MFG 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

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 ☐

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date:	November 14, 2024
Mizuho Financial Group, Inc.
By:	/s/ Takefumi Yonezawa
Name:	Takefumi Yonezawa
Title:	Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2024<br><br><br>(Six months ended September 30, 2024)<br><br><br>(Under Japanese GAAP)
Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2024
---	---	---	---	---
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
Filing of Hanki Hokokusho (scheduled):			November 29, 2024	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):			December 6, 2024
Supplementary Materials on Quarterly Results:			Attached
IR Conference on Quarterly Results:			Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2024 (for the six months ended September 30, 2024)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
		Ordinary Income						Ordinary Profits						ProfitAttributable toOwners of Parent
		million		%				million		%				million		%
1H F2024			4,585,215			8.0				747,079			30.1				566,141			36.1
1H F2023			4,244,507			44.1				574,093			30.6				415,753			24.4

All values are in Japanese Yen.

Note:		Comprehensive Income:<br> <br>1H F2024: ¥591,838<br>million, 6.1%; 1H F2023: ¥557,657 million, —%
		Net Incomeper Share ofCommon Stock		Diluted Net Incomeper Share ofCommon Stock
---	---	---	---	---
1H F2024			223.35			223.35
1H F2023			164.03			164.03

All values are in Japanese Yen.

(2) Consolidated Financial Conditions

		Total Assets		Total Net Assets		Own Capital Ratio
		million		million		%
1H F2024			277,354,891			10,761,319			3.8
Fiscal 2023			278,672,151			10,312,135			3.6

All values are in Japanese Yen.

Reference:		Own Capital:<br><br><br>As of September 30, 2024: ¥10,681,646 million; As of March 31, 2024: ¥10,232,538 million
Note:	Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights -<br>Non-controlling Interests) / Total Assets × 100<br> <br>Own Capital Ratio stated above is not calculated based on the<br>public notice of Own Capital Ratio.
---	---

2. Cash Dividends for Shareholders of CommonStock

		Annual Cash Dividends per Share
		FirstQuarter-end		SecondQuarter-end		ThirdQuarter-end		FiscalYear-end		Total
Fiscal 2023			—			50.00			—			55.00			105.00
Fiscal 2024			—			65.00
Fiscal 2024 (estimate)									—			65.00			130.00

All values are in Japanese Yen.

Note: Revision of the latest announced estimates for cash dividends for shareholders of common stock: Yes

3. Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025)

		(%: Changes from the previous fiscal year)
					ProfitAttributable toOwners ofParent						Net Incomeper Share ofCommon Stock
					million		%
Fiscal 2024						820,000			20.7				323.48

All values are in Japanese Yen.

Notes:		1.		Revision of the latest announced earnings estimates for Fiscal 2024: Yes
				Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025). Profit Attributable to Owners of Parent: The latest announced estimates:<br>¥750,000 million, Revised estimates: ¥820,000 million, Changes from the original estimates: ¥70,000 million, 9.3%
		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 outstanding shares (excluding treasury stock and others) during the 1Q and 2Q, and<br>the number of outstanding shares during the remainder of the relevant period (which is substituted with the number of outstanding shares (excluding treasury stock and others) as of September 30, 2024).

Notes

(1) Significant changes in the scope of consolidation during the period: No

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

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

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

iii. Changes in accounting estimates: No

iv. Restatements: No

(3) Issued Shares ofCommon Stock

i.  Period-end issued shares (including<br>treasury stock):	As of September 30, 2024	2,539,249,894 shares	As of March 31, 2024		2,539,249,894 shares
ii.  Period-end treasury stock:	As of September 30, 2024	4,291,043 shares	As of March 31, 2024		4,739,805 shares
iii. Average outstanding shares:	1st Half Fiscal 2024	2,534,759,156 shares	1st Half Fiscal 2023		2,534,579,208 shares

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

This immediate release contains statements that constituteforward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management offuture performance.<br> <br>In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,”“endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,”“target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect ourcurrent views with respect to future events and are subject to risks, uncertainties and assumptions.<br> <br>We may not be successful in implementing ourbusiness strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services;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 relatedto 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 financialtransactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm;our ability to implement our medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economicconditions in Japan and elsewhere; and changes to applicable laws and regulations.<br> <br>Further information regarding factors that could affect ourfinancial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web siteat www.sec.gov.<br> <br>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.<br><br><br>MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 andprepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Interim Consolidated Financial Statements and Others		p.1-2
(1) Consolidated Balance Sheets		p.1-2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-4
(3) Consolidated Statements of Changes in Net Assets		p.1-6
(4) Note for Assumption of Going Concern		p.1-7
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half)<br>of Fiscal 2024

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 Friday, November 15, 2024. 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. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

		Millions of yen
		As of<br>March 31, 2024			As ofSeptember 30, 2024
Assets
Cash and Due from Banks		¥	72,968,900		¥	71,620,559
Call Loans and Bills Purchased			1,259,964			1,121,682
Receivables under Resale Agreements			20,533,096			22,657,784
Guarantee Deposits Paid under Securities Borrowing Transactions			2,357,463			2,177,103
Other Debt Purchased			4,174,891			3,690,073
Trading Assets			21,381,444			21,567,775
Money Held in Trust			583,647			612,755
Securities			38,245,422			38,188,142
Loans and Bills Discounted			92,778,781			92,354,009
Foreign Exchange Assets			2,259,701			2,212,641
Derivatives other than for Trading Assets			2,606,667			2,845,012
Other Assets			7,364,363			6,379,668
Tangible Fixed Assets			1,139,470			1,093,441
Intangible Fixed Assets			725,142			755,656
Net Defined Benefit Asset			847,116			863,709
Deferred Tax Assets			135,428			83,115
Customers’ Liabilities for Acceptances and Guarantees			10,098,502			9,861,424
Reserves for Possible Losses on Loans			(787,848	)		(729,659	)
Reserve for Possible Losses on Investments			(4	)		(5	)
Total Assets		¥	278,672,151		¥	277,354,891

1-2

Mizuho Financial Group, Inc.

		Millions of yen
		As of<br>March 31, 2024			As ofSeptember 30, 2024
Liabilities
Deposits		¥	159,854,668		¥	155,675,626
Negotiable Certificates of Deposit			11,590,532			12,193,562
Call Money and Bills Sold			1,660,682			2,819,989
Payables under Repurchase Agreements			38,103,216			38,716,833
Guarantee Deposits Received under Securities Lending Transactions			1,306,422			1,362,370
Commercial Paper			1,165,988			1,005,716
Trading Liabilities			13,836,028			13,690,008
Borrowed Money			5,449,852			5,689,002
Foreign Exchange Liabilities			900,034			1,122,353
Short-term Bonds			565,736			749,612
Bonds and Notes			11,999,712			12,372,001
Due to Trust Accounts			983,877			1,033,963
Derivatives other than for Trading Liabilities			3,818,518			4,158,134
Other Liabilities			6,618,151			5,815,545
Reserve for Bonus Payments			185,977			123,860
Reserve for Variable Compensation			2,527			1,168
Net Defined Benefit Liability			67,151			67,502
Reserve for Director and Corporate Auditor Retirement Benefits			541			432
Reserve for Possible Losses on Sales of Loans			8,645			8,761
Reserve for Contingencies			19,321			16,461
Reserve for Reimbursement of Deposits			10,378			8,840
Reserve for Reimbursement of Debentures			25,125			23,718
Reserves under Special Laws			3,781			3,772
Deferred Tax Liabilities			27,058			26,497
Deferred Tax Liabilities for Revaluation Reserve for Land			57,583			46,410
Acceptances and Guarantees			10,098,502			9,861,424
Total Liabilities		¥	268,360,016		¥	266,593,572
Net Assets
Common Stock		¥	2,256,767		¥	2,256,767
Capital Surplus			1,129,730			1,129,731
Retained Earnings			5,538,891			5,990,738
Treasury Stock			(9,402	)		(9,539	)
Total Shareholders’ Equity			8,915,987			9,367,698
Net Unrealized Gains (Losses) on Other Securities			929,815			947,280
Deferred Gains or Losses on Hedges			(298,280	)		(305,050	)
Revaluation Reserve for Land			126,879			101,564
Foreign Currency Translation Adjustments			344,250			372,540
Remeasurements of Defined Benefit Plans			214,337			198,141
Own Credit Risk Adjustments, Net of Tax			(452	)		(527	)
Total Accumulated Other Comprehensive Income			1,316,550			1,313,948
Stock Acquisition Rights			5			5
Non-controlling Interests			79,591			79,667
Total Net Assets			10,312,135			10,761,319
Total Liabilities and Net Assets		¥	278,672,151		¥	277,354,891

1-3

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

		Millions of yen
		For the six monthsended<br>September 30, 2023				For the six monthsended<br>September 30, 2024
Ordinary Income		¥	4,244,507			¥	4,585,215
Interest Income			2,706,494				3,045,939
Interest on Loans and Bills Discounted			1,361,163				1,373,557
Interest and Dividends on Securities			293,228				431,507
Fiduciary Income			30,458				30,291
Fee and Commission Income			485,482				512,874
Trading Income			725,069				558,460
Other Operating Income			194,063				228,699
Other Ordinary Income			102,938				208,950
Ordinary Expenses			3,670,413				3,838,136
Interest Expenses			2,251,880				2,563,082
Interest on Deposits			832,381				874,568
Fee and Commission Expenses			101,128				110,088
Trading Expenses			432,114				—
Other Operating Expenses			43,524				182,395
General and Administrative Expenses			782,989				877,168
Other Ordinary Expenses			58,775				105,401
Ordinary Profits			574,093				747,079
Extraordinary Gains			24,072				49,527
Extraordinary Losses			1,842				5,447
Income before Income Taxes			596,323				791,158
Income Taxes:
Current			134,897				187,649
Deferred			43,760				35,483
Total Income Taxes			178,658				223,133
Profit			417,665				568,025
Profit Attributable to Non-controllingInterests			1,911				1,884
Profit Attributable to Owners of Parent		¥	415,753			¥	566,141

1-4

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

		Millions of yen
		For the six monthsended<br>September 30, 2023			For the six monthsended<br>September 30, 2024
Profit		¥	417,665		¥	568,025
Other Comprehensive Income			139,992			23,813
Net Unrealized Gains (Losses) on Other Securities			(98,538	)		18,120
Deferred Gains or Losses on Hedges			64,183			(6,897	)
Foreign Currency Translation Adjustments			182,210			18,117
Remeasurements of Defined Benefit Plans			(25,736	)		(15,925	)
Own Credit Risk Adjustments, Net of Tax			28			(75	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			17,844			10,474
Comprehensive Income			557,657			591,838
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			552,666			588,854
Comprehensive Income Attributable to Non-controlling<br>Interests			4,991			2,983

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2023

		Millions of yen
		Shareholders’ Equity
		CommonStock			CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’Equity
Balance as of the beginning of the period			2,256,767			1,129,267			5,093,911			(8,786	)		8,471,160
Cumulative Effects of Changes in Accounting Policies									(1,883	)					(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies			2,256,767			1,129,267			5,092,027			(8,786	)		8,469,276
Changes during the period
Cash Dividends									(107,882	)					(107,882	)
Profit Attributable to Owners of Parent									415,753						415,753
Repurchase of Treasury Stock												(2,360	)		(2,360	)
Disposition of Treasury Stock						0						2,706			2,706
Transfer from Revaluation Reserve for Land									1,529						1,529
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others									231						231
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—			0			309,631			346			309,978
Balance as of the end of the period			2,256,767			1,129,267			5,401,659			(8,439	)		8,779,254
	Accumulated Other Comprehensive Income																		StockAcquisitionRights		Non-ControllingInterests		TotalNet<br>Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealizedGains(Losses)on OtherSecurities			DeferredGains orLosses onHedges			RevaluationReserve forLand			ForeignCurrencyTranslationAdjustments		Remeasurementsof Defined<br>Benefit Plans			Own CreditRiskAdjustments,Net of Tax		TotalAccumulatedOtherComprehensiveIncome
Balance as of the beginning of the period		564,495			(358,102	)		129,321			144,093		182,306			19		662,133		5		75,163		9,208,463
Cumulative Effects of Changes in Accounting Policies																		—						(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		564,495			(358,102	)		129,321			144,093		182,306			19		662,133		5		75,163		9,206,579
Changes during the period
Cash Dividends																								(107,882	)
Profit Attributable to Owners of Parent																								415,753
Repurchase of Treasury Stock																								(2,360	)
Disposition of Treasury Stock																								2,706
Transfer from Revaluation Reserve for Land																								1,529
Changes in Retained Earnings by Decreasing of Equity Method Affiliates and Others																								231
Net Changes in Items other than Shareholders’ Equity		(99,774	)		63,815			(1,529	)		198,790		(25,947	)		28		135,382		—		1,475		136,857
Total Changes during the period		(99,774	)		63,815			(1,529	)		198,790		(25,947	)		28		135,382		—		1,475		446,835
Balance as of the end of the period		464,720			(294,287	)		127,792			342,883		156,359			48		797,516		5		76,638		9,653,415

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2024

		Millions of yen
		Shareholders’ Equity
		CommonStock			CapitalSurplus			RetainedEarnings			TreasuryStock			Total Shareholders’Equity
Balance as of the beginning of the period			2,256,767			1,129,730			5,538,891			(9,402	)		8,915,987
Changes during the period
Cash Dividends									(139,610	)					(139,610	)
Profit Attributable to Owners of Parent									566,141						566,141
Repurchase of Treasury Stock												(2,772	)		(2,772	)
Disposition of Treasury Stock						1						2,636			2,637
Transfer from Revaluation Reserve for Land									25,315						25,315
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period			—			1			451,846			(136	)		451,710
Balance as of the end of the period			2,256,767			1,129,731			5,990,738			(9,539	)		9,367,698
	Accumulated Other Comprehensive Income																			StockAcquisitionRights		Non-ControllingInterests		TotalNetAssets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	NetUnrealizedGains(Losses) onOtherSecurities		DeferredGains orLosses onHedges			RevaluationReserve forLand			ForeignCurrencyTranslationAdjustments		Remeasurementsof Defined<br>Benefit Plans			Own CreditRiskAdjustments,Net of Tax			TotalAccumulatedOtherComprehensiveIncome
Balance as of the beginning of the period		929,815		(298,280	)		126,879			344,250		214,337			(452	)		1,316,550			5		79,591		10,312,135
Changes during the period
Cash Dividends																									(139,610	)
Profit Attributable to Owners of Parent																									566,141
Repurchase of Treasury Stock																									(2,772	)
Disposition of Treasury Stock																									2,637
Transfer from Revaluation Reserve for Land																									25,315
Net Changes in Items other than Shareholders’ Equity		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		(2,526	)
Total Changes during the period		17,464		(6,770	)		(25,315	)		28,290		(16,195	)		(75	)		(2,601	)		—		75		449,184
Balance as of the end of the period		947,280		(305,050	)		101,564			372,540		198,141			(527	)		1,313,948			5		79,667		10,761,319

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2024

(Six months ended September 30, 2024)

(Under Japanese GAAP)

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024		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. Employee Retirement Benefits			NON				CON				2-13
8. Capital Ratio			CON				NON				2-16
II. REVIEW OF CREDITS		See above Notes								Page
1. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial<br>Reconstruction Act (“FRA”)			CON				NON				2-17
2. Status of Reserves for Possible Losses on Loans			CON				NON				2-21
3. Reserve Ratios for Non Performing Loans based on the BA and the FRA			CON				NON				2-22
4. Coverage on Non Performing Loans based on the BA and the FRA			NON								2-23
5. Overview of Non-Performing<br>Loans(“NPLs”)			NON								2-26
6. Results of Removal of NPLs from the Balance Sheet			NON								2-27
7. Status of Loans by Industry
(1) Outstanding Balances by Industry			NON								2-28
(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry			NON								2-30
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								2-31
(2) Loans to SMEs and Individual Customers			NON								2-31
9. Status of Loans by Region
(1) Outstanding Balances by Region			NON								2-32
(2) Non Performing Loans based on the BA and the FRA by Region			NON								2-33
III. OTHERS		See above Notes								Page
1. Estimation for Calculating Deferred Tax Assets			NON								2-34
2. Breakdown of Deposits (Domestic Offices)			NON								2-36
Attachments				Page
---	---	---	---	---	---
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)					2-37
Comparison of Non-Consolidated Statements of Income<br>(selected items)					2-38
This immediate release contains statements that constitute forward-looking statements within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.<br><br><br><br> <br>In many cases, but not all, we use such words as “aim,”“anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,”“should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans orintentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.<br> <br><br><br><br>We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons,including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes ininterest 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 ourlong-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 capitaladequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan 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.<br><br><br><br> <br>Further information regarding factors that could affect our financial condition andresults of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S.Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.<br><br><br><br> <br>We do not intend to update our forward-looking statements. We are under noobligation, 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 of the Tokyo Stock Exchange.<br><br><br><br> <br>MHFG is a specified business company under“Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 18 clause 2 and prepares the interim consolidated financial statements in the second quarter.
---

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2024

1. Income Analysis

Consolidated

				(Millions of yen)
				First Half of Fiscal 2024						First Half of Fiscal 2023
							Change
Consolidated Gross Profits		1		****	1,520,698	****		207,777			1,312,920
Net Interest Income		2		****	482,856	****		28,242			454,614
Fiduciary Income		3		****	30,291	****		(166	)		30,458
Credit Costs for Trust Accounts		4		****	—	****		—			—
Net Fee and Commission Income		5		****	402,786	****		18,431			384,354
Net Trading Income		6		****	558,460	****		265,506			292,954
Net Other Operating Income		7		****	46,303	****		(104,235	)		150,538
General and Administrative Expenses		8		****	(877,168	)		(94,178	)		(782,989	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)		9		****	(10,966	)		(678	)		(10,287	)
Losses on Write-offs of Loans		10		****	(7,952	)		1,516			(9,468	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		11		****	25,653	****		26,434			(781	)
Net Gains (Losses) related to Stocks		12		****	79,955	****		45,359			34,596
Equity in Income from Investments in Affiliates		13		****	27,771	****		4,205			23,565
Other		14		****	(18,865	)		(15,934	)		(2,930	)
Ordinary Profits		15		****	747,079	****		172,985			574,093
Net Extraordinary Gains (Losses)		16		****	44,079	****		21,850			22,229
Income before Income Taxes		17		****	791,158	****		194,835			596,323
Income Taxes - Current		18		****	(187,649	)		(52,752	)		(134,897	)
- Deferred		19		****	(35,483	)		8,276			(43,760	)
Profit		20		****	568,025	****		150,359			417,665
Profit Attributable to Non-controlling Interests		21		****	(1,884	)		27			(1,911	)
Profit Attributable to Owners of Parent		22		****	566,141	****		150,387			415,753
Credit-related Costs (including Credit Costs for Trust Accounts)		23		****	14,686	****		25,755			(11,068	)
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for)<br>General Reserve for Losses on Loans) [9]<br>+ 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		****	655,732	****		119,672			536,060
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses<br>(excluding Non-Recurring Losses)<br>+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries		25		****	226	****		38			188
Number of affiliates under the equity method		26		****	26	****		3			23

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated ****

				(Millions of yen)
				First Half of Fiscal 2024													First Half of Fiscal 2023
				MHBK			MHTB			AggregateFigures				Change
Gross Profits		1		****	873,944	****	****	53,917	****	****	927,861	****			132,227			795,633
Domestic Gross Profits		2		****	457,361	****	****	54,008	****	****	511,370	****			58,298			453,071
Net Interest Income		3		****	300,869	****	****	10,945	****	****	311,814	****			74,056			237,758
Fiduciary Income		4					****	30,516	****	****	30,516	****			(128	)		30,644
Trust Fees for Jointly Operated Designated Money Trust		5					****	1,857	****	****	1,857	****			(126	)		1,983
Credit Costs for Trust Accounts^*(1)^		6					****	—	****	****	—	****			—			—
Net Fee and Commission Income		7		****	124,235	****	****	12,460	****	****	136,695	****			(2,388	)		139,083
Net Trading Income		8		****	7,110	****				****	7,110	****			(22,987	)		30,097
Net Other Operating Income		9		****	25,146	****	****	86	****	****	25,233	****			9,745			15,487
International Gross Profits		10		****	416,582	****	****	(91	)	****	416,491	****			73,929			342,561
Net Interest Income		11		****	191,667	****	****	13	****	****	191,680	****			(15,230	)		206,911
Net Fee and Commission Income		12		****	58,403	****	****	(110	)	****	58,293	****			(12,724	)		71,017
Net Trading Income		13		****	173,125	****				****	173,125	****			185,098			(11,973	)
Net Other Operating Income		14		****	(6,614	)	****	5	****	****	(6,608	)			(83,214	)		76,606
General and Administrative Expenses (excluding<br>Non-Recurring Losses)		15		****	(442,307	)	****	(43,966	)	****	(486,274	)			(43,113	)		(443,160	)
Expense Ratio		16		****	50.6	%	****	81.5	%	****	52.4	%			(3.2	%)		55.6	%
Personnel Expenses		17		****	(162,698	)	****	(21,853	)	****	(184,551	)			(10,315	)		(174,236	)
Non-Personnel Expenses		18		****	(247,416	)	****	(20,231	)	****	(267,647	)			(24,950	)		(242,697	)
Premium for Deposit Insurance		19		****	(8,539	)	****	(257	)	****	(8,796	)			(383	)		(8,412	)
Miscellaneous Taxes		20		****	(32,193	)	****	(1,881	)	****	(34,074	)			(7,848	)		(26,226	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		21		****	431,636	****	****	9,950	****	****	441,586	****			89,113			352,473
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^*(2)^		22		****	363,334	****	****	9,952	****	****	373,286	****			31,361			341,925
Excluding Net Gains (Losses) from redemption of Investment Trusts		23		****	355,068	****	****	9,952	****	****	365,020	****			38,257			326,763
Reversal of (Provision for) General Reserve for Losses on Loans		24		****	—	****	****	—	****	****	—	****			—			—
Net Business Profits		25		****	431,636	****	****	9,950	****	****	441,586	****			89,113			352,473
Net Gains (Losses) related to Bonds		26		****	68,302	****	****	(1	)	****	68,300	****			57,752			10,548
Net Non-Recurring Gains (Losses)		27		****	85,840	****	****	13,573	****	****	99,413	****			56,999			42,414
Net Gains (Losses) related to Stocks		28		****	65,724	****	****	9,582	****	****	75,306	****			45,525			29,781
Expenses related to Portfolio Problems		29		****	(10,009	)	****	—	****	****	(10,009	)			(688	)		(9,321	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		30		****	24,336	****	****	178	****	****	24,514	****			22,589			1,924
Other		31		****	5,788	****	****	3,812	****	****	9,601	****			(10,428	)		20,029
Ordinary Profits		32		****	517,476	****	****	23,523	****	****	541,000	****			146,112			394,887
Net Extraordinary Gains (Losses)		33		****	41,908	****	****	1,007	****	****	42,915	****			20,121			22,794
Net Gains (Losses) on Disposition of Fixed Assets		34		****	32,959	****	****	(288	)	****	32,671	****			28,336			4,334
Losses on Impairment of Fixed Assets		35		****	(854	)	****	—	****	****	(854	)			(532	)		(321	)
Gains on Cancellation of Employee Retirement Benefit Trust		36		****	3,434	****	****	354	****	****	3,788	****			(14,993	)		18,782
Accumulation (Amortization) of Unrecognized Prior Service Cost		37		****	6,368	****	****	941	****	****	7,310	****			7,310			—
Income before Income Taxes		38		****	559,384	****	****	24,531	****	****	583,916	****			166,233			417,682
Income Taxes - Current		39		****	(184,336	)	****	(4,822	)	****	(189,158	)			(89,282	)		(99,876	)
- Deferred		40		****	25,648	****	****	(1,752	)	****	23,895	****			78,810			(54,914	)
Net Income		41		****	400,696	****	****	17,956	****	****	418,653	****			155,762			262,890
*(1)  Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for<br>MHTB 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 Bonds[26]
Credit-related Costs		42		****	14,327	****	****	178	****	****	14,505	****			21,901			(7,396	)
Credit-related Costs [42] = 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		43					****	—	****	****	—	****			—			—
Reversal of (Provision for) General Reserve for Losses on Loans		44		****	36,065	****	****	(2	)	****	36,062	****			73,732			(37,669	)
Losses on Write-offs of Loans		45		****	(1,691	)	****	0	****	****	(1,691	)			4,934			(6,625	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans		46		****	(23,607	)	****	180	****	****	(23,426	)			(52,075	)		28,648
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries		47		****	5,930	****	****	—	****	****	5,930	****			(1,737	)		7,667
Reversal of (Provision for) Reserve for Contingencies		48		****	537	****	****	—	****	****	537	****			(666	)		1,203
Other (including Losses on Sales of Loans)		49		****	(2,906	)	****	—	****	****	(2,906	)			(2,284	)		(622	)
Total		50		****	14,327	****	****	178	****	****	14,505	****			21,901			(7,396	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated ****

					(Millions of yen)
					First Half of Fiscal 2024						First Half of Fiscal 2023
								Change
Gross Profits			1		****	873,944	****		128,013			745,930
Domestic Gross Profits			2		****	457,361	****		54,064			403,296
Net Interest Income			3		****	300,869	****		72,808			228,061
Net Fee and Commission Income			4		****	124,235	****		(5,398	)		129,634
Net Trading Income			5		****	7,110	****		(22,987	)		30,097
Net Other Operating Income			6		****	25,146	****		9,642			15,503
International Gross Profits			7		****	416,582	****		73,949			342,633
Net Interest Income			8		****	191,667	****		(15,226	)		206,894
Net Fee and Commission Income			9		****	58,403	****		(12,693	)		71,097
Net Trading Income			10		****	173,125	****		185,098			(11,973	)
Net Other Operating Income			11		****	(6,614	)		(83,229	)		76,615
General and Administrative Expenses (excluding<br>Non-Recurring Losses)			12		****	(442,307	)		(39,172	)		(403,135	)
Expense Ratio			13		****	50.6	%		(3.4	%)		54.0	%
Personnel Expenses			14		****	(162,698	)		(7,644	)		(155,053	)
Non-Personnel Expenses			15		****	(247,416	)		(23,899	)		(223,517	)
Premium for Deposit Insurance			16			(8,539	)		(369	)		(8,170	)
Miscellaneous Taxes			17		****	(32,193	)		(7,627	)		(24,565	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)			18		****	431,636	****		88,841			342,794
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas *			19		****	363,334	****		31,091			332,242
Excluding Net Gains (Losses) from redemption of Investment Trusts			20		****	355,068	****		37,987			317,081
Reversal of (Provision for) General Reserve for Losses on Loans			21		****	—	****		—			—
Net Business Profits			22		****	431,636	****		88,841			342,794
Net Gains (Losses) related to Bonds			23		****	68,302	****		57,750			10,551
Net Non-Recurring Gains (Losses)			24		****	85,840	****		50,100			35,739
Net Gains (Losses) related to Stocks			25		****	65,724	****		37,359			28,365
Expenses related to Portfolio Problems			26		****	(10,009	)		(688	)		(9,321	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			27		****	24,336	****		23,340			995
Other			28		****	5,788	****		(9,910	)		15,699
Ordinary Profits			29		****	517,476	****		138,942			378,534
Net Extraordinary Gains (Losses)			30		****	41,908	****		19,076			22,832
Net Gains (Losses) on Disposition of Fixed Assets			31		****	32,959	****		28,615			4,344
Losses on Impairment of Fixed Assets			32		****	(854	)		(560	)		(294	)
Gains on Cancellation of Employee Retirement Benefit Trust			33		****	3,434	****		(15,348	)		18,782
Accumulation (Amortization) of Unrecognized Prior Service Cost			34		****	6,368	****		6,368			—
Income before Income Taxes			35		****	559,384	****		158,018			401,366
Income Taxes - Current			36		****	(184,336	)		(86,352	)		(97,983	)
- Deferred			37		****	25,648	****		78,175			(52,526	)
Net Income			38		****	400,696	****		149,841			250,855
*   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>from core business areas[19] =Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs			39		****	14,327	****		22,652			(8,325	)
Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General<br>Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans			40		****	36,065	****		74,667			(38,601	)
Losses on Write-offs of Loans			41		****	(1,691	)		4,934			(6,626	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans			42		****	(23,607	)		(52,261	)		28,653
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries			43		****	5,930	****		(1,737	)		7,667
Reversal of (Provision for) Reserve for Contingencies			44		****	537	****		(666	)		1,203
Other (including Losses on Sales of Loans)			45		****	(2,906	)		(2,284	)		(622	)
Total			46		****	14,327	****		22,652			(8,325	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated ****

								(Millions of yen)
								First Half of Fiscal 2024						First Half of Fiscal 2023
											Change
Gross Profits					1			****	53,917	****		4,213			49,703
Domestic Gross Profits					2			****	54,008	****		4,233			49,775
Net Interest Income					3			****	10,945	****		1,248			9,697
Fiduciary Income					4			****	30,516	****		(128	)		30,644
Trust Fees for Jointly Operated Designated Money Trust					5			****	1,857	****		(126	)		1,983
Credit Costs for Trust Accounts^*(1)^					6			****	—	****		—			—
Net Fee and Commission Income					7			****	12,460	****		3,010			9,449
Net Other Operating Income					8			****	86	****		103			(16	)
International Gross Profits					9			****	(91	)		(19	)		(71	)
Net Interest Income					10			****	13	****		(3	)		17
Net Fee and Commission Income					11			****	(110	)		(30	)		(79	)
Net Other Operating Income					12			****	5	****		14			(8	)
General and Administrative Expenses (excluding<br>Non-Recurring Losses)					13			****	(43,966)	****		(3,941)			(40,025)
Expense Ratio					14			****	81.5	%		1.0	%		80.5	%
Personnel Expenses					15			****	(21,853	)		(2,670	)		(19,183	)
Non-Personnel Expenses					16			****	(20,231	)		(1,050	)		(19,180	)
Premium for Deposit Insurance					17			****	(257	)		(14	)		(242	)
Miscellaneous Taxes					18			****	(1,881	)		(220	)		(1,661	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)					19			****	9,950	****		272			9,678
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas^*(2)^					20			****	9,952	****		270			9,682
Excluding Net Gains (Losses) from redemption of Investment Trusts					21			****	9,952	****		269			9,682
Reversal of (Provision for) General Reserve for Losses on Loans					22			****	—	****		—			—
Net Business Profits					23			****	9,950	****		272			9,678
Net Gains (Losses) related to Bonds					24			****	(1	)		1			(3	)
Net Non-Recurring Gains (Losses)					25			****	13,573	****		6,898			6,674
Net Gains (Losses) related to Stocks					26			****	9,582	****		8,166			1,416
Expenses related to Portfolio Problems					27			****	—	****		—			—
Gains on Reversal of Reserves for Possible Losses on Loans, and others					28			****	178	****		(750	)		928
Other					29			****	3,812	****		(517	)		4,329
Ordinary Profits					30			****	23,523	****		7,170			16,353
Net Extraordinary Gains (Losses)					31			****	1,007	****		1,044			(37	)
Net Gains (Losses) on Disposition of Fixed Assets					32			****	(288	)		(278	)		(9	)
Losses on Impairment of Fixed Assets					33			****	—	****		27			(27	)
Gains on Cancellation of Employee Retirement Benefit Trust					34			****	354	****		354			—
Accumulation (Amortization) of Unrecognized Prior Service Cost					35			****	941	****		941			—
Income before Income Taxes					36			****	24,531	****		8,215			16,315
Income Taxes - Current					37			****	(4,822	)		(2,929	)		(1,892	)
- Deferred					38			****	(1,752	)		635			(2,388	)
Net Income					39			****	17,956	****		5,920			12,035
*(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[20]
=Net Business Profits (before Reversal of<br>(Provision for) General Reserve for Losses on Loans)[19]-Net Gains (Losses) related to Bonds[24]
Credit-related Costs					40			****	178	****		(750)			928
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General<br>Reserve for Losses on Loans [22] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [28] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts					41				—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans					42			****	(2)	****		(935)			932
Losses on Write-offs of Loans					43			****	0	****		(0)			0
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans					44			****	180	****		185			(4	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries					45			****	—	****		—			—
Reversal of (Provision for) Reserve for Contingencies					46			****	—	****		—			—
Other (including Losses on Sales of Loans)					47			****	—	****		—			—
Total					48			****	178	****		(750)			928

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

					(%)
					First Half of Fiscal 2024					First Half of Fiscal 2023
Mizuho Bank								Change
Return on Interest-Earning Assets			1		****	0.53	****		0.09		0.44
Return on Loans and Bills Discounted (1)			2		****	0.87	****		0.13		0.74
Return on Securities			3		****	0.65	****		0.29		0.36
Cost of Funding (including Expenses)			4		****	0.56	****		0.06		0.49
Cost of Deposits (including Expenses)			5		****	0.57	****		0.07		0.49
Cost of Deposits (2)			6		****	0.02	****		0.02		0.00
Cost of Other External Liabilities			7		****	0.41	****		0.15		0.26
Net Interest Margin	(1)-(4)		8		****	(0.02	)		0.02		(0.05	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)		9		****	0.30	****		0.05		0.24
Loan and Deposit Rate Margin	(2)-(6)		10		****	0.84	****		0.10		0.74
(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		****	0.90	****		0.14		0.76
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)		12		****	0.32	****		0.06		0.26
Loan and Deposit Rate Margin	(11)-(6)		13		****	0.87	****		0.11		0.76
					(%)
					First Half of Fiscal 2024					First Half of Fiscal 2023
Mizuho Trust & Banking								Change
Return on Interest-Earning Assets			14		****	0.63	****		0.12		0.50
Return on Loans and Bills Discounted (1)			15		****	0.73	****		0.10		0.62
Return on Securities			16		****	3.54	****		0.60		2.93
Cost of Funding			17		****	0.16	****		0.06		0.10
Cost of Deposits (2)			18		****	0.04	****		0.04		0.00
Net Interest Margin	(14)-(17)		19		****	0.46	****		0.06		0.40
Loan and Deposit Rate Margin	(15)-(18)		20		****	0.68	****		0.06		0.61
(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		****	0.73	****		0.10		0.62
Loan and Deposit Rate Margin	(21)-(18)		22		****	0.68	****		0.06		0.61
Reference					(%)
					First Half of Fiscal 2024					First Half of Fiscal 2023
Aggregate Figures for the 2 Banks								Change
Return on Loans and Bills Discounted (1)			23		****	0.87	****		0.13		0.73
Cost of Deposits (2)			24		****	0.02	****		0.02		0.00
Loan and Deposit Rate Margin	(23)-(24)		25		****	0.84	****		0.10		0.73
(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		****	0.89	****		0.13		0.75
Loan and Deposit Rate Margin	(26)-(24)		27		****	0.86	****		0.11		0.75

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

		(Millions of yen, %)
		First Half of Fiscal 2024															First Half of Fiscal 2023
										Change
		AverageBalance				Rate				Average Balance			Rate				Average Balance				Rate
Total
Use of Funds		****	206,656,989	****		****	2.40	****			18,254,046			0.05				188,402,942				2.35
Loans and Bills Discounted		****	91,294,158	****		****	2.78	****			1,081,797			0.02				90,212,361				2.76
Securities		****	38,452,174	****		****	2.10	****			(2,830,872	)		0.77				41,283,047				1.33
Source of Funds		****	210,903,575	****		****	1.88	****			4,098,191			0.16				206,805,384				1.72
Deposits		****	154,378,883	****		****	1.08	****			6,663,890			0.00				147,714,993				1.07
NCDs		****	11,477,758	****		****	3.85	****			(6,873,875	)		1.43				18,351,634				2.41
Domestic Operations
Use of Funds		****	128,875,861	****		****	0.53	****			14,943,804			0.09				113,932,057				0.44
Loans and Bills Discounted		****	56,031,465	****		****	0.86	****			2,874,711			0.13				53,156,753				0.73
Securities		****	18,808,504	****		****	0.65	****			(7,318,198	)		0.29				26,126,702				0.36
Source of Funds		****	132,118,608	****		****	0.06	****			2,709,432			0.03				129,409,175				0.03
Deposits		****	116,477,361	****		****	0.02	****			7,051,575			0.02				109,425,785				0.00
NCDs		****	2,955,755	****		****	0.04	****			(6,593,780	)		0.04				9,549,536				0.00
International Operations
Use of Funds		****	78,668,773	****		****	5.44	****			1,171,810			0.36				77,496,962				5.07
Loans and Bills Discounted		****	35,262,693	****		****	5.84	****			(1,792,914	)		0.16				37,055,607				5.68
Securities		****	19,643,670	****		****	3.49	****			4,487,325			0.49				15,156,345				2.99
Source of Funds		****	79,672,613	****		****	4.89	****			(749,672	)		0.51				80,422,285				4.37
Deposits		****	37,901,522	****		****	4.34	****			(387,685	)		0.18				38,289,207				4.15
NCDs		****	8,522,003	****		****	5.16	****			(280,094	)		0.12				8,802,098				5.03
*	The Average Balance and Rate of Loans and Bills Discounted for First Half of Fiscal 2023 have been corrected.<br>
---	---

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

		(Millions of yen, %)
		First Half of Fiscal 2024															First Half of Fiscal 2023
										Change
		AverageBalance				Rate				Average Balance			Rate				Average Balance				Rate
Total
Use of Funds		****	4,647,779	****		****	0.64	****			(382,558	)		0.12				5,030,338				0.52
Loans and Bills Discounted		****	2,812,710	****		****	0.75	****			(214,969	)		0.11				3,027,679				0.63
Securities		****	175,656	****		****	3.37	****			(7,981	)		0.56				183,638				2.80
Source of Funds		****	4,443,300	****		****	0.18	****			(1,400,866	)		0.06				5,844,166				0.11
Deposits		****	2,646,045	****		****	0.04	****			(349,985	)		0.03				2,996,031				0.00
NCDs		****	308,199	****		****	0.08	****			(156,784	)		0.07				464,983				0.00
Domestic Operations
Use of Funds		****	4,635,568	****		****	0.63	****			(382,610	)		0.12				5,018,178				0.50
Loans and Bills Discounted		****	2,794,452	****		****	0.73	****			(212,742	)		0.11				3,007,195				0.62
Securities		****	167,340	****		****	3.54	****			(7,997	)		0.60				175,337				2.93
Source of Funds		****	4,430,750	****		****	0.16	****			(1,400,668	)		0.06				5,831,418				0.10
Deposits		****	2,643,497	****		****	0.04	****			(349,630	)		0.03				2,993,128				0.00
NCDs		****	308,199	****		****	0.08	****			(156,784	)		0.07				464,983				0.00
International Operations
Use of Funds		****	35,014	****		****	1.75	****			(429	)		0.09				35,444				1.65
Loans and Bills Discounted		****	18,257	****		****	3.33	****			(2,226	)		0.51				20,483				2.82
Securities		****	8,316	****		****	—	****			15			(0.06	)			8,300				0.06
Source of Funds		****	35,353	****		****	1.65	****			(678	)		0.12				36,032				1.53
Deposits		****	2,548	****		****	0.03	****			(355	)		0.02				2,903				0.00
NCDs		****	—	****		****	—	****			—			—				—				—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

		(Millions of yen)
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Bonds		****	67,454	****		56,647			10,807
Gains on Sales and Others		****	92,349	****		73,493			18,856
Losses on Sales and Others		****	(29,397	)		(16,571	)		(12,825	)
Impairment (Devaluation)		****	(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	(0	)		1			(1	)
Gains (Losses) on Derivatives other than for Trading		****	4,861	****		(1,102	)		5,964
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Stocks		****	79,955	****		45,359			34,596
Gains on Sales		****	152,045	****		86,364			65,680
Losses on Sales		****	(65,576	)		(53,917	)		(11,659	)
Impairment (Devaluation)		****	(3,383	)		(1,857	)		(1,526	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(3,128	)		14,769			(17,898	)
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks										<br> <br><br><br><br>
		(Millions of yen)
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Bonds		****	68,300	****		57,752			10,548
Gains on Sales and Others		****	92,380	****		73,173			19,207
Losses on Sales and Others		****	(28,582	)		(15,143	)		(13,439	)
Impairment (Devaluation)		****	(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	4,861	****		(1,103	)		5,965
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Stocks		****	75,306	****		45,525			29,781
Gains on Sales		****	142,264	****		85,351			56,912
Losses on Sales		****	(62,239	)		(53,298	)		(8,940	)
Impairment (Devaluation)		****	(1,589	)		(1,296	)		(292	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(3,128	)		14,769			(17,898	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank										****
		(Millions of yen)
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Bonds		****	68,302	****		57,750			10,551
Gains on Sales and Others		****	92,380	****		73,173			19,207
Losses on Sales and Others		****	(28,581	)		(15,145	)		(13,435	)
Impairment (Devaluation)		****	(359	)		826			(1,185	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	4,861	****		(1,103	)		5,965
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Stocks		****	65,724	****		37,359			28,365
Gains on Sales		****	132,582	****		77,120			55,462
Losses on Sales		****	(62,172	)		(53,265	)		(8,906	)
Impairment (Devaluation)		****	(1,557	)		(1,265	)		(292	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	(3,128	)		14,769			(17,898	)
Mizuho Trust & Banking										****
		(Millions of yen)
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Bonds		****	(1	)		1			(3	)
Gains on Sales and Others		****	—	****		—			—
Losses on Sales and Others		****	(1	)		1			(3	)
Impairment (Devaluation)		****	—	****		—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	—	****		—			—
		First Half of Fiscal 2024						First Half of Fiscal 2023
					Change
Net Gains (Losses) related to Stocks		****	9,582	****		8,166			1,416
Gains on Sales		****	9,681	****		8,231			1,450
Losses on Sales		****	(67	)		(33	)		(34	)
Impairment (Devaluation)		****	(31	)		(31	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		****	—	****		—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) OtherSecurities

		(Millions of yen)
		As of September 30, 2024															As of March 31, 2024
		Book Value				Unrealized Gains/Losses											Book Value				Unrealized Gains/Losses
		(= Fair Value)							Gains				Losses				(= Fair Value)								Gains				Losses
Other Securities	****	32,622,446	****		****	1,351,167	****	****	2,093,422	****		****	742,254	****			32,731,510				1,326,873				2,339,385				1,012,512
Japanese Stocks	****	2,896,360	****		****	2,009,179	****	****	2,016,934	****		****	7,754	****			3,102,660				2,185,715				2,190,460				4,744
Japanese Bonds	****	13,616,282	****		****	(44,314	)	****	8,097	****		****	52,411	****			14,366,374				(28,514	)			18,115				46,629
Japanese Government Bonds	****	10,495,089	****		****	(3,417	)	****	471	****		****	3,889	****			10,974,393				6,247				9,326				3,078
Other	****	16,109,803	****		****	(613,697	)	****	68,390	****		****	682,088	****			15,262,474				(830,328	)			130,809				961,137
Foreign Bonds	****	13,715,438	****		****	(453,308	)	****	38,001	****		****	491,309	****			12,293,417				(711,631	)			20,332				731,964
•  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>•  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 September 30, 2024 and March 31, 2024 are 16,328 million (Foreign Bonds 29,609 million and Japanese Government Bonds<br>0 million) and 181,761 million (Foreign Bonds 218,117 million and Japanese Government Bonds (6,026) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of<br>September 30, 2024 and March 31, 2024 are 1,367,495 million (Foreign Bonds (423,699) million and Japanese Government Bonds (3,416) million) and 1,508,634 million (Foreign Bonds (493,514) million and<br>Japanese Government Bonds 220 million), respectively. •  Unrealized Gains/Losses on Other<br>Securities as of September 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax<br>and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.  <br>(2) Bonds Held to Maturity																														****
		(Millions of yen)
		As of September 30, 2024															As of March 31, 2024
		Book Value				Unrealized Gains/Losses											Book Value				Unrealized Gains/Losses
									Gains				Losses												Gains				Losses
Bonds Held to Maturity	****	4,061,962	****		****	(111,071	)	****	30,797	****		****	141,869	****			4,045,134				(182,210	)			8,789				190,999

All values are in Japanese Yen.

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2Banks

		(Millions of yen)
		As of September 30, 2024															As of March 31, 2024
		Book Value				Unrealized Gains/Losses											Book Value				Unrealized Gains/Losses
		(= Fair Value)							Gains				Losses				(= Fair Value)								Gains				Losses
Other Securities		****	31,604,453	****		****	1,274,245	****	****	2,015,149	****		****	740,904	****			31,951,115				1,242,880				2,255,245				1,012,365
Japanese Stocks		****	2,806,197	****		****	1,934,175	****	****	1,941,629	****		****	7,454	****			3,009,329				2,104,250				2,108,913				4,663
Japanese Bonds		****	13,555,013	****		****	(44,121	)	****	8,097	****		****	52,218	****			14,313,789				(28,631	)			17,998				46,629
Japanese Government Bonds		****	10,485,113	****		****	(3,417	)	****	471	****		****	3,889	****			10,963,328				6,247				9,326				3,078
Other		****	15,243,242	****		****	(615,808	)	****	65,422	****		****	681,230	****			14,627,995				(832,739	)			128,333				961,072
Foreign Bonds		****	13,057,806	****		****	(455,100	)	****	35,474	****		****	490,574	****			11,723,012				(712,961	)			18,938				731,899
Mizuho Bank
Other Securities		****	31,380,118	****		****	1,168,639	****	****	1,907,990	****		****	739,351	****			31,711,507				1,126,334				2,137,624				1,011,290
Japanese Stocks		****	2,646,466	****		****	1,829,229	****	****	1,835,173	****		****	5,943	****			2,836,690				1,988,703				1,992,308				3,605
Japanese Bonds		****	13,495,202	****		****	(44,405	)	****	7,781	****		****	52,186	****			14,252,023				(29,022	)			17,589				46,612
Japanese Government Bonds		****	10,485,113	****		****	(3,417	)	****	471	****		****	3,889	****			10,963,328				6,247				9,326				3,078
Other		****	15,238,449	****		****	(616,185	)	****	65,035	****		****	681,220	****			14,622,794				(833,346	)			127,725				961,072
Foreign Bonds		****	13,057,806	****		****	(455,100	)	****	35,474	****		****	490,574	****			11,723,012				(712,961	)			18,938				731,899
Mizuho Trust & Banking
Other Securities		****	224,335	****		****	105,606	****	****	107,159	****		****	1,553	****			239,607				116,546				117,621				1,075
Japanese Stocks		****	159,731	****		****	104,945	****	****	106,456	****		****	1,511	****			172,639				115,547				116,605				1,057
Japanese Bonds		****	59,811	****		****	283	****	****	315	****		****	32	****			61,766				391				408				17
Japanese Government Bonds		****	—	****		****	—	****	****	—	****		****	—	****			—				—				—				—
Other		****	4,792	****		****	377	****	****	387	****		****	10	****			5,201				607				607				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.
---	---
•	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 September 30, 2024 and March 31, 2024 are ¥16,328 million (Foreign Bonds ¥29,609 million and<br>Japanese Government Bonds ¥0 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026)million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among<br>hedging instruments (aggregate figures for the 2 banks) as of September 30, 2024 and March 31, 2024 are ¥1,290,573 million (Foreign Bonds ¥(425,491) million and Japanese Government Bonds ¥(3,416) million) and<br>¥1,408,932 million (Foreign Bonds ¥(494,843) million and Japanese Government Bonds ¥220 million), respectively.
---	---
•	Unrealized Gains/Losses on Other Securities as of September 30, 2024 and March 31, 2024 include<br>translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by<br>applying the fair-value hedge accounting.
---	---

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2024															As of March 31, 2024
						Unrealized Gains/Losses														Unrealized Gains/Losses
		Book Value							Gains				Losses				Book Value							Gains				Losses
Aggregate Figures		****	4,061,962	****		****	(111,071	)	****	30,797	****		****	141,869	****			4,045,134			(182,210	)			8,789				190,999
Mizuho Bank		****	4,061,962	****		****	(111,071	)	****	30,797	****		****	141,869	****			4,045,134			(182,210	)			8,789				190,999
Mizuho Trust & Banking		****	—	****		****	—	****	****	—	****		****	—	****			—			—				—				—
(3) Investment in Subsidiaries and Affiliates<br><br><br><br> <br>Aggregate Figures for the 2 Banks																										<br><br><br><br> <br>
		(Millions of yen)
		As of September 30, 2024															As of March 31, 2024
						Unrealized Gains/Losses														Unrealized Gains/Losses
		Book Value							Gains				Losses				Book Value							Gains				Losses
Aggregate Figures		****	106,131	****		****	419,679	****	****	419,679	****		****	—	****			106,131			468,940				468,940				—
Mizuho Bank		****	106,131	****		****	419,679	****	****	419,679	****		****	—	****			106,131			468,940				468,940				—
Mizuho Trust & Banking		****	—	****		****	—	****	****	—	****		****	—	****			—			—				—				—

(Reference)

Unrealized Gains/Losses on Other Securities

(the baseamount 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 method and others. 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 September 30, 2024						As of<br>March 31,<br>2024
		Unrealized Gains/Losses						Unrealized<br>Gains/Losses
					Change
Other Securities		****	1,309,197	****		35,483			1,273,714
Japanese Stocks		****	1,966,316	****		(166,901	)		2,133,218
Japanese Bonds		****	(44,314	)		(15,800	)		(28,514	)
Japanese Government Bonds		****	(3,417	)		(9,664	)		6,247
Other		****	(612,804	)		218,185			(830,990	)
Foreign Bonds		****	(452,415	)		259,878			(712,294	)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of September 30, 2024						As of<br>March 31,<br>2024
		Unrealized Gains/Losses						Unrealized<br>Gains/Losses
					Change
Other Securities		****	1,232,156	****	****	41,773	****		1,190,383
Japanese Stocks		****	1,892,086	****	****	(159,667	)		2,051,753
Japanese Bonds		****	(44,121	)	****	(15,490	)		(28,631	)
Japanese Government Bonds		****	(3,417	)	****	(9,664	)		6,247
Other		****	(615,808	)	****	216,931	****		(832,739	)
Foreign Bonds		****	(455,100	)	****	257,860	****		(712,961	)

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 asfollows:

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Maturity as of September 30, 2024								Change												Maturity as of March 31,2024
		Within<br><br><br>1 year		1 - 5<br><br><br>years		5 - 10<br><br><br>years		Over<br><br><br>10 years		Within<br>1 year			1 - 5<br>years			5 - 10<br>years			Over<br>10 years			Within<br><br><br>1 year		1 - 5<br><br><br>years		5 - 10<br><br><br>years		Over<br><br><br>10 years
Japanese Bonds		10,419.5		2,006.5		1,047.4		553.2			(870.9	)		148.5			(61.4	)		(12.4	)	11,290.5		1,858.0		1,108.9		565.7
Japanese Government Bonds		9,806.6		559.6		549.6		—			(844.8	)		369.1			(46.1	)		—		10,651.5		190.5		595.7		—
Japanese Local Government Bonds		72.3		223.0		305.2		7.5			(0.2	)		2.5			15.6			(1.8	)	72.5		220.4		289.5		9.3
Japanese Corporate Bonds		540.5		1,223.8		192.6		545.7			(25.9	)		(223.1	)		(30.9	)		(10.6	)	566.4		1,447.0		223.6		556.4
Other		3,574.7		4,538.9		1,964.0		7,997.7			743.1			2,225.1			(308.7	)		(1,290.8	)	2,831.6		2,313.7		2,272.8		9,288.5
Mizuho Bank
Japanese Bonds		10,413.8		1,952.9		1,047.2		553.2			(875.5	)		154.8			(61.3	)		(12.4	)	11,289.3		1,798.0		1,108.6		565.7
Japanese Government Bonds		9,806.6		559.6		549.6		—			(844.8	)		369.1			(46.1	)		—		10,651.5		190.5		595.7		—
Japanese Local Government Bonds		72.3		223.0		305.2		7.5			(0.2	)		2.5			15.6			(1.8	)	72.5		220.4		289.5		9.3
Japanese Corporate Bonds		534.8		1,170.2		192.4		545.7			(30.4	)		(216.8	)		(30.8	)		(10.6	)	565.2		1,387.1		223.3		556.4
Other		3,573.9		4,530.6		1,961.9		7,997.7			743.0			2,225.0			(308.8	)		(1,290.8	)	2,830.9		2,305.5		2,270.7		9,288.5
Mizuho Trust & Banking												****
Japanese Bonds		5.7		53.6		0.2		—			4.5			(6.3	)		(0.1	)		—		1.1		59.9		0.3		—
Japanese Government Bonds		—		—		—		—			—			—			—			—		—		—		—		—
Japanese Local Government Bonds		—		—		—		—			—			—			—			—		—		—		—		—
Japanese Corporate Bonds		5.7		53.6		0.2		—			4.5			(6.3	)		(0.1	)		—		1.1		59.9		0.3		—
Other		0.8		8.2		2.1		—			0.1			0.0			0.0			—		0.7		8.2		2.1		—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures forthe 2 Banks

			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	951,654	****		(48,826	)		1,000,481
Discount Rate (%)			****	0.14~2.08	****					(0.00)~1.54
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,650,618	****		(84,207	)		1,734,825
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(285,198	)		(23,168	)		(262,029	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)		****	413,764	****		(58,549	)		472,314
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	833,031	****		(43,584	)		876,616
Discount Rate (%)			****	0.14~2.08	****					(0.00)~1.54
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,390,609	****		(94,254	)		1,484,864
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(221,576	)		(16,858	)		(204,717	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		****	336,001	****		(67,528	)		403,530
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	118,623	****		(5,241	)		123,864
Discount Rate (%)			****	0.14~2.08	****					(0.00)~1.54
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	260,008	****		10,047			249,960
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(63,621	)		(6,309	)		(57,311	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)		****	77,763	****		8,979			68,784

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks

			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Service Cost			****	(6,554	)		2,005			(8,560	)
Interest Cost	****		****	(5,054	)		(1,646	)		(3,407	)
Expected Return on Plan Assets			****	12,743	****		(717	)		13,461
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	18,891	****		(1,242	)		20,134
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	7,310	****		7,310			—
Gains on Cancellation of Employee Retirement Benefit Trust			****	3,788	****		(14,993	)		18,782
Other			****	(2,687	)		(1,528	)		(1,159	)
Total			****	28,438	****		(10,812	)		39,251
Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Bank
			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Service Cost			****	(5,536	)		1,709			(7,245	)
Interest Cost	****		****	(4,441	)		(1,459	)		(2,982	)
Expected Return on Plan Assets			****	11,016	****		(908	)		11,925
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	14,661	****		(1,652	)		16,314
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	6,368	****		6,368			—
Gains on Cancellation of Employee Retirement Benefit Trust			****	3,434	****		(15,348	)		18,782
Other			****	(2,300	)		(1,273	)		(1,027	)
Total			****	23,201	****		(12,565	)		35,766
Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking											****
			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Service Cost			****	(1,018	)		296			(1,315	)
Interest Cost	****		****	(612	)		(187	)		(425	)
Expected Return on Plan Assets			****	1,727	****		191			1,536
Accumulation (Amortization) of Unrecognized Actuarial Differences			****	4,230	****		409			3,820
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	941	****		941			—
Gains on Cancellation of Employee Retirement Benefit Trust			****	354	****		354			—
Other			****	(386	)		(254	)		(132	)
Total			****	5,236	****		1,752			3,484

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		****	1,150,480	****		(49,608	)		1,200,089
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		****	1,930,446	****		(60,484	)		1,990,930
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		****	(304,590	)		(41,629	)		(262,960	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		****	847,116	****		(12,154	)		859,271
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		****	67,151	****		(1,278	)		68,429
Income (Expenses) related to Employee RetirementBenefits											****
			(Millions of yen)
			First Half of<br>Fiscal 2024			Change			First Half of<br>Fiscal 2023
Service Cost			****	(10,773	)		2,877			(13,650	)
Interest Cost			****	(5,864	)		(1,759	)		(4,104	)
Expected Return on Plan Assets			****	15,048	****		(788	)		15,836
Accumulation (Amortization) of Unrecognized Actuarial Differences	****		****	19,579	****		(635	)		20,215
Accumulation (Amortization) of Unrecognized Prior Service Cost			****	9,026	****		9,015			11
Gains on Cancellation of Employee Retirement Benefit Trust			****	3,788	****		(14,993	)		18,782
Other			****	(8,759	)		(5,317	)		(3,442	)
Total			****	22,046	****		(11,601	)		33,648

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

		Consolidated								(%, Billions of yen)
		As of September 30, 2024<br>(Preliminary)				Change				As of March 31, 2024
(1)   Total Capital Ratio		****	18.65	****			1.72				16.93
(2)   Tier 1 Capital Ratio		****	16.37	****			1.52				14.85
(3)   Common Equity Tier 1 Capital Ratio		****	13.69	****			0.96				12.73
(4)   Total Capital		****	13,013.2	****			698.6				12,314.6
(5)   Tier 1 Capital		****	11,425.8	****			624.0				10,801.8
(6)   Common Equity Tier 1 Capital		****	9,554.7	****			294.7				9,259.9
(7)   Risk weighted Assets		****	69,760.2	****			(2,960.0	)			72,720.2
(8)   Total Required Capital (7) X8%		****	5,580.8	****			(236.8	)			5,817.6
Mizuho Bank<br> <br><br><br><br>International Standard
		Consolidated											Non-Consolidated
		As of September 30, 2024<br>(Preliminary)				Change				As of March 31, 2024			As of September 30, 2024<br>(Preliminary)
(1)   Total Capital Ratio		****	17.71	****			1.95				15.76		****	17.15	****
(2)   Tier 1 Capital Ratio		****	15.30	****			1.70				13.60		****	14.57	****
(3)   Common Equity Tier 1 Capital Ratio		****	12.35	****			1.09				11.26		****	11.35	****
(4)   Total Capital		****	11,262.2	****			861.6				10,400.6		****	9,897.7	****
(5)   Tier 1 Capital		****	9,724.7	****			751.0				8,973.6		****	8,405.3	****
(6)   Common Equity Tier 1 Capital		****	7,856.0	****			425.0				7,431.0		****	6,547.8	****
(7)   Risk weighted Assets		****	63,560.3	****			(2,398.8	)			65,959.1		****	57,681.3	****
(8)   Total Required Capital (7) X8%		****	5,084.8	****			(191.9	)			5,276.7		****	4,614.5	****
Mizuho Trust & Banking<br> <br><br><br><br>International Standard
		Consolidated											Non-Consolidated
		As of September 30, 2024<br>(Preliminary)				Change				As of March 31, 2024			As of September 30, 2024<br>(Preliminary)
(1)   Total Capital Ratio		****	31.72	****			2.73				28.99		****	31.25	****
(2)   Tier 1 Capital Ratio		****	31.71	****			2.73				28.98		****	31.24	****
(3)   Common Equity Tier 1 Capital Ratio		****	31.71	****			2.73				28.98		****	31.24	****
(4)   Total Capital		****	489.0	****			12.3				476.7		****	452.6	****
(5)   Tier 1 Capital		****	488.8	****			12.2				476.6		****	452.5	****
(6)   Common Equity Tier 1 Capital		****	488.8	****			12.2				476.6		****	452.5	****
(7)   Risk weighted Assets		****	1,541.3	****			(103.1	)			1,644.4		****	1,448.4	****
(8)   Total Required Capital (7) X8%		****	123.3	****			(8.2	)			131.5		****	115.8	****

2-16

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 of<br>September 30,2024				Change			As of<br>March 31,<br>2024
Claims against Bankrupt and Substantially Bankrupt Obligors		****	37,193	****			696			36,497
Claims with Collection Risk		****	649,996	****			(50,733	)		700,730
Claims for Special Attention		****	477,898	****			(37,605	)		515,503
Loans Past Due for 3 Months or More		****	756	****			299			456
Restructured Loans		****	477,141	****			(37,904	)		515,046
Sub-total[1]		****	1,165,088	****			(87,642	)		1,252,731
Normal Claims		****	104,592,752	****			(788,113	)		105,380,865
Total[2]		****	105,757,840	****			(875,755	)		106,633,596
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		****	109,110	****			1,868			107,242
		(%)
NPL ratio[1]/[2]		****	1.10	****			(0.07	)		1.17
Trust Account
		(Millions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,<br>2024
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		****	1,739	****			(360	)		2,100
Total[4]		****	1,739	****			(360	)		2,100
		(%)
NPL ratio[3]/[4]		****	—	****			—			—

2-17

Mizuho Financial Group, Inc.

Consolidated + Trust Account

		(Millions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Claims against Bankrupt and Substantially Bankrupt Obligors		****	37,193	****			696			36,497
Claims with Collection Risk		****	649,996	****			(50,733	)		700,730
Claims for Special Attention		****	477,898	****			(37,605	)		515,503
Loans Past Due for 3 Months or More		****	756	****			299			456
Restructured Loans		****	477,141	****			(37,904	)		515,046
Sub-total[5]		****	1,165,088	****			(87,642	)		1,252,731
Normal Claims		****	104,594,492	****			(788,473	)		105,382,965
Total[6]		****	105,759,580	****			(876,116	)		106,635,696
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		****	109,110	****			1,868			107,242
		(%)
NPL ratio[5]/[6]		****	1.10	****			(0.07	)		1.17

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

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

		(Millions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Claims against Bankrupt and Substantially Bankrupt Obligors		****	26,489	****			(159	)		26,649
Claims with Collection Risk		****	646,150	****			(62,515	)		708,665
Claims for Special Attention		****	471,454	****			(49,461	)		520,915
Loans Past Due for 3 Months or More		****	756	****			299			456
Restructured Loans		****	470,697	****			(49,761	)		520,459
Sub-total[1]		****	1,144,093	****			(112,136	)		1,256,230
Normal Claims		****	106,392,819	****			(2,490,962	)		108,883,781
Total[2]		****	107,536,913	****			(2,603,099	)		110,140,012
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		****	106,916	****			1,575			105,340
		(%)
NPL ratio[1]/[2]		****	1.06	****			(0.07	)		1.14
Mizuho Bank
		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	26,381	****			(178	)		26,560
Claims with Collection Risk		****	638,122	****			(61,268	)		699,390
Claims for Special Attention		****	460,919	****			(50,878	)		511,797
Loans Past Due for 3 Months or More		****	754	****			297			456
Restructured Loans		****	460,165	****			(51,176	)		511,341
Sub-total[3]		****	1,125,422	****			(112,325	)		1,237,748
Normal Claims		****	103,640,440	****			(2,369,417	)		106,009,857
Total[4]		****	104,765,863	****			(2,481,743	)		107,247,606
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		****	106,682	****			1,575			105,106
		(%)
NPL ratio[3]/[4]		****	1.07	****			(0.07	)		1.15

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)

		(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	108	****			19			89
Claims with Collection Risk		****	8,027	****			(1,247	)		9,275
Claims for Special Attention		****	10,534	****			1,417			9,117
Loans Past Due for 3 Months or More		****	2	****			2			—
Restructured Loans		****	10,532	****			1,414			9,117
Sub-total[5]		****	18,671	****			189			18,482
Normal Claims		****	2,750,639	****			(121,184	)		2,871,823
Total[6]		****	2,769,310	****			(120,995	)		2,890,305
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		****	233	****			(0	)		233
		(%)
NPL ratio[5]/[6]		****	0.67	****			0.03			0.63
(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		****	1,739	****			(360	)		2,100
Total[8]		****	1,739	****			(360	)		2,100
		(%)
NPL ratio[7]/[8]		****	—	****			—			—

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

2-20

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

		(Millions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Reserves for Possible Losses on Loans		****	729,659	****			(58,189	)		787,848
General Reserve for Possible Losses on Loans		****	293,360	****			(36,402	)		329,763
Specific Reserve for Possible Losses on Loans		****	409,223	****			(14,687	)		423,911
Reserve for Possible Losses on Loans to Restructuring Countries		****	27,075	****			(7,099	)		34,174
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		****	109,419	****			1,807			107,611

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Millions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Reserves for Possible Losses on Loans		****	699,765	****			(61,316	)		761,081
General Reserve for Possible Losses on Loans		****	277,575	****			(36,062	)		313,638
Specific Reserve for Possible Losses on Loans		****	395,114	****			(18,154	)		413,268
Reserve for Possible Losses on Loans to Restructuring Countries		****	27,075	****			(7,099	)		34,174
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		****	106,916	****			1,575			105,340
Mizuho Bank
Reserves for Possible Losses on Loans		****	694,792	****			(61,138	)		755,930
General Reserve for Possible Losses on Loans		****	274,291	****			(36,065	)		310,357
Specific Reserve for Possible Losses on Loans		****	393,424	****			(17,973	)		411,398
Reserve for Possible Losses on Loans to Restructuring Countries		****	27,075	****			(7,099	)		34,174
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		****	106,682	****			1,575			105,106
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		****	4,973	****			(178	)		5,151
General Reserve for Possible Losses on Loans		****	3,284	****			2			3,281
Specific Reserve for Possible Losses on Loans		****	1,689	****			(180	)		1,870
Reserve for Possible Losses on Loans to Restructuring Countries		****	—	****			—			—
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		****	233	****			(0	)		233

Reserve for Possible Losses on Entrusted Loans (¥5 million and ¥6 million for September 30, 2024 and March 31, 2024, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

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

Consolidated

		(%)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Mizuho Financial Group		****	62.62	****			(0.26	)		62.89
Above figures<br>are presented net of partial direct write-offs.
Non-Consolidated
		(%)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Total		****	61.16	****			0.57			60.58
Mizuho Bank		****	61.73	****			0.66			61.07
Mizuho Trust & Banking (Banking Account)		****	26.63	****			(1.23	)		27.87

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

2-22

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>September 30, 2024				Change			As of<br>March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		****	26.4	****			(0.1	)		26.6
Collateral, Guarantees, and equivalent		****	25.6	****			(0.4	)		26.0
Reserve for Possible Losses		****	0.8	****			0.3			0.5
Claims with Collection Risk		****	646.1	****			(62.5	)		708.6
Collateral, Guarantees, and equivalent		****	165.8	****			4.1			161.7
Reserve for Possible Losses		****	394.2	****			(14.2	)		408.5
Claims for Special Attention		****	471.4	****			(49.4	)		520.9
Collateral, Guarantees, and equivalent		****	144.5	****			(1.6	)		146.2
Reserve for Possible Losses		****	124.2	****			(19.8	)		144.1
Total		****	1,144.0	****			(112.1	)		1,256.2
Collateral, Guarantees, and equivalent		****	336.0	****			2.0			334.0
Reserve for Possible Losses		****	519.3	****			(33.8	)		553.2
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		****	26.3	****			(0.1	)		26.5
Collateral, Guarantees, and equivalent		****	25.5	****			(0.4	)		26.0
Reserve for Possible Losses		****	0.8	****			0.3			0.5
Claims with Collection Risk		****	638.1	****			(61.2	)		699.3
Collateral, Guarantees, and equivalent		****	160.4	****			5.0			155.3
Reserve for Possible Losses		****	392.5	****			(14.1	)		406.6
Claims for Special Attention		****	460.9	****			(50.8	)		511.7
Collateral, Guarantees, and equivalent		****	140.0	****			(1.7	)		141.7
Reserve for Possible Losses		****	123.1	****			(20.0	)		143.2
Total		****	1,125.4	****			(112.3	)		1,237.7
Collateral, Guarantees, and equivalent		****	325.9	****			2.8			323.1
Reserve for Possible Losses		****	516.6	****			(33.8	)		550.4
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	0.1	****			0.0			0.0
Collateral, Guarantees, and equivalent		****	0.1	****			0.0			0.0
Reserve for Possible Losses		****	—	****			—			—
Claims with Collection Risk		****	8.0	****			(1.2	)		9.2
Collateral, Guarantees, and equivalent		****	5.3	****			(0.9	)		6.3
Reserve for Possible Losses		****	1.6	****			(0.1	)		1.8
Claims for Special Attention		****	10.5	****			1.4			9.1
Collateral, Guarantees, and equivalent		****	4.5	****			0.1			4.4
Reserve for Possible Losses		****	1.0	****			0.2			0.8
Total		****	18.6	****			0.1			18.4
Collateral, Guarantees, and equivalent		****	10.0	****			(0.8	)		10.8
Reserve for Possible Losses		****	2.7	****			0.0			2.7
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.
---	---

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

		(Billions of yen)
		As of<br>September 30, 2024				Change			As of<br>March 31, 2024
Coverage Amount		****	855.4	****			(31.8	)		887.2
Reserves for Possible Losses on Loans		****	519.3	****			(33.8	)		553.2
Collateral, Guarantees, and equivalent		****	336.0	****			2.0			334.0
		(%)
Coverage Ratio		****	74.7	****			4.1			70.6
Claims against Bankrupt and Substantially Bankrupt Obligors		****	100.0	****			—			100.0
Claims with Collection Risk		****	86.6	****			6.2			80.4
Claims for Special Attention		****	57.0	****			1.2			55.7
Claims against Special Attention Obligors		****	57.3	****			2.8			54.5
Reserve Ratio against Non-collateralized Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	100.0	****			—			100.0
Claims with Collection Risk		****	82.0	****			7.3			74.6
Claims for Special Attention		****	38.0	****			(0.4	)		38.4
Claims against Special Attention Obligors		****	37.0	****			(0.0	)		37.0
Reference: Reserve Ratio
		(%)
Claims against Special Attention Obligors		****	25.10	****			(1.69	)		26.79
Claims against Watch Obligors excluding Special Attention Obligors		****	4.13	****			0.05			4.08
Claims against Normal Obligors		****	0.05	****			0.00			0.05
Mizuho Bank
		(Billions of yen)
Coverage Amount		****	842.5	****			(31.0	)		873.6
Reserves for Possible Losses on Loans		****	516.6	****			(33.8	)		550.4
Collateral, Guarantees, and equivalent		****	325.9	****			2.8			323.1
		(%)
Coverage Ratio		****	74.8	****			4.2			70.5
Claims against Bankrupt and Substantially Bankrupt Obligors		****	100.0	****			—			100.0
Claims with Collection Risk		****	86.6	****			6.2			80.3
Claims for Special Attention		****	57.1	****			1.4			55.6
Claims against Special Attention Obligors		****	57.8	****			2.9			54.8
Reserve Ratio against Non-collateralized<br>Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	100.0	****			—			100.0
Claims with Collection Risk		****	82.1	****			7.4			74.7
Claims for Special Attention		****	38.3	****			(0.3	)		38.7
Claims against Special Attention Obligors		****	37.7	****			0.1			37.5
Reference: Reserve Ratio
		(%)
Claims against Special Attention Obligors		****	25.53	****			(1.60	)		27.13
Claims against Watch Obligors excluding Special Attention Obligors		****	4.15	****			0.04			4.10
Claims against Normal Obligors		****	0.06	****			0.00			0.05

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)											****
		(Billions of yen)
		As of<br>September 30, 2024				Change			As of<br>March 31, 2024
Coverage Amount		****	12.8	****			(0.7	)		13.6
Reserves for Possible Losses on Loans		****	2.7	****			0.0			2.7
Collateral, Guarantees, and equivalent		****	10.0	****			(0.8	)		10.8
		(%)
Coverage Ratio		****	68.7	****			(5.0	)		73.7
Claims against Bankrupt and Substantially Bankrupt Obligors		****	100.0	****			—			100.0
Claims with Collection Risk		****	87.9	****			(0.5	)		88.5
Claims for Special Attention		****	53.8	****			(4.6	)		58.4
Claims against Special Attention Obligors		****	43.2	****			1.8			41.4
Reserve Ratio against Non-collateralized Claims
		(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	—	****			—			—
Claims with Collection Risk		****	63.4	****			(0.2	)		63.6
Claims for Special Attention		****	18.3	****			(0.6	)		19.0
Claims against Special Attention Obligors		****	18.3	****			(0.6	)		18.9
Reference: Reserve Ratio
		(%)
Claims against Special Attention Obligors		****	12.71	****			(0.96	)		13.67
Claims against Watch Obligors excluding Special Attention Obligors		****	0.53	****			0.13			0.40
Claims against Normal Obligors		****	0.03	****			(0.00	)		0.03

2-25

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

Notes:		Claims for Special Attention is denoted on an individual loans basis.
		Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

2-26

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 2021				Fiscal 2022			Fiscal 2023			Fiscal 2024
		As ofMarch<br>31, 2022				As ofMarch<br>31, 2023			As ofMarch<br>31, 2024			As of September 30, 2024
												MHBK				MHTB*				Aggregate<br>Figures for<br>the 2Banks				ChangefromMarch 31,2024
Claims against Bankrupt and Substantially Bankrupt Obligors			41.1				26.0			14.1			12.8				0.0				12.9				(1.1	)
Claims with Collection Risk			726.0				504.6			439.9			375.7				5.3				381.0				(58.9	)
Amount Categorized as above up to Fiscal 2021		****	767.1	****			530.6			454.1			388.5				5.4			****	394.0	****			(60.1	)
of which the amount which was in the process of being removed from the balancesheet			40.0				24.2			13.7			12.9				0.0				12.9				(0.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors							7.9			1.7			4.5				—				4.5				2.8
Claims with Collection Risk							153.8			59.8			38.5				0.1				38.6				(21.1	)
Amount Newly Categorized as above during Fiscal 2022						****	161.8	****		61.6			43.1				0.1			****	43.2	****			(18.3	)
of which the amount which was in the process of being removed from the balancesheet							6.3			1.5			1.0				—				1.0				(0.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors										10.7			5.5				—				5.5				(5.2	)
Claims with Collection Risk										208.7			145.2				2.5				147.8				(60.9	)
Amount Newly Categorized as above during Fiscal 2023									****	219.5	****		150.8				2.5			****	153.3	****			(66.1	)
of which the amount which was in the process of being removed from the balancesheet										9.4			4.7				—				4.7				(4.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors													3.4				0.0				3.4				3.4
Claims with Collection Risk													78.5				0.0				78.5				78.5
Amount Newly Categorized as above during the First Half of Fiscal 2024													81.9				0.0			****	82.0	****			82.0
of which the amount which was in the process of being removed from the balancesheet													3.4				0.0				3.4				3.4
Claims against Bankrupt and Substantially Bankrupt Obligors			41.1				34.0			26.6			26.3				0.1				26.4				(0.1	)
Claims with Collection Risk			726.0				658.4			708.6			638.1				8.0				646.1				(62.5	)
Total			767.1				692.5			735.3			664.5				8.1				672.6				(62.6	)
of which the amount which was in the process of being removed from the balancesheet			40.0				30.5			24.7			22.0				0.1				22.2				(2.5	)
* Trust<br>account represents trust accounts that guarantee principals in the agreement.
---	---	---	---
*			denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2024

		(Billions of yen)
		AggregateFigures<br>for the 2Banks<br>(BankingAccount<br>+ TrustAccount)			MHBK			MHTB(BankingAccount+ TrustAccount)
Liquidation			(1.7	)		(1.7	)		—
Restructuring			(16.9	)		(16.9	)		—
Improvement in Business Performance due to Restructuring			—			—			—
Loan Sales			(19.1	)		(19.1	)		—
Direct Write-off			(21.4	)		(21.4	)		—
Other			(85.4	)		(84.1	)		(1.2	)
Debt recovery			(33.7	)		(32.8	)		(0.9	)
Improvement in Business Performance			(51.6	)		(51.3	)		(0.3	)
Total			(144.6	)		(143.4	)		(1.2	)

2-27

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 September 30, 2024							As of March 31, 2024
		OutstandingBalance				Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		****	62,419.1	****			(2,402.8	)		64,821.9
Manufacturing		****	9,958.7	****			73.3			9,885.4
Agriculture & Forestry		****	47.8	****			0.9			46.8
Fishery		****	10.0	****			(0.4	)		10.4
Mining, Quarrying Industry & Gravel Extraction Industry		****	176.4	****			(17.8	)		194.3
Construction		****	1,054.3	****			(55.9	)		1,110.2
Utilities		****	3,282.1	****			(29.7	)		3,311.9
Communication		****	1,015.0	****			30.5			984.4
Transportation & Postal Industry		****	2,244.4	****			(114.8	)		2,359.3
Wholesale & Retail		****	4,896.7	****			75.3			4,821.4
Finance & Insurance		****	9,455.2	****			(2,051.0	)		11,506.3
Real Estate		****	12,061.5	****			241.2			11,820.2
Commodity Lease		****	3,170.9	****			41.1			3,129.8
Service Industries		****	2,971.9	****			(102.7	)		3,074.6
Local Governments		****	459.7	****			(27.8	)		487.6
Governments		****	1,630.5	****			(153.1	)		1,783.6
Other		****	9,983.3	****			(311.6	)		10,295.0
Overseas Total (including Loans Booked Offshore)		****	30,573.8	****			(255.4	)		30,829.3
Governments		****	237.5	****			(24.7	)		262.2
Financial Institutions		****	12,614.4	****			215.6			12,398.7
Other		****	17,721.8	****			(446.4	)		18,168.2
Total		****	92,992.9	****			(2,658.3	)		95,651.3
*	Loans to Finance & Insurance sector includes loans to MHFG as follows:
---	---
As of September 30, 2024: ¥265.0 billion (from MHBK)
---
As of March 31, 2024: ¥631.0 billion (from MHBK)
*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.
---	---

2-28

Mizuho Financial Group, Inc.

Mizuho Bank

		(Billions of yen)
		As of September 30, 2024							As of March 31, 2024
		Outstanding<br>Balance				Change			Outstanding<br>Balance
Domestic Total (excluding Loans Booked Offshore)		****	59,152.2	****			(1,902.4	)		61,054.7
Manufacturing		****	9,625.9	****			87.4			9,538.5
Agriculture & Forestry		****	47.7	****			0.9			46.8
Fishery		****	10.0	****			(0.4	)		10.4
Mining, Quarrying Industry & Gravel Extraction Industry		****	175.3	****			(17.7	)		193.1
Construction		****	1,005.9	****			(57.0	)		1,063.0
Utilities		****	3,059.9	****			(13.9	)		3,073.8
Communication		****	976.0	****			55.4			920.6
Transportation & Postal Industry		****	2,115.6	****			(106.3	)		2,222.0
Wholesale & Retail		****	4,792.2	****			85.4			4,706.8
Finance & Insurance		****	8,992.2	****			(2,031.7	)		11,024.0
Real Estate		****	10,566.1	****			258.2			10,307.9
Commodity Lease		****	2,987.7	****			45.6			2,942.1
Service Industries		****	2,946.2	****			(96.2	)		3,042.4
Local Governments		****	459.3	****			(27.6	)		486.9
Governments		****	1,630.5	****			205.1			1,425.3
Other		****	9,760.7	****			(289.7	)		10,050.5
Overseas Total (including Loans Booked Offshore)		****	30,573.8	****			(255.4	)		30,829.3
Governments		****	237.5	****			(24.7	)		262.2
Financial Institutions		****	12,614.4	****			215.6			12,398.7
Other		****	17,721.8	****			(446.4	)		18,168.2
Total		****	89,726.0	****			(2,157.9	)		91,884.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		****	3,266.8	****			(500.4	)		3,767.2
Manufacturing		****	332.7	****			(14.1	)		346.9
Agriculture & Forestry		****	0.0	****			(0.0	)		0.0
Fishery		****	—	****			—			—
Mining, Quarrying Industry & Gravel Extraction Industry		****	1.1	****			(0.1	)		1.2
Construction		****	48.3	****			1.1			47.1
Utilities		****	222.2	****			(15.8	)		238.0
Communication		****	38.9	****			(24.9	)		63.8
Transportation & Postal Industry		****	128.8	****			(8.5	)		137.3
Wholesale & Retail		****	104.5	****			(10.1	)		114.6
Finance & Insurance		****	462.9	****			(19.3	)		482.2
Real Estate		****	1,495.3	****			(17.0	)		1,512.3
Commodity Lease		****	183.1	****			(4.4	)		187.6
Service Industries		****	25.6	****			(6.5	)		32.2
Local Governments		****	0.4	****			(0.2	)		0.6
Governments		****	—	****			(358.3	)		358.3
Other		****	222.5	****			(21.8	)		244.4
Overseas Total (including Loans Booked Offshore)		****	—	****			—			—
Governments		****	—	****			—			—
Financial Institutions		****	—	****			—			—
Other		****	—	****			—			—
Total		****	3,266.8	****			(500.4	)		3,767.2
*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.<br>
---	---

2-29

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 September 30, 2024														As of March 31, 2024
		Non Performing<br>Loans based on<br>the BA and the<br>FRA				Coverage<br>Ratio				Change						Non Performing<br>Loans based on<br>the BA and the<br>FRA			Coverage<br>Ratio
										Non Performing<br>Loans based on<br>the BA and the<br>FRA			Coverage<br>Ratio
Domestic Total (excluding Loans Booked Offshore)		****	999.6	****		****	73.3	****			(68.4	)		4.5			1,068.0			68.8
Manufacturing		****	640.6	****		****	75.7	****			(6.8	)		4.7			647.4			71.0
Agriculture & Forestry		****	3.0	****		****	55.9	****			(5.7	)		(7.7	)		8.7			63.7
Fishery		****	—	****		****	—	****			—			—			—			—
Mining, Quarrying Industry & Gravel Extraction Industry		****	—	****		****	—	****			—			—			—			—
Construction		****	5.3	****		****	72.8	****			(3.1	)		1.4			8.5			71.3
Utilities		****	1.1	****		****	68.9	****			(1.7	)		13.4			2.8			55.4
Communication		****	12.7	****		****	62.4	****			2.6			2.6			10.1			59.8
Transportation & Postal Industry		****	10.1	****		****	70.8	****			(0.0	)		(0.6	)		10.1			71.5
Wholesale & Retail		****	119.4	****		****	60.2	****			(11.2	)		1.3			130.7			58.9
Finance & Insurance		****	26.4	****		****	55.8	****			(12.5	)		8.2			38.9			47.5
Real Estate		****	29.3	****		****	87.6	****			(1.2	)		0.9			30.6			86.6
Commodity Lease		****	0.2	****		****	70.8	****			(0.0	)		(4.8	)		0.3			75.6
Service Industries		****	93.2	****		****	63.2	****			(27.6	)		2.5			120.8			60.7
Local Governments		****	—	****		****	—	****			—			—			—			—
Other		****	57.7	****		****	94.6	****			(0.8	)		3.9			58.6			90.7
Overseas Total (including Loans Booked Offshore)		****	144.4	****		****	84.4	****			(43.7	)		3.7			188.2			80.7
Governments		****	—	****		****	—	****			—			—			—			—
Financial Institutions		****	—	****		****	—	****			—			—			—			—
Other		****	144.4	****		****	84.4	****			(43.7	)		3.7			188.2			80.7
Total		****	1,144.0	****		****	74.7	****			(112.1	)		4.1			1,256.2			70.6
*	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-30

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>September 30,2024							As of<br>March 31,2024
						Change
Housing and Consumer Loans		****	7,490.3	****			(236.6	)		7,727.0
Housing Loans for owner’s residential housing		****	7,031.3	****			(221.0	)		7,252.4
Mizuho Bank
Housing and Consumer Loans		****	7,455.0	****			(233.4	)		7,688.4
Housing Loans		****	7,080.5	****			(227.8	)		7,308.4
for owner’s residential housing		****	6,997.7	****			(218.1	)		7,215.8
Consumer loans		****	374.4	****			(5.6	)		380.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		****	35.3	****			(3.2	)		38.5
Housing Loans for owner’s residential housing		****	33.6	****			(2.9	)		36.5
*  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>September 30,2024							As of<br>March 31,2024
						Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	58.2	****			0.1			58.1
Loans to SMEs and Individual Customers		****	36,389.0	****			(1,326.3	)		37,715.3
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	58.5	****			(0.2	)		58.8
Loans to SMEs and Individual Customers		****	34,633.4	****			(1,269.8	)		35,903.3
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	53.7	****			5.6			48.0
Loans to SMEs and Individual Customers		****	1,755.5	****			(56.4	)		1,812.0
*	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.)
---

2-31

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 September 30, 2024							As of March 31, 2024
		Outstanding<br>Balance				Change			Outstanding Balance
Asia		****	7,703.3	****			649.8			7,053.5
Hong Kong		****	1,095.6	****			(122.6	)		1,218.3
Singapore		****	1,384.3	****			160.3			1,224.0
Thailand		****	1,121.3	****			86.2			1,035.1
Taiwan		****	1,240.4	****			627.0			613.3
India		****	897.0	****			168.5			728.5
South Korea		****	655.9	****			(139.0	)		795.0
Indonesia		****	432.4	****			4.9			427.4
Philippines		****	281.4	****			(33.3	)		314.7
China		****	102.9	****			(27.6	)		130.6
Malaysia		****	92.0	****			(12.1	)		104.1
Central and South America		****	4,041.3	****			(1,242.7	)		5,284.1
Mexico		****	412.3	****			5.6			406.6
Brazile		****	159.7	****			(31.4	)		191.2
North America		****	12,558.3	****			(521.3	)		13,079.7
United States		****	11,219.5	****			(557.3	)		11,776.9
Eastern Europe		****	146.3	****			(19.0	)		165.4
Russia		****	123.8	****			(17.7	)		141.6
Western Europe		****	5,381.4	****			(414.5	)		5,795.9
United Kingdom		****	1,358.9	****			(122.3	)		1,481.2
Netherlands		****	1,121.9	****			(177.6	)		1,299.5
Germany		****	550.8	****			(16.6	)		567.4
Ireland		****	605.4	****			(29.5	)		635.0
Switzerland		****	105.9	****			19.9			85.9
France		****	370.6	****			(110.3	)		480.9
Turkey		****	62.5	****			3.8			58.7
Italy		****	22.2	****			(141.2	)		163.4
Other		****	4,258.7	****			55.5			4,203.2
Australia		****	2,228.0	****			101.2			2,126.7
Total		****	34,089.7	****			(1,492.3	)		35,582.0

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 September 30, 2024							As of March 31, 2024
		Outstanding<br>Balance				Change			Outstanding Balance
Mizuho Bank (China) ,Ltd		****	1,104.8	****			(163.8	)		1,268.6
Mizuho Bank (USA)		****	376.3	****			(64.9	)		441.2
PT. Bank Mizuho Indonesia		****	614.7	****			81.5			533.1

Note: The balances of loans of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥5.6 billion and ¥12.1 billion, respectively.

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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 September 30, 2024							As of March 31, 2024
		Non Performing<br>Loans based onthe BAand the<br>FRA				Change			Non Performing<br>Loans basedon<br>the BA and the<br>FRA
Asia		****	66.6	****			(13.3	)		80.0
Hong Kong		****	0.9	****			(0.0	)		1.0
Singapore		****	20.6	****			(6.4	)		27.0
Thailand		****	1.2	****			(1.5	)		2.8
Taiwan		****	24.0	****			(2.1	)		26.2
India		****	—	****			(0.0	)		0.0
South Korea		****	—	****			(0.0	)		0.0
Indonesia		****	—	****			—			—
Philippines		****	0.0	****			(0.0	)		0.0
China		****	0.1	****			0.0			0.1
Malaysia		****	—	****			—			—
Central and South America		****	26.9	****			(13.7	)		40.7
Mexico		****	—	****			(0.3	)		0.3
Brazile		****	—	****			—			—
North America		****	56.5	****			(27.5	)		84.0
United States		****	56.5	****			(27.5	)		84.0
Eastern Europe		****	19.4	****			11.2			8.1
Russia		****	19.4	****			11.2			8.1
Western Europe		****	25.9	****			(11.2	)		37.1
United Kingdom		****	13.0	****			9.1			3.8
Netherlands		****	—	****			(6.0	)		6.0
Germany		****	—	****			—			—
Ireland		****	—	****			—			—
Switzerland		****	1.9	****			(0.0	)		1.9
France		****	—	****			(5.0	)		5.0
Turkey		****	—	****			—			—
Italy		****	9.5	****			(0.2	)		9.7
Other		****	7.9	****			0.0			7.9
Australia		****	7.9	****			0.0			7.8
Total		****	203.4	****			(54.6	)		258.1

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 September 30, 2024							As of March 31, 2024
		Non Performing<br>Loans basedon<br>the BA and the<br>FRA				Change			Non Performing<br>Loans basedon<br>the BA and the<br>FRA
Mizuho Bank (China) ,Ltd		****	0.4	****			(0.0	)		0.5
Mizuho Bank (USA)		****	—	****			—			—
PT. Bank Mizuho Indonesia		****	7.0	****			0.5			6.4

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the six months ended September 30, 2024 and the fiscal year ended March 31, 2024 are ¥3.3 billion and ¥0.2 billion, respectively.

2-33

Mizuho Financial Group, Inc.

III. OTHERS

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

				(Billions of yen)
				Total amount for<br>five years<br>(from October 1, 2024<br>to<br>September 30, 2029)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1			4,198.7
Income before Income Taxes		2			3,976.0
Tax Adjustments ^(1)^		3			127.4
Taxable Income before Current Deductible Temporary Differences ^(2)^		4			4,103.4
Effective Statutory Tax Rate		5			30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6			1,256.4
(1)	Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
---	---
(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before<br>adjusting deductible temporary differences as of September 30, 2024.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2020			316.3
Fiscal 2021			360.3
Fiscal 2022			157.7
Fiscal 2023			406.1
First Half of Fiscal 2024 (estimate)			652.2
•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
---	---
•	Figure for the first half of fiscal 2024 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

				(Billions of yen)
				As of<br>September 30,2024			Change			As of<br>March 31,2024
Reserves for Possible Losses on Loans		7		****	220.2	****		(12.7	)		233.0
Impairment of Securities		8		****	100.1	****		9.1			90.9
Net Unrealized Losses on Other Securities		9		****	75.0	****		(41.5	)		116.5
Reserve for Employee Retirement Benefits		10		****	—	****		—			—
Depreciation and Impairment		11		****	62.9	****		(9.9	)		72.9
Net Deferred Hedge Losses		12		****	142.3	****		2.6			139.6
Tax Losses Carried Forward		13		****	9.6	****		(6.7	)		16.4
Other		14		****	303.8	****		(1.3	)		305.2
Total Deferred Tax Assets		15		****	914.1	****		(60.5	)		974.7
Valuation Allowance		16		****	(193.9	)		(0.0	)		(193.8	)
Sub-Total [ 15 + 16 ]		17		****	720.2	****		(60.6	)		780.8
Amount related to Retirement Benefits Accounting		18		****	(111.0	)		(8.2	)		(102.8	)
Net Unrealized Gains on Other Securities		19		****	(369.4	)		21.1			(390.5	)
Net Deferred Hedge Gains		20		****	—	****		—			—
Other		21		****	(56.1	)		46.0			(102.2	)
Total Deferred Tax Liabilities		22		****	(536.6	)		59.0			(595.6	)
Net Deferred Tax Assets (Liabilities) [17 + 22]		23		****	183.5	****		(1.6	)		185.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *		24		****	(312.5	)		(18.7	)		(293.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)		25		****	142.3	****		2.6			139.6
Tax effects related to others		26		****	353.7	****		14.4			339.2
*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting<br>Valuation Allowance.
---	---

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

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

The above includes forward-lookinginformation. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

			(Billions of yen)
			Total amount for<br>fiveyears<br>(from October 1, 2024<br>to<br>September 30, 2029)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1		164.4
Income before Income Taxes		2		263.7
Tax Adjustments ^(1)^		3		(63.0	)
Taxable Income before Current Deductible Temporary Differences ^(2)^		4		200.7
Effective Statutory Tax Rate		5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6		61.4
(1)	Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
---	---
(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before<br>adjusting deductible temporary differences as of September 30, 2024.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2020			26.6
Fiscal 2021			33.2
Fiscal 2022			30.0
Fiscal 2023			29.4
First Half of Fiscal 2024 (estimate)			15.3
•	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses<br>carried forward from prior years. Subsequent amendments have not been reflected.
---	---
•	Figure for the first half of fiscal 2024 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

			(Billions of yen)
			As of<br>September 30,2024			Change			As of<br>March 31,2024
Reserves for Possible Losses on Loans		7	****	1.6	****		(0.0	)		1.6
Impairment of Securities		8	****	3.5	****		0.2			3.3
Net Unrealized Losses on Other Securities		9	****	0.2	****		0.0			0.2
Reserve for Employee Retirement Benefits		10	****	—	****		—			—
Reserve for Loss of Transfer		11	****	—	****		—			—
Net Deferred Hedge Losses		12	****	—	****		—			—
Tax Losses Carried Forward		13	****	—	****		—			—
Other		14	****	19.0	****		0.0			19.0
Total Deferred Tax Assets		15	****	24.4	****		0.2			24.2
Valuation Allowance		16	****	(5.0	)		0.1			(5.2	)
Sub-Total [ 15 + 16 ]		17	****	19.4	****		0.4			18.9
Amount related to Retirement Benefits Accounting		18	****	(25.9	)		(2.1	)		(23.8	)
Net Unrealized Gains on Other Securities		19	****	(24.5	)		2.8			(27.3	)
Net Deferred Hedge Gains		20	****	(2.6	)		0.2			(2.9	)
Other		21	****	(0.3	)		(0.0	)		(0.2	)
Total Deferred Tax Liabilities		22	****	(53.4	)		0.8			(54.3	)
Net Deferred Tax Assets (Liabilities) [17 + 22]		23	****	(34.0	)		1.3			(35.4	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *		24	****	(24.6	)		2.8			(27.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)		25	****	(2.6	)		0.2			(2.9	)
Tax effects related to others		26	****	(6.7	)		(1.7	)		(5.0	)
*	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.

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Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		As of<br>September 30,2024				Change			As of<br>March 31,2024
Deposits		****	121,637.7	****			(3,927.0	)		125,564.8
Individual Deposits		****	49,010.8	****			20.6			48,990.2
Corporate Deposits		****	62,461.9	****			(4,313.9	)		66,775.8
Financial/Government Institutions		****	10,164.9	****			366.2			9,798.7
Mizuho Bank
Deposits		****	119,015.2	****			(3,919.3	)		122,934.6
Individual Deposits		****	48,272.3	****			27.7			48,244.5
Corporate Deposits		****	61,178.3	****			(4,141.8	)		65,320.1
Financial/Government Institutions		****	9,564.5	****			194.7			9,369.8
Mizuho Trust & Banking
Deposits		****	2,622.4	****			(7.7	)		2,630.1
Individual Deposits		****	738.5	****			(7.1	)		745.6
Corporate Deposits		****	1,283.5	****			(172.1	)		1,455.6
Financial/Government Institutions		****	600.3	****			171.5			428.8
*	Above figures do not include deposits booked at overseas offices and offshore deposits.
---	---

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Mizuho Financial Group, Inc.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

		Millions of yen
		As of<br>September 30,<br>2024 (A)			As of<br>March 31,<br>2024 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks		¥	68,777,804	****	¥	70,442,184		¥	(1,664,380	)
Call Loans		****	620,825	****		779,066			(158,240	)
Receivables under Resale Agreements		****	6,661,347	****		6,693,619			(32,272	)
Guarantee Deposits Paid under Securities Borrowing Transactions		****	191,888	****		188,451			3,436
Other Debt Purchased		****	647,724	****		707,057			(59,333	)
Trading Assets		****	7,314,986	****		7,027,086			287,899
Money Held in Trust		****	505	****		505			(0	)
Securities		****	37,678,334	****		37,809,325			(130,991	)
Loans and Bills Discounted		****	89,726,095	****		91,884,028			(2,157,932	)
Foreign Exchange Assets		****	2,079,001	****		2,171,460			(92,459	)
Derivatives other than for Trading		****	5,563,680	****		9,081,601			(3,517,920	)
Other Assets		****	5,012,144	****		6,144,905			(1,132,761	)
Tangible Fixed Assets		****	835,934	****		872,336			(36,402	)
Intangible Fixed Assets		****	448,040	****		404,708			43,331
Prepaid Pension Cost		****	362,807	****		336,001			26,806
Deferred Tax Assets		****	183,527	****		185,189			(1,661	)
Customers’ Liabilities for Acceptances and Guarantees		****	11,684,897	****		11,745,869			(60,972	)
Reserves for Possible Losses on Loans		****	(694,792	)		(755,930	)		61,138
Total Assets		¥	237,094,755	****	¥	245,717,469		¥	(8,622,714	)
Liabilities
Deposits		¥	150,029,920	****	¥	154,407,832		¥	(4,377,911	)
Negotiable Certificates of Deposit		****	11,771,429	****		11,250,486			520,942
Call Money		****	1,982,280	****		1,009,589			972,691
Payables under Repurchase Agreements		****	21,362,822	****		22,254,496			(891,674	)
Guarantee Deposits Received under Securities Lending Transactions		****	154,415	****		38,776			115,638
Commercial Paper		****	1,005,716	****		1,165,988			(160,271	)
Trading Liabilities		****	5,360,206	****		5,958,376			(598,169	)
Borrowed Money		****	14,452,417	****		14,124,762			327,655
Foreign Exchange Liabilities		****	1,354,433	****		1,181,438			172,995
Bonds and Notes		****	458,833	****		641,904			(183,071	)
Derivatives other than for Trading		****	6,875,519	****		10,309,625			(3,434,106	)
Other Liabilities		****	3,667,273	****		4,596,842			(929,569	)
Reserve for Bonus Payments		****	30,278	****		38,758			(8,480	)
Reserve for Variable Compensation		****	293	****		801			(507	)
Reserve for Possible Losses on Sales of Loans		****	8,761	****		8,645			115
Reserve for Contingencies		****	3,398	****		4,105			(707	)
Reserve for Reimbursement of Deposits		****	8,416	****		9,871			(1,454	)
Reserve for Reimbursement of Debentures		****	23,718	****		25,125			(1,407	)
Deferred Tax Liabilities for Revaluation Reserve for Land		****	46,410	****		57,583			(11,172	)
Acceptances and Guarantees		****	11,684,897	****		11,745,869			(60,972	)
Total Liabilities		****	230,281,444	****		238,830,880			(8,549,436	)
Net Assets
Common Stock and Preferred Stock		****	1,404,065	****		1,404,065			—
Capital Surplus		****	2,259,392	****		2,259,392			—
Capital Reserve		****	660,805	****		660,805			—
Other Capital Surplus		****	1,598,587	****		1,598,587			—
Retained Earnings		****	2,541,330	****		2,615,322			(73,991	)
Appropriated Reserve		****	624,534	****		524,533			100,000
Other Retained Earnings		****	1,916,795	****		2,090,788			(173,992	)
Retained Earnings Brought Forward		****	1,916,795	****		2,090,788			(173,992	)
Total Shareholders’ Equity		****	6,204,787	****		6,278,779			(73,991	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		****	822,950	****		791,974			30,975
Net Deferred Hedge Gains (Losses), net of Taxes		****	(315,991	)		(311,045	)		(4,945	)
Revaluation Reserve for Land, net of Taxes		****	101,564	****		126,879			(25,315	)
Total Valuation and Translation Adjustments		****	608,523	****		607,808			714
Total Net Assets		****	6,813,311	****		6,886,588			(73,277	)
Total Liabilities and Net Assets		¥	237,094,755	****	¥	245,717,469		¥	(8,622,714	)

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Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

		Millions of yen
		For the six months<br>ended<br>September 30, 2024<br>(A)			For the six months<br>ended<br>September 30, 2023<br>(B)				Change<br>(A) - (B)
Ordinary Income		¥	3,273,841	****	¥	2,734,811			¥	539,029
Interest Income		****	2,490,924	****		2,223,471				267,452
Interest on Loans and Bills Discounted		****	1,276,139	****		1,250,830				25,308
Interest and Dividends on Securities		****	406,426	****		275,720				130,706
Fee and Commission Income		****	312,172	****		307,393				4,778
Trading Income		****	180,267	****		19,126				161,140
Other Operating Income		****	129,072	****		111,635				17,437
Other Ordinary Income		****	161,405	****		73,184				88,220
Ordinary Expenses		****	2,756,364	****		2,356,277				400,087
Interest Expenses		****	1,998,387	****		1,788,516				209,871
Interest on Deposits		****	840,978	****		798,467				42,511
Fee and Commission Expenses		****	129,533	****		106,662				22,871
Trading Expenses		****	31	****		1,002				(970	)
Other Operating Expenses		****	110,539	****		19,515				91,024
General and Administrative Expenses		****	429,260	****		388,297				40,962
Other Ordinary Expenses		****	88,612	****		52,282				36,329
Ordinary Profits		****	517,476	****		378,534				138,942
Extraordinary Gains		****	45,924	****		23,958				21,965
Extraordinary Losses		****	4,015	****		1,125				2,889
Income before Income Taxes		****	559,384	****		401,366				158,018
Income Taxes:
Current		****	184,336	****		97,983				86,352
Deferred		****	(25,648	)		52,526				(78,175	)
Net Income		¥	400,696	****	¥	250,855			¥	149,841

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