Mizuho Financial Group Inc 6-K, filed Feb 1, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

Form 20-F ☒     Form 40-F ☐

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐    No ☒

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: February 1, 2021
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Third Quarter of Fiscal 2020<br><br><br>(Nine months ended December 31, 2020)<br><br><br>(Under Japanese GAAP)
Company Name:	Mizuho Financial Group, Inc. (“MHFG”)	February 1, 2021
---	---	---
Stock Code Number (Japan):	8411
---	---	---	---
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		February 12, 2021	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		-
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Third Quarter of Fiscal 2020 (for the nine months ended December 31, 2020)

(1) Consolidated Results of Operations (Accumulated Period)

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income				Ordinary Profits				Profit Attributableto Owners ofParent
	million	%			million	%			million	%
3Q F2020			(21.6	)			(20.0	)			(12.2	)
3Q F2019			3.3				2.5				(1.4	)

All values are in Japanese Yen.

Note:	Comprehensive Income:<br> <br>3Q F2020:<br>¥576,850 million, 94.0%; 3Q F2019: ¥297,224 million, —  %
	Net Incomeper Share ofCommon Stock	Diluted Net Incomeper Share ofCommon Stock
---	---	---
3Q F2020
3Q F2019

All values are in Japanese Yen.

Note:	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1,<br>2020.
	The impact from the share consolidation is reflected in Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

(2) Consolidated Financial Conditions

	Total Assets	Total Net Assets	Own Capital Ratio
	million	million	%
3Q F2020				4.0
Fiscal 2019				3.9

All values are in Japanese Yen.

Reference:	Own Capital:<br> <br>As of December 31, 2020:<br>¥8,905,964 million; As of March 31, 2020: ¥8,553,971 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100<br>Own Capital Ratio stated above is<br>not calculated based on the public notice of Own Capital Ratio.
---	---

2. Cash Dividends for Shareholders of Common Stock

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

All values are in Japanese Yen.

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

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

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

All values are in Japanese Yen.

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2020: No
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The number of share of common stock used in above per share information is based on the weighted average of the average number of outstanding shares<br>during 1Q, 2Q and 3Q and the number of outstanding shares as of December 31, 2020 (which is used as a proxy for the average number of outstanding shares during 4Q of fiscal 2020).<br><br><br>If the share consolidation were not taken into consideration, the Consolidated Earnings Estimates for Net Income per Share of Common Stock for Fiscal 2020 (for<br>the fiscal year ending March 31, 2021) would be ¥13.80.

Notes

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

(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No ****

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

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

ii. Changes in accounting policies other than i above: Yes

iii. Changes in accounting estimates: No

iv. Restatements: No

Note: For more information, please refer to “1.(1) Changes in Accounting Policies and Accounting Estimates / Restatements” on page 1-2 of the attachment.

(4) Issued Shares of Common Stock

i. Period-end issued shares (including treasury<br>stock):	As of December 31, 2020	2,539,249,894 shares	As of March 31, 2020	2,539,249,894 shares
ii. Period-end treasury stock:	As of December 31, 2020	3,984,059 shares	As of March 31, 2020	3,210,681 shares
iii. Average outstanding shares (accumulated period):	3Q Fiscal 2020	2,535,680,257 shares	3Q Fiscal 2019	2,536,085,606 shares
Note:	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The<br>impact from the share consolidation is reflected in the number of Period-end issued shares (including treasury stock), Period-end treasury stock and Average outstanding<br>shares (accumulated period).
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This immediate release is outside the scope of quarterly review.

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

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

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interestrates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets;problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels andmeet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategicinitiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. KeyInformation-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and ourreport on Form 6-K furnished to the SEC on December 28, 2020, 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.

¡ Contents of Attachment

1.	Matters Related to Summary Information (Notes)	p. 1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p. 1-2
2.	Quarterly Consolidated Financial Statements and Others	p. 1-3
	(1) Consolidated Balance Sheets	p. 1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p. 1-5
	(3) Note for Assumption of Going Concern	p. 1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p. 1-7
	øSELECTED FINANCIAL INFORMATION For the Third Quarter of Fiscal 2020

Note to XBRL

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

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Fair Value Measurement and Others)

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

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

In accordance with Article 20 of “Accounting Standard for Fair Value Measurement”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2020.

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

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

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

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As ofMarch 31, 2020			As ofDecember 31, 2020
Assets
Cash and Due from Banks	¥	41,069,745		¥	42,999,682
Call Loans and Bills Purchased		584,686			364,630
Receivables under Resale Agreements		18,581,488			13,600,967
Guarantee Deposits Paid under Securities Borrowing Transactions		2,243,161			2,039,745
Other Debt Purchased		2,688,273			3,081,707
Trading Assets		13,248,734			12,988,630
Money Held in Trust		411,847			498,061
Securities		34,907,234			42,314,072
Loans and Bills Discounted		83,468,185			83,615,990
Foreign Exchange Assets		2,044,415			1,949,760
Derivatives other than for Trading Assets		1,944,060			1,690,112
Other Assets		5,206,121			4,452,367
Tangible Fixed Assets		1,103,622			1,110,136
Intangible Fixed Assets		636,139			616,566
Net Defined Benefit Asset		846,782			918,982
Deferred Tax Assets		32,493			25,680
Customers’ Liabilities for Acceptances and Guarantees		6,066,527			6,124,332
Reserves for Possible Losses on Loans		(424,446	)		(489,961	)
Reserve for Possible Losses on Investments		—			(0	)
Total Assets	¥	214,659,077		¥	217,901,468

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As ofMarch 31, 2020			As ofDecember 31, 2020
Liabilities
Deposits	¥	131,189,673		¥	127,656,972
Negotiable Certificates of Deposit		13,282,561			17,905,047
Call Money and Bills Sold		2,263,076			1,516,486
Payables under Repurchase Agreements		17,971,098			19,254,428
Guarantee Deposits Received under Securities Lending Transactions		1,108,255			683,205
Commercial Paper		411,089			1,495,476
Trading Liabilities		9,604,890			7,783,921
Borrowed Money		5,209,947			7,346,357
Foreign Exchange Liabilities		509,405			514,302
Short-term Bonds		373,658			391,296
Bonds and Notes		8,906,432			9,644,764
Due to Trust Accounts		1,055,510			1,281,597
Derivatives other than for Trading Liabilities		1,619,151			1,609,917
Other Liabilities		6,111,195			5,283,698
Reserve for Bonus Payments		75,175			53,154
Reserve for Variable Compensation		2,559			2,201
Net Defined Benefit Liability		62,113			71,884
Reserve for Director and Corporate Auditor Retirement Benefits		944			671
Reserve for Possible Losses on Sales of Loans		637			3,931
Reserve for Contingencies		6,443			3,516
Reserve for Reimbursement of Deposits		27,851			23,541
Reserve for Reimbursement of Debentures		18,672			16,918
Reserves under Special Laws		2,509			2,506
Deferred Tax Liabilities		53,150			159,359
Deferred Tax Liabilities for Revaluation Reserve for Land		62,695			62,531
Acceptances and Guarantees		6,066,527			6,124,332
Total Liabilities	¥	205,995,229		¥	208,892,022
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,136,467			1,135,948
Retained Earnings		4,174,190			4,304,317
Treasury Stock		(6,414	)		(7,203	)
Total Shareholders’ Equity		7,561,010			7,689,829
Net Unrealized Gains (Losses) on Other Securities		823,085			1,131,436
Deferred Gains or Losses on Hedges		72,081			52,955
Revaluation Reserve for Land		136,655			137,779
Foreign Currency Translation Adjustments		(133,178	)		(183,629	)
Remeasurements of Defined Benefit Plans		94,317			77,593
Total Accumulated Other Comprehensive Income		992,960			1,216,134
Stock Acquisition Rights		213			134
Non-Controlling Interests		109,662			103,346
Total Net Assets		8,663,847			9,009,445
Total Liabilities and Net Assets	¥	214,659,077		¥	217,901,468

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the ninemonths ended<br>December 31, 2019		For the ninemonths ended<br>December 31, 2020
Ordinary Income	¥	2,953,825	¥	2,313,082
Interest Income		1,566,669		990,731
Interest on Loans and Bills Discounted		964,289		707,462
Interest and Dividends on Securities		198,196		171,768
Fiduciary Income		42,244		40,582
Fee and Commission Income		563,812		590,013
Trading Income		294,447		340,662
Other Operating Income		297,243		237,125
Other Ordinary Income		189,407		113,966
Ordinary Expenses		2,392,274		1,864,213
Interest Expenses		1,011,755		341,112
Interest on Deposits		384,950		114,571
Fee and Commission Expenses		127,851		118,590
Trading Expenses		13,134		9,278
Other Operating Expenses		99,081		110,581
General and Administrative Expenses		1,023,557		1,022,627
Other Ordinary Expenses		116,894		262,022
Ordinary Profits		561,550		448,868
Extraordinary Gains		1,289		79,434
Extraordinary Losses		9,064		9,876
Income before Income Taxes		553,775		518,426
Income Taxes:
Current		108,894		120,499
Deferred		31,951		39,049
Total Income Taxes		140,845		159,549
Profit		412,930		358,876
Profit Attributable to Non-controllingInterests		8,966		4,471
Profit Attributable to Owners of Parent	¥	403,963	¥	354,404

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the ninemonths ended<br>December 31, 2019			For the ninemonths ended<br>December 31, 2020
Profit	¥	412,930		¥	358,876
Other Comprehensive Income		(115,705	)		217,974
Net Unrealized Gains (Losses) on Other Securities		(67,120	)		304,311
Deferred Gains or Losses on Hedges		17,320			(19,166	)
Foreign Currency Translation Adjustments		(32,928	)		(48,477	)
Remeasurements of Defined Benefit Plans		(31,316	)		(16,271	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,660	)		(2,421	)
Comprehensive Income		297,224			576,850
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		287,574			576,454
Comprehensive Income Attributable to Non-controlling<br>Interests		9,649			396

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

(4) Note for SignificantChanges in the Amount of Shareholders’ Equity

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2020

(Nine months ended December 31, 2020)

(Under Japanese GAAP)

C O N T E N T S

Notes:

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

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

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2020	See above Notes			Page
1. Income Analysis		CON	NON		2-1
2. Net Gains/Losses on Stocks		CON	NON		2-3
3. Unrealized Gains/Losses on Securities		CON	NON		2-4
4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting		NON			2-6
5. Status of Non Performing Loans based on the Financial Reconstruction Act<br>(“FRA”)		CON	NON		2-7
6. Status of Deposits and Loans		NON			2-9
Attachments				Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets<br>(selected items)					2-11
Comparison of Non-Consolidated Statements of<br>Income (selected items)					2-12
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets<br>(selected items)					2-13
Comparison of Non-Consolidated Statements of<br>Income (selected items)					2-14
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets<br>(selected items)					2-15
Comparison of Non-Consolidated Statements of<br>Income (selected items)					2-16

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

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

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interestrates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets;problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels andmeet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategicinitiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. KeyInformation—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”)and our report on Form 6-K furnished to the SEC on December 28, 2020, 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.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2020

1. Income Analysis

Consolidated

		(Billions of yen)
		Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)
					Change			Third Quarter of<br>Fiscal2019<br>(Accumulated Period)
Consolidated Gross Profits	1	****	1,619.5	****		106.9			1,512.5
Net Interest Income	2	****	649.6	****		94.7			554.9
Fiduciary Income	3	****	40.5	****		(1.6	)		42.2
Credit Costs for Trust Accounts	4	****	—	****		—			—
Net Fee and Commission Income	5	****	471.4	****		35.4			435.9
Net Trading Income	6	****	331.3	****		50.0			281.3
Net Other Operating Income	7	****	126.5	****		(71.6	)		198.1
General and Administrative Expenses	8	****	(1,022.6	)		0.9			(1,023.5	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)	9	****	(103.9	)		(68.8	)		(35.0	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10	****	5.7	****		(4.8	)		10.6
Net Gains (Losses) related to Stocks	11	****	(30.8	)		(128.2	)		97.3
Equity in Income from Investments in Affiliates	12	****	17.1	****		(7.0	)		24.1
Other	13	****	(36.2	)		(11.6	)		(24.5	)
Ordinary Profits	14	****	448.8	****		(112.6	)		561.5
Net Extraordinary Gains (Losses)	15	****	69.5	****		77.3			(7.7	)
Income before Income Taxes	16	****	518.4	****		(35.3	)		553.7
Income Taxes	17	****	(159.5	)		(18.7	)		(140.8	)
Profit	18	****	358.8	****		(54.0	)		412.9
Profit Attributable to Non-controlling Interests	19	****	(4.4	)		4.4			(8.9	)
Profit Attributable to Owners of Parent	20	****	354.4	****		(49.5	)		403.9
Credit-related Costs (including Credit Costs for Trust Accounts)	21	****	(98.1	)		(73.7	)		(24.4	)

Credit-related Costs [21] =     Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9]

• Gains on Reversal of Reserves for Possible Losses on Loans, and others [10] + Credit Costs for Trust Accounts [4]

Reference:
Consolidated Net Business Profits	22	608.4	138.1	470.2

Consolidated Net Business Profits [22] =  Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses)

• Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	23	152	30	122
Number of affiliates under the equity method	24	26	—	26

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Third Quarter of Fiscal 2020 (Accumulated Period)												Third Quarterof Fiscal 2019<br>(AccumulatedPeriod)
		MHBK			MHTB			Aggregate<br>Figures			Change
Gross Profits	1	****	994.8	****	****	88.6	****	****	1,083.4	****		37.8			1,045.5
Net Interest Income	2	****	560.1	****	****	18.3	****	****	578.4	****		79.9			498.5
Fiduciary Income	3				****	41.0	****	****	41.0	****		(1.5	)		42.5
Trust Fees for Jointly Operated Designated Money Trust	4				****	3.0	****	****	3.0	****		(0.1	)		3.1
Credit Costs for Trust Accounts	5				****	—	****	****	—	****		—			—
Net Fee and Commission Income	6	****	291.6	****	****	20.2	****	****	311.8	****		16.3			295.5
Net Trading Income	7	****	91.0	****	****	0.9	****	****	92.0	****		3.1			88.8
Net Other Operating Income	8	****	51.9	****	****	8.0	****	****	59.9	****		(60.1	)		120.1
General and Administrative Expenses<br>(excluding<br>Non-Recurring Losses)	9	****	(596.5	)	****	(60.7	)	****	(657.3	)		30.9			(688.2	)
Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans)^(1)^	10	****	398.2	****	****	27.8	****	****	426.1	****		68.8			357.2
Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans)<br>from core business areas^(2)^	11	****	366.3	****	****	19.8	****	****	386.2	****		118.8			267.3
Excluding Net Gains (Losses) from redemption of Investment Trusts	12	****	359.7	****	****	19.3	****	****	379.0	****		114.9			264.1
Reversal of (Provision for) General Reserve for Losses on Loans	13	****	(65.2	)	****	—	****	****	(65.2	)		(45.6	)		(19.5	)
Net Business Profits	14	****	333.0	****	****	27.8	****	****	360.9	****		23.1			337.7
Net Gains (Losses) related to Bonds	15	****	31.8	****	****	7.9	****	****	39.8	****		(50.0	)		89.9
Net Non-Recurring Gains (Losses)	16	****	(90.7	)	****	(1.7	)	****	(92.4	)		(193.9	)		101.5
Net Gains (Losses) related to Stocks	17	****	(40.2	)	****	(1.4	)	****	(41.6	)		(136.9	)		95.2
Expenses related to Portfolio Problems	18	****	(36.0	)	****	(0.0	)	****	(36.0	)		(17.8	)		(18.1	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19	****	5.0	****	****	0.2	****	****	5.3	****		(4.3	)		9.7
Other	20	****	(19.5	)	****	(0.5	)	****	(20.1	)		(34.7	)		14.6
Ordinary Profits	21	****	242.3	****	****	26.1	****	****	268.4	****		(170.8	)		439.2
Net Extraordinary Gains (Losses)	22	****	56.4	****	****	5.3	****	****	61.8	****		69.2			(7.3	)
Income before Income Taxes	23	****	298.7	****	****	31.5	****	****	330.2	****		(101.5	)		431.8
Income Taxes	24	****	(103.6	)	****	(8.0	)	****	(111.6	)		(1.3	)		(110.3	)
Net Income	25	****	195.0	****	****	23.5	****	****	218.5	****		(102.9	)		321.4
(1)	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” [5].
---	---
(2)	Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans) from core business<br>areas[11]
---	---
=	Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans)[10]-Net Gains (Losses) related to Bonds[15]
---	---
Credit-related Costs	26	(96.1	)	0.2	(95.8	)	(67.9	)	(27.9	)
---	---	---	---	---	---	---	---	---	---	---
Credit-related  Costs  [26]  =   Expenses related to<br>Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]
---
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	27			—	—	****	—		—
---	---	---	---	---	---	---	---	---	---	---
Reversal of (Provision for) General Reserve for Losses on Loans	28	(65.2	)	0.2	(64.9	)	(45.4	)	(19.5	)
Losses on Write-offs of Loans	29	(5.6	)	0.0	(5.6	)	1.8		(7.5	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30	(25.3	)	0.0	(25.3	)	(24.9	)	(0.4	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	31	(0.0	)	—	(0.0	)	(0.0	)	0.0
Reversal of (Provision for) Reserve for Contingencies	32	1.6	****	—	1.6	****	1.5		0.0
Other (including Losses on Sales of Loans)	33	(1.4	)	—	(1.4	)	(0.9	)	(0.5	)
Total	34	(96.1	)	0.2	(95.8	)	(67.9	)	(27.9	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)						Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	(30.8	)		(128.2	)		97.3
Gains on Sales	****	84.5	****		(64.5	)		149.1
Losses on Sales	****	(27.3	)		2.6			(30.0	)
Impairment (Devaluation)	****	(60.8	)		(53.4	)		(7.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(27.1	)		(12.8	)		(14.2	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)						Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	(41.6	)		(136.9	)		95.2
Gains on Sales	****	74.0	****		(69.1	)		143.2
Losses on Sales	****	(24.6	)		4.4			(29.1	)
Impairment (Devaluation)	****	(63.7	)		(59.7	)		(3.9	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(0.1	)		0.4			(0.5	)
Gains (Losses) on Derivatives other than for Trading	****	(27.1	)		(12.8	)		(14.2	)
Mizuho Bank
	Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)						Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	(40.2	)		(136.4	)		96.2
Gains on Sales	****	65.5	****		(74.1	)		139.6
Losses on Sales	****	(21.4	)		4.9			(26.3	)
Impairment (Devaluation)	****	(61.4	)		(57.5	)		(3.9	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(0.1	)		0.4			(0.5	)
Gains (Losses) on Derivatives other than for Trading	****	(22.7	)		(10.2	)		(12.4	)
Mizuho Trust & Banking
	Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)						Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	(1.4	)		(0.4	)		(0.9	)
Gains on Sales	****	8.5	****		4.9			3.5
Losses on Sales	****	(3.2	)		(0.5	)		(2.7	)
Impairment (Devaluation)	****	(2.2	)		(2.2	)		(0.0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(4.4	)		(2.6	)		(1.8	)

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

	(Billions of yen)
	As of December 31, 2020									As of March 31, 2020								As of September 30, 2020 (Reference)
	Book Value<br>(=Fair Value)		Unrealized Gains/Losses							Book Value<br>(=Fair Value)		Unrealized Gains/Losses						Book Value<br>(=Fair Value)		Unrealized Gains/Losses
						Gains		Losses						Gains		Losses					Gains		Losses
MHFG (Consolidated)
Other Securities	****	40,888.3	****	1,602.6	****		1,914.7		312.1		33,337.6		1,171.1		1,543.6		372.4		41,720.5		1,461.5		1,680.8	219.3
Japanese Stocks	****	2,760.6	****	1,559.5	****		1,612.6		53.1		2,338.4		1,066.3		1,167.9		101.5		2,581.7		1,370.2		1,428.8	58.6
Japanese Bonds	****	23,171.6	****	(52.7	)		25.8		78.5		15,702.5		(54.1	)	30.0		84.1		23,107.7		(50.5	)	28.2	78.8
Japanese Government Bonds	****	19,946.9	****	(44.6	)		1.4		46.1		12,601.9		(44.0	)	6.5		50.5		19,920.3		(44.6	)	2.6	47.2
Other	****	14,956.0	****	95.7	****		276.2		180.4		15,296.6		158.8		345.6		186.7		16,030.9		141.8		223.7	81.8
Foreign Bonds	****	11,996.7	****	136.5	****		153.9		17.3		12,702.2		200.9		246.0		45.1		13,299.4		171.5		184.5	13.0
*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from<br>Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.
---	---
*	As of December 31, 2020 and September 30, 2020, fair value of securities is determined at the quoted<br>market price, if available, or other reasonable value at the consolidated balance sheet date.
---	---
As of March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the<br>average quoted market price over the month preceding the consolidated balance sheet date.
---
Fair value of securities other than Japanese stocks is determined at the quoted market price, if available, or<br>other reasonable value at the consolidated balance sheet date.
---
*	Unrealized Gains/Losses include ¥16.1billion, ¥(1.3) billion and ¥(5.1) billion, which were<br>recognized in the statement of income for December 31, 2020, September 30, 2020 and March 31, 2020, respectively, by applying the fair-value hedge method.
---	---

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2020								As of March 31, 2020								As of September 30, 2020 (Reference)
	Book Value		Unrealized Gains Losses						Book Value		Unrealized Gains Losses						Book Value		Unrealized Gains Losses
					Gains		Losses						Gains		Losses					Gains	Losses
MHFG (Consolidated)	****	753.4	****	22.9		22.9		—		860.2		15.0		15.4		0.3		788.3		23.7	23.7	—

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) OtherSecurities

	(Billions of yen)
	As of December 31, 2020									As of March 31, 2020									As of September 30, 2020 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
MHBK
Other Securities	****	39,954.0	****	1,456.7	****	****	1,758.7	****	302.0		31,816.7		1,033.5			1,393.5		359.9		40,353.0		1,311.8			1,518.7		206.8
Japanese Stocks	****	2,526.6	****	1,415.5	****	****	1,460.4	****	44.9		2,118.5		937.1			1,033.8		96.6		2,349.2		1,229.7			1,279.4		49.7
Japanese Bonds	****	23,058.4	****	(53.7	)	****	24.7	****	78.5		15,413.2		(55.6	)		28.4		84.0		22,884.3		(51.2	)		27.4		78.6
Japanese Government Bonds	****	19,932.6	****	(44.6	)	****	1.4	****	46.1		12,406.8		(44.9	)		5.6		50.5		19,786.3		(44.5	)		2.5		47.1
Other	****	14,368.9	****	94.9	****	****	273.5	****	178.5		14,284.9		152.0			331.2		179.2		15,119.5		133.3			211.8		78.4
Foreign Bonds	****	11,602.9	****	137.6	****	****	153.1	****	15.4		11,916.9		188.3			233.2		44.8		12,625.6		163.6			174.8		11.2
MHTB
Other Securities	****	374.1	****	78.5	****	****	86.6	****	8.1		911.8		63.4			78.1		14.6		785.7		79.1			90.2		11.0
Japanese Stocks	****	149.9	****	76.8	****	****	84.9	****	8.0		134.9		57.1			64.2		7.1		145.9		71.5			80.1		8.6
Japanese Bonds	****	89.8	****	1.0	****	****	1.0	****	0.0		262.3		1.5			1.5		0.0		200.0		0.6			0.8		0.1
Japanese Government Bonds	****	—	****	—	****	****	—	****	—		178.1		0.9			0.9		—		119.8		(0.1	)		0.0		0.1
Other	****	134.3	****	0.6	****	****	0.6	****	0.0		514.5		4.8			12.3		7.5		439.8		6.9			9.2		2.2
Foreign Bonds	****	—	****	—	****	****	—	****	—		443.8		11.2			11.5		0.2		270.6		7.1			7.8		0.7
Total
Other Securities	****	40,328.2	****	1,535.3	****	****	1,845.4	****	310.1		32,728.5		1,097.0			1,471.7		374.6		41,138.8		1,391.0			1,608.9		217.9
Japanese Stocks	****	2,676.5	****	1,492.3	****	****	1,545.4	****	53.0		2,253.4		994.2			1,098.0		103.7		2,495.1		1,301.2			1,359.6		58.3
Japanese Bonds	****	23,148.3	****	(52.7	)	****	25.8	****	78.5		15,675.5		(54.1	)		30.0		84.1		23,084.3		(50.5	)		28.2		78.8
Japanese Government Bonds	****	19,932.6	****	(44.6	)	****	1.4	****	46.1		12,585.0		(44.0	)		6.5		50.5		19,906.1		(44.6	)		2.6		47.2
Other	****	14,503.3	****	95.6	****	****	274.2	****	178.5		14,799.5		156.9			343.6		186.7		15,559.3		140.2			221.0		80.7
Foreign Bonds	****	11,602.9	****	137.6	****	****	153.1	****	15.4		12,360.7		199.6			244.7		45.1		12,896.3		170.7			182.7		11.9
*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and<br>certain items in “Other Debt Purchased” are also included.
---	---
*	As of December 31, 2020, and September 30, 2020, fair value of securities is determined at the quoted<br>market price, if available, or other reasonable value at the consolidated balance sheet date.
---	---
As of March 31, 2020, fair value of Japanese stocks with a quoted market price is determined based on the<br>average quoted market price over the month preceding the consolidated balance sheet date.
---
Fair value of securities other than Japanese stocks is determined at the quoted market price, if available, or<br>other reasonable value at the consolidated balance sheet date.
---
*	Unrealized Gains/Losses include ¥16.1 billion,¥(1.3) billion and ¥(5.1) billion, which were<br>recognized in the statement of income (aggregate figures for the 2 banks) for December 31, 2020, September 30, 2020 and March 31, 2020 respectively, by applying the fair-value hedge method.
---	---

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2020								As of March 31, 2020								As of September 30, 2020<br>(Reference)
			Unrealized Gains/Losses								Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK	****	753.4	****	22.9	****	22.9	****	—		860.2		15.0		15.4		0.3		788.3		23.7		23.7		—
MHTB	****	—	****	—	****	—	****	—		—		—		—		—		—		—		—		—
Total	****	753.4	****	22.9	****	22.9	****	—		860.2		15.0		15.4		0.3		788.3		23.7		23.7		—
(3) Investments in Subsidiaries and Affiliates
	(Billions of yen)
	As of December 31, 2020								As of March 31, 2020								As of September 30, 2020<br>(Reference)
			Unrealized Gains/Losses								Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK	****	135.7	****	243.7	****	244.2	****	0.4		135.7		151.8		153.7		1.8		135.7		206.8		207.3		0.4
MHTB	****	—	****	—	****	—	****	—		—		—		—		—		—		—		—		—
Total	****	135.7	****	243.7	****	244.2	****	0.4		135.7		151.8		153.7		1.8		135.7		206.8		207.3		0.4

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

	(Billions of yen)
	As of December 31, 2020						As of March 31, 2020			As of<br>September 30, 2020<br>(Reference)
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses			Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,586.4	****	****	410.1	****		1,176.3			1,462.8
Japanese Stocks	****	1,543.3	****	****	471.8	****		1,071.5			1,371.5
Japanese Bonds	****	(52.7	)	****	1.3	****		(54.1	)		(50.5	)
Japanese Government Bonds	****	(44.6	)	****	(0.6	)		(44.0	)		(44.6	)
Other	****	95.7	****	****	(63.1	)		158.8			141.8
Foreign Bonds	****	136.5	****	****	(64.3	)		200.9			171.5

Non-Consolidated

Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2020						As of March 31, 2020			As of<br>September 30, 2020<br>(Reference)
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses			Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,519.1	****	****	416.8	****		1,102.2			1,392.3
Japanese Stocks	****	1,476.2	****	****	476.7	****		999.4			1,302.5
Japanese Bonds	****	(52.7	)	****	1.3	****		(54.1	)		(50.5	)
Japanese Government Bonds	****	(44.6	)	****	(0.6	)		(44.0	)		(44.6	)
Other	****	95.6	****	****	(61.2	)		156.9			140.2
Foreign Bonds	****	137.6	****	****	(62.0	)		199.6			170.7

2-5

Mizuho Financial Group, Inc.

4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for HedgeAccounting

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2020						As of March 31, 2020						As of September 30, 2020<br>(Reference)
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
MHBK	****	1,124.2	****	1,048.1	76.1	****		1,321.4		1,217.3	104.1			1,215.7		1,117.3	98.4
MHTB	****	71.0	****	76.5	(5.5	)		75.1		81.8	(6.6	)		72.1		80.6	(8.5	)
Total	****	1,195.2	****	1,124.7	70.5	****		1,396.6		1,299.1	97.4			1,287.8		1,198.0	89.8

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated

	(Billions of yen)
	As of<br>December 31, 2020					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	87.8		28.6			59.2		93.3
Claims with Collection Risk	****	387.0		3.2			383.7		382.8
Claims for Special Attention	****	332.0		74.1			257.8		312.2
Sub-total [1]	****	806.9		106.0			700.8		788.4
Normal Claims	****	92,553.2		(108.0	)		92,661.2		95,324.3
Total [2]	****	93,360.1		(1.9	)		93,362.1		96,112.8
	(%)
NPL ratio [1]/[2]	****	0.86		0.11			0.75		0.82
Above figures are presented<br>net of partial direct write-offs.
Trust Account
	(Billions of yen)
	As of<br>December 31, 2020					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—		—			—		—
Claims with Collection Risk	****	—		—			—		—
Claims for Special Attention	****	—		—			—		—
Sub-total [3]	****	—		—			—		—
Normal Claims	****	5.4		(3.3	)		8.7		5.5
Total [4]	****	5.4		(3.3	)		8.7		5.5
	(%)
NPL ratio [3]/[4]	****	—		—			—		—
Consolidated + Trust Account
	(Billions of yen)
	As of<br>December 31, 2020					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	87.8		28.6			59.2		93.3
Claims with Collection Risk	****	387.0		3.2			383.7		382.8
Claims for Special Attention	****	332.0		74.1			257.8		312.2
Sub-total [5]	****	806.9		106.0			700.8		788.4
Normal Claims	****	92,558.6		(111.4	)		92,670.0		95,329.8
Total [6]	****	93,365.5		(5.3	)		93,370.9		96,118.3
	(%)
NPL ratio [5]/[6]	****	0.86		0.11			0.75		0.82
Trust account<br>represents trust accounts that guarantee principals in the agreement.

2-7

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

	(Billions of yen)
	As of<br>December 31, 2020					As of		As of<br><br><br>September 30, 2020
			Change			March 31, 2020		(Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	80.1		29.0			51.0		84.4
Claims with Collection Risk	****	394.8		8.3			386.5		382.4
Claims for Special Attention	****	286.0		62.5			223.4		265.1
Sub-total [1]	****	761.0		99.9			661.0		732.0
Normal Claims	****	94,088.7		197.8			93,890.9		96,285.8
Total [2]	****	94,849.7		297.7			94,551.9		97,017.9
	(%)
NPL ratio [1]/[2]	****	0.80		0.10			0.69		0.75
Above figures<br>are presented net of partial direct write-offs.
Mizuho Bank
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	79.8		29.2			50.6		84.0
Claims with Collection Risk	****	388.8		6.0			382.7		375.9
Claims for Special Attention	****	285.0		62.7			222.3		264.3
Sub-total [3]	****	753.7		98.0			655.6		724.4
Normal Claims	****	90,714.9		211.8			90,503.0		92,804.5
Total [4]	****	91,468.6		309.9			91,158.7		93,528.9
	(%)
NPL ratio [3]/[4]	****	0.82		0.10			0.71		0.77
Above figures<br>are presented net of partial direct write-offs.<br> <br><br> <br>Mizuho Trust &Banking<br> <br>(Banking Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	0.3		(0.1	)		0.4		0.3
Claims with Collection Risk	****	6.0		2.2			3.7		6.5
Claims for Special Attention	****	0.9		(0.2	)		1.1		0.7
Sub-total [5]	****	7.2		1.9			5.3		7.6
Normal Claims	****	3,368.4		(10.7	)		3,379.1		3,475.7
Total [6]	****	3,375.6		(8.8	)		3,384.4		3,483.3
	(%)
NPL ratio [5]/[6]	****	0.21		0.05			0.15		0.22
Above figures<br>are presented net of partial direct write-offs.<br> <br><br> <br>(Trust Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—		—			—		—
Claims with Collection Risk	****	—		—			—		—
Claims for Special Attention	****	—		—			—		—
Sub-total [7]	****	—		—			—		—
Normal Claims	****	5.4		(3.3	)		8.7		5.5
Total [8]	****	5.4		(3.3	)		8.7		5.5
	(%)
NPL ratio [7]/[8]	****	—		—			—		—
Trust account<br>represents trust accounts that guarantee principals in the agreement.

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
		Change
MHBK	122,537.4		(3,799.5	)		126,337.0		129,739.0
MHTB	3,048.9		(47.3	)		3,096.2		3,133.1
Total	125,586.4		(3,846.9	)		129,433.3		132,872.1
(1)-2 Domestic Deposits
Aggregate Figures for the 2 Banks
					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
		Change
MHBK	102,763.5		(1,016.2	)		103,779.8		108,133.6
Individual deposits	46,743.7		2,583.4			44,160.3		45,730.4
MHTB	3,048.9		(47.3	)		3,096.2		3,133.1
Individual deposits	853.5		(4.7	)		858.2		856.4
Total	105,812.5		(1,063.6	)		106,876.1		111,266.7
Individual deposits	47,597.3		2,578.7			45,018.6		46,586.8
Note: Above figures do not include deposits booked at overseas offices and offshore deposits.
(2) Loans and Bills Discounted
Aggregate Figures for the 2 Banks
					As of<br>March 31, 2020		As of<br>September 30, 2020<br>(Reference)
		Change
MHBK	81,576.8		705.5			80,871.2		83,740.9
MHTB	3,356.4		(11.0	)		3,367.4		3,465.9
Total	84,933.2		694.5			84,238.7		87,206.9
Note: Loans to MHFG are included as follows:
As of December 31, 2020: 850.0 billion (from MHBK)
As of September 30, 2020: 770.0 billion (from MHBK)
As of March 31, 2020: 860.0 billion (from MHBK)

All values are in Japanese Yen.

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank

		(%)
		****	Third Quarter of<br> <br>Fiscal2020<br> <br>(Accumulated Period)			**** <br> <br><br><br><br>	****	Third Quarter of<br> <br>Fiscal 2019<br><br><br>(AccumulatedPeriod)
				Change
Return on Loans and Bills Discounted	1	****	0.72		(0.04	)		0.76
Cost of Deposits	2	****	0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [1]-[2]	3	****	0.71		(0.04	)		0.76
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
(Reference)<br>After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	4	****	0.74		(0.04	)		0.79
Loan and Deposit Rate Margin [4]-[2]	5	****	0.74		(0.04	)		0.78
Mizuho Trust & Banking
		(%)
		Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)					Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Return on Loans and Bills Discounted	6	****	0.57		(0.02	)		0.59
Cost of Deposits	7	****	0.01		(0.00	)		0.01
Loan and Deposit Rate Margin [6]-[7]	8	****	0.56		(0.01	)		0.58
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
(Reference)<br>After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	9	****	0.60		(0.01	)		0.61
Loan and Deposit Rate Margin [9]-[7]	10	****	0.59		(0.01	)		0.60
(Reference)
Aggregate Figures for the 2 Banks
		(%)
		Third Quarter of<br>Fiscal 2020<br>(Accumulated Period)					Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)
				Change
Return on Loans and Bills Discounted	11	****	0.71		(0.04	)		0.75
Cost of Deposits	12	****	0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [11]-[12]	13	****	0.71		(0.04	)		0.75
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
(Reference) After excluding<br>Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	****	0.73		(0.04	)		0.78
Loan and Deposit Rate Margin [14]-[12]	15	****	0.73		(0.04	)		0.77

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of<br>December 31,<br>2020 (A)			As of<br>March 31,<br>2020 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	40,307,122	****	¥	38,833,234		¥	1,473,888
Call Loans	****	694,645	****		958,359			(263,714	)
Receivables under Resale Agreements	****	3,900,529	****		8,599,865			(4,699,335	)
Guarantee Deposits Paid under Securities Borrowing Transactions	****	149,883	****		122,001			27,881
Other Debt Purchased	****	443,075	****		430,330			12,745
Trading Assets	****	5,024,612	****		5,013,413			11,199
Money Held in Trust	****	503	****		503			(0	)
Securities	****	42,404,839	****		34,372,765			8,032,074
Loans and Bills Discounted	****	81,576,857	****		80,871,269			705,587
Foreign Exchange Assets	****	1,851,513	****		1,966,593			(115,080	)
Derivatives other than for Trading	****	4,154,707	****		5,164,666			(1,009,958	)
Other Assets	****	3,260,105	****		2,939,258			320,846
Tangible Fixed Assets	****	856,613	****		843,058			13,554
Intangible Fixed Assets	****	356,219	****		357,432			(1,212	)
Prepaid Pension Cost	****	616,388	****		556,273			60,114
Deferred Tax Assets	****	—	****		36,950			(36,950	)
Customers’ Liabilities for Acceptances and Guarantees	****	6,379,577	****		6,535,786			(156,208	)
Reserves for Possible Losses on Loans	****	(450,565	)		(385,129	)		(65,436	)
Reserve for Possible Losses on Investments	****	(1,629	)		(2,458	)		829
Total Assets	¥	191,524,999	****	¥	187,214,174		¥	4,310,825
Liabilities	****	****	****	****	****	****	****	****	****
Deposits	¥	122,537,477	****	¥	126,337,030		¥	(3,799,552	)
Negotiable Certificates of Deposit	****	17,218,985	****		12,706,349			4,512,635
Call Money	****	1,049,895	****		1,213,576			(163,681	)
Payables under Repurchase Agreements	****	8,569,252	****		7,469,615			1,099,637
Guarantee Deposits Received under Securities Lending Transactions	****	49,724	****		276,869			(227,144	)
Commercial Paper	****	1,495,476	****		411,089			1,084,386
Trading Liabilities	****	3,393,184	****		3,795,423			(402,239	)
Borrowed Money	****	14,484,476	****		11,394,924			3,089,551
Foreign Exchange Liabilities	****	703,174	****		716,394			(13,219	)
Bonds and Notes	****	882,820	****		1,100,670			(217,850	)
Derivatives other than for Trading	****	4,073,561	****		4,843,165			(769,604	)
Other Liabilities	****	3,153,786	****		3,175,327			(21,541	)
Reserve for Bonus Payments	****	3,907	****		19,841			(15,933	)
Reserve for Variable Compensation	****	737	****		765			(28	)
Reserve for Possible Losses on Sales of Loans	****	3,931	****		637			3,293
Reserve for Contingencies	****	90	****		1,770			(1,679	)
Reserve for Reimbursement of Deposits	****	21,843	****		25,943			(4,100	)
Reserve for Reimbursement of Debentures	****	16,918	****		18,672			(1,753	)
Deferred Tax Liabilities	****	67,134	****		—			67,134
Deferred Tax Liabilities for Revaluation Reserve for Land	****	62,531	****		62,695			(164	)
Acceptances and Guarantees	****	6,379,577	****		6,535,786			(156,208	)
Total Liabilities	****	184,168,489	****		180,106,550			4,061,938
Net Assets
Common Stock and Preferred Stock	****	1,404,065	****		1,404,065			—
Capital Surplus	****	2,286,167	****		2,286,328			(161	)
Capital Reserve	****	655,450	****		655,418			32
Other Capital Surplus	****	1,630,716	****		1,630,910			(194	)
Retained Earnings	****	2,440,285	****		2,472,640			(32,354	)
Appropriated Reserve	****	353,908	****		315,177			38,731
Other Retained Earnings	****	2,086,377	****		2,157,463			(71,085	)
Retained Earnings Brought Forward	****	2,086,377	****		2,157,463			(71,085	)
Total Shareholders’ Equity	****	6,130,517	****		6,163,034			(32,516	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	1,035,943	****		736,239			299,703
Net Deferred Hedge Gains (Losses), net of Taxes	****	52,268	****		71,693			(19,424	)
Revaluation Reserve for Land, net of Taxes	****	137,779	****		136,655			1,124
Total Valuation and Translation Adjustments	****	1,225,991	****		944,588			281,402
Total Net Assets	****	7,356,509	****		7,107,623			248,886
Total Liabilities and Net Assets	¥	191,524,999	****	¥	187,214,174		¥	4,310,825

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the nine months<br>ended December 31,2020 (A)		For the nine months<br>ended December 31,2019 (B)		Change<br>(A) - (B)
Ordinary Income	¥	1,510,567	¥	2,045,730	¥	(535,163	)
Interest Income		848,048		1,279,510		(431,462	)
Interest on Loans and Bills Discounted	****	621,455		869,968		(248,513	)
Interest and Dividends on Securities	****	158,586		192,369		(33,782	)
Fee and Commission Income	****	365,291		354,102		11,188
Trading Income	****	91,454		88,691		2,762
Other Operating Income	****	131,643		171,084		(39,440	)
Other Ordinary Income	****	74,129		152,341		(78,211	)
Ordinary Expenses	****	1,268,267		1,636,041		(367,774	)
Interest Expenses		287,933		800,342		(512,408	)
Interest on Deposits	****	96,357		362,369		(266,011	)
Fee and Commission Expenses		73,612		77,844		(4,231	)
Trading Expenses		378		748		(369	)
Other Operating Expenses		79,692		63,300		16,391
General and Administrative Expenses		585,826		588,132		(2,305	)
Other Ordinary Expenses		240,822		105,673		135,148
Ordinary Profits	****	242,300		409,689		(167,389	)
Extraordinary Gains	****	63,246		347		62,898
Extraordinary Losses	****	6,798		8,091		(1,293	)
Income before Income Taxes	****	298,748		401,945		(103,197	)
Income Taxes:
Current		76,137		79,162		(3,025	)
Deferred		27,544		22,894		4,650
Net Income	¥	195,067	¥	299,889	¥	(104,822	)

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of<br>December 31,<br>2020 (A)			As of<br>March 31,<br>2020 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	2,207,010	****	¥	1,766,799		¥	440,211
Call Loans	****	6,725	****		14,678			(7,953	)
Guarantee Deposits Paid under Securities Borrowing Transactions	****	30,489	****		198,053			(167,564	)
Other Debt Purchased	****	156,995	****		32,493			124,502
Trading Assets	****	149,353	****		169,750			(20,397	)
Money Held in Trust	****	8,877	****		7,125			1,751
Securities	****	293,301	****		958,624			(665,323	)
Loans and Bills Discounted	****	3,356,441	****		3,367,475			(11,034	)
Foreign Exchange Assets	****	3,385	****		7,865			(4,479	)
Other Assets	****	276,131	****		359,752			(83,621	)
Tangible Fixed Assets	****	104,557	****		86,705			17,852
Intangible Fixed Assets	****	26,730	****		30,529			(3,799	)
Prepaid Pension Cost	****	80,029	****		65,759			14,269
Customers’ Liabilities for Acceptances and Guarantees	****	17,159	****		14,755			2,403
Reserves for Possible Losses on Loans	****	(3,405	)		(3,689	)		283
Total Assets	¥	6,713,783	****	¥	7,076,682		¥	(362,899	)
Liabilities	****	****	****	****	****	****	****	****	****
Deposits	¥	3,048,943	****	¥	3,096,295		¥	(47,351	)
Negotiable Certificates of Deposit	****	699,080	****		664,780			34,300
Call Money	****	502,324	****		807,706			(305,382	)
Guarantee Deposits Received under Securities Lending Transactions	****	—	****		289,789			(289,789	)
Trading Liabilities	****	152,279	****		170,146			(17,866	)
Borrowed Money	****	396,967	****		255,860			141,106
Foreign Exchange Liabilities	****	—	****		23			(23	)
Bonds and Notes	****	—	****		10,000			(10,000	)
Due to Trust Accounts	****	1,281,597	****		1,055,510			226,086
Other Liabilities	****	22,966	****		142,457			(119,491	)
Reserve for Bonus Payments	****	—	****		2,153			(2,153	)
Reserve for Variable Compensation	****	285	****		368			(83	)
Provision for Retirement Benefits	****	1,598	****		—			1,598
Reserve for Reimbursement of Deposits	****	1,697	****		1,907			(209	)
Deferred Tax Liabilities	****	13,705	****		3,220			10,485
Acceptances and Guarantees	****	17,159	****		14,755			2,403
Total Liabilities	****	6,138,605	****		6,514,977			(376,371	)
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	****	256,174	****		253,465			2,709
Appropriated Reserve	****	45,647	****		41,484			4,163
Other Retained Earnings	****	210,526	****		211,980			(1,454	)
Retained Earnings Brought Forward	****	210,526	****		211,980			(1,454	)
Total Shareholders’ Equity	****	519,048	****		516,339			2,709
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	60,008	****		49,981			10,026
Net Deferred Hedge Gains (Losses), net of Taxes	****	(3,879	)		(4,615	)		736
Total Valuation and Translation Adjustments	****	56,128	****		45,365			10,763
Total Net Assets	****	575,177	****		561,705			13,472
Total Liabilities and Net Assets	¥	6,713,783	****	¥	7,076,682		¥	(362,899	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the nine months<br>ended December 31,2020 (A)		For the nine months<br>ended December 31,2019 (B)		Change<br>(A) - (B)
Ordinary Income	¥	134,413	¥	140,472	¥	(6,058	)
Fiduciary Income	****	41,028		42,545		(1,517	)
Interest Income	****	25,196		29,323		(4,127	)
Interest on Loans and Bills Discounted	****	16,207		18,758		(2,550	)
Interest and Dividends on Securities	****	7,375		9,024		(1,649	)
Fee and Commission Income	****	45,767		45,587		180
Trading Income	****	983		1,035		(51	)
Other Operating Income	****	11,833		17,715		(5,881	)
Other Ordinary Income	****	9,604		4,264		5,340
Ordinary Expenses	****	108,260		110,895		(2,635	)
Interest Expenses	****	6,811		9,990		(3,179	)
Interest on Deposits	****	313		488		(174	)
Fee and Commission Expenses	****	25,547		26,342		(795	)
Trading Expenses	****	—		109		(109	)
Other Operating Expenses	****	3,804		5,344		(1,540	)
General and Administrative Expenses	****	59,899		60,297		(397	)
Other Ordinary Expenses	****	12,197		8,811		3,386
Ordinary Profits	****	26,153		29,576		(3,422	)
Extraordinary Gains	****	6,569		907		5,662
Extraordinary Losses	****	1,188		550		638
Income before Income Taxes	****	31,533		29,933		1,600
Income Taxes:	****	****	****	****	****	****	****
Current	****	2,934		3,016		(82	)
Deferred	****	5,074		5,307		(233	)
Net Income	¥	23,524	¥	21,608	¥	1,915

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of<br>December 31,<br>2020 (A)			As of<br>March 31,<br>2020 (B)			Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	356,982	****	¥	533,288		¥	(176,306	)
Cash Segregated as Deposits for Customers and Others	****	470,715	****		387,043			83,672
Trading Assets	****	6,450,728	****		6,461,814			(11,086	)
Operating Investment Securities	****	34,105	****		33,430			675
Receivables Related to Margin Transactions	****	28,960	****		22,055			6,904
Collateralized Short-Term Financing Agreements-Receivable	****	3,947,435	****		4,296,231			(348,796	)
Advances Paid	****	1,153	****		579			574
Securities: Fail to Deliver	****	7,969	****		12,971			(5,002	)
Short-Term Loans Receivable	****	36,004	****		37,298			(1,294	)
Other Current Assets	****	519,628	****		595,830			(76,202	)
Less: Allowance for Doubtful Accounts	****	(10	)		(7	)		(3	)
Noncurrent Assets
Property and Equipment	****	19,651	****		11,196			8,454
Intangible Assets	****	62,618	****		61,637			980
Investments and Other Assets	****	312,023	****		302,584			9,439
Total Assets	¥	12,247,964	****	¥	12,755,956		¥	(507,991	)
Liabilities
Current Liabilities	****	****	****	****	****	****	****	****	****
Trading Liabilities	¥	4,512,884	****	¥	5,032,193		¥	(519,308	)
Payables — Unsettled Trades	****	126,069	****		61,668			64,401
Payables Related to Margin Transactions	****	41,022	****		47,395			(6,373	)
Collateralized Short-Term Financing Agreements-Payable	****	3,562,666	****		3,660,235			(97,569	)
Deposits Received	****	524,025	****		350,409			173,615
Guarantee Deposits Received	****	408,133	****		370,607			37,526
Securities: Fail to Receive	****	354	****		2,029			(1,674	)
Short-Term Borrowings	****	851,142	****		1,035,215			(184,073	)
Commercial Paper	****	334,500	****		319,000			15,500
Bonds and Notes Due within One Year	****	147,772	****		137,358			10,413
Income Taxes Payable	****	5,095	****		3,022			2,072
Accrued Employees’ Bonuses	****	16,001	****		13,531			2,470
Provision for Variable Compensation	****	591	****		816			(225	)
Provision for Bonus Point Redemption	****	—	****		487			(487	)
Other Current Liabilities	****	32,794	****		53,465			(20,671	)
Noncurrent Liabilities
Bonds and Notes	****	571,516	****		620,079			(48,562	)
Long-Term Borrowings	****	139,400	****		135,600			3,800
Provision for Retirement Benefits	****	20,920	****		19,828			1,091
Other Noncurrent Liabilities	****	3,005	****		2,111			894
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities	****	2,506	****		2,509			(3	)
Total Liabilities	****	11,300,401	****		11,867,565			(567,164	)
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	****	425,177	****		371,261			53,916
Other Retained Earnings	****	425,177	****		371,261			53,916
Retained Earnings Brought Forward	****	425,177	****		371,261			53,916
Total Shareholders’ Equity	****	931,994	****		878,078			53,916
Net Unrealized Gains on (Operating) Investment Securities, net of Tax	****	25,328	****		20,066			5,261
Net Deferred Gains or Losses on Hedges, net of Tax	****	(9,758	)		(9,754	)		(4	)
Total Valuation and Translation Adjustments	****	15,569	****		10,312			5,257
Total Net Assets	****	947,563	****		888,390			59,173
Total Liabilities and Net Assets	¥	12,247,964	****	¥	12,755,956		¥	(507,991	)

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the nine months<br>ended December 31,2020 (A)			For the nine months<br>ended December 31,2019 (B)			Change<br>(A) - (B)
Operating Revenues	¥	290,450	****	¥	259,301		¥	31,149
Commissions	****	132,423	****		109,757			22,666
Net Gain on Trading	****	104,110	****		80,725			23,384
Net Gain on Operating Investment Securities	****	1,071	****		2,549			(1,477	)
Interest and Dividend Income	****	52,844	****		66,268			(13,424	)
Interest Expenses	****	40,050	****		60,509			(20,458	)
Net Operating Revenues	****	250,400	****		198,792			51,608
Selling, General and Administrative Expenses	****	192,908	****		175,634			17,274
Transaction-Related Expenses	****	52,755	****		42,853			9,901
Personnel Expenses	****	73,266	****		62,847			10,419
Real Estate Expenses	****	15,938	****		17,751			(1,813	)
Administrative Expenses	****	29,581	****		31,885			(2,303	)
Depreciation and Amortization	****	15,199	****		14,505			694
Taxes and Dues	****	4,363	****		3,589			773
Provision of Allowance for Doubtful Accounts	****	(25	)		(12	)		(12	)
Other	****	1,829	****		2,214			(384	)
Operating Income	****	57,491	****		23,157			34,333
Non-Operating Income	****	3,559	****		4,121			(561	)
Non-Operating Expenses	****	170	****		121			49
Ordinary Income	****	60,880	****		27,158			33,722
Extraordinary Gain	****	12,049	****		944			11,104
Extraordinary Loss	****	1,844	****		559			1,285
Income before Income Taxes	****	71,085	****		27,543			43,541
Income Taxes:	****	****	****	****	****	****	****	****	****
Current	****	8,995	****		3,473			5,521
Deferred	****	616	****		1,411			(794	)
Net Income	¥	61,472	****	¥	22,658		¥	38,814

2-16