6-K - MFG - Equibles

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 July 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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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:	July 30, 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 First Quarter of Fiscal 2021<br><br><br>(Under Japanese GAAP)
Company Name:	Mizuho Financial Group, Inc. (“MHFG”)	July 30, 2021
---	---	---
Stock Code Number (Japan):	8411
---	---	---	---	---
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):		August 13, 2021	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		—
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 First Quarter of Fiscal 2021 (for the three months ended June 30, 2021)

(1) Consolidated Results of Operations

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income				Ordinary Profits				ProfitAttributable toOwners of Parent
	million	%			million	%			million	%
1Q F2021			(11.8	)			24.7				104.7
1Q F2020			(15.4	)			(20.2	)			(24.6	)

All values are in Japanese Yen.

Note:	Comprehensive Income:<br><br><br>1Q F2021: ¥204,730 million, 6.2%; 1Q F2020: ¥192,626 million, 104.2 %
	Net Incomeper Share ofCommon Stock	Diluted Net Incomeper Share ofCommon Stock
---	---	---

1Q F2021
1Q F2020

All values are in Japanese Yen.

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

(2) Consolidated Financial Conditions

	Total Assets	Total Net Assets	Own Capital Ratio
	million	million	%
1Q F2021				4.1
Fiscal 2020				4.1

All values are in Japanese Yen.

Reference:	Own Capital:<br> <br>As of June 30, 2021:<br>¥ 9,350,232 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.
---	---

2. Cash Dividends for Shareholders of CommonStock

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

Fiscal 2020
Fiscal 2021
Fiscal 2021 (estimate)

All values are in Japanese Yen.

Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock : No
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.<br> <br>The impact from the share consolidation is not reflected<br>in 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.<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 H1			—
Fiscal 2021			8.2

All values are in Japanese Yen.

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2021: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares during 1Q and the number of outstanding shares as of<br>June 30, 2021 (which is used as a proxy for the average number of outstanding shares during 2Q-4Q).

Notes

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

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

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

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

(4) Issued Shares of Common Stock

i Period-end issued shares (including<br>treasury stock):	As of June 30, 2021	2,539,249,894 shares	As of March 31, 2021	2,539,249,894 shares
ii Period-end treasury stock:	As of June 30, 2021	3,917,816 shares	As of March 31, 2021	3,889,782 shares
iii Average outstanding shares (first quarter):	1Q Fiscal 2021	2,535,338,709 shares	1Q Fiscal 2020	2,536,083,528 shares
Note:	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The<br>impact from the share consolidation is reflected in the number of Average outstanding shares (first quarter).
---	---

This immediate release is outside the scope of quarterly review 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-YearBusiness Plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; andchanges to applicable laws and regulations. Further information regarding factors that could affect our financial condition and results ofoperations 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 andExchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov. 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.

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.	Quarterly Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Note for Assumption of Going Concern	p.1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p.1-7
	ø SELECTED FINANCIAL INFORMATION For the First Quarter 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.

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 first quarter ended June 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, Retained Earnings decreased by ¥724 million as of April 1, 2021. The impact on the quarterly consolidated statement of income for the fiscal quarter ended June 30, 2021 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of<br>March 31,<br>2021			As of<br>June 30,<br>2021
Assets
Cash and Due from Banks	¥	47,981,981		¥	42,323,448
Call Loans and Bills Purchased		589,776			385,421
Receivables under Resale Agreements		11,623,654			17,887,877
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			1,941,493
Other Debt Purchased		3,208,004			3,486,436
Trading Assets		12,589,294			13,910,770
Money Held in Trust		582,368			558,924
Securities		43,697,262			47,167,479
Loans and Bills Discounted		83,704,675			82,631,430
Foreign Exchange Assets		2,084,756			2,042,770
Derivatives other than for Trading Assets		1,719,349			1,335,646
Other Assets		6,174,020			4,105,801
Tangible Fixed Assets		1,135,449			1,127,636
Intangible Fixed Assets		620,224			609,925
Net Defined Benefit Asset		1,109,107			1,022,476
Deferred Tax Assets		31,402			27,243
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			6,867,903
Reserves for Possible Losses on Loans		(575,572	)		(543,592	)
Reserve for Possible Losses on Investments		(0	)		(0	)
Total Assets	¥	225,586,211		¥	226,889,093

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of<br>March 31,<br>2021			As of<br>June 30,<br>2021
Liabilities
Deposits	¥	133,312,406		¥	129,957,640
Negotiable Certificates of Deposit		17,192,572			19,681,826
Call Money and Bills Sold		1,312,790			1,219,870
Payables under Repurchase Agreements		18,607,255			22,193,696
Guarantee Deposits Received under Securities Lending Transactions		958,148			842,186
Commercial Paper		2,105,067			1,924,183
Trading Liabilities		8,115,377			7,576,190
Borrowed Money		7,441,822			7,394,138
Foreign Exchange Liabilities		532,042			505,906
Short-term Bonds		456,045			488,507
Bonds and Notes		10,321,672			10,364,435
Due to Trust Accounts		1,160,608			1,155,350
Derivatives other than for Trading Liabilities		1,739,671			1,330,630
Other Liabilities		5,862,013			5,581,521
Reserve for Bonus Payments		104,131			23,211
Reserve for Variable Compensation		2,935			3,560
Net Defined Benefit Liability		71,049			71,270
Reserve for Director and Corporate Auditor Retirement Benefits		683			495
Reserve for Possible Losses on Sales of Loans		1,074			911
Reserve for Contingencies		6,762			7,815
Reserve for Reimbursement of Deposits		22,099			20,887
Reserve for Reimbursement of Debentures		14,419			13,550
Reserves under Special Laws		3,135			3,127
Deferred Tax Liabilities		215,557			134,619
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			61,445
Acceptances and Guarantees		6,602,744			6,867,903
Total Liabilities	¥	216,224,003		¥	217,424,884
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,577,306
Treasury Stock		(7,124	)		(7,154	)
Total Shareholders’ Equity		7,807,239			7,952,243
Net Unrealized Gains (Losses) on Other Securities		1,132,460			1,076,695
Deferred Gains or Losses on Hedges		31,618			22,890
Revaluation Reserve for Land		136,384			135,318
Foreign Currency Translation Adjustments		(139,514	)		(92,486	)
Remeasurements of Defined Benefit Plans		288,088			255,570
Total Accumulated Other Comprehensive Income		1,449,035			1,397,988
Stock Acquisition Rights		134			114
Non-controlling Interests		105,797			113,861
Total Net Assets		9,362,207			9,464,209
Total Liabilities and Net Assets	¥	225,586,211		¥	226,889,093

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 three<br>months ended<br>June 30, 2020		For the three<br>months ended<br>June 30, 2021
Ordinary Income	¥	835,835	¥	737,009
Interest Income		366,276		293,342
Interest on Loans and Bills Discounted		262,715		210,675
Interest and Dividends on Securities		59,632		46,524
Fiduciary Income		13,333		14,997
Fee and Commission Income		196,531		196,859
Trading Income		139,198		103,004
Other Operating Income		87,768		55,348
Other Ordinary Income		32,726		73,458
Ordinary Expenses		660,414		518,251
Interest Expenses		151,175		70,470
Interest on Deposits		55,515		14,464
Fee and Commission Expenses		39,728		39,405
Trading Expenses		1,390		128
Other Operating Expenses		41,257		26,394
General and Administrative Expenses		340,468		335,331
Other Ordinary Expenses		86,394		46,521
Ordinary Profits		175,421		218,757
Extraordinary Gains		2,834		28,954
Extraordinary Losses		2,164		1,530
Income before Income Taxes		176,092		246,181
Income Taxes:
Current		48,588		32,687
Deferred		4,955		(39,393	)
Total Income Taxes		53,544		(6,705	)
Profit		122,547		252,887
Profit Attributable to Non-controllingInterests		172		2,345
Profit Attributable to Owners of Parent	¥	122,375	¥	250,541

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the three<br>months ended<br>June 30, 2020			For the three<br>months ended<br>June 30, 2021
Profit	¥	122,547		¥	252,887
Other Comprehensive Income		70,078			(48,156	)
Net Unrealized Gains (Losses) on Other Securities		131,007			(53,348	)
Deferred Gains or Losses on Hedges		(9,414	)		(8,635	)
Foreign Currency Translation Adjustments		(45,327	)		38,509
Remeasurements of Defined Benefit Plans		(4,376	)		(32,036	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,811	)		7,353
Comprehensive Income		192,626			204,730
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		195,229			200,559
Comprehensive Income Attributable to Non-controlling<br>Interests		(2,602	)		4,170

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 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 Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”) ****

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2021	See above Notes
1. Income Analysis	CON	NON	2- 1
2. Net Gains/Losses on Stocks	CON	NON	2- 3
3. Unrealized Gains/Losses on Securities	CON	NON	2- 4
4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting	NON		2- 6
5. Status of Non Performing Loans based on the Financial Reconstruction Act<br>(“FRA”)	CON	NON	2- 7
6. Status of Deposits and Loans	NON		2- 9
Attachments	Page
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Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)		2- 11
Comparison of Non-Consolidated Statements of Income<br>(selected items)		2- 12
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)		2- 13
Comparison of Non-Consolidated Statements of Income<br>(selected items)		2- 14
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected<br>items)		2- 15
Comparison of Non-Consolidated Statements of Income<br>(selected items)		2- 16

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.

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2021

1. Income Analysis

Consolidated

		(Billions of yen)
		First Quarter of<br>Fiscal 2021						First Quarter of<br>Fiscal 2020
		****			Change
Consolidated Gross Profits	1	****	527.1	****		(42.4	)		569.5
Net Interest Income	2	****	222.8	****		7.7			215.1
Fiduciary Income	3	****	14.9	****		1.6			13.3
Credit Costs for Trust Accounts	4	****	—	****		—			—
Net Fee and Commission Income	5	****	157.4	****		0.6			156.8
Net Trading Income	6	****	102.8	****		(34.9	)		137.8
Net Other Operating Income	7	****	28.9	****		(17.5	)		46.5
General and Administrative Expenses	8	****	(335.3	)		5.1			(340.4	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for<br>Losses on Loans)	9	****	(5.4	)		35.6			(41.1	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10	****	8.1	****		5.9			2.1
Net Gains (Losses) related to Stocks	11	****	23.9	****		36.9			(12.9	)
Equity in Income from Investments in Affiliates	12	****	12.7	****		6.8			5.8
Other	13	****	(12.4	)		(4.8	)		(7.5	)
Ordinary Profits	14	****	218.7	****		43.3			175.4
Net Extraordinary Gains (Losses)	15	****	27.4	****		26.7			0.6
Income before Income Taxes	16	****	246.1	****		70.0			176.0
Income Taxes	17	****	6.7	****		60.2			(53.5	)
Profit	18	****	252.8	****		130.3			122.5
Profit Attributable to Non-controlling Interests	19	****	(2.3	)		(2.1	)		(0.1	)
Profit Attributable to Owners of Parent	20	****	250.5	****		128.1			122.3
Credit-related Costs (including Credit Costs for Trust Accounts)	21	****	2.6	****		41.6			(39.0	)
Credit-related Costs [21] = Expenses related to Portfolio Problems<br>(including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [10] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	22		194.3			(37.3	)		231.7
Consolidated Net Business Profits [22] = Consolidated Gross<br>Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries	23	****	160	****		30			130
Number of affiliates under the equity method	24	****	28	****		1			27

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Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		First Quarter of Fiscal 2021												First Quarter of<br>Fiscal 2020
		MHBK			MHTB			Aggregate<br>Figures			Change
Gross Profits	1	****	311.1	****	****	27.8	****	****	338.9	****		(53.9	)		392.9
Net Interest Income	2	****	193.4	****	****	4.4	****	****	197.8	****		6.8			191.0
Fiduciary Income	3				****	15.1	****	****	15.1	****		1.7			13.3
Trust Fees for Jointly Operated Designated Money Trust	4				****	0.9	****	****	0.9	****		(0.0	)		1.0
Credit Costs for Trust Accounts	5				****	—	****	****	—	****		—			—
Net Fee and Commission Income	6	****	81.5	****	****	7.9	****	****	89.4	****		(16.6	)		106.0
Net Trading Income	7	****	29.6	****	****	0.2	****	****	29.9	****		(23.2	)		53.2
Net Other Operating Income	8	****	6.4	****	****	0.0	****	****	6.5	****		(22.6	)		29.2
General and Administrative Expenses<br>(excluding<br>Non-Recurring Losses)	9	****	(193.8	)	****	(21.0	)	****	(214.8	)		9.0			(223.8	)
Net Business Profits (before Reversal of (Provision for)<br>General Reserve for Losses on Loans)^(1)^	10	****	117.3	****	****	6.8	****	****	124.1	****		(44.9	)		169.1
Net Business Profits (before Reversal of (Provision for) General<br>Reserve for Losses on Loans)<br>from core business areas^(2)^	11	****	110.2	****	****	6.8	****	****	117.0	****		(11.2	)		128.2
Excluding Net Gains (Losses) from redemption of Investment Trusts	12	****	106.8	****	****	6.8	****	****	113.6	****		(14.0	)		127.7
Reversal of (Provision for) General Reserve for Losses on Loans	13	****	—	****	****	(0.0	)	****	(0.0	)		28.8			(28.8	)
Net Business Profits	14	****	117.3	****	****	6.7	****	****	124.1	****		(16.1	)		140.2
Net Gains (Losses) related to Bonds	15	****	7.0	****	****	0.0	****	****	7.0	****		(33.7	)		40.8
Net Non-Recurring Gains (Losses)	16	****	23.2	****	****	1.3	****	****	24.6	****		97.7			(73.1	)
Net Gains (Losses) related to Stocks	17	****	22.2	****	****	0.2	****	****	22.4	****		83.9			(61.4	)
Expenses related to Portfolio Problems	18	****	(4.8	)	****	(0.0	)	****	(4.9	)		7.6			(12.5	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19	****	8.1	****	****	0.0	****	****	8.1	****		6.2			1.8
Other	20	****	(2.2	)	****	1.1	****	****	(1.0	)		(0.0	)		(0.9	)
Ordinary Profits	21	****	140.6	****	****	8.1	****	****	148.7	****		81.6			67.1
Net Extraordinary Gains (Losses)	22	****	26.1	****	****	1.5	****	****	27.6	****		26.2			1.3
Income before Income Taxes	23	****	166.7	****	****	9.7	****	****	176.4	****		107.9			68.5
Income Taxes	24	****	(73.0	)	****	(2.8	)	****	(75.9	)		(41.3	)		(34.5	)
Net Income	25	****	93.6	****	****	6.8	****	****	100.5	****		66.5			33.9
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB<br>excludes the amounts of “Credit Costs for Trust Accounts” [5].<br> <br>(2) Net Business Profits<br>(before Reversal of (Provision for) General Reverse for Losses on Loans) from core business areas[11] =Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans)[10]-Net<br>Gains (Losses) related to Bonds[15]
Credit-related Costs	26	****	3.3	****	****	(0.1	)	****	3.2	****		42.6			(39.4	)
Credit-related Costs [26] = Expenses related to Portfolio Problems [18] +<br>Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	27				****	—	****	****	—	****		—			—
Reversal of (Provision for) General Reserve for Losses on Loans	28	****	(5.4	)	****	(0.0	)	****	(5.4	)		23.3			(28.8	)
Losses on Write-offs of Loans	29	****	(2.9	)	****	(0.0	)	****	(2.9	)		1.3			(4.3	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30	****	11.4	****	****	(0.0	)	****	11.3	****		18.1			(6.7	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring<br>Countries	31	****	0.0	****	****	—	****	****	0.0	****		0.0			—
Reversal of (Provision for) Reserve for Contingencies	32	****	0.2	****	****	—	****	****	0.2	****		(0.3	)		0.5
Other (including Losses on Sales of Loans)	33	****	(0.0	)	****	—	****	****	(0.0	)		0.0			(0.1	)
Total	34	****	3.3	****	****	(0.1	)	****	3.2	****		42.6			(39.4	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	First Quarter of<br>Fiscal 2021			Change			First Quarter of<br>Fiscal 2020
Net Gains (Losses) related to Stocks	****	23.9	****		36.9			(12.9	)
Gains on Sales	****	49.4	****		27.1			22.2
Losses on Sales	****	(15.3	)		0.6			(16.0	)
Impairment (Devaluation)	****	(2.3	)		(0.7	)		(1.6	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading	****	(7.7	)		9.8			(17.5	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	First Quarter of<br>Fiscal 2021			Change			First Quarter of<br>Fiscal 2020
Net Gains (Losses) related to Stocks	****	22.4	****		83.9			(61.4	)
Gains on Sales	****	46.9	****		28.7			18.2
Losses on Sales	****	(14.8	)		(2.3	)		(12.5	)
Impairment (Devaluation)	****	(1.9	)		47.4			(49.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		0.2			(0.2	)
Gains (Losses) on Derivatives other than for Trading	****	(7.7	)		9.8			(17.5	)
Mizuho Bank									****
	First Quarter of<br>Fiscal 2021			Change			First Quarter of<br>Fiscal 2020
Net Gains (Losses) related to Stocks	****	22.2	****		82.5			(60.3	)
Gains on Sales	****	46.6	****		32.4			14.1
Losses on Sales	****	(14.8	)		(3.9	)		(10.8	)
Impairment (Devaluation)	****	(1.9	)		47.5			(49.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		0.2			(0.2	)
Gains (Losses) on Derivatives other than for Trading	****	(7.7	)		6.2			(13.9	)
Mizuho Trust & Banking									****
	First Quarter of<br>Fiscal 2021			Change			First Quarter of<br>Fiscal 2020
Net Gains (Losses) related to Stocks	****	0.2	****		1.4			(1.1	)
Gains on Sales	****	0.3	****		(3.7	)		4.0
Losses on Sales	****	(0.0	)		1.6			(1.6	)
Impairment (Devaluation)	****	(0.0	)		(0.0	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments	****	—	****		—			—
Gains (Losses) on Derivatives other than for Trading		—			3.5			(3.5	)

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

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

Consolidated

(1) OtherSecurities

	(Billions of yen)
	As of June 30, 2021									As of March 31, 2021
	Book Value<br>(=Fair Value)		Unrealized Gains/Losses							Book Value<br>(=Fair Value)		Unrealized Gains/Losses
						Gains		Losses						Gains		Losses
MHFG (Consolidated)
Other Securities	****	45,668.2	****	1,525.2	****		1,897.4		372.1		42,534.8		1,603.2		1,989.8		386.5
Japanese Stocks	****	2,812.1	****	1,609.2	****		1,662.5		53.2		2,865.9		1,698.2		1,744.6		46.3
Japanese Bonds	****	25,646.3	****	(36.2	)		23.1		59.4		24,145.0		(44.9	)	24.7		69.7
Japanese Government Bonds	****	22,283.4	****	(25.7	)		0.8		26.5		20,920.5		(31.7	)	3.5		35.3
Other	****	17,209.7	****	(47.7	)		211.6		259.4		15,523.8		(50.0	)	220.4		270.4
Foreign Bonds	****	13,926.8	****	(26.8	)		67.7		94.6		12,433.9		(33.0	)	66.6		99.6
*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from<br>Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.
---	---
*	Unrealized Gains/Losses include ¥29.4 billion and ¥32.4 billion, which were recognized in the<br>statement of income for June 30, 2021 and March 31, 2021 respectively, by applying the fair-value hedge method.
---	---

(2) BondsHeld to Maturity

	(Billions of yen)
	As of June 30, 2021								As of March 31, 2021
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
MHFG (Consolidated)	****	1,192.8	****	12.0		16.1		4.1		885.5		18.0		21.2		3.1

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) OtherSecurities

	(Billions of yen)
	As of June 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
MHBK
Other Securities	****	44,142.4	****	1,363.9	****	****	1,734.3	****	370.3		41,113.3		1,441.2			1,826.4		385.1
Japanese Stocks	****	2,573.6	****	1,451.7	****	****	1,504.3	****	52.6		2,625.6		1,539.5			1,585.8		46.3
Japanese Bonds	****	25,477.3	****	(37.2	)	****	22.1	****	59.4		24,010.6		(45.8	)		23.8		69.7
Japanese Government Bonds	****	22,212.2	****	(25.7	)	****	0.8	****	26.5		20,879.3		(31.7	)		3.5		35.2
Other	****	16,091.4	****	(50.5	)	****	207.7	****	258.2		14,477.0		(52.4	)		216.7		269.1
Foreign Bonds	****	13,489.2	****	(26.3	)	****	67.0	****	93.4		12,031.1		(32.5	)		65.8		98.3
MHTB
Other Securities	****	303.5	****	82.2	****	****	85.1	****	2.8		275.1		86.3			88.6		2.2
Japanese Stocks	****	149.7	****	80.8	****	****	83.6	****	2.8		154.2		85.0			87.3		2.2
Japanese Bonds	****	147.8	****	0.9	****	****	0.9	****	0.0		114.8		0.9			0.9		0.0
Japanese Government Bonds	****	60.0	****	(0.0	)	****	—	****	0.0		30.0		(0.0	)		—		0.0
Other	****	5.9	****	0.4	****	****	0.4	****	0.0		6.0		0.3			0.3		0.0
Foreign Bonds	****	—	****	—	****	****	—	****	—	****	—	****	—	****	****	—	****	—
Total
Other Securities	****	44,446.0	****	1,446.1	****	****	1,819.4	****	373.2		41,388.5		1,527.5			1,915.0		387.4
Japanese Stocks	****	2,723.4	****	1,532.5	****	****	1,588.0	****	55.4		2,779.8		1,624.5			1,673.1		48.5
Japanese Bonds	****	25,625.1	****	(36.3	)	****	23.1	****	59.4		24,125.5		(44.9	)		24.7		69.7
Japanese Government Bonds	****	22,272.2	****	(25.7	)	****	0.8	****	26.5		20,909.3		(31.7	)		3.5		35.3
Other	****	16,097.4	****	(50.0	)	****	208.2	****	258.2		14,483.0		(52.0	)		217.0		269.1
Foreign Bonds	****	13,489.2	****	(26.3	)	****	67.0	****	93.4		12,031.1		(32.5	)		65.8		98.3
*	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.
---	---
*	Unrealized Gains/Losses include ¥29.4 billion and ¥32.4 billion, which were recognized in the<br>statement of income (aggregate figures for the 2 banks) for June 30, 2021 and March 31, 2021 respectively, by applying the fair-value hedge method.
---	---

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of June 30, 2021								As of March 31, 2021
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
MHBK	****	1,192.8	****	12.0		16.1		4.1		885.5		18.0		21.2		3.1
MHTB	****	—	****	—		—		—		—		—		—		—
Total	****	1,192.8	****	12.0		16.1		4.1		885.5		18.0		21.2		3.1
(3) Investments in Subsidiaries andAffiliates
	(Billions of yen)
	As of June 30, 2021								As of March 31, 2021
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
MHBK	****	135.7	****	341.9		342.3		0.3		135.7		286.5		286.5		0.0
MHTB	****	—	****	—		—		—		—		—		—		—
Total	****	135.7	****	341.9		342.3		0.3		135.7		286.5		286.5		0.0

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

	(Billions of yen)
	As of June 30, 2021						As of<br>March 31,2021
	Unrealized Gains/Losses						Unrealized<br>Gains/<br>Losses
				Change
Other Securities	****	1,495.8	****		(74.9	)		1,570.7
Japanese Stocks	****	1,579.8	****		(85.8	)		1,665.7
Japanese Bonds	****	(36.2	)		8.6			(44.9	)
Japanese Government Bonds	****	(25.7	)		5.9			(31.7	)
Other	****	(47.7	)		2.2			(50.0	)
Foreign Bonds	****	(26.8	)		6.1			(33.0	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of June 30, 2021						As of<br>March 31,2021
	Unrealized Gains/Losses						Unrealized<br>Gains/<br>Losses
				Change
Other Securities	****	1,416.7	****		(78.2	)		1,495.0
Japanese Stocks	****	1,503.1	****		(88.9	)		1,592.0
Japanese Bonds	****	(36.3	)		8.6			(44.9	)
Japanese Government Bonds	****	(25.7	)		5.9			(31.7	)
Other	****	(50.0	)		1.9			(52.0	)
Foreign Bonds	****	(26.3	)		6.1			(32.5	)

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of June 30, 2021						As of March 31, 2021
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses
MHBK	****	1,129.4	****	1,093.9	35.4	****		1,168.8		1,125.5	43.2
MHTB	****	8.5	****	16.7	(8.2	)		9.6		13.3	(3.7	)
Total	****	1,137.9	****	1,110.7	27.1	****		1,178.4		1,138.9	39.5

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated

	(Billions of yen)
	As of June 30, 2021					As of<br>March 31, 2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	46.7		(8.7	)		55.5
Claims with Collection Risk	****	351.8		(57.9	)		409.7
Claims for Special Attention	****	414.0		36.5			377.5
Sub-total[1]	****	812.6		(30.1	)		842.8
Normal Claims	****	92,357.0		(829.7	)		93,186.7
Total[2]	****	93,169.6		(859.9	)		94,029.6
	(%)
NPL ratio[1]/[2]	****	0.87		(0.02	)		0.89

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

Trust Account

	(Billions of yen)
	As of June 30, 2021					As of<br>March 31,<br>2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—		—			—
Claims with Collection Risk	****	—		—			—
Claims for Special Attention	****	—		—			—
Sub-total[3]	****	—		—			—
Normal Claims	****	4.6		(0.1	)		4.7
Total[4]	****	4.6		(0.1	)		4.7
	(%)
NPL ratio[3]/[4]	****	—		—			—

Consolidated + Trust Account

	(Billions of yen)
	As of June 30, 2021					As of<br>March 31,<br>2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	46.7		(8.7	)		55.5
Claims with Collection Risk	****	351.8		(57.9	)		409.7
Claims for Special Attention	****	414.0		36.5			377.5
Sub-total[5]	****	812.6		(30.1	)		842.8
Normal Claims	****	92,361.6		(829.9	)		93,191.5
Total[6]	****	93,174.2		(860.1	)		94,034.4
	(%)
NPL ratio[5]/[6]	****	0.87		(0.02	)		0.89

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

2-7

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account +Trust Account)

	(Billions of yen)
	As of June 30, 2021					As of<br>March 31,<br>2021
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors	****	40.3		(8.3	)		48.7
Claims with Collection Risk	****	342.1		(68.8	)		411.0
Claims for Special Attention	****	371.2		38.2			333.0
Sub-total[1]	****	753.7		(38.9	)		792.7
Normal Claims	****	94,180.7		(963.5	)		95,144.3
Total[2]	****	94,934.5		(1,002.5	)		95,937.1
	(%)
NPL ratio[1]/[2]	****	0.79		(0.03	)		0.82

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

Mizuho Bank

	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	40.1	(8.3	)	48.4
Claims with Collection Risk	****	337.4	(67.2	)	404.6
Claims for Special Attention	****	369.9	37.4		332.5
Sub-total[3]	****	747.4	(38.1	)	785.6
Normal Claims	****	90,904.4	(864.4	)	91,768.8
Total[4]	****	91,651.9	(902.5	)	92,554.5
	(%)
NPL ratio[3]/[4]	****	0.81	(0.03	)	0.84

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

Mizuho Trust & Banking

(Banking Account)

	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	0.2	(0.0	)	0.2
Claims with Collection Risk	****	4.7	(1.6	)	6.4
Claims for Special Attention	****	1.2	0.8		0.4
Sub-total[5]	****	6.3	(0.8	)	7.1
Normal Claims	****	3,271.7	(98.9	)	3,370.6
Total[6]	****	3,278.0	(99.7	)	3,377.8
	(%)
NPL ratio[5]/[6]	****	0.19	(0.01	)	0.21

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

(Trust Account)

	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors	****	—	—		—
Claims with Collection Risk	****	—	—		—
Claims for Special Attention	****	—	—		—
Sub-total[7]	****	—	—		—
Normal Claims	****	4.6	(0.1	)	4.7
Total[8]	****	4.6	(0.1	)	4.7
	(%)
NPL ratio[7]/[8]	****	—	—		—

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

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>June 30, 2021					As of<br>March 31, 2021
			Change
MHBK	****	124,627.2		(3,651.7	)		128,279.0
MHTB	****	2,940.5		60.5			2,879.9
Total	****	127,567.7		(3,591.2	)		131,158.9

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of June 30, 2021					As of<br>March 31, 2021
			Change
MHBK	****	105,228.7		(2,934.6	)		108,163.3
Individual deposits	****	47,176.0		684.5			46,491.5
MHTB	****	2,940.5		60.5			2,879.9
Individual deposits	****	835.8		5.7			830.1
Total	****	108,169.2		(2,874.1	)		111,043.3
Individual deposits	****	48,011.9		690.2			47,321.6

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of<br>June 30, 2021					As of<br>March 31, 2021
			Change
MHBK	****	80,974.4		(1,100.1	)		82,074.5
MHTB	****	3,260.9		(101.2	)		3,362.2
Total	****	84,235.4		(1,201.4	)		85,436.8

Note: Loans to MHFG are included as follows:

As of June 30, 2021: ¥620.0 billion (from MHBK)

As of March 31, 2021: ¥850.0 billion (from MHBK)

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank

		(%)
		First Quarter of<br><br><br>Fiscal 2021<br><br><br>(For the three months)	Change	First Quarter of<br><br><br>Fiscal 2020<br><br><br>(For the three months)
Return on Loans and Bills Discounted	1	0.74	0.02	0.72
Cost of Deposits	2	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [1]-[2]	3	0.74	0.02	0.71
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions<br>(including MHFG).<br> <br>2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	4	0.76	0.01	0.74
Loan and Deposit Rate Margin [4]-[2]	5	0.76	0.01	0.74
Mizuho Trust & Banking
		(%)
		First Quarter of<br><br><br>Fiscal 2021<br><br><br>(For the three months)	Change	First Quarter of<br><br><br>Fiscal 2020<br><br><br>(For the three months)
Return on Loans and Bills Discounted	6	0.58	0.00	0.58
Cost of Deposits	7	0.01	(0.00)	0.01
Loan and Deposit Rate Margin [6]-[7]	8	0.57	0.00	0.56
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions<br>(including MHFG).<br> <br>2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	9	0.60	0.00	0.60
Loan and Deposit Rate Margin [9]-[7]	10	0.59	0.00	0.59
(Reference)
Aggregate Figures for the 2 Banks
		(%)
		First Quarter of<br><br><br>Fiscal 2021<br><br><br>(For the three months)	Change	First Quarter of<br><br><br>Fiscal 2020<br><br><br>(For the three months)
Return on Loans and Bills Discounted	11	0.73	0.02	0.71
Cost of Deposits	12	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [11]-[12]	13	0.73	0.02	0.71
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions<br>(including MHFG).<br> <br>2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	0.75	0.01	0.73
Loan and Deposit Rate Margin [14]-[12]	15	0.75	0.01	0.73

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of<br>June 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	39,251,006	****	¥	45,460,471		¥	(6,209,464	)
Call Loans	****	782,934	****		967,504			(184,569	)
Receivables under Resale Agreements	****	8,336,855	****		2,376,420			5,960,435
Guarantee Deposits Paid under Securities Borrowing Transactions	****	151,967	****		151,282			685
Other Debt Purchased	****	458,203	****		482,837			(24,634	)
Trading Assets	****	4,398,793	****		4,655,665			(256,872	)
Money Held in Trust	****	503	****		503			0
Securities	****	47,100,412	****		43,720,657			3,379,754
Loans and Bills Discounted	****	80,974,446	****		82,074,591			(1,100,144	)
Foreign Exchange Assets	****	1,974,104	****		2,016,766			(42,661	)
Derivatives other than for Trading	****	3,384,677	****		3,998,530			(613,852	)
Other Assets	****	2,840,253	****		4,920,054			(2,079,800	)
Tangible Fixed Assets	****	872,821	****		881,564			(8,742	)
Intangible Fixed Assets	****	355,722	****		360,296			(4,573	)
Prepaid Pension Cost	****	482,338	****		524,167			(41,829	)
Customers’ Liabilities for Acceptances and Guarantees	****	7,092,754	****		6,828,085			264,669
Reserves for Possible Losses on Loans	****	(504,621	)		(536,101	)		31,480
Total Assets	¥	197,953,176	****	¥	198,883,298		¥	(930,121	)
Liabilities
Deposits	¥	124,627,226	****	¥	128,279,005		¥	(3,651,778	)
Negotiable Certificates of Deposit	****	19,140,928	****		16,684,774			2,456,154
Call Money	****	1,018,144	****		1,061,104			(42,960	)
Payables under Repurchase Agreements	****	10,879,013	****		8,760,834			2,118,178
Guarantee Deposits Received under Securities Lending Transactions	****	190,069	****		170,648			19,420
Commercial Paper	****	1,924,183	****		2,105,067			(180,883	)
Trading Liabilities	****	2,699,921	****		3,255,476			(555,555	)
Borrowed Money	****	15,046,610	****		15,084,290			(37,680	)
Foreign Exchange Liabilities	****	688,316	****		717,422			(29,106	)
Bonds and Notes	****	899,790	****		911,779			(11,989	)
Derivatives other than for Trading	****	3,381,697	****		4,016,868			(635,171	)
Other Liabilities	****	2,959,164	****		3,448,928			(489,763	)
Reserve for Bonus Payments	****	289	****		25,042			(24,753	)
Reserve for Variable Compensation	****	1,182	****		983			199
Reserve for Possible Losses on Sales of Loans	****	911	****		1,074			(162	)
Reserve for Contingencies	****	2,845	****		3,092			(246	)
Reserve for Reimbursement of Deposits	****	19,483	****		20,540			(1,057	)
Reserve for Reimbursement of Debentures	****	13,550	****		14,419			(868	)
Deferred Tax Liabilities	****	52,143	****		38,723			13,420
Deferred Tax Liabilities for Revaluation Reserve for Land	****	61,445	****		61,915			(470	)
Acceptances and Guarantees	****	7,092,754	****		6,828,085			264,669
Total Liabilities	****	190,699,674	****		191,490,080			(790,405	)
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	****	2,433,222	****		2,514,003			(80,781	)
Appropriated Reserve	****	389,012	****		353,908			35,103
Other Retained Earnings	****	2,044,209	****		2,160,095			(115,885	)
Retained Earnings Brought Forward	****	2,044,209	****		2,160,095			(115,885	)
Total Shareholders’ Equity	****	6,123,454	****		6,204,236			(80,781	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	970,693	****		1,023,139			(52,445	)
Net Deferred Hedge Gains (Losses), net of Taxes	****	24,035	****		29,458			(5,423	)
Revaluation Reserve for Land, net of Taxes	****	135,318	****		136,384			(1,065	)
Total Valuation and Translation Adjustments	****	1,130,047	****		1,188,982			(58,934	)
Total Net Assets	****	7,253,501	****		7,393,218			(139,716	)
Total Liabilities and Net Assets	¥	197,953,176	****	¥	198,883,298		¥	(930,121	)

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME (selected items)

OF MIZUHO BANK

	Millions of yen
	For the three months<br>ended June 30, 2021<br>(A)		For the three months<br>ended June 30, 2020<br>(B)			Change<br>(A) - (B)
Ordinary Income	¥	474,024	¥	567,428		¥	(93,404	)
Interest Income	****	251,099		313,839			(62,739	)
Interest on Loans and Bills Discounted	****	186,171		232,261			(46,089	)
Interest and Dividends on Securities	****	42,362		55,352			(12,990	)
Fee and Commission Income	****	116,576		124,301			(7,725	)
Trading Income	****	29,836		53,427			(23,591	)
Other Operating Income	****	18,443		58,547			(40,104	)
Other Ordinary Income	****	58,068		17,312			40,755
Ordinary Expenses	****	333,416		508,058			(174,642	)
Interest Expenses	****	57,657		129,591			(71,934	)
Interest on Deposits	****	8,512		48,705			(40,193	)
Fee and Commission Expenses	****	35,046		23,851			11,194
Trading Expenses	****	139		382			(243	)
Other Operating Expenses	****	11,951		33,838			(21,886	)
General and Administrative Expenses	****	184,458		198,302			(13,844	)
Other Ordinary Expenses	****	44,161		122,090			(77,928	)
Ordinary Profits	****	140,608		59,370			81,237
Extraordinary Gains	****	27,341		2,830			24,510
Extraordinary Losses	****	1,239		1,388			(149	)
Income before Income Taxes	****	166,710		60,812			105,898
Income Taxes:
Current	****	38,669		35,335			3,333
Deferred	****	34,369		(3,143	)		37,512
Net Income	¥	93,671	¥	28,620		¥	65,051

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of<br>June 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Cash and Due from Banks	¥	2,174,105	****	¥	2,010,405		¥	163,700
Call Loans	****	2,764	****		22,134			(19,369	)
Other Debt Purchased	****	43,051	****		26,092			16,959
Trading Assets	****	25,273	****		130,476			(105,202	)
Money Held in Trust	****	10,929	****		9,804			1,125
Securities	****	349,569	****		321,504			28,065
Loans and Bills Discounted	****	3,260,996	****		3,362,267			(101,270	)
Foreign Exchange Assets	****	4,724	****		6,313			(1,588	)
Other Assets	****	210,958	****		321,181			(110,222	)
Tangible Fixed Assets	****	101,263	****		102,139			(876	)
Intangible Fixed Assets	****	24,027	****		25,486			(1,458	)
Prepaid Pension Cost	****	65,138	****		65,962			(824	)
Customers’ Liabilities for Acceptances and Guarantees	****	15,279	****		14,008			1,271
Reserves for Possible Losses on Loans	****	(3,228	)		(4,196	)		967
Total Assets	¥	6,284,855	****	¥	6,413,579		¥	(128,724	)
Liabilities
Deposits	¥	2,940,503	****	¥	2,879,951		¥	60,552
Negotiable Certificates of Deposit	****	652,380	****		618,380			34,000
Call Money	****	605,793	****		581,838			23,955
Trading Liabilities	****	31,543	****		131,235			(99,691	)
Borrowed Money	****	326,606	****		375,082			(48,476	)
Due to Trust Accounts	****	1,155,350	****		1,160,608			(5,257	)
Other Liabilities	****	33,319	****		23,141			10,178
Reserve for Bonus Payments	****	—	****		3,199			(3,199	)
Reserve for Variable Compensation	****	464	****		380			84
Provision for Retirement Benefits	****	—	****		260			(260	)
Reserve for Reimbursement of Deposits	****	1,403	****		1,558			(155	)
Reserve for Loss of Transfer	****	4,773	****		4,814			(41	)
Deferred Tax Liabilities	****	15,254	****		15,515			(261	)
Acceptances and Guarantees	****	15,279	****		14,008			1,271
Total Liabilities	****	5,782,673	****		5,809,974			(27,301	)
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	****	260,642	****		275,949			(15,306	)
Appropriated Reserve	****	150,297	****		45,865			104,432
Other Retained Earnings	****	110,345	****		230,083			(119,738	)
Retained Earnings Brought Forward	****	110,345	****		230,083			(119,738	)
Treasury shares	****	(79,999	)		—			(79,999	)
Total Shareholders’ Equity	****	443,517	****		538,824			(95,306	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes	****	64,398	****		67,360			(2,962	)
Net Deferred Hedge Gains (Losses), net of Taxes	****	(5,734	)		(2,579	)		(3,154	)
Total Valuation and Translation Adjustments	****	58,664	****		64,781			(6,116	)
Total Net Assets	****	502,182	****		603,605			(101,422	)
Total Liabilities and Net Assets	¥	6,284,855	****	¥	6,413,579		¥	(128,724	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	For the three months<br>ended June 30, 2021<br>(A)		For the three months<br>ended June 30, 2020<br>(B)		Change<br>(A) - (B)
Ordinary Income	¥	39,486	¥	46,462	¥	(6,976	)
Fiduciary Income	****	15,106		13,388		1,717
Interest Income	****	6,207		9,170		(2,963	)
Interest on Loans and Bills Discounted	****	4,968		5,706		(737	)
Interest and Dividends on Securities	****	782		3,029		(2,246	)
Fee and Commission Income	****	17,092		14,543		2,549
Trading Income	****	241		168		73
Other Operating Income	****	98		4,883		(4,785	)
Other Ordinary Income	****	740		4,308		(3,568	)
Ordinary Expenses	****	31,345		38,696		(7,350	)
Interest Expenses	****	1,772		2,389		(617	)
Interest on Deposits	****	85		103		(18	)
Fee and Commission Expenses	****	9,152		8,915		236
Trading Expenses	****	—		—		—
Other Operating Expenses	****	0		353		(353	)
General and Administrative Expenses	****	19,512		20,713		(1,201	)
Other Ordinary Expenses	****	908		6,324		(5,416	)
Ordinary Profits	****	8,140		7,766		373
Extraordinary Gains	****	1,599		—		1,599
Extraordinary Losses	****	14		50		(35	)
Income before Income Taxes	****	9,726		7,716		2,009
Income Taxes:
Current	****	630		1,060		(429	)
Deferred	****	2,240		1,301		938
Net Income	¥	6,855	¥	5,354	¥	1,500

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS(selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of<br>June 30,<br>2021 (A)			As of<br>March 31,<br>2021 (B)			Change<br>(A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	505,936	****	¥	369,894		¥	136,041
Cash Segregated as Deposits for Customers and Others	****	529,390	****		554,281			(24,890	)
Trading Assets	****	7,496,759	****		6,222,426			1,274,333
Operating Investment Securities	****	35,697	****		34,338			1,359
Receivables Related to Margin Transactions	****	37,709	****		32,553			5,155
Collateralized Short-Term Financing Agreements-Receivable	****	3,992,975	****		4,520,477			(527,502	)
Advances Paid	****	285	****		441			(155	)
Securities: Fail to Deliver	****	—	****		15,265			(15,265	)
Short-Term Loans Receivable	****	41,176	****		36,085			5,091
Other Current Assets	****	470,444	****		461,711			8,733
Less: Allowance for Doubtful Accounts	****	(271	)		(276	)		5
Noncurrent Assets
Property and Equipment	****	19,097	****		19,775			(678	)
Intangible Assets	****	64,920	****		66,544			(1,623	)
Investments and Other Assets	****	309,557	****		314,486			(4,928	)
Total Assets	¥	13,503,679	****	¥	12,648,003		¥	855,675
Liabilities
Current Liabilities
Trading Liabilities	¥	4,552,016	****	¥	4,765,362		¥	(213,346	)
Payables - Unsettled Trades	****	219,014	****		253,734			(34,719	)
Payables Related to Margin Transactions	****	42,162	****		39,793			2,369
Collateralized Short-Term Financing Agreements-Payable	****	4,610,553	****		3,510,972			1,099,580
Deposits Received	****	506,425	****		444,112			62,313
Guarantee Deposits Received	****	388,508	****		417,142			(28,633	)
Securities: Fail to Receive	****	4,320	****		2,854			1,466
Short-Term Borrowings	****	833,269	****		806,728			26,541
Commercial Paper	****	460,500	****		423,500			37,000
Bonds and Notes Due within One Year	****	137,303	****		127,648			9,655
Income Taxes Payable	****	1,079	****		11,565			(10,485	)
Accrued Employees’ Bonuses	****	6,856	****		25,365			(18,509	)
Provision for Variable Compensation	****	927	****		788			138
Other Current Liabilities	****	30,618	****		50,122			(19,504	)
Noncurrent Liabilities
Bonds and Notes	****	628,722	****		623,175			5,546
Long-Term Borrowings	****	516,400	****		150,400			366,000
Provision for Retirement Benefits	****	21,247	****		21,216			31
Reserve for Loss of Transfer	****	3,929	****		4,194			(265	)
Other Noncurrent Liabilities	****	3,024	****		3,132			(108	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities	****	3,127	****		3,135			(7	)
Total Liabilities	****	12,970,008	****		11,684,945			1,285,063
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	****	382,177	****		440,661			(58,484	)
Other Retained Earnings	****	382,177	****		440,661			(58,484	)
Retained Earnings Brought Forward		382,177			440,661			(58,484	)
Treasury shares	****	(369,999	)		—			(369,999	)
Total Shareholders’ Equity	****	518,993	****		947,478			(428,484	)
Net Unrealized Gains on (Operating) Investment Securities, net of Tax	****	24,439	****		25,339			(900	)
Net Deferred Gains or Losses on Hedges, net of Tax	****	(9,762	)		(9,759	)		(2	)
Total Valuation and Translation Adjustments	****	14,676	****		15,580			(903	)
Total Net Assets	****	533,670	****		963,058			(429,387	)
Total Liabilities and Net Assets	¥	13,503,679	****	¥	12,648,003		¥	855,675

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OFINCOME (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	For the three months<br>ended June 30, 2021<br>(A)			For the three months<br>ended June 30, 2020<br>(B)			Change<br>(A) - (B)
Operating Revenues	¥	92,363	****	¥	83,434		¥	8,929
Commissions	****	46,903	****		39,308			7,594
Net Gain on Trading	****	31,969	****		28,761			3,207
Net Gain on Operating Investment Securities	****	22	****		305			(282	)
Interest and Dividend Income	****	13,468	****		15,058			(1,589	)
Interest Expenses	****	8,981	****		11,666			(2,684	)
Net Operating Revenues	****	83,382	****		71,768			11,614
Selling, General and Administrative Expenses	****	62,203	****		58,966			3,237
Transaction-Related Expenses	****	17,702	****		15,512			2,189
Personnel Expenses	****	23,157	****		21,778			1,378
Real Estate Expenses	****	5,126	****		5,225			(98	)
Administrative Expenses	****	9,460	****		9,524			(64	)
Depreciation and Amortization	****	4,781	****		5,045			(264	)
Taxes and Dues	****	1,278	****		1,237			41
Provision of Allowance for Doubtful Accounts	****	(15	)		(3	)		(11	)
Other	****	711	****		645			65
Operating Income	****	21,179	****		12,801			8,377
Non-Operating Income	****	1,271	****		2,632			(1,360	)
Non-Operating Expenses	****	3	****		32			(29	)
Ordinary Income	****	22,447	****		15,401			7,046
Extraordinary Gain	****	30	****		6,655			(6,624	)
Extraordinary Loss	****	972	****		740			231
Income before Income Taxes	****	21,505	****		21,315			189
Income Taxes:
Current	****	423	****		136			286
Deferred	****	3,999	****		3,591			408
Net Income	¥	17,081	****	¥	17,587		¥	(505	)

2-16