Edgar Filing: MIZUHO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2018

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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date: November 14, 2018

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya
Name:		Makoto Umemiya
Title:		Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2018

(Six months ended September 30, 2018)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2018



Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Masahiro Kosugi	Executive Officer, General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 28, 2018	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 6, 2018
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 2018 (for the six months ended September 30, 2018)

(1) Consolidated Results of Operations


	(%: Changes from the previous first half)
	Ordinary Income				Ordinary Profits				Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%		¥ million		%
1H F2018		1,994,087		12.9		466,912		8.2		359,360		13.4
1H F2017		1,764,841		12.8		431,306		2.4		316,645		(11.5	)


Note:		Comprehensive Income: 1H F2018: ¥235,972 million, (45.3)%; 1H F2017: ¥431,894 million, 116.1%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2018		14.16		14.16
1H F2017		12.48		12.47

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2018		207,560,759		9,672,610		4.4
Fiscal 2017		205,028,300		9,821,246		4.4


Reference:		Own Capital: As of September 30, 2018: ¥9,197,389 million; As of March 31, 2018: ¥9,065,843 million

Note:

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets ×100

Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2017		—		3.75		—		3.75		7.50
Fiscal 2018		—		3.75
Fiscal 2018 (estimate)						—		3.75		7.50


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

3. Consolidated Earnings Estimates for Fiscal 2018 (for the fiscal year ending March 31, 2019)


	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
	¥ million		%			¥
Fiscal 2018		570,000		(1.1	)		22.47


Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2018: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of shares during 1H and the number of outstanding shares as of September 30, 2018 (which is used as a proxy for the average number of 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

① Changes in accounting policies due to revisions of accounting standards, etc. : No

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No

(3) Issued Shares of Common Stock

① Period-end issued shares (including treasury stock):

As of September 30, 2018

25,392,498,945 shares

As of March 31, 2018

25,389,644,945 shares

② Period-end treasury stock:

As of September 30, 2018

34,314,755 shares

As of March 31, 2018

24,829,446 shares

③ Average outstanding shares:

1st Half Fiscal 2018

25,363,166,750 shares

1st Half Fiscal 2017

25,366,346,742 shares

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

This immediate release contains statements that constitute forward-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 of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions 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 our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives 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. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.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-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

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.	Interim Consolidated Financial Statements and Others	p.1-2
	(1) Consolidated Balance Sheets	p.1-2
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-4
	(3) Consolidated Statements of Changes in Net Assets	p.1-6
	(4) Note for Assumption of Going Concern	p.1-7
	øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2018

[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 November 20, 2018 (Tuesday). 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 HP immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2018			As of September 30, 2018
Assets
Cash and Due from Banks	¥	47,725,360		¥	46,579,445
Call Loans and Bills Purchased		715,149			336,548
Receivables under Resale Agreements		8,080,873			10,275,017
Guarantee Deposits Paid under Securities Borrowing Transactions		4,350,527			2,709,640
Other Debt Purchased		2,713,742			2,577,593
Trading Assets		10,507,133			12,274,307
Money Held in Trust		337,429			409,725
Securities		34,183,033			34,975,299
Loans and Bills Discounted		79,421,473			80,516,017
Foreign Exchange Assets		1,941,677			2,229,807
Derivatives other than for Trading Assets		1,807,999			1,428,605
Other Assets		4,588,484			4,342,091
Tangible Fixed Assets		1,111,128			1,093,635
Intangible Fixed Assets		1,092,708			1,074,255
Net Defined Benefit Asset		996,173			983,445
Deferred Tax Assets		47,839			42,924
Customers’ Liabilities for Acceptances and Guarantees		5,723,186			5,964,576
Reserves for Possible Losses on Loans		(315,621	)		(252,177	)

Total Assets	¥	205,028,300		¥	207,560,759

1-2

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2018			As of September 30, 2018
Liabilities
Deposits	¥	125,081,233		¥	120,819,088
Negotiable Certificates of Deposit		11,382,590			12,500,325
Call Money and Bills Sold		2,105,293			5,736,053
Payables under Repurchase Agreements		16,656,828			17,488,448
Guarantee Deposits Received under Securities Lending Transactions		1,566,833			1,838,150
Commercial Paper		710,391			683,390
Trading Liabilities		8,121,543			7,682,367
Borrowed Money		4,896,218			4,817,339
Foreign Exchange Liabilities		445,804			473,194
Short-term Bonds		362,185			303,302
Bonds and Notes		7,544,256			8,696,783
Due to Trust Accounts		4,733,131			4,725,740
Derivatives other than for Trading Liabilities		1,514,483			1,397,924
Other Liabilities		3,685,585			4,174,229
Reserve for Bonus Payments		66,872			49,284
Reserve for Variable Compensation		3,242			1,500
Net Defined Benefit Liability		58,890			59,466
Reserve for Director and Corporate Auditor Retirement Benefits		1,460			1,308
Reserve for Possible Losses on Sales of Loans		1,075			1,153
Reserve for Contingencies		5,622			4,750
Reserve for Reimbursement of Deposits		20,011			19,802
Reserve for Reimbursement of Debentures		30,760			28,197
Reserves under Special Laws		2,361			2,358
Deferred Tax Liabilities		421,002			353,680
Deferred Tax Liabilities for Revaluation Reserve for Land		66,186			65,732
Acceptances and Guarantees		5,723,186			5,964,576

Total Liabilities	¥	195,207,054		¥	197,888,149

Net Assets
Common Stock	¥	2,256,548		¥	2,256,767
Capital Surplus		1,134,922			1,138,434
Retained Earnings		4,002,835			4,268,037
Treasury Stock		(5,997	)		(7,888	)

Total Shareholders’ Equity		7,388,309			7,655,351

Net Unrealized Gains (Losses) on Other Securities		1,392,392			1,335,533
Deferred Gains or Losses on Hedges		(67,578	)		(123,418	)
Revaluation Reserve for Land		144,277			143,248
Foreign Currency Translation Adjustments		(85,094	)		(90,790	)
Remeasurements of Defined Benefit Plans		293,536			277,466

Total Accumulated Other Comprehensive Income		1,677,534			1,542,038

Stock Acquisition Rights		1,163			714
Non-Controlling Interests		754,239			474,506

Total Net Assets		9,821,246			9,672,610

Total Liabilities and Net Assets	¥	205,028,300		¥	207,560,759

1-3

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 ended September 30, 2017			For the six months ended September 30, 2018
Ordinary Income	¥	1,764,841		¥	1,994,087
Interest Income		797,177			994,826
Interest on Loans and Bills Discounted		494,710			604,086
Interest and Dividends on Securities		142,667			163,560
Fiduciary Income		27,690			28,023
Fee and Commission Income		344,211			366,778
Trading Income		130,953			156,449
Other Operating Income		177,376			178,133
Other Ordinary Income		287,431			269,875
Ordinary Expenses		1,333,535			1,527,175
Interest Expenses		389,759			586,633
Interest on Deposits		152,774			217,934
Fee and Commission Expenses		80,493			81,850
Other Operating Expenses		47,347			44,155
General and Administrative Expenses		733,194			717,467
Other Ordinary Expenses		82,740			97,067

Ordinary Profits		431,306			466,912

Extraordinary Gains		2,164			10,271
Extraordinary Losses		4,388			3,551

Income before Income Taxes		429,082			473,632

Income Taxes:
Current		107,634			116,078
Deferred		(12,364	)		(14,319	)

Total Income Taxes		95,270			101,759

Profit		333,812			371,872

Profit Attributable to Non-controlling Interests		17,166			12,511

Profit Attributable to Owners of Parent	¥	316,645		¥	359,360

1-4

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2017			For the six months ended September 30, 2018
Profit	¥	333,812		¥	371,872
Other Comprehensive Income		98,082			(135,899	)
Net Unrealized Gains (Losses) on Other Securities		118,017			(58,557	)
Deferred Gains or Losses on Hedges		(17,318	)		(55,862	)
Revaluation Reserve for Land		(2	)		—
Foreign Currency Translation Adjustments		(161	)		(3,401	)
Remeasurements of Defined Benefit Plans		8,116			(15,346	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(10,569	)		(2,732	)

Comprehensive Income		431,894			235,972

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		416,654			224,894
Comprehensive Income Attributable to Non-controlling Interests		15,240			11,078

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2017


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291
Changes during the period
Issuance of New Shares		273		273									546
Cash Dividends							(95,173	)					(95,173	)
Profit Attributable to Owners of Parent							316,645						316,645
Repurchase of Treasury Stock										(2,447	)		(2,447	)
Disposition of Treasury Stock				(43	)					821			778
Transfer from Revaluation Reserve for Land							788						788
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				122									122
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		273		352			222,260			(1,625	)		221,260

Balance as of the end of the period		2,256,548		1,134,768			3,837,710			(6,475	)		7,222,552


	Accumulated Other Comprehensive Income															Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		1,289,985		10,172			145,609			(69,657	)		144,866		1,520,976		1,754			749,339		9,273,361
Changes during the period
Issuance of New Shares																						546
Cash Dividends																						(95,173	)
Profit Attributable to Owners of Parent																						316,645
Repurchase of Treasury Stock																						(2,447	)
Disposition of Treasury Stock																						778
Transfer from Revaluation Reserve for Land																						788
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																						122
Net Changes in Items other than Shareholders’ Equity		119,780		(17,886	)		(791	)		(5,922	)		4,039		99,220		(580	)		487		99,127
Total Changes during the period		119,780		(17,886	)		(791	)		(5,922	)		4,039		99,220		(580	)		487		320,388

Balance as of the end of the period		1,409,766		(7,714	)		144,817			(75,579	)		148,906		1,620,196		1,173			749,827		9,593,750

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 2018


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309
Changes during the period
Issuance of New Shares		218		218									437
Cash Dividends							(95,186	)					(95,186	)
Profit Attributable to Owners of Parent							359,360						359,360
Repurchase of Treasury Stock										(2,856	)		(2,856	)
Disposition of Treasury Stock				(15	)					965			950
Transfer from Revaluation Reserve for Land							1,028						1,028
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				3,307									3,307
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		218		3,511			265,202			(1,891	)		267,041

Balance as of the end of the period		2,256,767		1,138,434			4,268,037			(7,888	)		7,655,351


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,392,392			(67,578	)		144,277			(85,094	)		293,536			1,677,534			1,163			754,239			9,821,246
Changes during the period
Issuance of New Shares																										437
Cash Dividends																										(95,186	)
Profit Attributable to Owners of Parent																										359,360
Repurchase of Treasury Stock																										(2,856	)
Disposition of Treasury Stock																										950
Transfer from Revaluation Reserve for Land																										1,028
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										3,307
Net Changes in Items other than Shareholders’ Equity		(56,859	)		(55,840	)		(1,028	)		(5,696	)		(16,070	)		(135,495	)		(449	)		(279,732	)		(415,678	)
Total Changes during the period		(56,859	)		(55,840	)		(1,028	)		(5,696	)		(16,070	)		(135,495	)		(449	)		(279,732	)		(148,636	)

Balance as of the end of the period		1,335,533			(123,418	)		143,248			(90,790	)		277,466			1,542,038			714			474,506			9,672,610

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2018

(Six months ended September 30, 2018)

<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 2018

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

2-7

5. Unrealized Gains/Losses on Securities

CON

NON

2-9

6. Projected Redemption Amounts for Securities

NON

2-11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2-12

8. Employee Retirement Benefits

NON

CON

2-13

9. Capital Ratio

CON

NON

2-15

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-16

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-18

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

CON

NON

2-19

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)

CON

NON

2-20

5. Coverage on Disclosed Claims under the FRA

NON

2-22

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

NON

2-24

7. Results of Removal of NPLs from the Balance Sheet

NON

2-25

8. Status of Loans by Industry

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

NON

2-26

(2) Disclosed Claims under the FRA and Coverage Ratio by Industry

NON

2-28

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

(1) Balance of Housing and Consumer Loans

NON

2-29

(2) Loans to SMEs and Individual Customers

NON

2-29

10. Status of Loans by Region

NON

2-30

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-33

2. Number of Directors and Employees

2-34

3. Number of Offices

2-34

4. Earnings Plan for Fiscal 2018

CON

NON

2-35

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-36

Comparison of Non-Consolidated Statements of Income (selected items)

2-37

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-38

Comparison of Non-Consolidated Statements of Income (selected items)

2-39

Statement of Trust Assets and Liabilities

2-40

Comparison of Balances of Principal Items

2-41

Mizuho Securities Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-42

Comparison of Non-Consolidated Statements of Income (selected items)

2-43

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2018

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of Fiscal 2017
					Change			First Half of Fiscal 2017
Consolidated Gross Profits	1		1,011,571			51,761			959,809
Net Interest Income	2		408,193			774			407,418
Fiduciary Income	3		28,023			332			27,690
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		284,927			21,209			263,717
Net Trading Income	6		156,449			25,496			130,953
Net Other Operating Income	7		133,978			3,948			130,029
General and Administrative Expenses	8		(717,467	)		15,727			(733,194	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(20,812	)		(11,107	)		(9,704	)
Losses on Write-offs of Loans	10		*(17,942*	)		(8,197	)		(9,744	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		50,609			(87,164	)		137,773
Net Gains (Losses) related to Stocks	12		149,981			42,054			107,926
Equity in Income from Investments in Affiliates	13		19,397			8,843			10,553
Other	14		(26,368	)		15,490			(41,858	)

Ordinary Profits	15		466,912			35,606			431,306

Net Extraordinary Gains (Losses)	16		6,719			8,943			(2,223	)
Income before Income Taxes	17		473,632			44,549			429,082
Income Taxes—Current	18		(116,078	)		(8,444	)		(107,634	)
—Deferred	19		14,319			1,954			12,364
Profit	20		371,872			38,060			333,812
Profit Attributable to Non-controlling Interests	21		(12,511	)		4,654			(17,166	)

Profit Attributable to Owners of Parent	22		359,360			42,715			316,645


Credit-related Costs (including Credit Costs for Trust Accounts)	23		29,797			(98,271	)		128,068

* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	24		291,036			49,387			241,649

* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	25		125			(5	)		130
Number of affiliates under the equity method	26		19			—			19

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2018												First Half
		MHBK			MHTB			Aggregate Figures			Change			of Fiscal 2017
Gross Profits	1		637,022			58,282			695,305			35,124			660,181
Domestic Gross Profits	2		361,024			57,358			418,382			(7,754	)		426,137
Net Interest Income	3		237,317			12,153			249,471			(4,320	)		253,792
Fiduciary Income	4					27,593			27,593			(22	)		27,616
Trust Fees for Jointly Operated Designated Money Trust	5					*1,915*			*1,915*			190			1,724
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		108,914			13,679			122,593			13,662			108,930
Net Trading Income	8		2,759			1,077			3,836			(8,807	)		12,644
Net Other Operating Income	9		12,033			2,853			14,886			(8,265	)		23,152
International Gross Profits	10		275,998			924			276,922			42,878			234,044
Net Interest Income	11		109,616			1,535			111,152			5,354			105,798
Net Fee and Commission Income	12		66,778			(375	)		66,402			9,931			56,470
Net Trading Income	13		26,419			(62	)		26,356			13,876			12,480
Net Other Operating Income	14		73,184			(173	)		73,010			13,716			59,294
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(435,555	)		(41,223	)		(476,778	)		2,665			(479,444	)
Expense Ratio	16		*68.3*	%		*70.7*	%		*68.5*	%		(4.0	%)		72.6	%
Personnel Expenses	17		(170,034	)		(19,886	)		(189,920	)		2,764			(192,684	)
Non-Personnel Expenses	18		(237,584	)		(19,655	)		(257,240	)		71			(257,311	)
Premium for Deposit Insurance	19		*(15,307*	)		*(652*	)		*(15,959*	)		493			(16,453	)
Miscellaneous Taxes	20		(27,936	)		(1,681	)		(29,618	)		(170	)		(29,447	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		201,467			17,059			218,526			37,789			180,736

Excluding Net Gains (Losses) related to Bonds	22		*176,033*			*14,391*			*190,424*			44,460			145,964

Reversal of (Provision for) General Reserve for Losses on Loans	23		—			(43	)		(43	)		(43	)		—

Net Business Profits	24		201,467			17,016			218,483			37,746			180,736

Net Gains (Losses) related to Bonds	25		*25,433*			*2,668*			*28,101*			(6,670	)		34,772

Net Non-Recurring Gains (Losses)	26		138,305			11,012			149,318			(27,976	)		177,294
Net Gains (Losses) related to Stocks	27		126,153			12,151			138,304			28,193			110,111
Expenses related to Portfolio Problems	28		(19,305	)		32			(19,272	)		(11,073	)		(8,199	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		49,961			—			49,961			(81,743	)		131,705
Other	30		(18,505	)		(1,171	)		(19,676	)		36,646			(56,322	)

Ordinary Profits	31		339,772			28,028			367,801			9,770			358,031

Net Extraordinary Gains (Losses)	32		6,903			(30	)		6,872			6,958			(86	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*1,818*			*(21*	)		*1,796*			2,471			(675	)
Losses on Impairment of Fixed Assets	34		*(2,363*	)		(9	)		*(2,372*	)		2			(2,375	)
Gains on Cancellation of Employee Retirement Benefit Trust	35		*7,448*			—			*7,448*			7,448			—
Income before Income Taxes	36		346,676			27,997			374,673			16,728			357,945
Income Taxes—Current	37		(93,968	)		(5,005	)		(98,974	)		(15,785	)		(83,188	)
—Deferred	38		(5,459	)		(2,445	)		(7,905	)		(11,498	)		3,592

Net Income	39		247,247			20,546			267,794			(10,555	)		278,349

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].
Credit-related Costs	40		30,656			(10	)		30,646			(92,859	)		123,506


* Credit-related Costs [40] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + Credit Costs for Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42		46,025			(43	)		45,982			(73,980	)		119,962
Losses on Write-offs of Loans	43		(12,036	)		—			(12,036	)		(9,383	)		(2,652	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(213	)		32			(180	)		(6,625	)		6,444
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		(4	)		—			(4	)		(5	)		1
Reversal of (Provision for) Reserve for Contingencies	46		56			—			56			7			48
Other (including Losses on Sales of Loans)	47		(3,171	)		—			(3,171	)		(2,873	)		(298	)
Total	48		30,656			(10	)		30,646			(92,859	)		123,506

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		(Millions of yen)
		First Half of Fiscal 2018
					Change			First Half of Fiscal 2017
Gross Profits	1		637,022			31,460			605,562
Domestic Gross Profits	2		361,024			(15,225	)		376,250
Net Interest Income	3		237,317			(4,674	)		241,992
Net Fee and Commission Income	4		108,914			10,675			98,238
Net Trading Income	5		2,759			(10,053	)		12,813
Net Other Operating Income	6		12,033			(11,172	)		23,205
International Gross Profits	7		275,998			46,686			229,312
Net Interest Income	8		109,616			6,532			103,084
Net Fee and Commission Income	9		66,778			9,880			56,897
Net Trading Income	10		26,419			14,605			11,813
Net Other Operating Income	11		73,184			15,667			57,516
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(435,555	)		2,848			(438,404	)
Expense Ratio	13		*68.3*	%		(4.0	%)		72.3	%
Personnel Expenses	14		(170,034	)		2,879			(172,913	)
Non-Personnel Expenses	15		(237,584	)		224			(237,809	)
Premium for Deposit Insurance	16		*(15,307*	)		459			(15,766	)
Miscellaneous Taxes	17		(27,936	)		(254	)		(27,682	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		201,467			34,309			167,157

Excluding Net Gains (Losses) related to Bonds	19		*176,033*			41,899			134,133

Reversal of (Provision for) General Reserve for Losses on Loans	20		—			—			—

Net Business Profits	21		201,467			34,309			167,157

Net Gains (Losses) related to Bonds	22		*25,433*			(7,590	)		33,023

Net Non-Recurring Gains (Losses)	23		138,305			(27,802	)		166,108
Net Gains (Losses) related to Stocks	24		126,153			26,805			99,348
Expenses related to Portfolio Problems	25		(19,305	)		(11,107	)		(8,197	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		49,961			(78,851	)		128,813
Other	27		(18,505	)		35,350			(53,855	)

Ordinary Profits	28		339,772			6,506			333,266

Net Extraordinary Gains (Losses)	29		6,903			6,980			(77	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*1,818*			2,484			(666	)
Losses on Impairment of Fixed Assets	31		*(2,363*	)		11			(2,375	)
Gains on Cancellation of Employee Retirement Benefit Trust	32		*7,448*			7,448			—
Income before Income Taxes	33		346,676			13,487			333,188
Income Taxes—Current	34		(93,968	)		(16,821	)		(77,147	)
—Deferred	35		(5,459	)		(10,097	)		4,637

Net Income	36		247,247			(13,431	)		260,678


Credit-related Costs	37		30,656			(89,958	)		120,615


* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Losses on Loans [20] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [26]
(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	38		46,025			(71,112	)		117,138
Losses on Write-offs of Loans	39		(12,036	)		(9,385	)		(2,651	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40		(213	)		(6,589	)		6,376
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41		(4	)		(5	)		1
Reversal of (Provision for) Reserve for Contingencies	42		56			7			48
Other (including Losses on Sales of Loans)	43		(3,171	)		(2,873	)		(298	)
Total	44		30,656			(89,958	)		120,615

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of Fiscal 2017
					Change			First Half of Fiscal 2017
Gross Profits	1		58,282			3,663			54,618
Domestic Gross Profits	2		57,358			7,471			49,886
Net Interest Income	3		12,153			354			11,799
Fiduciary Income	4		27,593			(22	)		27,616
Trust Fees for Jointly Operated Designated Money Trust	5		1,915			190			1,724
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		13,679			2,987			10,691
Net Trading Income	8		1,077			1,245			(168	)
Net Other Operating Income	9		2,853			2,906			(52	)
International Gross Profits	10		924			(3,807	)		4,731
Net Interest Income	11		1,535			(1,178	)		2,714
Net Fee and Commission Income	12		(375	)		51			(427	)
Net Trading Income	13		(62	)		(729	)		666
Net Other Operating Income	14		(173	)		(1,951	)		1,777
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(41,223	)		(183	)		(41,040	)
Expense Ratio	16		*70.7*	%		(4.4	%)		75.1	%
Personnel Expenses	17		(19,886	)		(114	)		(19,771	)
Non-Personnel Expenses	18		(19,655	)		(152	)		(19,502	)
Premium for Deposit Insurance	19		*(652*	)		34			(686	)
Miscellaneous Taxes	20		(1,681	)		84			(1,765	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		17,059			3,480			13,578

Excluding Net Gains (Losses) related to Bonds	22		*14,391*			2,560			11,830

Reversal of (Provision for) General Reserve for Losses on Loans	23		(43	)		(43	)		—

Net Business Profits	24		17,016			3,437			13,578

Net Gains (Losses) related to Bonds	25		*2,668*			919			1,748

Net Non-Recurring Gains (Losses)	26		11,012			(173	)		11,186
Net Gains (Losses) related to Stocks	27		12,151			1,388			10,762
Expenses related to Portfolio Problems	28		32			33			(1	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		—			(2,892	)		2,892
Other	30		(1,171	)		1,296			(2,467	)

Ordinary Profits	31		28,028			3,263			24,765

Net Extraordinary Gains (Losses)	32		(30	)		(22	)		(8	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(21*	)		(13	)		(8	)
Losses on Impairment of Fixed Assets	34		(9	)		(9	)		—
Income before Income Taxes	35		27,997			3,241			24,756
Income Taxes—Current	36		(5,005	)		1,035			(6,041	)
—Deferred	37		(2,445	)		(1,401	)		(1,044	)

Net Income	38		20,546			2,875			17,670

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].

Credit-related Costs	39		(10	)		(2,901	)		2,890

* Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + Credit Costs for Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	41		(43	)		(2,867	)		2,824
Losses on Write-offs of Loans	42		—			1			(1	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		32			(35	)		67
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			(0	)		0
Reversal of (Provision for) Reserve for Contingencies	45		—			—			—
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		(10	)		(2,901	)		2,890

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
			First Half of Fiscal 2018						First Half of Fiscal 2017
Mizuho Bank						Change			First Half of Fiscal 2017
Return on Interest-Earning Assets		1		0.49			(0.03	)		0.52
Return on Loans and Bills Discounted *¹		2		0.80			(0.02	)		0.83
Return on Securities		3		0.54			0.08			0.46
Cost of Funding (including Expenses)		4		0.68			(0.04	)		0.72
Cost of Deposits (including Expenses)		5		0.70			(0.04	)		0.75
Cost of Deposits ²*		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.34			0.01			0.33

Net Interest Margin	(1)-(4)	8		(0.19	)		0.01			(0.20	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.10			0.02			0.07
Loan and Deposit Rate Margin	(2)-(6)	10		0.80			(0.01	)		0.82

1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include Negotiable Certificates of Deposit (“NCDs”). (Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.84			(0.03	)		0.88
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.13			0.01			0.12
Loan and Deposit Rate Margin	(11)-(6)	13		0.84			(0.03	)		0.87

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2018						First Half of Fiscal 2017
Mizuho Trust & Banking						Change			First Half of Fiscal 2017
Return on Interest-Earning Assets		14		0.51			0.01			0.50
Return on Loans and Bills Discounted *¹		15		0.62			(0.03	)		0.65
Return on Securities		16		1.40			0.37			1.02
Cost of Funding		17		0.08			(0.00	)		0.09
Cost of Deposits *²		18		0.02			0.00			0.02

Net Interest Margin	(14)-(17)	19		0.42			0.01			0.40
Loan and Deposit Rate Margin	(15)-(18)	20		0.59			(0.03	)		0.63

1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include NCDs. (Reference) After excluding loans to the Japanese government and others

Return on Loans and Bills Discounted		21		0.65			(0.03	)		0.69
Loan and Deposit Rate Margin	(21)-(18)	22		0.63			(0.03	)		0.67

(Reference)			*(%)*
			First Half of Fiscal 2018						First Half of Fiscal 2017
Aggregate Figures for the 2 Banks						Change			First Half of Fiscal 2017
Return on Loans and Bills Discounted *¹		23		0.79			(0.02	)		0.81
Cost of Deposits *²		24		0.00			(0.00	)		0.00

Loan and Deposit Rate Margin	(23)-(24)	25		0.79			(0.02	)		0.81
1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.83			(0.03	)		0.86
Loan and Deposit Rate Margin	(26)-(24)	27		0.82			(0.03	)		0.86

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2018

Change

First Half of Fiscal 2017

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

150,657,886

1.08

2,538,617

0.19

148,119,268

0.88

Loans and Bills Discounted

73,517,919

1.46

2,549,569

0.23

70,968,349

1.23

Securities

31,790,001

0.95

(381,287

)

0.11

32,171,288

0.83

Source of Funds

150,810,286

0.62

3,770,296

0.19

147,039,989

0.42

Deposits

113,461,404

0.35

3,089,590

0.10

110,371,813

0.24

NCDs

12,325,967

0.90

1,107,426

0.35

11,218,540

0.55

(Domestic Operations)

Use of Funds

105,503,723

0.49

3,644,114

(0.03

)

101,859,608

0.52

Loans and Bills Discounted

46,689,350

0.79

421,377

(0.02

)

46,267,972

0.82

Securities

20,127,828

0.54

84,454

0.08

20,043,374

0.46

Source of Funds

104,750,906

0.04

3,902,283

(0.00

)

100,848,622

0.04

Deposits

89,136,171

0.00

3,788,987

(0.00

)

85,347,183

0.00

NCDs

6,156,976

0.00

391,964

0.00

5,765,012

0.00

(International Operations)

Use of Funds

49,193,431

2.29

506,048

0.63

48,687,383

1.66

Loans and Bills Discounted

26,828,568

2.64

2,128,191

0.64

24,700,377

2.00

Securities

11,662,173

1.65

(465,741

)

0.20

12,127,914

1.44

Source of Funds

50,098,648

1.81

1,479,558

0.57

48,619,089

1.24

Deposits

24,325,232

1.64

(699,396

)

0.57

25,024,629

1.06

NCDs

6,168,990

1.80

715,462

0.67

5,453,528

1.13

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2018

Change

First Half of Fiscal 2017

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,334,888

0.68

(24,392

)

0.03

6,359,280

0.65

Loans and Bills Discounted

3,407,553

0.78

73,414

0.02

3,334,138

0.76

Securities

951,371

1.49

(129,605

)

0.20

1,080,977

1.28

Source of Funds

6,829,682

0.23

245,352

0.04

6,584,330

0.18

Deposits

3,530,796

0.03

147,045

0.00

3,383,751

0.02

NCDs

394,263

0.01

105,322

(0.00

)

288,941

0.01

(Domestic Operations)

Use of Funds

5,805,230

0.51

4,106

0.01

5,801,123

0.50

Loans and Bills Discounted

3,157,425

0.62

72,319

(0.03

)

3,085,105

0.65

Securities

605,558

1.40

(114,750

)

0.37

720,309

1.02

Source of Funds

6,287,394

0.08

271,815

(0.00

)

6,015,578

0.09

Deposits

3,516,820

0.02

143,650

0.00

3,373,169

0.02

NCDs

394,263

0.01

105,322

(0.00

)

288,941

0.01

(International Operations)

Use of Funds

619,219

2.17

(21,419

)

0.26

640,638

1.90

Loans and Bills Discounted

250,128

2.88

1,095

0.73

249,032

2.15

Securities

345,812

1.64

(14,855

)

(0.17

)

360,667

1.81

Source of Funds

631,849

1.64

(19,384

)

0.59

651,234

1.04

Deposits

13,976

1.71

3,394

0.77

10,581

0.94

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Bonds		27,111			(8,494	)		35,606
Gains on Sales and Others		47,942			(8,935	)		56,877
Losses on Sales and Others		(17,778	)		1,940			(19,718	)
Impairment (Devaluation)		(960	)		887			(1,847	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,092	)		(2,387	)		294

	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Stocks		149,981			42,054			107,926
Gains on Sales		181,076			57,679			123,397
Losses on Sales		(12,609	)		(6,176	)		(6,432	)
Impairment (Devaluation)		(1,171	)		(582	)		(589	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(17,314	)		(8,865	)		(8,448	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Bonds		28,101			(6,670	)		34,772
Gains on Sales and Others		49,065			(6,940	)		56,005
Losses on Sales and Others		(17,911	)		2,768			(20,680	)
Impairment (Devaluation)		(960	)		(112	)		(847	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,092	)		(2,387	)		294

	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Stocks		138,304			28,193			110,111
Gains on Sales		168,206			43,491			124,714
Losses on Sales		(12,078	)		(6,265	)		(5,813	)
Impairment (Devaluation)		(515	)		(175	)		(340	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		7			7			—
Gains (Losses) on Derivatives other than for Trading		(17,314	)		(8,865	)		(8,448	)

2-7

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Bonds		25,433			(7,590	)		33,023
Gains on Sales and Others		44,918			(7,507	)		52,426
Losses on Sales and Others		(16,798	)		2,270			(19,068	)
Impairment (Devaluation)		(960	)		(112	)		(847	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,726	)		(2,240	)		514

	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Stocks		126,153			26,805			99,348
Gains on Sales		153,548			40,007			113,540
Losses on Sales		(11,253	)		(5,561	)		(5,691	)
Impairment (Devaluation)		(515	)		(233	)		(282	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		7			7			—
Gains (Losses) on Derivatives other than for Trading		(15,633	)		(7,415	)		(8,217	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Bonds		2,668			919			1,748
Gains on Sales and Others		4,147			567			3,579
Losses on Sales and Others		(1,112	)		498			(1,611	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(366	)		(146	)		(219	)

	First Half of Fiscal 2018						First Half of Fiscal 2017
				Change			First Half of Fiscal 2017
Net Gains (Losses) related to Stocks		12,151			1,388			10,762
Gains on Sales		14,657			3,483			11,174
Losses on Sales		(825	)		(703	)		(122	)
Impairment (Devaluation)		—			58			(58	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,680	)		(1,449	)		(230	)

2-8

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2018

As of March 31, 2018

Book Value
(=Fair Value)

Unrealized Gains/Losses

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

32,722,033

1,871,505

2,246,881

375,376

31,581,138

1,954,226

2,258,682

304,455

Japanese Stocks

3,517,236

2,015,943

2,053,623

37,680

3,582,240

2,017,372

2,050,964

33,592

Japanese Bonds

16,704,787

(26,747

)

22,165

48,913

16,535,604

5,411

37,822

32,411

Japanese Government Bonds

13,450,424

(20,591

)

1,501

22,093

13,332,094

616

10,257

9,640

Other

12,500,008

(117,689

)

171,092

288,782

11,463,293

(68,557

)

169,894

238,451

Foreign Bonds

9,402,522

(223,099

)

6,541

229,641

8,329,141

(166,095

)

11,647

177,743

*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value, at the consolidated balance sheet date.

*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.

Unrealized Gains/Losses include ¥26,133 million and ¥28,273 million, which were recognized in the statement of income for September 30, 2018 and March 31, 2018, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2018 and March 31, 2018 are ¥1,845,372 million and ¥1,925,952 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2018 and March 31, 2018 are ¥1,335,533 million and ¥1,392,392 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2018

As of March 31, 2018

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

2,135,128

(2,852

)

19,417

22,269

2,515,830

6,016

24,472

18,455

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2018

As of March 31, 2018

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

(=Fair Value)

Gains

Losses

(=Fair Value)

Gains

Losses

Other Securities

31,649,106

1,677,558

2,055,359

377,801

30,460,639

1,742,560

2,048,445

305,884

Japanese Stocks

3,427,438

1,932,604

1,973,532

40,928

3,487,425

1,929,319

1,966,186

36,866

Japanese Bonds

16,362,390

(26,638

)

22,150

48,788

16,248,134

5,544

37,804

32,260

Japanese Government Bonds

13,428,932

(20,599

)

1,492

22,091

13,309,191

611

10,246

9,634

Other

11,859,277

(228,406

)

59,677

288,084

10,725,080

(192,303

)

44,454

236,757

Foreign Bonds

9,130,072

(223,313

)

5,666

228,980

8,029,279

(165,125

)

10,979

176,105

Mizuho Bank

Other Securities

30,717,282

1,557,461

1,921,033

363,571

29,418,125

1,617,868

1,909,248

291,380

Japanese Stocks

3,208,366

1,808,036

1,846,112

38,076

3,260,188

1,800,836

1,834,258

33,422

Japanese Bonds

16,067,054

(26,811

)

21,387

48,199

15,784,809

4,483

36,164

31,680

Japanese Government Bonds

13,223,662

(20,259

)

1,338

21,598

12,918,767

9,164

9,095

Other

11,441,861

(223,762

)

53,533

277,296

10,373,126

(187,451

)

38,825

226,276

Foreign Bonds

8,908,494

(213,782

)

5,666

219,448

7,870,983

(159,166

)

10,781

169,948

Mizuho Trust & Banking

Other Securities

931,823

120,096

134,325

14,229

1,042,514

124,692

139,196

14,504

Japanese Stocks

219,071

124,567

127,419

2,851

227,236

128,483

131,928

3,444

Japanese Bonds

295,336

172

762

589

463,324

1,060

1,639

579

Japanese Government Bonds

205,269

(340

)

153

493

390,424

542

1,081

539

Other

417,416

(4,644

)

6,143

10,787

351,953

(4,851

)

5,629

10,480

Foreign Bonds

221,578

(9,531

)

—

9,531

158,295

(5,959

)

198

6,157

*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Other Debt Purchased” are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value, at the balance sheet date.

*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.

Unrealized Gains/Losses include ¥26,133 million and ¥28,273 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2018 and March 31, 2018, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of September 30, 2018 and March 31, 2018 are ¥1,651,425 million and ¥1,714,286 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2018 and March 31, 2018 are as follows:


	*(Millions of yen)*
	As of September 30, 2018		As of March 31, 2018
Aggregate Figures		1,211,823		1,258,468
Mizuho Bank		1,115,927		1,159,210
Mizuho Trust & Banking		95,895		99,258

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2018									As of March 31, 2018
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		2,135,128		(2,852	)		19,417		22,269		2,515,830		6,016		24,472		18,455
Mizuho Bank		2,135,128		(2,852	)		19,417		22,269		2,515,830		6,016		24,472		18,455
Mizuho Trust & Banking		—		—			—		—		—		—		—		—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	As of September 30, 2018									As of March 31, 2018
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		108,663		196,385			198,656		2,271		108,663		216,069		218,407		2,338
Mizuho Bank		108,663		196,385			198,656		2,271		108,663		216,069		218,407		2,338
Mizuho Trust & Banking		—		—			—		—		—		—		—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

(Millions of yen)

As of September 30, 2018

As of
March 31, 2018

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,845,372

(80,580

)

1,925,952

Japanese Stocks

1,972,572

(11,699

)

1,984,272

Japanese Bonds

(26,747

)

(32,159

)

5,411

Japanese Government Bonds

(20,591

)

(21,208

)

616

Other

(100,452

)

(36,721

)

(63,731

)

Foreign Bonds

(205,861

)

(44,592

)

(161,269

)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2018

As of
March 31, 2018

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,651,425

(62,861

)

1,714,286

Japanese Stocks

1,889,233

(6,986

)

1,896,219

Japanese Bonds

(26,638

)

(32,182

)

5,544

Japanese Government Bonds

(20,599

)

(21,211

)

611

Other

(211,169

)

(23,692

)

(187,477

)

Foreign Bonds

(206,076

)

(45,776

)

(160,299

)

2-10

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:

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2018								Change												Maturity as of March 31, 2018
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		9,707.2		5,411.4		1,706.0		1,081.2		2,168.2			(1,502.1	)		(1,025.2	)		186.1			7,539.0		6,913.5		2,731.3		895.0
Japanese Government Bonds		9,305.9		4,187.3		1,193.9		290.0		2,207.2			(1,540.9	)		(1,036.1	)		190.0			7,098.6		5,728.2		2,230.0		100.0
Japanese Local Government Bonds		22.4		104.9		61.5		4.8		(9.5	)		(12.8	)		(19.5	)		0.4			31.9		117.7		81.1		4.4
Japanese Corporate Bonds		378.8		1,119.1		450.5		786.4		(29.5	)		51.5			30.3			(4.2	)		408.3		1,067.6		420.1		790.6
Other		3,183.5		2,381.9		2,276.2		2,447.4		289.4			506.1			282.5			171.8			2,894.1		1,875.8		1,993.6		2,275.6

Mizuho Bank
Japanese Bonds		9,599.6		5,277.0		1,653.4		1,081.2		2,210.9			(1,375.6	)		(1,031.0	)		186.1			7,388.6		6,652.7		2,684.5		895.0
Japanese Government Bonds		9,200.9		4,107.3		1,173.9		290.0		2,251.8			(1,404.9	)		(1,036.1	)		190.0			6,949.0		5,512.2		2,210.0		100.0
Japanese Local Government Bonds		22.2		103.6		61.5		4.8		(9.5	)		(12.5	)		(19.5	)		0.4			31.7		116.2		81.1		4.4
Japanese Corporate Bonds		376.5		1,066.0		418.0		786.4		(31.3	)		41.8			24.6			(4.2	)		407.8		1,024.2		393.3		790.6
Other		3,182.2		2,363.8		2,113.4		2,391.3		289.9			505.2			236.2			152.2			2,892.3		1,858.6		1,877.1		2,239.0

Mizuho Trust & Banking
Japanese Bonds		107.6		134.3		52.5		—		(42.7	)		(126.4	)		5.7			—			150.3		260.8		46.8		—
Japanese Government Bonds		105.0		80.0		20.0		—		(44.6	)		(136.0	)		—			—			149.6		216.0		20.0		—
Japanese Local Government Bonds		0.2		1.2		—		—		0.0			(0.2	)		—			—			0.1		1.4		—		—
Japanese Corporate Bonds		2.3		53.1		32.5		—		1.7			9.7			5.7			—			0.5		43.3		26.8		—
Other		1.3		18.0		162.7		56.0		(0.5	)		0.8			46.2			19.5			1.8		17.1		116.4		36.5

2-11

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 Contractual Term

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2018								Change												As of March 31, 2018
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years			Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		4,293.0		10,945.1		9,529.2		24,767.4		(189.7	)		(234.6	)		(59.4	)		(483.8	)		4,482.8		11,179.7		9,588.6		25,251.2
Receive Float / Pay Fixed		174.2		1,911.2		5,357.8		7,443.3		(30.4	)		466.3			(273.5	)		162.3			204.7		1,444.8		5,631.4		7,281.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		4,467.3		12,856.3		14,887.0		32,210.8		(220.1	)		231.7			(333.0	)		(321.5	)		4,687.5		12,624.6		15,220.1		32,532.3

Mizuho Bank
Receive Fixed / Pay Float		4,293.0		10,945.1		9,529.2		24,767.4		(189.7	)		(234.6	)		(59.4	)		(483.8	)		4,482.8		11,179.7		9,588.6		25,251.2
Receive Float / Pay Fixed		162.7		1,791.2		5,257.8		7,211.7		(5.5	)		516.3			(283.5	)		227.2			168.2		1,274.8		5,541.4		6,984.5
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		4,455.8		12,736.3		14,787.0		31,979.2		(195.2	)		281.7			(343.0	)		(256.6	)		4,651.0		12,454.6		15,130.1		32,235.8

Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Float / Pay Fixed		11.5		120.0		100.0		231.5		(24.8	)		(50.0	)		10.0			(64.8	)		36.4		170.0		90.0		296.4
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		11.5		120.0		100.0		231.5		(24.8	)		(50.0	)		10.0			(64.8	)		36.4		170.0		90.0		296.4

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2018						Change								As of March 31, 2018
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		744.9		931.6	(186.7	)		16.4			96.4		(80.0	)		728.5		835.1	(106.6	)
Mizuho Bank		655.5		845.1	(189.6	)		22.7			103.3		(80.6	)		632.8		741.8	(109.0	)
Mizuho Trust & Banking		89.3		86.4	2.8			(6.3	)		(6.8	)	0.5			95.6		93.3	2.3

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2018
					Change			First Half of Fiscal 2017
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,236,447			(1,793	)		1,238,241
Discount Rate (%)			0.02~0.98						0.02~1.09
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,166,064			188,036			1,978,028
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(422,570	)		(213,982	)		(208,588	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		507,046			(24,152	)		531,198
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,089,411			(2,925	)		1,092,337
Discount Rate (%)			0.02~0.98						0.02~1.09
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,943,201			168,167			1,775,033
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(396,336	)		(195,607	)		(200,728	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		457,453			(24,514	)		481,968
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		147,036			1,132			145,904
Discount Rate (%)			0.02~0.98						0.02~1.09
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		222,863			19,868			202,994
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(26,234	)		(18,374	)		(7,859	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		49,592			361			49,230

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of
					Change			Fiscal 2017
Service Cost			(14,167	)		(429	)		(13,737	)
Interest Cost			(2,102	)		220			(2,323	)
Expected Return on Plan Assets			16,450			1,285			15,165
Accumulation (Amortization) of Unrecognized Actuarial Differences			15,606			26,322			(10,715	)
Gains on Cancellation of Employee Retirement Benefit Trust			7,448			7,448			—
Other			(1,119	)		(64	)		(1,055	)

Total			22,115			34,782			(12,666	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains. Mizuho Bank
		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of
					Change			Fiscal 2017
Service Cost			(12,054	)		(367	)		(11,687	)
Interest Cost			(1,850	)		196			(2,047	)
Expected Return on Plan Assets			14,709			930			13,779
Accumulation (Amortization) of Unrecognized Actuarial Differences			15,295			23,925			(8,629	)
Gains on Cancellation of Employee Retirement Benefit Trust			7,448			7,448			—
Other			(1,019	)		(77	)		(941	)

Total			22,529			32,055			(9,526	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains. Mizuho Trust & Banking
		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of
					Change			Fiscal 2017
Service Cost			(2,112	)		(62	)		(2,050	)
Interest Cost			(251	)		24			(276	)
Expected Return on Plan Assets			1,741			355			1,386
Accumulation (Amortization) of Unrecognized Actuarial Differences			310			2,397			(2,086	)
Other			(100	)		12			(113	)

Total			(413	)		2,726			(3,139	)

Consolidated Retirement Benefit Obligations
		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of
					Change			Fiscal 2017
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,441,383			8,012			1,433,371
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,378,667			202,769			2,175,897
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(418,093	)		(216,485	)		(201,608	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		996,173			198,411			797,762
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		58,890			3,653			55,236
Income (Expenses) related to Employee Retirement Benefits
		*(Millions of yen)*
		First Half of Fiscal 2018						First Half of
					Change			Fiscal 2017
Service Cost			(20,881	)		(769	)		(20,112	)
Interest Cost			(2,482	)		245			(2,728	)
Expected Return on Plan Assets			18,425			1,699			16,726
Accumulation (Amortization) of Unrecognized Actuarial Differences			15,043			26,579			(11,535	)
Gains on Cancellation of Employee Retirement Benefit Trust			7,448			7,448			—
Other			(3,606	)		125			(3,731	)

Total			13,946			35,327			(21,381	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2018 (Preliminary)				As of March 31, 2018
International Standard			Change		As of March 31, 2018
(1) Total Capital Ratio		18.61		0.37		18.24
(2) Tier 1 Capital Ratio		15.66		0.22		15.44
(3) Common Equity Tier 1 Capital Ratio		12.62		0.13		12.49
(4) Total Capital		11,214.0		353.6		10,860.4
(5) Tier 1 Capital		9,434.8		242.6		9,192.2
(6) Common Equity Tier 1 Capital		7,607.2		170.2		7,437.0
(7) Risk weighted Assets		60,240.0		711.0		59,528.9
(8) Total Required Capital (7)X8%		4,819.2		56.8		4,762.3

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30, 2018
(Preliminary)

As of
March 31,
2018

As of
September 30,
2018
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

18.82

0.30

18.52

18.97

(2) Tier 1 Capital Ratio

15.73

0.12

15.61

15.77

(3) Common Equity Tier 1 Capital Ratio

12.41

0.07

12.34

12.31

(4) Total Capital

10,331.2

449.8

9,881.4

10,006.5

(5) Tier 1 Capital

8,638.1

308.1

8,329.9

8,321.6

(6) Common Equity Tier 1 Capital

6,817.0

232.7

6,584.2

6,494.8

(7) Risk weighted Assets

54,892.3

1,556.2

53,336.1

52,746.8

(8) Total Required Capital (7)X8%

4,391.3

124.4

4,266.8

4,219.7

Mizuho Trust & Banking

Consolidated

Non-Consolidated

As of
September 30, 2018
(Preliminary)

As of
March 31,
2018

As of
September 30,
2018
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

21.46

1.18

20.28

21.45

(2) Tier 1 Capital Ratio

21.27

1.22

20.05

21.26

(3) Common Equity Tier 1 Capital Ratio

21.25

1.26

19.99

21.26

(4) Total Capital

527.2

21.9

505.2

524.2

(5) Tier 1 Capital

522.6

23.2

499.4

519.7

(6) Common Equity Tier 1 Capital

522.0

24.1

497.9

519.7

(7) Risk weighted Assets

2,456.2

(34.2

)

2,490.5

2,443.7

(8) Total Required Capital (7)X8%

196.4

(2.7

)

199.2

195.5

2-15

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, 2018										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		21,458		0.02		186			(0.00	)		21,271		0.02
Non-Accrual Delinquent Loans		297,276		0.36		(35,425	)		(0.04	)		332,702		0.41
Loans Past Due for 3 Months or More		905		0.00		288			0.00			617		0.00
Restructured Loans		207,697		0.25		(33,080	)		(0.04	)		240,777		0.30

Total		527,338		0.65		(68,030	)		(0.09	)		595,369		0.74

Total Loans		80,516,017		100.00		1,094,543						79,421,473		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		91,790				(248)						92,039

Trust Account
	As of September 30, 2018										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,816		26.53		(6	)		1.36			2,823		25.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,816		26.53		(6	)		1.36			2,823		25.16

Total Loans		10,617		100.00		(599	)					11,217		100.00


Consolidated + Trust Account
	As of September 30, 2018										As of March 31, 2018
			%		Change			%					%
Loans to Bankrupt Obligors		21,458		0.02		186			(0.00	)		21,271		0.02
Non-Accrual Delinquent Loans		300,093		0.37		(35,432	)		(0.04	)		335,525		0.42
Loans Past Due for 3 Months or More		905		0.00		288			0.00			617		0.00
Restructured Loans		207,697		0.25		(33,080	)		(0.04	)		240,777		0.30

Total		530,155		0.65		(68,037	)		(0.09	)		598,192		0.75

Total Loans		80,526,634		100.00		1,093,943						79,432,691		100.00

*	Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-16

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2018										As of March 31, 2018
(Banking Account + Trust Account)			%		Change			%					%

Loans to Bankrupt Obligors		18,167		0.02		(2,639	)		(0.00	)		20,806		0.02
Non-Accrual Delinquent Loans		277,206		0.35		(28,551	)		(0.05	)		305,757		0.41
Loans Past Due for 3 Months or More		905		0.00		287			0.00			617		0.00
Restructured Loans		168,442		0.21		(28,787	)		(0.04	)		197,229		0.26

Total		464,721		0.59		(59,689	)		(0.10	)		524,410		0.70

Total Loans		78,100,036		100.00		3,657,337						74,442,698		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		85,343				2,553						82,790
Mizuho Bank
Loans to Bankrupt Obligors		18,149		0.02		(2,637	)		(0.00	)		20,786		0.02
Non-Accrual Delinquent Loans		271,370		0.36		(28,261	)		(0.05	)		299,632		0.42
Loans Past Due for 3 Months or More		905		0.00		287			0.00			617		0.00
Restructured Loans		167,100		0.22		(29,105	)		(0.05	)		196,205		0.27

Total		457,524		0.61		(59,716	)		(0.11	)		517,241		0.72

Total Loans		74,743,694		100.00		3,745,963						70,997,730		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		84,749				2,555						82,194
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		17		0.00		(2	)		(0.00	)		20		0.00
Non-Accrual Delinquent Loans		3,018		0.09		(282	)		(0.00	)		3,301		0.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,342		0.04		317			0.01			1,024		0.02

Total		4,379		0.13		33			0.00			4,346		0.12

Total Loans		3,345,724		100.00		(88,026	)					3,433,750		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		594				(1	)					595
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,816		26.53		(6	)		1.36			2,823		25.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,816		26.53		(6	)		1.36			2,823		25.16

Total Loans		10,617		100.00		(599	)					11,217		100.00

*	Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-17

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Reserves for Possible Losses on Loans		252,177		(63,443	)		315,621
General Reserve for Possible Losses on Loans		141,841		(58,774	)		200,616
Specific Reserve for Possible Losses on Loans		110,330		(4,673	)		115,004
Reserve for Possible Losses on Loans to Restructuring Countries		5		4			1
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		96,924		(187	)		97,112

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Reserves for Possible Losses on Loans		199,793		(61,909	)		261,703
General Reserve for Possible Losses on Loans		108,981		(58,386	)		167,367
Specific Reserve for Possible Losses on Loans		90,806		(3,527	)		94,334
Reserve for Possible Losses on Loans to Restructuring Countries		5		4			1
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		90,061		2,655			87,405
Mizuho Bank
Reserves for Possible Losses on Loans		197,932		(61,920	)		259,853
General Reserve for Possible Losses on Loans		107,250		(58,429	)		165,679
Specific Reserve for Possible Losses on Loans		90,677		(3,494	)		94,172
Reserve for Possible Losses on Loans to Restructuring Countries		5		4			1
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		89,467		2,657			86,810
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		1,860		10			1,850
General Reserve for Possible Losses on Loans		1,731		43			1,688
Specific Reserve for Possible Losses on Loans		129		(32	)		161
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 in the table below.
Amount of Partial Direct Write-offs		594		(1	)		595

*	Reserve for Possible Losses on Entrusted Loans (¥32 million and ¥34 million for September 30, 2018 and March 31, 2018, respectively) is not included in the above figures for Trust Account.

2-18

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of September 30, 2018

As of
March 31, 2018

Change

Mizuho Financial Group

47.82

(5.19

)

53.01

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

Non-Consolidated

(%)

As of September 30, 2018

As of
March 31, 2018

Change

Total

43.25

(6.92

)

50.17

Mizuho Bank

43.26

(6.97

)

50.23

Mizuho Trust & Banking (Banking Account)

42.48

(0.08

)

42.56

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

2-19

Mizuho Financial Group, Inc.

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)

Consolidated


	*(Millions of yen)*
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		77,527		(9,852	)		87,380
Claims with Collection Risk		270,618		(21,105	)		291,723
Claims for Special Attention		208,603		(32,791	)		241,395
Total		556,749		(63,749	)		620,499
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		96,742		(152	)		96,894
Trust Account
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,816		(6	)		2,823
Claims for Special Attention		—		—			—
Total		2,816		(6	)		2,823
Consolidated + Trust Account
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		77,527		(9,852	)		87,380
Claims with Collection Risk		273,435		(21,111	)		294,547
Claims for Special Attention		208,603		(32,791	)		241,395
Total		559,566		(63,756	)		623,322

*	Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-20

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2018										As of March 31, 2018
(Banking Account + Trust Account)			%		Change			%					%

Claims against Bankrupt and Substantially Bankrupt Obligors		81,209		0.09		4,563			0.00			76,645		0.09
Claims with Collection Risk		267,693		0.30		(16,605	)		(0.03	)		284,299		0.33
Claims for Special Attention		169,347		0.19		(28,499	)		(0.04	)		197,847		0.23
Sub-total		518,251		0.58		(40,541	)		(0.07	)		558,792		0.66
Normal Claims		87,911,072		99.41		4,266,826			0.07			83,644,246		99.33
Total		88,429,324		100.00		4,226,285						84,203,038		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		90,061				2,655						87,405
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		80,709		0.09		4,932			0.00			75,776		0.09
Claims with Collection Risk		262,340		0.30		(16,681	)		(0.03	)		279,021		0.34
Claims for Special Attention		168,005		0.19		(28,817	)		(0.04	)		196,822		0.24
Sub-total		511,054		0.60		(40,566	)		(0.08	)		551,621		0.68
Normal Claims		84,523,690		99.39		4,340,179			0.08			80,183,510		99.31
Total		85,034,745		100.00		4,299,613						80,735,131		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		89,467				2,657						86,810
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		500		0.01		(368	)		(0.01	)		869		0.02
Claims with Collection Risk		2,536		0.07		81			0.00			2,454		0.07
Claims for Special Attention		1,342		0.03		317			0.01			1,024		0.02
Sub-total		4,379		0.12		31			0.00			4,348		0.12
Normal Claims		3,379,581		99.87		(72,759	)		(0.00	)		3,452,341		99.87
Total		3,383,961		100.00		(72,728	)					3,456,689		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		594				(1	)					595
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,816		26.53		(6	)		1.36			2,823		25.16
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,816		26.53		(6	)		1.36			2,823		25.16
Normal Claims		7,800		73.46		(593	)		(1.36	)		8,394		74.83
Total		10,617		100.00		(599	)					11,217		100.00
* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-21

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRA

Non-Consolidated

(1) Disclosed Claims under the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of September 30, 2018

Change

As of
March 31, 2018

Claims against Bankrupt and Substantially Bankrupt Obligors

81.2

4.5

76.6

Collateral, Guarantees, and equivalent

75.9

0.7

75.1

Reserve for Possible Losses

5.2

3.8

1.4

Claims with Collection Risk

264.8

(16.5

)

281.4

Collateral, Guarantees, and equivalent

135.0

(5.0

)

140.1

Reserve for Possible Losses

85.5

(7.3

)

92.8

Claims for Special Attention

169.3

(28.4

)

197.8

Collateral, Guarantees, and equivalent

56.9

5.5

51.4

Reserve for Possible Losses

22.4

(16.9

)

39.3

Total

515.4

(40.5

)

555.9

Collateral, Guarantees, and equivalent

267.9

1.1

266.7

Reserve for Possible Losses

113.2

(20.4

)

133.6

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

80.7

4.9

75.7

Collateral, Guarantees, and equivalent

75.4

1.0

74.3

Reserve for Possible Losses

5.2

3.8

1.3

Claims with Collection Risk

262.3

(16.6

)

279.0

Collateral, Guarantees, and equivalent

132.7

(5.1

)

137.8

Reserve for Possible Losses

85.3

(7.3

)

92.7

Claims for Special Attention

168.0

(28.8

)

196.8

Collateral, Guarantees, and equivalent

56.7

5.4

51.2

Reserve for Possible Losses

22.2

(16.9

)

39.1

Total

511.0

(40.5

)

551.6

Collateral, Guarantees, and equivalent

264.9

1.3

263.5

Reserve for Possible Losses

112.9

(20.4

)

133.3

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.5

(0.3

)

0.8

Collateral, Guarantees, and equivalent

0.5

(0.3

)

0.8

Reserve for Possible Losses

—

(0.0

)

0.0

Claims with Collection Risk

2.5

0.0

2.4

Collateral, Guarantees, and equivalent

2.2

0.0

2.2

Reserve for Possible Losses

0.1

0.0

0.1

Claims for Special Attention

1.3

0.3

1.0

Collateral, Guarantees, and equivalent

0.2

0.0

0.1

Reserve for Possible Losses

0.2

0.0

0.1

Total

4.3

0.0

4.3

Collateral, Guarantees, and equivalent

3.0

(0.2

)

3.2

Reserve for Possible Losses

0.3

0.0

0.3

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

*	Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2018
			Change			As of March 31, 2018
Coverage Amount		381.1		(19.2	)		400.4
Reserves for Possible Losses on Loans		113.2		(20.4	)		133.6
Collateral, Guarantees, and equivalent		267.9		1.1			266.7

	*(%)*
Coverage Ratio		74.0		1.9			72.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.2		0.4			82.7
Claims for Special Attention		46.8		0.9			45.9
Claims against Special Attention Obligors		*49.6*		(4.4	)		54.1

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.8		0.1			65.7
Claims for Special Attention		19.9		(6.9	)		26.8
Claims against Special Attention Obligors		*19.4*		(10.1	)		29.5

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		12.13		(7.10	)		19.23
Claims against Watch Obligors excluding Special Attention Obligors		2.19		(1.73	)		3.92
Claims against Normal Obligors		0.05		(0.00	)		0.05

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		377.8		(19.0	)		396.9
Reserves for Possible Losses on Loans		112.9		(20.4	)		133.3
Collateral, Guarantees, and equivalent		264.9		1.3			263.5

	*(%)*
Coverage Ratio		73.9		1.9			71.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.1		0.4			82.6
Claims for Special Attention		46.9		1.0			45.9
Claims against Special Attention Obligors		*49.7*		(4.4	)		54.1

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.8		0.1			65.7
Claims for Special Attention		19.9		(6.9	)		26.9
Claims against Special Attention Obligors		*19.4*		(10.1	)		29.6

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		12.13		(7.12	)		19.26
Claims against Watch Obligors excluding Special Attention Obligors		2.20		(1.74	)		3.94
Claims against Normal Obligors		0.05		(0.00	)		0.05

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		3.3		(0.1	)		3.5
Reserves for Possible Losses on Loans		0.3		0.0			0.3
Collateral, Guarantees, and equivalent		3.0		(0.2	)		3.2

	*(%)*
Coverage Ratio		76.6		(4.8	)		81.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		94.6		(0.4	)		95.0
Claims for Special Attention		34.0		0.5			33.5
Claims against Special Attention Obligors		*48.8*		5.5			43.2

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			100.0
Claims with Collection Risk		48.6		2.2			46.3
Claims for Special Attention		20.0		(0.0	)		20.1
Claims against Special Attention Obligors		*20.0*		(0.0	)		20.1

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		12.82		(1.46	)		14.28
Claims against Watch Obligors excluding Special Attention Obligors		1.06		0.09			0.96
Claims against Normal Obligors		0.03		(0.00	)		0.03

2-23

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:

Claims for Special Attention is denoted on an individual loans basis.

Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRA represents the amount of claims other than loans included in Disclosed Claims under the FRA.

2-24

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)

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


	*(Billions of yen)*
	Fiscal 2015		Fiscal 2016		Fiscal 2017		Fiscal 2018
	As of March 31, 2016		As of March 31, 2017		As of March 31, 2018		As of September 30, 2018
							MHBK		MHTB*		Aggregate Figures for the 2 Banks
							MHBK		MHTB*				Change from March 31, 2018
Claims against Bankrupt and Substantially Bankrupt Obligors		68.0		48.4		20.8		17.7		0.2		18.0		(2.8	)
Claims with Collection Risk		353.6		242.3		163.6		137.0		4.4		141.5		(22.1	)
Amount Categorized as above up to Fiscal 2015		421.7		290.8		184.4		154.8		4.7		159.5		(24.9	)
of which the amount which was in the process of being removed from the balance sheet		57.1		39.4		20.5		17.8		0.2		18.1		(2.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors				34.2		43.2		24.7		0.0		24.7		(18.5	)
Claims with Collection Risk				147.6		54.5		40.7		0.4		41.1		(13.4	)
Amount Newly Categorized as above during Fiscal 2016				181.9		97.8		65.4		0.4		65.8		(31.9	)
of which the amount which was in the process of being removed from the balance sheet				33.3		14.4		11.2		0.0		11.2		(3.1	)
Claims against Bankrupt and Substantially Bankrupt Obligors						12.4		8.0		0.1		8.2		(4.2	)
Claims with Collection Risk						66.1		43.2		0.2		43.4		(22.6	)
Amount Newly Categorized as above during Fiscal 2017						78.5		51.3		0.3		51.7		(26.8	)
of which the amount which was in the process of being removed from the balance sheet						12.2		7.8		0.1		8.0		(4.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors								30.1		0.0		30.2		30.2
Claims with Collection Risk								41.2		0.3		41.5		41.5
Amount Newly Categorized as above during the First Half of Fiscal 2018								71.4		0.3		71.7		71.7
of which the amount which was in the process of being removed from the balance sheet								30.1		0.0		30.2		30.2
Claims against Bankrupt and Substantially Bankrupt Obligors		68.0		82.7		76.6		80.7		0.5		81.2		4.5
Claims with Collection Risk		353.6		390.0		284.2		262.3		5.3		267.6		(16.6	)
Total		421.7		472.8		360.9		343.0		5.8		348.9		(12.0	)
of which the amount which was in the process of being removed from the balance sheet		57.1		72.7		47.2		67.0		0.5		67.6		20.3


*		Trust account denotes trust accounts with contracts indemnifying the principal amounts.


*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2018


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(1.7	)		(1.7	)		—
Restructuring		(2.9	)		(2.9	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(34.0	)		(34.0	)		—
Direct Write-off		13.9			13.9			—
Other		(59.0	)		(58.3	)		(0.6	)
Debt recovery		(30.7	)		(30.3	)		(0.3	)
Improvement in Business Performance		(28.2	)		(28.0	)		(0.2	)

Total		(83.8	)		(83.1	)		(0.6	)

2-25

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, 2018										As of March 31, 2018
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		56,226.4		444.1		497.4			(4.1	)		55,729.0		448.2
Manufacturing		8,332.1		98.9		299.4			(4.3	)		8,032.7		103.3
Agriculture & Forestry		40.8		0.1		2.6			(0.0	)		38.1		0.2
Fishery		2.1		0.0		(0.3	)		0.0			2.4		—
Mining, Quarrying Industry & Gravel Extraction Industry		192.6		0.0		(28.9	)		(1.6	)		221.5		1.6
Construction		613.6		5.1		(19.8	)		(0.3	)		633.5		5.5
Utilities		2,603.6		1.7		157.0			(0.1	)		2,446.5		1.9
Communication		1,367.5		15.3		(121.8	)		1.4			1,489.3		13.9
Transportation & Postal Industry		2,326.6		10.2		258.1			0.0			2,068.4		10.2
Wholesale & Retail		4,796.2		114.6		83.4			(6.1	)		4,712.8		120.8
Finance & Insurance		8,089.3		7.7		2.7			2.0			8,086.6		5.7
Real Estate		7,725.6		15.2		209.9			(8.3	)		7,515.6		23.5
Commodity Lease		2,303.2		1.9		154.6			0.8			2,148.5		1.0
Service Industries		2,835.1		61.0		96.9			9.2			2,738.1		51.8
Local Governments		790.4		2.8		(147.9	)		(0.0	)		938.3		2.8
Governments		1,808.4		—		(266.7	)		—			2,075.1		—
Other		12,398.6		108.9		(182.0	)		3.4			12,580.7		105.4
Overseas Total (including Loans Booked Offshore)		22,570.6		20.5		3,097.8			(55.5	)		19,472.7		76.1
Governments		590.5		—		332.1			—			258.3		—
Financial Institutions		7,215.7		—		896.4			—			6,319.3		—
Other		14,764.3		20.5		1,869.2			(55.5	)		12,895.1		76.1

Total		78,797.1		464.7		3,595.3			(59.6	)		75,201.7		524.4

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:

As of September 30, 2018: ¥916.7 billion (from MHBK)

As of March 31, 2018: ¥1,083.1 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.

*	As for Overseas Total (including Loans Booked Offshore), parts of Loans which have been included in Governments are included in Financial Institutions and Other.

2-26

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2018										As of March 31, 2018
					Change
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		52,174.9		436.9		647.9			(4.1	)		51,526.9		441.1
Manufacturing		7,860.3		98.4		294.7			(4.3	)		7,565.5		102.8
Agriculture & Forestry		40.8		0.1		2.6			(0.0	)		38.1		0.2
Fishery		2.1		0.0		(0.3	)		0.0			2.4		—
Mining, Quarrying Industry & Gravel Extraction Industry		190.1		0.0		(29.0	)		(1.6	)		219.2		1.6
Construction		577.4		4.9		(21.2	)		(0.3	)		598.7		5.3
Utilities		2,333.6		1.7		156.1			(0.1	)		2,177.4		1.9
Communication		1,248.8		15.3		(110.4	)		1.4			1,359.2		13.9
Transportation & Postal Industry		2,112.1		10.2		259.5			0.0			1,852.5		10.2
Wholesale & Retail		4,623.2		114.2		80.1			(6.4	)		4,543.0		120.6
Finance & Insurance		7,659.1		7.7		4.1			2.0			7,654.9		5.7
Real Estate		6,604.1		14.6		243.0			(8.0	)		6,361.1		22.7
Commodity Lease		2,040.1		1.9		148.6			0.8			1,891.4		1.0
Service Industries		2,780.1		60.9		98.3			9.2			2,681.8		51.7
Local Governments		781.0		—		(147.0	)		—			928.1		—
Governments		1,657.4		—		(207.6	)		—			1,865.0		—
Other		11,664.0		106.3		(123.7	)		3.4			11,787.8		102.8
Overseas Total (including Loans Booked Offshore)		22,568.7		20.5		3,097.9			(55.5	)		19,470.7		76.1
Governments		590.5		—		332.1			—			258.3		—
Financial Institutions		7,215.7		—		896.4			—			6,319.3		—
Other		14,762.4		20.5		1,869.3			(55.5	)		12,893.1		76.1

Total		74,743.6		457.5		3,745.9			(59.7	)		70,997.7		517.2

* As for Overseas Total (including Loans Booked Offshore), parts of Loans which have been included in Governments are included in Financial Institutions and Other. Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,051.5		7.1		(150.5	)		0.0			4,202.0		7.1
Manufacturing		471.7		0.5		4.6			(0.0	)		467.1		0.5
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.4		—		0.1			—			2.2		—
Construction		36.2		0.1		1.3			(0.0	)		34.8		0.1
Utilities		269.9		—		0.8			—			269.1		—
Communication		118.7		—		(11.3	)		—			130.0		—
Transportation & Postal Industry		214.5		—		(1.3	)		—			215.9		—
Wholesale & Retail		173.0		0.4		3.2			0.3			169.7		0.1
Finance & Insurance		430.2		—		(1.4	)		—			431.7		—
Real Estate		1,121.4		0.6		(33.0	)		(0.2	)		1,154.5		0.8
Commodity Lease		263.1		—		6.0			—			257.0		—
Service Industries		54.9		0.0		(1.3	)		—			56.3		0.0
Local Governments		9.3		2.8		(0.9	)		(0.0	)		10.2		2.8
Governments		151.0		—		(59.0	)		—			210.1		—
Other		734.6		2.5		(58.2	)		0.0			792.9		2.5
Overseas Total (including Loans Booked Offshore)		1.8		—		(0.0	)		—			1.9		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		1.8		—		(0.0	)		—			1.9		—

Total		4,053.4		7.1		(150.6	)		0.0			4,204.0		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.

2-27

Mizuho Financial Group, Inc.

(2) Disclosed Claims under 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, 2018										As of March 31, 2018
					Change
	Disclosed Claims under the FRA		Coverage Ratio		Disclosed Claims under the FRA			Coverage Ratio			Disclosed Claims under the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		476.0		72.3		11.9			0.9			464.0		71.4
Manufacturing		108.9		65.4		(4.9	)		0.3			113.9		65.0
Agriculture & Forestry		0.1		52.2		(0.0	)		(7.6	)		0.2		59.9
Fishery		0.0		100.0		0.0			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.5		100.0		(1.6	)		37.0			2.1		62.9
Construction		5.2		71.9		(0.2	)		(1.9	)		5.5		73.8
Utilities		1.7		63.5		(0.1	)		0.0			1.9		63.5
Communication		15.4		49.0		1.4			3.8			13.9		45.1
Transportation & Postal Industry		10.2		68.3		(0.0	)		3.3			10.2		65.0
Wholesale & Retail		118.4		61.4		(6.0	)		(0.1	)		124.5		61.6
Finance & Insurance		7.8		69.5		2.0			(1.8	)		5.7		71.3
Real Estate		15.3		83.9		(8.3	)		(3.1	)		23.6		87.1
Commodity Lease		1.9		61.3		0.8			(13.6	)		1.0		74.9
Service Industries		61.6		66.4		9.4			1.2			52.1		65.1
Local Governments		2.8		100.0		(0.0	)		—			2.8		100.0
Other		125.5		93.1		19.6			0.2			105.8		92.9
Overseas Total (including Loans Booked Offshore)		42.2		93.4		(52.5	)		17.7			94.7		75.7
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		42.2		93.4		(52.5	)		17.7			94.7		75.7
Total		518.2		74.0		(40.5	)		1.9			558.7		72.1

*	Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-28

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 Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2018

As of
March 31, 2018

Change

Housing and Consumer Loans

9,887.4

(278.6

)

10,166.1

Housing Loans for owner’s residential housing

8,941.6

(195.1

)

9,136.8

Mizuho Bank

Housing and Consumer Loans

9,796.1

(271.3

)

10,067.5

Housing Loans

9,124.9

(213.4

)

9,338.3

for owner’s residential housing

8,857.6

(188.9

)

9,046.5

Consumer loans

671.2

(57.9

)

729.2

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

91.3

(7.2

)

98.5

Housing Loans for owner’s residential housing

83.9

(6.2

)

90.2

*	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 September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.8		(0.8	)		58.7
Loans to SMEs and Individual Customers		32,536.3		(204.1	)		32,740.4

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.5		(0.7	)		59.3
Loans to SMEs and Individual Customers		30,554.4		(23.5	)		30,578.0

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		48.9		(2.5	)		51.4
Loans to SMEs and Individual Customers		1,981.8		(180.5	)		2,162.4

*	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 follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the 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 or below for the retail and restaurant industries.)

2-29

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, 2018

As of March 31, 2018

Non-Accrual,
Past Due &
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

8,604.4

12.5

1,674.4

(1.3

)

6,930.0

13.9

Hong Kong

1,956.9

2.1

150.0

0.1

1,806.9

2.0

South Korea

747.3

0.4

146.7

0.4

600.5

—

Singapore

1,229.8

6.3

58.6

(1.4

)

1,171.1

7.7

Thailand

994.3

0.3

151.6

0.0

842.7

0.3

Central and South America

3,837.0

37.8

(25.0

)

(18.2

)

3,862.0

56.0

North America

6,380.2

8.5

753.6

(3.0

)

5,626.5

11.6

Eastern Europe

185.2

—

5.4

—

179.7

—

Western Europe

3,537.8

2.6

445.9

(37.6

)

3,091.9

40.2

Other

2,828.1

5.6

265.8

0.0

2,562.3

5.6

Total

25,373.0

67.3

3,120.3

(60.2

)

22,252.7

127.6

2-30

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 for five years (from October 1, 2018 to September 30, 2023)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,411.5
Income before Income Taxes	2		2,888.7
Tax Adjustments *¹	3		(138.8	)
Taxable Income before Current Deductible Temporary Differences *²	4		2,749.8

Effective Statutory Tax Rate	5		30.62	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		842.0

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2018.

(Reference) Past results of taxable income (tax loss)


	*(Billions of yen)*
Fiscal 2014		546.7
Fiscal 2015		496.0
Fiscal 2016		442.3
Fiscal 2017		379.9
First Half of Fiscal 2018 (estimate)		264.0

*1. Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

*2. Figure for the first half of fiscal 2018 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2018						As of March 31, 2018
					Change			As of March 31, 2018
Reserves for Possible Losses on Loans	7		74.2			(18.0	)		92.3
Impairment of Securities	8		126.5			(0.1	)		126.6
Net Unrealized Losses on Other Securities	9		8.5			1.7			6.7
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		56.8			20.5			36.3
Tax Losses Carried Forward	12		—			—			—
Other	13		300.2			11.3			288.9

Total Deferred Tax Assets	14		566.4			15.5			550.9

Valuation Allowance	15		(130.6	)		(1.9	)		(128.7	)

Sub-Total [ 14 + 15 ]	16		435.8			13.5			422.2

Amount related to Retirement Benefits Accounting *¹	17		(141.1	)		(1.0	)		(140.0	)
Net Unrealized Gains on Other Securities	18		(412.6	)		15.1			(427.7	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(34.4	)		1.8			(36.3	)

Total Deferred Tax Liabilities	21		(588.2	)		15.9			(604.1	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(152.3	)		29.5			(181.9	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(414.2	)		14.8			(429.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		56.8			20.5			36.3
Tax effects related to others	25		204.9			(5.9	)		210.8

*1	Amount related to Retirement Benefits Accounting includes ¥(58.1) billion related to gains on securities contributed to employee retirement benefit trust.

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting 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-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-31

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2018 to September 30, 2023)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		239.2
Income before Income Taxes	2		219.9
Tax Adjustments *¹	3		(25.9	)
Taxable Income before Current Deductible Temporary Differences *²	4		194.0

Effective Statutory Tax Rate	5		30.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		59.3

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2018.

(Reference) Past results of taxable income (tax loss)


	*(Billions of yen)*
Fiscal 2014		14.6
Fiscal 2015		45.1
Fiscal 2016		52.1
Fiscal 2017		40.5
First Half of Fiscal 2018 (estimate)		15.0

*1. Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

*2. Figure for the first half of fiscal 2018 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2018						As of March 31, 2018
					Change			As of March 31, 2018
Reserves for Possible Losses on Loans	7		0.7			0.0			0.7
Impairment of Securities	8		7.8			(0.5	)		8.4
Net Unrealized Losses on Other Securities	9		0.1			(0.4	)		0.5
Reserve for Employee Retirement Benefits	10		10.5			(0.6	)		11.2
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		5.7			(0.7	)		6.4

Total Deferred Tax Assets	14		25.0			(2.4	)		27.4

Valuation Allowance	15		(8.3	)		0.9			(9.2	)

Sub-Total [ 14 + 15 ]	16		16.6			(1.4	)		18.1

Amount related to Retirement Benefits Accounting *¹	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(25.1	)		0.7			(25.9	)
Net Deferred Hedge Gains	19		(0.8	)		(0.1	)		(0.7	)
Other	20		(0.8	)		(0.2	)		(0.6	)

Total Deferred Tax Liabilities	21		(31.4	)		0.4			(31.8	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(14.7	)		(1.0	)		(13.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(25.3	)		1.3			(26.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(0.8	)		(0.1	)		(0.7	)
Tax effects related to others	25		11.5			(2.2	)		13.8

*1	Amount related to Retirement Benefits Accounting is deferred tax liabilities related to gains on securities contributed to employee retirement benefit trust.

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

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

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

2-32

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated


	*(Billions of yen)*
	As of September 30, 2018					As of March 31, 2018
Aggregate Figures for the 2 Banks			Change			As of March 31, 2018

Deposits		98,821.6		2,033.2			96,788.3

Individual Deposits		43,373.6		511.6			42,861.9
Corporate Deposits		48,863.2		1,753.3			47,109.9
Financial/Government Institutions		6,584.7		(231.7	)		6,816.5
Mizuho Bank
Deposits		95,380.1		1,989.4			93,390.7

Individual Deposits		42,427.9		631.1			41,796.8
Corporate Deposits		47,717.9		1,786.2			45,931.7
Financial/Government Institutions		5,234.3		(427.8	)		5,662.2
Mizuho Trust & Banking
Deposits		3,441.4		43.8			3,397.6

Individual Deposits		945.6		(119.4	)		1,065.1
Corporate Deposits		1,145.3		(32.8	)		1,178.1
Financial/Government Institutions		1,350.4		196.1			1,154.3

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

2-33

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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


	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Directors, Executive Officers as defined in the Companies Act, and Auditors		64		2			62
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		129		1			128
* The above numbers have been adjusted for those who are doubling other positions. (2) Number of Employees Consolidated
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		61,064		1,013			60,051
Average number of temporary employees		17,854		(2,222	)		20,076
* The number of Employees excludes employees seconded to 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. * The number of dispatched employees has been excluded from Average number of temporary employees as of September 30, 2018. Average number of temporary employees after excluding the number of dispatched employees as of March 31, 2018 was 18,370 and decreased by 516 as of September 30, 2018. 3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Mizuho Bank		465		—			465
Mizuho Trust & Banking		60		—			60
Mizuho Securities		263		(12	)		275
* The above 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 branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others. (Overseas) The 2 Banks and Mizuho Securities
	As of September 30, 2018					As of March 31, 2018
			Change			As of March 31, 2018
Mizuho Bank		48		—			48
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2
* The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-34

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2018

Consolidated

(Billions of yen)

Fiscal 2018

Ordinary Profits

805.0

Profit Attributable to Owners of Parent

570.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2018

Aggregate Figures
for the 2 Banks

MHBK

MHTB *

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

515.0

465.0

50.0

Ordinary Profits

625.0

570.0

55.0

Net Income

455.0

415.0

40.0

Credit-related Costs

(20.0

)

(20.0

)

—

*	Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of Credit Costs for Trust Accounts.

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

2-35

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2018 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	39,085,189		¥	38,625,732		¥	459,457
Call Loans		252,147			366,290			(114,143	)
Receivables under Resale Agreements		984,011			639,352			344,659
Other Debt Purchased		432,424			443,136			(10,711	)
Trading Assets		3,995,342			3,467,593			527,749
Money Held in Trust		503			3,076			(2,572	)
Securities		34,063,481			33,189,959			873,522
Loans and Bills Discounted		74,743,694			70,997,730			3,745,963
Foreign Exchange Assets		2,252,683			1,994,728			257,955
Derivatives other than for Trading		3,358,122			3,166,839			191,283
Other Assets		2,636,036			3,240,121			(604,084	)
Tangible Fixed Assets		789,855			805,831			(15,975	)
Intangible Fixed Assets		787,724			799,723			(11,999	)
Prepaid Pension Cost		460,846			457,453			3,392
Customers’ Liabilities for Acceptances and Guarantees		6,404,988			6,186,894			218,094
Reserves for Possible Losses on Loans		(197,932	)		(259,853	)		61,920
Reserve for Possible Losses on Investments		—			(319	)		319

Total Assets	¥	170,049,119		¥	164,124,289		¥	5,924,829

Liabilities
Deposits	¥	113,780,522		¥	110,415,961		¥	3,364,560
Negotiable Certificates of Deposit		12,333,714			10,652,957			1,680,757
Call Money		1,106,986			1,165,198			(58,212	)
Payables under Repurchase Agreements		7,380,812			7,200,312			180,500
Guarantee Deposits Received under Securities Lending Transactions		705,230			610,357			94,872
Commercial Paper		683,390			710,391			(27,000	)
Trading Liabilities		2,549,414			2,797,942			(248,528	)
Borrowed Money		9,695,902			8,958,612			737,289
Foreign Exchange Liabilities		659,377			689,958			(30,581	)
Bonds and Notes		2,304,029			2,421,033			(117,004	)
Derivatives other than for Trading		3,330,069			2,882,287			447,781
Other Liabilities		1,466,491			1,648,314			(181,823	)
Reserve for Bonus Payments		15,904			22,741			(6,836	)
Reserve for Variable Compensation		573			1,293			(720	)
Reserve for Possible Losses on Sales of Loans		1,153			1,075			78
Reserve for Contingencies		3			56			(52	)
Reserve for Reimbursement of Deposits		17,906			18,097			(190	)
Reserve for Reimbursement of Debentures		28,197			30,760			(2,563	)
Deferred Tax Liabilities		152,372			181,914			(29,542	)
Deferred Tax Liabilities for Revaluation Reserve for Land		65,732			66,186			(454	)
Acceptances and Guarantees		6,404,988			6,186,894			218,094

Total Liabilities		162,682,772			156,662,350			6,020,422

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,328			—
Capital Reserve		655,418			655,418			—
Other Capital Surplus		1,630,910			1,630,910			—
Retained Earnings		2,549,951			2,544,238			5,712
Appropriated Reserve		315,177			266,664			48,512
Other Retained Earnings		2,234,774			2,277,574			(42,800	)
Retained Earnings Brought Forward		2,234,774			2,277,574			(42,800	)

Total Shareholders’ Equity		6,240,345			6,234,632			5,712

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,115,927			1,159,210			(43,282	)
Net Deferred Hedge Gains (Losses), net of Taxes		(133,174	)		(76,180	)		(56,994	)
Revaluation Reserve for Land, net of Taxes		143,248			144,277			(1,028	)

Total Valuation and Translation Adjustments		1,126,001			1,227,306			(101,305	)

Total Net Assets		7,366,346			7,461,939			(95,592	)

Total Liabilities and Net Assets	¥	170,049,119		¥	164,124,289		¥	5,924,829

2-36

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2018 (A)		For the six months ended September 30, 2017 (B)			Change (A) - (B)
Ordinary Income	¥	1,396,161	¥	1,247,403		¥	148,758
Interest Income		818,644		659,216			159,428
Interest on Loans and Bills Discounted		*541,723*		438,371			103,352
Interest and Dividends on Securities		*151,798*		134,266			17,531
Fee and Commission Income		226,678		207,036			19,641
Trading Income		29,178		24,627			4,551
Other Operating Income		104,764		102,121			2,642
Other Ordinary Income		216,895		254,401			(37,505	)

Ordinary Expenses		1,056,389		914,136			142,252
Interest Expenses		471,710		314,140			157,569
Interest on Deposits		*202,364*		136,702			65,661
Fee and Commission Expenses		50,986		51,899			(913	)
Other Operating Expenses		19,547		21,399			(1,852	)
General and Administrative Expenses		422,135		449,290			(27,154	)
Other Ordinary Expenses		92,009		77,406			14,603

Ordinary Profits		339,772		333,266			6,506

Extraordinary Gains		10,176		3,900			6,275

Extraordinary Losses		3,272		3,977			(704	)

Income before Income Taxes		346,676		333,188			13,487
Income Taxes:
Current		93,968		77,147			16,821
Deferred		5,459		(4,637	)		10,097

Net Income	¥	247,247	¥	260,678		¥	(13,431	)

2-37

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2018 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,808,478		¥	1,751,680		¥	56,797
Call Loans		2,271			2,869			(597	)
Guarantee Deposits Paid under Securities Borrowing Transactions		327,772			220,934			106,837
Other Debt Purchased		7,629			7,989			(360	)
Trading Assets		75,806			79,551			(3,745	)
Money Held in Trust		3,815			3,199			615
Securities		981,042			1,091,950			(110,907	)
Loans and Bills Discounted		3,345,724			3,433,750			(88,026	)
Foreign Exchange Assets		1,956			2,268			(312	)
Other Assets		198,342			171,731			26,610
Tangible Fixed Assets		21,218			21,762			(543	)
Intangible Fixed Assets		33,871			35,041			(1,169	)
Prepaid Pension Cost		52,575			49,592			2,982
Customers’ Liabilities for Acceptances and Guarantees		35,077			20,056			15,020
Reserves for Possible Losses on Loans		(1,860	)		(1,850	)		(10	)

Total Assets	¥	6,893,720		¥	6,890,529		¥	3,191

Liabilities
Deposits	¥	3,451,293		¥	3,406,588		¥	44,704
Negotiable Certificates of Deposit		425,780			472,180			(46,400	)
Call Money		425,883			469,882			(43,998	)
Payables under Repurchase Agreements		22,714			53,135			(30,421	)
Guarantee Deposits Received under Securities Lending Transactions		296,743			180,728			116,014
Trading Liabilities		64,953			69,367			(4,413	)
Borrowed Money		420,340			387,490			32,849
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,104,915			1,134,182			(29,267	)
Other Liabilities		32,808			78,418			(45,610	)
Reserve for Bonus Payments		2,173			2,097			75
Reserve for Variable Compensation		251			511			(259	)
Reserve for Reimbursement of Deposits		1,895			1,913			(17	)
Deferred Tax Liabilities		14,737			13,646			1,091
Acceptances and Guarantees		35,077			20,056			15,020

Total Liabilities		6,309,567			6,300,200			9,366

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		223,372			226,570			(3,197	)
Appropriated Reserve		36,719			31,970			4,748
Other Retained Earnings		186,653			194,599			(7,946	)
Retained Earnings Brought Forward		186,653			194,599			(7,946	)

Total Shareholders’ Equity		486,247			489,445			(3,197	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		95,895			99,258			(3,363	)
Net Deferred Hedge Gains (Losses), net of Taxes		2,009			1,624			385

Total Valuation and Translation Adjustments		97,904			100,882			(2,977	)

Total Net Assets		584,152			590,328			(6,175	)

Total Liabilities and Net Assets	¥	6,893,720		¥	6,890,529		¥	3,191

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the six months ended September 30, 2018 (A)		For the six months ended September 30, 2017 (B)		Change (A) - (B)
Ordinary Income	¥	99,992	¥	94,003	¥	5,988
Fiduciary Income		27,593		27,616		(22	)
Interest Income		21,673		20,734		939
Interest on Loans and Bills Discounted		*13,454*		12,773		680
Interest and Dividends on Securities		*7,107*		6,975		131
Fee and Commission Income		29,752		25,865		3,886
Trading Income		1,024		498		526
Other Operating Income		4,159		3,590		569
Other Ordinary Income		15,788		15,698		90

Ordinary Expenses		71,963		69,238		2,725
Interest Expenses		7,985		6,221		1,763
Interest on Deposits		*604*		439		165
Fee and Commission Expenses		16,448		15,601		847
Trading Expenses		9		0		9
Other Operating Expenses		1,479		1,865		(385	)
General and Administrative Expenses		41,268		43,535		(2,267	)
Other Ordinary Expenses		4,772		2,014		2,757

Ordinary Profits		28,028		24,765		3,263

Extraordinary Gains		82		—		82

Extraordinary Losses		112		8		104

Income before Income Taxes		27,997		24,756		3,241
Income Taxes:
Current		5,005		6,041		(1,035	)
Deferred		2,445		1,044		1,401

Net Income	¥	20,546	¥	17,670	¥	2,875

2-39

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of September 30, 2018

Millions of yen

Assets

Amount

Liabilities

Amount

Loans and Bills Discounted

707,692

Money Trusts

21,969,562

Securities

189,033

Pension Trusts

3,518,584

Beneficiary Rights to the Trusts

58,064,042

Property Formation Benefit Trusts

4,236

Securities held in Custody Accounts

341,841

Investment Trusts

17,198,385

Money Claims

4,862,612

Money Entrusted Other than Money Trusts

1,731,824

Tangible Fixed Assets

7,172,729

Securities Trusts

12,037,423

Intangible Fixed Assets

356,557

Money Claims Trusts

3,662,079

Other Claims

124,168

Land and Fixtures Trusts

427,857

Due from Banking Account

1,104,915

Composite Trusts

12,936,095

Cash and Due from Banks

567,791

Other Trusts

5,335

Total

73,491,384

Total

73,491,384

Notes:

1. The statement is exclusive of the Trusts that are difficult to value monetarily.

2. Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥56,370,825 million.

3. Joint trust assets under the management of other companies: ¥284,408 million

There is no “Trust assets under the service-shared co-trusteeship” in “Joint trust assets under the management of other companies”.

4. Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥10,617 million.

Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,816 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

10,617

Principal

847,888

Securities

Reserve

Others

837,381

Others

Total

848,000

Total

848,000

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2018 (A)		As of March 31, 2018 (B)		Change (A) - (B)
Total Amount of Funds		29,369,457		27,918,111		1,451,345
Deposits		3,451,293		3,406,588		44,704
Negotiable Certificates of Deposit		425,780		472,180		(46,400	)
Money Trusts		21,969,562		20,889,820		1,079,741
Pension Trusts		3,518,584		3,145,273		373,311
Property Formation Benefit Trusts		4,236		4,249		(12	)
Loans and Bills Discounted		4,053,417		4,204,066		(150,648)
of Banking accounts		3,345,724		3,433,750		(88,026	)
of Trust accounts		707,692		770,315		(62,622	)
Securities for Investments		1,170,075		1,409,050		(238,974)
of Banking accounts		981,042		1,091,950		(110,907	)
of Trust accounts		189,033		317,100		(128,067	)

2-41

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of September 30, 2018 (A)			As of March 31, 2018 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	361,480		¥	294,441		¥	67,038
Cash Segregated as Deposits for Customers and Others		394,195			323,923			70,271
Trading Assets		6,222,479			4,923,373			1,299,106
Operating Investment Securities		26,692			25,362			1,329
Receivables Related to Margin Transactions		37,432			127,764			(90,331	)
Collateralized Short-Term Financing Agreements-Receivable		4,546,806			4,998,221			(451,415	)
Advances Paid		159			431			(271	)
Securities: Fail to Deliver		28,204			29,956			(1,752	)
Short-Term Loans Receivable		23,272			55,741			(32,469	)
Other Current Assets		444,233			465,443			(21,210	)
Less: Allowance for Doubtful Accounts		(5	)		(9	)		4
Noncurrent Assets
Property and Equipment		13,620			14,647			(1,027	)
Intangible Assets		53,840			55,378			(1,538	)
Investments and Other Assets		321,330			317,378			3,951

Total Assets	¥	12,473,743		¥	11,632,056		¥	841,687

Liabilities
Current Liabilities
Trading Liabilities	¥	3,779,221		¥	4,311,658		¥	(532,436	)
Payables—Unsettled Trades		258,073			62,243			195,830
Payables Related to Margin Transactions		58,581			44,176			14,405
Collateralized Short-Term Financing Agreements-Payable		4,249,148			3,739,715			509,432
Deposits Received		299,676			267,579			32,096
Guarantee Deposits Received		362,644			198,003			164,640
Securities: Fail to Receive		9,841			2,930			6,910
Short-Term Borrowings		1,311,843			833,668			478,174
Commercial Paper		272,800			334,200			(61,400	)
Bonds and Notes Due within One Year		74,510			46,672			27,837
Lease Obligations		339			364			(24	)
Income Taxes Payable		2,562			3,984			(1,421	)
Accrued Employees’ Bonuses		8,312			9,563			(1,251	)
Provision for Variable Compensation		477			954			(477	)
Provision for Bonus Point Redemption		807			639			167
Other Current Liabilities		32,280			34,450			(2,170	)
Noncurrent Liabilities
Bonds and Notes		635,730			571,334			64,395
Long-Term Borrowings		209,000			277,000			(68,000	)
Lease Obligations		—			139			(139	)
Provision for Retirement Benefits		19,462			19,744			(282	)
Other Noncurrent Liabilities		1,360			1,540			(180	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,358			2,361			(2	)

Total Liabilities		11,589,033			10,762,925			826,108

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		363,174			346,786			16,388
Other Retained Earnings		363,174			346,786			16,388
Retained Earnings Brought Forward		363,174			346,786			16,388

Total Shareholders’ Equity		869,991			853,602			16,388

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		27,014			27,497			(482	)
Net Deferred Gains or Losses on Hedges, net of Tax		(12,296	)		(11,969	)		(327	)

Total Valuation and Translation Adjustments		14,718			15,527			(809	)

Total Net Assets		884,709			869,130			15,579

Total Liabilities and Net Assets	¥	12,473,743		¥	11,632,056		¥	841,687

2-42

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the six months ended September 30, 2018 (A)		For the six months ended September 30, 2017 (B)			Change (A) - (B)
Operating Revenues	¥	180,658	¥	152,545		¥	28,113
Commissions		75,522		65,604			9,917
Net Gain on Trading		52,680		49,930			2,749
Net Gain on Operating Investment Securities		4,382		1,971			2,411
Interest and Dividend Income		48,073		35,038			13,034

Interest Expenses		36,504		26,190			10,314

Net Operating Revenues		144,154		126,355			17,799

Selling, General and Administrative Expenses		120,100		113,370			6,729
Transaction-Related Expenses		26,776		22,110			4,666
Personnel Expenses		44,747		40,814			3,932
Real Estate Expenses		12,593		13,080			(486	)
Administrative Expenses		22,496		24,967			(2,470	)
Depreciation and Amortization		9,258		8,508			749
Taxes and Dues		2,633		2,153			480
Provision of Allowance for Doubtful Accounts		22		(10	)		32
Other		1,571		1,746			(174	)

Operating Income		24,054		12,985			11,069

Non-Operating Income		7,943		6,058			1,885
Non-Operating Expenses		131		555			(424	)

Ordinary Income		31,867		18,487			13,379

Extraordinary Gain		2,350		1,427			922

Extraordinary Loss		533		1,731			(1,197	)

Income before Income Taxes		33,683		18,183			15,500
Income Taxes:
Current		2,982		777			2,205
Deferred		1,717		2,986			(1,268	)

Net Income	¥	28,983	¥	14,419		¥	14,563

2-43