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 May 2017

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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 15, 2017

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya


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


For Immediate Release:

Financial Statements for Fiscal 2016

<Under Japanese GAAP>

Company Name:

Mizuho Financial Group, Inc. (“MHFG”)


Stock Code Number (Japan):	8411		May 15, 2017
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Masahiro Kosugi	General Manager of Accounting
Phone:	+81-3-6838-6101


Ordinary General Meeting of Shareholders (scheduled):	June 23, 2017
Filing of Yuka Shoken Hokokusho to the Kanto Local		Commencement of Dividend Payment (scheduled):	June 5, 2017
Finance Bureau (scheduled):	June 26, 2017	Trading Accounts:	Established
Supplementary Materials on Annual Results:	Attached
IR Conference on Annual Results:	Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2016 (for the fiscal year ended March 31, 2017)

(1) Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%			¥ million		%
Fiscal 2016		3,292,900		2.4		737,512		(26.0	)		603,544		(10.0	)
Fiscal 2015		3,215,274		1.1		997,529		(1.3	)		670,943		9.6

Note:

Comprehensive Income:

Fiscal 2016: ¥558,131 million, 83.2%; Fiscal 2015: ¥304,594 million, (84.3)%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2016		23.86		23.78		7.2		0.3		22.3
Fiscal 2015		26.94		26.42		8.3		0.5		31.0

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2016: ¥18,899 million; Fiscal 2015: ¥24,299 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2016		200,508,610		9,273,361		4.2		335.96
Fiscal 2015		193,458,580		9,353,244		4.2		322.46

Reference:

Own Capital:

As of March 31, 2017 ¥8,522,268 million; As of March 31, 2016 ¥8,167,813 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.

(3) Conditions of Consolidated Cash Flows


	Cash Flows from Operating Activities		Cash Flows from Investing Activities		Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million		¥ million		¥ million			¥ million
Fiscal 2016		4,690,131		5,796,391		(24,537	)		45,523,663
Fiscal 2015		4,104,197		3,687,897		(521,023	)		35,089,122

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2015		—		3.75		—		3.75		7.50		187,078		27.8		2.3
Fiscal 2016		—		3.75		—		3.75		7.50		190,347		31.4		2.2
Fiscal 2017 (estimate)		—		3.75		—		3.75		7.50				34.6


Note:		Please refer to Cash Dividends for Shareholders of Classified Stock (unlisted) mentioned later, the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2017 (for the fiscal year ending March 31, 2018)


	(%: Changes from the corresponding period of the previous fiscal year)
		Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
		¥ million		%			¥
1H F2017			—		—			—
Fiscal 2017			550,000		(8.8	)		21.67


Note:		The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2017.

øNotes

(1) Changes in Significant Subsidiaries during the Fiscal Year (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.: Yes

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No


(Note)		For more information, please refer to “Change in Accounting Policies” on page 1-14 of the attachment.

(3) Issued Shares of Common Stock


① Year-end issued shares (including treasury stock):	As of March 31, 2017	25,386,307,945 shares	As of March 31, 2016	25,030,525,657 shares
② Year-end treasury stock:	As of March 31, 2017	19,992,754 shares	As of March 31, 2016	10,929,211 shares
③ Average number of outstanding shares:	Fiscal 2016	25,285,898,988 shares	Fiscal 2015	24,806,160,636 shares

(Reference) Non-Consolidated Financial Statements for Fiscal 2016

Financial Highlights for Fiscal 2016 (for the fiscal year ended March 31, 2017)

(1) Non-Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Operating Income					Operating Profits					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%			¥ million		%
Fiscal 2016		378,084		13.3			339,157		12.1			326,482		10.0			326,676		7.3
Fiscal 2015		333,500		(11.7	)		302,436		(13.8	)		296,562		(15.1	)		304,389		(12.7	)


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
Fiscal 2016		12.91		12.86
Fiscal 2015		12.17		11.98

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2016		9,269,369		5,342,523		57.6		210.51
Fiscal 2015		7,064,211		5,197,208		73.5		203.58

Reference:

Own Capital:

As of March 31, 2017: ¥5,340,769 million; As of March 31, 2016: ¥5,194,445 million


Note:		Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights) / Total Assets × 100
		Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

This immediate release is outside the scope of the audit.

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”) and our report on Form 6-K furnished to the SEC on January 13, 2017, both of which are 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.

Cash Dividends for Shareholders of Classified Stock

Breakdown of cash dividends per share and total cash dividends related to classified stock, the rights of which are different from those of common stock, is as follows:


	Annual Cash Dividends per Share										Total Cash Dividends (Annual)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Annual)
	¥		¥		¥		¥		¥		¥ million
Eleventh Series Class XI Preferred Stock
Fiscal 2015		—		10.00		—		10.00		20.00		2,429
Fiscal 2016		—

Note:

Mizuho Financial Group Inc. (“MHFG”) acquired all of the Eleventh Series Class XI Preferred Stock as of July 1, 2016 that had not been requested for acquisition by June 30, 2016 and cancelled all of the Eleventh Series Class XI Preferred Stock held by MHFG on July 13, 2016. Accordingly, cash dividend payments related to the Eleventh Series Class XI Preferred Stock will not be made in fiscal 2016.

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2016 and Dividend Estimates for Fiscal 2017	p.1-3

2.	Basic Stance on Selection of Accounting Standards	p.1-4

3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Change in Accounting Policies)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

[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 May 22, 2017 (Monday). 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.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2017, the global economy as a whole continued to recover gradually, while weakness in the recovery is seen in some regions. As for the future direction of the economy, although continued recovery is expected, particularly in the United States, concerns over a downturn still linger, and such factors as the policy management of the new president of the United States, the political climate in Europe, trends in China’s economy and increased geopolitical risk need continued and careful observation.

In the United States, employment conditions continued to be generally favorable, and the economy continued to be on a recovery trend, supported by steady consumer spending and increased exports. The economy is expected to continue to be on a trend of gradual expansion, backed by policies of the new president; however, concerns such as increasing uncertainty about the future direction of the economy caused by foreign exchange and trade policies under the new administration require attention.

In Europe, the economies continued to recover gradually due to such factors as the recovery of consumer spending and the pickup in exports. It is expected that the economies of the region will continue to exhibit the same trend; however, political developments in Europe, including the United Kingdom’s Brexit negotiations, elections in European countries and non-performing loan problems in southern European countries, require further attention.

In Asia, China’s economy was stable, partly due to support from governmental policies. Going forward, with continued support provided by fiscal policies, including investment in infrastructure and tax reductions, China’s economy is expected to remain generally unchanged for the time being. The economies of emerging countries have picked up due to such factors as the steadiness of China’s economy and the increase in resource prices. As for the future direction of the economies, partially due to concerns such as depreciation in the currencies of emerging countries and increased capital outflow pressures, the pace of economic expansion is expected to remain gradual.

In Japan, benefiting from improvement of overseas economies, the economy continued to recover gradually mainly in the areas of exports and capital investment. Going forward, the economy is expected to continue to recover gradually, due to such factors as an improved export environment and the effectiveness of various policies; however, increasing uncertainty in overseas economies requires continued attention.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,092.7 billion for fiscal 2016, decreasing by ¥128.8 billion from the previous fiscal year.

Gross Profits of aggregate figures for Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. on a non-consolidated basis (on a non-consolidated aggregated basis of the banks) decreased by ¥157.9 billion on a year-on-year basis to ¥1,441.4 billion mainly due to the impact of negative interest rates. General and Administrative Expenses on a non-consolidated aggregated basis of the banks increased by ¥36.1 billion on a year-on-year basis to ¥947.1 billion.

Net Operating Revenues on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥49.2 billion on a year-on-year basis to ¥365.9 billion due to the impact of the decrease in consolidated subsidiaries as a result of corporate restructuring in the group companies and other factors, offset in part by an increase in Net Gain on Trading.

Selling, General and Administrative Expenses on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥38.6 billion on a year-on-year basis to ¥290.9 billion.

As a result, Consolidated Net Business Profits decreased by ¥189.4 billion on a year-on-year basis to ¥663.4 billion.

Consolidated Credit-related Costs amounted to ¥47.5 billion.

Consolidated Net Gains (Losses) related to Stocks increased by ¥36.4 billion on a year-on-year basis to net gains of ¥242.1 billion due to the progress in cross-shareholding disposal and other factors.

As a result, Ordinary Income decreased by ¥260.0 billion on a year-on-year basis to ¥737.5 billion.

Extraordinary Gains (Losses) increased by ¥35.9 billion on a year-on-year basis to net gains of ¥46.6 billion due to extraordinary gains as a result of the establishment of Asset Management One Co., Ltd.

Tax-related Expenses decreased by ¥144.8 billion on a year-on-year basis to ¥137.7 billion due to the recording of deferred tax assets as a result of corporate restructuring in the group companies and other factors.

As a result, Profit Attributable to Owners of Parent for fiscal 2016 decreased by ¥67.3 billion on a year-on-year basis to ¥603.5 billion. This result shows a 100% achievement against the earnings plan for fiscal 2016 of ¥600.0 billion.

As for earnings estimates for fiscal 2017, we estimate Ordinary Profits of ¥790.0 billion and Profit Attributable to Owners of Parent of ¥550.0 billion on a consolidated basis.

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Mizuho Financial Group, Inc.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2017 amounted to ¥200,508.6 billion, increasing by ¥7,050.0 billion from the end of the previous fiscal year, mainly due to increases in Cash and Due from banks.

Securities were ¥32,353.1 billion, decreasing by ¥7,152.8 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥78,337.7 billion, increasing by ¥4,628.9 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥130,676.4 billion, increasing by ¥13,219.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,273.3 billion, decreasing by ¥79.8 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,001.2 billion, Accumulated Other Comprehensive Income was ¥1,520.9 billion and Non-controlling Interests was ¥749.3 billion.

Net Cash Provided by Operating Activities was ¥4,690.1 billion mainly due to increased deposits. Net Cash Provided by Investing Activities was ¥5,796.3 billion mainly due to purchase, sale, and redemption of securities, and Net Cash Used in Financing Activities was ¥24.5 billion mainly due to issuance of subordinated bonds, redemption of preferred stocks, and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2017 was ¥45,523.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2016 and Dividend Estimates for Fiscal 2017

We continue to perform disciplined capital management policy which maintains the optimum balance between strengthening of stable capital base and steady returns to shareholders.

As for a policy to return profits to shareholders, we have implemented a steady dividend payout policy setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration.

Based on this policy, we have decided to make cash dividend payments on common stock of ¥3.75 as year-end dividends for the fiscal year ended March 31, 2017 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) as predicted in Dividend Estimates for Fiscal 2016.

The board of directors has considered thoroughly and decided the above cash dividend payments taking into account our business environment comprehensively such as the financial result for fiscal 2016 in which Profit Attributable to Owners of Parent amounted to ¥603.5 billion and achieved earnings estimates, future earnings forecasts, profit base, capital, and domestic and international regulation trends such as the Basel framework.


Common Stock	¥	3.75 per share	(as predicted in Dividend Estimates for Fiscal 2016)
Annual cash dividends including interim dividends	¥	7.50 per share	(as predicted in Dividend Estimates for Fiscal 2016)

Furthermore, in accordance with the Articles of Incorporation, we decide distribution of dividends from surplus not by the resolution at the general meeting of shareholders but by the resolution at the board of directors unless otherwise stipulated by laws and regulations. We have decided the year-end cash dividend payments on common stock for the fiscal year ended March 31, 2017 at the board of directors held today.

For fiscal 2017, we continuously aim to make steady dividend payouts setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration and realize steady returns to shareholders. We will comprehensively consider the business environment such as the Group’s business results, profit base, capital, and domestic and international regulation trends such as the Basel framework in determining cash dividend payments.

As for the dividend estimates of common stock for fiscal 2017, we predict cash dividend payments of ¥7.50 per share of common stock, which is the same as fiscal 2016. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.


(Dividend Estimates for Fiscal 2017)

Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

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Mizuho Financial Group, Inc.

2. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of possible adoption in the future, MHFG is continuing research and study on the situation in Japan and Overseas and/or the development of IFRS.

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2016			As of March 31, 2017
Assets
Cash and Due from Banks	¥	36,315,471		¥	47,129,583
Call Loans and Bills Purchased		893,545			1,035,746
Receivables under Resale Agreements		7,805,798			8,967,777
Guarantee Deposits Paid under Securities Borrowing Transactions		3,407,390			3,350,051
Other Debt Purchased		2,979,797			2,745,204
Trading Assets		13,004,522			10,361,787
Money Held in Trust		175,638			247,583
Securities		39,505,971			32,353,158
Loans and Bills Discounted		73,708,884			78,337,793
Foreign Exchange Assets		1,447,743			1,828,782
Derivatives other than for Trading Assets		3,157,752			2,170,750
Other Assets		4,144,131			4,180,339
Tangible Fixed Assets		1,085,791			1,136,329
Buildings		344,311			348,068
Land		605,626			641,284
Lease Assets		24,919			26,210
Construction in Progress		19,698			22,134
Other Tangible Fixed Assets		91,237			98,631
Intangible Fixed Assets		804,567			1,045,486
Software		318,920			308,595
Goodwill		23,440			74,772
Lease Assets		11,304			16,013
Other Intangible Fixed Assets		450,900			646,105
Net Defined Benefit Asset		646,428			797,762
Deferred Tax Assets		36,517			56,066
Customers’ Liabilities for Acceptances and Guarantees		4,798,158			5,273,581
Reserves for Possible Losses on Loans		(459,531	)		(509,175	)

Total Assets	¥	193,458,580		¥	200,508,610

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2016			As of March 31, 2017
Liabilities
Deposits	¥	105,629,071		¥	120,045,217
Negotiable Certificates of Deposit		11,827,533			10,631,277
Call Money and Bills Sold		2,521,008			1,255,172
Payables under Repurchase Agreements		16,833,346			17,969,753
Guarantee Deposits Received under Securities Lending Transactions		2,608,971			1,679,300
Commercial Paper		1,010,139			789,705
Trading Liabilities		10,276,133			7,923,285
Borrowed Money		7,503,543			6,307,230
Foreign Exchange Liabilities		492,473			526,053
Short-term Bonds		648,381			226,348
Bonds and Notes		6,120,928			7,564,535
Due to Trust Accounts		5,067,490			4,784,077
Derivatives other than for Trading Liabilities		2,571,597			1,784,857
Other Liabilities		5,532,596			3,883,168
Reserve for Bonus Payments		62,171			67,633
Reserve for Variable Compensation		2,836			3,018
Net Defined Benefit Liability		51,514			55,236
Reserve for Director and Corporate Auditor Retirement Benefits		1,685			1,327
Reserve for Possible Losses on Sales of Loans		267			298
Reserve for Contingencies		5,271			5,680
Reserve for Reimbursement of Deposits		16,154			19,072
Reserve for Reimbursement of Debentures		39,245			32,720
Reserves under Special Laws		2,024			2,309
Deferred Tax Liabilities		414,799			337,800
Deferred Tax Liabilities for Revaluation Reserve for Land		67,991			66,585
Acceptances and Guarantees		4,798,158			5,273,581

Total Liabilities	¥	184,105,335		¥	191,235,249

Net Assets
Common Stock and Preferred Stock	¥	2,255,790		¥	2,256,275
Capital Surplus		1,110,164			1,134,416
Retained Earnings		3,197,616			3,615,449
Treasury Stock		(3,609	)		(4,849	)

Total Shareholders’ Equity		6,559,962			7,001,291

Net Unrealized Gains (Losses) on Other Securities		1,296,039			1,289,985
Deferred Gains or Losses on Hedges		165,264			10,172
Revaluation Reserve for Land		148,483			145,609
Foreign Currency Translation Adjustments		(53,689	)		(69,657	)
Remeasurements of Defined Benefit Plans		51,752			144,866

Total Accumulated Other Comprehensive Income		1,607,851			1,520,976

Stock Acquisition Rights		2,762			1,754
Non-controlling Interests		1,182,668			749,339

Total Net Assets		9,353,244			9,273,361

Total Liabilities and Net Assets	¥	193,458,580		¥	200,508,610

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Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2016		For the fiscal year ended March 31, 2017
Ordinary Income	¥	3,215,274	¥	3,292,900
Interest Income		1,426,256		1,445,555
Interest on Loans and Bills Discounted		921,653		934,108
Interest and Dividends on Securities		308,089		279,888
Interest on Call Loans and Bills Purchased		6,847		5,234
Interest on Receivables under Resale Agreements		41,328		79,599
Interest on Securities Borrowing Transactions		8,640		13,806
Interest on Due from Banks		67,248		77,294
Other Interest Income		72,449		55,624
Fiduciary Income		53,458		50,627
Fee and Commission Income		751,712		752,982
Trading Income		313,106		326,230
Other Operating Income		326,065		338,276
Other Ordinary Income		344,674		379,228
Recovery of Written-off Claims		18,273		33,630
Other		326,401		345,597
Ordinary Expenses		2,217,744		2,555,387
Interest Expenses		422,574		577,737
Interest on Deposits		167,540		223,564
Interest on Negotiable Certificates of Deposit		35,354		46,054
Interest on Call Money and Bills Sold		7,711		3,234
Interest on Payables under Repurchase Agreements		59,983		120,362
Interest on Securities Lending Transactions		2,988		2,793
Interest on Commercial Paper		2,285		7,386
Interest on Borrowed Money		21,505		17,832
Interest on Short-term Bonds		1,080		238
Interest on Bonds and Notes		98,474		123,056
Other Interest Expenses		25,648		33,214
Fee and Commission Expenses		144,160		149,439
Trading Expenses		2,598		898
Other Operating Expenses		79,650		92,856
General and Administrative Expenses		1,349,593		1,467,221
Other Ordinary Expenses		219,166		267,233
Provision for Reserves for Possible Losses on Loans		4,446		61,557
Other		214,720		205,676

Ordinary Profits	¥	997,529	¥	737,512

1-7

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Extraordinary Gains	¥	20,362		¥	58,814
Gains on Disposition of Tangible Fixed Assets		7,540			2,588
Other Extraordinary Gains		12,822			56,226
Extraordinary Losses		9,640			12,134
Losses on Disposition of Tangible Fixed Assets		4,811			5,197
Losses on Impairment of Fixed Assets		4,412			6,651
Other Extraordinary Losses		416			285

Income before Income Taxes		1,008,252			784,193

Income Taxes:
Current		216,354			199,794
Refund of Income Taxes		(3,065	)		(3,259	)
Deferred		69,260			(58,800	)

Total Income Taxes		282,549			137,735

Profit		725,702			646,457

Profit Attributable to Non-controlling Interests		54,759			42,913

Profit Attributable to Owners of Parent	¥	670,943		¥	603,544

1-8

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Profit	¥	725,702		¥	646,457
Other Comprehensive Income		(421,108	)		(88,326	)
Net Unrealized Gains (Losses) on Other Securities		(438,896	)		(10,965	)
Deferred Gains or Losses on Hedges		138,829			(155,158	)
Revaluation Reserve for Land		3,630			(11	)
Foreign Currency Translation Adjustments		(10,712	)		(12,514	)
Remeasurements of Defined Benefit Plans		(109,362	)		93,588
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(4,597	)		(3,266	)

Comprehensive Income		304,594			558,131

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		250,405			519,532
Comprehensive Income Attributable to Non-controlling Interests		54,188			38,598

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2016


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,404		1,110,006			2,769,371			(3,616	)		6,131,166
Cumulative Effects of Changes in Accounting Policies				935			(48,999	)					(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,404		1,110,942			2,720,371			(3,616	)		6,083,102
Changes during the period
Issuance of New Shares		386		386									772
Cash Dividends							(195,264	)					(195,264	)
Profit Attributable to Owners of Parent							670,943						670,943
Repurchase of Treasury Stock										(653	)		(653	)
Disposition of Treasury Stock				81						659			741
Transfer from Revaluation Reserve for Land							1,566						1,566
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(1,245	)								(1,245	)
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		386		(777	)		477,244			6			476,859

Balance as of the end of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962


	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		1,737,348			26,635		146,419		(40,454	)		160,005			2,029,955			3,820			1,635,595			9,800,538
Cumulative Effects of Changes in Accounting Policies																								(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,737,348			26,635		146,419		(40,454	)		160,005			2,029,955			3,820			1,635,595			9,752,474
Changes during the period
Issuance of New Shares																								772
Cash Dividends																								(195,264	)
Profit Attributable to Owners of Parent																								670,943
Repurchase of Treasury Stock																								(653	)
Disposition of Treasury Stock																								741
Transfer from Revaluation Reserve for Land																								1,566
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								(1,245	)
Net Changes in Items other than Shareholders’ Equity		(441,308	)		138,628		2,064		(13,235	)		(108,252	)		(422,104	)		(1,057	)		(452,927	)		(876,089	)

Total Changes during the period		(441,308	)		138,628		2,064		(13,235	)		(108,252	)		(422,104	)		(1,057	)		(452,927	)		(399,230	)

Balance as of the end of the period		1,296,039			165,264		148,483		(53,689	)		51,752			1,607,851			2,762			1,182,668			9,353,244

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2017


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962
Cumulative Effects of Changes in Accounting Policies							1,426						1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,790		1,110,164			3,199,042			(3,609	)		6,561,388
Changes during the period
Issuance of New Shares		484		484									969
Cash Dividends							(190,001	)					(190,001	)
Profit Attributable to Owners of Parent							603,544						603,544
Repurchase of Treasury Stock										(1,904	)		(1,904	)
Disposition of Treasury Stock				(55	)					663			608
Cancellation of Treasury Stock				(1	)					1			—
Transfer from Revaluation Reserve for Land							2,863						2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				23,823									23,823
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		484		24,251			416,406			(1,239	)		439,903

Balance as of the end of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291


	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		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,353,244
Cumulative Effects of Changes in Accounting Policies																									1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,354,670
Changes during the period
Issuance of New Shares																									969
Cash Dividends																									(190,001	)
Profit Attributable to Owners of Parent																									603,544
Repurchase of Treasury Stock																									(1,904	)
Disposition of Treasury Stock																									608
Cancellation of Treasury Stock																									—
Transfer from Revaluation Reserve for Land																									2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																									23,823
Net Changes in Items other than Shareholders’ Equity		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(521,212	)

Total Changes during the period		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(81,308	)

Balance as of the end of the period		1,289,985			10,172			145,609			(69,657	)		144,866		1,520,976			1,754			749,339			9,273,361

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Cash Flow from Operating Activities
Income before Income Taxes	¥	1,008,252			¥	784,193
Depreciation		159,953				166,265
Losses on Impairment of Fixed Assets		4,412				6,651
Amortization of Goodwill		830				2,816
Losses (Gains) on Step Acquisition		—				(56,226	)
Equity in Loss (Gain) from Investments in Affiliates		(24,299	)			(18,899	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(53,529	)			57,472
Increase (Decrease) in Reserve for Possible Losses on Investments		(2	)			—
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		253				31
Increase (Decrease) in Reserve for Contingencies		(678	)			(254	)
Increase (Decrease) in Reserve for Bonus Payments		3,918				5,809
Increase (Decrease) in Reserve for Variable Compensation		2,836				182
Decrease (Increase) in Net Defined Benefit Asset		(65,012	)			(17,677	)
Increase (Decrease) in Net Defined Benefit Liability		3,123				3,740
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		157				(358	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		303				2,917
Increase (Decrease) in Reserve for Reimbursement of Debentures		(9,633	)			(6,524	)
Interest Income—accrual basis		(1,426,256	)			(1,445,555	)
Interest Expenses—accrual basis		422,574				577,737
Losses (Gains) on Securities		(356,138	)			(357,710	)
Losses (Gains) on Money Held in Trust		(178	)			292
Foreign Exchange Losses (Gains)—net		470,492				107,847
Losses (Gains) on Disposition of Fixed Assets		(2,729	)			2,608
Decrease (Increase) in Trading Assets		(2,450,614	)			2,426,324
Increase (Decrease) in Trading Liabilities		1,716,637				(2,142,414	)
Decrease (Increase) in Derivatives other than for Trading Assets		291,667				946,548
Increase (Decrease) in Derivatives other than for Trading Liabilities		(821,313	)			(748,426	)
Decrease (Increase) in Loans and Bills Discounted		(1,784,739	)			(5,192,399	)
Increase (Decrease) in Deposits		8,985,486				15,000,099
Increase (Decrease) in Negotiable Certificates of Deposit		(3,415,748	)			(919,375	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		459,006				(1,139,322	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(295,214	)			(416,740	)
Decrease (Increase) in Call Loans, etc.		(60,388	)			(1,333,261	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		651,949				57,338
Increase (Decrease) in Call Money, etc.		(4,087,190	)			152,026
Increase (Decrease) in Commercial Paper		505,568				(216,041	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		363,332				(929,671	)
Decrease (Increase) in Foreign Exchange Assets		99,358				(410,914	)
Increase (Decrease) in Foreign Exchange Liabilities		20,826				33,814
Increase (Decrease) in Short-term Bonds (Liabilities)		(168,323	)			(422,033	)
Increase (Decrease) in Bonds and Notes		(177,448	)			745,704
Increase (Decrease) in Due to Trust Accounts		3,286,722				(283,413	)
Interest and Dividend Income—cash basis		1,458,441				1,454,769
Interest Expenses—cash basis		(386,135	)			(553,494	)
Other—net		43,034				(987,540	)

Subtotal		4,373,564				4,936,937

Cash Refunded (Paid) in Income Taxes		(269,366	)			(246,806	)

Net Cash Provided by (Used in) Operating Activities		4,104,197				4,690,131

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Cash Flow from Investing Activities
Payments for Purchase of Securities		(43,017,178	)			(46,111,207	)
Proceeds from Sale of Securities		36,284,439				41,930,689
Proceeds from Redemption of Securities		10,774,422				10,419,553
Payments for Increase in Money Held in Trust		(21,840	)			(88,905	)
Proceeds from Decrease in Money Held in Trust		3,945				28,521
Payments for Purchase of Tangible Fixed Assets		(67,298	)			(105,634	)
Payments for Purchase of Intangible Fixed Assets		(257,072	)			(285,561	)
Proceeds from Sale of Tangible Fixed Assets		12,913				8,932
Proceeds from Sale of Intangible Fixed Assets		0				2
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		(24,432	)			—

Net Cash Provided by (Used in) Investing Activities		3,687,897				5,796,391

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		40,000				25,000
Repayments of Subordinated Borrowed Money		(189,000	)			(80,000	)
Proceeds from Issuance of Subordinated Bonds		434,517				795,000
Payments for Redemption of Subordinated Bonds		(107,600	)			(76,000	)
Proceeds from Issuance of Common Stock		4				6
Proceeds from Investments by Non-controlling Shareholders		1,353				3,322
Repayments to Non-controlling Shareholders		(452,500	)			(467,320	)
Cash Dividends Paid		(195,283	)			(190,031	)
Cash Dividends Paid to Non-controlling Shareholders		(49,877	)			(31,168	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		(2,626	)			(216	)
Payments for Repurchase of Treasury Stock		(13	)			(1,434	)
Proceeds from Sale of Treasury Stock		2				0
Payments for Repurchase of Treasury Stock of Subsidiaries		—				(1,695	)

Net Cash Provided by (Used in) Financing Activities		(521,023	)			(24,537	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(22,723	)			(27,645	)

Net Increase (Decrease) in Cash and Cash Equivalents		7,248,347				10,434,339

Cash and Cash Equivalents at the beginning of the fiscal year		27,840,775				35,089,122
Net Increase (Decrease) in Cash and Cash Equivalents from Merger of Consolidated Subsidiaries		—				201

Cash and Cash Equivalents at the end of the fiscal year	¥	35,089,122			¥	45,523,663

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Change in Accounting Policies)

(Application of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets”)

MHFG has applied “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26, March 28, 2016) (hereinafter, the “Recoverability Implementation Guidance”) from the consolidated fiscal year ended March 31, 2017 and partially revised the accounting method of recoverability of deferred tax assets.

The Recoverability Implementation Guidance has been applied in accordance with the transitional treatment set forth in Article 49(4) of the Recoverability Implementation Guidance. The differences between (i) the amounts of Deferred Tax Assets and Deferred Tax Liabilities when provisions applicable from ① to ③ of Article 49(3) of the Recoverability Implementation Guidance were applied as of April 1, 2016, and (ii) the amounts of Deferred Tax Assets and Deferred Tax Liabilities at the end of the fiscal year ended March 31, 2016, were added to Retained Earnings as of April 1, 2016.

As a result, Deferred Tax Assets (before offset) and Retained Earnings each increased by ¥ 1,426 million as of April 1, 2016.

As a result of reflection of the effects on the Net Assets as of April 1, 2016, the balance of Retained Earnings as of April 1, 2016 in the consolidated statements of changes in net assets increased by ¥1,426 million.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

MHFG has introduced an in-house company system based on the group’s diverse customer segments as of April, 2016. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs. Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

The services that each in-house company is in charge of are as follows:

Retail & Business Banking Company:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

Corporate & Institutional Company:

Services for large corporations, financial institutions and public corporations in Japan

Global Corporate Company:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

Global Markets Company:

Investment services with respect to interest rates, equities and credits, etc., and other services

Asset Management Company:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

2. Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts), Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans), and the amount of Assets by reportable segment

The following information of reportable segment is based on internal management reporting:

Gross profits (excluding the amounts of credit costs of trust accounts) is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, and Other Operating Income.

Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) is the amount of which General and administrative expenses (excluding non-recurring expenses) and Others (Equity in income from investments in affiliates and certain other consolidation adjustments) are deducted from Gross profits (excluding the amounts of credit costs of trust accounts).

Asset information by segment is not prepared on the grounds that management does not use asset information of each segment for the purpose of asset allocation or performance evaluation.

Gross profits (excluding the amounts of credit costs of trust accounts) relating to transactions between segments is based on current market prices.

1-15

Mizuho Financial Group, Inc.

3. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) by reportable segment


	*Millions of yen*
	MHFG (Consolidated)
	Retail & Business Banking Company			Corporate & Institutional Company		Global Corporate Company		Global Markets Company		Asset Management Company		Others (Note 2)
Gross profits: (excluding the amounts of credit costs of trust accounts)		646,100			445,100		386,500		539,400		49,600		26,040		2,092,740
General and administrative expenses (excluding Non-Recurring Losses)		678,300			186,700		237,800		200,900		29,300		87,492		1,420,492
Others		—			—		—		—		—		(8,831	)	(8,831	)
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		(32,200	)		258,400		148,700		338,500		20,300		(70,283	)	663,416


(Notes) 1.		Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.

2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

1-16

Mizuho Financial Group, Inc.

4. The difference between the total amounts of reportable segments and the recorded amounts in the Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) derived from internal management reporting by reportable segment are different from the amounts recorded in the Consolidated Statement of Income.

The contents of the difference for the period are as follows:

(1)	The total of Gross profits (excluding the amounts of credit costs of trust accounts) of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income


	*Millions of yen*
	Amount
Gross profits:
(excluding the amounts of credit costs of trust accounts)		2,092,740
Other Ordinary Income		379,228
General and Administrative Expenses		(1,467,221	)
Other Ordinary Expenses		(267,233	)

Ordinary Profits recorded in Consolidated Statement of Income		737,512

(2) The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income
	*Millions of yen*
	Amount
Net business profits
(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		663,416
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		(46,729	)
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(80,201	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		32,662
Net Gains (Losses) related to Stocks		242,145
Net Extraordinary Gains (Losses)		46,680
Others		(73,779	)

Income before Income Taxes recorded in Consolidated Statement of Income		784,193

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


		Fiscal 2015		Fiscal 2016
Net Assets per Share of Common Stock		¥	322.46	¥	355.96
Net Income per Share of Common Stock		¥	26.94	¥	23.86
Diluted Net Income per Share of Common Stock		¥	26.42	¥	23.78

1. Total Net Assets per Share of Common Stock is based on the following information:
		Fiscal 2015		Fiscal 2016
Net Assets per Share of Common Stock
Total Net Assets	¥ million		9,353,244		9,273,361
Deductions from Total Net Assets	¥ million		1,285,343		751,093
Paid-in Amount of Preferred Stock	¥ million		98,923		—
Cash Dividends on Preferred Stock	¥ million		989		—
Stock Acquisition Rights	¥ million		2,762		1,754
Non-Controlling Interests	¥ million		1,182,668		749,339
Net Assets (year-end) related to Common Stock	¥ million		8,067,900		8,522,268
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		25,019,596		25,366,315

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:
		Fiscal 2015		Fiscal 2016
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥ million		670,943		603,544
Amount not attributable to Common Stock	¥ million		2,429		—
Cash Dividends on Preferred Stock	¥ million		2,429		—
Profit Attributable to Owners of Parent related to Common Stock	¥ million		668,513		603,544
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		24,806,160		25,285,898

Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥ million		2,429		—
Cash Dividends on Preferred Stock	¥ million		2,429		—
Increased Number of Shares of Common Stock	Thousands of shares		580,872		94,403
Preferred Stock	Thousands of shares		563,044		82,993
Stock Acquisition Rights	Thousands of shares		17,828		11,409
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects			—		—

3. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2017. The number of such Treasury Stock shares deducted during the period is 9,000 thousand. In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average number of such Treasury Stock shares deducted during the period is 6,000 thousand.

(Subsequent Events)

There is no applicable information.

1-18

SELECTED FINANCIAL INFORMATION

For Fiscal 2016

<Under Japanese GAAP>

LOGO

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 FISCAL 2016	*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

NON

2- 34

3. Number of Branches and Offices

NON

2- 35

4. Earnings Plan for Fiscal 2017

CON

NON

2- 36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 37

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

2- 38

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 39

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

2- 40

Statement of Trust Assets and Liabilities

2- 41

Comparison of Balances of Principal Items

2- 42

Mizuho Securities Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 43

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

2- 44

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”), and our report on Form 6-K furnished to the SEC on January 13, 2017, both of which are 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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2016

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2016
					Change			Fiscal 2015
Consolidated Gross Profits	1		2,092,740			(128,875	)	2,221,615
Net Interest Income	2		867,818			(135,864	)	1,003,682
Fiduciary Income	3		50,627			(2,830	)	53,458
Credit Costs for Trust Accounts	4		—			—		—
Net Fee and Commission Income	5		603,542			(4,009	)	607,551
Net Trading Income	6		325,332			14,824		310,507
Net Other Operating Income	7		245,419			(995	)	246,415
General and Administrative Expenses	8		(1,467,221	)		(117,628	)	(1,349,593)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(80,201	)		(32,456	)	(47,745)
Losses on Write-offs of Loans	10		*(15,827*	)		30,782		(46,610)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		32,662			15,364		17,297
Net Gains (Losses) related to Stocks	12		242,145			36,466		205,678
Equity in Income from Investments in Affiliates	13		18,899			(5,400	)	24,299
Other	14		(101,510	)		(27,487	)	(74,023)

Ordinary Profits	15		737,512			(260,016	)	997,529

Net Extraordinary Gains (Losses)	16		46,680			35,957		10,722
Income before Income Taxes	17		784,193			(224,059	)	1,008,252
Income Taxes - Current	18		(196,535	)		16,754		(213,289)
- Deferred	19		58,800			128,060		(69,260)
Profit	20		646,457			(79,244	)	725,702
Profit Attributable to Non-controlling Interests	21		(42,913	)		11,846		(54,759)

Profit Attributable to Owners of Parent	22		603,544			(67,398	)	670,943


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(47,539	)		(17,091	)	(30,447)
* 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		663,416			(189,438	)	852,854
* 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		139			(4	)	143
Number of affiliates under the equity method	26		18			(9	)	27

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016												Fiscal 2015
		MHBK			MHTB			Aggregate Figures			Change			Fiscal 2015
Gross Profits	1		1,320,376			121,098			1,441,475			(157,923	)		1,599,398
Domestic Gross Profits	2		848,421			114,159			962,580			43,834			918,746
Net Interest Income	3		517,259			24,105			541,365			(54,859	)		596,225
Fiduciary Income	4					50,075			50,075			(3,248	)		53,324
Trust Fees for Jointly Operated Designated Money Trust	5					*3,248*			*3,248*			286			2,962
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		236,012			32,318			268,331			2,419			265,912
Net Trading Income	8		33,754			3,751			37,506			96,001			(58,495	)
Net Other Operating Income	9		61,393			3,907			65,301			3,521			61,779
International Gross Profits	10		471,955			6,939			478,894			(201,757	)		680,652
Net Interest Income	11		202,499			5,480			207,980			(61,608	)		269,588
Net Fee and Commission Income	12		140,245			(989	)		139,256			(9,135	)		148,391
Net Trading Income	13		46,654			(2,570	)		44,084			(110,210	)		154,294
Net Other Operating Income	14		82,555			5,018			87,574			(20,802	)		108,377
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(866,546	)		(80,612	)		(947,159	)		(36,184	)		(910,975	)
Expense Ratio	16		*65.6*	%		*66.5*	%		*65.7*	%		8.7	%		56.9	%
Personnel Expenses	17		(320,341	)		(37,577	)		(357,918	)		(20,478	)		(337,440	)
Non-Personnel Expenses	18		(490,220	)		(39,216	)		(529,437	)		(11,438	)		(517,999	)
Premium for Deposit Insurance	19		*(32,159*	)		*(1,416*	)		*(33,576*	)		(1,765	)		(31,810	)
Miscellaneous Taxes	20		(55,984	)		(3,818	)		(59,803	)		(4,267	)		(55,535	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		453,830			40,485			494,316			(194,107	)		688,423
Excluding Net Gains (Losses) related to Bonds	22		*366,365*			*31,390*			*397,756*			(147,982	)		545,739

Reversal of (Provision for) General Reserve for Losses on Loans	23		(45,148	)		—			(45,148	)		(45,964	)		815

Net Business Profits	24		408,681			40,485			449,167			(240,071	)		689,239
Net Gains (Losses) related to Bonds	25		*87,465*			*9,095*			*96,560*			(46,124	)		142,684

Net Non-Recurring Gains (Losses)	26		51,117			22,589			73,707			(12	)		73,719
Net Gains (Losses) related to Stocks	27		180,263			30,243			210,506			29,073			181,433
Expenses related to Portfolio Problems	28		(36,079	)		(2	)		(36,081	)		8,570			(44,651	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		31,052			856			31,909			14,839			17,070
Other	30		(124,119	)		(8,508	)		(132,627	)		(52,494	)		(80,132	)

Ordinary Profits	31		459,799			63,075			522,875			(240,083	)		762,958

Net Extraordinary Gains (Losses)	32		(4,845	)		(1,722	)		(6,568	)		(6,125	)		(442	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(1,625*	)		*(239*	)		*(1,864*	)		(4,989	)		3,125
Losses on Impairment of Fixed Assets	34		*(3,219*	)		*(1,483*	)		*(4,703*	)		(1,135	)		(3,568	)
Income before Income Taxes	35		454,954			61,352			516,306			(246,209	)		762,515
Income Taxes - Current	36		(129,486	)		(16,787	)		(146,273	)		31,096			(177,370	)
- Deferred	37		17,098			917			18,016			72,508			(54,492	)

Net Income	38		342,566			45,482			388,049			(142,603	)		530,653

* 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	39	(50,175	)	854	(49,320	)	(22,554	)	(26,766	)

* 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	(45,148	)	540		(44,608	)	(45,821	)	1,212
Losses on Write-offs of Loans	42	19,160		(2	)	19,158		45,268		(26,109	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	(20,141	)	316		(19,824	)	(18,427	)	(1,396	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	10		0		10		(542	)	552
Reversal of (Provision for) Reserve for Contingencies	45	538		—		538		(69	)	608
Other (including Losses on Sales of Loans)	46	(4,595	)	—		(4,595	)	(2,961	)	(1,633	)
Total	47	(50,175	)	854		(49,320	)	(22,554	)	(26,766	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016						Fiscal 2015
					Change
Gross Profits	1		1,320,376			(143,443	)		1,463,820
Domestic Gross Profits	2		848,421			43,710			804,710
Net Interest Income	3		517,259			(50,726	)		567,986
Net Fee and Commission Income	4		236,012			(1,159	)		237,172
Net Trading Income	5		33,754			88,671			(54,916	)
Net Other Operating Income	6		61,393			6,926			54,467
International Gross Profits	7		471,955			(187,154	)		659,109
Net Interest Income	8		202,499			(59,564	)		262,064
Net Fee and Commission Income	9		140,245			(8,895	)		149,140
Net Trading Income	10		46,654			(102,713	)		149,368
Net Other Operating Income	11		82,555			(15,980	)		98,536
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(866,546	)		(33,236	)		(833,310	)
Expense Ratio	13		*65.6*	%		8.7	%		56.9	%
Personnel Expenses	14		(320,341	)		(18,744	)		(301,596	)
Non-Personnel Expenses	15		(490,220	)		(10,256	)		(479,964	)
Premium for Deposit Insurance	16		*(32,159*	)		(1,588	)		(30,571	)
Miscellaneous Taxes	17		(55,984	)		(4,234	)		(51,749	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		453,830			(176,679	)		630,509
Excluding Net Gains (Losses) related to Bonds	19		*366,365*			(138,756	)		505,121

Reversal of (Provision for) General Reserve for Losses on Loans	20		(45,148	)		(45,964	)		815
Net Business Profits	21		408,681			(222,643	)		631,325
Net Gains (Losses) related to Bonds	22		*87,465*			(37,922	)		125,388

Net Non-Recurring Gains (Losses)	23		51,117			(21,633	)		72,751
Net Gains (Losses) related to Stocks	24		180,263			1,960			178,302
Expenses related to Portfolio Problems	25		(36,079	)		8,567			(44,646	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		31,052			15,155			15,896
Other	27		(124,119	)		(47,317	)		(76,801	)

Ordinary Profits	28		459,799			(244,277	)		704,076

Net Extraordinary Gains (Losses)	29		(4,845	)		(3,682	)		(1,162	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(1,625*	)		(4,030	)		2,405
Losses on Impairment of Fixed Assets	31		*(3,219*	)		348			(3,568	)
Income before Income Taxes	32		454,954			(247,959	)		702,913
Income Taxes - Current	33		(129,486	)		31,938			(161,424	)
- Deferred	34		17,098			68,375			(51,276	)

Net Income	35		342,566			(147,646	)		490,212


Credit-related Costs	36		(50,175	)		(22,240	)		(27,934	)

* Credit-related Costs [36] = 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	37	(45,148	)	(45,964	)	815
Losses on Write-offs of Loans	38	19,160		45,265		(26,104	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39	(20,141	)	(17,968	)	(2,172	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40	10		(542	)	552
Reversal of (Provision for) Reserve for Contingencies	41	538		(69	)	608
Other (including Losses on Sales of Loans)	42	(4,595	)	(2,961	)	(1,633	)
Total	43	(50,175	)	(22,240	)	(27,934	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016						Fiscal 2015
					Change
Gross Profits	1		121,098			(14,479	)		135,578
Domestic Gross Profits	2		114,159			123			114,035
Net Interest Income	3		24,105			(4,132	)		28,238
Fiduciary Income	4		50,075			(3,248	)		53,324
Trust Fees for Jointly Operated Designated Money Trust	5		*3,248*			286			2,962
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		32,318			3,579			28,739
Net Trading Income	8		3,751			7,330			(3,578	)
Net Other Operating Income	9		3,907			(3,404	)		7,311
International Gross Profits	10		6,939			(14,603	)		21,542
Net Interest Income	11		5,480			(2,043	)		7,524
Net Fee and Commission Income	12		(989	)		(240	)		(748	)
Net Trading Income	13		(2,570	)		(7,497	)		4,926
Net Other Operating Income	14		5,018			(4,821	)		9,840
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(80,612	)		(2,948	)		(77,664	)
Expense Ratio	16		*66.5*	%		9.2	%		57.2	%
Personnel Expenses	17		(37,577	)		(1,733	)		(35,843	)
Non-Personnel Expenses	18		(39,216	)		(1,181	)		(38,034	)
Premium for Deposit Insurance	19		*(1,416*	)		(176	)		(1,239	)
Miscellaneous Taxes	20		(3,818	)		(32	)		(3,786	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		40,485			(17,428	)		57,913
Excluding Net Gains (Losses) related to Bonds	22		*31,390*			(9,226	)		40,617

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

Net Business Profits	24		40,485			(17,428	)		57,913
Net Gains (Losses) related to Bonds	25		*9,095*			(8,201	)		17,296

Net Non-Recurring Gains (Losses)	26		22,589			21,621			968
Net Gains (Losses) related to Stocks	27		30,243			27,112			3,130
Expenses related to Portfolio Problems	28		(2	)		3			(5	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		856			(316	)		1,173
Other	30		(8,508	)		(5,177	)		(3,330	)

Ordinary Profits	31		63,075			4,193			58,882

Net Extraordinary Gains (Losses)	32		(1,722	)		(2,442	)		719
Net Gains (Losses) on Disposition of Fixed Assets	33		*(239*	)		(958	)		719
Losses on Impairment of Fixed Assets	34		*(1,483*	)		(1,483	)		—
Income before Income Taxes	35		61,352			1,750			59,602
Income Taxes - Current	36		(16,787	)		(841	)		(15,945	)
- Deferred	37		917			4,133			(3,215	)

Net Income	38		45,482			5,042			40,440

* 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		854			(313	)		1,167


(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40	—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	41	540		142		397
Losses on Write-offs of Loans	42	(2	)	3		(5)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	316		(459	)	776
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	0		(0	)	0
Reversal of (Provision for) Reserve for Contingencies	45	—		—		—
Other (including Losses on Sales of Loans)	46	—		—		—
Total	47	854		(313	)	1,167

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			Fiscal 2016						Fiscal 2015
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.56			(0.07	)		0.64
Return on Loans and Bills Discounted *1		2		0.87			(0.11	)		0.99
Return on Securities		3		0.51			0.01			0.50
Cost of Funding (including Expenses)		4		0.73			0.00			0.73
Cost of Deposits (including Expenses)		5		0.79			(0.01	)		0.81
Cost of Deposits 2*		6		*0.00*			(0.02	)		0.03
Cost of Other External Liabilities		7		0.21			0.02			0.19

Net Interest Margin	(1)-(4)	8		(0.17	)		(0.07	)		(0.09	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.08			(0.09	)		0.17
Loan and Deposit Rate Margin	(2)-(6)	10		0.86			(0.08	)		0.95

*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		0.94			(0.10	)		1.05
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.14			(0.09	)		0.23
Loan and Deposit Rate Margin	(11)-(6)	13		0.93			(0.08	)		1.01

			(%)
			Fiscal 2016						Fiscal 2015
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.49			(0.14	)		0.63
Return on Loans and Bills Discounted *1		15		0.67			(0.17	)		0.85
Return on Securities		16		0.78			(0.20	)		0.99
Cost of Funding		17		0.09			(0.06	)		0.15
Cost of Deposits *2		18		0.03			(0.04	)		0.07

Net Interest Margin	(14)-(17)	19		0.40			(0.07	)		0.47
Loan and Deposit Rate Margin	(15)-(18)	20		0.64			(0.12	)		0.77

*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		0.73			(0.15	)		0.89
Loan and Deposit Rate Margin	(21)-(18)	22		0.69			(0.11	)		0.81



(Reference)			(%)
			Fiscal 2016						Fiscal 2015
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted *1		23		0.86			(0.12	)		0.98
Cost of Deposits *2		24		0.00			(0.02	)		0.03
Loan and Deposit Rate Margin	(23)-(24)	25		0.85			(0.09	)		0.94
*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		0.92			(0.11	)		1.04
Loan and Deposit Rate Margin	(26)-(24)	27		0.91			(0.08	)		1.00

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

Fiscal 2016

Fiscal 2015

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

144,645,273

0.83

2,127,160

(0.01

)

142,518,113

0.84

Loans and Bills Discounted

70,948,149

1.15

843,026

0.01

70,105,123

1.14

Securities

31,259,306

0.82

(5,403,821

)

0.04

36,663,127

0.77

Source of Funds

144,145,734

0.33

2,403,041

0.07

141,742,692

0.26

Deposits

105,470,570

0.18

10,174,436

0.04

95,296,133

0.14

NCDs

10,679,049

0.41

(4,351,721

)

0.19

15,030,770

0.22

(Domestic Operations)

Use of Funds

100,593,870

0.56

(395,366

)

(0.07

)

100,989,237

0.64

Loans and Bills Discounted

46,540,177

0.86

(648,006

)

(0.12

)

47,188,184

0.98

Securities

19,267,763

0.51

(5,159,413

)

0.01

24,427,176

0.50

Source of Funds

99,926,307

0.04

(440,735

)

(0.03

)

100,367,043

0.07

Deposits

81,917,806

0.00

7,043,181

(0.02

)

74,874,625

0.03

NCDs

5,903,418

0.01

(4,556,174

)

(0.06

)

10,459,593

0.07

(International Operations)

Use of Funds

47,809,520

1.38

2,981,121

0.12

44,828,399

1.25

Loans and Bills Discounted

24,407,971

1.71

1,491,032

0.24

22,916,938

1.46

Securities

11,991,543

1.31

(244,407

)

(0.00

)

12,235,951

1.32

Source of Funds

47,977,543

0.95

3,302,372

0.28

44,675,171

0.67

Deposits

23,552,763

0.79

3,131,255

0.25

20,421,507

0.53

NCDs

4,775,630

0.92

204,453

0.35

4,571,177

0.56

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

Fiscal 2016

Fiscal 2015

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,542,210

0.60

185,194

(0.13

)

6,357,015

0.74

Loans and Bills Discounted

3,440,191

0.75

185,488

(0.12

)

3,254,703

0.87

Securities

1,195,088

1.02

(162,438

)

(0.20

)

1,357,527

1.22

Source of Funds

6,597,607

0.15

483,650

(0.02

)

6,113,956

0.18

Deposits

3,199,146

0.03

359,849

(0.04

)

2,839,296

0.07

NCDs

287,396

0.02

(232,239

)

(0.06

)

519,636

0.08

(Domestic Operations)

Use of Funds

6,006,974

0.49

205,723

(0.14

)

5,801,250

0.63

Loans and Bills Discounted

3,211,295

0.67

189,507

(0.17

)

3,021,787

0.85

Securities

800,821

0.78

(132,678

)

(0.20

)

933,499

0.99

Source of Funds

6,042,086

0.09

522,575

(0.06

)

5,519,510

0.15

Deposits

3,179,228

0.03

352,690

(0.04

)

2,826,537

0.07

NCDs

287,396

0.02

(232,239

)

(0.06

)

519,636

0.08

(International Operations)

Use of Funds

657,792

1.53

(36,440

)

0.07

694,233

1.46

Loans and Bills Discounted

228,896

1.80

(4,019

)

0.61

232,915

1.19

Securities

394,267

1.50

(29,760

)

(0.23

)

424,027

1.73

Source of Funds

678,076

0.68

(54,837

)

0.32

732,914

0.36

Deposits

19,918

0.80

7,159

0.49

12,759

0.31

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Bonds		97,817			(45,776	)		143,593
Gains on Sales and Others		150,725			(34,191	)		184,916
Losses on Sales and Others		(48,016	)		(4,821	)		(43,194	)
Impairment (Devaluation)		(1,250	)		(606	)		(644	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,641	)		(6,156	)		2,515

	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Stocks		242,145			36,466			205,678
Gains on Sales		295,851			24,736			271,115
Losses on Sales		(34,718	)		11,010			(45,728	)
Impairment (Devaluation)		(4,881	)		5,443			(10,325	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(2	)		2
Gains (Losses) on Derivatives other than for Trading		(14,106	)		(4,722	)		(9,384	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Bonds		96,560			(46,124	)		142,684
Gains on Sales and Others		150,045			(35,587	)		185,632
Losses on Sales and Others		(48,606	)		(3,782	)		(44,824	)
Impairment (Devaluation)		(1,237	)		(597	)		(639	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,641	)		(6,156	)		2,515

	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Stocks		210,506			29,073			181,433
Gains on Sales		263,230			19,235			243,995
Losses on Sales		(35,299	)		8,858			(44,157	)
Impairment (Devaluation)		(3,317	)		5,703			(9,021	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(2	)		2
Gains (Losses) on Derivatives other than for Trading		(14,106	)		(4,722	)		(9,384	)

2-7

Mizuho Financial Group, Inc.


Mizuho Bank	*(Millions of yen)*
	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Bonds		87,465			(37,922	)		125,388
Gains on Sales and Others		136,106			(27,344	)		163,451
Losses on Sales and Others		(43,237	)		(6,389	)		(36,848	)
Impairment (Devaluation)		(1,237	)		(597	)		(639	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,166	)		(3,590	)		(575	)

	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Stocks		180,263			1,960			178,302
Gains on Sales		232,587			(1,717	)		234,305
Losses on Sales		(35,207	)		4,636			(39,843	)
Impairment (Devaluation)		(3,316	)		4,120			(7,436	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(0	)		0
Gains (Losses) on Derivatives other than for Trading		(13,801	)		(5,077	)		(8,723	)

Mizuho Trust & Banking	*(Millions of yen)*
	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Bonds		9,095			(8,201	)		17,296
Gains on Sales and Others		13,938			(8,242	)		22,181
Losses on Sales and Others		(5,368	)		2,606			(7,975	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		525			(2,565	)		3,091

	Fiscal 2016						Fiscal 2015
				Change
Net Gains (Losses) related to Stocks		30,243			27,112			3,130
Gains on Sales		30,643			20,952			9,690
Losses on Sales		(92	)		4,222			(4,314	)
Impairment (Devaluation)		(1	)		1,583			(1,585	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(1	)		1
Gains (Losses) on Derivatives other than for Trading		(305	)		355			(661	)

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 March 31, 2017

As of March 31, 2016

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

28,480,731

1,819,224

2,103,788

284,563

1,881,867

2,059,653

177,785

Japanese Stocks

3,542,046

1,854,458

1,898,288

43,830

1,610,444

1,681,963

71,518

Japanese Bonds

13,245,155

21,181

55,861

34,680

136,507

148,010

11,502

Japanese Government Bonds

10,264,329

8,716

25,253

16,537

95,841

96,247

406

Other

11,693,530

(56,415

)

149,638

206,053

134,915

229,679

94,764

Foreign Bonds

8,955,436

(144,305

)

13,044

157,349

41,068

67,936

26,867

* 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 ¥34,372 million and ¥26,715 million, which were recognized in the statement of income for March 31, 2017 and March 31, 2016, 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 March 31, 2017 and March 31, 2016 are ¥1,784,852 million and ¥1,855,152 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 March 31, 2017 and March 31, 2016 are ¥1,289,985 million and ¥1,296,039 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of March 31, 2017

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

3,815,674

31,043

37,312

6,268

55,634

61,012

5,378

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2017

As of March 31, 2016

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

27,453,958

1,652,109

1,936,473

284,363

1,683,177

1,866,086

182,908

Japanese Stocks

3,462,146

1,782,436

1,828,728

46,291

1,538,996

1,616,269

77,272

Japanese Bonds

13,045,167

21,132

55,786

34,654

136,369

147,837

11,467

Japanese Government Bonds

10,264,086

8,702

25,240

16,537

95,823

96,229

405

Other

10,946,644

(151,459

)

51,958

203,417

7,811

101,979

94,168

Foreign Bonds

8,627,307

(144,308

)

11,822

156,130

38,292

65,084

26,791

Mizuho Bank

Other Securities

26,246,114

1,533,704

1,802,923

269,218

1,561,480

1,736,571

175,090

Japanese Stocks

3,230,939

1,658,138

1,701,579

43,440

1,426,461

1,500,946

74,484

Japanese Bonds

12,477,799

21,706

54,763

33,056

134,139

145,317

11,178

Japanese Government Bonds

9,765,995

9,625

24,638

15,013

93,595

94,000

405

Other

10,537,375

(146,141

)

46,580

192,721

880

90,308

89,427

Foreign Bonds

8,363,660

(135,961

)

11,540

147,502

32,634

59,229

26,595

Mizuho Trust & Banking

Other Securities

1,207,844

118,405

133,549

15,144

121,696

129,514

7,817

Japanese Stocks

231,207

124,297

127,149

2,851

112,535

115,323

2,787

Japanese Bonds

567,367

(574

)

1,022

1,597

2,230

2,519

289

Japanese Government Bonds

498,091

(922

)

601

1,523

2,228

Other

409,269

(5,318

)

5,377

10,695

6,930

11,671

4,740

Foreign Bonds

263,646

(8,346

)

281

8,628

5,658

5,854

196

*	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 ¥34,372 million and ¥26,715 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2017 and March 31, 2016, 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 March 31, 2017 and March 31, 2016 are ¥1,617,737 million and ¥1,656,462 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 March 31, 2017 and March 31, 2016 are as follows:


	*(Millions of yen)*
	As of March 31, 2017		As of March 31, 2016
Aggregate Figures		1,195,997		1,204,073
Mizuho Bank		1,099,468		1,106,333
Mizuho Trust & Banking		96,529		97,740

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2017

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

3,815,674

31,043

37,312

6,268

55,634

61,012

5,378

Mizuho Bank

3,815,674

31,043

37,312

6,268

55,634

61,012

5,378

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2017

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

108,663

168,153

168,949

795

162,062

164,161

2,098

Mizuho Bank

108,663

168,153

168,949

795

162,062

164,161

2,098

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 amount is as follows:

Consolidated

(Millions of yen)

As of March 31, 2017

As of
March 31,
2016

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,784,852

(70,300

)

1,855,152

Japanese Stocks

1,838,708

234,798

1,603,909

Japanese Bonds

21,181

(115,326

)

136,507

Japanese Government Bonds

8,716

(87,125

)

95,841

Other

(75,037

)

(189,773

)

114,735

Foreign Bonds

(162,927

)

(183,816

)

20,889

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2017

As of
March 31,
2016

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,617,737

(38,724

)

1,656,462

Japanese Stocks

1,766,687

234,225

1,532,461

Japanese Bonds

21,132

(115,237

)

136,369

Japanese Government Bonds

8,702

(87,120

)

95,823

Other

(170,081

)

(157,713

)

(12,368

)

Foreign Bonds

(162,931

)

(181,043

)

18,112

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 March 31, 2017								Change												Maturity as of March 31, 2016
	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		4,722.2		8,027.9		2,501.0		761.0		1,278.4			(7,486.3	)		143.4			(44.3	)		3,443.7		15,514.2		2,357.6		805.3
Japanese Government Bonds		4,244.6		6,997.6		2,018.1		—		1,154.9			(7,250.6	)		23.9			—			3,089.7		14,248.2		1,994.2		—
Japanese Local Government Bonds		41.3		101.0		135.5		0.5		21.2			5.7			17.6			(0.1	)		20.0		95.2		117.9		0.6
Japanese Corporate Bonds		436.2		929.3		347.4		760.4		102.2			(241.5	)		101.9			(44.2	)		334.0		1,170.8		245.4		804.6
Other		3,012.2		1,518.5		2,714.9		2,584.7		275.2			(1,102.5	)		(12.1	)		(65.6	)		2,737.0		2,621.1		2,727.0		2,650.4

Mizuho Bank

Japanese Bonds		4,625.3		7,658.5		2,403.7		761.0		1,470.5			(7,602.1	)		149.6			(44.3	)		3,154.8		15,260.6		2,254.0		805.3
Japanese Government Bonds		4,154.9		6,672.6		1,938.1		—		1,342.2			(7,387.6	)		43.9			—			2,812.7		14,060.2		1,894.2		—
Japanese Local Government Bonds		41.3		98.2		135.5		0.5		21.4			5.3			18.0			(0.1	)		19.8		92.8		117.5		0.6
Japanese Corporate Bonds		429.0		887.7		330.1		760.4		106.8			(219.9	)		87.7			(44.2	)		322.2		1,107.6		242.3		804.6
Other		3,011.5		1,484.3		2,528.5		2,530.0		276.7			(1,112.1	)		73.3			7.6			2,734.7		2,596.5		2,455.2		2,522.3

Mizuho Trust & Banking

Japanese Bonds		96.9		369.4		97.2		—		(192.0	)		115.8			(6.2	)		—			288.9		253.5		103.5		—
Japanese Government Bonds		89.7		325.0		80.0		—		(187.3	)		137.0			(20.0	)		—			277.0		188.0		100.0		—
Japanese Local Government Bonds		—		2.8		—		—		(0.1	)		0.3			(0.3	)		—			0.1		2.4		0.3		—
Japanese Corporate Bonds		7.2		41.5		17.2		—		(4.5	)		(21.5	)		14.1			—			11.7		63.1		3.1		—
Other		0.6		34.2		186.3		54.7		(1.5	)		9.5			(85.4	)		(73.2	)		2.2		24.6		271.8		128.0

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 March 31, 2017								Change												As of March 31, 2016
	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		2,537.1		15,112.7		7,429.5		25,079.4		(482.3	)		(630.2	)		(1,354.4	)		(2,467.1	)		3,019.5		15,743.0		8,783.9		27,546.6
Receive Float / Pay Fixed		910.7		2,214.9		3,721.5		6,847.1		419.8			(1,301.6	)		(522.6	)		(1,404.4	)		490.9		3,516.5		4,244.1		8,251.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,447.9		17,327.6		11,151.0		31,926.6		(62.5	)		(1,931.9	)		(1,877.1	)		(3,871.6	)		3,510.4		19,259.6		13,028.1		35,798.2

Mizuho Bank

Receive Fixed / Pay Float		2,537.1		15,112.7		7,429.5		25,079.4		(482.3	)		(630.2	)		(1,164.4	)		(2,277.1	)		3,019.5		15,743.0		8,593.9		27,356.6
Receive Float / Pay Fixed		845.3		2,159.9		3,591.5		6,596.7		364.4			(1,231.6	)		(582.6	)		(1,449.8	)		480.9		3,391.5		4,174.1		8,046.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,382.5		17,272.6		11,021.0		31,676.2		(117.9	)		(1,861.9	)		(1,747.1	)		(3,727.0	)		3,500.4		19,134.6		12,768.1		35,403.2

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		—		—		—			—			(190.0	)		(190.0	)		—		—		190.0		190.0
Receive Float / Pay Fixed		65.4		55.0		130.0		250.4		55.4			(70.0	)		60.0			45.3			10.0		125.0		70.0		205.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		65.4		55.0		130.0		250.4		55.4			(70.0	)		(130.0	)		(144.6	)		10.0		125.0		260.0		395.0

(Reference)

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


	*(Billions of yen)*
	As of March 31, 2017					Change							As of March 31, 2016
	Deferred Hedge Gains/Losses					Deferred Hedge Gains/Losses							Deferred Hedge Gains/Losses
	Gains		Losses			Gains			Losses				Gains		Losses
Aggregate Figures		795.0		788.1	6.8		(176.2	)		62.0	(238.3	)		971.2		726.1	245.1
Mizuho Bank		685.5		681.0	4.4		(185.8	)		54.0	(239.9	)		871.4		626.9	244.4
Mizuho Trust & Banking		109.5		107.1	2.3		9.6			7.9	1.6			99.8		99.1	0.7

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)*
		Fiscal 2016			Change			Fiscal 2015
Retirement Benefit Obligations	(A)		1,238,241			(39,325	)		1,277,566
Discount Rate (%)			0.02~1.09						0.01~0.80

Total Fair Value of Plan Assets	(B)		1,978,028			98,107			1,879,920
Unrecognized Actuarial Differences	(C)		(208,588	)		(125,064	)		(83,523	)
Prepaid Pension Cost	(B)+(C)-(A)		531,198			12,368			518,830

Mizuho Bank

Retirement Benefit Obligations	(A)		1,092,337			(35,887	)		1,128,224
Discount Rate (%)			0.02~1.09						0.01~0.80

Total Fair Value of Plan Assets	(B)		1,775,033			83,740			1,691,292
Unrecognized Actuarial Differences	(C)		(200,728	)		(106,694	)		(94,033	)
Prepaid Pension Cost	(B)+(C)-(A)		481,968			12,933			469,034

Mizuho Trust & Banking

Retirement Benefit Obligations	(A)		145,904			(3,438	)		149,342
Discount Rate (%)			0.02~1.09						0.01~0.80

Total Fair Value of Plan Assets	(B)		202,994			14,366			188,627
Unrecognized Actuarial Differences	(C)		(7,859	)		(18,369	)		10,509
Prepaid Pension Cost	(B)+(C)-(A)		49,230			(564	)		49,795

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		Fiscal 2016			Change			Fiscal 2015
Service Cost			(28,793	)		(4,220	)		(24,572	)
Interest Cost			(3,726	)		4,083			(7,810	)
Expected Return on Plan Assets			30,914			(4,241	)		35,156
Accumulation (Amortization) of Unrecognized Actuarial Differences			(35,803	)		(40,479	)		4,675
Other			(2,520	)		629			(3,149	)

Total			(39,927	)		(44,228	)		4,300


Mizuho Bank
		*(Millions of yen)*
		Fiscal 2016			Change			Fiscal 2015
Service Cost			(24,587	)		(3,591	)		(20,996	)
Interest Cost			(3,286	)		3,610			(6,896	)
Expected Return on Plan Assets			27,750			(3,757	)		31,507
Accumulation (Amortization) of Unrecognized Actuarial Differences			(30,396	)		(36,596	)		6,200
Other			(2,231	)		469			(2,700	)

Total			(32,751	)		(39,865	)		7,113


Mizuho Trust & Banking
		*(Millions of yen)*
		Fiscal 2016			Change			Fiscal 2015
Service Cost			(4,205	)		(629	)		(3,575	)
Interest Cost			(439	)		473			(913	)
Expected Return on Plan Assets			3,164			(484	)		3,648
Accumulation (Amortization) of Unrecognized Actuarial Differences			(5,407	)		(3,882	)		(1,524	)
Other			(288	)		160			(448	)

Total			(7,176	)		(4,362	)		(2,813	)


Consolidated Retirement Benefit Obligations
		*(Millions of yen)*
		As of March 31, 2017			Change			As of March 31, 2016
Retirement Benefit Obligations	(A)		1,433,371			(31,776	)		1,465,148
Total Fair Value of Plan Assets	(B)		2,175,897			115,834			2,060,062
Unrecognized Actuarial Differences	(C)		(201,608	)		(134,754	)		(66,853	)
Net Defined Benefit Asset	(D)		797,762			151,333			646,428
Net Defined Benefit Liability	(A)-(B)+(D)		55,236			3,722			51,514

Income (Expenses) related to Employee Retirement Benefits
		*(Millions of yen)*
		Fiscal 2016			Change			Fiscal 2015
Service Cost			(43,302	)		(6,461	)		(36,841	)
Interest Cost			(4,686	)		4,582			(9,269	)
Expected Return on Plan Assets			34,862			(4,397	)		39,260
Accumulation (Amortization) of Unrecognized Actuarial Differences			(38,699	)		(42,046	)		3,347
Other			(6,846	)		30			(6,876	)

Total			(58,672	)		(48,292	)		(10,379	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard


	Consolidated					*(%, Billions of yen)*
	As of March 31, 2017 (Preliminary)		Change			As of March 31, 2016
(1) Total Capital Ratio		16.28		0.87			15.41
(2) Tier 1 Capital Ratio		13.30		0.66			12.64
(3) Common Equity Tier 1 Capital Ratio		11.34		0.84			10.50
(4) Total Capital		10,050.9		412.3			9,638.6
(5) Tier 1 Capital		8,211.5		306.4			7,905.0
(6) Common Equity Tier 1 Capital		7,001.6		435.1			6,566.4
(7) Risk weighted Assets		61,717.1		(814.0	)		62,531.1
(8) Total Required Capital (7)X8%		4,937.3		(65.1	)		5,002.4
Mizuho Bank International Standard
	Consolidated					As of March 31, 2016		Non-Consolidated
	As of March 31, 2017 (Preliminary)		Change			As of March 31, 2016		As of March 31, 2017 (Preliminary)
(1) Total Capital Ratio		16.20		0.74			15.46		16.53
(2) Tier 1 Capital Ratio		13.34		0.59			12.75		13.53
(3) Common Equity Tier 1 Capital Ratio		11.16		0.35			10.81		11.20
(4) Total Capital		9,148.5		368.2			8,780.2		8,938.2
(5) Tier 1 Capital		7,535.7		292.0			7,243.6		7,316.2
(6) Common Equity Tier 1 Capital		6,304.0		161.7			6,142.2		6,057.2
(7) Risk weighted Assets		56,461.7		(309.2	)		56,771.0		54,052.6
(8) Total Required Capital (7)X8%		4,516.9		(24.7	)		4,541.6		4,324.2
Mizuho Trust & Banking International Standard
(1) Total Capital Ratio		19.47		(0.05	)		19.52		19.70
(2) Tier 1 Capital Ratio		18.73		0.52			18.21		18.98
(3) Common Equity Tier 1 Capital Ratio		18.73		0.52			18.21		18.98
(4) Total Capital		484.9		12.7			472.1		492.6
(5) Tier 1 Capital		466.4		26.0			440.4		474.5
(6) Common Equity Tier 1 Capital		466.4		26.0			440.4		474.5
(7) Risk weighted Assets		2,489.5		71.3			2,418.1		2,500.1
(8) Total Required Capital (7)X8%		199.1		5.7			193.4		200.0

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 March 31, 2017										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		33,330		0.04		9,014			0.00			24,315		0.03
Non-Accrual Delinquent Loans		430,525		0.54		33,805			0.01			396,720		0.53
Loans Past Due for 3 Months or More		7,896		0.01		6,988			0.00			907		0.00
Restructured Loans		414,700		0.52		(48,408	)		(0.09	)		463,108		0.62

Total		886,452		1.13		1,400			(0.06	)		885,052		1.20

Total Loans		78,337,793		100.00		4,628,908						73,708,884		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		87,476				(56,443	)					143,919

Trust Account
	As of March 31, 2017										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,876		23.09		(12	)		2.24			2,888		20.84
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,876		23.09		(12	)		2.24			2,888		20.84

Total Loans		12,455		100.00		(1,405	)					13,861		100.00

Consolidated + Trust Account
	As of March 31, 2017										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		33,330		0.04		9,014			0.00			24,315		0.03
Non-Accrual Delinquent Loans		433,401		0.55		33,792			0.01			399,609		0.54
Loans Past Due for 3 Months or More		7,896		0.01		6,988			0.00			907		0.00
Restructured Loans		414,700		0.52		(48,408	)		(0.09	)		463,108		0.62

Total		889,328		1.13		1,387			(0.06	)		887,941		1.20

Total Loans		78,350,249		100.00		4,627,503						73,722,746		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of March 31, 2017										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		34,751		0.04		12,754			0.01			21,996		0.02
Non-Accrual Delinquent Loans		394,377		0.52		38,451			0.04			355,925		0.48
Loans Past Due for 3 Months or More		7,896		0.01		6,988			0.00			907		0.00
Restructured Loans		359,366		0.48		(38,136	)		(0.05	)		397,503		0.53

Total		796,391		1.06		20,058			0.01			776,333		1.05


Total Loans		74,601,591		100.00		717,022						73,884,568		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		79,438				(54,286	)					133,724

Mizuho Bank

Loans to Bankrupt Obligors		34,734		0.04		12,800			0.01			21,934		0.03
Non-Accrual Delinquent Loans		387,152		0.54		39,897			0.04			347,255		0.49
Loans Past Due for 3 Months or More		7,896		0.01		6,988			0.00			907		0.00
Restructured Loans		352,808		0.49		(38,243	)		(0.06	)		391,052		0.55

Total		782,592		1.09		21,442			0.01			761,150		1.08


Total Loans		71,262,838		100.00		888,445						70,374,392		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		78,623				(54,197	)					132,821

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		16		0.00		(45	)		(0.00	)		61		0.00
Non-Accrual Delinquent Loans		4,348		0.13		(1,432	)		(0.03	)		5,781		0.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		6,557		0.19		106			0.01			6,450		0.18

Total		10,922		0.32		(1,371	)		(0.02	)		12,294		0.35


Total Loans		3,326,296		100.00		(170,017	)					3,496,313		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		814				(88	)					903

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,876		23.09		(12	)		2.24			2,888		20.84
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,876		23.09		(12	)		2.24			2,888		20.84


Total Loans		12,455		100.00		(1,405	)					13,861		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 March 31, 2017		Change			As of March 31, 2016
Reserves for Possible Losses on Loans		509,175		49,643			459,531
General Reserve for Possible Losses on Loans		344,741		39,913			304,828
Specific Reserve for Possible Losses on Loans		164,430		9,741			154,689
Reserve for Possible Losses on Loans to Restructuring Countries		2		(10	)		13

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		93,782		(64,025	)		157,807

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2017		Change			As of March 31, 2016
Reserves for Possible Losses on Loans		442,468		57,641			384,827
General Reserve for Possible Losses on Loans		306,635		44,608			262,027
Specific Reserve for Possible Losses on Loans		135,830		13,043			122,786
Reserve for Possible Losses on Loans to Restructuring Countries		2		(10	)		13

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		85,318		(61,806	)		147,125

Mizuho Bank

Reserves for Possible Losses on Loans		437,689		58,498			379,190
General Reserve for Possible Losses on Loans		302,091		45,148			256,943
Specific Reserve for Possible Losses on Loans		135,594		13,360			122,234
Reserve for Possible Losses on Loans to Restructuring Countries		2		(10	)		13

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		84,130		(61,711	)		145,842

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		4,779		(856	)		5,636
General Reserve for Possible Losses on Loans		4,543		(540	)		5,083
Specific Reserve for Possible Losses on Loans		235		(316	)		552
Reserve for Possible Losses on Loans to Restructuring Countries		0		(0	)		0

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		1,187		(94	)		1,282

*	Reserve for Possible Losses on Entrusted Loans (¥38 million and ¥42 million for March 31, 2017 and March 31, 2016, 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
March 31,
2017

Change

As of
March 31,
2016

Mizuho Financial Group

57.43

5.51

51.92

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

Non-Consolidated

(%)

As of
March 31,
2017

Change

As of
March 31,
2016

Total

55.76

6.00

49.75

Mizuho Bank

55.92

6.11

49.81

Mizuho Trust & Banking (Banking Account)

43.75

(2.09

)

45.84

*	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 March 31, 2017		Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		98,449		15,285			83,164
Claims with Collection Risk		401,226		39,933			361,293
Claims for Special Attention		422,596		(41,419	)		464,016
Total		922,272		13,799			908,473

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		93,383		(63,996	)		157,380

Trust Account

	As of March 31, 2017		Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,876		(12	)		2,888
Claims for Special Attention		—		—			—
Total		2,876		(12	)		2,888

Consolidated + Trust Account

	As of March 31, 2017		Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		98,449		15,285			83,164
Claims with Collection Risk		404,102		39,920			364,182
Claims for Special Attention		422,596		(41,419	)		464,016
Total		925,149		13,786			911,362

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated

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


	*(Millions of yen, %)*
	As of March 31, 2017										As of March 31, 2016
			%		Change			%					%
Claims against Bankrupt and Substantially Bankrupt Obligors		82,780		0.09		14,757			0.01			68,022		0.08
Claims with Collection Risk		390,021		0.46		36,322			0.03			353,699		0.43
Claims for Special Attention		367,262		0.43		(31,148	)		(0.04	)		398,411		0.48
Sub-total		840,064		1.00		19,931			0.00			820,133		1.00
Normal Claims		82,716,405		98.99		1,707,313			(0.00	)		81,009,092		98.99

Total		83,556,470		100.00		1,727,245						81,829,225		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		85,118				(61,800	)					146,919

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		81,531		0.10		14,528			0.01			67,003		0.08
Claims with Collection Risk		384,025		0.47		38,039			0.03			345,986		0.44
Claims for Special Attention		360,704		0.44		(31,255	)		(0.05	)		391,960		0.50
Sub-total		826,262		1.03		21,312			0.00			804,950		1.02
Normal Claims		79,364,972		98.96		1,897,352			(0.00	)		77,467,619		98.97

Total		80,191,234		100.00		1,918,665						78,272,569		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		84,130				(61,711	)					145,842

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		1,248		0.03		229			0.00			1,019		0.02
Claims with Collection Risk		3,119		0.09		(1,704	)		(0.04	)		4,824		0.13
Claims for Special Attention		6,557		0.19		106			0.01			6,450		0.18
Sub-total		10,925		0.32		(1,368	)		(0.02	)		12,294		0.34
Normal Claims		3,341,853		99.67		(188,646	)		0.02			3,530,500		99.65

Total		3,352,779		100.00		(190,014	)					3,542,794		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		987				(89	)					1,076

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,876		23.09		(12	)		2.24			2,888		20.84
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,876		23.09		(12	)		2.24			2,888		20.84
Normal Claims		9,579		76.90		(1,392	)		(2.24	)		10,972		79.15

Total		12,455		100.00		(1,405	)					13,861		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

(Billions of yen)

As of
March 31, 2017

Change

As of
March 31, 2016

Aggregate Figures for the 2 Banks (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

82.7

14.7

68.0

Collateral, Guarantees, and equivalent

76.6

16.1

60.5

Reserve for Possible Losses

6.0

(1.3

)

7.4

Claims with Collection Risk

387.1

36.3

350.8

Collateral, Guarantees, and equivalent

180.3

4.2

176.1

Reserve for Possible Losses

129.7

14.4

115.3

Claims for Special Attention

367.2

(31.1

)

398.4

Collateral, Guarantees, and equivalent

140.5

(14.4

)

155.0

Reserve for Possible Losses

97.7

(3.0

)

100.7

Total

837.1

19.9

817.2

Collateral, Guarantees, and equivalent

397.6

5.9

391.7

Reserve for Possible Losses

233.5

9.9

223.5

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

81.5

14.5

67.0

Collateral, Guarantees, and equivalent

75.5

15.9

59.5

Reserve for Possible Losses

6.0

(1.4

)

7.4

Claims with Collection Risk

384.0

38.0

345.9

Collateral, Guarantees, and equivalent

177.6

5.3

172.2

Reserve for Possible Losses

129.5

14.7

114.7

Claims for Special Attention

360.7

(31.2

)

391.9

Collateral, Guarantees, and equivalent

140.2

(14.2

)

154.5

Reserve for Possible Losses

94.9

(2.9

)

97.8

Total

826.2

21.3

804.9

Collateral, Guarantees, and equivalent

393.3

7.0

386.3

Reserve for Possible Losses

230.5

10.4

220.0

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

1.2

0.2

1.0

Collateral, Guarantees, and equivalent

1.1

0.1

1.0

Reserve for Possible Losses

0.0

0.0

Claims with Collection Risk

3.1

(1.7

)

4.8

Collateral, Guarantees, and equivalent

2.7

(1.1

)

3.8

Reserve for Possible Losses

0.1

(0.3

)

0.5

Claims for Special Attention

6.5

0.1

6.4

Collateral, Guarantees, and equivalent

0.3

(0.1

)

0.4

Reserve for Possible Losses

2.7

(0.1

)

2.9

Total

10.9

(1.3

)

12.2

Collateral, Guarantees, and equivalent

4.3

(1.0

)

5.3

Reserve for Possible Losses

3.0

(0.4

)

3.4

(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


	*(Billions of yen)*
	As of March 31, 2017		Change			As of March 31, 2016

Aggregate Figures for the 2 Banks (Banking Account)

Coverage Amount		631.2		15.9			615.2
Reserves for Possible Losses on Loans		233.5		9.9			223.5
Collateral, Guarantees, and equivalent		397.6		5.9			391.7

	*(%)*
Coverage Ratio		75.4		0.1			75.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		80.1		(2.9	)		83.0
Claims for Special Attention		64.8		0.6			64.2
Claims against Special Attention Obligors		*67.9*		0.2			67.7

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		62.7		(3.2	)		66.0
Claims for Special Attention		43.1		1.7			41.4
Claims against Special Attention Obligors		*45.5*		1.1			44.3

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		26.73		1.01			25.72
Claims against Watch Obligors excluding Special Attention Obligors		6.69		3.03			3.66
Claims against Normal Obligors		0.06		(0.00	)		0.07

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		623.8		17.4			606.4
Reserves for Possible Losses on Loans		230.5		10.4			220.0
Collateral, Guarantees, and equivalent		393.3		7.0			386.3

	*(%)*
Coverage Ratio		75.5		0.1			75.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		79.9		(2.9	)		82.9
Claims for Special Attention		65.1		0.8			64.3
Claims against Special Attention Obligors		*67.8*		0.3			67.4

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		62.7		(3.2	)		66.0
Claims for Special Attention		43.0		1.8			41.2
Claims against Special Attention Obligors		*45.5*		1.2			44.2

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		26.88		1.06			25.81
Claims against Watch Obligors excluding Special Attention Obligors		6.73		3.04			3.69
Claims against Normal Obligors		0.06		(0.00	)		0.07

Mizuho Trust & Banking (Banking Account)

	*(Billions of yen)*
Coverage Amount		7.3		(1.5	)		8.8
Reserves for Possible Losses on Loans		3.0		(0.4	)		3.4
Collateral, Guarantees, and equivalent		4.3		(1.0	)		5.3

	*(%)*
Coverage Ratio		67.2		(4.8	)		72.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		94.5		2.7			91.8
Claims for Special Attention		47.9		(4.9	)		52.8
Claims against Special Attention Obligors		*74.0*		(2.8	)		76.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		51.0		(7.0	)		58.0
Claims for Special Attention		44.9		(4.0	)		49.0
Claims against Special Attention Obligors		*44.9*		(3.7	)		48.7

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		21.19		(0.77	)		21.97
Claims against Watch Obligors excluding Special Attention Obligors		1.19		(0.42	)		1.62
Claims against Normal Obligors		0.04		(0.00	)		0.04

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: 1.

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 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016
	As of March 31, 2014		As of March 31, 2015		As of March 31, 2016		As of March 31, 2017
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		67.2		39.8		26.2		17.6		0.4		18.1		(8.0	)
Claims with Collection Risk		472.0		297.9		176.1		118.3		4.9		123.2		(52.8	)
Amount Categorized as above up to Fiscal 2013		539.3		337.8		202.3		136.0		5.4		141.4		(60.9	)
of which the amount which was in the process of being removed from the balance sheet		61.4		32.4		21.2		14.2		0.4		14.6		(6.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors				16.8		11.8		2.1		0.0		2.1		(9.7	)
Claims with Collection Risk				104.5		59.3		43.7		0.3		44.0		(15.3	)
Amount Newly Categorized as above during Fiscal 2014				121.4		71.2		45.8		0.3		46.1		(25.0	)
of which the amount which was in the process of being removed from the balance sheet				15.6		11.8		2.1		0.0		2.1		(9.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors						29.9		27.9		0.2		28.1		(1.7	)
Claims with Collection Risk						118.2		74.7		0.3		75.0		(43.2	)
Amount Newly Categorized as above during Fiscal 2015						148.1		102.6		0.5		103.2		(44.9	)
of which the amount which was in the process of being removed from the balance sheet						23.9		22.3		0.2		22.5		(1.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors								33.7		0.5		34.2		34.2
Claims with Collection Risk								147.2		0.4		147.6		147.6
Amount Newly Categorized as above during Fiscal 2016								181.0		0.9		181.9		181.9
of which the amount which was in the process of being removed from the balance sheet								32.7		0.5		33.3		33.3
Claims against Bankrupt and Substantially Bankrupt Obligors		67.2		56.6		68.0		81.5		1.2		82.7		14.7
Claims with Collection Risk		472.0		402.5		353.6		384.0		5.9		390.0		36.3
Total		539.3		459.2		421.7		465.5		7.2		472.8		51.0
of which the amount which was in the process of being removed from the balance sheet		61.4		48.0		57.1		71.4		1.2		72.7		15.6


* 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 Fiscal 2016


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(20.4	)		(20.4	)		—
Restructuring		(6.3	)		(6.3	)		—
Improvement in Business Performance due to Restructuring		(0.1	)		—			(0.1	)
Loan Sales		(28.2	)		(28.2	)		—
Direct Write-off		51.4			51.4			—
Other		(127.1	)		(124.8	)		(2.3	)
Debt recovery		(101.8	)		(100.9	)		(0.9	)
Improvement in Business Performance		(25.2	)		(23.9	)		(1.3	)

Total		(130.8	)		(128.4	)		(2.4	)

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 March 31, 2017										As of March 31, 2016
	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)		56,288.5		717.7		758.0			2.0			55,530.4		715.6
Manufacturing		8,620.2		294.8		475.6			7.1			8,144.5		287.7
Agriculture & Forestry		38.8		0.2		(5.9	)		(1.3	)		44.8		1.5
Fishery		1.3		—		0.1			(0.3	)		1.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		224.8		0.0		(9.6	)		(0.0	)		234.5		0.0
Construction		643.2		10.4		(85.9	)		(4.9	)		729.2		15.4
Utilities		2,212.1		0.9		(152.8	)		(0.3	)		2,365.0		1.2
Communication		1,429.2		9.7		75.8			(5.8	)		1,353.3		15.6
Transportation & Postal Industry		2,311.7		9.9		59.1			(1.6	)		2,252.5		11.5
Wholesale & Retail		4,740.3		130.9		(258.7	)		2.1			4,999.0		128.8
Finance & Insurance		7,127.2		3.8		486.3			1.0			6,640.8		2.8
Real Estate		7,023.7		32.7		157.1			(11.2	)		6,866.6		43.9
Commodity Lease		2,104.6		1.3		115.9			(0.1	)		1,988.7		1.4
Service Industries		2,659.4		64.5		(7.1	)		2.3			2,666.5		62.1
Local Governments		873.4		2.8		(48.3	)		(0.0	)		921.7		2.8
Governments		3,191.1		—		920.9			—			2,270.2		—
Other		13,086.7		155.2		(964.5	)		15.3			14,051.2		139.8
Overseas Total (including Loans Booked Offshore)		19,127.5		78.6		(93.6	)		17.9			19,221.1		60.6
Governments		671.5		—		(305.2	)		—			976.8		—
Financial Institutions		5,957.1		—		703.0			—			5,254.0		—
Other		12,498.8		78.6		(491.4	)		17.9			12,990.2		60.6

Total		75,416.0		796.3		664.4			20.0			74,751.6		776.3

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


As of March 31, 2017:		¥656.1 billion (from MHBK)
As of March 31, 2016:		¥686.3 billion (from MHBK)

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

2-26

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2017										As of March 31, 2016
	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
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		52,140.5		703.9		981.5			3.4			51,159.0		700.4
Manufacturing		8,144.5		289.2		527.3			7.2			7,617.1		281.9
Agriculture & Forestry		38.8		0.2		(5.9	)		(1.3	)		44.8		1.5
Fishery		1.3		—		0.1			(0.3	)		1.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		222.6		0.0		(9.5	)		(0.0	)		232.2		0.0
Construction		608.9		10.3		(81.7	)		(4.9	)		690.6		15.3
Utilities		1,968.9		0.9		(107.8	)		(0.3	)		2,076.7		1.2
Communication		1,300.6		9.7		18.2			(5.8	)		1,282.4		15.6
Transportation & Postal Industry		2,098.4		9.8		43.5			(1.6	)		2,054.8		11.5
Wholesale & Retail		4,571.0		130.7		(241.6	)		2.1			4,812.6		128.6
Finance & Insurance		6,735.9		3.8		496.1			1.0			6,239.7		2.8
Real Estate		5,943.7		31.4		136.7			(9.9	)		5,807.0		41.3
Commodity Lease		1,833.8		1.3		124.8			(0.1	)		1,708.9		1.4
Service Industries		2,599.6		64.0		(2.1	)		1.9			2,601.7		62.1
Local Governments		862.0		—		(46.4	)		—			908.4		—
Governments		3,004.8		—		998.1			—			2,006.6		—
Other		12,205.1		152.1		(868.3	)		15.7			13,073.5		136.3
Overseas Total (including Loans Booked Offshore)		19,122.2		78.6		(93.0	)		17.9			19,215.3		60.6
Governments		671.2		—		(305.1	)		—			976.4		—
Financial Institutions		5,957.1		—		703.0			—			5,254.0		—
Other		12,493.8		78.6		(490.9	)		17.9			12,984.8		60.6

Total		71,262.8		782.5		888.4			21.4			70,374.3		761.1


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,147.9		13.7		(223.4	)		(1.3	)		4,371.3		15.1
Manufacturing		475.6		5.5		(51.6	)		(0.1	)		527.3		5.7
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.1		—		(0.0	)		—			2.2		—
Construction		34.3		0.1		(4.1	)		(0.0	)		38.5		0.1
Utilities		243.1		—		(45.0	)		—			288.2		—
Communication		128.5		—		57.6			—			70.9		—
Transportation & Postal Industry		213.3		0.0		15.6			(0.0	)		197.7		0.0
Wholesale & Retail		169.3		0.1		(17.1	)		(0.0	)		186.4		0.2
Finance & Insurance		391.3		—		(9.7	)		—			401.0		—
Real Estate		1,080.0		1.3		20.3			(1.2	)		1,059.6		2.5
Commodity Lease		270.8		—		(8.9	)		—			279.8		—
Service Industries		59.7		0.5		(5.0	)		0.4			64.7		0.0
Local Governments		11.3		2.8		(1.8	)		(0.0	)		13.2		2.8
Governments		186.3		—		(77.1	)		—			263.5		—
Other		881.5		3.1		(96.1	)		(0.3	)		977.7		3.4
Overseas Total (including Loans Booked Offshore)		5.2		—		(0.5	)		—			5.8		—
Governments		0.3		—		(0.1	)		—			0.4		—
Financial Institutions		—		—		—			—			—		—
Other		4.9		—		(0.4	)		—			5.4		—

Total		4,153.2		13.7		(224.0	)		(1.3	)		4,377.2		15.1

*	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 March 31, 2017										As of March 31, 2016
	Disclosed Claims under the FRA		Coverage Ratio		Change						Disclosed Claims under the FRA		Coverage Ratio
	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)		733.4		73.9		1.8			(0.3	)		731.5		74.2
Manufacturing		305.5		73.2		7.8			1.0			297.6		72.1
Agriculture & Forestry		0.2		30.9		(1.3	)		(32.5	)		1.5		63.5
Fishery		—		—		(0.3	)		—			0.3		12.2
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		10.4		67.2		(5.0	)		(0.0	)		15.5		67.2
Utilities		0.9		42.3		(0.3	)		18.9			1.2		23.3
Communication		9.9		67.9		(5.8	)		(13.7	)		15.7		81.6
Transportation & Postal Industry		9.9		69.8		(1.6	)		2.6			11.5		67.1
Wholesale & Retail		134.9		62.9		1.6			(0.8	)		133.3		63.7
Finance & Insurance		3.8		69.8		1.0			1.4			2.8		68.3
Real Estate		32.7		86.0		(11.2	)		(0.3	)		44.0		86.4
Commodity Lease		1.3		86.6		(0.1	)		2.7			1.4		83.8
Service Industries		64.9		66.0		2.0			(2.0	)		62.9		68.1
Local Governments		2.8		100.0		(0.0	)		—			2.8		100.0
Other		155.7		86.3		15.2			(1.9	)		140.4		88.2
Overseas Total (including Loans Booked Offshore)		106.6		86.3		18.0			1.6			88.5		84.6
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		106.6		86.3		18.0			1.6			88.5		84.6

Total		840.0		75.4		19.9			0.1			820.1		75.3

*	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
March 31,
2017

As of
March 31,
2016

Change

Housing and Consumer Loans

10,719.8

(648.2

)

11,368.1

Housing Loans for owner’s residential housing

9,497.5

(452.1

)

9,949.7

Mizuho Bank

Housing and Consumer Loans

10,605.2

(627.2

)

11,232.5

Housing Loans

9,759.3

(512.3

)

10,271.7

for owner’s residential housing

9,393.6

(433.6

)

9,827.2

Consumer loans

845.9

(114.9

)

960.8

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

114.6

(20.9

)

135.5

Housing Loans for owner’s residential housing

103.9

(18.5

)

122.4

* 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
March 31,
2017

As of
March 31,
2016

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

57.7

(1.2

)

59.0

Loans to SMEs and Individual Customers

32,500.8

(279.4

)

32,780.3

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.2

(1.6

)

59.9

Loans to SMEs and Individual Customers

30,363.9

(293.1

)

30,657.0

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

51.5

2.9

48.5

Loans to SMEs and Individual Customers

2,136.8

13.6

2,123.2

*	Above figures are aggregate banking and trust account amounts.

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

*	The definition of “Small and Medium-sized Enterprises” is as 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 March 31, 2017

As of March 31, 2016

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

Asia

6,504.3

34.2

(301.7

)

9.6

6,806.1

24.5

Hong Kong

1,501.1

8.7

124.4

(0.1

)

1,376.6

8.9

South Korea

615.5

0.5

(75.3

)

0.5

690.8

—

Singapore

1,176.2

15.5

(18.7

)

1.0

1,195.0

14.5

Thailand

867.3

1.1

20.0

0.3

847.2

0.7

Central and South America

3,746.3

91.0

(187.7

)

41.6

3,934.0

49.4

North America

5,790.8

21.5

28.7

(0.6

)

5,762.1

22.1

Eastern Europe

105.8

0.1

50.8

(1.0

)

55.0

1.2

Western Europe

3,153.8

18.3

(238.9

)

(1.7

)

3,392.8

20.1

Other

2,504.5

6.3

139.9

(5.1

)

2,364.5

11.4

Total

21,805.7

171.7

(508.9

)

42.7

22,314.6

129.0

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 April 1, 2017 to March 31, 2022)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,878.7
Income before Income Taxes	2		2,952.3
Tax Adjustments *1	3		261.3
Taxable Income before Current Deductible Temporary Differences *2	4		3,213.6

Effective Statutory Tax Rate	5		30.80%/30.56%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		983.4

*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 March 31, 2017.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2012		80.5
Fiscal 2013		304.2
Fiscal 2014		546.7
Fiscal 2015		496.0
Fiscal 2016(estimate)		440.0

*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 fiscal 2013 is the aggregate figure for MHBK and the former MHBK. Figures for fiscal 2012 and before are the aggregate figures for the former MHBK and the former MHCB.

*3.	Figure for fiscal 2016 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2017			Change			As of March 31, 2016
Reserves for Possible Losses on Loans	7		141.4			6.2			135.1
Impairment of Securities	8		141.1			(17.2	)		158.3
Net Unrealized Losses on Other Securities	9		10.7			(9.4	)		20.1
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		3.5			3.5			—
Tax Losses Carried Forward	12		—			—			—
Other	13		267.3			14.5			252.8
Total Deferred Tax Assets	14		564.1			(2.3	)		566.5

Valuation Allowance	15		(154.0	)		39.9			(193.9	)
Sub-Total [ 14 + 15 ]	16		410.1			37.5			372.6

Amount related to Retirement Benefits Accounting *1	17		(147.2	)		(3.9	)		(143.3	)
Net Unrealized Gains on Other Securities	18		(397.7	)		29.5			(427.3	)
Net Deferred Hedge Gains	19		—			66.5			(66.5	)
Other	20		(51.2	)		(13.7	)		(37.4	)
Total Deferred Tax Liabilities	21		(596.3	)		78.4			(674.7	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(186.1	)		115.9			(302.0	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(399.7	)		28.6			(428.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		3.5			70.1			(66.5	)
Tax effects related to others	25		210.0			17.1			192.9

*1	Amount related to Retirement Benefits Accounting includes ¥(75.0) 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. Details of the respective estimated five-year totals are as follows:

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans): ¥2,878.7 billion [1]

Income before Income Taxes: ¥2,952.3 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,213.6 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥564.1 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥154.0 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥596.3 billion [21], ¥186.1 billion [22] of Net Deferred Tax Liabilities were recorded on the balance sheet.

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 April 1, 2017 to March 31, 2022)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		211.1
Income before Income Taxes	2		193.8
Tax Adjustments *1	3		(5.8	)
Taxable Income before Current Deductible Temporary Differences *2	4		187.9
Effective Statutory Tax Rate	5		30.80%/30.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		57.6

*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 March 31, 2017.

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


	*(Billions of yen)*
Fiscal 2012		26.8
Fiscal 2013		39.9
Fiscal 2014		14.6
Fiscal 2015		45.1
Fiscal 2016(estimate)		52.0

*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 fiscal 2016 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2017			Change			As of March 31, 2016
Reserves for Possible Losses on Loans	7		1.7			(0.1	)		1.9
Impairment of Securities	8		11.1			(4.5	)		15.6
Net Unrealized Losses on Other Securities	9		0.3			(0.0	)		0.3
Reserve for Employee Retirement Benefits	10		10.8			0.6			10.2
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		5.5			0.7			4.7
Total Deferred Tax Assets	14		29.5			(3.3	)		32.9

Valuation Allowance	15		(11.6	)		3.9			(15.6	)
Sub-Total [ 14 + 15 ]	16		17.8			0.5			17.2

Amount related to Retirement Benefits Accounting *1	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(21.6	)		2.2			(23.9	)
Net Deferred Hedge Gains	19		(0.7	)		(0.5	)		(0.2	)
Other	20		(0.5	)		0.0			(0.6	)
Total Deferred Tax Liabilities	21		(27.5	)		1.8			(29.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(9.6	)		2.3			(12.0	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(22.0	)		1.9			(23.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(0.7	)		(0.5	)		(0.2	)
Tax effects related to others	25		13.0			0.9			12.1

*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. Details of the respective estimated five-year totals are as follows:

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans): ¥211.1 billion [1]

Income before Income Taxes: ¥193.8 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥187.9 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥29.5 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥11.6 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥27.5 billion [21], ¥9.6 billion [22] of Net Deferred Tax Liabilities were recorded on the balance sheet.

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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2017		Change			As of March 31, 2016
Deposits		92,744.3		4,672.9			88,071.3
Individual Deposits		41,381.9		1,140.7			40,241.2
Corporate Deposits		43,941.2		3,246.1			40,695.0
Financial/Government Institutions		7,421.1		286.0			7,135.0

Mizuho Bank

Deposits		89,370.8		4,341.9			85,028.9
Individual Deposits		40,375.6		1,211.7			39,163.9
Corporate Deposits		42,600.3		3,211.4			39,388.9
Financial/Government Institutions		6,394.8		(81.2	)		6,476.1

Mizuho Trust & Banking

Deposits		3,373.4		331.0			3,042.4
Individual Deposits		1,006.3		(70.9	)		1,077.3
Corporate Deposits		1,340.9		34.7			1,306.1
Financial/Government Institutions		1,026.2		367.3			658.9

*	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

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


	As of March 31, 2017		Change			As of March 31, 2016
Directors, Executive Officers as defined in the Companies Act, and Auditors		66		(2	)		68
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)		117		7			110
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		41,758		2,851			38,907

Aggregate Figures for Mizuho Financial Group, and the 2 Banks
Directors, Executive Officers as defined in the Companies Act, and Auditors		49		(3	)		52
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)		99		9			90
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		34,473		2,560			31,913

Mizuho Financial Group
Directors and Executive Officers as defined in the Companies Act		23		(3	)		26
Executive Officers as defined in the Companies Act		15		(3	)		18
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)		51		14			37
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		1,359		41			1,318

Mizuho Bank
Directors and Auditors		20		—			20
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors)		68		2			66
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		29,848		2,493			27,355

Mizuho Trust & Banking
Directors and Auditors		13		—			13
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		22		1			21
Employees (excluding Executive Officers as defined in our internal regulations)		3,266		26			3,240

Mizuho Securities
Directors and Auditors		19		1			18
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		31		(2	)		33
Employees (excluding Executive Officers as defined in our internal regulations)		7,285		291			6,994

*1.	Mizuho Financial Group and Mizuho Bank have newly introduced “Specialist Officer” positions from April 1, 2016.

*2.	In the tables that denote aggregate figures for more than one company, the numbers have been adjusted for Directors, Executive Officers as defined in our internal regulations, and Specialist Officers doubling other positions.

*3.	The number of Executive Officers as defined in our internal regulations includes those doubling as Directors of Mizuho Financial Group.

*4.	The figures for Mizuho Securities are denoted for reference.

2-34

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of March 31, 2017		Change		As of March 31, 2016
Head Offices and Domestic Branches		455		—		455
Overseas Branches		25		—		25
Domestic Sub-Branches		66		6		60
Overseas Sub-Branches		17		—		17
Overseas Representative Offices		6		—		6
* Head Offices and Domestic Branches do not include in-store branches (2), 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).

Mizuho Bank

Head Office and Domestic Branches		419		—		419
Overseas Branches		25		—		25
Domestic Sub-Branches		45		4		41
Overseas Sub-Branches		17		—		17
Overseas Representative Offices		6		—		6
* Head Office and Domestic Branches do not include in-store branches (2), 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).

Mizuho Trust & Banking

Head Office and Domestic Branches		36		—		36
Overseas Branches		—		—		—
Domestic Sub-Branches		21		2		19
Overseas Sub-Branches		—		—		—
Overseas Representative Offices		—		—		—

2-35

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2017

Consolidated


	*(Billions of yen)*
	First Half		Fiscal 2017
Ordinary Profits		340.0		790.0
Profit Attributable to Owners of Parent		240.0		550.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2017

Aggregate Figures
for the 2 Banks

MHBK

MHTB*

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)

460.0

425.0

35.0

Ordinary Profits

545.0

515.0

30.0

Net Income

385.0

365.0

20.0

Credit-related Costs

(40.0

)

(40.0

)

—

*	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.

2-36

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2017 (A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	38,943,082		¥	30,156,145		¥	8,786,936
Call Loans		433,198			266,249			166,949
Receivables under Resale Agreements		596,194			368,351			227,843
Other Debt Purchased		728,080			729,842			(1,762	)
Trading Assets		4,234,901			6,421,352			(2,186,450	)
Money Held in Trust		3,137			3,197			(59	)
Securities		31,264,703			37,903,140			(6,638,437	)
Loans and Bills Discounted		71,262,838			70,374,392			888,445
Foreign Exchange Assets		1,769,212			1,343,546			425,665
Derivatives other than for Trading		3,201,963			5,008,314			(1,806,351	)
Other Assets		2,268,678			1,688,087			580,590
Tangible Fixed Assets		828,363			836,484			(8,121	)
Intangible Fixed Assets		754,547			636,583			117,964
Prepaid Pension Cost		481,968			469,034			12,933
Customers’ Liabilities for Acceptances and Guarantees		5,757,150			5,297,202			459,947
Reserves for Possible Losses on Loans		(437,689	)		(379,190	)		(58,498	)

Total Assets	¥	162,090,330		¥	161,122,736		¥	967,594

Liabilities
Deposits	¥	107,789,803		¥	100,197,037		¥	7,592,765
Negotiable Certificates of Deposit		10,091,832			11,177,095			(1,085,263	)
Call Money		775,450			1,127,524			(352,074	)
Payables under Repurchase Agreements		7,604,970			7,588,922			16,048
Guarantee Deposits Received under Securities Lending Transactions		335,575			786,431			(450,856	)
Commercial Paper		765,146			777,601			(12,455	)
Trading Liabilities		3,362,426			5,198,295			(1,835,868	)
Borrowed Money		9,136,351			8,697,522			438,828
Foreign Exchange Liabilities		729,532			682,188			47,343
Bonds and Notes		3,726,331			4,376,773			(650,442	)
Derivatives other than for Trading		2,836,858			4,423,937			(1,587,078	)
Other Liabilities		1,616,928			2,998,753			(1,381,825	)
Reserve for Bonus Payments		20,902			20,437			464
Reserve for Variable Compensation		1,269			1,300			(31	)
Reserve for Possible Losses on Sales of Loans		298			267			31
Reserve for Contingencies		52			800			(748	)
Reserve for Reimbursement of Deposits		17,575			15,041			2,533
Reserve for Reimbursement of Debentures		32,720			39,245			(6,524	)
Deferred Tax Liabilities		186,153			302,072			(115,918	)
Deferred Tax Liabilities for Revaluation Reserve for Land		66,585			67,991			(1,405	)
Acceptances and Guarantees		5,757,150			5,297,202			459,947

Total Liabilities		154,853,914			153,776,443			1,077,470

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,795			(466	)
Capital Reserve		655,418			655,324			93
Other Capital Surplus		1,630,910			1,631,471			(560	)
Retained Earnings		2,298,416			2,231,469			66,946
Appropriated Reserve		225,810			169,829			55,981
Other Retained Earnings		2,072,606			2,061,640			10,965
Retained Earnings Brought Forward		2,072,606			2,061,640			10,965

Total Shareholders’ Equity		5,988,810			5,922,330			66,479

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,099,468			1,106,333			(6,865	)
Net Deferred Hedge Gains (Losses), net of Taxes		2,527			169,143			(166,616	)
Revaluation Reserve for Land, net of Taxes		145,609			148,483			(2,874	)

Total Valuation and Translation Adjustments		1,247,605			1,423,961			(176,356	)

Total Net Assets		7,236,415			7,346,292			(109,876	)

Total Liabilities and Net Assets	¥	162,090,330		¥	161,122,736		¥	967,594

2-37

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2017 (A)			For the fiscal year ended March 31, 2016 (B)			Change (A) - (B)
Ordinary Income	¥	2,233,118		¥	2,251,728		¥	(18,609	)
Interest Income		1,204,728			1,207,062			(2,333	)
Interest on Loans and Bills Discounted		*820,861*			801,996			18,865
Interest and Dividends on Securities		*257,345*			284,113			(26,767	)
Fee and Commission Income		470,240			477,788			(7,548	)
Trading Income		81,202			96,734			(15,531	)
Other Operating Income		191,592			197,715			(6,122	)
Other Ordinary Income		285,355			272,427			12,927

Ordinary Expenses		1,773,319			1,547,651			225,667
Interest Expenses		484,970			377,013			107,956
Interest on Deposits		*194,365*			133,957			60,408
Fee and Commission Expenses		93,982			91,475			2,506
Trading Expenses		792			2,282			(1,489	)
Other Operating Expenses		47,643			44,711			2,931
General and Administrative Expenses		901,693			832,319			69,374
Other Ordinary Expenses		244,237			199,849			44,388

Ordinary Profits		459,799			704,076			(244,277	)

Extraordinary Gains		2,567			6,484			(3,916	)

Extraordinary Losses		7,413			7,647			(234	)

Income before Income Taxes		454,954			702,913			(247,959	)
Income Taxes:
Current		132,745			164,473			(31,727	)
Refund of Income Taxes		(3,259	)		(3,049	)		(210	)
Deferred		(17,098	)		51,276			(68,375	)

Net Income	¥	342,566		¥	490,212		¥	(147,646	)

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of March 31, 2017 (A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,699,040		¥	1,665,011		¥	34,029
Call Loans		6,956			5,520			1,435
Guarantee Deposits Paid under Securities Borrowing Transactions		113,046			215,970			(102,923	)
Other Debt Purchased		9,196			13,358			(4,161	)
Trading Assets		90,487			127,305			(36,817	)
Money Held in Trust		3,286			2,578			708
Securities		1,253,105			1,492,120			(239,014	)
Loans and Bills Discounted		3,326,296			3,496,313			(170,017	)
Foreign Exchange Assets		2,596			3,675			(1,079	)
Other Assets		83,804			80,648			3,155
Tangible Fixed Assets		23,617			24,632			(1,015	)
Intangible Fixed Assets		33,477			24,022			9,455
Prepaid Pension Cost		49,230			49,795			(564	)
Customers’ Liabilities for Acceptances and Guarantees		23,887			43,749			(19,862	)
Reserves for Possible Losses on Loans		(4,779	)		(5,636	)		856

Total Assets	¥	6,713,251		¥	7,239,067		¥	(525,816	)

Liabilities
Deposits	¥	3,387,390		¥	3,056,268		¥	331,122
Negotiable Certificates of Deposit		327,620			353,070			(25,450	)
Call Money		242,493			1,162,877			(920,383	)
Payables under Repurchase Agreements		67,320			67,602			(282	)
Guarantee Deposits Received under Securities Lending Transactions		310,303			420,713			(110,409	)
Trading Liabilities		83,683			121,483			(37,800	)
Borrowed Money		372,578			366,955			5,623
Foreign Exchange Liabilities		—			0			(0	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,272,149			1,019,554			252,594
Other Liabilities		36,173			60,074			(23,900	)
Reserve for Bonus Payments		1,976			1,953			23
Reserve for Variable Compensation		413			401			11
Reserve for Reimbursement of Deposits		1,496			1,113			383
Deferred Tax Liabilities		9,692			12,043			(2,350	)
Acceptances and Guarantees		23,887			43,749			(19,862	)

Total Liabilities		6,147,179			6,697,859			(550,680	)

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		205,013			180,091			24,922
Appropriated Reserve		27,427			23,327			4,099
Other Retained Earnings		177,585			156,763			20,822
Retained Earnings Brought Forward		177,585			156,763			20,822

Total Shareholders’ Equity		467,888			442,965			24,922

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		96,529			97,740			(1,210	)
Net Deferred Hedge Gains (Losses), net of Taxes		1,654			501			1,152

Total Valuation and Translation Adjustments		98,183			98,241			(57	)

Total Net Assets		566,071			541,207			24,864

Total Liabilities and Net Assets	¥	6,713,251		¥	7,239,067		¥	(525,816	)

2-39

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the fiscal year ended March 31, 2017 (A)			For the fiscal year ended March 31, 2016 (B)		Change (A) - (B)
Ordinary Income	¥	198,028		¥	194,291	¥	3,736
Fiduciary Income		50,075			53,324		(3,248	)
Interest Income		39,805			47,043		(7,238	)
Interest on Loans and Bills Discounted		*25,817*			28,497		(2,680	)
Interest and Dividends on Securities		*12,259*			16,683		(4,424	)
Fee and Commission Income		58,874			53,927		4,947
Trading Income		1,180			1,347		(166	)
Other Operating Income		14,483			25,290		(10,807	)
Other Ordinary Income		33,608			13,357		20,250

Ordinary Expenses		134,952			135,409		(456	)
Interest Expenses		10,221			11,284		(1,062	)
Interest on Deposits		*1,220*			2,259		(1,039	)
Fee and Commission Expenses		27,545			25,936		1,609
Trading Expenses		0			—		0
Other Operating Expenses		5,556			8,137		(2,581	)
General and Administrative Expenses		86,723			79,954		6,768
Other Ordinary Expenses		4,905			10,095		(5,190	)

Ordinary Profits		63,075			58,882		4,193

Extraordinary Gains		—			995		(995	)

Extraordinary Losses		1,722			275		1,447

Income before Income Taxes		61,352			59,602		1,750
Income Taxes:
Current		16,787			15,945		841
Deferred		(917	)		3,215		(4,133	)

Net Income	¥	45,482		¥	40,440	¥	5,042

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2017


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		826,932	Money Trusts		19,765,871
Securities		903,424	Pension Trusts		3,391,830
Beneficiary Rights to the Trusts		48,201,745	Property Formation Benefit Trusts		3,891
Securities held in Custody Accounts		290,689	Investment Trusts		16,168,525
Money Claims		4,939,175	Money Entrusted Other than Money Trusts		1,456,080
Tangible Fixed Assets		6,383,434	Securities Trusts		7,866,868
Intangible Fixed Assets		326,024	Money Claims Trusts		3,815,400
Other Claims		738,501	Land and Fixtures Trusts		340,393
Due from Banking Account		1,272,149	Composite Trusts		11,800,163
Cash and Due from Banks		732,209	Other Trusts		5,260

Total		64,614,286	Total		64,614,286

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 ¥46,845,285 million.

3.	Joint trust assets under the management of other companies: ¥392,866 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 ¥12,455 million.

Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,876 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		12,455	Principal		758,734
Securities		2	Reserve		38
Others		746,404	Others		90

Total		758,863	Total		758,863

2-41

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of March 31, 2017 (A)		As of March 31, 2016 (B)		Change (A) - (B)
Total Amount of Funds		26,876,604		25,771,881		1,104,722
Deposits		3,387,390		3,056,268		331,122
Negotiable Certificates of Deposit		327,620		353,070		(25,450	)
Money Trusts		19,765,871		18,620,805		1,145,065
Pension Trusts		3,391,830		3,738,037		(346,206	)
Property Formation Benefit Trusts		3,891		3,700		191

Loans and Bills Discounted		4,153,229		4,377,247		(224,018	)
of Banking accounts		3,326,296		3,496,313		(170,017	)
of Trust accounts		826,932		880,933		(54,001	)

Securities for Investments		2,156,529		2,512,268		(355,738	)
of Banking accounts		1,253,105		1,492,120		(239,014	)
of Trust accounts		903,424		1,020,148		(116,724	)

2-42

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of March 31, 2017 (A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	249,691		¥	283,049		¥	(33,358	)
Cash Segregated as Deposits for Customers and Others		230,214			170,684			59,530
Trading Assets		5,019,291			5,990,021			(970,729	)
Receivables - Unsettled Trades		169,960			27,923			142,036
Operating Investment Securities		21,762			19,010			2,752
Operating Loans Receivable		2,790			3,100			(310	)
Receivables Related to Margin Transactions		96,255			98,958			(2,703	)
Collateralized Short-Term Financing Agreements-Receivable		3,821,571			3,949,642			(128,071	)
Advances Paid		191			107			83
Securities: Fail to Deliver		28,695			11,937			16,757
Short-Term Loans Receivable		22,459			50,711			(28,252	)
Deferred Tax Assets		15,302			8,735			6,567
Other Current Assets		537,638			404,314			133,323
Less: Allowance for Doubtful Accounts		(6	)		(16	)		10
Noncurrent Assets
Property and Equipment		15,087			14,540			546
Intangible Assets		50,195			42,370			7,824
Investments and Other Assets		297,330			308,153			(10,822	)

Total Assets	¥	10,578,433		¥	11,383,246		¥	(804,813	)

Liabilities
Current Liabilities
Trading Liabilities	¥	3,771,283		¥	4,445,062		¥	(673,778	)
Payables Related to Margin Transactions		55,287			42,278			13,008
Collateralized Short-Term Financing Agreements-Payable		3,727,318			3,861,722			(134,403	)
Deposits Received		234,622			136,356			98,265
Guarantee Deposits Received		184,821			154,013			30,807
Securities: Fail to Receive		12,844			4,271			8,573
Short-Term Borrowings		716,603			479,403			237,199
Commercial Paper		111,300			513,700			(402,400	)
Bonds and Notes Due within One Year		55,323			55,602			(278	)
Lease Obligations		375			377			(1	)
Income Taxes Payable		—			4,400			(4,400	)
Accrued Employees’ Bonuses		13,432			13,217			215
Provision for Variable Compensation		855			790			65
Provision for Bonus Point Redemption		596			623			(27	)
Other Current Liabilities		28,513			31,422			(2,908	)
Noncurrent Liabilities
Bonds and Notes		554,903			548,766			6,136
Long-Term Borrowings		233,500			409,400			(175,900	)
Lease Obligations		494			857			(363	)
Provision for Retirement Benefits		19,536			18,034			1,502
Other Noncurrent Liabilities		1,647			1,885			(238	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,291			2,005			285

Total Liabilities		9,725,551			10,724,190			(998,639	)

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		332,177			149,594			182,582
Other Retained Earnings		332,177			149,594			182,582
Retained Earnings Brought Forward		332,177			149,594			182,582

Total Shareholders’ Equity		838,993			656,411			182,582

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		22,719			21,626			1,092
Net Deferred Gains or Losses on Hedges, net of Tax		(8,831	)		(18,982	)		10,150

Total Valuation and Translation Adjustments		13,887			2,644			11,243

Total Net Assets		852,881			659,056			193,825

Total Liabilities and Net Assets	¥	10,578,433		¥	11,383,246		¥	(804,813	)

2-43

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the fiscal year ended March 31, 2017 (A)			For the fiscal year ended March 31, 2016 (B)			Change (A) - (B)
Operating Revenues	¥	341,126		¥	319,855		¥	21,270
Commissions		149,114			155,617			(6,503	)
Net Gain on Trading		143,956			130,230			13,725
Net Gain on Operating Investment Securities		2,299			4,604			(2,305	)
Interest and Dividend Income		45,756			29,402			16,353

Interest Expenses		37,915			27,552			10,362

Net Operating Revenues		303,211			292,303			10,907

Selling, General and Administrative Expenses		239,455			231,895			7,559
Transaction-Related Expenses		51,513			51,176			337
Personnel Expenses		87,966			85,135			2,831
Real Estate Expenses		27,237			26,042			1,195
Administrative Expenses		49,355			47,955			1,399
Depreciation and Amortization		17,143			14,929			2,213
Taxes and Dues		2,801			3,386			(585	)
Provision of Allowance for Doubtful Accounts		(40	)		(426	)		385
Other		3,477			3,695			(218	)

Operating Income		63,755			60,407			3,347

Non-Operating Income		7,920			8,055			(134	)
Non-Operating Expenses		1,487			1,357			129

Ordinary Income		70,189			67,105			3,084

Extraordinary Gain		119,276			13,436			105,839

Extraordinary Loss		2,554			2,464			89

Income before Income Taxes		186,911			78,077			108,833
Income Taxes:
Current		161			6,915			(6,754	)
Deferred		(13,968	)		16,563			(30,532	)

Net Income	¥	200,718		¥	54,598		¥	146,120

2-44