	2,616,940		¥	145,260
Interest Income	****	1,642,866	****		1,678,702			(35,835	)
Interest on Loans and Bills Discounted	****	1,113,558	****		1,126,596			(13,037	)
Interest and Dividends on Securities	****	258,265	****		281,807			(23,541	)
Fee and Commission Income	****	476,787	****		471,196			5,590
Trading Income	****	150,596	****		61,855			88,741
Other Operating Income	****	238,043	****		158,466			79,576
Other Ordinary Income	****	253,906	****		246,719			7,187

Ordinary Expenses	****	2,331,438	****		2,332,366			(928	)
Interest Expenses	****	1,013,852	****		1,028,946			(15,094	)
Interest on Deposits	****	451,000	****		449,145			1,855
Fee and Commission Expenses	****	91,650	****		90,934			716
Trading Expenses	****	809	****		377			431
Other Operating Expenses	****	97,383	****		174,935			(77,552	)
General and Administrative Expenses	****	789,552	****		840,607			(51,054	)
Other Ordinary Expenses	****	338,189	****		196,565			141,624

Ordinary Profits	****	430,762	****		284,573			146,188

Extraordinary Gains	****	1,296	****		11,181			(9,885	)

Extraordinary Losses	****	18,484	****		503,219			(484,734	)

Income (Loss) before Income Taxes	****	413,574	****		(207,463	)		621,038
Income Taxes:
Current	****	109,151	****		94,923			14,227
Deferred	****	(3,364	)		(157,943	)		154,578

Net Income (Loss)	¥	307,788	****	¥	(144,444	)	¥	452,232

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As ofMarch 31,2020 (A)			As ofMarch 31,2019 (B)			Change(A) - (B)
Assets
Cash and Due from Banks	¥	1,766,799	****	¥	2,434,150		¥	(667,350	)
Call Loans	****	14,678	****		24,417			(9,739	)
Guarantee Deposits Paid under Securities Borrowing Transactions	****	198,053	****		332,116			(134,062	)
Other Debt Purchased	****	32,493	****		6,692			25,800
Trading Assets	****	169,750	****		111,667			58,083
Money Held in Trust	****	7,125	****		4,641			2,483
Securities	****	958,624	****		841,621			117,003
Loans and Bills Discounted	****	3,367,475	****		3,355,173			12,302
Foreign Exchange Assets	****	7,865	****		4,073			3,792
Other Assets	****	359,752	****		188,381			171,371
Tangible Fixed Assets	****	86,705	****		20,559			66,145
Intangible Fixed Assets	****	30,529	****		32,664			(2,134	)
Prepaid Pension Cost	****	65,759	****		55,766			9,993
Customers’ Liabilities for Acceptances and Guarantees	****	14,755	****		16,885			(2,129	)
Reserves for Possible Losses on Loans	****	(3,689	)		(2,324	)		(1,364	)

Total Assets	¥	7,076,682	****	¥	7,426,486		¥	(349,803	)

Liabilities
Deposits	¥	3,096,295	****	¥	3,253,498		¥	(157,203	)
Negotiable Certificates of Deposit	****	664,780	****		566,110			98,670
Call Money	****	807,706	****		947,104			(139,398	)
Payables under Repurchase Agreements	****	—	****		22,198			(22,198	)
Guarantee Deposits Received under Securities Lending Transactions	****	289,789	****		362,246			(72,456	)
Trading Liabilities	****	170,146	****		107,096			63,049
Borrowed Money	****	255,860	****		379,706			(123,846	)
Foreign Exchange Liabilities	****	23	****		—			23
Bonds and Notes	****	10,000	****		10,000			—
Due to Trust Accounts	****	1,055,510	****		1,102,073			(46,563	)
Other Liabilities	****	142,457	****		68,806			73,651
Reserve for Bonus Payments	****	2,153	****		2,125			28
Reserve for Variable Compensation	****	368	****		467			(99	)
Reserve for Reimbursement of Deposits	****	1,907	****		2,081			(173	)
Deferred Tax Liabilities	****	3,220	****		6,631			(3,411	)
Acceptances and Guarantees	****	14,755	****		16,885			(2,129	)

Total Liabilities	****	6,514,977	****		6,847,033			(332,056	)

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	****	253,465	****		241,889			11,575
Appropriated Reserve	****	41,484	****		36,719			4,764
Other Retained Earnings	****	211,980	****		205,170			6,810
Retained Earnings Brought Forward	****	211,980	****		205,170			6,810

Total Shareholders’ Equity	****	516,339	****		504,764			11,575

Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	49,981	****		76,295			(26,314	)
Net Deferred Hedge Gains (Losses), net of Taxes	****	(4,615	)		(1,608	)		(3,007	)

Total Valuation and Translation Adjustments	****	45,365	****		74,687			(29,322	)

Total Net Assets	****	561,705	****		579,452			(17,747	)

Total Liabilities and Net Assets	¥	7,076,682	****	¥	7,426,486		¥	(349,803	)

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the fiscalyear ended<br>March 31, 2020<br>(A)			For the fiscalyear ended<br>March 31, 2019<br>(B)		Change<br>(A) - (B)
Ordinary Income	¥	209,112	****	¥	209,539	¥	(427	)
Fiduciary Income	****	59,132	****		54,997		4,134
Interest Income	****	37,305	****		42,795		(5,489	)
Interest on Loans and Bills Discounted	****	24,619	****		26,691		(2,072	)
Interest and Dividends on Securities	****	10,654	****		13,786		(3,132	)
Fee and Commission Income	****	70,610	****		70,307		303
Trading Income	****	1,526	****		1,552		(25	)
Other Operating Income	****	24,319	****		8,319		16,000
Other Ordinary Income	****	16,217	****		31,567		(15,350	)

Ordinary Expenses	****	159,435	****		154,184		5,250
Interest Expenses	****	13,445	****		16,415		(2,969	)
Interest on Deposits	****	614	****		1,059		(444	)
Fee and Commission Expenses	****	35,027	****		33,391		1,635
Trading Expenses	****	20	****		0		20
Other Operating Expenses	****	11,458	****		6,037		5,420
General and Administrative Expenses	****	81,211	****		82,395		(1,183	)
Other Ordinary Expenses	****	18,272	****		15,944		2,328

Ordinary Profits	****	49,676	****		55,354		(5,678	)

Extraordinary Gains	****	907	****		82		824

Extraordinary Losses	****	694	****		2,245		(1,551	)

Income before Income Taxes	****	49,888	****		53,190		(3,302	)
Income Taxes:
Current	****	10,342	****		12,544		(2,201	)
Deferred	****	4,147	****		1,582		2,564

Net Income	¥	35,398	****	¥	39,063	¥	(3,665	)

2-42

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2020

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		634,513	Money Trusts		24,065,825
Securities		130,890	Pension Trusts		3,183,854
Beneficiary Rights to the Trusts		63,240,425	Property Formation Benefit Trusts		4,692
Securities held in Custody Accounts		410,192	Investment Trusts		18,396,464
Money Claims		5,500,206	Money Entrusted Other than Money Trusts		1,829,192
Tangible Fixed Assets		8,319,291	Securities Trusts		14,009,829
Intangible Fixed Assets		361,170	Money Claims Trusts		4,304,969
Other Claims		580,858	Land and Fixtures Trusts		435,204
Due from Banking Account		1,055,510	Composite Trusts		14,473,878
Cash and Due from Banks		476,227	Other Trusts		5,375

Total		80,709,287	Total		80,709,287

Notes:

1.	The statement is exclusive of the Trusts that are difficult to value monetarily.
2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of<br>¥61,077,996 million.
---	---
3.	Joint trust assets under the management of other companies: ¥279,436 million
---	---
4.	There is no balance of Loans to Bankrupt Obligors, Non-Accrual<br>Delinquent Loans,<br> or Loans Past Due for 3 Months or More in the loans of trust accounts that guarantee principals in the agreement of ¥8,773 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

Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		8,773	Principal		883,781
Securities		1	Reserve		27
Others		875,127	Others		94

Total		883,902	Total		883,902

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

	Millions of yen
Items	As of<br>March 31,<br>2020 (A)			As of<br>March 31,<br>2019 (B)		Change<br>(A) - (B)
Total Amount of Funds	****	31,015,448	****		29,169,953		1,845,494
Deposits	****	3,096,295	****		3,253,498		(157,203	)
Negotiable Certificates of Deposit	****	664,780	****		566,110		98,670
Money Trusts	****	24,065,825	****		22,197,075		1,868,749
Pension Trusts	****	3,183,854	****		3,148,711		35,143
Property Formation Benefit Trusts	****	4,692	****		4,558		134
Loans and Bills Discounted	****	4,001,989	****		4,013,541		(11,552	)
of Banking accounts	****	3,367,475	****		3,355,173		12,302
of Trust accounts	****	634,513	****		658,368		(23,854	)
Securities for Investments	****	1,089,515	****		1,023,278		66,236
of Banking accounts	****	958,624	****		841,621		117,003
of Trust accounts	****	130,890	****		181,657		(50,767	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As ofMarch 31,2020 (A)			As ofMarch 31,2019 (B)			Change(A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	533,288	****	¥	388,516		¥	144,772
Cash Segregated as Deposits for Customers and Others	****	387,043	****		335,712			51,330
Trading Assets	****	6,461,814	****		6,061,110			400,703
Operating Investment Securities	****	33,430	****		28,640			4,789
Receivables Related to Margin Transactions	****	22,055	****		34,162			(12,107	)
Collateralized Short-Term Financing Agreements-Receivable	****	4,296,231	****		3,871,953			424,278
Advances Paid	****	579	****		488			90
Securities: Fail to Deliver	****	12,971	****		9,613			3,357
Short-Term Loans Receivable	****	37,298	****		52,652			(15,354	)
Other Current Assets	****	595,830	****		434,483			161,346
Less: Allowance for Doubtful Accounts	****	(7	)		(3	)		(3	)
Noncurrent Assets
Property and Equipment	****	11,196	****		12,527			(1,330	)
Intangible Assets	****	61,637	****		50,829			10,808
Investments and Other Assets	****	302,584	****		315,137			(12,552	)

Total Assets	¥	12,755,956	****	¥	11,595,825		¥	1,160,130

Liabilities
Current Liabilities
Trading Liabilities	¥	5,032,193	****	¥	4,340,952		¥	691,240
Payables - Unsettled Trades	****	61,668	****		36,888			24,779
Payables Related to Margin Transactions	****	47,395	****		53,591			(6,196	)
Collateralized Short-Term Financing Agreements-Payable	****	3,660,235	****		3,575,497			84,738
Deposits Received	****	350,409	****		308,251			42,158
Guarantee Deposits Received	****	370,607	****		297,472			73,134
Securities: Fail to Receive	****	2,029	****		2,064			(35	)
Short-Term Borrowings	****	1,035,215	****		773,484			261,730
Commercial Paper	****	319,000	****		333,200			(14,200	)
Bonds and Notes Due within One Year	****	137,358	****		76,393			60,964
Lease Obligations	****	—	****		174			(174	)
Income Taxes Payable	****	3,022	****		2,220			802
Accrued Employees’ Bonuses	****	13,531	****		9,359			4,172
Provision for Variable Compensation	****	816	****		927			(110	)
Provision for Bonus Point Redemption	****	487	****		686			(198	)
Other Current Liabilities	****	53,465	****		40,800			12,665
Noncurrent Liabilities
Bonds and Notes	****	620,079	****		679,688			(59,609	)
Long-Term Borrowings	****	135,600	****		173,000			(37,400	)
Provision for Retirement Benefits	****	19,828	****		19,799			29
Other Noncurrent Liabilities	****	2,111	****		2,263			(152	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities	****	2,509	****		2,473			36

Total Liabilities	****	11,867,565	****		10,729,189			1,138,375

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	****	371,261	****		346,585			24,676
Other Retained Earnings	****	371,261	****		346,585			24,676
Retained Earnings Brought Forward	****	371,261	****		346,585			24,676

Total Shareholders’ Equity	****	878,078	****		853,401			24,676

Net Unrealized Gains on (Operating) Investment Securities, net of Tax	****	20,066	****		23,023			(2,956	)
Net Deferred Gains or Losses on Hedges, net of Tax	****	(9,754	)		(9,789	)		35

Total Valuation and Translation Adjustments	****	10,312	****		13,233			(2,921	)

Total Net Assets	****	888,390	****		866,635			21,754

Total Liabilities and Net Assets	¥	12,755,956	****	¥	11,595,825		¥	1,160,130

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the fiscalyear endedMarch 31, 2020<br>(A)			For the fiscalyear ended<br>March 31, 2019<br>(B)		Change<br>(A) - (B)
Operating Revenues	¥	354,192	****	¥	341,131	¥	13,060
Commissions	****	149,514	****		151,810		(2,296	)
Net Gain on Trading	****	111,981	****		93,568		18,413
Net Gain on Operating Investment Securities	****	2,621	****		5,287		(2,666	)
Interest and Dividend Income	****	90,075	****		90,465		(390	)

Interest Expenses	****	82,590	****		77,794		4,796

Net Operating Revenues	****	271,602	****		263,337		8,264

Selling, General and Administrative Expenses	****	237,737	****		236,229		1,507
Transaction-Related Expenses	****	57,929	****		53,157		4,772
Personnel Expenses	****	86,215	****		86,662		(446	)
Real Estate Expenses	****	24,151	****		25,585		(1,434	)
Administrative Expenses	****	42,322	****		43,374		(1,052	)
Depreciation and Amortization	****	19,702	****		18,931		770
Taxes and Dues	****	4,436	****		5,452		(1,015	)
Provision of Allowance for Doubtful Accounts	****	(20	)		2		(22	)
Other	****	3,000	****		3,064		(63	)

Operating Income	****	33,864	****		27,107		6,756

Non-Operating Income	****	4,744	****		9,044		(4,300	)
Non-Operating Expenses	****	179	****		196		(16	)

Ordinary Income	****	38,429	****		35,955		2,473

Extraordinary Gain	****	1,110	****		2,512		(1,402	)

Extraordinary Loss	****	2,860	****		16,467		(13,607	)

Income before Income Taxes	****	36,679	****		22,000		14,678
Income Taxes:
Current	****	5,158	****		3,006		2,151
Deferred	****	2,310	****		6,600		(4,289	)

Net Income	¥	29,210	****	¥	12,393	¥	16,816

2-46

Mizuho Financial Group Inc 6-K, filed May 15, 2020

About this 6-K