Mizuho Financial Group Inc 6-K, filed Jan 31, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2020

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

Form 20-F ☒     Form 40-F ☐

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

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

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

Yes ☐    No ☒

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: January 31, 2020
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Third Quarter of Fiscal 2019<br><br><br>(Nine months ended December 31, 2019)<br><br><br>(Under Japanese GAAP)
Company Name:	Mizuho Financial Group, Inc. (“MHFG”)	January 31, 2020
---	---	---
Stock Code Number (Japan):	8411
---	---	---	---
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		February 14, 2020	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		-
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Third Quarter of Fiscal 2019 (for the nine months ended December 31, 2019)

(1) Consolidated Results of Operations (Accumulated Period)

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income			Ordinary Profits				Profit Attributableto Owners ofParent
	million	%		million	%			million	%
3Q F2019			3.3			2.5				(1.4	)
3Q F2018			6.8			(15.0	)			(13.8	)

All values are in Japanese Yen.

Note:	Comprehensive Income:<br> <br>3Q F2019:<br>¥297,224 million, (5,121.6)%; 3Q F2018: ¥(5,918) million, (100.7)%
	Net Incomeper Share ofCommon Stock	Diluted Net Incomeper Share ofCommon Stock
---	---	---
3Q F2019
3Q F2018

All values are in Japanese Yen.

(2) Consolidated Financial Conditions

	Total Assets	Total Net Assets	Own Capital Ratio
	million	million	%
3Q F2019				4.3
Fiscal 2018				4.3

All values are in Japanese Yen.

Reference:	Own Capital:<br> <br>As of December 31, 2019:<br>¥8,845,672 million; As of March 31, 2019: ¥8,748,805 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights -<br>Non-controlling Interests) /<br>Total Assets × 100<br>Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.
---	---

2. Cash Dividends for Shareholders of CommonStock

	Annual Cash Dividends per Share
	FirstQuarter-end	SecondQuarter-end	ThirdQuarter-end	FiscalYear-end	Total
Fiscal 2018
Fiscal 2019
Fiscal 2019 (estimate)

All values are in Japanese Yen.

Note:	Revision of the latest announced estimates for cash dividends for shareholders of common stock : No

3. Consolidated Earnings Estimates for Fiscal 2019 (for the fiscal year ending March 31, 2020)

(%: Changes from the previous fiscal year)
	Profit Attributableto Ownersof Parent			Net Incomeper Share ofCommon Stock
	million	%
Fiscal 2019			386.7

All values are in Japanese Yen.

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2019: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of shares during 1Q, 2Q and 3Q and the number of outstanding shares as of December 31, 2019<br>(which is used as a proxy for the average number of shares during 4Q of fiscal 2019).

* Notes

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

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

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

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

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

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(4) Issued Shares of Common Stock

i . Period-end issued shares (including treasury<br>stock):	As of December 31, 2019	25,392,498,945 shares	As of March 31, 2019	25,392,498,945 shares
ii . Period-end treasury stock:	As of December 31, 2019	31,753,745 shares	As of March 31, 2019	33,962,404 shares
iii. Average outstanding shares (accumulated period):	3Q Fiscal 2019	25,360,856,065 shares	3Q Fiscal 2018	25,362,168,257 shares

This immediate release is outside the scope of quarterly review.

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

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

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations;decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our informationtechnology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatoryrequirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives andmeasures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. KeyInformation—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”)and our report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page atwww.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

¡ Contents of Attachment

1.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2
2.	Quarterly Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Note for Assumption of Going Concern	p.1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p.1-7
	øSELECTED FINANCIAL INFORMATION For the Third Quarter of Fiscal 2019

Note to XBRL

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

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

Changes in Accounting Policies

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

MHFG has applied “Leases” (IFRS 16 and ASU 2016-02) at some consolidated subsidiaries from the first quarter ended June 30, 2019. Accordingly, lessees recognize assets and liabilities for all leases as a general rule.

In accordance with transitional treatment, MHFG has recognized the impact of adoption of this accounting standard cumulatively as of the date of adoption for balances at the beginning of the first quarter ended June 30, 2019.

The impact on the consolidated financial statements for the third quarter ended December 31, 2019 is immaterial.

(Changes in Hedge Accounting)

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

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

Based on current market trends, MHFG reconsidered its risk management activities in order to provide more transparent disclosure in the financial statements.

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

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of<br>March 31, 2019			As ofDecember 31, 2019
Assets
Cash and Due from Banks	¥	45,108,602		¥	42,291,711
Call Loans and Bills Purchased		648,254			659,340
Receivables under Resale Agreements		12,997,628			15,183,913
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			1,865,099
Other Debt Purchased		2,828,959			2,965,436
Trading Assets		12,043,608			12,880,937
Money Held in Trust		351,889			385,340
Securities		29,774,489			30,064,707
Loans and Bills Discounted		78,456,935			81,415,132
Foreign Exchange Assets		1,993,668			2,119,072
Derivatives other than for Trading Assets		1,328,227			1,261,930
Other Assets		4,229,589			4,110,279
Tangible Fixed Assets		1,037,006			1,099,078
Intangible Fixed Assets		620,231			633,895
Net Defined Benefit Asset		982,804			1,001,781
Deferred Tax Assets		37,960			32,909
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			6,069,842
Reserves for Possible Losses on Loans		(287,815	)		(283,356	)
Total Assets	¥	200,792,226		¥	203,757,052

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of<br>March 31, 2019			As ofDecember 31, 2019
Liabilities
Deposits	¥	124,311,025		¥	125,241,650
Negotiable Certificates of Deposit		13,338,571			15,415,543
Call Money and Bills Sold		2,841,931			1,844,753
Payables under Repurchase Agreements		14,640,439			18,289,999
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,396,986
Commercial Paper		941,181			877,767
Trading Liabilities		8,325,520			7,681,485
Borrowed Money		3,061,504			1,718,678
Foreign Exchange Liabilities		669,578			549,968
Short-term Bonds		355,539			358,347
Bonds and Notes		8,351,071			8,711,063
Due to Trust Accounts		1,102,073			1,094,054
Derivatives other than for Trading Liabilities		1,165,602			1,238,348
Other Liabilities		4,512,325			3,905,990
Reserve for Bonus Payments		68,117			42,129
Reserve for Variable Compensation		2,867			2,002
Net Defined Benefit Liability		60,873			60,779
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			993
Reserve for Possible Losses on Sales of Loans		630			139
Reserve for Contingencies		4,910			4,456
Reserve for Reimbursement of Deposits		19,068			14,697
Reserve for Reimbursement of Debentures		25,566			19,530
Reserves under Special Laws		2,473			2,472
Deferred Tax Liabilities		185,974			187,103
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			63,290
Acceptances and Guarantees		6,062,053			6,069,842
Total Liabilities	¥	191,598,188		¥	194,792,075
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,137,503
Retained Earnings		3,915,521			4,128,524
Treasury Stock		(7,703	)		(6,448	)
Total Shareholders’ Equity		7,303,034			7,516,346
Net Unrealized Gains (Losses) on Other Securities		1,186,401			1,119,907
Deferred Gains or Losses on Hedges		(22,282	)		(5,078	)
Revaluation Reserve for Land		137,772			137,716
Foreign Currency Translation Adjustments		(111,057	)		(146,073	)
Remeasurements of Defined Benefit Plans		254,936			222,852
Total Accumulated Other Comprehensive Income		1,445,770			1,329,325
Stock Acquisition Rights		707			213
Non-Controlling Interests		444,525			119,091
Total Net Assets		9,194,038			8,964,977
Total Liabilities and Net Assets	¥	200,792,226		¥	203,757,052

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the ninemonths ended<br>December 31, 2018			For the ninemonths ended<br>December 31, 2019
Ordinary Income	¥	2,858,287		¥	2,953,825
Interest Income		1,502,254			1,566,669
Interest on Loans and Bills Discounted		919,300			964,289
Interest and Dividends on Securities		226,931			198,196
Fiduciary Income		39,404			42,244
Fee and Commission Income		546,951			563,812
Trading Income		241,644			294,447
Other Operating Income		251,202			297,243
Other Ordinary Income		276,829			189,407
Ordinary Expenses		2,310,725			2,392,274
Interest Expenses		918,127			1,011,755
Interest on Deposits		336,981			384,950
Fee and Commission Expenses		123,750			127,851
Trading Expenses		—			13,134
Other Operating Expenses		75,209			99,081
General and Administrative Expenses		1,069,806			1,023,557
Other Ordinary Expenses		123,831			116,894
Ordinary Profits		547,561			561,550
Extraordinary Gains		10,269			1,289
Extraordinary Losses		4,989			9,064
Income before Income Taxes		552,842			553,775
Income Taxes:
Current		135,469			108,894
Deferred		(11,358	)		31,951
Total Income Taxes		124,110			140,845
Profit		428,731			412,930
Profit Attributable to Non-controllingInterests		18,802			8,966
Profit Attributable to Owners of Parent	¥	409,929		¥	403,963

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the ninemonths ended<br>December 31, 2018			For the ninemonths ended<br>December 31, 2019
Profit	¥	428,731		¥	412,930
Other Comprehensive Income		(434,650	)		(115,705	)
Net Unrealized Gains (Losses) on Other Securities		(395,379	)		(67,120	)
Deferred Gains or Losses on Hedges		(147	)		17,320
Foreign Currency Translation Adjustments		(15,306	)		(32,928	)
Remeasurements of Defined Benefit Plans		(20,544	)		(31,316	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(3,273	)		(1,660	)
Comprehensive Income		(5,918	)		297,224
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(22,021	)		287,574
Comprehensive Income Attributable to Non-controlling<br>Interests		16,102			9,649

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2019

(Nine months ended December 31, 2019)

(Under Japanese GAAP)

C O N T E N T S

Notes:

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

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

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2019	See above Notes			Page
1. Income Analysis		CON	NON		2-1
2. Net Gains/Losses on Stocks		CON	NON		2-3
3. Unrealized Gains/Losses on Securities		CON	NON		2-4
4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting		NON			2-6
5. Status of Non Performing Loans based on the Financial Reconstruction Act<br>(“FRA”)		CON	NON		2-7
6. Status of Deposits and Loans		NON			2-9
Attachments				Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)					2-11
Comparison of Non-Consolidated Statements of Income (selected items)					2-12
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)					2-13
Comparison of Non-Consolidated Statements of Income (selected items)					2-14
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)					2-15
Comparison of Non-Consolidated Statements of Income (selected items)					2-16

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

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

We may not be successful in implementing our business strategies, and management may fail toachieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations;decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our informationtechnology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatoryrequirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives andmeasures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. KeyInformation—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”)and our report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page atwww.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2019

1. Income Analysis

Consolidated

	(Billions of yen)
	Third Quarter of<br>Fiscal 2019<br>(Accumulated Period)
				Change			Third Quarter of<br>Fiscal2018<br>(Accumulated Period)
Consolidated Gross Profits	****	1,512.5	****		48.2			1,464.3
Net Interest Income (1)	****	554.9	****		(29.2	)		584.1
Fiduciary Income	****	42.2	****		2.8			39.4
Credit Costs for Trust Accounts	****	—	****		—			—
Net Fee and Commission Income	****	435.9	****		12.7			423.2
Net Trading Income	****	281.3	****		39.6			241.6
Net Other Operating Income (1)	****	198.1	****		22.1			175.9
General and Administrative Expenses	****	(1,023.5	)		46.2			(1,069.8	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)	****	(35.0	)		(10.2	)		(24.8	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	****	10.6	****		(20.2	)		30.9
Net Gains (Losses) related to Stocks	****	97.3	****		(65.5	)		162.9
Equity in Income from Investments in Affiliates	****	24.1	****		0.7			23.4
Other	****	(24.5	)		14.9			(39.4	)
Ordinary Profits	****	561.5	****		13.9			547.5
Net Extraordinary Gains (Losses)	****	(7.7	)		(13.0	)		5.2
Income before Income Taxes	****	553.7	****		0.9			552.8
Income Taxes	****	(140.8	)		(16.7	)		(124.1	)
Profit	****	412.9	****		(15.8	)		428.7
Profit Attributable to Non-controlling Interests	****	(8.9	)		9.8			(18.8	)
Profit Attributable to Owners of Parent	****	403.9	****		(5.9	)		409.9
(1)  A reclassification has been made on the above table for the Third Quarter of Fiscal 2018 for<br>consistency with current figures. As a result, “Net Interest Income” [2] decreased by 8.8 billion and “Net Other Operating Income” [7] increased by 8.8 billion.
Credit-related Costs (including Credit Costs for Trust Accounts)	****	(24.4	)		(30.5	)		6.0
Credit-related Costs [21] =     Expenses<br>related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [10] + Credit Costs for Trust Accounts [4]
Reference
Consolidated Net Business Profits	****	470.2	****		83.4			386.8
Consolidated Net Business Profits [22] =  <br>Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	****	122	****		2			120
Number of affiliates under the equity method	****	26	****		4			22

All values are in Japanese Yen.

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Third Quarter of Fiscal 2019 (Accumulated Period)												Third Quarterof Fiscal 2018<br>(Accumulated<br>Period)
		MHBK			MHTB			Aggregate<br>Figures			Change
Gross Profits	1	****	951.1	****	****	94.4	****	****	1,045.5	****		48.5			997.0
Net Interest Income^(1)^	2	****	479.1	****	****	19.3	****	****	498.5	****		(17.8	)		516.3
Fiduciary Income	3				****	42.5	****	****	42.5	****		3.5			39.0
Trust Fees for Jointly Operated Designated Money Trust	4				****	3.1	****	****	3.1	****		1.2			1.9
Credit Costs for Trust Accounts	5				****	—	****	****	—	****		—			—
Net Fee and Commission Income	6	****	276.2	****	****	19.2	****	****	295.5	****		13.1			282.3
Net Trading Income	7	****	87.9	****	****	0.9	****	****	88.8	****		30.6			58.2
Net Other Operating Income ^(1)^	8	****	107.7	****	****	12.3	****	****	120.1	****		19.1			100.9
General and Administrative Expenses<br>(excluding<br>Non-Recurring Losses)	9	****	(625.5	)	****	(62.7	)	****	(688.2	)		22.1			(710.4	)
Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans) ^(2)^	10	****	325.6	****	****	31.6	****	****	357.2	****		70.7			286.5
Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans)<br>from core business areas ^(3)^	11	****	247.8	****	****	19.4	****	****	267.3	****		5.0			262.3
Excluding Net Gains (Losses) from redemption of Investment Trusts	12	****	244.7	****	****	19.3	****	****	264.1	****		7.9			256.2
Reversal of (Provision for) General Reserve for Losses on Loans	13	****	(19.3	)	****	(0.1	)	****	(19.5	)		(19.4	)		(0.0	)
Net Business Profits	14	****	306.2	****	****	31.4	****	****	337.7	****		51.2			286.5
Net Gains (Losses) related to Bonds ^(1)^	15	****	77.7	****	****	12.1	****	****	89.9	****		65.6			24.2
Net Non-Recurring Gains (Losses)	16	****	103.4	****	****	(1.9	)	****	101.5	****		(32.8	)		134.3
Net Gains (Losses) related to Stocks	17	****	96.2	****	****	(0.9	)	****	95.2	****		(60.7	)		156.0
Expenses related to Portfolio Problems	18	****	(18.2	)	****	0.0	****	****	(18.1	)		4.1			(22.2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19	****	9.7	****	****	0.0	****	****	9.7	****		(20.0	)		29.8
Other	20	****	15.6	****	****	(1.0	)	****	14.6	****		43.8			(29.2	)
Ordinary Profits	21	****	409.6	****	****	29.5	****	****	439.2	****		18.3			420.8
Net Extraordinary Gains (Losses)	22	****	(7.7	)	****	0.3	****	****	(7.3	)		(12.9	)		5.5
Income before Income Taxes	23	****	401.9	****	****	29.9	****	****	431.8	****		5.4			426.4
Income Taxes	24	****	(102.0	)	****	(8.3	)	****	(110.3	)		10.1			(120.5	)
Net Income	25	****	299.8	****	****	21.6	****	****	321.4	****		15.5			305.9
(1)	A reclassification has been made on the above table for the Third Quarter of Fiscal 2018 for consistency with<br>current figures. As a result, “Net Interest Income” [2] decreased by ¥8.8 billion. “Net Other Operating Income” [8] and “Net Gains (Losses) related to Bonds” [15] increased by<br>¥8.8 billion, respectively. Consequently, “Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas” [11] and “Excluding Net Gains(Losses) from redemption ofInvestment Trusts” [12] decreased by ¥8.8 billion.
---	---
(2)	Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes<br>the amounts of “Credit Costs for Trust Accounts” [5].
---	---
(3)	Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business<br>areas[11] =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[10]-Net Gains (Losses) related to Bonds[15]
---	---
Credit-related Costs	26	(27.8	)	(0.0	)	(27.9	)	(35.4	)	7.4
---	---	---	---	---	---	---	---	---	---	---
Credit-related  Costs  [26]  =   Expenses related to<br>Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]
---
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	27			—	****	—	****	—		—
---	---	---	---	---	---	---	---	---	---	---	---
Reversal of (Provision for) General Reserve for Losses on Loans	28	(19.3	)	(0.1	)	(19.5	)	(61.1	)	41.6
Losses on Write-offs of Loans	29	(7.5	)	0.0	****	(7.5	)	5.4		(12.9	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30	(0.4	)	0.0	****	(0.4	)	16.7		(17.1	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	31	0.0	****	—	****	0.0	****	0.0		(0.0	)
Reversal of (Provision for) Reserve for Contingencies	32	0.0	****	—	****	0.0	****	0.3		(0.2	)
Other (including Losses on Sales of Loans)	33	(0.5	)	—	****	(0.5	)	3.2		(3.8	)
Total	34	(27.8	)	(0.0	)	(27.9	)	(35.4	)	7.4

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)						Third Quarter of<br>Fiscal 2018<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	97.3	****		(65.5	)		162.9
Gains on Sales	****	149.1	****		(55.4	)		204.5
Losses on Sales	****	(30.0	)		1.7			(31.8	)
Impairment (Devaluation)	****	(7.4	)		(3.8	)		(3.6	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(14.2	)		(8.1	)		(6.1	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)						Third Quarter of<br>Fiscal 2018<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	95.2	****		(60.7	)		156.0
Gains on Sales	****	143.2	****		(52.8	)		196.0
Losses on Sales	****	(29.1	)		1.7			(30.8	)
Impairment (Devaluation)	****	(3.9	)		(1.4	)		(2.5	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(0.5	)		(0.2	)		(0.3	)
Gains (Losses) on Derivatives other than for Trading	****	(14.2	)		(8.1	)		(6.1	)
Mizuho Bank
	Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)						Third Quarter of<br>Fiscal 2018<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	96.2	****		(46.5	)		142.7
Gains on Sales	****	139.6	****		(39.7	)		179.3
Losses on Sales	****	(26.3	)		0.1			(26.5	)
Impairment (Devaluation)	****	(3.9	)		(1.4	)		(2.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(0.5	)		(0.2	)		(0.3	)
Gains (Losses) on Derivatives other than for Trading	****	(12.4	)		(5.2	)		(7.2	)
Mizuho Trust & Banking
	Third Quarter of<br>Fiscal 2019<br>(AccumulatedPeriod)						Third Quarter of<br>Fiscal 2018<br>(AccumulatedPeriod)
				Change
Net Gains (Losses) related to Stocks	****	(0.9	)		(14.2	)		13.2
Gains on Sales	****	3.5	****		(13.0	)		16.6
Losses on Sales	****	(2.7	)		1.6			(4.3	)
Impairment (Devaluation)	****	(0.0	)		0.0			(0.0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(1.8	)		(2.9	)		1.1

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

∎Securities for which it is deemed to be extremely difficult to determine the fair value are excluded.

Consolidated

(1) Other Securities

	(Billions of yen)
	As of December 31, 2019									As of March 31, 2019									As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)				Gains		Losses
MHFG<br>(Consolidated)
Other Securities	****	28,448.3	****	1,595.8	****	****	1,877.3	****	281.4		27,847.5		1,689.8			1,883.4		193.5		28,973.0		1,527.0		1,710.6		183.5
Japanese Stocks	****	3,088.2	****	1,736.1	****	****	1,792.9	****	56.7		3,143.5		1,723.6			1,774.4		50.7		2,897.6		1,515.4		1,585.2		69.7
Japanese Bonds	****	13,805.2	****	(47.9	)	****	25.0	****	73.0		14,786.9		5.2			37.2		32.0		14,389.6		11.1		44.0		32.8
Japanese Government Bonds	****	10,799.7	****	(39.3	)	****	0.9	****	40.3		11,896.1		5.9			8.7		2.8		11,426.3		8.8		12.4		3.5
Other	****	11,554.8	****	(92.4	)	****	59.2	****	151.6		9,917.0		(39.0	)		71.6		110.7		11,685.6		0.5		81.4		80.9
Foreign Bonds	****	8,768.8	****	(23.0	)	****	23.6	****	46.6		7,418.3		23.6			35.3		11.6		8,948.0		35.8		49.6		13.7
•	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from<br>Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.
---	---
•	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price<br>over the month preceding the consolidated balance sheet date.
---	---
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or<br>other reasonable value at the consolidated balance sheet date.
---
•	Unrealized Gains/Losses include ¥29.2billion, ¥27.6billion, and ¥38.0billion, which were recognized<br>in the statement of income for December 31, 2019, September 30, 2019, and March 31, 2019 respectively, by applying the fair-value hedge method.
---	---

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2019								As of March 31, 2019								As of September 30, 2019 (Reference)
			Unrealized Gains/Losses								Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHFG (Consolidated)	****	964.1	****	7.6	****	14.4	****	6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2		20.2		7.9

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) OtherSecurities

	(Billions of yen)
	As of December 31, 2019									As of March 31, 2019									As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
MHBK
Other Securities	****	27,365.7	****	1,406.9	****	****	1,687.3	****	280.3		26,622.0		1,521.2			1,707.8		186.6		27,717.1		1,366.2			1,545.2		178.9
Japanese Stocks	****	2,813.2	****	1,557.6	****	****	1,616.1	****	58.5		2,880.1		1,557.7			1,608.3		50.6		2,649.8		1,364.1			1,434.6		70.5
Japanese Bonds	****	13,655.9	****	(48.5	)	****	24.4	****	72.9		14,500.4		4.6			36.5		31.8		14,023.3		10.2			43.1		32.8
Japanese Government Bonds	****	10,738.0	****	(39.4	)	****	0.8	****	40.3		11,687.0		5.8			8.5		2.7		11,147.5		8.7			12.2		3.5
Other	****	10,896.5	****	(102.1	)	****	46.7	****	148.8		9,241.4		(41.1	)		62.9		104.1		11,043.9		(8.1	)		67.4		75.6
Foreign Bonds	****	8,365.9	****	(23.3	)	****	21.5	****	44.9		6,973.2		20.4			31.9		11.5		8,556.8		31.3			44.7		13.3
MHTB
Other Securities	****	617.6	****	105.4	****	****	112.2	****	6.8		794.4		96.0			106.0		9.9		820.2		88.0			98.0		10.0
Japanese Stocks	****	185.6	****	99.9	****	****	104.1	****	4.1		184.2		96.4			99.7		3.3		169.6		82.4			87.3		4.8
Japanese Bonds	****	126.7	****	0.6	****	****	0.6	****	0.0		263.8		0.6			0.7		0.1		344.5		0.8			0.8		0.0
Japanese Government Bonds	****	45.0	****	0.0	****	****	0.0	****	—		190.6		0.0			0.1		0.0		262.1		0.1			0.1		0.0
Other	****	305.2	****	4.8	****	****	7.5	****	2.6		346.3		(1.0	)		5.4		6.4		306.0		4.6			9.8		5.1
Foreign Bonds	****	160.2	****	(0.6	)	****	1.0	****	1.6		223.3		2.6			2.6		—		172.4		3.6			3.9		0.3
Total
Other Securities	****	27,983.3	****	1,512.4	****	****	1,799.6	****	287.1		27,416.5		1,617.2			1,813.8		196.5		28,537.3		1,454.2			1,643.3		189.0
Japanese Stocks	****	2,998.9	****	1,657.6	****	****	1,720.2	****	62.6		3,064.4		1,654.1			1,708.1		53.9		2,819.4		1,446.5			1,521.9		75.3
Japanese Bonds	****	13,782.6	****	(47.9	)	****	25.0	****	73.0		14,764.2		5.2			37.2		32.0		14,367.9		11.1			44.0		32.8
Japanese Government Bonds	****	10,783.0	****	(39.3	)	****	0.9	****	40.3		11,877.7		5.9			8.7		2.8		11,409.6		8.8			12.4		3.5
Other	****	11,201.7	****	(97.2	)	****	54.2	****	151.5		9,587.8		(42.1	)		68.4		110.5		11,349.9		(3.4	)		77.3		80.7
Foreign Bonds	****	8,526.1	****	(24.0	)	****	22.6	****	46.6		7,196.5		23.1			34.6		11.5		8,729.2		35.0			48.6		13.6
•	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and<br>certain items in “Other Debt Purchased” are also included.
---	---
•	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price<br>over the month preceding the balance sheet date.
---	---
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or<br>other reasonable value at the balance sheet date.
---
•	Unrealized Gains/Losses include ¥29.2billion, ¥27.6billion, and ¥38.0billion, which were recognized<br>in the statement of income (aggregate figures for the 2 banks) for December 31, 2019, September 30, 2019, and March 31,2019 respectively, by applying the fair-value hedge method.
---	---

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2019								As of March 31, 2019								As of September 30, 2019<br>(Reference)
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses					Gains	Losses
MHBK	****	964.1	****	7.6		14.4		6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2	20.2	7.9
MHTB	****	—	****	—		—		—		—		—		—		—		—		—	—	—
Total	****	964.1	****	7.6		14.4		6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2	20.2	7.9
(3) Investments in Subsidiaries and Affiliates
	(Billions of yen)
	As of December 31, 2019								As of March 31, 2019								As of September 30, 2019<br>(Reference)
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses					Gains	Losses
MHBK	****	135.7	****	275.3		275.3		—		135.7		176.8		176.8		—		135.7		232.9	232.9	—
MHTB	****	—	****	—		—		—		—		—		—		—		—		—	—	—
Total	****	135.7	****	275.3		275.3		—		135.7		176.8		176.8		—		135.7		232.9	232.9	—

Reference

UnrealizedGains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

	(Billions of yen)
	As of December 31, 2019						As of March 31, 2019			As of<br>September 30, 2019<br>(Reference)
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses			Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,566.5	****	****	(85.3	)		1,651.8			1,499.4
Japanese Stocks	****	1,706.9	****	****	19.2	****		1,687.6			1,491.4
Japanese Bonds	****	(47.9	)	****	(53.2	)		5.2			11.1
Japanese Government Bonds	****	(39.3	)	****	(45.3	)		5.9			8.8
Other	****	(92.4	)	****	(51.3	)		(41.0	)		(3.1	)
Foreign Bonds	****	(23.0	)	****	(44.7	)		21.7			32.2

Non-Consolidated

Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2019						As of March 31, 2019			As of<br>September 30, 2019<br>(Reference)
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses			Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,483.1	****	****	(96.1	)		1,579.2			1,426.6
Japanese Stocks	****	1,628.3	****	****	10.2	****		1,618.1			1,422.6
Japanese Bonds	****	(47.9	)	****	(53.2	)		5.2			11.1
Japanese Government Bonds	****	(39.3	)	****	(45.3	)		5.9			8.8
Other	****	(97.2	)	****	(53.1	)		(44.1	)		(7.0	)
Foreign Bonds	****	(24.0	)	****	(45.1	)		21.1			31.4

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2019						As of March 31, 2019						As of September 30, 2019<br>(Reference)
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
MHBK	****	1,076.1	****	1,089.6	(13.4	)		848.0		887.1	(39.0	)		1,010.6		939.1	71.4
MHTB	****	77.8	****	79.4	(1.5	)		84.0		86.3	(2.3	)		79.6		83.3	(3.6	)
Total	****	1,154.0	****	1,169.0	(15.0	)		932.1		973.5	(41.3	)		1,090.3		1,022.4	67.8

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated

	(Billions of yen)
	As of<br>December 31, 2019					Asof<br>March 31, 2019		Asof<br>September 30, 2019<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	59.5		(0.1	)		59.7		59.9
Claims with Collection Risk	****	359.8		1.0			358.8		390.0
Claims for Special Attention	****	240.5		44.7			195.8		209.5
Sub-total [1]	****	659.9		45.5			614.4		659.5
Normal Claims	****	90,833.8		3,662.3			87,171.5		88,536.6
Total [2]	****	91,493.8		3,707.8			87,785.9		89,196.1
	(%)
NPL ratio [1]/[2]	****	0.72		0.02			0.69		0.73
Above figures are presented net of partial direct write-offs.
Trust Account
	(Billions of yen)
	As of<br>December 31, 2019					Asof<br>March 31, 2019		Asof<br>September 30, 2019<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—		—			—		—
Claims with Collection Risk	****	2.7		(0.0	)		2.7		2.7
Claims for Special Attention	****	—		—			—		—
Sub-total [3]	****	2.7		(0.0	)		2.7		2.7
Normal Claims	****	6.3		(0.6	)		7.0		6.5
Total [4]	****	9.1		(0.6	)		9.8		9.3
	(%)
NPL ratio [3]/[4]	****	30.22		2.06			28.15		29.61
Consolidated + Trust Account
	(Billions of yen)
	As of<br>December 31, 2019					Asof<br>March 31, 2019		Asof<br>September 30, 2019<br>(Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	59.5		(0.1	)		59.7		59.9
Claims with Collection Risk	****	362.6		0.9			361.6		392.8
Claims for Special Attention	****	240.5		44.7			195.8		209.5
Sub-total [5]	****	662.7		45.5			617.2		662.3
Normal Claims	****	90,840.2		3,661.6			87,178.5		88,543.1
Total [6]	****	91,502.9		3,707.1			87,795.8		89,205.4
	(%)
NPL ratio [5]/[6]	****	0.72		0.02			0.70		0.74
Note: Trust<br>account represents trust accounts that guarantee principals in the agreement.

2-7

Mizuho Financial Group, Inc.

Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks<br><br><br><br> <br>(Banking Account + Trust Account)
	(Billions of yen)
	As of<br>December 31, 2019					As of		As of<br><br><br>September 30, 2019
			Change			March 31, 2019		(Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	50.8		(2.0	)		52.9		51.6
Claims with Collection Risk	****	363.1		15.4			347.6		378.2
Claims for Special Attention	****	206.4		46.6			159.7		174.8
Sub-total [1]	****	620.4		59.9			560.4		604.7
Normal Claims	****	92,238.5		3,001.6			89,236.8		90,142.8
Total [2]	****	92,858.9		3,061.6			89,797.2		90,747.6
	(%)
NPL ratio [1]/[2]	****	0.66		0.04			0.62		0.66
Above figures<br>are presented net of partial direct write-offs.
Mizuho Bank
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	50.4		(2.0	)		52.4		51.1
Claims with Collection Risk	****	358.1		16.3			341.8		373.2
Claims for Special Attention	****	204.6		46.1			158.5		173.0
Sub-total [3]	****	613.3		60.4			552.9		597.4
Normal Claims	****	88,819.3		2,959.9			85,859.4		86,748.0
Total [4]	****	89,432.6		3,020.3			86,412.3		87,345.4
	(%)
NPL ratio [3]/[4]	****	0.68		0.04			0.63		0.68
Above figures<br>are presented net of partial direct write-offs.<br> <br><br> <br>Mizuho Trust &Banking<br> <br>(Banking Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	0.4		(0.0	)		0.4		0.4
Claims with Collection Risk	****	2.1		(0.9	)		3.0		2.2
Claims for Special Attention	****	1.7		0.5			1.2		1.8
Sub-total [5]	****	4.3		(0.4	)		4.7		4.5
Normal Claims	****	3,412.7		42.4			3,370.3		3,388.2
Total [6]	****	3,417.1		42.0			3,375.0		3,392.7
	(%)
NPL ratio [5]/[6]	****	0.12		(0.01	)		0.14		0.13
Above figures<br>are presented net of partial direct write-offs.<br> <br><br> <br>(Trust Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—		—			—		—
Claims with Collection Risk	****	2.7		(0.0	)		2.7		2.7
Claims for Special Attention	****	—		—			—		—
Sub-total [7]	****	2.7		(0.0	)		2.7		2.7
Normal Claims	****	6.3		(0.6	)		7.0		6.5
Total [8]	****	9.1		(0.6	)		9.8		9.3
	(%)
NPL ratio [7]/[8]	****	30.22		2.06			28.15		29.61
Note: Trust<br>account represents trust accounts that guarantee principals in the agreement.

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

					As of<br>March 31, 2019		As of<br>September 30, 2019<br>(Reference)
		Change
MHBK	120,430.2		1,019.0			119,411.2		120,786.0
MHTB	3,213.8		(39.6	)		3,253.4		3,385.8
Total	123,644.0		979.3			122,664.7		124,171.9
(1)-2 Domestic Deposits
Aggregate Figures for the 2 Banks
					As of<br>March 31, 2019		As of<br>September 30, 2019<br>(Reference)
		Change
MHBK	97,630.2		(781.0	)		98,411.2		98,883.4
Individual deposits	44,590.1		1,544.2			43,045.9		43,596.0
MHTB	3,212.0		(31.8	)		3,243.8		3,384.1
Individual deposits	877.2		(36.2	)		913.5		875.6
Total	100,842.3		(812.8	)		101,655.1		102,267.6
Individual deposits	45,467.4		1,508.0			43,959.4		44,471.6
Note: Above figures do not include deposits booked at overseas offices and offshore deposits.
(2) Loans<br>and Bills Discounted
Aggregate Figures for the 2 Banks
					As of<br>March 31, 2019		As of<br>September 30, 2019<br>(Reference)
		Change
MHBK	79,028.3		2,980.9			76,047.3		77,487.5
MHTB	3,396.4		41.2			3,355.1		3,370.7
Total	82,424.7		3,022.2			79,402.5		80,858.3
Note: Loans to MHFG are included as follows:
As of December 31, 2019: 840.0 billion (from MHBK)
As of September 30, 2019: 930.0 billion (from MHBK)
As of March 31, 2019: 945.5 billion (from MHBK)

All values are in Japanese Yen.

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank

		(%)
		****	Third Quarter of<br> <br>Fiscal 2019<br><br><br>(Accumulated Period)			**** <br> <br><br><br><br>	****	Third Quarter of<br> <br>Fiscal 2018<br><br><br>(AccumulatedPeriod)
				Change
Return on Loans and Bills Discounted	1	****	0.76		(0.03	)		0.80
Cost of Deposits	2	****	0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [1]-[2]	3	****	0.76		(0.03	)		0.79
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
Reference:<br>After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	4	****	0.79		(0.04	)		0.83
Loan and Deposit Rate Margin [4]-[2]	5	****	0.78		(0.04	)		0.83
Mizuho Trust & Banking
		(%)
		Third Quarter of<br>Fiscal 2019<br>(Accumulated Period)					Third Quarter of<br>Fiscal 2018<br>(Accumulated<br>Period)
				Change
Return on Loans and Bills Discounted	6	****	0.59		(0.02	)		0.61
Cost of Deposits	7	****	0.01		(0.00	)		0.02
Loan and Deposit Rate Margin [6]-[7]	8	****	0.58		(0.01	)		0.59
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
Reference:<br>After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	9	****	0.61		(0.03	)		0.65
Loan and Deposit Rate Margin [9]-[7]	10	****	0.60		(0.02	)		0.62
Reference
Aggregate Figures for the 2 Banks
		(%)
		****	Third Quarter of<br> <br>Fiscal 2019<br><br><br>(Accumulated Period)			**** <br> <br><br><br><br>	****	Third Quarter of<br> <br>Fiscal 2018<br><br><br>(Accumulated
				Change			Period)
Return on Loans and Bills Discounted	11	****	0.75		(0.03	)		0.79
Cost of Deposits	12	****	0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [11]-[12]	13	****	0.75		(0.03	)		0.78
Notes: 1.<br>Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
2. Deposits include NCDs.
Reference:<br>After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	****	0.78		(0.04	)		0.82
Loan and Deposit Rate Margin [14]-[12]	15	****	0.77		(0.04	)		0.81

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of<br>December 31,<br>2019 (A)			As of<br>March 31,<br>2019 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	39,893,932	****	¥	42,044,263		¥	(2,150,330	)
Call Loans	****	1,033,835	****		516,085			517,750
Receivables under Resale Agreements	****	4,534,351	****		4,226,040			308,310
Guarantee Deposits Paid under Securities Borrowing Transactions	****	115,338	****		100,501			14,837
Other Debt Purchased	****	508,623	****		491,276			17,347
Trading Assets	****	4,553,494	****		3,708,952			844,541
Money Held in Trust	****	503	****		503			0
Securities	****	29,894,768	****		29,475,876			418,892
Loans and Bills Discounted	****	79,028,339	****		76,047,363			2,980,976
Foreign Exchange Assets	****	2,030,516	****		2,043,874			(13,358	)
Derivatives other than for Trading	****	3,275,330	****		3,192,132			83,197
Other Assets	****	2,582,073	****		2,705,113			(123,039	)
Tangible Fixed Assets	****	851,664	****		729,129			122,534
Intangible Fixed Assets	****	357,116	****		354,116			2,999
Prepaid Pension Cost	****	534,421	****		481,875			52,545
Customers’ Liabilities for Acceptances and Guarantees	****	6,495,667	****		6,492,905			2,762
Reserves for Possible Losses on Loans	****	(246,087	)		(242,076	)		(4,011	)
Reserve for Possible Losses on Investments	****	(956	)		(370	)		(586	)
Total Assets	¥	175,442,933	****	¥	172,367,564		¥	3,075,369
Liabilities	****	****	****	****	****	****	****	****	****
Deposits	¥	120,430,238	****	¥	119,411,223		¥	1,019,015
Negotiable Certificates of Deposit	****	14,873,206	****		12,912,548			1,960,657
Call Money	****	1,084,572	****		1,308,045			(223,472	)
Payables under Repurchase Agreements	****	6,680,922	****		5,162,334			1,518,587
Guarantee Deposits Received under Securities Lending Transactions	****	436,366	****		305,032			131,334
Commercial Paper	****	877,767	****		941,181			(63,414	)
Trading Liabilities	****	2,684,618	****		2,577,856			106,761
Borrowed Money	****	7,664,391	****		7,998,715			(334,324	)
Foreign Exchange Liabilities	****	717,922	****		925,879			(207,956	)
Bonds and Notes	****	1,209,033	****		1,968,205			(759,171	)
Derivatives other than for Trading	****	3,255,274	****		3,031,284			223,989
Other Liabilities	****	1,627,595	****		2,138,527			(510,932	)
Reserve for Bonus Payments	****	4,609	****		22,362			(17,753	)
Reserve for Variable Compensation	****	574	****		1,100			(526	)
Reserve for Possible Losses on Sales of Loans	****	139	****		630			(491	)
Reserve for Contingencies	****	9	****		100			(90	)
Reserve for Reimbursement of Deposits	****	13,023	****		16,987			(3,964	)
Reserve for Reimbursement of Debentures	****	19,530	****		25,566			(6,035	)
Deferred Tax Liabilities	****	32,595	****		28,338			4,257
Deferred Tax Liabilities for Revaluation Reserve for Land	****	63,290	****		63,315			(24	)
Acceptances and Guarantees	****	6,495,667	****		6,492,905			2,762
Total Liabilities	****	168,171,350	****		165,332,144			2,839,206
Net Assets
Common Stock and Preferred Stock	****	1,404,065	****		1,404,065			—
Capital Surplus	****	2,286,328	****		2,286,328			—
Capital Reserve	****	655,418	****		655,418			—
Other Capital Surplus	****	1,630,910	****		1,630,910			—
Retained Earnings	****	2,463,680	****		2,163,735			299,944
Appropriated Reserve	****	315,177	****		315,177			0
Other Retained Earnings	****	2,148,502	****		1,848,557			299,944
Retained Earnings Brought Forward	****	2,148,502	****		1,848,557			299,944
Total Shareholders’ Equity	****	6,154,074	****		5,854,129			299,944
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	989,673	****		1,071,157			(81,484	)
Net Deferred Hedge Gains (Losses), net of Taxes	****	(9,881	)		(27,639	)		17,757
Revaluation Reserve for Land, net of Taxes	****	137,716	****		137,772			(55	)
Total Valuation and Translation Adjustments	****	1,117,508	****		1,181,291			(63,782	)
Total Net Assets	****	7,271,582	****		7,035,420			236,162
Total Liabilities and Net Assets	¥	175,442,933	****	¥	172,367,564		¥	3,075,369

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the nine months<br>ended December 31,2019 (A)		For the nine months<br>ended December 31,2018 (B)		Change<br>(A) - (B)
Ordinary Income	¥	2,045,730	¥	1,982,722	¥	63,008
Interest Income ^(1)^	****	1,279,510		1,226,816		52,694
Interest on Loans and Bills Discounted	****	869,968		823,594		46,374
Interest and Dividends on Securities	****	192,369		212,078		(19,709	)
Fee and Commission Income	****	354,102		339,185		14,916
Trading Income	****	88,691		57,547		31,144
Other Operating Income ^(1)^	****	171,084		136,725		34,359
Other Ordinary Income	****	152,341		222,447		(70,106	)
Ordinary Expenses	****	1,636,041		1,593,730		42,310
Interest Expenses	****	800,342		730,028		70,313
Interest on Deposits	****	362,369		312,804		49,564
Fee and Commission Expenses	****	77,844		75,933		1,911
Trading Expenses	****	748		525		222
Other Operating Expenses^(1)^	****	63,300		39,431		23,868
General and Administrative Expenses	****	588,132		628,734		(40,602	)
Other Ordinary Expenses	****	105,673		119,077		(13,404	)
Ordinary Profits	****	409,689		388,992		20,697
Extraordinary Gains	****	347		10,176		(9,828	)
Extraordinary Losses	****	8,091		4,558		3,533
Income before Income Taxes	****	401,945		394,610		7,335
Income Taxes:	****	****	****	****	****	****	****
Current	****	79,162		104,436		(25,274	)
Deferred	****	22,894		7,635		15,259
Net Income	¥	299,889	¥	282,538	¥	17,350
(1)	A reclassification has been made on the above table for the nine months ended December 31, 2018 for<br>consistency with current figures. As a result, “Interest Income—Interest and Dividends on Securities” decreased by ¥8,802 million, “Other Operating Income” increased by ¥6,792 million and “Other<br>Operating Expenses” decreased by ¥2,009 million.
---	---

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of<br>December 31,<br>2019 (A)			As of<br>March 31,<br>2019 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	2,087,759	****	¥	2,434,150		¥	(346,390	)
Call Loans	****	—	****		24,417			(24,417	)
Guarantee Deposits Paid under Securities Borrowing Transactions	****	193,812	****		332,116			(138,304	)
Other Debt Purchased	****	—	****		6,692			(6,692	)
Trading Assets	****	119,568	****		111,667			7,901
Money Held in Trust	****	6,959	****		4,641			2,317
Securities	****	663,971	****		841,621			(177,649	)
Loans and Bills Discounted	****	3,396,430	****		3,355,173			41,256
Foreign Exchange Assets	****	2,712	****		4,073			(1,360	)
Other Assets	****	304,111	****		188,381			115,730
Tangible Fixed Assets	****	86,922	****		20,559			66,362
Intangible Fixed Assets	****	30,720	****		32,664			(1,943	)
Prepaid Pension Cost	****	62,783	****		55,766			7,017
Customers’ Liabilities for Acceptances and Guarantees	****	18,225	****		16,885			1,339
Reserves for Possible Losses on Loans	****	(2,170	)		(2,324	)		154
Total Assets	¥	6,978,684	****	¥	7,426,486		¥	(447,801	)
Liabilities	****	****	****	****	****	****	****	****	****
Deposits	¥	3,213,834	****	¥	3,253,498		¥	(39,664	)
Negotiable Certificates of Deposit	****	645,900	****		566,110			79,790
Call Money	****	820,063	****		947,104			(127,040	)
Payables under Repurchase Agreements	****	—	****		22,198			(22,198	)
Guarantee Deposits Received under Securities Lending Transactions	****	180,063	****		362,246			(182,182	)
Trading Liabilities	****	114,612	****		107,096			7,515
Borrowed Money	****	257,193	****		379,706			(122,513	)
Bonds and Notes	****	10,000	****		10,000			—
Due to Trust Accounts	****	1,094,054	****		1,102,073			(8,019	)
Other Liabilities	****	23,466	****		68,806			(45,340	)
Reserve for Bonus Payments	****	—	****		2,125			(2,125	)
Reserve for Variable Compensation	****	276	****		467			(191	)
Reserve for Reimbursement of Deposits	****	1,674	****		2,081			(407	)
Deferred Tax Liabilities	****	15,313	****		6,631			8,681
Acceptances and Guarantees	****	18,225	****		16,885			1,339
Total Liabilities	****	6,394,676	****		6,847,033			(452,356	)
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	****	239,675	****		241,889			(2,214	)
Appropriated Reserve	****	41,484	****		36,719			4,764
Other Retained Earnings	****	198,190	****		205,170			(6,979	)
Retained Earnings Brought Forward	****	198,190	****		205,170			(6,979	)
Total Shareholders’ Equity	****	502,550	****		504,764			(2,214	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	82,552	****		76,295			6,256
Net Deferred Hedge Gains (Losses), net of Taxes	****	(1,094	)		(1,608	)		513
Total Valuation and Translation Adjustments	****	81,457	****		74,687			6,769
Total Net Assets	****	584,007	****		579,452			4,555
Total Liabilities and Net Assets	¥	6,978,684	****	¥	7,426,486		¥	(447,801	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the nine months<br>ended December 31,2019 (A)		For the nine months<br>ended December 31,2018 (B)		Change<br>(A) - (B)
Ordinary Income	¥	140,472	¥	141,550	¥	(1,078	)
Fiduciary Income	****	42,545		39,040		3,505
Interest Income	****	29,323		31,815		(2,491	)
Interest on Loans and Bills Discounted	****	18,758		20,138		(1,380	)
Interest and Dividends on Securities	****	9,024		9,965		(940	)
Fee and Commission Income	****	45,587		43,893		1,693
Trading Income	****	1,035		1,246		(211	)
Other Operating Income	****	17,715		6,308		11,406
Other Ordinary Income	****	4,264		19,245		(14,981	)
Ordinary Expenses	****	110,895		109,656		1,239
Interest Expenses	****	9,990		12,222		(2,231	)
Interest on Deposits	****	488		833		(345	)
Fee and Commission Expenses	****	26,342		24,792		1,550
Trading Expenses	****	109		0		109
Other Operating Expenses	****	5,344		2,647		2,697
General and Administrative Expenses	****	60,297		61,727		(1,430	)
Other Ordinary Expenses	****	8,811		8,266		544
Ordinary Profits	****	29,576		31,894		(2,318	)
Extraordinary Gains	****	907		82		825
Extraordinary Losses	****	550		125		424
Income before Income Taxes	****	29,933		31,850		(1,917	)
Income Taxes:	****	****	****	****	****	****	****
Current	****	3,016		5,164		(2,147	)
Deferred	****	5,307		3,283		2,024
Net Income	¥	21,608	¥	23,402	¥	(1,793	)

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of<br>December 31,<br>2019 (A)			As of<br>March 31,<br>2019 (B)			Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	273,770	****	¥	388,516		¥	(114,746	)
Cash Segregated as Deposits for Customers and Others	****	367,738	****		335,712			32,025
Trading Assets	****	6,223,216	****		6,061,110			162,105
Operating Investment Securities	****	33,713	****		28,640			5,072
Receivables Related to Margin Transactions	****	22,839	****		34,162			(11,323	)
Collateralized Short-Term Financing Agreements-Receivable	****	4,645,446	****		3,871,953			773,492
Advances Paid	****	186	****		488			(302	)
Securities: Fail to Deliver	****	13,371	****		9,613			3,757
Short-Term Loans Receivable	****	41,191	****		52,652			(11,461	)
Other Current Assets	****	420,437	****		434,483			(14,045	)
Less: Allowance for Doubtful Accounts	****	(14	)		(3	)		(10	)
Noncurrent Assets
Property and Equipment	****	11,853	****		12,527			(673	)
Intangible Assets	****	53,126	****		50,829			2,297
Investments and Other Assets	****	308,738	****		315,137			(6,398	)
Total Assets	¥	12,415,613	****	¥	11,595,825		¥	819,787
Liabilities
Current Liabilities	****	****	****	****	****	****	****	****	****
Trading Liabilities	¥	3,825,314	****	¥	4,340,952		¥	(515,637	)
Payables — Unsettled Trades	****	81,903	****		36,888			45,014
Payables Related to Margin Transactions	****	50,500	****		53,591			(3,090	)
Collateralized Short-Term Financing Agreements-Payable	****	5,121,182	****		3,575,497			1,545,685
Deposits Received	****	344,559	****		308,251			36,308
Guarantee Deposits Received	****	323,290	****		297,472			25,817
Securities: Fail to Receive	****	1,189	****		2,064			(875	)
Short-Term Borrowings	****	498,513	****		773,484			(274,971	)
Commercial Paper	****	318,500	****		333,200			(14,700	)
Bonds and Notes Due within One Year	****	132,069	****		76,393			55,675
Lease Obligations	****	—	****		174			(174	)
Income Taxes Payable	****	1,781	****		2,220			(438	)
Accrued Employees’ Bonuses	****	7,676	****		9,359			(1,682	)
Provision for Variable Compensation	****	695	****		927			(231	)
Provision for Bonus Point Redemption	****	524	****		686			(162	)
Other Current Liabilities	****	33,125	****		40,800			(7,674	)
Noncurrent Liabilities
Bonds and Notes	****	634,000	****		679,688			(45,688	)
Long-Term Borrowings	****	128,800	****		173,000			(44,200	)
Provision for Retirement Benefits	****	19,701	****		19,799			(97	)
Other Noncurrent Liabilities	****	2,315	****		2,263			52
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities	****	2,472	****		2,473			(0	)
Total Liabilities	****	11,528,118	****		10,729,189			798,928
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	****	364,710	****		346,585			18,124
Other Retained Earnings	****	364,710	****		346,585			18,124
Retained Earnings Brought Forward	****	364,710	****		346,585			18,124
Total Shareholders’ Equity	****	871,526	****		853,401			18,124
Net Unrealized Gains on (Operating) Investment Securities, net of Tax	****	25,723	****		23,023			2,699
Net Deferred Gains or Losses on Hedges, net of Tax	****	(9,754	)		(9,789	)		35
Total Valuation and Translation Adjustments	****	15,968	****		13,233			2,734
Total Net Assets	****	887,495	****		866,635			20,859
Total Liabilities and Net Assets	¥	12,415,613	****	¥	11,595,825		¥	819,787

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Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the nine months<br>ended December 31,2019 (A)			For the nine months<br>ended December 31,2018 (B)		Change<br>(A) - (B)
Operating Revenues	¥	259,301	****	¥	261,775	¥	(2,473	)
Commissions	****	109,757	****		116,830		(7,072	)
Net Gain on Trading	****	80,725	****		75,751		4,973
Net Gain on Operating Investment Securities	****	2,549	****		4,982		(2,432	)
Interest and Dividend Income	****	66,268	****		64,210		2,058
Interest Expenses	****	60,509	****		54,265		6,244
Net Operating Revenues	****	198,792	****		207,509		(8,717	)
Selling, General and Administrative Expenses	****	175,634	****		177,849		(2,214	)
Transaction-Related Expenses	****	42,853	****		39,674		3,179
Personnel Expenses	****	62,847	****		65,984		(3,136	)
Real Estate Expenses	****	17,751	****		18,806		(1,055	)
Administrative Expenses	****	31,885	****		33,106		(1,221	)
Depreciation and Amortization	****	14,505	****		14,005		500
Taxes and Dues	****	3,589	****		4,021		(431	)
Provision of Allowance for Doubtful Accounts	****	(12	)		13		(26	)
Other	****	2,214	****		2,236		(22	)
Operating Income	****	23,157	****		29,660		(6,503	)
Non-Operating Income	****	4,121	****		8,455		(4,333	)
Non-Operating Expenses	****	121	****		164		(43	)
Ordinary Income	****	27,158	****		37,951		(10,793	)
Extraordinary Gain	****	944	****		2,426		(1,481	)
Extraordinary Loss	****	559	****		1,078		(519	)
Income before Income Taxes	****	27,543	****		39,299		(11,755	)
Income Taxes:	****	****	****	****	****	****	****	****
Current	****	3,473	****		3,995		(522	)
Deferred	****	1,411	****		1,485		(73	)
Net Income	¥	22,658	****	¥	33,818	¥	(11,159	)

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