Equibles

6-K

MIZUHO FINANCIAL GROUP INC (MFG)

6-K 2022-05-13 For: 2022-05-13
View Original
Added on April 05, 2026

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 2022

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 13, 2022
Mizuho Financial Group, Inc.
By: /s/ Makoto Umemiya
Name: Makoto Umemiya
Title: Deputy President & Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for Fiscal 2021<br><br><br>(Under Japanese GAAP)
Company Name: Mizuho Financial Group, Inc. (“MHFG”) May 13, 2022
--- --- ---
Stock Code Number (Japan): 8411
--- --- --- ---
Stock Exchange Listings: Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL: https://www.mizuhogroup.com
Representative: Masahiro Kihara President & Group CEO
For Inquiry: Yasutoshi Tanaka General Manager of Accounting Phone: +81-3-6838-6101
Ordinary General Meeting of Shareholders (scheduled) : June 21, 2022 Commencement of Dividend Payment (scheduled): June 6, 2022
--- --- ---
Filing of Yuka Shoken Hokokusho to<br><br><br>the Kanto Local Finance Bureau (scheduled): June 22, 2022 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 2021 (for the fiscal year ended March 31, 2022)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)
Ordinary Income Ordinary Profits Profit Attributableto Owners ofParent
million % million % million %
Fiscal 2021 23.1 4.3 12.6
Fiscal 2020 (19.2) (15.9) 5.0

All values are in Japanese Yen.

Note: Comprehensive Income:<br> <br>Fiscal 2021:<br>¥47,121 million, (94.9)%; Fiscal 2020: ¥931,888 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 2021 5.7 0.2 14.1
Fiscal 2020 5.2 0.2 16.6

All values are in Japanese Yen.

Reference: Equity in Income from Investments in Affiliates:<br><br><br>Fiscal 2021: ¥25,434 million; Fiscal 2020: ¥19,912 million

(2) Consolidated Financial Conditions

Total Assets Total Net Assets Own Capital Ratio Total Net Assetsper Share ofCommon Stock
million million %
Fiscal 2021 3.8
Fiscal 2020 4.1

All values are in Japanese Yen.

Reference: Own Capital:<br><br><br>As of March 31, 2022: ¥9,077,382 million; As of March 31, 2021: ¥9,256,275 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 2021 ) )
Fiscal 2020 )

All values are in Japanese Yen.

2. Cash Dividends for Shareholders of Common Stock

Annual Cash Dividends per Share Total Cash Dividends(Total) Dividends Pay-outRatio<br>(Consolidated basis) Dividends on NetAssets<br>(Consolidated basis)
Firstquarter-end Secondquarter-end Thirdquarter-end Fiscalyear-end Annual
million % %
Fiscal 2020 40.3 2.1
Fiscal 2021 38.2 2.2
Fiscal 2022 (estimate) 37.6

All values are in Japanese Yen.

Note: MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten<br>pre-consolidation shares effective as of October 1, 2020.
The impact of the share consolidation is not reflected in Cash Dividends per Share of Common Stock for the end<br>of the second quarter of Fiscal 2020. If the share consolidation were taken into consideration, it would be ¥37.50 per share.
---
In addition, MHFG left the value of total annual dividend blank (—) as it is inappropriate simply to total<br>the value of the dividend at the end of the second quarter of Fiscal 2020 and the value of the dividend at the end of Fiscal 2020.
---

3. Consolidated Earnings Estimates for Fiscal 2022 (for the fiscal year ending March 31, 2023)

(%: Changes from the corresponding period of the previous fiscal year)
Profit Attributableto Owners ofParent Net Incomeper Share ofCommon Stock
million %
1H F2022 —
Fiscal 2022 1.7

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, 2022.

Notes

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

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

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

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

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(3) Issued Shares of Common Stock

i .  Year-end<br>issued shares<br> <br>(including treasury<br>stock): As of March 31, 2022 2,539,249,894 shares As of March 31, 2021 2,539,249,894 shares
ii . Year-end treasury<br>stock: As of March 31, 2022 4,659,024 shares As of March 31, 2021 3,889,782 shares
iii. Average number of outstanding shares: Fiscal 2021 2,534,897,183 shares Fiscal 2020 2,535,683,043 shares

This immediate release is outside the scope of the audit.

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities 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/A furnished to the SEC on December 29, 2021, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web siteat www.sec.gov.

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

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Overview of Consolidated Results of Operations and Financial Conditions p.1-2
(1) Overview of Results of Operations p.1-2
(2) Overview of Financial Conditions p.1-3
(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2021 and Dividend Estimates for Fiscal 2022 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 18, 2022. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2022, the global economy continued to recover; recently, however, the recovery has been hindered by the spread of COVID-19 variants, growing inflationary pressures, particularly in the United States, and the global surge in commodity and resource prices due to the situation in Ukraine.

In the United States, the economy has continued to recover, mainly in terms of consumer spending. In addition, due to labor-supply constraints stemming from strong labor demand, the spread of COVID-19 and other factors, there have been wage increases and other efforts to secure personnel. Furthermore, the prices of commodities and resources have increased further due to the situation in Ukraine. In response to the recent intensification of inflationary pressures, the Federal Reserve Board (FRB) decided to raise interest rates at a meeting of the Federal Open Market Committee (FOMC) in March 2022, and has enhanced its sense of caution. As there are also concerns that rising prices and interest rate hikes will depress the economy, the economic outlook remains uncertain.

In Europe, although the economy slowed temporarily due to a resurgence in COVID-19 infections, there have been signs of recovery with the resumption of economic activities in major countries. In March 2022, at a meeting of the Governing Council, the European Central Bank (ECB) decided on a policy of accelerating the winding-down of its monetary easing measures, and thus there have been changes in the stance toward monetary easing. While the economy is expected to continue to recover going forward, concerns over the economic outlook persist, including the impact of inflationary pressures due to the surging commodity and resource prices as well as the consequences of economic sanctions on Russia.

In Asia, China has continued toward a recovery of private sector demand; however, the recovery has been hindered by weakened investment in real estate and infrastructure as well as downward pressure on production and consumption resulting from the spread of COVID-19 variants. Moreover, considering China’s ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to issues such as trade and national security. In emerging economies, restrictions on activities and the entry of foreign nationals due to the spread of variants have been factors that have inhibited the recovery. On the other hand, recently, there have been efforts to proceed with the normalization of economic activities. However, there are concerns that countries that lack natural resources or have limited capacity for fiscal stimulus could experience adverse economic impacts from the surging commodity and resource prices.

In Japan, the economy showed signs of recovery, mainly in terms of consumer spending related to services, due to the relaxation of activity restrictions and other factors. However, downward pressure remains due to the resurgence in COVID-19 infections. Although measures taken by the government and the Bank of Japan have curtailed the rise in unemployment and the number of corporate bankruptcies, recently, there have been concerns that corporate profits and household finances are coming under pressure from the rise in import prices caused by the surging prices of commodities and resources and the continuing depreciation of the yen.

Regarding the prospects for the global economy, it is expected that the gradual recovery will continue due to the increasing availability of vaccines, the relaxation of activity restrictions and other factors. However, depending on the circumstances, such as the protraction of the situation in Ukraine or worse-than-expected inflation, particularly in the United States, there are concerns about the risk of an economic downturn, which may also prolong the slowdown of the Japanese economy.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,252.4 billion for fiscal 2021, increasing by ¥53.7 billion from the previous fiscal year mainly due to the steady business performance in Customer Groups. General and Administrative Expenses decreased by ¥21.7 billion on a year-on-year basis to ¥1,392.8 billion mainly due to steady progress of cost reduction planned in structural reform in addition to decreased amortization expenses in unrecognized actuarial differences.

1-2

Mizuho Financial Group, Inc.

As a result, Consolidated Net Business Profits increased by ¥53.5 billion on a year-on-year basis to ¥851.2 billion.

Consolidated Net Business Profits

  • Net gains or losses related to ETFs and others, which consists 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 ¥53.4 billion on a year-on-year basis to ¥853.1 billion.

Credit-related Costs increased by ¥30.2 billion on a year-on-year basis to ¥235.1 billion mainly due to recording reserves related to Russia in addition to recording a large amount of reserve in a part of customers.

Net Gains (Losses) related to Stocks decreased by ¥55.9 billion on a year-on-year basis to net losses of ¥43.8 billion mainly due to reduction of stocks and cancellation of bear funds intended to fixing unrealized gain on stocks, whereas continuing sale of cross-holding stocks.

As a result, Ordinary Income increased by ¥23.5 billion on a year-on-year basis to ¥559.8 billion.

Extraordinary Gains (Losses) decreased by ¥71.8 billion on a year-on-year basis to net gains of ¥44.0 billion mainly due to decreasing extraordinary gains in connection with the revision of the pension plan recorded in the previous fiscal year whereas recording gains from refund from retirement benefit trust on the part of financial structural reform from the previous fiscal year.

Tax-related Expenses decreased by ¥114.0 billion on a year-on-year basis to ¥60.6 billion mainly due to the influence by tax effect to capital optimization in Mizuho Securities Co., Ltd. on the part of financial structural reform.

As a result, Profit Attributable to Owners of Parent for fiscal 2021 increased by ¥59.4 billion on a year-on-year basis to ¥530.4 billion.

As for earnings estimates for fiscal 2022, we estimate Ordinary Profits of ¥770.0 billion and Profit Attributable to Owners of Parent of ¥540.0 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 or otherwise and changes in Ukraine situation.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2022 amounted to ¥237,066.1 billion, increasing by ¥11,479.9 billion from the end of the previous fiscal year mainly due to an increase in Cash and Due from Banks.

Securities were ¥44,641.0 billion, increasing by ¥943.7 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥84,736.2 billion, increasing by ¥1,031.6 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥155,699.8 billion, increasing by ¥5,194.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,201.0 billion, decreasing by ¥161.1 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥8,130.1 billion, Accumulated Other Comprehensive Income was ¥947.1 billion, and Non-controlling Interests was ¥123.5 billion.

Net Cash Provided by Operating Activities was ¥4,917.1 billion mainly due to increased deposits. Net Cash Used in Investing Activities was ¥1,860.4 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥522.0 billion mainly due to the redemption of subordinated bonds. As a result, Cash and Cash Equivalents as of March 31, 2022 was ¥50,136.2 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2021 and DividendEstimates for Fiscal 2022

In Fiscal 2021, we revised our capital management policy in order to pursue the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, and set forth our shareholder return policy of progressive dividends being our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥40.0 of year-end cash dividends on common stock for Fiscal 2021 (annual cash dividends of ¥80.0 including interim dividends of ¥40.0) in accordance with the Dividend Estimate of an increase of ¥2.5, based on the fact that Profit Attributable to Owners of Parent for Fiscal 2021 was ¥530.4 billion.

1-3

Mizuho Financial Group, Inc.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.3% and remains being at our target level of the 5-Year Business Plan which was set at the lower end of the 9-10% range.

Common Stock ¥40.0 per share (unchanged from the estimate of an increase of ¥2.5)
Annual cash dividends incl. interim dividends ¥80.0 per share (unchanged from the estimate of an increase of ¥5.0)

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

As for the dividend estimates of common stock for Fiscal 2022, we predict ¥80.0 per share of common stock, which is the same as Fiscal 2021. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

(Dividend Estimates for Fiscal 2022)
Common Stock Cash Dividends per Share ¥ 80.0
of which Interim Dividends ¥ 40.0

2. Basic Stance on Selection of Accounting Standards

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

1-4

Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

Millions of yen
As of<br>March 31,<br>2021 As of<br>March 31,<br>2022
Assets
Cash and Due from Banks ¥ 47,981,981 ¥ 51,359,301
Call Loans and Bills Purchased 589,776 940,008
Receivables under Resale Agreements 11,623,654 12,750,363
Guarantee Deposits Paid under Securities Borrowing Transactions 2,707,711 2,340,089
Other Debt Purchased 3,208,004 3,476,021
Trading Assets 12,589,294 13,221,415
Money Held in Trust 582,368 591,183
Securities 43,697,262 44,641,060
Loans and Bills Discounted 83,704,675 84,736,280
Foreign Exchange Assets 2,084,756 2,627,492
Derivatives other than for Trading Assets 1,719,349 2,277,160
Other Assets 6,174,020 7,797,796
Tangible Fixed Assets 1,135,449 1,095,977
Buildings 268,587 340,016
Land 624,429 623,627
Lease Assets 7,622 4,675
Construction in Progress 124,049 21,737
Other Tangible Fixed Assets 110,762 105,919
Intangible Fixed Assets 620,224 601,292
Software 410,026 371,534
Goodwill 56,249 52,547
Lease Assets 2,758 1,823
Other Intangible Fixed Assets 151,190 175,387
Net Defined Benefit Asset 1,109,107 863,217
Deferred Tax Assets 31,402 184,594
Customers’ Liabilities for Acceptances and Guarantees 6,602,744 8,346,878
Reserves for Possible Losses on Loans (575,572 ) (783,886 )
Reserve for Possible Losses on Investments (0 ) (107 )
Total Assets ¥ 225,586,211 ¥ 237,066,142

1-5

Mizuho Financial Group, Inc.

Millions of yen
As of<br>March 31,<br>2021 As of<br>March 31,<br>2022
Liabilities
Deposits ¥ 133,312,406 ¥ 138,830,872
Negotiable Certificates of Deposit 17,192,572 16,868,931
Call Money and Bills Sold 1,312,790 1,278,050
Payables under Repurchase Agreements 18,607,255 20,068,779
Guarantee Deposits Received under Securities Lending Transactions 958,148 1,172,248
Commercial Paper 2,105,067 1,775,859
Trading Liabilities 8,115,377 9,608,976
Borrowed Money 7,441,822 6,590,527
Foreign Exchange Liabilities 532,042 1,508,453
Short-term Bonds 456,045 537,167
Bonds and Notes 10,321,672 10,714,004
Due to Trust Accounts 1,160,608 1,167,284
Derivatives other than for Trading Liabilities 1,739,671 2,770,852
Other Liabilities 5,862,013 6,301,484
Reserve for Bonus Payments 104,131 120,052
Reserve for Variable Compensation 2,935 2,278
Net Defined Benefit Liability 71,049 71,774
Reserve for Director and Corporate Auditor Retirement Benefits 683 557
Reserve for Possible Losses on Sales of Loans 1,074 1,309
Reserve for Contingencies 6,762 6,622
Reserve for Reimbursement of Deposits 22,099 17,620
Reserve for Reimbursement of Debentures 14,419 10,504
Reserves under Special Laws 3,135 3,132
Deferred Tax Liabilities 215,557 30,923
Deferred Tax Liabilities for Revaluation Reserve for Land 61,915 59,962
Acceptances and Guarantees 6,602,744 8,346,878
Total Liabilities ¥ 216,224,003 ¥ 227,865,110
Net Assets
Common Stock ¥ 2,256,767 ¥ 2,256,767
Capital Surplus 1,135,940 1,125,324
Retained Earnings 4,421,655 4,756,435
Treasury Stock (7,124 ) (8,342 )
Total Shareholders’ Equity 7,807,239 8,130,185
Net Unrealized Gains (Losses) on Other Securities 1,132,460 719,822
Deferred Gains or Losses on Hedges 31,618 (76,757 )
Revaluation Reserve for Land 136,384 132,156
Foreign Currency Translation Adjustments (139,514 ) 2,346
Remeasurements of Defined Benefit Plans 288,088 169,652
Own Credit Risk Adjustments, Net of Tax — (23 )
Total Accumulated Other Comprehensive Income 1,449,035 947,197
Stock Acquisition Rights 134 94
Non-controlling Interests 105,797 123,555
Total Net Assets 9,362,207 9,201,031
Total Liabilities and Net Assets ¥ 225,586,211 ¥ 237,066,142

1-6

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

Millions of yen
For the fiscalyear ended<br>March 31, 2021 For the fiscalyear ended<br>March 31, 2022
Ordinary Income ¥ 3,218,095 ¥ 3,963,091
Interest Income 1,333,509 1,309,009
Interest on Loans and Bills Discounted 942,426 877,895
Interest and Dividends on Securities 240,494 275,393
Interest on Call Loans and Bills Purchased 2,190 1,426
Interest on Receivables under Resale Agreements 41,535 29,694
Interest on Securities Borrowing Transactions 2,946 2,431
Interest on Due from Banks 45,411 58,748
Other Interest Income 58,503 63,419
Fiduciary Income 55,160 60,490
Fee and Commission Income 843,953 905,575
Trading Income 388,441 1,017,889
Other Operating Income 358,254 393,956
Other Ordinary Income 238,776 276,170
Recovery of Written-off Claims 5,034 18,260
Other 233,741 257,910
Ordinary Expenses 2,681,789 3,403,244
Interest Expenses 427,826 315,550
Interest on Deposits 137,405 64,829
Interest on Negotiable Certificates of Deposit 28,906 15,436
Interest on Call Money and Bills Sold 1,907 1,149
Interest on Payables under Repurchase Agreements 56,199 36,356
Interest on Securities Lending Transactions 788 42
Interest on Commercial Paper 3,564 3,721
Interest on Borrowed Money 16,867 6,034
Interest on Short-term Bonds 55 68
Interest on Bonds and Notes 163,863 171,577
Other Interest Expenses 18,266 16,334
Fee and Commission Expenses 156,805 164,579
Trading Expenses 311 730,204
Other Operating Expenses 195,683 224,116
General and Administrative Expenses 1,414,608 1,392,896
Other Ordinary Expenses 486,554 575,896
Provision for Reserves for Possible Losses on Loans 180,636 236,491
Other 305,918 339,404
Ordinary Profits ¥ 536,306 ¥ 559,847

1-7

Mizuho Financial Group, Inc.

Millions of yen
For the fiscalyear ended<br>March 31, 2021 For the fiscalyear ended<br>March 31, 2022
Extraordinary Gains ¥ 142,202 ¥ 78,196
Gains on Disposition of Fixed Assets 3,030 3,938
Gains on Cancellation of Employee Retirement Benefit Trust 76,996 74,254
Accumulation (Amortization) of Unrecognized Prior Service Cost 62,176 —
Other Extraordinary Gains — 3
Extraordinary Losses 26,345 34,171
Losses on Disposition of Fixed Assets 9,606 6,585
Losses on Impairment of Fixed Assets 12,793 27,585
Losses on Transfer to Defined Contribution Pension Plan 3,320 —
Other Extraordinary Losses 625 —
Income before Income Taxes 652,163 603,872
Income Taxes:
Current 172,785 130,079
Refund of Income Taxes (7,097 ) (12,738 )
Deferred 9,099 (56,652 )
Total Income Taxes 174,788 60,688
Profit 477,375 543,183
Profit Attributable to Non-controllingInterests 6,355 12,703
Profit Attributable to Owners of Parent ¥ 471,020 ¥ 530,479

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

Millions of yen
For the fiscalyear ended<br>March 31, 2021 For the fiscalyear ended<br>March 31, 2022
Profit ¥ 477,375 ¥ 543,183
Other Comprehensive Income 454,513 (496,061 )
Net Unrealized Gains (Losses) on Other Securities 305,969 (411,077 )
Deferred Gains or Losses on Hedges (40,294 ) (108,186 )
Foreign Currency Translation Adjustments (1,874 ) 130,612
Remeasurements of Defined Benefit Plans 187,744 (115,038 )
Own Credit Risk Adjustments, Net of Tax — (23 )
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method 2,968 7,650
Comprehensive Income 931,888 47,121
(Breakdown)
Comprehensive Income Attributable to Owners of Parent 927,366 33,676
Comprehensive Income Attributable to Non-controlling<br>Interests 4,522 13,444

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2021

Millions of yen
Shareholders’ Equity
CommonStock CapitalSurplus RetainedEarnings TreasuryStock Total Shareholders’Equity
Balance as of the beginning of the period 2,256,767 1,136,467 4,174,190 (6,414 ) 7,561,010
Cumulative Effects of Changes in Accounting Policies (32,639 ) (32,639 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 2,256,767 1,136,467 4,141,550 (6,414 ) 7,528,370
Changes during the period
Cash Dividends (190,418 ) (190,418 )
Profit Attributable to Owners of Parent 471,020 471,020
Repurchase of Treasury Stock (2,545 ) (2,545 )
Disposition of Treasury Stock (99 ) 1,835 1,736
Transfer from Revaluation Reserve for Land 271 271
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (526 ) (526 )
Decrease in Retained Earnings by Increasing of Equity Method Affiliates (668 ) (668 )
Transfer from Retained Earnings to Capital Surplus 99 (99 ) —
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period — (526 ) 280,105 (709 ) 278,869
Balance as of the end of the period 2,256,767 1,135,940 4,421,655 (7,124 ) 7,807,239
Accumulated Other Comprehensive Income Stock<br>Acquisition<br>Rights Non-Controlling<br>Interests Total NetAssets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NetUnrealized<br>Gains(Losses)<br>on Other<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 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,663,847
Cumulative Effects of Changes in Accounting Policies — (32,639 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,631,208
Changes during the period
Cash Dividends (190,418 )
Profit Attributable to Owners of Parent 471,020
Repurchase of Treasury Stock (2,545 )
Disposition of Treasury Stock 1,736
Transfer from Revaluation Reserve for Land 271
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (526 )
Decrease in Retained Earnings by Increasing of Equity Method Affiliates (668 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ Equity 309,374 (40,463 ) (271 ) (6,336 ) 193,770 456,074 (79 ) (3,865 ) 452,130
Total Changes during the period 309,374 (40,463 ) (271 ) (6,336 ) 193,770 456,074 (79 ) (3,865 ) 730,999
Balance as of the end of the period 1,132,460 31,618 136,384 (139,514 ) 288,088 1,449,035 134 105,797 9,362,207

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2022

Millions of yen
Shareholders’ Equity
CommonStock CapitalSurplus RetainedEarnings TreasuryStock Total Shareholders’Equity
Balance as of the beginning of the period 2,256,767 1,135,940 4,421,655 (7,124 ) 7,807,239
Cumulative Effects of Changes in Accounting Policies (724 ) (724 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 2,256,767 1,135,940 4,420,931 (7,124 ) 7,806,515
Changes during the period
Cash Dividends (196,746 ) (196,746 )
Profit Attributable to Owners of Parent 530,479 530,479
Repurchase of Treasury Stock (2,869 ) (2,869 )
Disposition of Treasury Stock (54 ) 1,651 1,597
Transfer from Revaluation Reserve for Land 4,227 4,227
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (10,616 ) (10,616 )
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others (2,402 ) (2,402 )
Transfer from Retained Earnings to Capital Surplus 54 (54 ) —
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period — (10,616 ) 335,503 (1,217 ) 323,669
Balance as of the end of the period 2,256,767 1,125,324 4,756,435 (8,342 ) 8,130,185
Accumulated Other Comprehensive Income Stock<br>Acquisition<br>Rights Non-Controlling<br>Interests Total NetAssets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NetUnrealized<br>Gains(Losses)<br>on Other<br>Securities DeferredGains<br>or Losseson<br>Hedges Revaluation<br>Reserve for<br>Land Foreign<br>Currency<br>Translation<br>Adjustments Remeasurements<br>of Defined<br>Benefit Plans Own CreditRiskAdjustments,Net of Tax Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period 1,132,460 31,618 136,384 (139,514 ) 288,088 — 1,449,035 134 105,797 9,362,207
Cumulative Effects of Changes in Accounting Policies — (724 )
Balance as of the beginning of the period reflecting Changes in Accounting Policies 1,132,460 31,618 136,384 (139,514 ) 288,088 — 1,449,035 134 105,797 9,361,483
Changes during the period
Cash Dividends (196,746 )
Profit Attributable to Owners of Parent 530,479
Repurchase of Treasury Stock (2,869 )
Disposition of Treasury Stock 1,597
Transfer from Revaluation Reserve for Land 4,227
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (10,616 )
Decrease in Retained Earnings by Decreasing of Equity Method Affiliates and Others (2,402 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ Equity (412,638 ) (108,375 ) (4,227 ) 141,861 (118,435 ) (23 ) (501,838 ) (40 ) 17,757 (484,121 )
Total Changes during the period (412,638 ) (108,375 ) (4,227 ) 141,861 (118,435 ) (23 ) (501,838 ) (40 ) 17,757 (160,451 )
Balance as of the end of the period 719,822 (76,757 ) 132,156 2,346 169,652 (23 ) 947,197 94 123,555 9,201,031

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

Millions of yen
For the fiscal yearended<br>March 31, 2021 For the fiscal yearended<br>March 31, 2022
Cash Flow from Operating Activities **** **** **** **** **** ****
Income before Income Taxes ¥ 652,163 ¥ 603,872
Depreciation 163,231 161,897
Losses on Impairment of Fixed Assets 12,793 27,585
Amortization of Goodwill 3,743 3,741
Equity in Loss (Gain) from Investments in Affiliates (19,912 ) (25,434 )
Increase (Decrease) in Reserves for Possible Losses on Loans 143,127 194,340
Increase (Decrease) in Reserve for Possible Losses on Investments 0 106
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans 437 234
Increase (Decrease) in Reserve for Contingencies 1,564 (202 )
Increase (Decrease) in Reserve for Bonus Payments 27,295 11,954
Increase (Decrease) in Reserve for Variable Compensation 375 (656 )
Decrease (Increase) in Net Defined Benefit Asset 86,807 56,392
Increase (Decrease) in Net Defined Benefit Liability (869 ) 6,169
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits (260 ) (126 )
Increase (Decrease) in Reserve for Reimbursement of Deposits (5,751 ) (4,479 )
Increase (Decrease) in Reserve for Reimbursement of Debentures (4,253 ) (3,915 )
Interest Income—accrual basis (1,333,509 ) (1,309,009 )
Interest Expenses—accrual basis 427,826 315,550
Losses (Gains) on Securities (49,071 ) 62,305
Losses (Gains) on Money Held in Trust (1,647 ) 85
Foreign Exchange Losses (Gains)—net (173,635 ) (928,800 )
Losses (Gains) on Disposition of Fixed Assets 6,576 2,647
Losses (Gains) on Revision of Retirement Benefit Plan (58,855 ) —
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust (76,996 ) (74,254 )
Decrease (Increase) in Trading Assets 1,188,511 (201,023 )
Increase (Decrease) in Trading Liabilities (2,021,852 ) 1,234,368
Decrease (Increase) in Derivatives other than for Trading Assets 308,891 (528,425 )
Increase (Decrease) in Derivatives other than for Trading Liabilities 36,977 996,914
Decrease (Increase) in Loans and Bills Discounted 1,355,723 1,343,307
Increase (Decrease) in Deposits 801,380 3,508,335
Increase (Decrease) in Negotiable Certificates of Deposit 3,437,852 (913,529 )
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money) 2,191,633 (869,766 )
Decrease (Increase) in Due from Banks (excluding Due from Central Banks) 239,094 (125,565 )
Decrease (Increase) in Call Loans, etc. 6,873,070 (928,392 )
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions (464,549 ) 367,621
Increase (Decrease) in Call Money, etc. (812,714 ) (133,057 )
Increase (Decrease) in Commercial Paper 1,686,839 (551,464 )
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions (150,107 ) 214,099
Decrease (Increase) in Foreign Exchange Assets 43,754 (398,661 )
Increase (Decrease) in Foreign Exchange Liabilities 18,923 973,697
Increase (Decrease) in Short-term Bonds (Liabilities) 82,387 81,121
Increase (Decrease) in Bonds and Notes 1,187,520 607,064
Increase (Decrease) in Due to Trust Accounts 105,097 6,676
Interest and Dividend Income—cash basis 1,444,014 1,424,865
Interest Expenses—cash basis (496,241 ) (273,855 )
Other—net (27,154 ) 147,257
Subtotal 16,830,231 5,081,594
Cash Refunded (Paid) in Income Taxes (216,995 ) (164,408 )
Net Cash Provided by (Used in) Operating Activities 16,613,235 4,917,186

1-12

Mizuho Financial Group, Inc.

Millions of yen
For the fiscal yearended<br>March 31, 2021 For the fiscal yearended<br>March 31, 2022
Cash Flow from Investing Activities **** **** **** **** **** ****
Payments for Purchase of Securities (97,434,015 ) (102,478,445 )
Proceeds from Sale of Securities 51,925,747 57,161,461
Proceeds from Redemption of Securities 36,114,600 43,586,621
Payments for Increase in Money Held in Trust (183,852 ) (31,898 )
Proceeds from Decrease in Money Held in Trust 14,515 22,312
Payments for Purchase of Tangible Fixed Assets (107,392 ) (42,297 )
Payments for Purchase of Intangible Fixed Assets (108,812 ) (96,964 )
Proceeds from Sale of Tangible Fixed Assets 13,618 18,239
Proceeds from Sale of Intangible Fixed Assets 44 480
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation) 1,799 —
Net Cash Provided by (Used in) Investing Activities (9,763,746 ) (1,860,490 )
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money 45,000 10,000
Repayments of Subordinated Borrowed Money — (4,000 )
Proceeds from Issuance of Subordinated Bonds 555,000 171,410
Payments for Redemption of Subordinated Bonds (360,000 ) (494,000 )
Proceeds from Investments by Non-controlling<br>Shareholders 2,988 565
Repayments to Non-controlling Shareholders (627 ) (502 )
Cash Dividends Paid (190,497 ) (196,783 )
Cash Dividends Paid to Non-controlling<br>Shareholders (4,676 ) (7,693 )
Proceeds from Sale of Stocks of Subsidiaries (not affecting the scope of consolidation) 40 —
Payments for Repurchase of Treasury Stock (1,848 ) (1,927 )
Proceeds from Sale of Treasury Stock 854 873
Payments for Repurchase of Treasury Stock of Subsidiaries (5,414 ) (0 )
Net Cash Provided by (Used in) Financing Activities 40,819 (522,056 )
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents 227,487 620,261
Net Increase (Decrease) in Cash and Cash Equivalents 7,117,795 3,154,900
Cash and Cash Equivalents at the beginning of the fiscal year 39,863,604 46,981,399
Cash and Cash Equivalents at the end of the fiscal year ¥ 46,981,399 ¥ 50,136,299

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)

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the consolidated fiscal year ended March 31, 2022.

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

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year. As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the consolidated balance sheet, the consolidated statement of income, the consolidated statement of cash flows and per share information for the consolidated fiscal year ended March 31, 2022 is immaterial.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

  1. Summary of reportable segment

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

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

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company, 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.

  1. 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, and Amortization of goodwill and others (including amortization of intangible assets) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains 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.

  1. 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 713,625 491,735 518,765 378,897 59,507 91,857 2,254,386
General and administrative expenses (excluding<br>Non-Recurring Losses and others) 620,956 198,104 267,680 227,561 33,448 67,238 1,414,987
Equity in income from investments in affiliates 5,929 3,751 13,186 — 1,514 1,054 25,434
Amortization of goodwill and others 2,161 95 360 804 7,247 989 11,656
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 96,437 297,287 263,911 150,532 20,326 24,683 853,176
Fixed assets 504,159 160,167 161,452 88,787 — 782,705 1,697,270
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 ¥ 1,916 million, of which ¥ 2,274 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 a reasonable criteria of allocation.

1-16

Mizuho Financial Group, Inc.

  1. 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 2,254,386
Net gains or losses related to ETFs and others (1,916 )
Other Ordinary Income 276,170
General and Administrative Expenses (1,392,896 )
Other Ordinary Expenses (575,896 )
Ordinary Profits recorded in Consolidated Statement of Income 559,847
(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 853,176
Credit Costs for Trust Accounts —
General and Administrative Expenses (non-recurring<br>losses) 33,748
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for<br>losses on loans) (255,941 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 20,765
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others (45,763 )
Net Extraordinary Gains (Losses) 44,024
Others (46,137 )
Income before Income Taxes recorded in Consolidated Statement of Income 603,872

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

Fiscal 2020 Fiscal 2021
Net Assets per Share of Common Stock ¥ 3,650.87 ¥ 3,581.39
Net Income per Share of Common Stock ¥ 185.75 ¥ 209.27
Diluted Net Income per Share of Common Stock ¥ 185.75 ¥ 209.26
Notes: 1. MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre- consolidation shares effective as of October 1, 2020. Net Assets per Share of Common Stock, Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are calculated under the<br>assumption that the share consolidation had been conducted at the beginning of fiscal 2020.
--- ---
2. Total Net Assets per Share of Common Stock is based on the following information:
--- ---
Fiscal 2020 Fiscal 2021
--- --- --- --- --- --- ---
Net Assets per Share of Common Stock
Total Net Assets ¥ million 9,362,207 9,201,031
Deductions from Total Net Assets ¥ million 105,932 123,649
Stock Acquisition Rights ¥ million 134 94
Non-Controlling Interests ¥ million 105,797 123,555
Net Assets (year-end) related to Common Stock ¥ million 9,256,275 9,077,382
Year-end Outstanding Shares of Common Stock, based on<br>which Total Net Assets per Share<br>of Common Stock was calculated Thousands<br> <br>of shares 2,535,360 2,534,590
3. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the<br>following information:
--- ---
Fiscal 2020 Fiscal 2021
--- --- --- --- --- --- ---
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent ¥ million 471,020 530,479
Amount not attributable to Common Stock ¥ million — —
Profit Attributable to Owners of Parent related to Common Stock ¥ million 471,020 530,479
Average Outstanding Shares of Common Stock (during the period) Thousands<br> <br>of shares 2,535,683 2,534,897
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 89 65
Stock Acquisition Rights Thousands<br> <br>of shares 89 65
Description of dilutive securities which were not included in the calculation of Diluted<br>Net<br>Income per Share of Common Stock as they have no dilutive effects — —

1-18

Mizuho Financial Group, Inc.

4. 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, 2021 and 2022. The numbers of such Treasury Stock shares deducted during the period<br>ended March 31, 2021 and 2022 are 2,554 thousand and 3,079 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, 2021 and 2022 are 2,350 thousand and 2,892 thousand, respectively.
---

(Subsequent Events)

There is no applicable information.

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2021

(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 2021 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 Perfoming Loans based on the Banking Act (“BA”) and the Financial<br>Reconstruction Act (“FRA”) CON NON 2- 18
2. Status of Reserves for Possible Losses on Loans CON NON 2- 22
3. Reserve Ratios for Non Perfoming Loans based on the BA and the FRA CON NON 2- 23
4. Coverage on Non Perfoming Loans based on the BA and the FRA NON 2- 24
5. Overview of Non-Performing<br>Loans(“NPLs”) NON 2- 27
6. Results of Removal of NPLs from the Balance Sheet NON 2- 28
7. Status of Loans by Industry
(1) Outstanding Balances by Industry NON 2- 29
(2) Non Perfoming Loans based on the BA and the FRA and Coverage Ratio by Industry NON 2- 31
8. 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
9. Status of Loans by Region
(1) Outstanding Balances by Region NON 2- 33
(2) Non Perfoming Loans based on the BA and the FRA by Region NON 2- 34
III. DEFERRED TAXES See above Notes Page
1. Estimation for Calculating Deferred Tax Assets NON 2- 35
IV. OTHERS See above Notes Page
1. Breakdown of Deposits (Domestic Offices) NON 2- 37
2. Number of Directors and Employees 2- 38
3. Number of Offices 2- 38
4. Earnings Plan for Fiscal 2022 CON NON 2- 39
Attachments Page
--- --- ---
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2- 40
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2- 41
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2- 42
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2- 43
Statement of Trust Assets and Liabilities 2- 44
Comparison of Balances of Principal Items 2- 45
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items) 2- 46
Comparison of Non-Consolidated Statements of Income<br>(selected items) 2- 47

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”), andour report on Form 6-K furnished to the SEC on December 29, 2021, 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 2021

1. Income Analysis

Consolidated

(Millions of yen)
Fiscal 2021 Fiscal 2020
Change
Consolidated Gross Profits 1 **** 2,252,469 **** 53,775 2,198,693
Net Interest Income 2 **** 993,458 **** 87,775 905,683
Fiduciary Income 3 **** 60,490 **** 5,330 55,160
Credit Costs for Trust Accounts 4 **** — **** — —
Net Fee and Commission Income 5 **** 740,995 **** 53,847 687,147
Net Trading Income 6 **** 287,685 **** (100,445 ) 388,130
Net Other Operating Income 7 **** 169,839 **** 7,268 162,571
General and Administrative Expenses 8 **** (1,392,896 ) 21,712 (1,414,608 )
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans) 9 **** (255,941 ) (46,025 ) (209,915 )
Losses on Write-offs of Loans 10 **** (11,975 ) 6,358 (18,334 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 11 **** 20,765 **** 15,824 4,940
Net Gains (Losses) related to Stocks 12 **** (43,846 ) (55,972 ) 12,125
Equity in Income from Investments in Affiliates 13 **** 25,434 **** 5,521 19,912
Other 14 **** (46,137 ) 28,704 (74,842 )
Ordinary Profits 15 **** 559,847 **** 23,540 536,306
Net Extraordinary Gains (Losses) 16 **** 44,024 **** (71,832 ) 115,857
Income before Income Taxes 17 **** 603,872 **** (48,291 ) 652,163
Income Taxes - Current 18 **** (117,341 ) 48,347 (165,688 )
- Deferred 19 **** 56,652 **** 65,752 (9,099 )
Profit 20 **** 543,183 **** 65,807 477,375
Profit Attributable to Non-controlling Interests 21 **** (12,703 ) (6,348 ) (6,355 )
Profit Attributable to Owners of Parent 22 **** 530,479 **** 59,459 471,020
Credit-related Costs (including Credit Costs for Trust Accounts) 23 **** (235,175 ) (30,201 ) (204,974 )
* 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 **** 851,259 **** 53,527 797,731
* 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 **** 163 **** 3 160
Number of affiliates under the equity method 26 **** 24 **** (4 ) 28

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

(Millions of yen)
Fiscal 2021 Fiscal 2020
MHBK MHTB AggregateFigures Change
Gross Profits 1 **** 1,346,323 **** **** 122,327 **** **** 1,468,651 **** (8,656 ) 1,477,308
Domestic Gross Profits 2 **** 729,997 **** **** 122,137 **** **** 852,134 **** 83,618 768,515
Net Interest Income 3 **** 452,582 **** **** 18,806 **** **** 471,388 **** 22,718 448,670
Fiduciary Income 4 **** 61,028 **** **** 61,028 **** 5,065 55,962
Trust Fees for Jointly Operated Designated Money Trust 5 **** 3,955 **** **** 3,955 **** (66 ) 4,022
Credit Costs for Trust Accounts ^(1)^ 6 **** — **** **** — **** — —
Net Fee and Commission Income 7 **** 255,277 **** **** 42,585 **** **** 297,862 **** (11,439 ) 309,302
Net Trading Income 8 **** 13,031 **** **** (629 ) **** 12,402 **** 32,319 (19,916 )
Net Other Operating Income 9 **** 9,106 **** **** 346 **** **** 9,452 **** 34,954 (25,502 )
International Gross Profits 10 **** 616,325 **** **** 190 **** **** 616,516 **** (92,275 ) 708,792
Net Interest Income 11 **** 434,207 **** **** 514 **** **** 434,721 **** 67,883 366,838
Net Fee and Commission Income 12 **** 137,716 **** **** (322 ) **** 137,394 **** (9,866 ) 147,260
Net Trading Income 13 **** (11,367 ) **** (11 ) **** (11,378 ) (116,513 ) 105,135
Net Other Operating Income 14 **** 55,768 **** **** 10 **** **** 55,779 **** (33,779 ) 89,558
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 15 **** (778,023 ) **** (79,882 ) **** (857,906 ) 39,192 (897,098 )
Expense Ratio 16 **** 57.7 % **** 65.3 % **** 58.4 % (2.3 %) 60.7 %
Personnel Expenses 17 **** (302,204 ) **** (37,992 ) **** (340,197 ) 15,932 (356,129 )
Non-Personnel Expenses 18 **** (429,991 ) **** (38,053 ) **** (468,044 ) 21,704 (489,748 )
Premium for Deposit Insurance 19 **** (32,455 ) **** (1,115 ) **** (33,571 ) (130 ) (33,440 )
Miscellaneous Taxes 20 **** (45,827 ) **** (3,837 ) **** (49,665 ) 1,554 (51,220 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 21 **** 568,299 **** **** 42,445 **** **** 610,744 **** 30,535 580,209
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(2)^ 22 **** 617,769 **** **** 42,437 **** **** 660,207 **** 83,513 576,694
Excluding Net Gains (Losses) from redemption of Investment Trusts 23 **** 600,320 **** **** 42,428 **** **** 642,748 **** 73,550 569,197
Reversal of (Provision for) General Reserve for Losses on Loans 24 **** 110,153 **** **** — **** **** 110,153 **** 258,473 (148,319 )
Net Business Profits 25 **** 678,453 **** **** 42,445 **** **** 720,898 **** 289,008 431,889
Net Gains (Losses) related to Bonds 26 **** (49,469 ) **** 7 **** **** (49,462 ) (52,977 ) 3,515
Net Non-Recurring Gains (Losses) 27 **** (467,594 ) **** 8,150 **** **** (459,443 ) (349,554 ) (109,889 )
Net Gains (Losses) related to Stocks 28 **** (51,123 ) **** 3,720 **** **** (47,402 ) (35,100 ) (12,301 )
Expenses related to Portfolio Problems 29 **** (433,961 ) **** (75 ) **** (434,036 ) (376,499 ) (57,537 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 30 **** 19,466 **** **** 716 **** **** 20,183 **** 15,832 4,351
Other 31 **** (1,976 ) **** 3,789 **** **** 1,812 **** 46,213 (44,401 )
Ordinary Profits 32 **** 210,858 **** **** 50,595 **** **** 261,454 **** (60,545 ) 321,999
Net Extraordinary Gains (Losses) 33 **** 38,088 **** **** 7,298 **** **** 45,387 **** (65,284 ) 110,671
Net Gains (Losses) on Disposition of Fixed Assets 34 **** (1,264 ) **** (264 ) **** (1,528 ) 3,510 (5,038 )
Losses on Impairment of Fixed Assets 35 **** (27,158 ) **** (179 ) **** (27,338 ) (16,179 ) (11,159 )
Gains on Cancellation of Employee Retirement Benefit Trust 36 **** 66,511 **** **** 7,742 **** **** 74,254 **** (2,742 ) 76,996
Accumulation (Amortization) of Unrecognized Prior Service Cost 37 **** — **** **** — **** **** — **** (52,391 ) 52,391
Losses on Transfer to Defined Contribution Pension Plan 38 **** — **** **** — **** **** — **** 2,519 (2,519 )
Income before Income Taxes 39 **** 248,946 **** **** 57,894 **** **** 306,841 **** (125,829 ) 432,671
Income Taxes - Current 40 **** (159,760 ) **** (10,651 ) **** (170,411 ) (65,851 ) (104,560 )
- Deferred 41 **** 87,395 **** **** (4,559 ) **** 82,836 **** 99,169 (16,333 )
Net Income 42 **** 176,581 **** **** 42,683 **** **** 219,265 **** (92,512 ) 311,777
(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)   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 43 **** (304,341 ) **** 640 **** **** (303,700 ) (102,193 ) (201,506)
Credit-related Costs [43] =  Expenses related to Portfolio Problems [29] + Reversal of<br>(Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts 44 — — — —
Reversal of (Provision for) General Reserve for Losses on Loans 45 **** 110,153 **** **** 801 **** **** 110,954 **** 259,274 (148,319 )
Losses on Write-offs of Loans 46 **** 7,362 **** **** (70 ) **** 7,291 **** 18,447 (11,155 )
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 47 **** (369,688 ) **** (89 ) **** (369,777 ) (337,841 ) (31,936 )
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 48 **** (53,293 ) **** — **** **** (53,293 ) (51,991 ) (1,301 )
Reversal of (Provision for) Reserve for Contingencies 49 **** 2,062 **** **** — **** **** 2,062 **** 3,356 (1,293 )
Other (including Losses on Sales of Loans) 50 **** (938 ) **** — **** **** (938 ) 6,560 (7,498 )
Total 51 **** (304,341 ) **** 640 **** **** (303,700 ) (102,193 ) (201,506 )

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

**** (Millions of yen)
Fiscal 2021 Fiscal 2020
Change
Gross Profits 1 **** 1,346,323 **** (1,442 ) 1,347,766
Domestic Gross Profits 2 **** 729,997 **** 79,560 650,437
Net Interest Income 3 **** 452,582 **** 30,126 422,456
Net Fee and Commission Income 4 **** 255,277 **** (20,021 ) 275,299
Net Trading Income 5 **** 13,031 **** 34,466 (21,434 )
Net Other Operating Income 6 **** 9,106 **** 34,989 (25,883 )
International Gross Profits 7 **** 616,325 **** (81,003 ) 697,328
Net Interest Income 8 **** 434,207 **** 71,480 362,726
Net Fee and Commission Income 9 **** 137,716 **** (10,014 ) 147,730
Net Trading Income 10 **** (11,367 ) (116,362 ) 104,995
Net Other Operating Income 11 **** 55,768 **** (26,107 ) 81,876
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 12 **** (778,023 ) 37,087 (815,110 )
Expense Ratio 13 **** 57.7 % (2.6 %) 60.4 %
Personnel Expenses 14 **** (302,204 ) 15,152 (317,357 )
Non-Personnel Expenses 15 **** (429,991 ) 20,083 (450,074 )
Premium for Deposit Insurance 16 **** (32,455 ) (288 ) (32,167 )
Miscellaneous Taxes 17 **** (45,827 ) 1,851 (47,678 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 18 **** 568,299 **** 35,644 532,655
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas * 19 **** 617,769 **** 80,659 537,110
Excluding Net Gains (Losses) from redemption of Investment Trusts 20 **** 600,320 **** 70,176 530,143
Reversal of (Provision for) General Reserve for Losses on Loans 21 **** 110,153 **** 258,157 (148,003 )
Net Business Profits 22 **** 678,453 **** 293,801 384,651
Net Gains (Losses) related to Bonds 23 **** (49,469 ) (45,015 ) (4,454 )
Net Non-Recurring Gains (Losses) 24 **** (467,594 ) (361,010 ) (106,584 )
Net Gains (Losses) related to Stocks 25 **** (51,123 ) (35,949 ) (15,173 )
Expenses related to Portfolio Problems 26 **** (433,961 ) (376,616 ) (57,345 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 27 **** 19,466 **** 15,116 4,350
Other 28 **** (1,976 ) 36,439 (38,416 )
Ordinary Profits 29 **** 210,858 **** (67,208 ) 278,066
Net Extraordinary Gains (Losses) 30 **** 38,088 **** (57,626 ) 95,714
Net Gains (Losses) on Disposition of Fixed Assets 31 **** (1,264 ) 2,560 (3,825 )
Losses on Impairment of Fixed Assets 32 **** (27,158 ) (16,433 ) (10,725 )
Gains on Cancellation of Employee Retirement Benefit Trust 33 **** 66,511 **** (118 ) 66,630
Accumulation (Amortization) of Unrecognized Prior Service Cost 34 **** — **** (45,822 ) 45,822
Losses on Transfer to Defined Contribution Pension Plan 35 **** — **** 2,187 (2,187 )
Income before Income Taxes 36 **** 248,946 **** (124,834 ) 373,781
Income Taxes - Current 37 **** (159,760 ) (63,773 ) (95,987 )
- Deferred 38 **** 87,395 **** 97,800 (10,404 )
Net Income 39 **** 176,581 **** (90,807 ) 267,389
*   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>from core business areas[19]<br>= 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 40 **** (304,341 ) (103,342) (200,998 )
Credit-related Costs [40]   =  Expenses related to Portfolio Problems [26] +<br>Reversal of (Provision for) General Reserve for Losses on Loans [21]<br>  + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans 41 **** 110,153 **** 258,157 (148,003 )
Losses on Write-offs of Loans 42 **** 7,362 **** 18,517 (11,154 )
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 43 **** (369,688 ) (337,943 ) (31,745 )
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 44 **** (53,293 ) (51,991 ) (1,301 )
Reversal of (Provision for) Reserve for Contingencies 45 **** 2,062 **** 3,356 (1,293 )
Other (including Losses on Sales of Loans) 46 **** (938 ) 6,560 (7,498 )
Total 47 **** (304,341 ) (103,342 ) (200,998 )

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

(Millions of yen)
Fiscal 2021 Fiscal 2020
Change
Gross Profits 1 **** 122,327 **** (7,213 ) 129,541
Domestic Gross Profits 2 **** 122,137 **** 4,058 118,078
Net Interest Income 3 **** 18,806 **** (7,407 ) 26,213
Fiduciary Income 4 **** 61,028 **** 5,065 55,962
Trust Fees for Jointly Operated Designated Money Trust 5 **** 3,955 **** (66 ) 4,022
Credit Costs for Trust Accounts ^(1)^ 6 **** — **** — —
Net Fee and Commission Income 7 **** 42,585 **** 8,582 34,003
Net Trading Income 8 **** (629 ) (2,146 ) 1,517
Net Other Operating Income 9 **** 346 **** (34 ) 381
International Gross Profits 10 **** 190 **** (11,272 ) 11,463
Net Interest Income 11 **** 514 **** (3,597 ) 4,111
Net Fee and Commission Income 12 **** (322 ) 147 (470 )
Net Trading Income 13 **** (11 ) (151 ) 140
Net Other Operating Income 14 **** 10 **** (7,671 ) 7,682
General and Administrative Expenses (excluding<br>Non-Recurring Losses) 15 **** (79,882 ) 2,104 (81,987 )
Expense Ratio 16 **** 65.3 % **** 2.0 % 63.2 %
Personnel Expenses 17 **** (37,992 ) 779 (38,772 )
Non-Personnel Expenses 18 **** (38,053 ) 1,621 (39,674 )
Premium for Deposit Insurance 19 **** (1,115 ) 157 (1,273 )
Miscellaneous Taxes 20 **** (3,837 ) (296 ) (3,541 )
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 21 **** 42,445 **** (5,108 ) 47,554
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(2)^ 22 **** 42,437 **** 2,853 39,584
Excluding Net Gains (Losses) from redemption of Investment Trusts 23 **** 42,428 **** 3,373 39,054
Reversal of (Provision for) General Reserve for Losses on Loans 24 **** — **** 315 (315 )
Net Business Profits 25 **** 42,445 **** (4,793 ) 47,238
Net Gains (Losses) related to Bonds 26 **** 7 **** (7,962 ) 7,969
Net Non-Recurring Gains (Losses) 27 **** 8,150 **** 11,456 (3,305 )
Net Gains (Losses) related to Stocks 28 **** 3,720 **** 848 2,871
Expenses related to Portfolio Problems 29 **** (75 ) 117 (192 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 30 **** 716 **** 716 0
Other 31 **** 3,789 **** 9,774 (5,984 )
Ordinary Profits 32 **** 50,595 **** 6,662 43,933
Net Extraordinary Gains (Losses) 33 **** 7,298 **** (7,657 ) 14,956
Net Gains (Losses) on Disposition of Fixed Assets 34 **** (264 ) 949 (1,213 )
Losses on Impairment of Fixed Assets 35 **** (179 ) 253 (433 )
Gains on Cancellation of Employee Retirement Benefit Trust 36 **** 7,742 **** (2,623 ) 10,365
Accumulation (Amortization) of Unrecognized Prior Service Cost 37 **** — **** (6,569 ) 6,569
Losses on Transfer to Defined Contribution Pension Plan 38 **** — **** 331 (331 )
Income before Income Taxes 39 **** 57,894 **** (994 ) 58,889
Income Taxes - Current 40 **** (10,651 ) (2,078 ) (8,573 )
- Deferred 41 **** (4,559 ) 1,368 (5,928 )
Net Income 42 **** 42,683 **** (1,704 ) 44,388
(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)  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<br>Bonds[26]
Credit-related Costs 43 **** 640 **** 1,148 (507 )
Credit-related Costs [43]   =  Expenses related to Portfolio Problems [29] +<br>Reversal of (Provision for) General Reserve for Losses on Loans [24]<br>+ Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts 44 **** — **** — —
Reversal of (Provision for) General Reserve for Losses on Loans 45 **** 801 **** 1,116 (315 )
Losses on Write-offs of Loans 46 **** (70 ) (70 ) (0 )
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 47 **** (89 ) 102 (191 )
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries 48 **** — **** — —
Reversal of (Provision for) Reserve for Contingencies 49 **** — **** — —
Other (including Losses on Sales of Loans) 50 **** — **** — —
Total 51 **** 640 **** 1,148 (507 )

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

(%)
Fiscal 2021 Fiscal 2020
Mizuho Bank Change
Return on Interest-Earning Assets 1 **** 0.39 **** 0.00 0.39
Return on Loans and Bills Discounted<br>^*1^ 2 **** 0.74 **** 0.01 0.72
Return on Securities 3 **** 0.36 **** 0.09 0.26
Cost of Funding (including Expenses) 4 **** 0.52 **** (0.03 ) 0.56
Cost of Deposits (including Expenses) 5 **** 0.54 **** (0.03 ) 0.57
Cost of Deposits ^*2^ 6 **** 0.00 **** (0.00 ) 0.00
Cost of Other External Liabilities 7 **** 0.29 **** (0.11 ) 0.41
Net Interest Margin (1)-(4) 8 **** (0.13 ) 0.04 (0.17 )
Loan and Deposit Rate Margin (including Expenses) (2)-(5) 9 **** 0.20 **** 0.04 0.15
Loan and Deposit Rate Margin (2)-(6) 10 **** 0.74 **** 0.01 0.72
*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 **** 0.75 **** 0.00 0.75
Loan and Deposit Rate Margin (including Expenses) (11)-(5) 12 **** 0.21 **** 0.03 0.17
Loan and Deposit Rate Margin (11)-(6) 13 **** 0.75 **** 0.00 0.74
(%)
Fiscal 2021 Fiscal 2020
Mizuho Trust & Banking Change
Return on Interest-Earning Assets 14 **** 0.49 **** (0.09 ) 0.58
Return on Loans and Bills Discounted<br>^*1^ 15 **** 0.59 **** 0.01 0.57
Return on Securities 16 **** 2.13 **** (1.22 ) 3.35
Cost of Funding 17 **** 0.13 **** 0.01 0.11
Cost of Deposits ^*2^ 18 **** 0.01 **** (0.00 ) 0.01
Net Interest Margin (14)-(17) 19 **** 0.36 **** (0.10 ) 0.46
Loan and Deposit Rate Margin (15)-(18) 20 **** 0.58 **** 0.01 0.56
*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 **** 0.60 **** (0.00 ) 0.60
Loan and Deposit Rate Margin (21)-(18) 22 **** 0.59 **** (0.00 ) 0.59
(Reference) (%)
Fiscal 2021 Fiscal 2020
Aggregate Figures for the 2 Banks Change
Return on Loans and Bills Discounted<br>^*1^ 23 **** 0.73 **** 0.01 0.71
Cost of Deposits ^*2^ 24 **** 0.00 **** (0.00 ) 0.00
Loan and Deposit Rate Margin (23)-(24) 25 **** 0.73 **** 0.01 0.71
*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 **** 0.74 **** 0.00 0.74
Loan and Deposit Rate Margin (26)-(24) 27 **** 0.74 **** 0.00 0.73

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)
Fiscal 2021 Fiscal 2020
Change
AverageBalance Rate Average Balance Rate Average Balance Rate
(Total)
Use of Funds **** 187,127,354 **** 0.60 7,433,160 (0.03 ) 179,694,193 0.63
Loans and Bills Discounted **** 82,642,328 **** 0.93 (2,160,702 ) (0.03 ) 84,803,030 0.97
Securities **** 42,818,698 **** 0.60 2,950,523 0.03 39,868,174 0.57
Source of Funds **** 186,854,774 **** 0.13 8,444,261 (0.07 ) 178,410,512 0.20
Deposits **** 129,447,977 **** 0.02 (953,646 ) (0.05 ) 130,401,624 0.08
NCDs **** 19,996,613 **** 0.06 3,857,726 (0.09 ) 16,138,886 0.16
(Domestic Operations)
Use of Funds **** 126,977,255 **** 0.39 6,017,817 0.00 120,959,437 0.39
Loans and Bills Discounted **** 52,282,666 **** 0.73 (1,576,455 ) 0.01 53,859,122 0.71
Securities **** 27,385,169 **** 0.36 2,362,439 0.09 25,022,730 0.26
Source of Funds **** 125,551,077 **** 0.04 5,934,571 (0.00 ) 119,616,506 0.04
Deposits **** 100,299,405 **** 0.00 343,162 (0.00 ) 99,956,243 0.00
NCDs **** 13,384,502 **** 0.00 3,462,804 (0.00 ) 9,921,697 0.00
(International Operations)
Use of Funds **** 64,008,337 **** 0.99 3,265,123 (0.12 ) 60,743,214 1.11
Loans and Bills Discounted **** 30,359,661 **** 1.29 (584,246 ) (0.13 ) 30,943,908 1.42
Securities **** 15,433,528 **** 1.04 588,084 (0.03 ) 14,845,444 1.08
Source of Funds **** 65,161,934 **** 0.30 4,359,470 (0.20 ) 60,802,464 0.51
Deposits **** 29,148,571 **** 0.11 (1,296,808 ) (0.24 ) 30,445,380 0.36
NCDs **** 6,612,111 **** 0.17 394,922 (0.22 ) 6,217,189 0.40

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)
(Millions of yen, %)
Fiscal 2021 Fiscal 2020
Change
AverageBalance Rate Average Balance Rate Average Balance Rate
(Total)
Use of Funds **** 5,253,176 **** 0.50 (709,284 ) (0.15 ) 5,962,461 0.65
Loans and Bills Discounted **** 3,233,280 **** 0.60 (231,576 ) (0.00 ) 3,464,856 0.61
Securities **** 238,061 **** 2.06 (333,777 ) (0.64 ) 571,839 2.71
Source of Funds **** 5,242,473 **** 0.13 (790,516 ) (0.00 ) 6,032,989 0.14
Deposits **** 2,773,797 **** 0.01 (314,536 ) (0.00 ) 3,088,333 0.01
NCDs **** 689,023 **** 0.00 91,765 (0.00 ) 597,258 0.00
(Domestic Operations)
Use of Funds **** 5,218,775 **** 0.49 (404,568 ) (0.09 ) 5,623,344 0.58
Loans and Bills Discounted **** 3,190,763 **** 0.59 (157,507 ) 0.01 3,348,271 0.58
Securities **** 229,807 **** 2.13 (104,146 ) (1.22 ) 333,954 3.35
Source of Funds **** 5,207,746 **** 0.13 (463,558 ) 0.01 5,671,305 0.11
Deposits **** 2,769,934 **** 0.01 (314,680 ) (0.00 ) 3,084,615 0.01
NCDs **** 689,023 **** 0.00 91,765 (0.00 ) 597,258 0.00
(International Operations)
Use of Funds **** 60,512 **** 1.03 (317,712 ) (0.58 ) 378,225 1.61
Loans and Bills Discounted **** 42,516 **** 1.40 (74,068 ) (0.14 ) 116,584 1.55
Securities **** 8,253 **** 0.26 (229,631 ) (1.53 ) 237,884 1.80
Source of Funds **** 60,839 **** 0.18 (339,954 ) (0.31 ) 400,794 0.50
Deposits **** 3,862 **** 0.01 144 (0.08 ) 3,718 0.09
NCDs **** — **** — — — — —

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

(Millions of yen)
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Bonds **** (52,447 ) (54,065 ) 1,618
Gains on Sales and Others **** 116,650 **** (1,098 ) 117,748
Losses on Sales and Others **** (165,477 ) (49,114 ) (116,363 )
Impairment (Devaluation) **** (1,382 ) 1,949 (3,332 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** 0 **** 1 (0 )
Gains (Losses) on Derivatives other than for Trading **** (2,237 ) (5,804 ) 3,567
Fiscal 2021 Fiscal 2020
Change
Net Gains (Losses) related to Stocks **** (43,846 ) (55,972 ) 12,125
Gains on Sales **** 219,155 **** 14,862 204,293
Losses on Sales **** (189,598 ) (42,140 ) (147,457 )
Impairment (Devaluation) **** (41,652 ) (35,836 ) (5,815 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (106 ) (106 ) —
Gains (Losses) on Derivatives other than for Trading **** (31,644 ) 7,249 (38,893 )
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks ****
(Millions of yen)
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Bonds **** (49,462 ) (52,977 ) 3,515
Gains on Sales and Others **** 119,916 **** (739 ) 120,655
Losses on Sales and Others **** (165,750 ) (48,345 ) (117,405 )
Impairment (Devaluation) **** (1,382 ) 1,930 (3,312 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** (2,246 ) (5,823 ) 3,577
Fiscal 2021 Fiscal 2020
Change
Net Gains (Losses) related to Stocks **** (47,402 ) (35,100 ) (12,301 )
Gains on Sales **** 210,720 **** 25,962 184,757
Losses on Sales **** (186,047 ) (40,464 ) (145,582 )
Impairment (Devaluation) **** (40,323 ) (27,741 ) (12,581 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (106 ) (106 ) —
Gains (Losses) on Derivatives other than for Trading **** (31,644 ) 7,249 (38,893 )

2-8

Mizuho Financial Group, Inc.

Mizuho Bank ****
(Millions of yen)
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Bonds **** (49,469 ) (45,015 ) (4,454 )
Gains on Sales and Others **** 119,905 **** 10,873 109,032
Losses on Sales and Others **** (165,746 ) (51,821 ) (113,924 )
Impairment (Devaluation) **** (1,382 ) 1,926 (3,308 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** (2,246 ) (5,992 ) 3,746
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Stocks **** (51,123 ) (35,949 ) (15,173 )
Gains on Sales **** 206,583 **** 35,904 170,679
Losses on Sales **** (185,786 ) (45,239 ) (140,546 )
Impairment (Devaluation) **** (40,169 ) (29,294 ) (10,875 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** (106 ) (106 ) —
Gains (Losses) on Derivatives other than for Trading **** (31,644 ) 2,786 (34,431 )
Mizuho Trust & Banking ****
(Millions of yen)
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Bonds **** 7 **** (7,962 ) 7,969
Gains on Sales and Others **** 11 **** (11,612 ) 11,623
Losses on Sales and Others **** (4 ) 3,476 (3,480 )
Impairment (Devaluation) **** — **** 4 (4 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** — **** 169 (169 )
Fiscal 2021 Fiscal 2020
**** Change
Net Gains (Losses) related to Stocks **** 3,720 **** 848 2,871
Gains on Sales **** 4,136 **** (9,941 ) 14,077
Losses on Sales **** (261 ) 4,774 (5,036 )
Impairment (Devaluation) **** (153 ) 1,552 (1,706 )
Reversal of (Provision for) Reserve for Possible Losses on Investments **** — **** — —
Gains (Losses) on Derivatives other than for Trading **** — **** 4,462 (4,462 )

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

• Stocks and others without a quoted market price and Investments in Partnerships are excluded.<br>

Consolidated

(1) Other Securities
As of March 31, 2021
Unrealized Gains/Losses Book Value<br>(= Fair Value) Unrealized Gains/Losses
Gains Losses Gains Losses
Other Securities 42,065,723 **** 990,184 **** 1,593,785 603,600 42,534,848 1,603,253 1,989,800 386,547
Japanese Stocks 2,577,310 **** 1,499,915 **** 1,538,391 38,475 2,865,985 1,698,265 1,744,614 46,348
Japanese Bonds 28,620,413 **** (52,186 ) 19,799 71,986 24,145,048 (44,978 ) 24,765 69,743
Japanese Government Bonds 25,158,730 **** (30,543 ) 7,495 38,039 20,920,582 (31,717 ) 3,583 35,301
Other 10,867,999 **** (457,544 ) 35,593 493,138 15,523,814 (50,033 ) 220,421 270,454
Foreign Bonds 8,937,594 **** (414,292 ) 2,316 416,609 12,433,912 (33,009 ) 66,678 99,687
*   In addition to “Securities” on the consolidated balance<br>sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.<br>*   The book values of Other Securities which have readily determinable fair value are stated at fair<br>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 27,448 million and 32,481 million, which were<br>recognized in the statement of income for March 31, 2022 and March 31, 2021, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation<br>adjustments as of March 31, 2022 and March 31, 2021 are 962,735 million and 1,570,772 million, respectively.<br>*   Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which<br>apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of March 31, 2022 and March 31, 2021 are 126,280 million and 1,646 million, respectively.<br>*   Unrealized Gains/Losses on Other Securities, net of Taxes (recorded directly to Net Assets after<br>tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge accounting, including translation differences and others regarding stocks and others without a quoted market price and<br>Investments in Partnerships) as of March 31, 2022 and March 31, 2021 are 719,822 million and 1,132,460 million, respectively.  <br>(2) Bonds Held to Maturity
As of March 31, 2021
Unrealized Gains/Losses Book Value Unrealized Gains/Losses
Gains Losses Gains Losses
Bonds Held to Maturity 1,517,583 **** (52,007 ) 5,336 57,343 885,529 18,069 21,225 3,155

All values are in Japanese Yen.

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2Banks

(Millions of yen)
As of March 31, 2022 As of March 31, 2021
Book Value Unrealized Gains/Losses Book Value Unrealized Gains/Losses
(= Fair Value) Gains Losses (= Fair Value) Gains Losses
Other Securities **** 41,483,698 **** 919,942 **** **** 1,525,116 **** 605,173 41,388,529 1,527,548 1,915,021 387,472
Japanese Stocks **** 2,497,331 **** 1,432,316 **** **** 1,473,018 **** 40,701 2,779,891 1,624,579 1,673,165 48,585
Japanese Bonds **** 28,603,457 **** (52,190 ) **** 19,795 **** 71,986 24,125,549 (44,985 ) 24,758 69,743
Japanese Government Bonds **** 25,147,531 **** (30,545 ) **** 7,493 **** 38,039 20,909,339 (31,722 ) 3,578 35,301
Other **** 10,382,908 **** (460,182 ) **** 32,302 **** 492,484 14,483,088 (52,045 ) 217,097 269,142
Foreign Bonds **** 8,487,969 **** (414,822 ) **** 1,198 **** 416,020 12,031,174 (32,575 ) 65,800 98,375
Mizuho Bank
Other Securities **** 41,243,397 **** 846,893 **** **** 1,446,756 **** 599,863 41,113,338 1,441,229 1,826,408 385,178
Japanese Stocks **** 2,349,073 **** 1,360,494 **** **** 1,395,908 **** 35,413 2,625,643 1,539,526 1,585,832 46,306
Japanese Bonds **** 28,517,031 **** (52,979 ) **** 18,984 **** 71,964 24,010,684 (45,887 ) 23,842 69,729
Japanese Government Bonds **** 25,147,531 **** (30,545 ) **** 7,493 **** 38,039 20,879,330 (31,720 ) 3,578 35,299
Other **** 10,377,292 **** (460,620 ) **** 31,864 **** 492,484 14,477,009 (52,409 ) 216,733 269,142
Foreign Bonds **** 8,487,969 **** (414,822 ) **** 1,198 **** 416,020 12,031,174 (32,575 ) 65,800 98,375
Mizuho Trust & Banking
Other Securities **** 240,300 **** 73,048 **** **** 78,359 **** 5,310 275,190 86,318 88,612 2,293
Japanese Stocks **** 148,258 **** 71,822 **** **** 77,109 **** 5,287 154,247 85,052 87,332 2,279
Japanese Bonds **** 86,426 **** 788 **** **** 811 **** 22 114,865 901 915 13
Japanese Government Bonds **** — **** — **** **** — **** — 30,009 (1 ) — 1
Other **** 5,616 **** 437 **** **** 437 **** 0 6,078 364 364 0
Foreign Bonds **** — **** — **** **** — **** — — — — —
* 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.
--- ---
* 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 ¥27,448 million and ¥32,481 million, which were recognized in<br>the statement of income (aggregate figures for the 2 banks) for March 31, 2022 and March 31, 2021, respectively, by applying the fair-value hedge accounting. As a result, the base amounts to be recorded directly to Net Assets after<br>necessary adjustments (aggregate figures for the 2 banks) as of March 31, 2022 and March 31, 2021 are ¥892,494 million and ¥1,495,067 million, respectively.
--- ---
* Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the<br>deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of March 31, 2022 and March 31, 2021 are ¥126,280 million and ¥1,646 million, respectively.<br>
--- ---
* Unrealized Gains/Losses on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment,<br>excluding the amount recognized in the statement of income by applying the fair-value hedge accounting including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of<br>March 31, 2022 and March 31, 2021 are as follows.
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of March 31, 2021
Aggregate Figures **** 654,388 1,076,333
Mizuho Bank **** 596,706 1,009,001
Mizuho Trust & Banking **** 57,681 67,331

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)
As of March 31, 2022 As of March 31, 2021
Unrealized Gains/Losses Unrealized Gains/Losses
Book Value Gains Losses Book Value Gains Losses
Aggregate Figures **** 1,517,583 **** (52,007 ) **** 5,336 **** 57,343 885,529 18,069 21,225 3,155
Mizuho Bank **** 1,517,583 **** (52,007 ) **** 5,336 **** 57,343 885,529 18,069 21,225 3,155
Mizuho Trust & Banking **** — **** — **** **** — **** — — — — —
(3) Investment in Subsidiaries and Affiliates<br><br><br><br> <br>Aggregate Figures for the 2 Banks
(Millions of yen)
As of March 31, 2022 As of March 31, 2021
Unrealized Gains/Losses Unrealized Gains/Losses
Book Value Gains Losses Book Value Gains Losses
Aggregate Figures **** 108,996 **** 311,957 **** **** 312,302 **** 345 135,771 286,554 286,573 19
Mizuho Bank **** 108,996 **** 311,957 **** **** 312,302 **** 345 135,771 286,554 286,573 19
Mizuho Trust & Banking **** — **** — **** **** — **** — — — — —

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

Consolidated

(Millions of yen)
As of March 31, 2022 As of<br>March 31,2021
Unrealized Gains/Losses Unrealized<br>Gains/Losses
Change
Other Securities **** 962,735 **** (608,036 ) 1,570,772
Japanese Stocks **** 1,472,467 **** (193,316 ) 1,665,784
Japanese Bonds **** (52,186 ) (7,208 ) (44,978 )
Japanese Government Bonds **** (30,543 ) 1,174 (31,717 )
Other **** (457,544 ) (407,511 ) (50,033 )
Foreign Bonds **** (414,293 ) (381,283 ) (33,009 )

Non-Consolidated ****

Aggregate Figures for the 2 Banks

(Millions of yen)
As of March 31, 2022 As of<br>March 31,2021
Unrealized Gains/Losses Unrealized<br>Gains/Losses
Change
Other Securities **** 892,494 **** (602,573 ) 1,495,067
Japanese Stocks **** 1,404,868 **** (187,230 ) 1,592,098
Japanese Bonds **** (52,190 ) (7,205 ) (44,985 )
Japanese Government Bonds **** (30,545 ) 1,176 (31,722 )
Other **** (460,183 ) (408,137 ) (52,045 )
Foreign Bonds **** (414,822 ) (382,247 ) (32,575 )

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, 2022 Change Maturity as of March 31, 2021
Within<br>1 year 1- 5<br>years 5 - 10<br>years Over<br>10 years Within<br>1 year 1 - 5<br>years 5 - 10<br>years Over<br>10 years Within<br>1 year 1 - 5<br>years 5 - 10<br>years Over<br>10 years
Japanese Bonds **** 19,791.3 **** 6,438.0 **** 2,189.5 **** 640.4 3,929.8 29.9 550.4 (25.4 ) 15,861.4 6,408.1 1,639.1 665.9
Japanese Government Bonds **** 19,322.9 **** 4,522.4 **** 1,638.6 **** 105.0 3,875.5 (321.5 ) 633.6 50.0 15,447.4 4,843.9 1,005.0 55.0
Japanese Local Government Bonds **** 27.2 **** 220.1 **** 166.7 **** 7.4 (27.7 ) 1.3 (4.5 ) (11.1 ) 54.9 218.7 171.3 18.5
Japanese Corporate Bonds **** 441.1 **** 1,695.5 **** 384.2 **** 528.0 82.0 350.0 (78.6 ) (64.3 ) 359.1 1,345.4 462.8 592.4
Other **** 2,369.4 **** 1,697.1 **** 1,984.3 **** 4,242.6 (262.0 ) (1,119.5 ) (57.6 ) (1,333.7 ) 2,631.5 2,816.7 2,041.9 5,576.4
Mizuho Bank
Japanese Bonds **** 19,791.0 **** 6,365.4 **** 2,176.8 **** 640.4 3,962.6 17.9 557.9 (25.4 ) 15,828.3 6,347.4 1,618.9 665.9
Japanese Government Bonds **** 19,322.9 **** 4,522.4 **** 1,638.6 **** 105.0 3,905.5 (321.5 ) 633.6 50.0 15,417.4 4,843.9 1,005.0 55.0
Japanese Local Government Bonds **** 27.2 **** 220.1 **** 166.7 **** 7.4 (27.7 ) 1.3 (4.5 ) (11.1 ) 54.9 218.7 171.3 18.5
Japanese Corporate Bonds **** 440.7 **** 1,622.9 **** 371.4 **** 528.0 84.7 338.1 (71.1 ) (64.3 ) 355.9 1,284.8 442.6 592.4
Other **** 2,368.8 **** 1,692.1 **** 1,981.7 **** 4,242.6 (262.1 ) (1,120.3 ) (58.2 ) (1,333.7 ) 2,630.9 2,812.5 2,040.0 5,576.4
Mizuho Trust & Banking
Japanese Bonds **** 0.3 **** 72.5 **** 12.7 **** — (32.7 ) 11.9 (7.4 ) — 33.1 60.6 20.2 —
Japanese Government Bonds **** — **** — **** — **** — (30.0 ) — — — 30.0 — — —
Japanese Local Government Bonds **** — **** — **** — **** — — — — — — — — —
Japanese Corporate Bonds **** 0.3 **** 72.5 **** 12.7 **** — (2.7 ) 11.9 (7.4 ) — 3.1 60.6 20.2 —
Other **** 0.5 **** 5.0 **** 2.5 **** — 0.0 0.7 0.5 — 0.5 4.2 1.9 —

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, 2022 Change As of March 31, 2021
Within<br>1 year 1 - 5<br>years Over<br>5 years Total Within<br>1 year 1 - 5<br>years Over<br>5 years Total Within<br>1 year 1 - 5<br>years Over<br>5 years Total
Receive Fixed / Pay Float **** 3,222.0 **** 9,266.7 **** 4,156.4 **** 16,645.2 276.3 191.2 (1,422.6 ) (955.0 ) 2,945.7 9,075.4 5,579.0 17,600.3
Receive Float / Pay Fixed **** 1,271.4 **** 2,844.9 **** 3,133.9 **** 7,250.3 663.2 937.0 (133.9 ) 1,466.3 608.2 1,907.8 3,267.8 5,784.0
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** 4,493.5 **** 12,111.7 **** 7,290.3 **** 23,895.6 939.5 1,128.3 (1,556.6 ) 511.2 3,553.9 10,983.3 8,846.9 23,384.3
Mizuho Bank
Receive Fixed / Pay Float **** 3,222.0 **** 9,266.7 **** 4,156.4 **** 16,645.2 276.3 191.2 (1,412.6 ) (945.0 ) 2,945.7 9,075.4 5,569.0 17,590.3
Receive Float / Pay Fixed **** 1,271.4 **** 2,744.9 **** 2,778.9 **** 6,795.3 663.2 907.0 (123.9 ) 1,446.3 608.2 1,837.8 2,902.8 5,349.0
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** 4,493.5 **** 12,011.7 **** 6,935.3 **** 23,440.6 939.5 1,098.3 (1,536.6 ) 501.2 3,553.9 10,913.3 8,471.9 22,939.3
Mizuho Trust & Banking
Receive Fixed / Pay Float **** — **** — **** — **** — — — (10.0 ) (10.0 ) — — 10.0 10.0
Receive Float / Pay Fixed **** — **** 100.0 **** 355.0 **** 455.0 — 30.0 (10.0 ) 20.0 — 70.0 365.0 435.0
Receive Float / Pay Float **** — **** — **** — **** — — — — — — — — —
Receive Fixed / Pay Fixed **** — **** — **** — **** — — — — — — — — —
Total **** — **** 100.0 **** 355.0 **** 455.0 — 30.0 (20.0 ) 10.0 — 70.0 375.0 445.0

(Reference)

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

(Billions of yen)
As of March 31, 2022 Change As of March 31, 2021
Deferred Hedge Gains/Losses Deferred Hedge Gains/Losses Deferred Hedge Gains/Losses
Gains Losses Gains Losses Gains Losses
Aggregate Figures **** 1,336.0 **** 1,451.7 (115.7 ) 157.5 312.8 (155.2 ) 1,178.4 1,138.9 39.5
Mizuho Bank **** 1,320.4 **** 1,435.8 (115.3 ) 151.5 310.2 (158.6 ) 1,168.8 1,125.5 43.2
Mizuho Trust & Banking **** 15.5 **** 15.9 (0.3 ) 5.9 2.5 3.3 9.6 13.3 (3.7 )

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 2021 Change Fiscal 2020
Retirement Benefit Obligations (A) **** 1,069,848 **** (55,913 ) 1,125,762
Discount Rate (%) **** (0.00)~1.05 **** (0.07)~0.82
Total Fair Value of Plan Assets (B) **** 1,800,159 **** (313,199 ) 2,113,359
Unrecognized Actuarial Differences (C) **** (228,027 ) 169,699 (397,727 )
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (B)+ (C)-(A) **** 502,283 **** (87,586 ) 589,869
Mizuho Bank
Retirement Benefit Obligations (A) **** 938,002 **** (49,977 ) 987,980
Discount Rate (%) **** (0.00)~1.05 **** (0.07)~0.82
Total Fair Value of Plan Assets (B) **** 1,576,015 **** (275,050 ) 1,851,065
Unrecognized Actuarial Differences (C) **** (197,401 ) 141,516 (338,917 )
Prepaid Pension Cost (B)+ (C)-(A) **** 440,611 **** (83,556 ) 524,167
Mizuho Trust & Banking
Retirement Benefit Obligations (A) **** 131,845 **** (5,936 ) 137,781
Discount Rate (%) **** (0.00)~1.05 **** (0.07)~0.82
Total Fair Value of Plan Assets (B) **** 224,144 **** (38,148 ) 262,293
Unrecognized Actuarial Differences (C) **** (30,626 ) 28,182 (58,809 )
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (B)+ (C)-(A) **** 61,672 **** (4,029 ) 65,701

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

(Millions of yen)
Fiscal 2021 Change Fiscal 2020
Service Cost **** (20,278 ) 3,501 (23,779 )
Interest Cost **** (3,258 ) 153 (3,412 )
Expected Return on Plan Assets **** 30,057 **** (4,694 ) 34,752
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 48,056 **** 22,842 25,213
Accumulation (Amortization) of Unrecognized Prior Service Cost **** — **** (52,391 ) 52,391
Gains on Cancellation of Employee Retirement Benefit Trust **** 74,254 **** (2,742 ) 76,996
Losses on Transfer to Defined Contribution Pension Plan **** — **** 2,519 (2,519 )
Other **** (8,309 ) (186 ) (8,122 )
Total **** 120,522 **** (30,997 ) 151,520

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to

Defined Contribution Pension Plan are recorded to Extraordinary Gains (Losses).

Mizuho Bank

(Millions of yen)
Fiscal 2021 Change Fiscal 2020
Service Cost **** (17,046 ) 2,983 (20,030 )
Interest Cost **** (2,856 ) 138 (2,994 )
Expected Return on Plan Assets **** 26,796 **** (4,344 ) 31,140
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 42,270 **** 19,495 22,775
Accumulation (Amortization) of Unrecognized Prior Service Cost **** — **** (45,822 ) 45,822
Gains on Cancellation of Employee Retirement Benefit Trust **** 66,511 **** (118 ) 66,630
Losses on Transfer to Defined Contribution Pension Plan **** — **** 2,187 (2,187 )
Other **** (7,501 ) (353 ) (7,147 )
Total **** 108,173 **** (25,835 ) 134,008

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to

Defined Contribution Pension Plan are recorded to Extraordinary Gains (Losses).

Mizuho Trust & Banking

(Millions of yen)
Fiscal 2021 Change Fiscal 2020
Service Cost **** (3,231 ) 518 (3,749 )
Interest Cost **** (402 ) 15 (418 )
Expected Return on Plan Assets **** 3,261 **** (350 ) 3,611
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 5,785 **** 3,347 2,438
Accumulation (Amortization) of Unrecognized Prior Service Cost **** — **** (6,569 ) 6,569
Gains on Cancellation of Employee Retirement Benefit Trust **** 7,742 **** (2,623 ) 10,365
Losses on Transfer to Defined Contribution Pension Plan **** — **** 331 (331 )
Other **** (807 ) 166 (974 )
Total **** 12,348 **** (5,162 ) 17,511

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to

Defined Contribution Pension Plan are recorded to Extraordinary Gains (Losses).

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

(Millions of yen)
As of March 31,<br>2022 Change As of March 31,<br>2021
Retirement Benefit Obligations (A) **** 1,278,926 **** (56,963 ) 1,335,890
Fair Value of Plan Assets (B) **** 2,070,370 **** (303,579 ) 2,373,949
Unrecognized Actuarial Differences (C) **** (243,853 ) 165,825 (409,679 )
Net Defined Benefit Asset (D) **** 863,217 **** (245,890 ) 1,109,107
Net Defined Benefit Liability (A)-(B)+(D) **** 71,774 **** 725 71,049
Income (Expenses) related to Employee RetirementBenefits ****
(Millions of yen)
Fiscal 2021 Change Fiscal 2020
Service Cost **** **** (32,421 ) 4,682 (37,103 )
Interest Cost **** (4,169 ) 146 (4,315 )
Expected Return on Plan Assets **** 34,951 **** (4,140 ) 39,092
Accumulation (Amortization) of Unrecognized Actuarial Differences **** 48,449 **** 25,886 22,563
Accumulation (Amortization) of Unrecognized Prior Service Cost **** (46 ) (62,164 ) 62,117
Gains on Cancellation of Employee Retirement Benefit Trust **** 74,254 **** (2,742 ) 76,996
Losses on Transfer to Defined Contribution Pension Plan **** — **** 3,320 (3,320 )
Other **** (12,298 ) 1,268 (13,567 )
Total **** 108,721 **** (33,742 ) 142,463
Notes: (1) Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement<br>Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020, except for a portion thereof, are recorded to Extraordinary Gains (Losses) (¥135,852 million).
--- ---
(2) Gains on Cancellation of Employee Retirement Benefit Trust in Fiscal 2021 is recorded to Extraordinary Gains.<br>
--- ---

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

Consolidated (%, Billions of yen)
As of March 31, 2022<br>(Preliminary) Change As of March 31, 2021
(1)   Total Capital Ratio **** 17.53 0.66 16.87
(2)   Tier 1 Capital Ratio **** 15.00 0.63 14.37
(3)   Common Equity Tier 1 Capital Ratio **** 12.46 0.83 11.63
(4)   Total Capital **** 11,351.6 (33.7 ) 11,385.3
(5)   Tier 1 Capital **** 9,713.2 11.3 9,701.9
(6)   Common Equity Tier 1 Capital **** 8,067.2 217.3 7,849.9
(7)   Risk weighted Assets **** 64,730.4 (2,751.5 ) 67,481.9
(8)   Total Required Capital (7) X8% **** 5,178.4 (220.1 ) 5,398.5
Mizuho Bank<br> <br><br><br><br>International Standard
Consolidated Non-Consolidated
As of March 31, 2022<br>(Preliminary) Change As of March 31, 2021 As of March 31, 2022<br>(Preliminary)
(1)   Total Capital Ratio **** 17.02 0.45 16.57 **** 16.88
(2)   Tier 1 Capital Ratio **** 14.42 0.37 14.05 **** 14.09
(3)   Common Equity Tier 1 Capital Ratio **** 11.68 0.57 11.11 **** 11.20
(4)   Total Capital **** 10,150.6 (249.2 ) 10,399.9 **** 9,483.8
(5)   Tier 1 Capital **** 8,604.5 (214.2 ) 8,818.7 **** 7,919.9
(6)   Common Equity Tier 1 Capital **** 6,968.7 (3.1 ) 6,971.8 **** 6,293.6
(7)   Risk weighted Assets **** 59,638.6 (3,095.3 ) 62,734.0 **** 56,178.1
(8)   Total Required Capital (7) X8% **** 4,771.0 (247.6 ) 5,018.7 **** 4,494.2
Mizuho Trust & Banking<br> <br><br><br><br>International Standard
Consolidated Non-Consolidated
As of March 31, 2022<br>(Preliminary) Change As of March 31, 2021 As of March 31, 2022<br>(Preliminary)
(1)   Total Capital Ratio **** 25.18 (3.76 ) 28.94 **** 24.40
(2)   Tier 1 Capital Ratio **** 25.18 (3.76 ) 28.94 **** 24.40
(3)   Common Equity Tier 1 Capital Ratio **** 25.18 (3.76 ) 28.94 **** 24.40
(4)   Total Capital **** 442.5 (84.1 ) 526.6 **** 425.8
(5)   Tier 1 Capital **** 442.4 (84.1 ) 526.5 **** 425.7
(6)   Common Equity Tier 1 Capital **** 442.4 (84.1 ) 526.5 **** 425.7
(7)   Risk weighted Assets **** 1,756.9 (62.2 ) 1,819.1 **** 1,744.6
(8)   Total Required Capital (7) X8% **** 140.5 (4.9 ) 145.5 **** 139.5

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)

• The figures below are presented net of partial direct write-offs.
• Treatment of accrued interest is based on the results of the self-assessment of assets.
--- ---

(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated

(Millions of yen)
As ofMarch 31,2022 As ofMarch 31,<br>2021
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** 50,846 (4,659 ) 55,506
Claims with Collection Risk **** 722,222 312,480 409,742
Claims for Special Attention **** 354,034 (23,550 ) 377,584
Loans Past Due for 3 Months or More **** 2,498 1,963 534
Restructured Loans **** 351,535 (25,513 ) 377,049
Sub-total[1] **** 1,127,104 284,271 842,832
Normal Claims **** 96,224,900 3,038,102 93,186,798
Total[2] **** 97,352,004 3,322,373 94,029,630
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 **** 108,874 (7,495 ) 116,369
(%)
NPL ratio[1]/[2] **** 1.15 0.26 0.89
Trust Account
(Millions of yen)
As ofMarch 31,2022 As of<br>March 31,<br>2021
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** — — —
Claims for Special Attention **** — — —
Loans Past Due for 3 Months or More **** — — —
Restructured Loans **** — — —
Sub-total[3] **** — — —
Normal Claims **** 3,825 (962 ) 4,787
Total[4] **** 3,825 (962 ) 4,787
(%)
NPL ratio[3]/[4] **** — — —

2-18

Mizuho Financial Group, Inc.

Consolidated + Trust Account
(Millions of yen)
As ofMarch 31,2022 As of<br>March 31,<br>2021
Change
Claims against Bankrupt and Substantially Bankrupt Obligors **** 50,846 (4,659 ) 55,506
Claims with Collection Risk **** 722,222 312,480 409,742
Claims for Special Attention **** 354,034 (23,550 ) 377,584
Loans Past Due for 3 Months or More **** 2,498 1,963 534
Restructured Loans **** 351,535 (25,513 ) 377,049
Sub-total[5] **** 1,127,104 284,271 842,832
Normal Claims **** 96,228,725 3,037,140 93,191,585
Total[6] **** 97,355,829 3,321,411 94,034,418
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 **** 108,874 (7,495 ) 116,369
(%)
NPL ratio[5]/[6] **** 1.15 0.26 0.89
Trust account represents trust accounts that guarantee principals in the agreement.
---

2-19

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

(Millions of yen)
As of<br>March 31,2022 Change As of<br>March 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors **** 41,109 (7,610 ) 48,720
Claims with Collection Risk **** 726,007 314,954 411,052
Claims for Special Attention **** 318,564 (14,439 ) 333,004
Loans Past Due for 3 Months or More **** 2,497 1,962 534
Restructured Loans **** 316,066 (16,402 ) 332,469
Sub-total[1] **** 1,085,681 292,904 792,777
Normal Claims **** 97,933,539 2,789,163 95,144,375
Total[2] **** 99,019,221 3,082,068 95,937,152
Above figures are presented net of partial direct write-offs, the amounts of which are<br>indicated in the table below.
Amount of Partial Direct Write-offs **** 105,413 (6,252 ) 111,666
(%)
NPL ratio[1]/[2] **** 1.09 0.27 0.82
Mizuho Bank
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 40,761 (7,678 ) 48,440
Claims with Collection Risk **** 714,801 310,160 404,640
Claims for Special Attention **** 316,984 (15,573 ) 332,557
Loans Past Due for 3 Months or More **** 2,473 1,939 534
Restructured Loans **** 314,510 (17,512 ) 332,022
Sub-total[3] **** 1,072,547 286,908 785,638
Normal Claims **** 94,734,910 2,966,020 91,768,889
Total[4] **** 95,807,457 3,252,929 92,554,528
Above figures are presented net of partial direct write-offs, the amounts of which are<br>indicated in the table below.
Amount of Partial Direct Write-offs **** 105,202 (6,247 ) 111,450
(%)
NPL ratio[3]/[4] **** 1.11 0.27 0.84

2-20

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
(Banking Account)
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 348 68 280
Claims with Collection Risk **** 11,206 4,793 6,412
Claims for Special Attention **** 1,580 1,133 446
Loans Past Due for 3 Months or More **** 23 23 —
Restructured Loans **** 1,556 1,109 446
Sub-total[5] **** 13,134 5,995 7,138
Normal Claims **** 3,194,804 (175,894 ) 3,370,698
Total[6] **** 3,207,938 (169,898 ) 3,377,837
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 **** 210 (5 ) 216
(%)
NPL ratio[5]/[6] 0.40 0.19 0.21
(Trust Account)
(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** — — —
Claims for Special Attention **** — — —
Loans Past Due for 3 Months or More **** — — —
Restructured Loans **** — — —
Sub-total[7] **** — — —
Normal Claims **** 3,825 (962 ) 4,787
Total[8] **** 3,825 (962 ) 4,787
(%)
NPL ratio[7]/[8] — — —
Trust account represents trust accounts that guarantee principals in the agreement.

2-21

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

(Millions of yen)
As of<br>March 31,2022 Change As of<br>March 31,2021
Reserves for Possible Losses on Loans **** 783,886 208,313 575,572
General Reserve for Possible Losses on Loans **** 269,140 (113,921 ) 383,062
Specific Reserve for Possible Losses on Loans **** 460,013 268,804 191,208
Reserve for Possible Losses on Loans to Restructuring Countries **** 54,732 53,430 1,301
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 **** 109,122 (7,712 ) 116,834
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks
(Millions of yen)
As of<br>March 31,2022 Change As of<br>March 31,2021
Reserves for Possible Losses on Loans **** 817,249 276,952 540,297
General Reserve for Possible Losses on Loans **** 250,482 (114,434 ) 364,916
Specific Reserve for Possible Losses on Loans **** 512,034 337,956 174,078
Reserve for Possible Losses on Loans to Restructuring Countries **** 54,732 53,430 1,301
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 **** 105,413 (6,252 ) 111,666
Mizuho Bank
Reserves for Possible Losses on Loans **** 814,778 278,677 536,101
General Reserve for Possible Losses on Loans **** 248,435 (113,633 ) 362,068
Specific Reserve for Possible Losses on Loans **** 511,610 338,880 172,730
Reserve for Possible Losses on Loans to Restructuring Countries **** 54,732 53,430 1,301
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 **** 105,202 (6,247 ) 111,450
Mizuho Trust & Banking
Reserves for Possible Losses on Loans **** 2,470 (1,725 ) 4,196
General Reserve for Possible Losses on Loans **** 2,046 (801 ) 2,847
Specific Reserve for Possible Losses on Loans **** 424 (924 ) 1,348
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 **** 210 (5 ) 216

Reserve for Possible Losses on Entrusted Loans (¥12 million and ¥15 million for March 31, 2022 and March 31, 2021, respectively) is not included in the above figures for Trust Account.

2-22

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non Performing Loans based on the BA and theFRA

Consolidated

(%)
As of<br>March 31,2022 Change As of<br>March 31,2021
Mizuho Financial Group **** 69.54 1.25 68.29
Above figures are presented net of partial direct write-offs.
Non-Consolidated
(%)
As of<br>March 31,2022 Change As of<br>March 31,2021
Total **** 75.27 7.12 68.15
Mizuho Bank **** 75.96 7.72 68.23
Mizuho Trust & Banking (Banking Account) **** 18.81 (39.96 ) 58.77

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

2-23

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)
As of<br>March 31, 2022 Change As of<br>March 31, 2021
Claims against Bankrupt and Substantially Bankrupt Obligors **** 41.1 (7.6 ) 48.7
Collateral, Guarantees, and equivalent **** 35.4 (6.9 ) 42.3
Reserve for Possible Losses **** 5.6 (0.6 ) 6.3
Claims with Collection Risk **** 726.0 314.9 411.0
Collateral, Guarantees, and equivalent **** 164.8 0.1 164.7
Reserve for Possible Losses **** 438.9 271.2 167.6
Claims for Special Attention **** 318.5 (14.4 ) 333.0
Collateral, Guarantees, and equivalent **** 93.5 (7.3 ) 100.9
Reserve for Possible Losses **** 52.2 (5.2 ) 57.5
Total **** 1,085.6 292.9 792.7
Collateral, Guarantees, and equivalent **** 293.8 (14.1 ) 308.0
Reserve for Possible Losses **** 496.9 265.3 231.6
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors **** 40.7 (7.6 ) 48.4
Collateral, Guarantees, and equivalent **** 35.0 (6.9 ) 42.0
Reserve for Possible Losses **** 5.6 (0.6 ) 6.3
Claims with Collection Risk **** 714.8 310.1 404.6
Collateral, Guarantees, and equivalent **** 154.2 (6.2 ) 160.5
Reserve for Possible Losses **** 438.5 272.2 166.3
Claims for Special Attention **** 316.9 (15.5 ) 332.5
Collateral, Guarantees, and equivalent **** 93.4 (7.4 ) 100.8
Reserve for Possible Losses **** 51.9 (5.4 ) 57.4
Total **** 1,072.5 286.9 785.6
Collateral, Guarantees, and equivalent **** 282.7 (20.6 ) 303.4
Reserve for Possible Losses **** 496.2 266.0 230.1
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 0.3 0.0 0.2
Collateral, Guarantees, and equivalent **** 0.3 0.0 0.2
Reserve for Possible Losses **** — — —
Claims with Collection Risk **** 11.2 4.7 6.4
Collateral, Guarantees, and equivalent **** 10.6 6.3 4.2
Reserve for Possible Losses **** 0.4 (0.9 ) 1.3
Claims for Special Attention **** 1.5 1.1 0.4
Collateral, Guarantees, and equivalent **** 0.1 0.0 0.0
Reserve for Possible Losses **** 0.2 0.2 0.0
Total **** 13.1 5.9 7.1
Collateral, Guarantees, and equivalent **** 11.0 6.5 4.5
Reserve for Possible Losses **** 0.7 (0.7 ) 1.4
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Collateral, Guarantees, and equivalent **** — — —
Claims with Collection Risk **** — — —
Collateral, Guarantees, and equivalent **** — — —
Claims for Special Attention **** — — —
Collateral, Guarantees, and equivalent **** — — —
Total **** — — —
Collateral, Guarantees, and equivalent **** — — —

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)
As of<br>March 31, 2022 Change As of<br>March 31, 2021
Coverage Amount **** 790.7 251.1 539.6
Reserves for Possible Losses on Loans **** 496.9 265.3 231.6
Collateral, Guarantees, and equivalent **** 293.8 (14.1 ) 308.0
(%)
Coverage Ratio **** 72.8 4.7 68.0
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 83.1 2.2 80.8
Claims for Special Attention **** 45.7 (1.8 ) 47.5
Claims against Special Attention Obligors **** 46.8 3.4 43.3
Reserve Ratio against Non-collateralized Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 78.2 10.1 68.0
Claims for Special Attention **** 23.2 (1.5 ) 24.7
Claims against Special Attention Obligors **** 25.3 (3.4 ) 28.7
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 18.05 (4.80 ) 22.85
Claims against Watch Obligors excluding Special Attention Obligors **** 3.46 (1.40 ) 4.87
Claims against Normal Obligors **** 0.10 (0.00 ) 0.10
Mizuho Bank
(Billions of yen)
Coverage Amount **** 778.9 245.3 533.6
Reserves for Possible Losses on Loans **** 496.2 266.0 230.1
Collateral, Guarantees, and equivalent **** 282.7 (20.6 ) 303.4
(%)
Coverage Ratio **** 72.6 4.7 67.9
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 82.9 2.1 80.7
Claims for Special Attention **** 45.8 (1.7 ) 47.6
Claims against Special Attention Obligors **** 46.9 3.5 43.3
Reserve Ratio against Non-collateralized<br>Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 78.2 10.0 68.1
Claims for Special Attention **** 23.2 (1.5 ) 24.8
Claims against Special Attention Obligors **** 25.3 (3.3 ) 28.7
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 18.04 (4.81 ) 22.86
Claims against Watch Obligors excluding Special Attention Obligors **** 3.49 (1.43 ) 4.92
Claims against Normal Obligors **** 0.10 (0.00 ) 0.10

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Billions of yen)
As of<br>March 31, 2022 Change As of<br>March 31, 2021
Coverage Amount **** 11.7 5.7 5.9
Reserves for Possible Losses on Loans **** 0.7 (0.7 ) 1.4
Collateral, Guarantees, and equivalent **** 11.0 6.5 4.5
(%)
Coverage Ratio **** 89.5 5.8 83.7
Claims against Bankrupt and Substantially Bankrupt Obligors **** 100.0 — 100.0
Claims with Collection Risk **** 98.2 11.5 86.7
Claims for Special Attention **** 25.6 (3.8 ) 29.4
Claims against Special Attention Obligors **** 24.0 (2.3 ) 26.4
Reserve Ratio against Non-collateralized Claims
(%)
Claims against Bankrupt and Substantially Bankrupt Obligors **** — — —
Claims with Collection Risk **** 68.1 7.0 61.1
Claims for Special Attention **** 20.0 (0.2 ) 20.2
Claims against Special Attention Obligors **** 19.9 (0.1 ) 20.1
Reference: Reserve Ratio
(%)
Claims against Special Attention Obligors **** 18.96 0.38 18.57
Claims against Watch Obligors excluding Special Attention Obligors **** 1.08 (0.57 ) 1.66
Claims against Normal Obligors **** 0.04 (0.02 ) 0.06

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen) ****

LOGO

Notes: 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.

2-27

Mizuho Financial Group, Inc.

6. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1)Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the BA and the FRA)

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

(Billions of yen)
Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021
As ofMarch 31,2019 As ofMarch 31,2020 As ofMarch 31,2021 As of March 31, 2022
MHBK MHTB* Aggregate<br>Figures for<br>the 2Banks Change fromMarch 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors 52.9 38.1 29.2 23.6 0.2 23.8 (5.3 )
Claims with Collection Risk 347.6 214.6 164.1 133.7 1.0 134.7 (29.4 )
Amount Categorized as above up to Fiscal 2018 **** 400.6 252.7 193.4 157.3 1.2 **** 158.6 (34.8 )
of which the amount which was in the process of being removed from the balancesheet 40.8 32.4 26.5 25.0 (0.4 ) 24.5 (1.9 )
Claims against Bankrupt and Substantially Bankrupt Obligors 12.8 4.4 4.7 — 4.7 0.3
Claims with Collection Risk 171.8 82.6 27.7 0.0 27.8 (54.8 )
Amount Newly Categorized as above during Fiscal 2019 **** 184.7 87.0 32.5 0.0 **** 32.6 (54.4 )
of which the amount which was in the process of being removed from the balancesheet 12.0 5.0 5.5 — 5.5 0.4
Claims against Bankrupt and Substantially Bankrupt Obligors 15.0 4.8 0.0 4.8 (10.1 )
Claims with Collection Risk 164.2 89.4 3.0 92.5 (71.6 )
Amount Newly Categorized as above during Fiscal 2020 **** 179.2 94.2 3.1 **** 97.3 (81.8 )
of which the amount which was in the process of being removed from the balancesheet 13.6 2.7 0.0 2.7 (10.8 )
Claims against Bankrupt and Substantially Bankrupt Obligors 7.4 0.1 7.6 7.6
Claims with Collection Risk 463.8 7.0 470.9 470.9
Amount Newly Categorized as above during Fiscal 2021 471.3 7.1 **** 478.5 478.5
of which the amount which was in the process of being removed from the balancesheet 7.0 0.1 7.1 7.1
Claims against Bankrupt and Substantially Bankrupt Obligors 52.9 51.0 48.7 40.7 0.3 41.1 (7.6 )
Claims with Collection Risk 347.6 386.5 411.0 714.8 11.2 726.0 314.9
Total 400.6 437.5 459.7 755.5 11.5 767.1 307.3
of which the amount which was in the process of being removed from the balancesheet 40.8 44.5 45.3 40.4 (0.3 ) 40.0 (5.2 )
*<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 2021

(Billions of yen)
Aggregate Figures<br>for the 2 Banks<br>(Banking Account<br>+ Trust Account) MHBK MHTB(Banking Account+ Trust Account)
Liquidation (5.8 ) (5.8 ) —
Restructuring (24.8 ) (24.8 ) —
Improvement in Business Performance due to Restructuring (0.0 ) — (0.0 )
Loan Sales (21.4 ) (21.4 ) —
Direct Write-off 20.8 21.8 (1.0 )
Other (139.8 ) (138.7 ) (1.1 )
Debt recovery (112.6 ) (111.8 ) (0.7 )
Improvement in Business Performance (27.2 ) (26.8 ) (0.4 )
Total (171.1 ) (168.8 ) (2.2 )

2-28

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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

(Billions of yen)
As of March 31, 2022 As of March 31, 2021
OutstandingBalance Change OutstandingBalance
Domestic Total (excluding Loans Booked Offshore) **** 60,188.1 (1,856.1 ) 62,044.2
Manufacturing **** 9,770.8 (1,143.7 ) 10,914.5
Agriculture & Forestry **** 47.5 (3.1 ) 50.7
Fishery **** 2.9 0.7 2.2
Mining, Quarrying Industry & Gravel Extraction Industry **** 220.7 (95.1 ) 315.8
Construction **** 857.4 129.2 728.1
Utilities **** 3,043.3 190.7 2,852.6
Communication **** 1,206.4 (18.5 ) 1,225.0
Transportation & Postal Industry **** 2,581.5 (66.2 ) 2,647.7
Wholesale & Retail **** 5,214.7 120.8 5,093.9
Finance & Insurance **** 9,032.1 (189.1 ) 9,221.3
Real Estate **** 10,160.4 532.7 9,627.6
Commodity Lease **** 2,891.9 (174.0 ) 3,066.0
Service Industries **** 3,082.0 (259.8 ) 3,341.8
Local Governments **** 589.0 (87.1 ) 676.2
Governments **** 836.5 (387.0 ) 1,223.6
Other **** 10,650.0 (406.4 ) 11,056.5
Overseas Total (including Loans Booked Offshore) **** 26,463.8 2,523.6 23,940.2
Governments **** 263.8 38.6 225.1
Financial Institutions **** 9,544.6 864.3 8,680.3
Other **** 16,655.3 1,620.5 15,034.7
Total **** 86,651.9 667.4 85,984.5
* Loans to Finance & Insurance sector includes loans to MHFG as follows:<br>
--- ---
As of March 31, 2022: ¥755.0 billion (from MHBK)
--- ---
As of March 31, 2021: ¥850.0 billion (from MHBK)
* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.
--- ---

2-29

Mizuho Financial Group, Inc.

(Billions of yen)
As of March 31, 2022 As of March 31, 2021
OutstandingBalance Change OutstandingBalance
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore) **** 56,498.8 (1,636.1 ) 58,134.9
Manufacturing **** 9,356.9 (1,097.9 ) 10,454.8
Agriculture & Forestry **** 47.5 (3.1 ) 50.6
Fishery **** 2.9 0.7 2.2
Mining, Quarrying Industry & Gravel Extraction Industry **** 219.2 (94.9 ) 314.1
Construction **** 816.7 124.2 692.4
Utilities **** 2,766.4 197.0 2,569.4
Communication **** 1,104.9 (32.5 ) 1,137.4
Transportation & Postal Industry **** 2,402.6 (42.4 ) 2,445.1
Wholesale & Retail **** 5,083.4 135.9 4,947.4
Finance & Insurance **** 8,555.8 (179.9 ) 8,735.8
Real Estate **** 8,699.8 455.7 8,244.1
Commodity Lease **** 2,693.8 (163.0 ) 2,856.8
Service Industries **** 3,029.8 (257.7 ) 3,287.6
Local Governments **** 587.3 (86.1 ) 673.5
Governments **** 836.5 (251.3 ) 1,087.9
Other **** 10,294.6 (340.7 ) 10,635.3
Overseas Total (including Loans Booked Offshore) **** 26,463.6 2,524.0 23,939.6
Governments **** 263.8 38.6 225.1
Financial Institutions **** 9,544.6 864.3 8,680.3
Other **** 16,655.1 1,621.0 15,034.1
Total **** 82,962.4 887.8 82,074.5
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore) **** 3,689.3 (220.0 ) 3,909.3
Manufacturing **** 413.9 (45.8 ) 459.7
Agriculture & Forestry **** 0.0 (0.0 ) 0.0
Fishery **** — — —
Mining, Quarrying Industry & Gravel Extraction Industry **** 1.5 (0.1 ) 1.7
Construction **** 40.7 5.0 35.7
Utilities **** 276.9 (6.2 ) 283.2
Communication **** 101.5 14.0 87.5
Transportation & Postal Industry **** 178.8 (23.8 ) 202.6
Wholesale & Retail **** 131.3 (15.1 ) 146.4
Finance & Insurance **** 476.2 (9.2 ) 485.5
Real Estate **** 1,460.5 77.0 1,383.4
Commodity Lease **** 198.1 (11.0 ) 209.2
Service Industries **** 52.1 (2.0 ) 54.2
Local Governments **** 1.6 (1.0 ) 2.7
Governments **** — (135.7 ) 135.7
Other **** 355.4 (65.6 ) 421.1
Overseas Total (including Loans Booked Offshore) **** 0.2 (0.4 ) 0.6
Governments **** — — —
Financial Institutions **** — — —
Other **** 0.2 (0.4 ) 0.6
Total **** 3,689.5 (220.4 ) 3,909.9
* Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.
--- ---

2-30

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

(Billions of yen, %)
As of March 31, 2022 As of March 31, 2021
Change
Non Performing<br>Loans based on<br>the BA and the<br>FRA CoverageRatio Non Performing<br>Loans based on<br>the BA and the<br>FRA CoverageRatio Non Performing<br>Loans based on<br>the BA and the<br>FRA CoverageRatio
Domestic Total (excluding Loans Booked Offshore) **** 998.4 **** 72.3 297.4 5.9 700.9 66.3
Manufacturing **** 516.5 **** 76.4 291.4 20.7 225.1 55.6
Agriculture & Forestry **** 1.3 **** 46.9 0.5 (6.5 ) 0.7 53.4
Fishery **** 0.2 **** 62.6 (0.0 ) (0.0 ) 0.3 62.6
Mining, Quarrying Industry & Gravel Extraction Industry **** 0.1 **** 100.0 0.0 21.0 0.1 78.9
Construction **** 5.9 **** 78.5 0.4 2.2 5.5 76.3
Utilities **** 1.1 **** 37.4 (0.9 ) (34.4 ) 2.1 71.8
Communication **** 9.1 **** 75.1 (0.5 ) 1.3 9.7 73.7
Transportation & Postal Industry **** 26.2 **** 47.7 17.5 (21.4 ) 8.7 69.1
Wholesale & Retail **** 130.3 **** 57.5 (9.3 ) 0.7 139.6 56.8
Finance & Insurance **** 14.3 **** 81.6 (10.8 ) (0.9 ) 25.1 82.5
Real Estate **** 35.5 **** 81.5 (5.0 ) (7.2 ) 40.5 88.8
Commodity Lease **** 1.4 **** 87.1 (0.0 ) (3.4 ) 1.4 90.6
Service Industries **** 169.4 **** 63.2 27.3 (3.5 ) 142.0 66.7
Local Governments **** — **** — — — — —
Other **** 86.5 **** 89.6 (12.9 ) 1.7 99.4 87.9
Overseas Total (including Loans Booked Offshore) **** 87.2 **** 78.9 (4.5 ) (2.4 ) 91.8 81.3
Governments **** — **** — — — — —
Financial Institutions **** — **** — — — — —
Other **** 87.2 **** 78.9 (4.5 ) (2.4 ) 91.8 81.3
Total **** 1,085.6 **** 72.8 292.9 4.7 792.7 68.0
* Trust account represents trust accounts that guarantee principals in the agreement.
--- ---

2-31

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and ConsumerLoans

Non-Consolidated

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

(Billions of yen)
As of<br>March 31,2022 As of<br>March 31,2021
Change
Housing and Consumer Loans **** 8,457.3 (305.4 ) 8,762.8
Housing Loans for owner’s residential housing **** 7,896.3 (229.2 ) 8,125.6
Mizuho Bank
Housing and Consumer Loans **** 8,404.1 (296.4 ) 8,700.5
Housing Loans **** 7,981.4 (250.6 ) 8,232.0
for owner’s residential housing **** 7,846.4 (221.1 ) 8,067.6
Consumer loans **** 422.6 (45.8 ) 468.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans **** 53.2 (8.9 ) 62.2
Housing Loans for owner’s residential housing **** 49.8 (8.1 ) 57.9
*  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 31,2022 As of<br>March 31,2021
Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 57.9 0.6 57.3
Loans to SMEs and Individual Customers **** 34,897.9 (703.1 ) 35,601.0
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 58.3 0.4 57.9
Loans to SMEs and Individual Customers **** 32,976.0 (702.7 ) 33,678.8
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans **** 52.0 2.9 49.1
Loans to SMEs and Individual Customers **** 1,921.8 (0.4 ) 1,922.2
* Above figures are aggregate banking and trust account amounts.
--- ---
* Above figures do not include loans booked at overseas offices and offshore loans.
--- ---
* The definition of “Small and Medium-sized Enterprises” is as<br>follows:
--- ---
Enterprises of which the capital is ¥300 million or below (¥100 million or below for the<br>wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50<br>or below for the retail and restaurant industries.)
---

2-32

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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

(Billions of yen)
As of March 31, 2022 As of March 31,2021
Outstanding       Balance Change Outstanding       Balance
Asia **** 7,768.0 451.0 7,317.0
Hong Kong **** 1,893.9 (21.3 ) 1,915.3
Singapore **** 1,354.1 228.2 1,125.9
Thailand **** 1,139.2 57.0 1,082.2
Taiwan **** 984.3 137.4 846.8
India **** 527.2 48.1 479.0
South Korea **** 647.8 104.0 543.8
Indonesia **** 321.3 (101.0 ) 422.3
Philippines **** 294.5 1.2 293.3
China **** 124.8 (72.3 ) 197.2
Malaysia **** 92.4 (20.5 ) 113.0
Central and South America **** 5,189.5 72.0 5,117.4
Mexico **** 369.0 24.2 344.7
Brazile **** 239.8 62.7 177.1
North America **** 8,244.1 768.5 7,475.6
United States **** 7,444.1 890.6 6,553.4
Eastern Europe **** 274.2 (16.2 ) 290.4
Russia **** 209.8 (1.9 ) 211.8
Western Europe **** 4,914.0 751.0 4,162.9
United Kingdom **** 1,462.0 285.9 1,176.0
Netherlands **** 942.5 (31.2 ) 973.7
Germany **** 468.5 (40.5 ) 509.1
Ireland **** 318.5 10.1 308.3
Switzerland **** 321.5 156.4 165.0
France **** 356.4 140.7 215.6
Turkey **** 89.8 (5.4 ) 95.2
Italy **** 106.0 (36.9 ) 142.9
Other **** 3,567.9 422.3 3,145.6
Australia **** 1,972.1 339.2 1,632.8
Total **** 29,957.9 2,448.8 27,509.1

The above figures are based on obligor country of location.

The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.

As of March 31, 2022 As of March 31,2021
Outstanding       Balance Change Outstanding       Balance
Mizuho Bank (China), Ltd **** 1,280.4 167.4 1,113.0
Mizuho Bank (USA) **** 458.0 63.7 394.2
PT. Bank Mizuho Indonesia **** 300.7 (13.9 ) 314.7

Note: The balances of loans of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2022 and 2021 are ¥68.8 billion and ¥62.4 billion, respectively.

2-33

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA by Region

Non-Consolidated

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

(Billions of yen)
As of March 31, 2022 As of March 31, 2021
Non PerformingLoans based on the<br>BA and the FRA Change Non PerformingLoans based on theBA and the FRA
Asia **** 56.8 19.0 37.8
Hong Kong **** 0.0 (0.3 ) 0.3
Singapore **** 35.0 1.8 33.2
Thailand **** 1.0 0.4 0.5
Taiwan **** 0.0 0.0 0.0
India **** 0.1 (2.5 ) 2.7
South Korea **** 0.0 (0.0 ) 0.0
Indonesia **** 0.9 0.0 0.9
Philippines **** 0.0 (0.0 ) 0.0
China **** 0.0 0.0 —
Malaysia **** — — —
Central and South America **** 17.8 (5.4 ) 23.3
Mexico **** 0.4 (0.4 ) 0.8
Brazile **** 3.5 (1.2 ) 4.8
North America **** 15.0 (19.9 ) 34.9
United States **** 15.0 (7.9 ) 22.9
Eastern Europe **** 7.8 7.8 —
Russia **** 7.8 7.8 —
Western Europe **** 23.2 (31.1 ) 54.4
United Kingdom **** 3.4 (4.1 ) 7.5
Netherlands **** — — —
Germany **** 0.5 (4.3 ) 4.9
Ireland **** — (21.2 ) 21.2
Switzerland **** 0.2 (0.1 ) 0.3
France **** — (0.0 ) 0.0
Turkey **** — — —
Italy **** 8.2 5.3 2.8
Other **** 11.8 7.2 4.6
Australia **** — — —
Total **** 132.8 (22.3 ) 155.2

The above figures are based on obligor country of location.

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

As of March 31, 2022 As of March 31, 2021
Non PerformingLoans based on theBA and the FRA Change Non PerformingLoans based on theBA and the FRA
Mizuho Bank (China) ,Ltd **** 1.8 0.6 1.1
Mizuho Bank (USA) **** 3.0 0.3 2.7
PT. Bank Mizuho Indonesia **** 5.8 (1.5 ) 7.3

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2022 and 2021 are not existed.

2-34

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 amountfor five years(from April 1, 2022toMarch 31, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 1 3,263.7
Income before Income Taxes 2 3,611.8
Tax Adjustments ^*1^ 3 262.6
Taxable Income before Current Deductible Temporary Differences ^*2^ 4 3,874.4
Effective Statutory Tax Rate 5 30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ] 6 1,186.3
*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, 2022.
--- ---
(Reference) Past results of taxable income (tax loss)
--- --- ---
(Billions of yen)
Fiscal 2017 379.9
Fiscal 2018 267.2
Fiscal 2019 378.5
Fiscal 2020 316.3
Fiscal 2021(estimate) 356.0
*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 2021 is an estimate of taxable income.
--- ---

2. Breakdown of Deferred Tax Assets

(Billions of yen)
As of<br>March 31,2022 Change As of<br>March 31,2021
Reserves for Possible Losses on Loans 7 **** 251.6 **** 65.3 186.2
Impairment of Securities 8 **** 125.2 **** (1.0 ) 126.2
Net Unrealized Losses on Other Securities 9 **** 62.3 **** 51.5 10.7
Reserve for Employee Retirement Benefits 10 **** — **** — —
Depreciation and Impairment 11 **** 122.1 **** (24.3 ) 146.5
Net Deferred Hedge Losses 12 **** 3.9 **** 3.9 —
Tax Losses Carried Forward 13 **** 0.1 **** 0.1 —
Other 14 **** 229.7 **** (1.9 ) 231.7
Total Deferred Tax Assets 15 **** 831.1 **** 129.4 701.6
Valuation Allowance 16 **** (106.7 ) 29.0 (135.7 )
Sub-Total [ 15 + 16 ] 17 **** 724.3 **** 158.5 565.8
Amount related to Retirement Benefits Accounting 18 **** (134.9 ) 25.5 (160.5 )
Net Unrealized Gains on Other Securities 19 **** (276.8 ) 119.9 (396.8 )
Net Deferred Hedge Gains 20 **** — **** 10.8 (10.8 )
Other 21 **** (39.4 ) (3.0 ) (36.3 )
Total Deferred Tax Liabilities 22 **** (451.2 ) 153.3 (604.5 )
Net Deferred Tax Assets (Liabilities) [17 + 22] 23 **** 273.1 **** 311.8 (38.7 )
Tax effects related to Net Unrealized Losses (Gains) on Other Securities ^*^ 24 **** (223.9 ) 175.7 (399.7 )
Tax effects related to Net Deferred Hedge Losses (Gains) 25 **** 39.7 **** 50.6 (10.8 )
Tax effects related to others 26 **** 457.3 **** 85.4 371.8
* 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.

2-35

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

(Billions of yen)
Total amount forfive years<br>(from April 1, 2022<br>toMarch 31, 2027)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans) 1 199.8
Income before Income Taxes 2 222.1
Tax Adjustments ^(1)^ 3 (44.7 )
Taxable Income before Current Deductible Temporary Differences ^(2)^ 4 177.4
Effective Statutory Tax Rate 5 30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ] 6 54.3
*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, 2022.
--- ---
(Reference) Past results of taxable income (tax loss)
--- --- ---
(Billions of yen)
Fiscal 2017 40.5
Fiscal 2018 39.0
Fiscal 2019 31.7
Fiscal 2020 26.6
Fiscal 2021(estimate) 33.0
*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 2021 is an estimate of taxable income.
--- ---

2. Breakdown of Deferred Tax Assets

(Billions of yen)
As of<br>March 31,2022 Change As of<br>March 31,2021
Reserves for Possible Losses on Loans 7 **** 0.7 **** (0.5 ) 1.3
Impairment of Securities 8 **** 7.7 **** (1.2 ) 9.0
Net Unrealized Losses on Other Securities 9 **** 0.4 **** 0.1 0.2
Reserve for Employee Retirement Benefits^(1)^ 10 **** 1.5 **** 1.4 0.0
Reserve for Loss of Transfer 11 **** 0.9 **** (0.5 ) 1.4
Net Deferred Hedge Losses 12 **** 0.1 **** (1.0 ) 1.1
Tax Losses Carried Forward 13 **** — **** — —
Other ^(2)^ 14 **** 17.8 **** (2.5 ) 20.4
Total Deferred Tax Assets 15 **** 29.3 **** (4.3 ) 33.7
Valuation Allowance 16 **** (7.7 ) 1.9 (9.6 )
Sub-Total [ 15 + 16 ] 17 **** 21.6 **** (2.3 ) 24.0
Amount related to Retirement Benefits Accounting<br>^(3)^ 18 **** (20.3 ) (0.1 ) (20.1 )
Net Unrealized Gains on Other Securities 19 **** (16.1 ) 2.8 (18.9 )
Net Deferred Hedge Gains 20 **** — **** — —
Other 21 **** (2.6 ) (2.2 ) (0.3 )
Total Deferred Tax Liabilities 22 **** (39.1 ) 0.4 (39.5 )
Net Deferred Tax Assets (Liabilities) [17 + 22] 23 **** (17.4 ) (1.9 ) (15.5 )
Tax effects related to Net Unrealized Losses (Gains) on Other Securities^(4)^ 24 **** (15.3 ) 3.6 (18.9 )
Tax effects related to Net Deferred Hedge Losses (Gains) 25 **** 0.1 **** (1.0 ) 1.1
Tax effects related to others 26 **** (2.2 ) (4.5 ) 2.3
(1,2,3) The presentation of “Reserve for Employee Retirement Benefits”, “Other” and “Amount<br>related to Retirement Benefits Accounting” has been changed from this fiscal year. In order to reflect the change in presentation of the financial statements, “ Reserve for Employee Retirement Benefits “ of ¥3.1 billion,<br>“Other” of ¥5.1 billion and “Amount related to Retirement Benefits Accounting” of ¥(7.9) billion presented in the statements for the previous fiscal year have been reclassified as “ Reserve for Employee<br>Retirement Benefits “ of ¥0 billion, “Other” of ¥20.4 billion and “Amount related to Retirement Benefits Accounting” of ¥(20.1) billion.
--- ---
(4) 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.

2-36

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 31,2022 Change As of<br>March 31,2021
Deposits **** 112,531.4 1,488.1 111,043.3
Individual Deposits **** 47,667.5 345.8 47,321.6
Corporate Deposits **** 55,596.1 1,003.4 54,592.7
Financial/Government Institutions **** 9,267.7 138.8 9,128.8
Mizuho Bank
Deposits **** 109,960.1 1,796.7 108,163.3
Individual Deposits **** 46,863.5 371.9 46,491.5
Corporate Deposits **** 54,457.9 1,184.0 53,273.9
Financial/Government Institutions **** 8,638.6 240.7 8,397.8
Mizuho Trust & Banking
Deposits **** 2,571.3 (308.5 ) 2,879.9
Individual Deposits **** 803.9 (26.1 ) 830.1
Corporate Deposits **** 1,138.1 (180.6 ) 1,318.8
Financial/Government Institutions **** 629.1 (101.8 ) 731.0
* Above figures do not include deposits booked at overseas offices and offshore deposits.
--- ---

2-37

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 31,2022 Change As of<br>March 31,2021
Directors, Executive Officers as defined in the Companies Act, and Auditors **** 45 — 45
Executive Officers as defined in our internal regulations (excluding those doubling as Directors<br>as defined in the Companies Act) **** 44 (73 ) 117
*  The above numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees<br> <br><br><br><br>Consolidated
As of<br>March 31,2022 Change As of<br>March 31,2021
Employees (excluding Executive Officers as defined in our internal regulations) **** 52,420 (2,072 ) 54,492
Average number of temporary employees **** 14,019 (1,290 ) 15,309
*  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
As of<br>March 31,2022 Change As of<br>March 31,2021
Mizuho Bank **** 461 (2 ) 463
Mizuho Trust & Banking **** 60 — 60
Mizuho Securities **** 230 (8 ) 238
*  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 31,2022 Change As of<br>March 31,2021
Mizuho Bank **** 49 — 49
Mizuho Trust & Banking **** — — —
Mizuho Securities **** 2 — 2
*  The above numbers are the numbers of overseas branches or relevant offices, and overseas representative<br>offices.

2-38

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2022

Consolidated

(Billions of yen)
Fiscal 2022
Ordinary Profits **** 770.0
Profit Attributable to Owners of Parent **** 540.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)
Fiscal 2022
Aggregate Figures<br>for the 2 Banks MHBK MHTB*
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) +<br>Net Gains (Losses) related to ETF **** 630.0 **** **** 595.0 **** **** 35.0
Ordinary Profits **** 565.0 **** **** 525.0 **** **** 40.0
Net Income **** 380.0 **** **** 350.0 **** **** 30.0
Credit-related Costs **** (90.0 ) (90.0 ) —
* 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.

2-39

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

Millions of yen
As of March 31,<br>2022 (A) As of March 31,<br>2021 (B) Change<br>(A) - (B)
Assets
Cash and Due from Banks ¥ 48,803,771 **** ¥ 45,460,471 ¥ 3,343,300
Call Loans **** 1,223,766 **** 967,504 256,261
Receivables under Resale Agreements **** 1,681,260 **** 2,376,420 (695,159 )
Guarantee Deposits Paid under Securities Borrowing Transactions **** 154,255 **** 151,282 2,972
Other Debt Purchased **** 679,939 **** 482,837 197,102
Trading Assets **** 4,496,695 **** 4,655,665 (158,970 )
Money Held in Trust **** 504 **** 503 0
Securities **** 44,608,181 **** 43,720,657 887,523
Loans and Bills Discounted **** 82,962,457 **** 82,074,591 887,866
Foreign Exchange Assets **** 2,509,122 **** 2,016,766 492,356
Derivatives other than for Trading **** 6,133,443 **** 3,998,530 2,134,913
Other Assets **** 5,958,848 **** 4,920,054 1,038,794
Tangible Fixed Assets **** 847,689 **** 881,564 (33,874 )
Intangible Fixed Assets **** 347,681 **** 360,296 (12,614 )
Prepaid Pension Cost **** 440,611 **** 524,167 (83,556 )
Deferred Tax Assets **** 273,129 **** — 273,129
Customers’ Liabilities for Acceptances and Guarantees **** 8,733,646 **** 6,828,085 1,905,560
Reserves for Possible Losses on Loans **** (814,778 ) (536,101 ) (278,677 )
Reserve for Possible Losses on Investments **** (106 ) — (106 )
Total Assets ¥ 209,040,119 **** ¥ 198,883,298 ¥ 10,156,821
Liabilities
Deposits ¥ 133,633,887 **** ¥ 128,279,005 ¥ 5,354,881
Negotiable Certificates of Deposit **** 16,162,209 **** 16,684,774 (522,564 )
Call Money **** 940,058 **** 1,061,104 (121,046 )
Payables under Repurchase Agreements **** 9,293,236 **** 8,760,834 532,401
Guarantee Deposits Received under Securities Lending Transactions **** 146,864 **** 170,648 (23,783 )
Commercial Paper **** 1,775,859 **** 2,105,067 (329,207 )
Trading Liabilities **** 3,447,533 **** 3,255,476 192,056
Borrowed Money **** 14,397,626 **** 15,084,290 (686,664 )
Foreign Exchange Liabilities **** 1,788,299 **** 717,422 1,070,876
Bonds and Notes **** 810,504 **** 911,779 (101,274 )
Derivatives other than for Trading **** 6,635,032 **** 4,016,868 2,618,163
Other Liabilities **** 4,302,633 **** 3,448,928 853,704
Reserve for Bonus Payments **** 24,582 **** 25,042 (460 )
Reserve for Variable Compensation **** 763 **** 983 (219 )
Reserve for Possible Losses on Sales of Loans **** 1,309 **** 1,074 234
Reserve for Contingencies **** 1,306 **** 3,092 (1,785 )
Reserve for Reimbursement of Deposits **** 16,627 **** 20,540 (3,913 )
Reserve for Reimbursement of Debentures **** 10,504 **** 14,419 (3,915 )
Deferred Tax Liabilities **** — **** 38,723 (38,723 )
Deferred Tax Liabilities for Revaluation Reserve for Land **** 59,962 **** 61,915 (1,953 )
Acceptances and Guarantees **** 8,733,646 **** 6,828,085 1,905,560
Total Liabilities **** 202,182,447 **** 191,490,080 10,692,366
Net Assets
Common Stock and Preferred Stock **** 1,404,065 **** 1,404,065 —
Capital Surplus **** 2,259,392 **** 2,286,167 (26,774 )
Capital Reserve **** 660,805 **** 655,450 5,354
Other Capital Surplus **** 1,598,587 **** 1,630,716 (32,129 )
Retained Earnings **** 2,519,294 **** 2,514,003 5,290
Appropriated Reserve **** 389,012 **** 353,908 35,103
Other Retained Earnings **** 2,130,281 **** 2,160,095 (29,813 )
Retained Earnings Brought Forward **** 2,130,281 **** 2,160,095 (29,813 )
Total Shareholders’ Equity **** 6,182,751 **** 6,204,236 (21,484 )
Net Unrealized Gains (Losses) on Other Securities, net of Taxes **** 623,367 **** 1,023,139 (399,771 )
Net Deferred Hedge Gains (Losses), net of Taxes **** (80,603 ) 29,458 (110,062 )
Revaluation Reserve for Land, net of Taxes **** 132,156 **** 136,384 (4,227 )
Total Valuation and Translation Adjustments **** 674,920 **** 1,188,982 (514,061 )
Total Net Assets **** 6,857,672 **** 7,393,218 (535,545 )
Total Liabilities and Net Assets ¥ 209,040,119 **** ¥ 198,883,298 ¥ 10,156,821

2-40

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

Millions of yen
For the fiscalyear ended<br>March 31,2022 (A) For the fiscalyear ended<br>March 31,2021 (B) Change<br>(A) - (B)
Ordinary Income ¥ 2,147,111 **** ¥ 2,132,943 ¥ 14,168
Interest Income **** 1,131,111 **** 1,146,971 (15,860 )
Interest on Loans and Bills Discounted **** 774,657 **** 828,466 (53,808 )
Interest and Dividends on Securities **** 260,684 **** 227,314 33,369
Fee and Commission Income **** 542,348 **** 514,834 27,513
Trading Income **** 1,664 **** 83,910 (82,245 )
Other Operating Income **** 235,596 **** 204,734 30,862
Other Ordinary Income **** 236,390 **** 182,491 53,898
Ordinary Expenses **** 1,936,252 **** 1,854,876 81,376
Interest Expenses **** 244,322 **** 361,789 (117,467 )
Interest on Deposits **** 36,330 **** 112,893 (76,562 )
Fee and Commission Expenses **** 149,353 **** 91,804 57,549
Trading Expenses **** — **** 349 (349 )
Other Operating Expenses **** 170,721 **** 148,741 21,979
General and Administrative Expenses **** 744,859 **** 802,123 (57,263 )
Other Ordinary Expenses **** 626,995 **** 450,067 176,927
Ordinary Profits **** 210,858 **** 278,066 (67,208 )
Extraordinary Gains **** 70,436 **** 115,474 (45,038 )
Extraordinary Losses **** 32,348 **** 19,760 12,587
Income before Income Taxes **** 248,946 **** 373,781 (124,834 )
Income Taxes:
Current **** 172,495 **** 102,550 69,944
Refund of Income Taxes **** (12,734 ) (6,563 ) (6,170 )
Deferred **** (87,395 ) 10,404 (97,800 )
Net Income ¥ 176,581 **** ¥ 267,389 ¥ (90,807 )

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

Millions of yen
As ofMarch 31,2022 (A) As ofMarch 31,2021 (B) Change(A) - (B)
Assets
Cash and Due from Banks ¥ 1,923,672 **** ¥ 2,010,405 ¥ (86,732 )
Call Loans **** — **** 22,134 (22,134 )
Guarantee Deposits Paid under Securities Borrowing Transactions **** 20,046 **** — 20,046
Other Debt Purchased **** 35,314 **** 26,092 9,222
Trading Assets **** — **** 130,476 (130,476 )
Money Held in Trust **** 26,556 **** 9,804 16,752
Securities **** 288,530 **** 321,504 (32,973 )
Loans and Bills Discounted **** 3,192,348 **** 3,362,267 (169,918 )
Foreign Exchange Assets **** 3,898 **** 6,313 (2,415 )
Other Assets **** 255,755 **** 321,181 (65,426 )
Tangible Fixed Assets **** 100,132 **** 102,139 (2,007 )
Intangible Fixed Assets **** 21,728 **** 25,486 (3,757 )
Prepaid Pension Cost **** 66,607 **** 65,962 645
Customers’ Liabilities for Acceptances and Guarantees **** 14,100 **** 14,008 92
Reserves for Possible Losses on Loans **** (2,470 ) (4,196 ) 1,725
Total Assets ¥ 5,946,221 **** ¥ 6,413,579 ¥ (467,358 )
Liabilities
Deposits ¥ 2,571,352 **** ¥ 2,879,951 ¥ (308,598 )
Negotiable Certificates of Deposit **** 691,880 **** 618,380 73,500
Call Money **** 603,990 **** 581,838 22,151
Trading Liabilities **** — **** 131,235 (131,235 )
Borrowed Money **** 300,000 **** 375,082 (75,082 )
Due to Trust Accounts **** 1,167,284 **** 1,160,608 6,676
Other Liabilities **** 31,317 **** 23,141 8,176
Reserve for Bonus Payments **** 2,741 **** 3,199 (458 )
Reserve for Variable Compensation **** 272 **** 380 (108 )
Provision for Retirement Benefits **** 4,935 **** 260 4,675
Reserve for Reimbursement of Deposits **** 992 **** 1,558 (566 )
Reserve for Loss of Transfer **** 3,061 **** 4,814 (1,753 )
Deferred Tax Liabilities **** 17,484 **** 15,515 1,969
Acceptances and Guarantees **** 14,100 **** 14,008 92
Total Liabilities **** 5,409,413 **** 5,809,974 (400,560 )
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 **** 296,471 **** 275,949 20,522
Appropriated Reserve **** 150,297 **** 45,865 104,432
Other Retained Earnings **** 146,174 **** 230,083 (83,909 )
Retained Earnings Brought Forward **** 146,174 **** 230,083 (83,909 )
Treasury Stock **** (79,999 ) — (79,999 )
Total Shareholders’ Equity **** 479,346 **** 538,824 (59,477 )
Net Unrealized Gains (Losses) on Other Securities, net of Taxes **** 57,707 **** 67,360 (9,653 )
Net Deferred Hedge Gains (Losses), net of Taxes **** (246 ) (2,579 ) 2,332
Total Valuation and Translation Adjustments **** 57,460 **** 64,781 (7,320 )
Total Net Assets **** 536,807 **** 603,605 (66,797 )
Total Liabilities and Net Assets ¥ 5,946,221 **** ¥ 6,413,579 ¥ (467,358 )

2-42

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, 2022(A) For the fiscalyear ended<br>March 31, 2021(B) Change<br>(A) - (B)
Ordinary Income ¥ 173,959 ¥ 191,924 ¥ (17,965 )
Fiduciary Income **** 61,028 55,962 5,065
Interest Income **** 26,345 38,922 (12,576 )
Interest on Loans and Bills Discounted **** 19,640 21,259 (1,618 )
Interest and Dividends on Securities **** 4,926 15,497 (10,571 )
Fee and Commission Income **** 79,058 68,275 10,782
Trading Income **** — 1,657 (1,657 )
Other Operating Income **** 369 11,911 (11,541 )
Other Ordinary Income **** 7,157 15,195 (8,037 )
Ordinary Expenses **** 123,363 147,991 (24,628 )
Interest Expenses **** 7,049 8,606 (1,556 )
Interest on Deposits **** 296 403 (107 )
Fee and Commission Expenses **** 36,795 34,743 2,052
Trading Expenses **** 640 — 640
Other Operating Expenses **** 12 3,847 (3,835 )
General and Administrative Expenses **** 75,132 80,986 (5,854 )
Other Ordinary Expenses **** 3,733 19,808 (16,074 )
Ordinary Profits **** 50,595 43,933 6,662
Extraordinary Gains **** 7,742 16,935 (9,192 )
Extraordinary Losses **** 443 1,978 (1,534 )
Income before Income Taxes **** 57,894 58,889 (994 )
Income Taxes:
Current **** 10,651 8,573 2,078
Deferred **** 4,559 5,928 (1,368 )
Net Income ¥ 42,683 ¥ 44,388 ¥ (1,704 )

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2022

Millions of yen
Assets Amount Liabilities Amount
Loans and Bills Discounted 497,185 Money Trusts 29,909,179
Securities 69,195 Pension Trusts 3,173,021
Beneficiary Rights to the Trusts 72,257,621 Property Formation Benefit Trusts 4,918
Securities held in Custody Accounts 410,287 Investment Trusts 21,571,181
Money Claims 23,217,982 Money Entrusted Other than Money Trusts 2,183,821
Tangible Fixed Assets 10,046,952 Securities Trusts 14,655,986
Intangible Fixed Assets 338,900 Money Claims Trusts 22,151,505
Other Claims 1,407,528 Land and Fixtures Trusts 517,050
Due from Banking Account 1,167,284 Composite Trusts 15,762,288
Cash and Due from Banks 521,425 Other Trusts 5,413
Total 109,934,364 Total 109,934,364

Notes:

1. The statement is exclusive of Trusts that are difficult to value monetarily.
2. Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of<br>¥69,963,260 million.
--- ---
3. Joint trust assets under the management of other companies: ¥177,791 million.
--- ---
4. There is no balance of Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection<br>Risk, Loans Past Due for 3 Months or More or Restructured Loans in the claims of trust accounts that guarantee principals in the agreement of ¥3,825 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 3,825 Principal 832,808
Securities 1 Reserve 12
Others 829,072 Others 77
Total 832,898 Total 832,898

2-44

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items

Millions of yen
Items As of<br>March 31,<br>2022 (A) As of<br>March 31,<br>2021 (B) Change<br>(A) - (B)
Total Amount of Funds **** 36,350,351 34,615,632 1,734,719
Deposits **** 2,571,352 2,879,951 (308,598 )
Negotiable Certificates of Deposit **** 691,880 618,380 73,500
Money Trusts **** 29,909,179 27,961,821 1,947,357
Pension Trusts **** 3,173,021 3,150,691 22,330
Property Formation Benefit Trusts **** 4,918 4,788 130
Loans and Bills Discounted **** 3,689,533 3,909,986 (220,453 )
of Banking accounts **** 3,192,348 3,362,267 (169,918 )
of Trust accounts **** 497,185 547,719 (50,534 )
Securities for Investments **** 357,726 430,543 (72,816 )
of Banking accounts **** 288,530 321,504 (32,973 )
of Trust accounts **** 69,195 109,039 (39,843 )

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

Millions of yen
As of<br>March 31,<br>2022 (A) As of<br>March 31,<br>2021 (B) Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits ¥ 405,261 **** ¥ 369,894 ¥ 35,366
Cash Segregated as Deposits for Customers and Others **** 541,274 **** 554,281 (13,006 )
Trading Assets **** 6,921,502 **** 6,222,426 699,076
Receivables - Unsettled Trades **** 145,887 **** — 145,887
Operating Investment Securities **** 40,926 **** 34,338 6,588
Receivables Related to Margin Transactions **** 34,802 **** 32,553 2,248
Collateralized Short-Term Financing Agreements-Receivable **** 4,707,548 **** 4,520,477 187,071
Advances Paid **** 94 **** 441 (347 )
Securities: Fail to Deliver **** 32,415 **** 15,265 17,150
Short-Term Loans Receivable **** 47,983 **** 36,085 11,898
Other Current Assets **** 700,334 **** 461,711 238,623
Less: Allowance for Doubtful Accounts **** (79 ) (276 ) 197
Noncurrent Assets
Property and Equipment **** 18,742 **** 19,775 (1,033 )
Intangible Assets **** 68,497 **** 66,544 1,953
Investments and Other Assets **** 304,034 **** 314,486 (10,451 )
Total Assets ¥ 13,969,227 **** ¥ 12,648,003 ¥ 1,321,223
Liabilities
Current Liabilities
Trading Liabilities ¥ 5,356,537 **** ¥ 4,765,362 ¥ 591,175
Payables - Unsettled Trades **** — **** 253,734 (253,734 )
Payables Related to Margin Transactions **** 50,556 **** 39,793 10,762
Collateralized Short-Term Financing Agreements-Payable **** 4,144,682 **** 3,510,972 633,710
Deposits Received **** 425,452 **** 444,112 (18,659 )
Guarantee Deposits Received **** 425,613 **** 417,142 8,471
Securities: Fail to Receive **** 7,083 **** 2,854 4,229
Short-Term Borrowings **** 904,079 **** 806,728 97,350
Commercial Paper **** 490,500 **** 423,500 67,000
Bonds and Notes Due within One Year **** 148,768 **** 127,648 21,120
Income Taxes Payable **** 2,515 **** 11,565 (9,050 )
Accrued Employees’ Bonuses **** 25,379 **** 25,365 14
Provision for Variable Compensation **** 411 **** 788 (377 )
Other Current Liabilities **** 46,970 **** 50,122 (3,152 )
Noncurrent Liabilities
Bonds and Notes **** 753,870 **** 623,175 130,694
Long-Term Borrowings **** 580,000 **** 150,400 429,600
Provision for Retirement Benefits **** 22,579 **** 21,216 1,362
Reserve for Loss of Transfer **** 1,541 **** 4,194 (2,653 )
Other Noncurrent Liabilities **** 3,769 **** 3,132 636
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities **** 3,132 **** 3,135 (3 )
Total Liabilities **** 13,393,441 **** 11,684,945 1,708,496
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 **** 425,554 **** 440,661 (15,107 )
Other Retained Earnings **** 425,554 **** 440,661 (15,107 )
Retained Earnings Brought Forward **** 425,554 **** 440,661 (15,107 )
Treasury Stock **** (369,999 ) — (369,999 )
Total Shareholders’ Equity **** 562,371 **** 947,478 (385,107 )
Net Unrealized Gains on (Operating) Investment Securities, net of Tax **** 23,193 **** 25,339 (2,146 )
Net Deferred Gains or Losses on Hedges, net of Tax **** (9,778 ) (9,759 ) (19 )
Total Valuation and Translation Adjustments **** 13,415 **** 15,580 (2,165 )
Total Net Assets **** 575,786 **** 963,058 (387,272 )
Total Liabilities and Net Assets ¥ 13,969,227 **** ¥ 12,648,003 ¥ 1,321,223

2-46

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

Millions of yen
For the fiscalyear ended<br>March 31, 2022<br>(A) For the fiscalyear ended<br>March 31, 2021<br>(B) Change<br>(A) - (B)
Operating Revenues ¥ 380,505 **** ¥ 408,177 ¥ (27,672 )
Commissions **** 183,633 **** 181,774 1,858
Net Gain on Trading **** 123,761 **** 152,257 (28,496 )
Net Gain on Operating Investment Securities **** (2,831 ) 630 (3,462 )
Interest and Dividend Income **** 75,942 **** 73,514 2,428
Interest Expenses **** 53,612 **** 56,850 (3,237 )
Net Operating Revenues **** 326,892 **** 351,326 (24,434 )
Selling, General and Administrative Expenses **** 251,967 **** 264,682 (12,715 )
Transaction-Related Expenses **** 70,197 **** 73,476 (3,279 )
Personnel Expenses **** 96,131 **** 100,958 (4,827 )
Real Estate Expenses **** 21,017 **** 22,148 (1,130 )
Administrative Expenses **** 39,150 **** 39,411 (261 )
Depreciation and Amortization **** 17,770 **** 19,994 (2,224 )
Taxes and Dues **** 5,252 **** 5,797 (545 )
Provision of Allowance for Doubtful Accounts **** 36 **** 283 (246 )
Other **** 2,411 **** 2,612 (200 )
Operating Income **** 74,924 **** 86,643 (11,718 )
Non-Operating Income **** 3,437 **** 4,210 (772 )
Non-Operating Expenses **** 506 **** 221 285
Ordinary Income **** 77,855 **** 90,632 (12,776 )
Extraordinary Gain **** 3,738 **** 13,748 (10,010 )
Extraordinary Loss **** 10,627 **** 15,830 (5,202 )
Income before Income Taxes **** 70,966 **** 88,550 (17,584 )
Income Taxes:
Current **** 10,303 **** 14,761 (4,457 )
Deferred **** 203 **** (3,167 ) 3,370
Net Income ¥ 60,459 **** ¥ 76,956 ¥ (16,497 )

2-47

Report a Problem

Category
Description
Email (optional, for follow-up)