MFG 6-K, filed Nov 12, 2021, 0001193125-21-327214

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 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date:	November 12, 2021
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2021<br><br><br>(Six months ended September 30, 2021)<br><br><br>(Under Japanese GAAP)
Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 12, 2021
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Stock Code Number (Japan):	8411
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Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Tatsufumi Sakai		President & CEO
For Inquiry:	Tomomichi Fujita		General Manager of Accounting	Phone:	+81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):			November 29, 2021	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):			December 7, 2021
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 2021 (for the six months ended September 30, 2021)

(1) Consolidated Results of Operations

(%: Changes from the previous first half)
	Ordinary Income				Ordinary Profits		ProfitAttributable toOwners of Parent
	million		%		million	%	million		%
1H F2021		1,579,249		0.1		399,340	49.2			385,657	78.9
1H F2020		1,576,761		(20.6	)	267,610	(32.5	)		215,523	(25.0	)

All values are in Japanese Yen.

Note:	Comprehensive Income:<br> <br>1H F2021:<br>¥382,910 million, 1.7%; 1H F2020: ¥376,172 million, 97.5%
		Net Incomeper Share ofCommon Stock		Diluted Net Incomeper Share ofCommon Stock
---	---	---	---	---

1H F2021			152.12		152.12
1H F2020			84.99		84.98

All values are in Japanese Yen.

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

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets	Own Capital Ratio
	million		million	%
1H F2021		227,195,390		9,640,884	4.1
Fiscal 2020		225,586,211		9,362,207	4.1

All values are in Japanese Yen.

Reference:		Own Capital:<br> <br>As of<br>September 30, 2021: ¥9,523,829 million; As of March 31, 2021: ¥9,256,275 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.
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2. Cash Dividends for Shareholders of CommonStock

	Annual Cash Dividends per Share
	FirstQuarter-end		SecondQuarter-end	ThirdQuarter-end	FiscalYear-end		Total

Fiscal 2020		—		3.75		—		37.50	—
Fiscal 2021		—		40.00
Fiscal 2021 (estimate)						—		40.00	80.00

All values are in Japanese Yen.

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

3. Consolidated Earnings Estimates for Fiscal 2021 (for the fiscal year ending March 31, 2022)


	ProfitAttributable toOwners ofParent				Net Incomeper Share ofCommon Stock
	million		%
Fiscal 2021		530,000		12.5		209.03

All values are in Japanese Yen.

Notes:		1.		Revision of the latest announced earnings estimates for Fiscal 2021: Yes
				Following the result from 1H, MHFG revised Consolidated Earnings Estimates for Fiscal 2021 (for the fiscal year ending<br>March 31, 2022).<br> <br>Profit Attributable to Owners of Parent: The latest announced estimates: ¥510,000 million, Revised estimates:<br>¥530,000 million, Changes from the original estimates: ¥20,000 million, 3.9%
		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 during 1H and the number of outstanding shares as of<br>September 30, 2021 (which is used as a proxy for the average number of outstanding shares during the remainder of the relevant period).

Notes

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

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

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

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

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(3) Issued Shares of Common Stock

i. Period-end issued shares (including<br>treasury stock):	As of September 30, 2021	2,539,249,894 shares	As of March 31, 2021	2,539,249,894 shares
ii. Period-end treasury stock:	As of September 30, 2021	4,599,386 shares	As of March 31, 2021	3,889,782 shares
iii. Average outstanding shares:	1st Half Fiscal 2021	2,535,113,784 shares	1st Half Fiscal 2020	2,535,837,918 shares
Note:	MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact of the share<br>consolidation is reflected in the number of Average outstanding shares.
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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. 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. 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 the corona virus pandemic; incurrence of significant credit-related costs; declines in the value ofour securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairmentof the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure tomaintain 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 5-Year Business Plan and implement otherstrategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws andregulations. Further information regarding factors that could affect our financial 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 Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the FinancialInformation section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov. We do not intend to update ourforward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of theTokyo Stock Exchange. MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.”Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Matters Related to Summary Information (Notes)		p.1-2
(1) Changes in Accounting Policies and Accounting Estimates / Restatements		p.1-2
2. Interim Consolidated Financial Statements and Others		p.1-3
(1) Consolidated Balance Sheets		p.1-3
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-5
(3) Consolidated Statements of Changes in Net Assets		p.1-7
(4) Note for Assumption of Going Concern		p.1-8
øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half)<br>of Fiscal 2021

Note to XBRL

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

An MHFG IR conference for institutional investors and analysts is scheduled for Wednesday, November 17, 2021. 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. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the interim period ended September 30, 2021.

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

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the interim consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the interim consolidated balance sheet, the interim consolidated statement of income and per share information for the interim period ended September 30, 2021 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	Millions of yen
	As of<br>March 31, 2021			As of<br>September 30, 2021
Assets
Cash and Due from Banks	¥	47,981,981		¥	47,075,429
Call Loans and Bills Purchased		589,776			330,455
Receivables under Resale Agreements		11,623,654			16,932,692
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			2,412,626
Other Debt Purchased		3,208,004			3,137,520
Trading Assets		12,589,294			12,610,648
Money Held in Trust		582,368			637,862
Securities		43,697,262			43,725,034
Loans and Bills Discounted		83,704,675			82,198,528
Foreign Exchange Assets		2,084,756			2,228,808
Derivatives other than for Trading Assets		1,719,349			1,407,561
Other Assets		6,174,020			5,296,681
Tangible Fixed Assets		1,135,449			1,118,837
Intangible Fixed Assets		620,224			603,477
Net Defined Benefit Asset		1,109,107			959,987
Deferred Tax Assets		31,402			27,842
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			7,085,422
Reserves for Possible Losses on Loans		(575,572	)		(594,023	)
Reserve for Possible Losses on Investments		(0	)		(1	)

Total Assets	¥	225,586,211		¥	227,195,390

1-3

Mizuho Financial Group, Inc.


	Millions of yen
	As of<br>March 31, 2021			As of<br>September 30, 2021
Liabilities
Deposits	¥	133,312,406		¥	129,291,662
Negotiable Certificates of Deposit		17,192,572			19,215,068
Call Money and Bills Sold		1,312,790			1,431,315
Payables under Repurchase Agreements		18,607,255			22,277,769
Guarantee Deposits Received under Securities Lending Transactions		958,148			1,229,187
Commercial Paper		2,105,067			1,969,424
Trading Liabilities		8,115,377			6,464,003
Borrowed Money		7,441,822			7,495,869
Foreign Exchange Liabilities		532,042			500,486
Short-term Bonds		456,045			543,561
Bonds and Notes		10,321,672			10,513,503
Due to Trust Accounts		1,160,608			1,182,263
Derivatives other than for Trading Liabilities		1,739,671			1,480,764
Other Liabilities		5,862,013			6,469,900
Reserve for Bonus Payments		104,131			58,833
Reserve for Variable Compensation		2,935			1,014
Net Defined Benefit Liability		71,049			71,775
Reserve for Director and Corporate Auditor Retirement Benefits		683			488
Reserve for Possible Losses on Sales of Loans		1,074			181
Reserve for Contingencies		6,762			8,562
Reserve for Reimbursement of Deposits		22,099			19,901
Reserve for Reimbursement of Debentures		14,419			12,157
Reserves under Special Laws		3,135			3,127
Deferred Tax Liabilities		215,557			166,823
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			61,436
Acceptances and Guarantees		6,602,744			7,085,422

Total Liabilities	¥	216,224,003		¥	217,554,505

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,712,422
Treasury Stock		(7,124	)		(8,164	)

Total Shareholders’ Equity		7,807,239			8,086,349

Net Unrealized Gains (Losses) on Other Securities		1,132,460			1,154,756
Deferred Gains or Losses on Hedges		31,618			(743	)
Revaluation Reserve for Land		136,384			135,297
Foreign Currency Translation Adjustments		(139,514	)		(80,968	)
Remeasurements of Defined Benefit Plans		288,088			229,137

Total Accumulated Other Comprehensive Income		1,449,035			1,437,480

Stock Acquisition Rights		134			95
Non-Controlling Interests		105,797			116,959

Total Net Assets		9,362,207			9,640,884

Total Liabilities and Net Assets	¥	225,586,211		¥	227,195,390

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income


	Millions of yen
	For the six months<br>ended<br>September 30, 2020		For the six months<br>ended<br>September 30, 2021
Ordinary Income	¥	1,576,761	¥	1,579,249
Interest Income		693,651		615,622
Interest on Loans and Bills Discounted		490,811		422,172
Interest and Dividends on Securities		122,600		119,583
Fiduciary Income		27,143		29,728
Fee and Commission Income		397,087		416,769
Trading Income		238,219		226,614
Other Operating Income		156,922		142,799
Other Ordinary Income		63,736		147,714
Ordinary Expenses		1,309,150		1,179,909
Interest Expenses		253,522		141,461
Interest on Deposits		91,376		28,002
Fee and Commission Expenses		77,475		86,326
Trading Expenses		1,455		35,301
Other Operating Expenses		68,248		59,622
General and Administrative Expenses		681,287		667,594
Other Ordinary Expenses		227,161		189,602

Ordinary Profits		267,610		399,340

Extraordinary Gains		72,735		51,553
Extraordinary Losses		6,955		4,271

Income before Income Taxes		333,391		446,622

Income Taxes:
Current		74,186		65,604
Deferred		41,813		(10,941	)

Total Income Taxes		116,000		54,663

Profit		217,390		391,958

Profit Attributable to Non-controllingInterests		1,867		6,301

Profit Attributable to Owners of Parent	¥	215,523	¥	385,657

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	Millions of yen
	For the six months<br>ended<br>September 30, 2020			For the six months<br>ended<br>September 30, 2021
Profit	¥	217,390		¥	391,958
Other Comprehensive Income		158,782			(9,048	)
Net Unrealized Gains (Losses) on Other Securities		212,348			23,805
Deferred Gains or Losses on Hedges		(5,843	)		(32,261	)
Foreign Currency Translation Adjustments		(36,529	)		50,061
Remeasurements of Defined Benefit Plans		(9,851	)		(58,390	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,341	)		7,736

Comprehensive Income		376,172			382,910

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		377,963			375,995
Comprehensive Income Attributable to Non-controlling<br>Interests		(1,791	)		6,914

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2020

		Millions of yen
		Shareholders’ Equity
		Common<br>Stock			Capital<br>Surplus			Retained<br>Earnings			Treasury<br>Stock			Total Shareholders’<br>Equity
Balance as of the beginning of the period			2,256,767			1,136,467			4,174,190			(6,414	)		7,561,010
Cumulative Effects of Changes in Accounting Policies									(32,639	)					(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies			2,256,767			1,136,467			4,141,550			(6,414	)		7,528,370
Changes during the period
Cash Dividends									(95,208	)					(95,208	)
Profit Attributable to Owners of Parent									215,523						215,523
Repurchase of Treasury Stock												(1,995	)		(1,995	)
Disposition of Treasury Stock						(80	)					1,385			1,305
Transfer from Revaluation Reserve for Land									(1,178	)					(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders						(519	)								(519	)
Transfer from Retained Earnings to Capital Surplus						80			(80	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period			—			(519	)		119,056			(610	)		117,926

Balance as of the end of the period			2,256,767			1,135,948			4,260,606			(7,025	)		7,646,297

	Accumulated Other Comprehensive Income															Stock<br>Acquisition<br>Rights			Non-<br>Controlling<br>Interests			Total Net<br>Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Net<br>Unrealized<br>Gains<br>(Losses) on<br>Other<br>Securities		Deferred<br>Gains or<br>Losses on<br>Hedges			Revaluation<br>Reserve for<br>Land		Foreign<br>Currency<br>Translation<br>Adjustments			Remeasurements<br>of Defined<br>Benefit Plans			Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,663,847
Cumulative Effects of Changes in Accounting Policies															—								(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,631,208
Changes during the period
Cash Dividends																							(95,208	)
Profit Attributable to Owners of Parent																							215,523
Repurchase of Treasury Stock																							(1,995	)
Disposition of Treasury Stock																							1,305
Transfer from Revaluation Reserve for Land																							(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders																							(519	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ Equity		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		156,070

Total Changes during the period		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		273,997

Balance as of the end of the period		1,038,781		66,262			137,834		(170,773	)		84,475			1,156,580		134			102,192			8,905,205

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2021

		Millions of yen
		Shareholders’ Equity
		Common<br>Stock			Capital<br>Surplus			Retained<br>Earnings			Treasury<br>Stock			Total Shareholders’<br>Equity
Balance as of the beginning of the period			2,256,767			1,135,940			4,421,655			(7,124	)		7,807,239
Cumulative Effects of Changes in Accounting Policies									(724	)					(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies			2,256,767			1,135,940			4,420,931			(7,124	)		7,806,515
Changes during the period
Cash Dividends									(95,201	)					(95,201	)
Profit Attributable to Owners of Parent									385,657						385,657
Repurchase of Treasury Stock												(2,646	)		(2,646	)
Disposition of Treasury Stock						(51	)					1,606			1,554
Transfer from Revaluation Reserve for Land									1,086						1,086
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders						(10,616	)								(10,616	)
Transfer from Retained Earnings to Capital Surplus						51			(51	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period			—			(10,616	)		291,490			(1,040	)		279,833

Balance as of the end of the period			2,256,767			1,125,324			4,712,422			(8,164	)		8,086,349

	Accumulated Other Comprehensive Income																	Stock<br>Acquisition<br>Rights			Non-<br>Controlling<br>Interests		Total NetAssets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Net<br>Unrealized<br>Gains<br>(Losses) on<br>Other<br>Securities		Deferred<br>Gains or<br>Losses on<br>Hedges			Revaluation<br>Reserve for<br>Land			Foreign<br>Currency<br>Translation<br>Adjustments			Remeasurements<br>of Defined<br>Benefit Plans			Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,362,207
Cumulative Effects of Changes in Accounting Policies																—								(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,361,483
Changes during the period
Cash Dividends																								(95,201	)
Profit Attributable to Owners of Parent																								385,657
Repurchase of Treasury Stock																								(2,646	)
Disposition of Treasury Stock																								1,554
Transfer from Revaluation Reserve for Land																								1,086
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders																								(10,616	)
Transfer from Retained Earnings to Capital Surplus																								—
Net Changes in Items other than Shareholders’ Equity		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		(433	)

Total Changes during the period		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		279,400

Balance as of the end of the period		1,154,756		(743	)		135,297			(80,968	)		229,137			1,437,480			95			116,959		9,640,884

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2021

(Six months ended September 30, 2021)

(Under Japanese GAAP)

LOGO

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 2021		See above Notes					Page
1. Income Analysis			CON			NON		2-1
2. Interest Margins (Domestic Operations)			NON					2-5
3. Use and Source of Funds			NON					2-6
4. Net Gains/Losses on Securities			CON			NON		2-8
5. Unrealized Gains/Losses on Securities			CON			NON		2-10
6. Projected Redemption Amounts for Securities			NON					2-12
7. Overview of Derivative Transactions Qualifying for Hedge Accounting			NON					2-13
8. Employee Retirement Benefits			NON			CON		2-14
9. Capital Ratio			CON			NON		2-17
II. REVIEW OF CREDITS		See above Notes					Page
1. Status of Non-Accrual, Past Due & Restructured<br>Loans			CON			NON		2-18
2. Status of Reserves for Possible Losses on Loans			CON			NON		2-20
3. Reserve Ratios for Non-Accrual, Past Due &<br>Restructured Loans			CON			NON		2-21
4. Status of Non Performing Loans based on the Financial Reconstruction<br>Act(“FRA”)			CON			NON		2-22
5. Coverage on Non Performing Loans based on the FRA			NON					2-24
6. Overview of Non-Performing<br>Loans(“NPLs”)			NON					2-27
7. Results of Removal of NPLs from the Balance Sheet			NON					2-28
8. Status of Loans by Industry
(1) Outstanding Balances and Non-Accrual, Past<br>Due & Restructured Loans by Industry			NON					2-29
(2) Non Performing Loans basaed on the FRA and Coverage Ratio by Industry			NON					2-31
9. Housing and Consumer Loans & Loans to Small and<br>Medium-Sized Enterprises
(“SMEs”) and Individual Customers
(1) Balance of Housing and Consumer Loans			NON					2-32
(2) Loans to SMEs and Individual Customers			NON					2-32
10. Status of Loans by Region			NON					2-33
III. DEFERRED TAXES		See above Notes					Page
1. Estimation for Calculating Deferred Tax Assets			NON					2-34
IV. OTHERS		See above Notes					Page
1. Breakdown of Deposits (Domestic Offices)			NON					2-36
2. Number of Directors and Employees								2-37
3. Number of Offices								2-37
4. Earnings Plan for Fiscal 2021			CON			NON		2-38
Attachments				Page
---	---	---	---	---	---
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)					2-39
Comparison of Non-Consolidated Statements of Income<br>(selected items)					2-40
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)					2-41
Comparison of Non-Consolidated Statements of Income<br>(selected items)					2-42
Statement of Trust Assets and Liabilities					2-43
Comparison of Balances of Principal Items					2-44
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)					2-45
Comparison of Non-Consolidated Statements of Income<br>(selected items)					2-46

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

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

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

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 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 2021

1. Income Analysis

Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Consolidated Gross Profits	1	****	1,108,822	****		(3,500	)		1,112,323
Net Interest Income	2	****	474,160	****		34,031			440,129
Fiduciary Income	3	****	29,728	****		2,584			27,143
Credit Costs for Trust Accounts	4	****	—	****		—			—
Net Fee and Commission Income	5	****	330,443	****		10,831			319,611
Net Trading Income	6	****	191,312	****		(45,451	)		236,764
Net Other Operating Income	7	****	83,177	****		(5,496	)		88,673
General and Administrative Expenses	8	****	(667,594	)		13,693			(681,287	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)	9	****	(59,856	)		24,921			(84,777	)
Losses on Write-offs of Loans	10	****	(7,023	)		420			(7,444	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11	****	10,225	****		6,669			3,555
Net Gains (Losses) related to Stocks	12	****	14,931	****		84,422			(69,490	)
Equity in Income from Investments in Affiliates	13	****	16,519	****		4,959			11,559
Other	14	****	(23,707	)		564			(24,271	)

Ordinary Profits	15	****	399,340	****		131,729			267,610

Net Extraordinary Gains (Losses)	16	****	47,281	****		(18,498	)		65,780
Income before Income Taxes	17	****	446,622	****		113,231			333,391
Income Taxes - Current	18	****	(65,604	)		8,581			(74,186	)
- Deferred	19	****	10,941	****		52,755			(41,813	)
Profit	20	****	391,958	****		174,568			217,390
Profit Attributable to Non-controlling Interests	21	****	(6,301	)		(4,434	)		(1,867	)

Profit Attributable to Owners of Parent	22	****	385,657	****		170,133			215,523

Credit-related Costs (including Credit Costs for Trust Accounts)	23	****	(49,631	)		31,590			(81,222	)
Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for)<br>General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]
Reference:
Consolidated Net Business Profits	24	****	438,574	****		126			438,448
Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses<br>(excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	25	****	160	****		7			153
Number of affiliates under the equity method	26	****	29	****		3			26

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021												First Half of Fiscal 2020
		MHBK			MHTB			AggregateFigures			Change
Gross Profits	1	****	666,600	****	****	57,772	****	****	724,373	****		(30,547	)		754,920
Domestic Gross Profits	2	****	337,771	****	****	57,677	****	****	395,449	****		9,459			385,989
Net Interest Income	3	****	225,666	****	****	9,105	****	****	234,772	****		26,305			208,466
Fiduciary Income	4				****	30,058	****	****	30,058	****		2,781			27,277
Trust Fees for Jointly Operated Designated Money Trust	5				****	1,975	****	****	1,975	****		(48	)		2,024
Credit Costs for Trust Accounts ^(1)^	6				****	—	****	****	—	****		—			—
Net Fee and Commission Income	7	****	112,122	****	****	18,954	****	****	131,076	****		(11,647	)		142,724
Net Trading Income	8	****	(7,790	)	****	(629	)	****	(8,419	)		(19,559	)		11,139
Net Other Operating Income	9	****	7,773	****	****	188	****	****	7,961	****		11,579			(3,618	)
International Gross Profits	10	****	328,829	****	****	94	****	****	328,924	****		(40,006	)		368,930
Net Interest Income	11	****	190,025	****	****	274	****	****	190,299	****		7,513			182,785
Net Fee and Commission Income	12	****	63,630	****	****	(172	)	****	63,457	****		(8,020	)		71,477
Net Trading Income	13	****	47,785	****	****	(11	)	****	47,774	****		(14,841	)		62,615
Net Other Operating Income	14	****	27,388	****	****	4	****	****	27,392	****		(24,659	)		52,051
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	15	****	(382,729	)	****	(40,130	)	****	(422,859	)		17,401			(440,260	)
Expense Ratio	16	****	57.4	%	****	69.4	%	****	58.3	%		0.0	%		58.3	%
Personnel Expenses	17	****	(149,030	)	****	(18,813	)	****	(167,844	)		5,926			(173,771	)
Non-Personnel Expenses	18	****	(211,158	)	****	(19,447	)	****	(230,605	)		10,220			(240,825	)
Premium for Deposit Insurance	19	****	(16,227	)	****	(559	)	****	(16,787	)		(67	)		(16,720	)
Miscellaneous Taxes	20	****	(22,540	)	****	(1,869	)	****	(24,409	)		1,254			(25,664	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	21	****	283,871	****	****	17,642	****	****	301,513	****		(13,145	)		314,659
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(2)^	22	****	260,591	****	****	17,631	****	****	278,223	****		8,047			270,176
Excluding Net Gains (Losses) from redemption of Investment Trusts	23	****	253,835	****	****	17,631	****	****	271,467	****		3,479			267,988

Reversal of (Provision for) General Reserve for Losses on Loans	24	****	(68,140	)	****	(809	)	****	(68,950	)		(8,083	)		(60,866	)

Net Business Profits	25	****	215,731	****	****	16,832	****	****	232,563	****		(21,228	)		253,792
Net Gains (Losses) related to Bonds	26	****	23,279	****	****	10	****	****	23,290	****		(21,193	)		44,483

Net Non-Recurring Gains (Losses)	27	****	29,129	****	****	2,116	****	****	31,246	****		136,692			(105,446	)
Net Gains (Losses) related to Stocks	28	****	10,360	****	****	400	****	****	10,761	****		86,078			(75,317	)
Expenses related to Portfolio Problems	29	****	10,517	****	****	(88	)	****	10,429	****		32,411			(21,981	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30	****	9,202	****	****	0	****	****	9,202	****		5,833			3,368
Other	31	****	(951	)	****	1,804	****	****	853	****		12,368			(11,515	)

Ordinary Profits	32	****	244,860	****	****	18,949	****	****	263,810	****		115,463			148,346

Net Extraordinary Gains (Losses)	33	****	40,249	****	****	7,331	****	****	47,581	****		(10,279	)		57,860
Net Gains (Losses) on Disposition of Fixed Assets	34	****	(821	)	****	(113	)	****	(934	)		(1,788	)		853
Losses on Impairment of Fixed Assets	35	****	(2,539	)	****	(38	)	****	(2,577	)		(1,816	)		(761	)
Gains on Cancellation of Employee Retirement Benefit Trust	36	****	43,610	****	****	7,483	****	****	51,093	****		43,198			7,895
Accumulation (Amortization) of Unrecognized Prior Service Cost	37	****	—	****	****	—	****	****	—	****		(52,391	)		52,391
Losses on Transfer to Defined Contribution Pension Plan	38	****	—	****	****	—	****	****	—	****		2,519			(2,519	)
Income before Income Taxes	39	****	285,110	****	****	26,281	****	****	311,391	****		105,184			206,206
Income Taxes - Current	40	****	(90,355	)	****	(4,559	)	****	(94,914	)		(46,228	)		(48,685	)
- Deferred	41	****	(25,332	)	****	(3,255	)	****	(28,587	)		3,506			(32,094	)

Net Income	42	****	169,422	****	****	18,466	****	****	187,888	****		62,462			125,426

(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)<br>for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].
(2) Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans) from core business areas[22]
=Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	43	****	(48,420	)	****	(897	)	****	(49,317	)		30,161			(79,479	)
Credit-related Costs [43] = Expenses related to Portfolio Problems [29] + Reversal of<br>(Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	44				****	—	****	****	—	****		—			—
Reversal of (Provision for) General Reserve for Losses on Loans	45	****	(68,140	)	****	(809	)	****	(68,950	)		(8,302	)		(60,647	)
Losses on Write-offs of Loans	46	****	2,990	****	****	(73	)	****	2,916	****		6,874			(3,958	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47	****	16,549	****	****	(14	)	****	16,534	****		31,946			(15,411	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	48	****	106	****	****	—	****	****	106	****		106			—
Reversal of (Provision for) Reserve for Contingencies	49	****	306	****	****	—	****	****	306	****		(814	)		1,120
Other (including Losses on Sales of Loans)	50	****	(232	)	****	—	****	****	(232	)		350			(583	)
Total	51	****	(48,420	)	****	(897	)	****	(49,317	)		30,161			(79,479	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Gross Profits	1	****	666,600	****		(28,393	)		694,993
Domestic Gross Profits	2	****	337,771	****		3,760			334,010
Net Interest Income	3	****	225,666	****		27,353			198,312
Net Fee and Commission Income	4	****	112,122	****		(17,978	)		130,100
Net Trading Income	5	****	(7,790	)		(17,757	)		9,966
Net Other Operating Income	6	****	7,773	****		12,142			(4,369	)
International Gross Profits	7	****	328,829	****		(32,153	)		360,983
Net Interest Income	8	****	190,025	****		10,553			179,471
Net Fee and Commission Income	9	****	63,630	****		(8,199	)		71,830
Net Trading Income	10	****	47,785	****		(15,514	)		63,299
Net Other Operating Income	11	****	27,388	****		(18,993	)		46,381
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	12	****	(382,729	)		16,433			(399,162	)
Expense Ratio	13	****	57.4	%		(0.0	%)		57.4	%
Personnel Expenses	14	****	(149,030	)		5,150			(154,180	)
Non-Personnel Expenses	15	****	(211,158	)		9,818			(220,976	)
Premium for Deposit Insurance	16	****	(16,227	)		(144	)		(16,083	)
Miscellaneous Taxes	17	****	(22,540	)		1,465			(24,005	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	18	****	283,871	****		(11,959	)		295,831
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas *	19	****	260,591	****		2,841			257,750
Excluding Net Gains (Losses) from redemption of Investment Trusts	20	****	253,835	****		(2,229	)		256,064

Reversal of (Provision for) General Reserve for Losses on Loans	21	****	(68,140	)		(7,273	)		(60,866	)

Net Business Profits	22	****	215,731	****		(19,233	)		234,964
Net Gains (Losses) related to Bonds	23	****	23,279	****		(14,800	)		38,080

Net Non-Recurring Gains (Losses)	24	****	29,129	****		131,567			(102,437	)
Net Gains (Losses) related to Stocks	25	****	10,360	****		82,745			(72,385	)
Expenses related to Portfolio Problems	26	****	10,517	****		32,499			(21,981	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27	****	9,202	****		6,081			3,121
Other	28	****	(951	)		10,240			(11,191	)

Ordinary Profits	29	****	244,860	****		112,333			132,527

Net Extraordinary Gains (Losses)	30	****	40,249	****		(11,749	)		51,998
Net Gains (Losses) on Disposition of Fixed Assets	31	****	(821	)		(2,050	)		1,229
Losses on Impairment of Fixed Assets	32	****	(2,539	)		(1,778	)		(761	)
Gains on Cancellation of Employee Retirement Benefit Trust	33	****	43,610	****		35,715			7,895
Accumulation (Amortization) of Unrecognized Prior Service Cost	34	****	—	****		(45,822	)		45,822
Losses on Transfer to Defined Contribution Pension Plan	35	****	—	****		2,187			(2,187	)
Income before Income Taxes	36	****	285,110	****		100,584			184,525
Income Taxes - Current	37	****	(90,355	)		(43,850	)		(46,504	)
- Deferred	38	****	(25,332	)		2,965			(28,298	)

Net Income	39	****	169,422	****		59,699			109,722

* 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	40	****	(48,420	)		31,306			(79,726	)
Credit-related Costs [40] = Expenses related to Portfolio Problems [26] +<br>Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	41	****	(68,140	)		(7,273	)		(60,866	)
Losses on Write-offs of Loans	42	****	2,990	****		6,948			(3,958	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	****	16,549	****		31,988			(15,438	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	44	****	106	****		106			—
Reversal of (Provision for) Reserve for Contingencies	45	****	306	****		(814	)		1,120
Other (including Losses on Sales of Loans)	46	****	(232	)		350			(583	)
Total	47	****	(48,420	)		31,306			(79,726	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2021						First Half of Fiscal 2020
					Change
Gross Profits	1	****	57,772	****		(2,154	)		59,926
Domestic Gross Profits	2	****	57,677	****		5,699			51,978
Net Interest Income	3	****	9,105	****		(1,048	)		10,153
Fiduciary Income	4	****	30,058	****		2,781			27,277
Trust Fees for Jointly Operated Designated Money Trust	5	****	1,975	****		(48	)		2,024
Credit Costs for Trust Accounts ^(1)^	6	****	—	****		—			—
Net Fee and Commission Income	7	****	18,954	****		6,330			12,623
Net Trading Income	8	****	(629	)		(1,801	)		1,172
Net Other Operating Income	9	****	188	****		(563	)		751
International Gross Profits	10	****	94	****		(7,853	)		7,947
Net Interest Income	11	****	274	****		(3,039	)		3,313
Net Fee and Commission Income	12	****	(172	)		179			(352	)
Net Trading Income	13	****	(11	)		672			(683	)
Net Other Operating Income	14	****	4	****		(5,665	)		5,670
General and Administrative Expenses (excluding<br>Non-Recurring Losses)	15	****	(40,130	)		967			(41,098	)
Expense Ratio	16	****	69.4	%		0.8	%		68.5	%
Personnel Expenses	17	****	(18,813	)		776			(19,590	)
Non-Personnel Expenses	18	****	(19,447	)		401			(19,848	)
Premium for Deposit Insurance	19	****	(559	)		76			(636	)
Miscellaneous Taxes	20	****	(1,869	)		(210	)		(1,659	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)	21	****	17,642	****		(1,186	)		18,828
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from<br>core business areas ^(2)^	22	****	17,631	****		5,206			12,425
Excluding Net Gains (Losses) from redemption of Investment Trusts	23	****	17,631	****		5,708			11,923

Reversal of (Provision for) General Reserve for Losses on Loans	24	****	(809	)		(809	)		—

Net Business Profits	25	****	16,832	****		(1,995	)		18,828
Net Gains (Losses) related to Bonds	26	****	10	****		(6,392	)		6,402

Net Non-Recurring Gains (Losses)	27	****	2,116	****		5,125			(3,009	)
Net Gains (Losses) related to Stocks	28	****	400	****		3,332			(2,932	)
Expenses related to Portfolio Problems	29	****	(88	)		(88	)		(0	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30	****	0	****		(247	)		247
Other	31	****	1,804	****		2,128			(323	)

Ordinary Profits	32	****	18,949	****		3,129			15,819

Net Extraordinary Gains (Losses)	33	****	7,331	****		1,469			5,862
Net Gains (Losses) on Disposition of Fixed Assets	34	****	(113	)		262			(375	)
Losses on Impairment of Fixed Assets	35	****	(38	)		(38	)		—
Gains on Cancellation of Employee Retirement Benefit Trust	36	****	7,483	****		7,483			—
Accumulation (Amortization) of Unrecognized Prior Service Cost	37	****	—	****		(6,569	)		6,569
Losses on Transfer to Defined Contribution Pension Plan	38	****	—	****		331			(331	)
Income before Income Taxes	39	****	26,281	****		4,599			21,681
Income Taxes - Current	40	****	(4,559	)		(2,378	)		(2,181	)
- Deferred	41	****	(3,255	)		540			(3,796	)

Net Income	42	****	18,466	****		2,762			15,704

(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)<br>General Reserve for Losses on Loans) from core business areas[22]
=Net Business Profits(before Reversal<br>of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	43		(897	)		(1,144	)		247
Credit-related Costs [43] = Expenses related to Portfolio Problems [29] + Reversal<br>of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	44	****	—	****		—			—
Reversal of (Provision for) General Reserve for Losses on Loans	45	****	(809	)		(1,028	)		219
Losses on Write-offs of Loans	46	****	(73	)		(73	)		0
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	47	****	(14	)		(42	)		27
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	48	****	—	****		—			—
Reversal of (Provision for) Reserve for Contingencies	49	****	—	****		—			—
Other (including Losses on Sales of Loans)	50	****	—	****		—			—
Total	51	****	(897	)		(1,144	)		247

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Mizuho Bank						Change
Return on Interest-Earning Assets		1	****	0.39	****		0.01			0.37
Return on Loans and Bills Discounted (1)		2	****	0.74	****		0.03			0.71
Return on Securities		3	****	0.30	****		0.08			0.21
Cost of Funding (including Expenses)		4	****	0.51	****		(0.05	)		0.56
Cost of Deposits (including Expenses)		5	****	0.52	****		(0.03	)		0.56
Cost of Deposits (2)		6	****	0.00	****		(0.00	)		0.00
Cost of Other External Liabilities		7	****	0.30	****		(0.22	)		0.52

Net Interest Margin	(1)-(4)	8	****	(0.12	)		0.06			(0.18	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9	****	0.22	****		0.07			0.15
Loan and Deposit Rate Margin	(2)-(6)	10	****	0.74	****		0.03			0.71

(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	****	0.76	****		0.02			0.73
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12	****	0.23	****		0.06			0.17
Loan and Deposit Rate Margin	(11)-(6)	13	****	0.76	****		0.02			0.73
			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Mizuho Trust & Banking						Change
Return on Interest-Earning Assets		14	****	0.47	****		0.01			0.45
Return on Loans and Bills Discounted (1)		15	****	0.59	****		0.01			0.57
Return on Securities		16	****	1.74	****		0.62			1.12
Cost of Funding		17	****	0.13	****		0.02			0.10
Cost of Deposits (2)		18	****	0.01	****		(0.00	)		0.01

Net Interest Margin	(14)-(17)	19	****	0.34	****		(0.00	)		0.35
Loan and Deposit Rate Margin	(15)-(18)	20	****	0.58	****		0.01			0.56

(1) Return on Loans and Bills Discounted excludes loans to financial institutions (including<br>MHFG).
(2) Deposits include NCDs.
Reference: After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21	****	0.60	****		(0.00	)		0.60
Loan and Deposit Rate Margin	(21)-(18)	22	****	0.59	****		(0.00	)		0.59

Reference			(%)
			First Half of Fiscal 2021						First Half of Fiscal 2020
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted (1)		23	****	0.73	****		0.03			0.70
Cost of Deposits (2)		24	****	0.00	****		(0.00	)		0.00

Loan and Deposit Rate Margin	(23)-(24)	25	****	0.73	****		0.03			0.70

(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	****	0.75	****		0.02			0.73
Loan and Deposit Rate Margin	(26)-(24)	27	****	0.75	****		0.02			0.72

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	First Half of Fiscal 2021												First Half of Fiscal 2020
							Change
	AverageBalance			Rate			Average Balance			Rate			Average Balance		Rate
Total
Use of Funds	****	184,666,842	****	****	0.57	****		7,415,632			(0.09	)		177,251,209		0.66
Loans and Bills Discounted	****	80,865,008	****	****	0.91	****		(3,891,405	)		(0.09	)		84,756,413		1.01
Securities	****	45,009,933	****	****	0.49	****		8,018,814			(0.11	)		36,991,118		0.60

Source of Funds	****	183,824,544	****	****	0.12	****		7,941,608			(0.12	)		175,882,935		0.24
Deposits	****	128,046,394	****	****	0.02	****		(3,738,599	)		(0.09	)		131,784,993		0.11
NCDs	****	19,877,406	****	****	0.05	****		6,329,745			(0.19	)		13,547,661		0.24
Domestic Operations
Use of Funds	****	127,843,280	****	****	0.39	****		9,541,078			0.01			118,302,201		0.37
Loans and Bills Discounted	****	52,802,381	****	****	0.73	****		(1,003,909	)		0.03			53,806,290		0.70
Securities	****	29,583,431	****	****	0.30	****		7,368,742			0.08			22,214,688		0.21

Source of Funds	****	126,395,809	****	****	0.03	****		9,308,343			(0.00	)		117,087,466		0.04
Deposits	****	100,679,698	****	****	0.00	****		(751,478	)		(0.00	)		101,431,176		0.00
NCDs	****	13,728,174	****	****	0.00	****		5,827,518			(0.00	)		7,900,656		0.00
International Operations
Use of Funds	****	59,514,244	****	****	0.94	****		(615,573	)		(0.28	)		60,129,817		1.23
Loans and Bills Discounted	****	28,062,627	****	****	1.26	****		(2,887,495	)		(0.29	)		30,950,123		1.55
Securities	****	15,426,502	****	****	0.86	****		650,072			(0.32	)		14,776,429		1.18

Source of Funds	****	60,119,416	****	****	0.30	****		143,137			(0.33	)		59,976,279		0.63
Deposits	****	27,366,695	****	****	0.10	****		(2,987,121	)		(0.40	)		30,353,817		0.50
NCDs	****	6,149,232	****	****	0.15	****		502,226			(0.43	)		5,647,005		0.59

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Millions of yen, %)
	First Half of Fiscal 2021												First Half of Fiscal 2020
							Change
	AverageBalance			Rate			Average Balance			Rate			Average Balance		Rate
Total
Use of Funds	****	5,304,757	****	****	0.48	****		(994,057	)		(0.09	)		6,298,815		0.57
Loans and Bills Discounted	****	3,268,511	****	****	0.60	****		(235,864	)		(0.02	)		3,504,375		0.62
Securities	****	253,726	****	****	1.69	****		(622,218	)		0.29			875,944		1.40

Source of Funds	****	5,377,237	****	****	0.13	****		(1,016,785	)		(0.01	)		6,394,023		0.14
Deposits	****	2,880,365	****	****	0.01	****		(235,353	)		(0.00	)		3,115,718		0.01
NCDs	****	645,954	****	****	0.00	****		82,902			(0.00	)		563,051		0.00
Domestic Operations
Use of Funds	****	5,264,259	****	****	0.47	****		(470,432	)		0.01			5,734,692		0.45
Loans and Bills Discounted	****	3,223,676	****	****	0.59	****		(140,696	)		0.01			3,364,372		0.57
Securities	****	245,476	****	****	1.74	****		(185,911	)		0.62			431,388		1.12

Source of Funds	****	5,336,361	****	****	0.13	****		(460,549	)		0.02			5,796,911		0.10
Deposits	****	2,876,384	****	****	0.01	****		(235,724	)		(0.00	)		3,112,108		0.01
NCDs	****	645,954	****	****	0.00	****		82,902			(0.00	)		563,051		0.00
International Operations
Use of Funds	****	67,984	****	****	1.02	****		(543,088	)		(0.62	)		611,073		1.65
Loans and Bills Discounted	****	44,835	****	****	1.47	****		(95,167	)		(0.41	)		140,003		1.88
Securities	****	8,249	****	****	0.29	****		(436,306	)		(1.37	)		444,556		1.67

Source of Funds	****	68,362	****	****	0.21	****		(575,699	)		(0.32	)		644,062		0.54
Deposits	****	3,981	****	****	0.01	****		371			(0.11	)		3,609		0.13
NCDs	****	—	****	****	—	****		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated ****

	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds	****	21,178	****		(24,100	)		45,279
Gains on Sales and Others	****	49,923	****		(27,378	)		77,301
Losses on Sales and Others	****	(27,219	)		2,692			(29,912	)
Impairment (Devaluation)	****	(1,296	)		1,751			(3,048	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	(0	)		(0	)		(0	)
Gains (Losses) on Derivatives other than for Trading	****	(228	)		(1,166	)		938
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks	****	14,931	****		84,422			(69,490	)
Gains on Sales	****	116,459	****		72,330			44,129
Losses on Sales	****	(80,931	)		(56,923	)		(24,008	)
Impairment (Devaluation)	****	(1,906	)		60,776			(62,682	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(18,690	)		8,238			(26,929	)
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks									****
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds	****	23,290	****		(21,193	)		44,483
Gains on Sales and Others	****	52,146	****		(25,137	)		77,284
Losses on Sales and Others	****	(27,332	)		3,399			(30,731	)
Impairment (Devaluation)	****	(1,296	)		1,721			(3,017	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(228	)		(1,176	)		947
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks	****	10,761	****		86,078			(75,317	)
Gains on Sales	****	109,122	****		70,788			38,333
Losses on Sales	****	(78,276	)		(57,462	)		(20,814	)
Impairment (Devaluation)	****	(1,394	)		64,424			(65,818	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		89			(89	)
Gains (Losses) on Derivatives other than for Trading	****	(18,690	)		8,238			(26,929	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank									****
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds	****	23,279	****		(14,800	)		38,080
Gains on Sales and Others	****	52,135	****		(17,530	)		69,665
Losses on Sales and Others	****	(27,330	)		2,358			(29,689	)
Impairment (Devaluation)	****	(1,296	)		1,720			(3,017	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(228	)		(1,349	)		1,121
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks	****	10,360	****		82,745			(72,385	)
Gains on Sales	****	108,640	****		76,278			32,361
Losses on Sales	****	(78,233	)		(59,951	)		(18,281	)
Impairment (Devaluation)	****	(1,356	)		62,529			(63,885	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		89			(89	)
Gains (Losses) on Derivatives other than for Trading	****	(18,690	)		3,800			(22,490	)
Mizuho Trust & Banking									****
	(Millions of yen)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Bonds	****	10	****		(6,392	)		6,402
Gains on Sales and Others	****	11	****		(7,606	)		7,618
Losses on Sales and Others	****	(1	)		1,040			(1,041	)
Impairment (Devaluation)	****	—	****		0			(0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	—	****		173			(173	)
	First Half of Fiscal 2021						First Half of Fiscal 2020
				Change
Net Gains (Losses) related to Stocks	****	400	****		3,332			(2,932	)
Gains on Sales	****	482	****		(5,490	)		5,972
Losses on Sales	****	(43	)		2,489			(2,532	)
Impairment (Devaluation)	****	(38	)		1,895			(1,933	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	—	****		4,438			(4,438	)

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

		(Millions of yen)
		As of September 30, 2021											As of March 31, 2021
		Book Value			Unrealized Gains/Losses								Book Value	Unrealized Gains/Losses
		(= Fair Value)						Gains			Losses		(= Fair Value)			Gains	Losses
Other Securities	****	41,930,391	****	****	1,627,137	****	****	1,986,505	****	****	359,367	****	42,534,848	1,603,253		1,989,800	386,547
Japanese Stocks	****	2,933,126	****	****	1,734,527	****	****	1,780,968	****	****	46,441	****	2,865,985	1,698,265		1,744,614	46,348
Japanese Bonds	****	22,433,956	****	****	(35,116	)	****	22,009	****	****	57,125	****	24,145,048	(44,978	)	24,765	69,743
Japanese Government Bonds	****	19,003,042	****	****	(24,301	)	****	1,113	****	****	25,415	****	20,920,582	(31,717	)	3,583	35,301
Other	****	16,563,307	****	****	(72,273	)	****	183,526	****	****	255,800	****	15,523,814	(50,033	)	220,421	270,454
Foreign Bonds	****	13,489,382	****	****	(47,725	)	****	58,129	****	****	105,855	****	12,433,912	(33,009	)	66,678	99,687

* In addition to “Securities” on the consolidated balance<br>sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.<br>* The book values of Other Securities which have readily determinable fair value are stated at fair<br>value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.<br>* Unrealized Gains/Losses include 38,068 million and 32,481 million, which were<br>recognized in the statement of income for September 30, 2021 and March 31, 2021, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after necessary consolidation<br>adjustments as of September 30, 2021 and March 31, 2021 are 1,589,069 million and 1,570,772 million, respectively.<br>* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets<br>after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences and others regarding stocks and others without a quoted market price and<br>Investments in Partnerships) as of September 30, 2021 and March 31, 2021 are 1,154,756 million and 1,132,460 million, respectively. <br>(2) Bonds Held to Maturity																		****
		(Millions of yen)
		As of September 30, 2021											As of March 31, 2021
		Book Value			Unrealized Gains/Losses								Book Value	Unrealized Gains/Losses
								Gains			Losses					Gains	Losses
Bonds Held to Maturity	****	1,394,142	****	****	9,439	****	****	15,871	****	****	6,431	****	885,529	18,069		21,225	3,155

All values are in Japanese Yen.

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2Banks

		(Millions of yen)
		As of September 30, 2021													As of March 31, 2021
		Book Value				Unrealized Gains/Losses									Book Value		Unrealized Gains/Losses
		(= Fair Value)							Gains			Losses			(= Fair Value)					Gains		Losses
Other Securities		****	40,729,325	****		****	1,547,414	****	****	1,908,231	****	****	360,816	****		41,388,529		1,527,548			1,915,021		387,472
Japanese Stocks		****	2,842,612	****		****	1,656,686	****	****	1,705,296	****	****	48,610	****		2,779,891		1,624,579			1,673,165		48,585
Japanese Bonds		****	22,413,879	****		****	(35,121	)	****	22,004	****	****	57,125	****		24,125,549		(44,985	)		24,758		69,743
Japanese Government Bonds		****	18,991,867	****		****	(24,304	)	****	1,110	****	****	25,415	****		20,909,339		(31,722	)		3,578		35,301
Other		****	15,472,833	****		****	(74,150	)	****	180,930	****	****	255,080	****		14,483,088		(52,045	)		217,097		269,142
Foreign Bonds		****	13,019,159	****		****	(47,982	)	****	57,157	****	****	105,140	****		12,031,174		(32,575	)		65,800		98,375
Mizuho Bank
Other Securities		****	40,438,630	****		****	1,457,776	****	****	1,815,072	****	****	357,295	****		41,113,338		1,441,229			1,826,408		385,178
Japanese Stocks		****	2,673,371	****		****	1,568,326	****	****	1,613,450	****	****	45,123	****		2,625,643		1,539,526			1,585,832		46,306
Japanese Bonds		****	22,298,234	****		****	(36,009	)	****	21,081	****	****	57,091	****		24,010,684		(45,887	)		23,842		69,729
Japanese Government Bonds		****	18,961,865	****		****	(24,302	)	****	1,110	****	****	25,413	****		20,879,330		(31,720	)		3,578		35,299
Other		****	15,467,024	****		****	(74,539	)	****	180,540	****	****	255,080	****		14,477,009		(52,409	)		216,733		269,142
Foreign Bonds		****	13,019,159	****		****	(47,982	)	****	57,157	****	****	105,140	****		12,031,174		(32,575	)		65,800		98,375
Mizuho Trust & Banking
Other Securities		****	290,695	****		****	89,637	****	****	93,158	****	****	3,520	****		275,190		86,318			88,612		2,293
Japanese Stocks		****	169,240	****		****	88,360	****	****	91,846	****	****	3,486	****		154,247		85,052			87,332		2,279
Japanese Bonds		****	115,645	****		****	888	****	****	922	****	****	34	****		114,865		901			915		13
Japanese Government Bonds		****	30,002	****		****	(1	)	****	—	****	****	1	****		30,009		(1	)		—		1
Other		****	5,809	****		****	389	****	****	389	****	****	0	****		6,078		364			364		0
Foreign Bonds		****	—	****		****	—	****	****	—	****	****	—	****		—		—			—		—
*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and<br>certain items in “Other Debt Purchased” are also included.
---	---
*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so<br>Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.
---	---
*	Unrealized Gains/Losses include ¥38,068 million and ¥32,481 million, which were recognized in<br>the statement of income (aggregate figures for the 2 banks) for September 30, 2021 and March 31, 2021, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after<br>necessary adjustments (aggregate figures for the 2 banks) as of September 30, 2021 and March 31, 2021 are ¥1,509,346 million and ¥1,495,067 million, respectively.
---	---
*	Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax<br>adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships) as<br>of September 30, 2021 and March 31, 2021 are as follows:
---	---
		(Millions of yen)
---	---	---	---	---	---	---	---
		As of September 30, 2021				As of March 31, 2021
Aggregate Figures		****	1,082,874	****			1,076,333
Mizuho Bank		****	1,012,693	****			1,009,001
Mizuho Trust & Banking		****	70,180	****			67,331

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2021												As of March 31, 2021
				Unrealized Gains/Losses												Unrealized Gains/Losses
	Book Value						Gains			Losses			Book Value					Gains			Losses
Aggregate Figures	****	1,394,142	****	****	9,439	****	****	15,871	****	****	6,431	****		885,529			18,069		21,225			3,155
Mizuho Bank	****	1,394,142	****	****	9,439	****	****	15,871	****	****	6,431	****		885,529			18,069		21,225			3,155
Mizuho Trust & Banking	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—
(3) Investment in Subsidiaries and Affiliates<br><br><br><br> <br>Aggregate Figures for the 2 Banks																				<br><br><br><br> <br>
	(Millions of yen)
	As of September 30, 2021												As of March 31, 2021
				Unrealized Gains/Losses												Unrealized Gains/Losses
	Book Value						Gains			Losses			Book Value					Gains			Losses
Aggregate Figures	****	135,771	****	****	311,808	****	****	311,980	****	****	172	****	****	135,771	****		286,554		286,573			19
Mizuho Bank	****	135,771	****	****	311,808	****	****	311,980	****	****	172	****	****	135,771	****		286,554		286,573			19
Mizuho Trust & Banking	****	—	****	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—

Reference

UnrealizedGains/Losses on Other Securities

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

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method.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, 2021						As of<br>March 31,2021
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,589,069	****		18,297			1,570,772
Japanese Stocks	****	1,696,459	****		30,674			1,665,784
Japanese Bonds	****	(35,116	)		9,862			(44,978	)
Japanese Government Bonds	****	(24,301	)		7,416			(31,717	)
Other	****	(72,273	)		(22,240	)		(50,033	)
Foreign Bonds	****	(47,725	)		(14,716	)		(33,009	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2021						As of<br>March 31,2021
	Unrealized Gains/Losses						Unrealized<br>Gains/Losses
				Change
Other Securities	****	1,509,346	****		14,278			1,495,067
Japanese Stocks	****	1,618,618	****		26,520			1,592,098
Japanese Bonds	****	(35,121	)		9,863			(44,985	)
Japanese Government Bonds	****	(24,304	)		7,417			(31,722	)
Other	****	(74,150	)		(22,105	)		(52,045	)
Foreign Bonds	****	(47,982	)		(15,407	)		(32,575	)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•	The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:<br>

Non-Consolidated

Aggregate Figures for the 2 Banks


	(Billions of yen)
	Maturity as of September 30, 2021												Change											Maturity as of March 31, 2021
	Within<br>1 year			1 - 5<br>years			5 - 10<br>years			Over<br>10 years			Within<br>1 year			1 - 5<br>years		5 - 10<br>years			Over<br>10 years			Within<br>1 year		1 - 5<br>years		5 - 10<br>years		Over<br>10 years
Japanese Bonds	****	11,547.1	****	****	8,630.5	****	****	1,741.6	****	****	938.3	****		(4,314.3	)		2,222.4		102.5			272.4			15,861.4		6,408.1		1,639.1		665.9
Japanese Government Bonds	****	11,096.7	****	****	6,918.6	****	****	1,152.7	****	****	265.1	****		(4,350.6	)		2,074.7		147.7			210.1			15,447.4		4,843.9		1,005.0		55.0
Japanese Local Government Bonds	****	40.9	****	****	241.5	****	****	204.6	****	****	7.4	****		(13.9	)		22.7		33.3			(11.1	)		54.9		218.7		171.3		18.5
Japanese Corporate Bonds	****	409.3	****	****	1,470.3	****	****	384.3	****	****	665.8	****		50.2			124.9		(78.4	)		73.4			359.1		1,345.4		462.8		592.4
Other	****	2,503.6	****	****	3,371.8	****	****	2,786.0	****	****	5,676.2	****		(127.8	)		555.0		744.0			99.8			2,631.5		2,816.7		2,041.9		5,576.4
Mizuho Bank
Japanese Bonds	****	11,513.9	****	****	8,560.5	****	****	1,730.0	****	****	938.3	****		(4,314.3	)		2,213.0		111.1			272.4			15,828.3		6,347.4		1,618.9		665.9
Japanese Government Bonds	****	11,066.7	****	****	6,918.6	****	****	1,152.7	****	****	265.1	****		(4,350.6	)		2,074.7		147.7			210.1			15,417.4		4,843.9		1,005.0		55.0
Japanese Local Government Bonds	****	40.9	****	****	241.5	****	****	204.6	****	****	7.4	****		(13.9	)		22.7		33.3			(11.1	)		54.9		218.7		171.3		18.5
Japanese Corporate Bonds	****	406.2	****	****	1,400.4	****	****	372.6	****	****	665.8	****		50.2			115.5		(69.9	)		73.4			355.9		1,284.8		442.6		592.4
Other	****	2,503.2	****	****	3,367.1	****	****	2,783.9	****	****	5,676.2	****		(127.7	)		554.6		743.8			99.8			2,630.9		2,812.5		2,040.0		5,576.4
Mizuho Trust & Banking
Japanese Bonds	****	33.1	****	****	69.9	****	****	11.6	****	****	—	****		0.0			9.3		(8.5	)		—			33.1		60.6		20.2		—
Japanese Government Bonds	****	30.0	****	****	—	****	****	—	****	****	—	****		—			—		—			—			30.0		—		—		—
Japanese Local Government Bonds	****	—	****	****	—	****	****	—	****	****	—	****		—			—		—			—			—		—		—		—
Japanese Corporate Bonds	****	3.1	****	****	69.9	****	****	11.6	****	****	—	****		0.0			9.3		(8.5	)		—			3.1		60.6		20.2		—
Other	****	0.4	****	****	4.6	****	****	2.1	****	****	0.0	****		(0.0	)		0.3		0.1			0.0			0.5		4.2		1.9		—

2-12

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

•	Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining<br>Contractual Term

Aggregate Figures for the 2 Banks


	(Billions of yen)
	As of September 30, 2021												Change											As of March 31, 2021
	Within<br>1 year			1 - 5<br>years			Over<br>5 years			Total			Within<br>1 year		1 - 5<br>years			Over<br>5 years			Total			Within<br>1 year		1 - 5<br>years		Over<br>5 years		Total
Receive Fixed / Pay Float	****	3,024.5	****	****	9,118.0	****	****	4,941.9	****	****	17,084.5	****		78.7		42.5			(637.1	)		(515.7	)		2,945.7		9,075.4		5,579.0		17,600.3
Receive Float / Pay Fixed	****	701.8	****	****	1,535.9	****	****	4,323.9	****	****	6,561.8	****		93.5		(371.8	)		1,056.0			777.8			608.2		1,907.8		3,267.8		5,784.0
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Total	****	3,726.3	****	****	10,654.0	****	****	9,265.9	****	****	23,646.3	****		172.3		(329.3	)		418.9			262.0			3,553.9		10,983.3		8,846.9		23,384.3
Mizuho Bank
Receive Fixed / Pay Float	****	3,024.5	****	****	9,118.0	****	****	4,926.9	****	****	17,069.5	****		78.7		42.5			(642.1	)		(520.7	)		2,945.7		9,075.4		5,569.0		17,590.3
Receive Float / Pay Fixed	****	701.8	****	****	1,465.9	****	****	3,958.9	****	****	6,126.8	****		93.5		(371.8	)		1,056.0			777.8			608.2		1,837.8		2,902.8		5,349.0
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Total	****	3,726.3	****	****	10,584.0	****	****	8,885.9	****	****	23,196.3	****		172.3		(329.3	)		413.9			257.0			3,553.9		10,913.3		8,471.9		22,939.3
Mizuho Trust & Banking
Receive Fixed / Pay Float	****	—	****	****	—	****	****	15.0	****	****	15.0	****		—		—			5.0			5.0			—		—		10.0		10.0
Receive Float / Pay Fixed	****	—	****	****	70.0	****	****	365.0	****	****	435.0	****		—		—			—			—			—		70.0		365.0		435.0
Receive Float / Pay Float	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Receive Fixed / Pay Fixed	****	—	****	****	—	****	****	—	****	****	—	****		—		—			—			—			—		—		—		—
Total	****	—	****	****	70.0	****	****	380.0	****	****	450.0	****		—		—			5.0			5.0			—		70.0		375.0		445.0

Reference:

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

	(Billions of yen)
	As of September 30, 2021									Change								As of March 31, 2021
	Deferred Hedge Gains/Losses									Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains			Losses						Gains			Losses					Gains		Losses
Aggregate Figures	****	1,107.4	****	****	1,114.2	****	****	(6.7	)		(70.9	)		(24.7	)	(46.2	)		1,178.4		1,138.9	39.5
Mizuho Bank	****	1,097.4	****	****	1,097.3	****	****	0.0	****		(71.3	)		(28.1	)	(43.1	)		1,168.8		1,125.5	43.2
Mizuho Trust & Banking	****	10.0	****	****	16.8	****	****	(6.8	)		0.3			3.4		(3.0	)		9.6		13.3	(3.7	)

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

2-13

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures forthe 2 Banks

		(Millions of yen)
		First Half of<br>Fiscal 2021			Change			First Half of<br>Fiscal 2020
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)	****	1,125,762	****		(94,993	)		1,220,755
Discount Rate (%)		****	(0.07)~0.82	****					(0.00)~0.62

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)	****	2,113,359	****		115,930			1,997,428
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)	****	(397,727	)		(243,087	)		(154,639	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)	****	589,869	****		(32,163	)		622,033
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)	****	987,980	****		(84,573	)		1,072,553
Discount Rate (%)		****	(0.07)~0.82	****					(0.00)~0.62

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)	****	1,851,065	****		94,480			1,756,585
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)	****	(338,917	)		(211,159	)		(127,758	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)	****	524,167	****		(32,105	)		556,273
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)	****	137,781	****		(10,420	)		148,201
Discount Rate (%)		****	(0.07)~0.82	****					(0.00)~0.62

Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)	****	262,293	****		21,450			240,842
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)	****	(58,809	)		(31,928	)		(26,881	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits (at the beginning of the fiscal<br>year)	(B)+ (C) - (A)	****	65,701	****		(57	)		65,759

2-14

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 2021			Change			First Half of Fiscal 2020
Service Cost	****	****	(10,139	)		3,614			(13,753	)
Interest Cost		****	(1,629	)		156			(1,785	)
Expected Return on Plan Assets		****	15,028	****		(2,347	)		17,376
Accumulation (Amortization) of Unrecognized Actuarial Differences		****	25,725	****		11,961			13,763
Accumulation (Amortization) of Unrecognized Prior Service Cost		****	—	****		(52,391	)		52,391
Gains on Cancellation of Employee Retirement Benefit Trust		****	51,093	****		43,198			7,895
Losses on Transfer to Defined Contribution Pension Plan		****	—	****		2,519			(2,519	)
Other		****	(3,813	)		413			(4,226	)

Total		****	76,266	****		7,124			69,141

Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan are recorded to Extraordinary Gains (Losses).
Mizuho Bank
		(Millions of yen)
		First Half of<br>Fiscal 2021			Change			First Half of<br>Fiscal 2020
Service Cost	****	****	(8,524	)		3,085			(11,609	)
Interest Cost		****	(1,428	)		138			(1,566	)
Expected Return on Plan Assets		****	13,398	****		(2,172	)		15,570
Accumulation (Amortization) of Unrecognized Actuarial Differences		****	22,682	****		10,247			12,435
Accumulation (Amortization) of Unrecognized Prior Service Cost		****	—	****		(45,822	)		45,822
Gains on Cancellation of Employee Retirement Benefit Trust		****	43,610	****		35,715			7,895
Losses on Transfer to Defined Contribution Pension Plan		****	—	****		2,187			(2,187	)
Other		****	(3,539	)		287			(3,826	)

Total		****	66,199	****		3,667			62,532

Note:<br>Accumulation (Amortization) of Unrecognized Prior Service Cost, Gains on Cancellation of Employee Retirement Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking										****
		(Millions of yen)
		First Half of<br>Fiscal 2021			Change			First Half of<br>Fiscal 2020
Service Cost	****	****	(1,614	)		528			(2,143	)
Interest Cost		****	(201	)		17			(218	)
Expected Return on Plan Assets		****	1,630	****		(175	)		1,805
Accumulation (Amortization) of Unrecognized Actuarial Differences		****	3,042	****		1,714			1,328
Accumulation (Amortization) of Unrecognized Prior Service Cost		****	—	****		(6,569	)		6,569
Gains on Cancellation of Employee Retirement Benefit Trust		****	7,483	****		7,483			—
Losses on Transfer to Defined Contribution Pension Plan		****	—	****		331			(331	)
Other		****	(274	)		125			(400	)

Total		****	10,066	****		3,456			6,609

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

2-15

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations

		(Millions of yen)
		First Half of<br>Fiscal 2021			Change			First Half of<br>Fiscal 2020
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)	****	1,335,890	****		(104,450	)		1,440,341
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)	****	2,373,949	****		148,939			2,225,010
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)	****	(409,679	)		(270,870	)		(138,808	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)	****	1,109,107	****		262,325			846,782
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)	****	71,049	****		8,935			62,113
Income (Expenses) related to Employee RetirementBenefits										****
		(Millions of yen)
		First Half of<br>Fiscal 2021			Change			First Half ofFiscal 2020
Service Cost		****	(15,917	)		4,808			(20,725	)
Interest Cost		****	(1,970	)		173			(2,144	)
Expected Return on Plan Assets	****	****	17,402	****		(2,057	)		19,460
Accumulation (Amortization) of Unrecognized Actuarial Differences		****	25,922	****		13,483			12,439
Accumulation (Amortization) of Unrecognized Prior Service Cost		****	(23	)		(61,993	)		61,969
Gains on Cancellation of Employee Retirement Benefit Trust		****	51,093	****		43,198			7,895
Losses on Transfer to Defined Contribution Pension Plan		****	—	****		3,320			(3,320	)
Other		****	(6,832	)		508			(7,341	)

Total		****	69,675	****		1,442			68,232

Notes: (1)	Accumulation (Amortization) of Unrecognized Prior Service Cost,Gains on Cancellation of Employee Retirement<br>Benefit Trust and Losses on Transfer to Defined Contribution Pension Plan that arose in Fiscal 2020, except for a portion thereof, are recorded to Extraordinary Gains (Losses) (¥66,579 million).
---	---
	(2) Gains on Cancellation of Employee Retirement Benefit Trust in Fiscal 2021 is recorded to Extraordinary<br>Gains.
---	---

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

	Consolidated						(%, Billions of yen)
	As of September 30, 2021<br>(Preliminary)			Change			As of March 31, 2021
(1) Total Capital Ratio	****	17.76	****		0.89			16.87
(2) Tier 1 Capital Ratio	****	15.03	****		0.66			14.37
(3) Common Equity Tier 1 Capital Ratio	****	12.27	****		0.64			11.63
(4) Total Capital	****	11,927.0	****		541.6			11,385.3
(5) Tier 1 Capital	****	10,098.4	****		396.4			9,701.9
(6) Common Equity Tier 1 Capital	****	8,243.5	****		393.6			7,849.9
(7) Risk weighted Assets	****	67,147.7	****		(334.2	)		67,481.9
(8) Total Required Capital (7) X8%	****	5,371.8	****		(26.7	)		5,398.5
Mizuho Bank<br> <br><br><br><br>International Standard
	Consolidated								Non-Consolidated
	As of September 30, 2021<br>(Preliminary)			Change			As of March 31, 2021		As of September 30, 2021<br>(Preliminary)
(1) Total Capital Ratio	****	17.59	****		1.02			16.57	****	17.79	****
(2) Tier 1 Capital Ratio	****	14.79	****		0.74			14.05	****	14.83	****
(3) Common Equity Tier 1 Capital Ratio	****	11.82	****		0.71			11.11	****	11.66	****
(4) Total Capital	****	10,923.5	****		523.5			10,399.9	****	10,354.9	****
(5) Tier 1 Capital	****	9,186.6	****		367.8			8,818.7	****	8,634.6	****
(6) Common Equity Tier 1 Capital	****	7,339.5	****		367.7			6,971.8	****	6,789.8	****
(7) Risk weighted Assets	****	62,092.0	****		(641.9	)		62,734.0	****	58,204.1	****
(8) Total Required Capital (7) X8%	****	4,967.3	****		(51.3	)		5,018.7	****	4,656.3	****
Mizuho Trust & Banking<br> <br><br><br><br>International Standard
	Consolidated								Non-Consolidated
	As of September 30, 2021<br>(Preliminary)			Change			As of March 31, 2021		As of September 30, 2021<br>(Preliminary)
(1) Total Capital Ratio	****	26.71	****		(2.23	)		28.94	****	26.04	****
(2) Tier 1 Capital Ratio	****	26.70	****		(2.24	)		28.94	****	26.03	****
(3) Common Equity Tier 1 Capital Ratio	****	26.70	****		(2.24	)		28.94	****	26.03	****
(4) Total Capital	****	479.4	****		(47.1	)		526.6	****	464.8	****
(5) Tier 1 Capital	****	479.3	****		(47.1	)		526.5	****	464.7	****
(6) Common Equity Tier 1 Capital	****	479.3	****		(47.1	)		526.5	****	464.7	****
(7) Risk weighted Assets	****	1,794.9	****		(24.2	)		1,819.1	****	1,784.8	****
(8) Total Required Capital (7) X8%	****	143.5	****		(1.9	)		145.5	****	142.7	****

2-17

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

1. Status of Non-Accrual, Past Due & Restructured Loans

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

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

Consolidated

		(Millions of yen, %)
		As of September 30, 2021												As of March 31, 2021
					%			Change			%					%
Loans to Bankrupt Obligors		****	23,211	****	****	0.02	****		3,657			0.00			19,554		0.02
Non-Accrual Delinquent Loans		****	329,493	****	****	0.40	****		(85,825	)		(0.09	)		415,318		0.49
Loans Past Due for 3 Months or More		****	1,126	****	****	0.00	****		591			0.00			534		0.00
Restructured Loans		****	457,085	****	****	0.55	****		80,035			0.10			377,049		0.45

Total		****	810,916	****	****	0.98	****		(1,541	)		0.01			812,457		0.97

Total Loans		****	82,198,528	****	****	100.00	****		(1,506,147	)					83,704,675		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	103,956	****					(1,392	)					105,348
Trust Account
		As of September 30, 2021												As of March 31, 2021
					%			Change			%					%
Loans to Bankrupt Obligors		****	—	****	****	—	****		—			—			—		—
Non-Accrual Delinquent Loans		****	—	****	****	—	****		—			—			—		—
Loans Past Due for 3 Months or More		****	—	****	****	—	****		—			—			—		—
Restructured Loans		****	—	****	****	—	****		—			—			—		—

Total		****	—	****	****	—	****		—			—			—		—

Total Loans		****	4,292	****	****	100.00	****		(494	)					4,787		100.00
Consolidated + Trust Account
		As of September 30, 2021												As of March 31, 2021
					%			Change			%					%
Loans to Bankrupt Obligors		****	23,211	****	****	0.02	****		3,657			0.00			19,554		0.02
Non-Accrual Delinquent Loans		****	329,493	****	****	0.40	****		(85,825	)		(0.09	)		415,318		0.49
Loans Past Due for 3 Months or More		****	1,126	****	****	0.00	****		591			0.00			534		0.00
Restructured Loans		****	457,085	****	****	0.55	****		80,035			0.10			377,049		0.45

Total		****	810,916	****	****	0.98	****		(1,541	)		0.01			812,457		0.97

Total Loans		****	82,202,820	****	****	100.00	****		(1,506,641	)					83,709,462		100.00
	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

		(Millions of yen, %)
		As of September 30, 2021												As of March 31, 2021
					%			Change			%					%
Loans to Bankrupt Obligors		****	21,689	****	****	0.02	****		2,679			0.00			19,009		0.02
Non-Accrual Delinquent Loans		****	315,367	****	****	0.37	****		(82,205	)		(0.08	)		397,573		0.46
Loans Past Due for 3 Months or More		****	1,125	****	****	0.00	****		591			0.00			534		0.00
Restructured Loans		****	417,318	****	****	0.50	****		84,849			0.11			332,469		0.38

Total		****	755,501	****	****	0.90	****		5,914			0.03			749,587		0.87


Total Loans		****	83,264,462	****	****	100.00	****		(2,177,182	)					85,441,645		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	99,559	****					(1,275	)					100,834
Mizuho Bank
Loans to Bankrupt Obligors		****	21,689	****	****	0.02	****		2,693			0.00			18,995		0.02
Non-Accrual Delinquent Loans		****	310,339	****	****	0.38	****		(80,555	)		(0.08	)		390,895		0.47
Loans Past Due for 3 Months or More		****	1,124	****	****	0.00	****		589			0.00			534		0.00
Restructured Loans		****	416,040	****	****	0.51	****		84,017			0.11			332,022		0.40

Total		****	749,193	****	****	0.93	****		6,744			0.03			742,448		0.90


Total Loans		****	80,080,848	****	****	100.00	****		(1,993,742	)					82,074,591		100.00
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		****	99,343	****					(1,275	)					100,618
Mizuho Trust & Banking<br><br><br>(Banking Account)
Loans to Bankrupt Obligors		****	—	****	****	—	****		(14	)		(0.00	)		14		0.00
Non-Accrual Delinquent Loans		****	5,028	****	****	0.15	****		(1,649	)		(0.04	)		6,678		0.19
Loans Past Due for 3 Months or More		****	1	****	****	0.00	****		1			0.00			—		—
Restructured Loans		****	1,278	****	****	0.04	****		831			0.02			446		0.01

Total		****	6,308	****	****	0.19	****		(830	)		(0.01	)		7,138		0.21


Total Loans		****	3,179,321	****	****	100.00	****		(182,945	)					3,362,267		100.00
Above figures are presented net of partial direct write-offs, the amounts of which<br>are indicated in the table below.
Amount of Partial Direct Write-offs		****	215	****					(0	)					216
(Trust Account)
Loans to Bankrupt Obligors		****	—	****	****	—	****		—			—			—		—
Non-Accrual Delinquent Loans		****	—	****	****	—	****		—			—			—		—
Loans Past Due for 3 Months or More		****	—	****	****	—	****		—			—			—		—
Restructured Loans		****	—	****	****	—	****		—			—			—		—

Total		****	—	****	****	—	****		—			—			—		—


Total Loans		****	4,292	****	****	100.00	****		(494	)					4,787		100.00
	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of<br>September 30,<br>2021			Change			As of<br>March 31,<br>2021
Reserves for Possible Losses on Loans	****	594,023	****		18,450			575,572
General Reserve for Possible Losses on Loans	****	448,993	****		65,931			383,062
Specific Reserve for Possible Losses on Loans	****	143,821	****		(47,387	)		191,208
Reserve for Possible Losses on Loans to Restructuring Countries	****	1,209	****		(92	)		1,301
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	113,626	****		(3,208	)		116,834
Non-Consolidated<br><br><br><br> <br>Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of<br>September 30,<br>2021			Change			As of<br>March 31,<br>2021
Reserves for Possible Losses on Loans	****	560,225	****		19,928			540,297
General Reserve for Possible Losses on Loans	****	430,386	****		65,469			364,916
Specific Reserve for Possible Losses on Loans	****	128,629	****		(45,448	)		174,078
Reserve for Possible Losses on Loans to Restructuring Countries	****	1,209	****		(92	)		1,301
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	108,735	****		(2,930	)		111,666
Mizuho Bank
Reserves for Possible Losses on Loans	****	556,219	****		20,118			536,101
General Reserve for Possible Losses on Loans	****	426,729	****		64,660			362,068
Specific Reserve for Possible Losses on Loans	****	128,280	****		(44,449	)		172,730
Reserve for Possible Losses on Loans to Restructuring Countries	****	1,209	****		(92	)		1,301
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	108,519	****		(2,930	)		111,450
Mizuho Trust & Banking
Reserves for Possible Losses on Loans	****	4,006	****		(189	)		4,196
General Reserve for Possible Losses on Loans	****	3,657	****		809			2,847
Specific Reserve for Possible Losses on Loans	****	349	****		(998	)		1,348
Reserve for Possible Losses on Loans to Restructuring Countries	****	—	****		—			—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated<br>in the table below.
Amount of Partial Direct Write-offs	****	215	****		(0	)		216

Reserve for Possible Losses on Entrusted Loans (¥13 million and ¥15 million for September 30, 2021 and March 31, 2021, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, PastDue & Restructured Loans

Consolidated

	(%)
	As of<br>September 30,<br>2021			Change		As of<br>March 31,<br>2021
Mizuho Financial Group	****	73.25	****		2.40		70.84
Above figures are presented net of partial direct write-offs.
Non-Consolidated
	(%)
	As of<br>September 30,<br>2021			Change		As of<br>March 31,<br>2021
Total	****	74.15	****		2.07		72.07
Mizuho Bank	****	74.24	****		2.03		72.20
Mizuho Trust & Banking (Banking Account)	****	63.51	****		4.73		58.77

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

2-21

Mizuho Financial Group, Inc.

4. Status of Non Performing Loans based on the Financial ReconstructionAct(“FRA”)

Consolidated

	(Millions of yen)
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors	****	54,362	****		(1,143	)		55,506
Claims with Collection Risk	****	327,028	****		(82,713	)		409,742
Claims for Special Attention	****	458,211	****		80,627			377,584
Sub-total[1]	****	839,603	****		(3,229	)		842,832
Normal Claims	****	92,186,254	****		(1,000,543	)		93,186,798

Total[2]	****	93,025,857	****		(1,003,773	)		94,029,630

	(%)
NPL ratio[1]/[2]	****	0.90	****		0.00			0.89
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors		—			—			—
Claims with Collection Risk		—			—			—
Claims for Special Attention		—			—			—
Sub-total[3]	****	—	****		—			—
Normal Claims	****	4,292	****		(494	)		4,787

Total[4]	****	4,292	****		(494	)		4,787

	(%)
NPL ratio[3]/[4]	****	—	****		—			—
Consolidated + Trust Account
	(Millions of yen)
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors	****	54,362	****		(1,143	)		55,506
Claims with Collection Risk	****	327,028	****		(82,713	)		409,742
Claims for Special Attention	****	458,211	****		80,627			377,584
Sub-total[5]	****	839,603	****		(3,229	)		842,832
Normal Claims	****	92,190,547	****		(1,001,037	)		93,191,585

Total[6]	****	93,030,150	****		(1,004,267	)		94,034,418

	(%)
NPL ratio[5]/[6]	****	0.90	****		0.00			0.89

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

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

	(Millions of yen)
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Claims against Bankrupt and Substantially Bankrupt Obligors	****	43,576	****		(5,144	)		48,720
Claims with Collection Risk	****	327,254	****		(83,798	)		411,052
Claims for Special Attention	****	418,444	****		85,440			333,004
Sub-total[1]	****	789,275	****		(3,502	)		792,777
Normal Claims	****	93,455,464	****		(1,688,911	)		95,144,375

Total[2]	****	94,244,739	****		(1,692,413	)		95,937,152

	(%)
NPL ratio[1]/[2]	****	0.83	****		0.01			0.82
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	43,304	****		(5,136	)		48,440
Claims with Collection Risk	****	322,497	****		(82,142	)		404,640
Claims for Special Attention	****	417,165	****		84,607			332,557
Sub-total[3]	****	782,966	****		(2,671	)		785,638
Normal Claims	****	90,261,980	****		(1,506,909	)		91,768,889

Total[4]	****	91,044,947	****		(1,509,580	)		92,554,528

	(%)
NPL ratio[3]/[4]	****	0.85	****		0.01			0.84
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking
(Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	272	****		(8	)		280
Claims with Collection Risk	****	4,756	****		(1,655	)		6,412
Claims for Special Attention	****	1,279	****		833			446
Sub-total[5]	****	6,308	****		(830	)		7,138
Normal Claims	****	3,189,190	****		(181,507	)		3,370,698

Total[6]	****	3,195,499	****		(182,338	)		3,377,837

	(%)
NPL ratio[5]/[6]	****	0.19	****		(0.01	)		0.21
Above figures are presented net of partial direct write-offs.
(Trust Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	****		—			—
Claims with Collection Risk	****	—	****		—			—
Claims for Special Attention	****	—	****		—			—
Sub-total[7]	****	—	****		—			—
Normal Claims	****	4,292	****		(494	)		4,787

Total[8]	****	4,292	****		(494	)		4,787

	(%)
NPL ratio[7]/[8]		—			—			—

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

2-23

Mizuho Financial Group, Inc.

5. Coverage on Non Performing Loans based on the FRA

Non-Consolidated

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

		(Billions of yen)
		As of<br>September 30, 2021			Change			As of<br>March 31, 2021
Aggregate Figures for the 2 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	43.5	****		(5.1	)		48.7
Collateral, Guarantees, and equivalent		****	37.6	****		(4.6	)		42.3
Reserve for Possible Losses		****	5.8	****		(0.4	)		6.3
Claims with Collection Risk		****	327.2	****		(83.7	)		411.0
Collateral, Guarantees, and equivalent		****	142.3	****		(22.3	)		164.7
Reserve for Possible Losses		****	122.7	****		(44.9	)		167.6
Claims for Special Attention		****	418.4	****		85.4			333.0
Collateral, Guarantees, and equivalent		****	111.7	****		10.8			100.9
Reserve for Possible Losses		****	92.4	****		34.9			57.5
Total		****	789.2	****		(3.5	)		792.7
Collateral, Guarantees, and equivalent		****	291.8	****		(16.2	)		308.0
Reserve for Possible Losses		****	221.1	****		(10.4	)		231.6
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		****	43.3	****		(5.1	)		48.4
Collateral, Guarantees, and equivalent		****	37.4	****		(4.6	)		42.0
Reserve for Possible Losses		****	5.8	****		(0.4	)		6.3
Claims with Collection Risk		****	322.4	****		(82.1	)		404.6
Collateral, Guarantees, and equivalent		****	138.2	****		(22.3	)		160.5
Reserve for Possible Losses		****	122.3	****		(43.9	)		166.3
Claims for Special Attention		****	417.1	****		84.6			332.5
Collateral, Guarantees, and equivalent		****	111.6	****		10.8			100.8
Reserve for Possible Losses		****	92.2	****		34.7			57.4
Total		****	782.9	****		(2.6	)		785.6
Collateral, Guarantees, and equivalent		****	287.3	****		(16.1	)		303.4
Reserve for Possible Losses		****	220.5	****		(9.6	)		230.1
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		****	0.2	****		(0.0	)		0.2
Collateral, Guarantees, and equivalent		****	0.2	****		(0.0	)		0.2
Reserve for Possible Losses		****	—	****		—			—
Claims with Collection Risk		****	4.7	****		(1.6	)		6.4
Collateral, Guarantees, and equivalent		****	4.1	****		(0.0	)		4.2
Reserve for Possible Losses		****	0.3	****		(0.9	)		1.3
Claims for Special Attention		****	1.2	****		0.8			0.4
Collateral, Guarantees, and equivalent		****	0.0	****		(0.0	)		0.0
Reserve for Possible Losses		****	0.2	****		0.1			0.0
Total		****	6.3	****		(0.8	)		7.1
Collateral, Guarantees, and equivalent		****	4.4	****		(0.0	)		4.5
Reserve for Possible Losses		****	0.5	****		(0.8	)		1.4
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		****	—	****		—			—
Collateral, Guarantees, and equivalent		****	—	****		—			—
Claims with Collection Risk		****	—	****		—			—
Collateral, Guarantees, and equivalent		****	—	****		—			—
Claims for Special Attention		****	—	****		—			—
Collateral, Guarantees, and equivalent		****	—	****		—			—
Total		****	—	****		—			—
Collateral, Guarantees, and equivalent		****	—	****		—			—
*	Trust account represents trust accounts that guarantee principals in the agreement.
---	---

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

	(Billions of yen)
	As of<br>September 30, 2021			Change			As of<br>March 31, 2021
Aggregate Figures for the 2 Banks (Banking Account)
Coverage Amount	****	512.9	****		(26.6	)		539.6
Reserves for Possible Losses on Loans	****	221.1	****		(10.4	)		231.6
Collateral, Guarantees, and equivalent	****	291.8	****		(16.2	)		308.0
	(%)
Coverage Ratio	****	64.9	****		(3.0	)		68.0
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	81.0	****		0.1			80.8
Claims for Special Attention	****	48.8	****		1.2			47.5
Claims against Special Attention Obligors	****	48.5	****		5.1			43.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	66.3	****		(1.6	)		68.0
Claims for Special Attention	****	30.1	****		5.3			24.7
Claims against Special Attention Obligors	****	37.1	****		8.3			28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	30.38	****		7.52			22.85
Claims against Watch Obligors excluding Special Attention Obligors	****	4.18	****		(0.68	)		4.87
Claims against Normal Obligors	****	0.10	****		(0.00	)		0.10
Mizuho Bank
	(Billions of yen)
Coverage Amount	****	507.8	****		(25.7	)		533.6
Reserves for Possible Losses on Loans	****	220.5	****		(9.6	)		230.1
Collateral, Guarantees, and equivalent	****	287.3	****		(16.1	)		303.4
	(%)
Coverage Ratio	****	64.8	****		(3.0	)		67.9
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	80.8	****		0.0			80.7
Claims for Special Attention	****	48.8	****		1.2			47.6
Claims against Special Attention Obligors	****	48.6	****		5.2			43.3
Reserve Ratio against Non-collateralized<br>Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	66.4	****		(1.7	)		68.1
Claims for Special Attention	****	30.2	****		5.4			24.8
Claims against Special Attention Obligors	****	37.1	****		8.4			28.7
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	30.41	****		7.55			22.86
Claims against Watch Obligors excluding Special Attention Obligors	****	4.25	****		(0.66	)		4.92
Claims against Normal Obligors	****	0.10	****		(0.00	)		0.10

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of<br>September 30, 2021			Change			As of<br>March 31, 2021
Coverage Amount	****	5.0	****		(0.9	)		5.9
Reserves for Possible Losses on Loans	****	0.5	****		(0.8	)		1.4
Collateral, Guarantees, and equivalent	****	4.4	****		(0.0	)		4.5
	(%)
Coverage Ratio	****	80.1	****		(3.5	)		83.7
Claims against Bankrupt and Substantially Bankrupt Obligors	****	100.0	****		—			100.0
Claims with Collection Risk	****	94.6	****		7.9			86.7
Claims for Special Attention	****	21.9	****		(7.5	)		29.4
Claims against Special Attention Obligors	****	20.9	****		(5.4	)		26.4
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	****		—			—
Claims with Collection Risk	****	57.1	****		(4.0	)		61.1
Claims for Special Attention	****	19.2	****		(0.9	)		20.2
Claims against Special Attention Obligors	****	19.2	****		(0.9	)		20.1
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors	****	18.81	****		0.23			18.57
Claims against Watch Obligors excluding Special Attention Obligors	****	1.00	****		(0.65	)		1.66
Claims against Normal Obligors	****	0.08	****		0.02			0.06

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen) ****

LOGO

Notes: 1.		Claims for Special Attention is denoted on an individual loans basis.<br><br><br>Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
2.		The difference between total Non-Accrual, Past Due & Restructured Loans and total Non Performing Loans based on the FRA represents the amount of claims other than loans included in<br>Non Performing Loans based on the FRA.

2-27

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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

		(Billions of yen)
		Fiscal 2018			Fiscal 2019			Fiscal 2020		Fiscal 2021
		As of<br>March 31,<br>2019			As of<br>March 31,<br>2020			As of<br>March 31,<br>2021		As of September 30, 2021
										MHBK		MHTB*		Aggregate<br>Figures for<br>the 2<br>Banks			Change from<br>March 31,<br>2021
Claims against Bankrupt and Substantially Bankrupt Obligors			52.9			38.1			29.2		26.1		0.2		26.4			(2.8	)
Claims with Collection Risk			347.6			214.6			164.1		144.2		1.1		145.4			(18.7	)
Amount Categorized as above up to Fiscal 2018		****	400.6	****		252.7			193.4		170.4		1.3	****	171.8	****		(21.5	)
of which the amount which was in the process of being removed from the balancesheet			40.8			32.4			26.5		28.1		0.2		28.3			1.7
Claims against Bankrupt and Substantially Bankrupt Obligors						12.8			4.4		6.5		0.0		6.5			2.1
Claims with Collection Risk						171.8			82.6		34.1		0.0		34.2			(48.4	)
Amount Newly Categorized as above during Fiscal 2019					****	184.7	****		87.0		40.7		0.1	****	40.8	****		(46.2	)
of which the amount which was in the process of being removed from the balancesheet						12.0			5.0		7.2		0.0		7.2			2.1
Claims against Bankrupt and Substantially Bankrupt Obligors									15.0		5.2		0.0		5.2			(9.7	)
Claims with Collection Risk									164.2		110.7		3.3		114.0			(50.1	)
Amount Newly Categorized as above during Fiscal 2020									179.2		116.0		3.3	****	119.3	****		(59.8	)
of which the amount which was in the process of being removed from the balancesheet									13.6		4.6		0.0		4.6			(9.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors											5.3		0.0		5.3			5.3
Claims with Collection Risk											33.2		0.1		33.4			33.4
Amount Newly Categorized as above during the First Half of Fiscal 2021											38.6		0.1	****	38.8	****		38.8
of which the amount which was in the process of being removed from the balancesheet											5.3		0.0		5.3			5.3
Claims against Bankrupt and Substantially Bankrupt Obligors			52.9			51.0			48.7		43.3		0.2		43.5			(5.1	)
Claims with Collection Risk			347.6			386.5			411.0		322.4		4.7		327.2			(83.7	)
Total			400.6			437.5			459.7		365.8		5.0		370.8			(88.9	)
of which the amount which was in the process of being removed from the balancesheet			40.8			44.5			45.3		45.3		0.2		45.5			0.2
*<br> Trust account represents trust accounts that guarantee principals in the agreement.
---	---	---	---
*			denotes newly categorized<br>amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2021

	(Billions of yen)
	Aggregate Figures<br>for the 2 Banks<br>(Banking Account<br>+ Trust Account)			MHBK			MHTB<br>(Banking Account<br>+ Trust Account)
Liquidation		(3.3	)		(3.3	)		—
Restructuring		(21.9	)		(21.9	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(14.9	)		(14.9	)		—
Direct Write-off		19.9			21.0			(1.0	)
Other		(107.5	)		(106.7	)		(0.7	)
Debt recovery		(36.1	)		(35.5	)		(0.6	)
Improvement in Business Performance		(71.3	)		(71.2	)		(0.1	)

Total		(127.7	)		(125.9	)		(1.8	)

2-28

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

Non-Consolidated

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

		(Billions of yen)
		As of September 30, 2021												As of March 31, 2021
		Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans			Change						Outstanding<br>Balance		Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
								Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Domestic Total (excluding Loans Booked Offshore)		****	59,938.6	****	****	706.2	****		(2,105.5	)		26.3			62,044.2		679.8
Manufacturing		****	10,462.1	****	****	229.1	****		(452.4	)		17.9			10,914.5		211.1
Agriculture & Forestry		****	47.8	****	****	0.7	****		(2.8	)		(0.0	)		50.7		0.7
Fishery		****	2.5	****	****	0.3	****		0.2			(0.0	)		2.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		****	225.8	****	****	0.2	****		(90.0	)		0.1			315.8		0.1
Construction		****	708.8	****	****	5.0	****		(19.3	)		(0.2	)		728.1		5.2
Utilities		****	2,890.2	****	****	1.1	****		37.5			(0.9	)		2,852.6		2.1
Communication		****	1,270.5	****	****	9.4	****		45.4			0.0			1,225.0		9.3
Transportation & Postal Industry		****	2,628.9	****	****	28.5	****		(18.8	)		19.9			2,647.7		8.5
Wholesale & Retail		****	5,154.8	****	****	142.1	****		60.8			4.0			5,093.9		138.0
Finance & Insurance		****	8,477.4	****	****	15.3	****		(743.9	)		(9.3	)		9,221.3		24.7
Real Estate		****	9,704.8	****	****	36.5	****		77.1			(3.5	)		9,627.6		40.0
Commodity Lease		****	2,921.0	****	****	1.4	****		(145.0	)		(0.0	)		3,066.0		1.4
Service Industries		****	3,083.2	****	****	153.4	****		(258.6	)		15.0			3,341.8		138.4
Local Governments		****	642.8	****	****	—	****		(33.3	)		—			676.2		—
Governments		****	955.5	****	****	—	****		(268.1	)		—			1,223.6		—
Other		****	10,762.1	****	****	82.7	****		(294.3	)		(16.6	)		11,056.5		99.3
Overseas Total (including Loans Booked Offshore)		****	23,833.0	****	****	49.2	****		(107.2	)		(20.4	)		23,940.2		69.6
Governments		****	169.7	****	****	—	****		(55.4	)		—			225.1		—
Financial Institutions		****	8,770.6	****	****	—	****		90.3			—			8,680.3		—
Other		****	14,892.5	****	****	49.2	****		(142.2	)		(20.4	)		15,034.7		69.6

Total		****	83,771.7	****	****	755.5	****		(2,212.8	)		5.9			85,984.5		749.5

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:<br>
---	---
As of September 30, 2021:	¥590.0 billion (from MHBK)
---	---
As of March 31, 2021:	¥850.0 billion (from MHBK)
*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.
---	---

2-29

Mizuho Financial Group, Inc.

		(Billions of yen)
		As of September 30, 2021												As of March 31, 2021
		Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans			Change						Outstanding<br>Balance		Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
								Outstanding<br>Balance			Non-Accrual,<br>Past Due &<br>Restructured<br>Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		****	56,248.2	****	****	699.9	****		(1,886.7	)		27.2			58,134.9		672.7
Manufacturing		****	10,033.6	****	****	228.8	****		(421.1	)		19.6			10,454.8		209.1
Agriculture & Forestry		****	47.7	****	****	0.7	****		(2.8	)		(0.0	)		50.6		0.7
Fishery		****	2.5	****	****	0.3	****		0.2			(0.0	)		2.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		****	224.2	****	****	0.2	****		(89.8	)		0.1			314.1		0.1
Construction		****	667.5	****	****	5.0	****		(24.9	)		(0.2	)		692.4		5.2
Utilities		****	2,606.8	****	****	1.1	****		37.4			(0.9	)		2,569.4		2.1
Communication		****	1,177.8	****	****	9.4	****		40.3			0.0			1,137.4		9.3
Transportation & Postal Industry		****	2,451.9	****	****	28.5	****		6.8			19.9			2,445.1		8.5
Wholesale & Retail		****	5,027.1	****	****	141.1	****		79.6			3.0			4,947.4		138.0
Finance & Insurance		****	7,973.9	****	****	15.3	****		(761.9	)		(9.3	)		8,735.8		24.7
Real Estate		****	8,317.5	****	****	33.6	****		73.3			(3.4	)		8,244.1		37.1
Commodity Lease		****	2,709.9	****	****	1.4	****		(146.8	)		(0.0	)		2,856.8		1.4
Service Industries		****	3,034.3	****	****	152.9	****		(253.2	)		15.0			3,287.6		137.9
Local Governments		****	640.6	****	****	—	****		(32.8	)		—			673.5		—
Governments		****	955.5	****	****	—	****		(132.3	)		—			1,087.9		—
Other		****	10,376.7	****	****	81.0	****		(258.5	)		(16.5	)		10,635.3		97.5
Overseas Total (including Loans Booked Offshore)		****	23,832.5	****	****	49.2	****		(107.0	)		(20.4	)		23,939.6		69.6
Governments		****	169.7	****	****	—	****		(55.4	)		—			225.1		—
Financial Institutions		****	8,770.6	****	****	—	****		90.3			—			8,680.3		—
Other		****	14,892.1	****	****	49.2	****		(142.0	)		(20.4	)		15,034.1		69.6

Total		****	80,080.8	****	****	749.1	****		(1,993.7	)		6.7			82,074.5		742.4

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		****	3,690.4	****	****	6.3	****		(218.8	)		(0.8	)		3,909.3		7.1
Manufacturing		****	428.4	****	****	0.2	****		(31.3	)		(1.7	)		459.7		1.9
Agriculture & Forestry		****	0.0	****	****	—	****		(0.0	)		—			0.0		—
Fishery		****	—	****	****	—	****		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		****	1.5	****	****	—	****		(0.1	)		—			1.7		—
Construction		****	41.2	****	****	—	****		5.5			—			35.7		—
Utilities		****	283.3	****	****	—	****		0.1			—			283.2		—
Communication		****	92.6	****	****	—	****		5.1			—			87.5		—
Transportation & Postal Industry		****	176.9	****	****	—	****		(25.7	)		—			202.6		—
Wholesale & Retail		****	127.7	****	****	0.9	****		(18.7	)		0.9			146.4		—
Finance & Insurance		****	503.4	****	****	—	****		17.9			—			485.5		—
Real Estate		****	1,387.2	****	****	2.9	****		3.8			(0.0	)		1,383.4		2.9
Commodity Lease		****	211.0	****	****	—	****		1.8			—			209.2		—
Service Industries		****	48.8	****	****	0.5	****		(5.3	)		0.0			54.2		0.5
Local Governments		****	2.2	****	****	—	****		(0.4	)		—			2.7		—
Governments		****	—	****	****	—	****		(135.7	)		—			135.7		—
Other		****	385.3	****	****	1.6	****		(35.7	)		(0.0	)		421.1		1.7
Overseas Total (including Loans Booked Offshore)		****	0.4	****	****	—	****		(0.2	)		—			0.6		—
Governments		****	—	****	****	—	****		—			—			—		—
Financial Institutions		****	—	****	****	—	****		—			—			—		—
Other		****	0.4	****	****	—	****		(0.2	)		—			0.6		—

Total		****	3,690.8	****	****	6.3	****		(219.1	)		(0.8	)		3,909.9		7.1

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are the aggregate figures for banking and trust accounts with contracts indemnifying the principal amounts.
---	---

2-30

Mizuho Financial Group, Inc.

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

Non-Consolidated

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

		(Billions of yen, %)
		As of September 30, 2021												As of March 31, 2021
								Change
		Non PerformingLoans basaed on<br>the FRA			CoverageRatio			Non PerformingLoans basaed on<br>the FRA			CoverageRatio			Non PerformingLoans basaed onthe FRA		CoverageRatio
Domestic Total (excluding Loans Booked Offshore)		****	722.3	****	****	63.6	****		21.3			(2.6	)		700.9		66.3
Manufacturing		****	238.9	****	****	53.7	****		13.7			(1.9	)		225.1		55.6
Agriculture & Forestry		****	0.7	****	****	52.3	****		(0.0	)		(1.1	)		0.7		53.4
Fishery		****	0.3	****	****	62.6	****		(0.0	)		0.0			0.3		62.6
Mining, Quarrying Industry & Gravel Extraction Industry		****	0.2	****	****	90.4	****		0.1			11.4			0.1		78.9
Construction		****	5.2	****	****	81.8	****		(0.2	)		5.5			5.5		76.3
Utilities		****	1.1	****	****	52.0	****		(0.9	)		(19.8	)		2.1		71.8
Communication		****	9.7	****	****	73.3	****		0.0			(0.4	)		9.7		73.7
Transportation & Postal Industry		****	28.6	****	****	48.3	****		19.9			(20.8	)		8.7		69.1
Wholesale & Retail		****	144.2	****	****	56.2	****		4.6			(0.5	)		139.6		56.8
Finance & Insurance		****	15.3	****	****	74.0	****		(9.7	)		(8.4	)		25.1		82.5
Real Estate		****	37.0	****	****	86.2	****		(3.5	)		(2.6	)		40.5		88.8
Commodity Lease		****	1.4	****	****	79.7	****		(0.0	)		(10.8	)		1.4		90.6
Service Industries		****	156.3	****	****	66.2	****		14.2			(0.5	)		142.0		66.7
Local Governments		****	—	****	****	—	****		—			—			—		—
Other		****	82.7	****	****	91.6	****		(16.6	)		3.7			99.4		87.9
Overseas Total (including Loans Booked Offshore)		****	66.9	****	****	78.9	****		(24.8	)		(2.4	)		91.8		81.3
Governments		****	—	****	****	—	****		—			—			—		—
Financial Institutions		****	—	****	****	—	****		—			—			—		—
Other		****	66.9	****	****	78.9	****		(24.8	)		(2.4	)		91.8		81.3

Total		****	789.2	****	****	64.9	****		(3.5	)		(3.0	)		792.7		68.0

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

2-31

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and ConsumerLoans

Non-Consolidated

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

		(Billions of yen)
		As of<br>September 30,2021						As of<br>March 31,2021
					Change
Housing and Consumer Loans		****	8,599.0	****		(163.7	)		8,762.8
Housing Loans for owner’s residential housing		****	8,003.0	****		(122.5	)		8,125.6
Mizuho Bank
Housing and Consumer Loans		****	8,541.4	****		(159.1	)		8,700.5
Housing Loans		****	8,099.1	****		(132.9	)		8,232.0
for owner’s residential housing		****	7,949.2	****		(118.4	)		8,067.6
Consumer loans		****	442.2	****		(26.2	)		468.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		****	57.6	****		(4.6	)		62.2
Housing Loans for owner’s residential housing		****	53.8	****		(4.1	)		57.9
* Above figures are aggregate banking and trust account amounts.
(2) Loans to SMEs and Individual Customers
Non-Consolidated
Aggregate Figures for the 2 Banks (Banking Account + Trust Account)										****
		(%, Billions of yen)
		As of<br>September 30,2021						As of<br>March 31,2021
					Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	57.3	****		(0.0	)		57.3
Loans to SMEs and Individual Customers		****	34,362.8	****		(1,238.2	)		35,601.0
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	57.7	****		(0.2	)		57.9
Loans to SMEs and Individual Customers		****	32,470.1	****		(1,208.6	)		33,678.8
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		****	51.2	****		2.1			49.1
Loans to SMEs and Individual Customers		****	1,892.6	****		(29.6	)		1,922.2
*	Above figures are aggregate banking and trust account amounts.
---	---
*	Above figures do not include loans booked at overseas offices and offshore loans.
---	---
*	The definition of “Small and Medium-sized Enterprises” is as<br>follows:
---	---
	Enterprises of which the capital is ¥300 million or below (¥100 million or below for the<br>wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50<br>or below for the retail and restaurant industries.)
---	---

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Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

	(Billions of yen)
	As of September 30, 2021												As of March 31, 2021
				Non-Accrual,<br>PastDue &<br>Restructured<br>Loans			Change								Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
	Outstanding<br>Balance						Outstanding<br>Balance			Non-Accrual,<br>PastDue &<br>Restructured<br>Loans			Outstanding<br>Balance
Asia	****	7,338.8	****	****	29.7	****		21.8			(2.5	)		7,317.0		32.3
Hong Kong	****	1,903.9	****	****	0.4	****		(11.3	)		0.1			1,915.3		0.3
Singapore	****	1,012.4	****	****	27.6	****		(113.4	)		0.0			1,125.9		27.6
Thailand	****	1,039.6	****	****	0.2	****		(42.5	)		(0.2	)		1,082.2		0.5
Taiwan	****	1,121.6	****	****	0.1	****		274.7			0.0			846.8		0.0
India	****	489.3	****	****	0.2	****		10.2			(2.4	)		479.0		2.7
South Korea	****	545.9	****	****	0.0	****		2.1			0.0			543.8		0.0
Indonesia	****	355.6	****	****	0.9	****		(66.7	)		0.0			422.3		0.9
Philippines	****	279.7	****	****	0.0	****		(13.6	)		(0.0	)		293.3		0.0
China	****	157.4	****	****	—	****		(39.7	)		—			197.2		—
Malaysia	****	103.6	****	****	—	****		(9.3	)		—			113.0		—
Central and South America	****	4,945.7	****	****	16.4	****		(171.7	)		(6.8	)		5,117.4		23.2
Mexico	****	317.0	****	****	0.8	****		(27.7	)		(0.0	)		344.7		0.8
Brazile	****	174.2	****	****	4.0	****		(2.9	)		(0.7	)		177.1		4.8
North America	****	7,714.0	****	****	10.1	****		238.4			(23.5	)		7,475.6		33.6
United States	****	6,920.8	****	****	10.1	****		367.3			(11.5	)		6,553.4		21.6
Eastern Europe	****	288.3	****	****	—	****		(2.1	)		—			290.4		—
Russia	****	217.7	****	****	—	****		5.8			—			211.8		—
Western Europe	****	3,927.4	****	****	27.9	****		(235.5	)		9.9			4,162.9		18.0
United Kingdom	****	1,151.3	****	****	6.4	****		(24.6	)		(1.1	)		1,176.0		7.5
Netherlands	****	918.2	****	****	—	****		(55.4	)		—			973.7		—
Germany	****	416.0	****	****	—	****		(93.1	)		(4.9	)		509.1		4.9
Ireland	****	342.4	****	****	21.4	****		34.1			21.4			308.3		—
Switzerland	****	149.7	****	****	0.0	****		(15.2	)		0.0			165.0		—
France	****	173.0	****	****	—	****		(42.5	)		—			215.6		—
Turkey	****	84.8	****	****	—	****		(10.4	)		—			95.2		—
Italy	****	112.9	****	****	—	****		(30.0	)		—			142.9		—
Other	****	2,918.7	****	****	8.3	****		(226.8	)		3.8			3,145.6		4.5
Australia	****	1,577.7	****	****	—	****		(55.1	)		—			1,632.8		—
Total	****	27,133.1	****	****	92.7	****		(376.0	)		(19.1	)		27,509.1		111.8
The above figures are based on obligor country of<br>location.
The outstanding balance of loans and Non-Accrual, Past Due & Restructured Loans in major banking subsidiaries outside Japan is as follows.
	As of September 30, 2021												As of March 31, 2021
							Change
	Outstanding<br>Balance			Non-Accrual,<br>PastDue &<br>Restructured<br>Loans			Outstanding<br>Balance			Non-Accrual,<br>PastDue &<br>Restructured<br>Loans			Outstanding<br>Balance		Non-Accrual,<br>PastDue &<br>Restructured<br>Loans
Mizuho Bank (China) ,Ltd	****	1,147.9	****	****	1.4	****		34.8			0.4			1,113.0		1.0
Mizuho Bank (USA)	****	464.9	****	****	2.9	****		70.6			0.1			394.2		2.7
PT. Bank Mizuho Indonesia	****	289.7	****	****	1.2	****		(24.9	)		(1.7	)		314.7		3.0

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Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income

				(Billions of yen)
				Total amount forfive years<br>(from October 1, 2021<br>toSeptember 30, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1			3,233.8
Income before Income Taxes		2			3,466.3
Tax Adjustments (1)		3			180.1
Taxable Income before Current Deductible Temporary Differences (2)		4			3,646.4
Effective Statutory Tax Rate		5			30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6			1,116.5
(1)	Tax Adjustments are estimated future book-tax differences under the<br>provisions of the corporation tax law and others.
---	---
(2)	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before<br>adjusting deductible temporary differences as of September 30, 2021.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2017			379.9
Fiscal 2018			267.2
Fiscal 2019			378.5
Fiscal 2020			316.3
First Half of Fiscal 2021 (estimate)			186.0
*	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 2021 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

			(Billions of yen)
			As of<br>September 30,2021			Change			As of<br>March 31,2021
Reserves for Possible Losses on Loans		7	****	190.6	****		4.3			186.2
Impairment of Securities		8	****	122.5	****		(3.6	)		126.2
Net Unrealized Losses on Other Securities		9	****	9.7	****		(1.0	)		10.7
Reserve for Employee Retirement Benefits		10	****	—	****		—			—
Depreciation and Impairment		11	****	132.5	****		(13.9	)		146.5
Net Deferred Hedge Losses		12	****	4.7	****		4.7			—
Tax Losses Carried Forward		13	****	—	****		—			—
Other		14	****	214.4	****		(17.3	)		231.7

Total Deferred Tax Assets		15	****	674.7	****		(26.9	)		701.6

Valuation Allowance		16	****	(133.6	)		2.1			(135.7	)

Sub-Total [ 15 + 16 ]		17	****	541.0	****		(24.7	)		565.8

Amount related to Retirement Benefits Accounting		18	****	(142.2	)		18.2			(160.5	)
Net Unrealized Gains on Other Securities		19	****	(405.6	)		(8.8	)		(396.8	)
Net Deferred Hedge Gains		20	****	—	****		10.8			(10.8	)
Other		21	****	(49.3	)		(12.9	)		(36.3	)

Total Deferred Tax Liabilities		22	****	(597.2	)		7.3			(604.5	)

Net Deferred Tax Assets (Liabilities) [17 + 22]		23	****	(56.1	)		(17.4	)		(38.7	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities^*^		24	****	(407.0	)		(7.2	)		(399.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)		25	****	4.7	****		15.6			(10.8	)
Tax effects related to others		26	****	346.0	****		(25.8	)		371.8
*	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting<br>Valuation Allowance.
---	---

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

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

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

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

			(Billions of yen)
			Total amount for<br>five years<br>(from October 1, 2021<br>toSeptember 30, 2026)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on<br>Loans)		1		215.4
Income before Income Taxes		2		227.7
Tax Adjustments (1)		3		(41.7	)
Taxable Income before Current Deductible Temporary Differences (2)		4		186.0
Effective Statutory Tax Rate		5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary<br>Differences [ 4 x 5 ]		6		56.9
(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, 2021.
---	---
Reference: Past results of taxable income (tax loss)
---	---	---	---
		(Billions of yen)
Fiscal 2017			40.5
Fiscal 2018			39.0
Fiscal 2019			31.7
Fiscal 2020			26.6
First Half of Fiscal 2021 (estimate)			14.0
*	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 2021 is an estimate of taxable income.
---	---

2. Breakdown of Deferred Tax Assets

			(Billions of yen)
			As of<br>September 30,2021			Change			As of<br>March 31,2021
Reserves for Possible Losses on Loans		7	****	1.2	****		(0.0	)		1.3
Impairment of Securities		8	****	8.1	****		(0.8	)		9.0
Net Unrealized Losses on Other Securities		9	****	0.4	****		0.1			0.2
Reserve for Employee Retirement Benefits (1)		10	****	2.0	****		2.0			0.0
Reserve for Loss of Transfer		11	****	1.3	****		(0.1	)		1.4
Net Deferred Hedge Losses		12	****	2.0	****		0.9			1.1
Tax Losses Carried Forward		13	****	—	****		—			—
Other (2)		14	****	17.4	****		(2.9	)		20.4

Total Deferred Tax Assets		15	****	32.8	****		(0.9	)		33.7

Valuation Allowance		16	****	(8.9	)		0.6			(9.6	)

Sub-Total [ 15 + 16 ]		17	****	23.8	****		(0.2	)		24.0

Amount related to Retirement Benefits Accounting (3)		18	****	(19.3	)		0.8			(20.1	)
Net Unrealized Gains on Other Securities		19	****	(19.7	)		(0.7	)		(18.9	)
Net Deferred Hedge Gains		20	****	—	****		—			—
Other		21	****	(2.9	)		(2.6	)		(0.3	)

Total Deferred Tax Liabilities		22	****	(42.0	)		(2.5	)		(39.5	)

Net Deferred Tax Assets (Liabilities) [17 + 22]		23	****	(18.2	)		(2.7	)		(15.5	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities (4)		24	****	(19.4	)		(0.4	)		(18.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)		25	****	2.0	****		0.9			1.1
Tax effects related to others		26	****	(0.9	)		(3.2	)		2.3
(1,2,3)	The presentation of “Reserve for Employee Retirement Benefits”, “Other” and “Amount<br>related to Retirement Benefits Accounting” has been changed from this fiscal year. In order to reflect the change in presentation of the financial statements, “ Reserve for Employee Retirement Benefits “ of ¥3.1 billion,<br>“Other” of ¥5.1 billion and “Amount related to Retirement Benefits Accounting” of ¥(7.9) billion presented in the statements for the previous fiscal year have been reclassified as “ Reserve for Employee<br>Retirement Benefits “ of ¥0 billion, “Other” of ¥20.4 billion and “Amount related to Retirement Benefits Accounting” of ¥(20.1) billion.
---	---
(4)	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting<br>Valuation Allowance.
---	---

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

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

2-35

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Deposits	****	107,624.9	****		(3,418.3	)		111,043.3

Individual Deposits	****	47,702.7	****		381.1			47,321.6
Corporate Deposits	****	51,794.3	****		(2,798.4	)		54,592.7
Financial/Government Institutions	****	8,127.7	****		(1,001.1	)		9,128.8
Mizuho Bank
Deposits	****	104,960.2	****		(3,203.1	)		108,163.3

Individual Deposits	****	46,870.1	****		378.6			46,491.5
Corporate Deposits	****	50,620.0	****		(2,653.9	)		53,273.9
Financial/Government Institutions	****	7,469.9	****		(927.8	)		8,397.8
Mizuho Trust & Banking
Deposits	****	2,664.7	****		(215.2	)		2,879.9

Individual Deposits	****	832.6	****		2.4			830.1
Corporate Deposits	****	1,174.3	****		(144.4	)		1,318.8
Financial/Government Institutions	****	657.7	****		(73.2	)		731.0

Above figures do not include deposits booked at overseas offices and offshore deposits.

2-36

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

Aggregate Figures for MizuhoFinancial Group, the 2 Banks, and Mizuho Securities

	As of<br>September 30,2021			Change			As of<br>March 31,2021
Directors, Executive Officers as defined in the Companies Act, and Auditors	****	47	****		2			45
Executive Officers as defined in our internal regulations (excluding those doubling as Directors<br>as defined in the Companies Act)	****	42	****		(75	)		117
The above<br>numbers have been adjusted for those who are doubling other positions.
(2) Number of Employees<br> <br><br><br><br>Consolidated									<br> <br><br><br><br>
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Employees (excluding Executive Officers as defined in our internal regulations)	****	53,952	****		(540	)		54,492
Average number of temporary employees	****	14,277	****		(1,032	)		15,309
The number of<br>Employees excludes employees seconded outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.<br><br><br><br> <br>3. Number of Offices<br><br><br><br> <br>Domestic: The 2 Banks and Mizuho Securities									<br> <br><br><br><br>
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Mizuho Bank	****	461	****		(2	)		463
Mizuho Trust & Banking	****	60	****		—			60
Mizuho Securities	****	237	****		(1	)		238
The above<br>numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet<br>branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others.<br> <br><br><br><br>Overseas: The 2 Banks and Mizuho Securities									****
	As of<br>September 30,2021			Change			As of<br>March 31,2021
Mizuho Bank	****	49	****		—			49
Mizuho Trust & Banking	****	—	****		—			—
Mizuho Securities	****	2	****		—			2
The above<br>numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-37

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2021

Consolidated

	(Billions of yen)
	Fiscal 2021
Ordinary Profits	****	690.0	****
Profit Attributable to Owners of Parent	****	530.0	****

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

		(Billions of yen)
		Fiscal 2021
		Aggregate Figures<br>for the 2 Banks			MHBK			MHTB*
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) +<br>Net Gains (Losses) related to ETF		****	580.0	****	****	545.0	****	****	35.0	****
Ordinary Profits		****	475.0	****	****	435.0	****	****	40.0	****
Net Income		****	280.0	****	****	245.0	****	****	35.0	****
Credit-related Costs		****	(90.0	)		(85.0	)		(5.0	)
*	Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes<br>the amounts of Credit Costs for Trust Accounts.
---	---

Note: Following the results from 1H, MHFG revised Earnings Plan for Fiscal 2021.

Consolidated

Ordinary Profits:

The latest previously announced estimates: ¥720.0 billion, Revised estimates: ¥690.0 billion, Changes from the original estimates: ¥(30.0) billion, (4.1)%

Profit Attributable to Owners of Parent:

The latest previously announced estimates: ¥510.0 billion, Revised estimates: ¥530.0 billion, Changes from the original estimates: ¥20.0 billion, 3.9%

Non-Consolidated

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF:

The latest previously announced estimates: ¥590.0 billion, Revised estimates: ¥580.0 billion, Changes from the original estimates: ¥(10.0) billion, (1.6)%

Ordinary Profits:

The latest previously announced estimates: ¥540.0 billion, Revised estimates: ¥475.0 billion, Changes from the original estimates: ¥(65.0) billion, (12.0)%

Net Income:

The latest previously announced estimates: ¥375.0 billion, Revised estimates: ¥280.0 billion, Changes from the original estimates: ¥(95.0) billion, (25.3)%

The above information constitute forward-looking statements. Please see the legend regarding forward-lookingstatements in CONTENTS.

2-38

Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of September 30,<br>2021 (A)			As of March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	43,993,613	****	¥	45,460,471		¥	(1,466,858	)
Call Loans	****	748,154	****		967,504			(219,350	)
Receivables under Resale Agreements	****	7,867,773	****		2,376,420			5,491,353
Guarantee Deposits Paid under Securities Borrowing Transactions	****	151,967	****		151,282			685
Other Debt Purchased	****	470,267	****		482,837			(12,569	)
Trading Assets	****	4,007,832	****		4,655,665			(647,833	)
Money Held in Trust	****	503	****		503			0
Securities	****	43,636,219	****		43,720,657			(84,438	)
Loans and Bills Discounted	****	80,080,848	****		82,074,591			(1,993,742	)
Foreign Exchange Assets	****	2,138,323	****		2,016,766			121,557
Derivatives other than for Trading	****	3,290,700	****		3,998,530			(707,829	)
Other Assets	****	4,191,028	****		4,920,054			(729,025	)
Tangible Fixed Assets	****	866,226	****		881,564			(15,337	)
Intangible Fixed Assets	****	352,293	****		360,296			(8,003	)
Prepaid Pension Cost	****	464,578	****		524,167			(59,589	)
Customers’ Liabilities for Acceptances and Guarantees	****	7,333,353	****		6,828,085			505,267
Reserves for Possible Losses on Loans	****	(556,219	)		(536,101	)		(20,118	)

Total Assets	¥	199,037,466	****	¥	198,883,298		¥	154,167

Liabilities
Deposits	¥	124,153,095	****	¥	128,279,005		¥	(4,125,910	)
Negotiable Certificates of Deposit	****	18,476,561	****		16,684,774			1,791,787
Call Money	****	1,065,799	****		1,061,104			4,694
Payables under Repurchase Agreements	****	11,668,064	****		8,760,834			2,907,230
Guarantee Deposits Received under Securities Lending Transactions	****	268,420	****		170,648			97,771
Commercial Paper	****	1,969,424	****		2,105,067			(135,643	)
Trading Liabilities	****	2,580,677	****		3,255,476			(674,798	)
Borrowed Money	****	15,372,230	****		15,084,290			287,939
Foreign Exchange Liabilities	****	684,472	****		717,422			(32,950	)
Bonds and Notes	****	841,616	****		911,779			(70,162	)
Derivatives other than for Trading	****	3,365,770	****		4,016,868			(651,098	)
Other Liabilities	****	3,719,473	****		3,448,928			270,545
Reserve for Bonus Payments	****	12,282	****		25,042			(12,760	)
Reserve for Variable Compensation	****	308	****		983			(674	)
Reserve for Possible Losses on Sales of Loans	****	181	****		1,074			(893	)
Reserve for Contingencies	****	2,815	****		3,092			(277	)
Reserve for Reimbursement of Deposits	****	18,537	****		20,540			(2,003	)
Reserve for Reimbursement of Debentures	****	12,157	****		14,419			(2,261	)
Deferred Tax Liabilities	****	56,170	****		38,723			17,447
Deferred Tax Liabilities for Revaluation Reserve for Land	****	61,436	****		61,915			(479	)
Acceptances and Guarantees	****	7,333,353	****		6,828,085			505,267

Total Liabilities	****	191,662,849	****		191,490,080			172,769

Net Assets
Common Stock and Preferred Stock	****	1,404,065	****		1,404,065			—
Capital Surplus	****	2,286,167	****		2,286,167			—
Capital Reserve	****	655,450	****		655,450			—
Other Capital Surplus	****	1,630,716	****		1,630,716			—
Retained Earnings	****	2,508,993	****		2,514,003			(5,010	)
Appropriated Reserve	****	389,012	****		353,908			35,103
Other Retained Earnings	****	2,119,980	****		2,160,095			(40,114	)
Retained Earnings Brought Forward	****	2,119,980	****		2,160,095			(40,114	)

Total Shareholders’ Equity	****	6,199,225	****		6,204,236			(5,010	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	1,040,601	****		1,023,139			17,462
Net Deferred Hedge Gains (Losses), net of Taxes	****	(508	)		29,458			(29,967	)
Revaluation Reserve for Land, net of Taxes	****	135,297	****		136,384			(1,086	)

Total Valuation and Translation Adjustments	****	1,175,391	****		1,188,982			(13,590	)

Total Net Assets	****	7,374,616	****		7,393,218			(18,601	)

Total Liabilities and Net Assets	¥	199,037,466	****	¥	198,883,298		¥	154,167

2-39

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the six months<br>ended<br>September 30, 2021<br>(A)			For the six monthsended<br>September 30, 2020<br>(B)		Change<br>(A) - (B)
Ordinary Income	¥	1,011,425	****	¥	1,046,419	¥	(34,994	)
Interest Income	****	530,212	****		593,571		(63,358	)
Interest on Loans and Bills Discounted	****	372,420	****		431,238		(58,818	)
Interest and Dividends on Securities	****	111,191	****		112,486		(1,295	)
Fee and Commission Income	****	247,688	****		249,820		(2,131	)
Trading Income	****	39,994	****		73,501		(33,506	)
Other Operating Income	****	70,736	****		92,307		(21,570	)
Other Ordinary Income	****	122,792	****		37,219		85,572

Ordinary Expenses	****	766,564	****		913,892		(147,328	)
Interest Expenses	****	114,521	****		215,786		(101,265	)
Interest on Deposits	****	15,417	****		78,339		(62,922	)
Fee and Commission Expenses	****	71,935	****		47,890		24,045
Trading Expenses	****	—	****		234		(234	)
Other Operating Expenses	****	35,575	****		50,294		(14,719	)
General and Administrative Expenses	****	364,459	****		392,026		(27,567	)
Other Ordinary Expenses	****	180,072	****		207,659		(27,586	)

Ordinary Profits	****	244,860	****		132,527		112,333

Extraordinary Gains	****	44,053	****		56,548		(12,494	)

Extraordinary Losses	****	3,804	****		4,550		(745	)

Income before Income Taxes	****	285,110	****		184,525		100,584
Income Taxes:
Current	****	90,355	****		46,504		43,850
Deferred	****	25,332	****		28,298		(2,965	)

Net Income	¥	169,422	****	¥	109,722	¥	59,699

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of<br>September 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	2,127,000	****	¥	2,010,405		¥	116,594
Call Loans	****	—	****		22,134			(22,134	)
Guarantee Deposits Paid under Securities Borrowing Transactions	****	40,152	****		—			40,152
Other Debt Purchased	****	43,763	****		26,092			17,671
Trading Assets	****	—	****		130,476			(130,476	)
Money Held in Trust	****	25,702	****		9,804			15,897
Securities	****	337,566	****		321,504			16,062
Loans and Bills Discounted	****	3,179,321	****		3,362,267			(182,945	)
Foreign Exchange Assets	****	2,802	****		6,313			(3,510	)
Other Assets	****	125,210	****		321,181			(195,970	)
Tangible Fixed Assets	****	100,696	****		102,139			(1,442	)
Intangible Fixed Assets	****	22,928	****		25,486			(2,557	)
Prepaid Pension Cost	****	63,341	****		65,962			(2,620	)
Customers’ Liabilities for Acceptances and Guarantees	****	14,649	****		14,008			640
Reserves for Possible Losses on Loans	****	(4,006	)		(4,196	)		189

Total Assets	¥	6,079,130	****	¥	6,413,579		¥	(334,449	)

Liabilities
Deposits	¥	2,664,715	****	¥	2,879,951		¥	(215,235	)
Negotiable Certificates of Deposit	****	720,080	****		618,380			101,700
Call Money	****	604,200	****		581,838			22,362
Trading Liabilities	****	—	****		131,235			(131,235	)
Borrowed Money	****	300,000	****		375,082			(75,082	)
Due to Trust Accounts	****	1,182,263	****		1,160,608			21,655
Other Liabilities	****	39,918	****		23,141			16,777
Reserve for Bonus Payments	****	1,676	****		3,199			(1,522	)
Reserve for Variable Compensation	****	122	****		380			(257	)
Provision for Retirement Benefits	****	6,794	****		260			6,534
Reserve for Reimbursement of Deposits	****	1,363	****		1,558			(194	)
Reserve for Loss of Transfer	****	4,449	****		4,814			(364	)
Deferred Tax Liabilities	****	18,293	****		15,515			2,777
Acceptances and Guarantees		14,649			14,008			640

Total Liabilities		5,558,528			5,809,974			(251,445	)

Net Assets
Common Stock and Preferred Stock	****	247,369	****		247,369			—
Capital Surplus	****	15,505	****		15,505			—
Capital Reserve	****	15,505	****		15,505			—
Retained Earnings	****	272,254	****		275,949			(3,694	)
Appropriated Reserve	****	150,297	****		45,865			104,432
Other Retained Earnings	****	121,956	****		230,083			(108,126	)
Retained Earnings Brought Forward	****	121,956	****		230,083			(108,126	)
Treasury shares	****	(79,999	)		—			(79,999	)

Total Shareholders’ Equity	****	455,129	****		538,824			(83,694	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	70,199	****		67,360			2,838
Net Deferred Hedge Gains (Losses), net of Taxes	****	(4,727	)		(2,579	)		(2,147	)

Total Valuation and Translation Adjustments	****	65,472	****		64,781			690

Total Net Assets	****	520,601	****		603,605			(83,003	)

Total Liabilities and Net Assets	¥	6,079,130	****	¥	6,413,579		¥	(334,449	)

2-41

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the six months<br>ended<br>September 30, 2021<br>(A)			For the six months<br>ended<br>September 30, 2020<br>(B)		Change<br>(A) - (B)
Ordinary Income	¥	80,950	****	¥	89,548	¥	(8,598	)
Fiduciary Income	****	30,058	****		27,277		2,781
Interest Income	****	12,973	****		18,261		(5,287	)
Interest on Loans and Bills Discounted	****	9,915	****		11,066		(1,150	)
Interest and Dividends on Securities	****	2,161	****		6,154		(3,993	)
Fee and Commission Income	****	36,499	****		29,087		7,412
Trading Income	****	—	****		488		(488	)
Other Operating Income	****	194	****		7,749		(7,555	)
Other Ordinary Income	****	1,224	****		6,684		(5,460	)

Ordinary Expenses	****	62,001	****		73,729		(11,727	)
Interest Expenses	****	3,600	****		4,797		(1,197	)
Interest on Deposits	****	157	****		205		(48	)
Fee and Commission Expenses	****	17,717	****		16,815		902
Trading Expenses	****	640	****		—		640
Other Operating Expenses	****	1	****		1,328		(1,326	)
General and Administrative Expenses	****	37,503	****		40,447		(2,943	)
Other Ordinary Expenses	****	2,536	****		10,340		(7,803	)

Ordinary Profits	****	18,949	****		15,819		3,129

Extraordinary Gains	****	7,483	****		6,569		914

Extraordinary Losses	****	151	****		707		(555	)

Income before Income Taxes	****	26,281	****		21,681		4,599
Income Taxes:
Current	****	4,559	****		2,181		2,378
Deferred	****	3,255	****		3,796		(540	)

Net Income	¥	18,466	****	¥	15,704	¥	2,762

2-42

Mizuho Trust & Banking Co., Ltd.

Reference

Statement of Trust Assets and Liabilities

As of September 30, 2021	Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		511,553	Money Trusts		27,421,391
Securities		108,628	Pension Trusts		3,820,541
Beneficiary Rights to the Trusts		71,206,945	Property Formation Benefit Trusts		4,695
Securities held in Custody Accounts		279,864	Investment Trusts		21,598,683
Money Claims		22,382,121	Money Entrusted Other than Money Trusts		2,148,355
Tangible Fixed Assets		9,528,476	Securities Trusts		14,390,853
Intangible Fixed Assets		338,026	Money Claims Trusts		21,351,294
Other Claims		347,897	Land and Fixtures Trusts		512,918
Due from Banking Account		1,182,263	Composite Trusts		15,124,077
Cash and Due from Banks		492,446	Other Trusts		5,413

Total		106,378,224	Total		106,378,224

Notes:

1.	The statement is exclusive of Trusts that are difficult to value monetarily.
2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of<br>¥68,969,832 million.
---	---
3.	Joint trust assets under the management of other companies: ¥163,644 million.
---	---
4.	There is no balance of Loans to Bankrupt Obligors, Non-Accrual<br>Delinquent Loans, or Loans Past Due for 3 Months or More in the loans of trust accounts that guarantee principals in the agreement of ¥4,292 million.
---	---

Reference: Breakdown of Accounts of Money Trusts and Loan Trusts with the contracts of principal indemnification (including Trusts entrusted for asset management) are as follows:

Money Trusts	Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		4,292	Principal		832,615
Securities		1	Reserve		13
Others		828,404	Others		69

Total		832,698	Total		832,698

2-43

Mizuho Trust & Banking Co., Ltd.

Reference

Comparison of Balances of Principal Items

	Millions of yen
Items	As of<br>September 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)		Change<br>(A) - (B)
Total Amount of Funds	****	34,631,424	****		34,615,632		15,791
Deposits	****	2,664,715	****		2,879,951		(215,235	)
Negotiable Certificates of Deposit	****	720,080	****		618,380		101,700
Money Trusts	****	27,421,391	****		27,961,821		(540,430	)
Pension Trusts	****	3,820,541	****		3,150,691		669,850
Property Formation Benefit Trusts	****	4,695	****		4,788		(92	)
Loans and Bills Discounted	****	3,690,874	****		3,909,986		(219,112	)
of Banking accounts	****	3,179,321	****		3,362,267		(182,945	)
of Trust accounts	****	511,553	****		547,719		(36,166	)
Securities for Investments	****	446,195	****		430,543		15,651
of Banking accounts	****	337,566	****		321,504		16,062
of Trust accounts	****	108,628	****		109,039		(410	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of<br>September 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	430,716	****	¥	369,894		¥	60,821
Cash Segregated as Deposits for Customers and Others	****	592,654	****		554,281			38,372
Trading Assets	****	6,728,207	****		6,222,426			505,781
Operating Investment Securities	****	35,027	****		34,338			689
Receivables Related to Margin Transactions	****	36,203	****		32,553			3,649
Collateralized Short-Term Financing Agreements-Receivable	****	4,565,714	****		4,520,477			45,236
Advances Paid	****	745	****		441			303
Securities: Fail to Deliver	****	38,814	****		15,265			23,549
Short-Term Loans Receivable	****	45,324	****		36,085			9,239
Other Current Assets	****	441,150	****		461,711			(20,560	)
Less: Allowance for Doubtful Accounts	****	(278	)		(276	)		(1	)
Noncurrent Assets
Property and Equipment	****	18,449	****		19,775			(1,326	)
Intangible Assets	****	63,831	****		66,544			(2,712	)
Investments and Other Assets	****	304,744	****		314,486			(9,742	)

Total Assets	¥	13,301,305	****	¥	12,648,003		¥	653,301

Liabilities
Current Liabilities
Trading Liabilities	¥	3,997,225	****	¥	4,765,362		¥	(768,136	)
Payables - Unsettled Trades	****	133,699	****		253,734			(120,034	)
Payables Related to Margin Transactions	****	47,063	****		39,793			7,269
Collateralized Short-Term Financing Agreements-Payable	****	4,981,955	****		3,510,972			1,470,983
Deposits Received	****	538,169	****		444,112			94,056
Guarantee Deposits Received	****	365,589	****		417,142			(51,552	)
Securities: Fail to Receive	****	8,587	****		2,854			5,733
Short-Term Borrowings	****	764,033	****		806,728			(42,694	)
Commercial Paper	****	490,500	****		423,500			67,000
Bonds and Notes Due within One Year	****	112,941	****		127,648			(14,706	)
Income Taxes Payable	****	3,431	****		11,565			(8,134	)
Accrued Employees’ Bonuses	****	14,661	****		25,365			(10,703	)
Provision for Variable Compensation	****	185	****		788			(602	)
Other Current Liabilities	****	34,532	****		50,122			(15,590	)
Noncurrent Liabilities
Bonds and Notes	****	701,383	****		623,175			78,207
Long-Term Borrowings	****	522,400	****		150,400			372,000
Provision for Retirement Benefits	****	21,766	****		21,216			549
Reserve for Loss of Transfer	****	3,481	****		4,194			(713	)
Other Noncurrent Liabilities	****	3,040	****		3,132			(92	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities	****	3,127	****		3,135			(7	)

Total Liabilities	****	12,747,773	****		11,684,945			1,062,828

Net Assets
Common Stock	****	125,167	****		125,167			—
Capital Surplus	****	381,649	****		381,649			—
Additional Paid - in Capital	****	285,831	****		285,831			—
Other Capital Surplus	****	95,817	****		95,817			—
Retained Earnings	****	400,756	****		440,661			(39,905	)
Other Retained Earnings	****	400,756	****		440,661			(39,905	)
Retained Earnings Brought Forward	****	400,756	****		440,661			(39,905	)
Treasury shares	****	(369,999	)		—			(369,999	)

Total Shareholders’ Equity	****	537,573	****		947,478			(409,905	)

Net Unrealized Gains on (Operating) Investment Securities, net of Tax	****	25,720	****		25,339			380
Net Deferred Gains or Losses on Hedges, net of Tax	****	(9,762	)		(9,759	)		(2	)

Total Valuation and Translation Adjustments	****	15,958	****		15,580			377

Total Net Assets	****	553,531	****		963,058			(409,527	)

Total Liabilities and Net Assets	¥	13,301,305	****	¥	12,648,003		¥	653,301

2-45

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the six months<br>ended<br>September 30, 2021<br>(A)			For the six months<br>ended<br>September 30, 2020<br>(B)			Change<br>(A) - (B)
Operating Revenues	¥	201,981	****	¥	183,483		¥	18,498
Commissions	****	92,240	****		81,518			10,722
Net Gain on Trading	****	73,686	****		61,738			11,948
Net Gain on Operating Investment Securities	****	(1,759	)		222			(1,982	)
Interest and Dividend Income	****	37,814	****		40,004			(2,190	)

Interest Expenses	****	28,080	****		31,396			(3,315	)

Net Operating Revenues	****	173,900	****		152,086			21,814

Selling, General and Administrative Expenses	****	129,544	****		122,541			7,002
Transaction-Related Expenses	****	38,439	****		32,744			5,695
Personnel Expenses	****	48,778	****		45,919			2,859
Real Estate Expenses	****	9,819	****		10,456			(637	)
Administrative Expenses	****	19,087	****		19,566			(478	)
Depreciation and Amortization	****	9,501	****		10,229			(728	)
Taxes and Dues	****	2,687	****		2,460			226
Provision of Allowance for Doubtful Accounts	****	(3	)		(16	)		13
Other	****	1,233	****		1,181			51

Operating Income	****	44,356	****		29,545			14,811

Non-Operating Income	****	1,632	****		3,324			(1,691	)
Non-Operating Expenses	****	420	****		75			345

Ordinary Income	****	45,569	****		32,794			12,774

Extraordinary Gain	****	727	****		6,740			(6,012	)

Extraordinary Loss	****	2,290	****		1,586			703

Income before Income Taxes	****	44,006	****		37,948			6,057
Income Taxes:
Current	****	4,537	****		2,449			2,087
Deferred	****	3,807	****		3,495			311

Net Income	¥	35,661	****	¥	32,002		¥	3,658

2-46

Mizuho Financial Group Inc 6-K, filed Nov 12, 2021

About this 6-K