Edgar Filing: MIZUHO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: November 13, 2017

Mizuho Financial Group, Inc.

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

For Immediate Release:

Consolidated Financial Statements for the Second Quarter of Fiscal 2017

(Six months ended September 30, 2017)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 13, 2017



Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Masahiro Kosugi	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 28, 2017	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 5, 2017
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2017 (for the six months ended September 30, 2017)

(1) Consolidated Results of Operations


	(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
1H F2017		1,764,841		12.8			431,306		2.4			316,645		(11.5	)
1H F2016		1,563,262		(4.5	)		420,944		(26.7	)		358,183		(6.7	)


Note:		Comprehensive Income: 1H F2017: ¥431,894 million, 116.1%; 1H F2016: ¥199,853 million, 106.4%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2017		12.48		12.47
1H F2016		14.21		14.11

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2017		209,509,243		9,593,750		4.2
Fiscal 2016		200,508,610		9,273,361		4.2


Reference:		Own Capital: As of September 30, 2017: ¥8,842,749 million; As of March 31, 2017: ¥8,522,268 million

Note:

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

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

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2016		—		3.75		—		3.75		7.50
Fiscal 2017		—		3.75
Fiscal 2017 (estimate)						—		3.75		7.50


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

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


	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
	¥ million		%			¥
Fiscal 2017		550,000		(8.8	)		21.68


Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2017: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of shares during 1H and the number of outstanding shares as of September 30, 2017 (which is used as a proxy for the average number of shares during the remainder of the relevant period).

* Notes

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

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

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

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No

(3) Issued Shares of Common Stock

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

As of September 30, 2017

25,389,644,945 shares

As of March 31, 2017

25,386,307,945 shares

② Period-end treasury stock:

As of September 30, 2017

27,171,089 shares

As of March 31, 2017

19,992,754 shares

③ Average outstanding shares:

1st Half Fiscal 2017

25,366,346,742 shares

1st Half Fiscal 2016

25,204,800,899 shares

This immediate release is outside the scope of semi-annual 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”), which is available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter.

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Interim Consolidated Financial Statements and Others	p.1-2
	(1) Consolidated Balance Sheets	p.1-2
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-4
	(3) Consolidated Statements of Changes in Net Assets	p.1-6
	(4) Note for Assumption of Going Concern	p.1-7
	øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2017

[Note to XBRL]

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

An MHFG IR conference for institutional investors and analysts is scheduled for November 20, 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.

1-1

Mizuho Financial Group, Inc.

1. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2017			As of September 30, 2017
Assets
Cash and Due from Banks	¥	47,129,583		¥	50,982,819
Call Loans and Bills Purchased		1,035,746			894,076
Receivables under Resale Agreements		8,967,777			9,408,646
Guarantee Deposits Paid under Securities Borrowing Transactions		3,350,051			3,585,209
Other Debt Purchased		2,745,204			2,666,336
Trading Assets		10,361,787			12,465,215
Money Held in Trust		247,583			269,577
Securities		32,353,158			32,072,076
Loans and Bills Discounted		78,337,793			79,811,834
Foreign Exchange Assets		1,828,782			1,951,926
Derivatives other than for Trading Assets		2,170,750			1,844,878
Other Assets		4,180,339			5,299,252
Tangible Fixed Assets		1,136,329			1,113,753
Intangible Fixed Assets		1,045,486			1,083,617
Net Defined Benefit Asset		797,762			824,534
Deferred Tax Assets		56,066			56,567
Customers' Liabilities for Acceptances and Guarantees		5,273,581			5,543,662
Reserves for Possible Losses on Loans		(509,175	)		(364,743	)

Total Assets	¥	200,508,610		¥	209,509,243

1-2

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2017			As of September 30, 2017
Liabilities
Deposits	¥	120,045,217		¥	124,646,612
Negotiable Certificates of Deposit		10,631,277			11,992,948
Call Money and Bills Sold		1,255,172			1,602,970
Payables under Repurchase Agreements		17,969,753			19,521,855
Guarantee Deposits Received under Securities Lending Transactions		1,679,300			2,640,306
Commercial Paper		789,705			339,787
Trading Liabilities		7,923,285			7,815,999
Borrowed Money		6,307,230			5,353,682
Foreign Exchange Liabilities		526,053			426,712
Short-term Bonds		226,348			122,566
Bonds and Notes		7,564,535			8,060,465
Due to Trust Accounts		4,784,077			4,692,390
Derivatives other than for Trading Liabilities		1,784,857			1,656,576
Other Liabilities		3,883,168			4,902,561
Reserve for Bonus Payments		67,633			46,173
Reserve for Variable Compensation		3,018			1,614
Net Defined Benefit Liability		55,236			56,163
Reserve for Director and Corporate Auditor Retirement Benefits		1,327			1,284
Reserve for Possible Losses on Sales of Loans		298			124
Reserve for Contingencies		5,680			5,473
Reserve for Reimbursement of Deposits		19,072			19,378
Reserve for Reimbursement of Debentures		32,720			28,132
Reserves under Special Laws		2,309			2,285
Deferred Tax Liabilities		337,800			369,526
Deferred Tax Liabilities for Revaluation Reserve for Land		66,585			66,237
Acceptances and Guarantees		5,273,581			5,543,662

Total Liabilities	¥	191,235,249		¥	199,915,493

Net Assets
Common Stock and Preferred Stock	¥	2,256,275		¥	2,256,548
Capital Surplus		1,134,416			1,134,768
Retained Earnings		3,615,449			3,837,710
Treasury Stock		(4,849	)		(6,475	)

Total Shareholders' Equity		7,001,291			7,222,552

Net Unrealized Gains (Losses) on Other Securities		1,289,985			1,409,766
Deferred Gains or Losses on Hedges		10,172			(7,714	)
Revaluation Reserve for Land		145,609			144,817
Foreign Currency Translation Adjustments		(69,657	)		(75,579	)
Remeasurements of Defined Benefit Plans		144,866			148,906

Total Accumulated Other Comprehensive Income		1,520,976			1,620,196

Stock Acquisition Rights		1,754			1,173
Non-Controlling Interests		749,339			749,827

Total Net Assets		9,273,361			9,593,750

Total Liabilities and Net Assets	¥	200,508,610		¥	209,509,243

1-3

Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]


	*Millions of yen*
	For the six months ended September 30, 2016			For the six months ended September 30, 2017
Ordinary Income	¥	1,563,262		¥	1,764,841
Interest Income		678,188			797,177
Interest on Loans and Bills Discounted		442,430			494,710
Interest and Dividends on Securities		129,547			142,667
Fiduciary Income		24,729			27,690
Fee and Commission Income		359,011			344,211
Trading Income		213,872			130,953
Other Operating Income		165,262			177,376
Other Ordinary Income		122,198			287,431
Ordinary Expenses		1,142,318			1,333,535
Interest Expenses		241,807			389,759
Interest on Deposits		92,531			152,774
Fee and Commission Expenses		76,101			80,493
Trading Expenses		1,467			—
Other Operating Expenses		32,009			47,347
General and Administrative Expenses		704,164			733,194
Other Ordinary Expenses		86,766			82,740

Ordinary Profits		420,944			431,306

Extraordinary Gains		1,426			2,164
Extraordinary Losses		3,245			4,388

Income before Income Taxes		419,125			429,082

Income Taxes:
Current		101,907			107,634
Deferred		(63,140	)		(12,364	)

Total Income Taxes		38,766			95,270

Profit		380,358			333,812

Profit Attributable to Non-controlling Interests		22,175			17,166

Profit Attributable to Owners of Parent	¥	358,183		¥	316,645

1-4

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2016			For the six months ended September 30, 2017
Profit	¥	380,358		¥	333,812
Other Comprehensive Income		(180,505	)		98,082
Net Unrealized Gains (Losses) on Other Securities		(161,503	)		118,017
Deferred Gains or Losses on Hedges		1,814			(17,318	)
Revaluation Reserve for Land		(5	)		(2	)
Foreign Currency Translation Adjustments		(21,853	)		(161	)
Remeasurements of Defined Benefit Plans		13,420			8,116
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(12,377	)		(10,569	)

Comprehensive Income		199,853			431,894

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		179,392			416,654
Comprehensive Income Attributable to Non-controlling Interests		20,461			15,240

1-5

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 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		2,255,790		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							(94,827	)					(94,827	)
Profit Attributable to Owners of Parent							358,183						358,183
Repurchase of Treasury Stock										(1,869	)		(1,869	)
Disposition of Treasury Stock				(55	)					380			324
Cancellation of Treasury Stock				(1	)					1			—
Transfer from Revaluation Reserve for Land							1,683						1,683
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				706									706
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		484		1,134			265,039			(1,488	)		265,170

Balance as of the end of the period		2,256,275		1,111,299			3,464,082			(5,098	)		6,826,558


	Accumulated Other Comprehensive Income																Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges		Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,296,039			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																								(94,827	)
Profit Attributable to Owners of Parent																								358,183
Repurchase of Treasury Stock																								(1,869	)
Disposition of Treasury Stock																								324
Cancellation of Treasury Stock																								—
Transfer from Revaluation Reserve for Land																								1,683
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								706
Net Changes in Items other than Shareholders' Equity		(161,691	)		1,814		(1,689	)		(32,211	)		13,302		(180,475	)		(1,008	)		(468,096	)		(649,579	)
Total Changes during the period		(161,691	)		1,814		(1,689	)		(32,211	)		13,302		(180,475	)		(1,008	)		(468,096	)		(384,409	)

Balance as of the end of the period		1,134,348			167,078		146,794			(85,900	)		65,055		1,427,376			1,754			714,572			8,970,260

1-6

Mizuho Financial Group, Inc.

For the six months ended September 30, 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		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291
Changes during the period
Issuance of New Shares		273		273									546
Cash Dividends							(95,173	)					(95,173	)
Profit Attributable to Owners of Parent							316,645						316,645
Repurchase of Treasury Stock										(2,447	)		(2,447	)
Disposition of Treasury Stock				(43	)					821			778
Transfer from Revaluation Reserve for Land							788						788
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				122									122
Net Changes in Items other than Shareholders' Equity
Total Changes during the period		273		352			222,260			(1,625	)		221,260

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


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

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

(4) Note for Assumption of Going Concern

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2017

(Six months ended September 30, 2017)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2017

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

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2017

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2017
					Change			First Half of Fiscal 2016
Consolidated Gross Profits	1		959,809			(129,868	)		1,089,677
Net Interest Income	2		407,418			(28,961	)		436,380
Fiduciary Income	3		27,690			2,961			24,729
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		263,717			(19,192	)		282,910
Net Trading Income	6		130,953			(81,451	)		212,404
Net Other Operating Income	7		130,029			(3,223	)		133,252
General and Administrative Expenses	8		(733,194	)		(29,029	)		(704,164	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(9,704	)		608			(10,313	)
Losses on Write-offs of Loans	10		*(9,744*	)		735			(10,480	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		137,773			113,930			23,843
Net Gains (Losses) related to Stocks	12		107,926			47,064			60,862
Equity in Income from Investments in Affiliates	13		10,553			(774	)		11,327
Other	14		(41,858	)		8,429			(50,288	)

Ordinary Profits	15		431,306			10,361			420,944

Net Extraordinary Gains (Losses)	16		(2,223	)		(404	)		(1,819	)
Income before Income Taxes	17		429,082			9,956			419,125
Income Taxes—Current	18		(107,634	)		(5,726	)		(101,907	)
—Deferred	19		12,364			(50,776	)		63,140
Profit	20		333,812			(46,546	)		380,358
Profit Attributable to Non-controlling Interests	21		(17,166	)		5,008			(22,175	)

Profit Attributable to Owners of Parent	22		316,645			(41,538	)		358,183


Credit-related Costs (including Credit Costs for Trust Accounts)	23		128,068			114,538			13,529



* 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	241,649	(161,596	)	403,245



* 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	130	(12	)	142
Number of affiliates under the equity method	26	19	(3	)	22

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2017												First Half of Fiscal 2016
		MHBK			MHTB			Aggregate Figures			Change			First Half of Fiscal 2016
Gross Profits	1		605,562			54,618			660,181			(107,991	)		768,172
Domestic Gross Profits	2		376,250			49,886			426,137			(48,043	)		474,180
Net Interest Income	3		241,992			11,799			253,792			(19,504	)		273,296
Fiduciary Income	4					27,616			27,616			3,321			24,295
Trust Fees for Jointly Operated Designated Money Trust	5					*1,724*			*1,724*			128			1,596
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		98,238			10,691			108,930			(18,278	)		127,208
Net Trading Income	8		12,813			(168	)		12,644			16,381			(3,736	)
Net Other Operating Income	9		23,205			(52	)		23,152			(29,963	)		53,116
International Gross Profits	10		229,312			4,731			234,044			(59,947	)		293,992
Net Interest Income	11		103,084			2,714			105,798			1,435			104,363
Net Fee and Commission Income	12		56,897			(427	)		56,470			(12,071	)		68,542
Net Trading Income	13		11,813			666			12,480			(66,796	)		79,276
Net Other Operating Income	14		57,516			1,777			59,294			17,484			41,809
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(438,404	)		(41,040	)		(479,444	)		(15,105	)		(464,339	)
Expense Ratio	16		*72.3*	%		*75.1*	%		*72.6*	%		12.1	%		60.4	%
Personnel Expenses	17		(172,913	)		(19,771	)		(192,684	)		(17,455	)		(175,229	)
Non-Personnel Expenses	18		(237,809	)		(19,502	)		(257,311	)		918			(258,230	)
Premium for Deposit Insurance	19		*(15,766*	)		*(686*	)		*(16,453*	)		334			(16,788	)
Miscellaneous Taxes	20		(27,682	)		(1,765	)		(29,447	)		1,431			(30,879	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		167,157			13,578			180,736			(123,097	)		303,833

Excluding Net Gains (Losses) related to Bonds	22		*134,133*			*11,830*			*145,964*			(56,270	)		202,234

Reversal of (Provision for) General Reserve for Losses on Loans	23		—			—			—			(8,685	)		8,685

Net Business Profits	24		167,157			13,578			180,736			(131,782	)		312,518

Net Gains (Losses) related to Bonds	25		*33,023*			*1,748*			*34,772*			(66,826	)		101,598

Net Non-Recurring Gains (Losses)	26		166,108			11,186			177,294			177,791			(496	)
Net Gains (Losses) related to Stocks	27		99,348			10,762			110,111			44,725			65,385
Expenses related to Portfolio Problems	28		(8,197	)		(1	)		(8,199	)		7,626			(15,825	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		128,813			2,892			131,705			115,139			16,565
Other	30		(53,855	)		(2,467	)		(56,322	)		10,300			(66,622	)

Ordinary Profits	31		333,266			24,765			358,031			46,009			312,022

Net Extraordinary Gains (Losses)	32		(77	)		(8	)		(86	)		1,196			(1,282	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(666*	)		(8	)		*(675*	)		(798	)		122
Losses on Impairment of Fixed Assets	34		*(2,375*	)		—			*(2,375*	)		(969	)		(1,405	)
Income before Income Taxes	35		333,188			24,756			357,945			47,205			310,739
Income Taxes—Current	36		(77,147	)		(6,041	)		(83,188	)		1,741			(84,930	)
—Deferred	37		4,637			(1,044	)		3,592			(5,862	)		9,455

Net Income	38		260,678			17,670			278,349			43,084			235,264

* 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	120,615	2,890	123,506	114,080	9,425

* 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	117,138		2,824		119,962		110,924		9,038
Losses on Write-offs of Loans	42	(2,651	)	(1	)	(2,652	)	(10,078	)	7,425
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	6,376		67		6,444		13,417		(6,973	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	1		0		1		(3	)	4
Reversal of (Provision for) Reserve for Contingencies	45	48		—		48		(313	)	362
Other (including Losses on Sales of Loans)	46	(298	)	—		(298	)	133		(431	)
Total	47	120,615		2,890		123,506		114,080		9,425

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2017
					Change			First Half of Fiscal 2016
Gross Profits	1		605,562			(101,795	)		707,357
Domestic Gross Profits	2		376,250			(43,355	)		419,605
Net Interest Income	3		241,992			(18,940	)		260,933
Net Fee and Commission Income	4		98,238			(16,251	)		114,490
Net Trading Income	5		12,813			18,139			(5,326	)
Net Other Operating Income	6		23,205			(26,303	)		49,508
International Gross Profits	7		229,312			(58,440	)		287,752
Net Interest Income	8		103,084			1,656			101,427
Net Fee and Commission Income	9		56,897			(12,231	)		69,129
Net Trading Income	10		11,813			(68,576	)		80,390
Net Other Operating Income	11		57,516			20,711			36,804
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(438,404	)		(14,728	)		(423,676	)
Expense Ratio	13		*72.3*	%		12.5	%		59.8	%
Personnel Expenses	14		(172,913	)		(16,762	)		(156,150	)
Non-Personnel Expenses	15		(237,809	)		906			(238,715	)
Premium for Deposit Insurance	16		*(15,766*	)		313			(16,079	)
Miscellaneous Taxes	17		(27,682	)		1,127			(28,810	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		167,157			(116,523	)		283,681

Excluding Net Gains (Losses) related to Bonds	19		*134,133*			(56,579	)		190,713

Reversal of (Provision for) General Reserve for Losses on Loans	20		—			(8,685	)		8,685

Net Business Profits	21		167,157			(125,208	)		292,366

Net Gains (Losses) related to Bonds	22		*33,023*			(59,943	)		92,967

Net Non-Recurring Gains (Losses)	23		166,108			177,304			(11,196	)
Net Gains (Losses) related to Stocks	24		99,348			48,001			51,346
Expenses related to Portfolio Problems	25		(8,197	)		7,625			(15,823	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		128,813			112,719			16,094
Other	27		(53,855	)		8,958			(62,813	)

Ordinary Profits	28		333,266			52,096			281,170

Net Extraordinary Gains (Losses)	29		(77	)		1,143			(1,220	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(666*	)		(851	)		184
Losses on Impairment of Fixed Assets	31		*(2,375*	)		(969	)		(1,405	)
Income before Income Taxes	32		333,188			53,239			279,949
Income Taxes—Current	33		(77,147	)		(169	)		(76,978	)
—Deferred	34		4,637			(5,079	)		9,716

Net Income	35		260,678			47,990			212,688


Credit-related Costs	36		120,615			111,659			8,955



* 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	117,138		108,452		8,685
Losses on Write-offs of Loans	38	(2,651	)	(10,078	)	7,427
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39	6,376		13,468		(7,091	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40	1		(3	)	4
Reversal of (Provision for) Reserve for Contingencies	41	48		(313	)	362
Other (including Losses on Sales of Loans)	42	(298	)	133		(431	)
Total	43	120,615		111,659		8,955

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2017						First Half of Fiscal 2016
					Change			First Half of Fiscal 2016
Gross Profits	1		54,618			(6,196	)		60,815
Domestic Gross Profits	2		49,886			(4,688	)		54,575
Net Interest Income	3		11,799			(564	)		12,363
Fiduciary Income	4		27,616			3,321			24,295
Trust Fees for Jointly Operated Designated Money Trust	5		*1,724*			128			1,596
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		10,691			(2,026	)		12,718
Net Trading Income	8		(168	)		(1,758	)		1,590
Net Other Operating Income	9		(52	)		(3,660	)		3,607
International Gross Profits	10		4,731			(1,507	)		6,239
Net Interest Income	11		2,714			(221	)		2,936
Net Fee and Commission Income	12		(427	)		160			(587	)
Net Trading Income	13		666			1,780			(1,113	)
Net Other Operating Income	14		1,777			(3,226	)		5,004
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(41,040	)		(377	)		(40,662	)
Expense Ratio	16		*75.1*	%		8.2	%		66.8	%
Personnel Expenses	17		(19,771	)		(692	)		(19,078	)
Non-Personnel Expenses	18		(19,502	)		11			(19,514	)
Premium for Deposit Insurance	19		*(686*	)		21			(708	)
Miscellaneous Taxes	20		(1,765	)		303			(2,069	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		13,578			(6,573	)		20,152

Excluding Net Gains (Losses) related to Bonds	22		*11,830*			309			11,521

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

Net Business Profits	24		13,578			(6,573	)		20,152

Net Gains (Losses) related to Bonds	25		*1,748*			(6,882	)		8,631

Net Non-Recurring Gains (Losses)	26		11,186			486			10,699
Net Gains (Losses) related to Stocks	27		10,762			(3,276	)		14,039
Expenses related to Portfolio Problems	28		(1	)		0			(2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		2,892			2,420			471
Other	30		(2,467	)		1,341			(3,809	)

Ordinary Profits	31		24,765			(6,086	)		30,851

Net Extraordinary Gains (Losses)	32		(8	)		53			(61	)
Net Gains (Losses) on Disposition of Fixed Assets	33		(8	)		53			(61	)
Losses on Impairment of Fixed Assets	34		—			—			—
Income before Income Taxes	35		24,756			(6,033	)		30,789
Income Taxes—Current	36		(6,041	)		1,911			(7,952	)
—Deferred	37		(1,044	)		(782	)		(261	)

Net Income	38		17,670			(4,905	)		22,576


* 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	2,890	2,421	469



* 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	2,824		2,471		352
Losses on Write-offs of Loans	42	(1	)	0		(2	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	67		(51	)	118
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	2,890		2,421		469

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
Mizuho Bank			First Half of Fiscal 2017						First Half of Fiscal 2016
Mizuho Bank						Change			First Half of Fiscal 2016
Return on Interest-Earning Assets		1		0.52			(0.05	)		0.57
Return on Loans and Bills Discounted *¹		2		0.83			(0.07	)		0.90
Return on Securities		3		0.46			(0.02	)		0.48
Cost of Funding (including Expenses)		4		0.72			(0.00	)		0.73
Cost of Deposits (including Expenses)		5		0.75			(0.03	)		0.79
Cost of Deposits ²*		6		0.00			(0.00	)		0.01
Cost of Other External Liabilities		7		0.33			0.12			0.20

Net Interest Margin	(1)-(4)	8		(0.20	)		(0.04	)		(0.15	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.07			(0.03	)		0.10
Loan and Deposit Rate Margin	(2)-(6)	10		0.82			(0.06	)		0.89

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		0.88			(0.08	)		0.96
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.12			(0.04	)		0.17
Loan and Deposit Rate Margin	(11)-(6)	13		0.87			(0.07	)		0.95

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2017						First Half of Fiscal 2016
Mizuho Trust & Banking						Change			First Half of Fiscal 2016
Return on Interest-Earning Assets		14		0.50			0.00			0.49
Return on Loans and Bills Discounted *¹		15		0.65			(0.02	)		0.68
Return on Securities		16		1.02			0.25			0.76
Cost of Funding		17		0.09			0.00			0.09
Cost of Deposits *²		18		0.02			(0.01	)		0.04

Net Interest Margin	(14)-(17)	19		0.40			0.00			0.40
Loan and Deposit Rate Margin	(15)-(18)	20		0.63			(0.01	)		0.64

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		0.69			(0.05	)		0.75
Loan and Deposit Rate Margin	(21)-(18)	22		0.67			(0.04	)		0.71

(Reference)			*(%)*
Aggregate Figures for the 2 Banks			First Half of Fiscal 2017						First Half of Fiscal 2016
Aggregate Figures for the 2 Banks						Change			First Half of Fiscal 2016
Return on Loans and Bills Discounted *¹		23		0.81			(0.06	)		0.88
Cost of Deposits *²		24		0.00			(0.00	)		0.01

Loan and Deposit Rate Margin	(23)-(24)	25		0.81			(0.06	)		0.87

*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		0.86			(0.07	)		0.94
Loan and Deposit Rate Margin	(26)-(24)	27		0.86			(0.07	)		0.93

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2017

Change

First Half of Fiscal 2016

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

148,119,268

0.88

7,747,163

0.07

140,372,105

0.81

Loans and Bills Discounted

70,968,349

1.23

2,670,758

0.09

68,297,590

1.13

Securities

32,171,288

0.83

732,839

0.07

31,438,449

0.76

Source of Funds

147,039,989

0.42

6,957,884

0.12

140,082,105

0.29

Deposits

110,371,813

0.24

8,116,536

0.09

102,255,276

0.15

NCDs

11,218,540

0.55

1,884,515

0.17

9,334,025

0.37

(Domestic Operations)

Use of Funds

101,859,608

0.52

2,960,002

(0.05

)

98,899,606

0.57

Loans and Bills Discounted

46,267,972

0.82

180,277

(0.07

)

46,087,694

0.89

Securities

20,043,374

0.46

364,812

(0.02

)

19,678,561

0.48

Source of Funds

100,848,622

0.04

1,911,016

(0.00

)

98,937,606

0.05

Deposits

85,347,183

0.00

4,600,664

(0.00

)

80,746,519

0.01

NCDs

5,765,012

0.00

(159,233

)

(0.00

)

5,924,246

0.01

(International Operations)

Use of Funds

48,687,383

1.66

4,312,780

0.36

44,374,602

1.29

Loans and Bills Discounted

24,700,377

2.00

2,490,480

0.37

22,209,896

1.62

Securities

12,127,914

1.44

368,026

0.22

11,759,887

1.22

Source of Funds

48,619,089

1.24

4,572,487

0.39

44,046,602

0.84

Deposits

25,024,629

1.06

3,515,872

0.37

21,508,756

0.69

NCDs

5,453,528

1.13

2,043,749

0.11

3,409,779

1.01

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2017

Change

First Half of Fiscal 2016

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,359,280

0.65

(296,932

)

0.04

6,656,213

0.60

Loans and Bills Discounted

3,334,138

0.76

(157,106

)

0.02

3,491,245

0.73

Securities

1,080,977

1.28

(188,256

)

0.30

1,269,233

0.98

Source of Funds

6,584,330

0.18

(55,262

)

0.04

6,639,593

0.14

Deposits

3,383,751

0.02

290,267

(0.01

)

3,093,483

0.04

NCDs

288,941

0.01

(14,747

)

(0.01

)

303,689

0.02

(Domestic Operations)

Use of Funds

5,801,123

0.50

(269,515

)

0.00

6,070,639

0.49

Loans and Bills Discounted

3,085,105

0.65

(175,214

)

(0.03

)

3,260,320

0.68

Securities

720,309

1.02

(98,231

)

0.25

818,540

0.76

Source of Funds

6,015,578

0.09

(17,603

)

0.00

6,033,181

0.09

Deposits

3,373,169

0.02

298,121

(0.01

)

3,075,047

0.04

NCDs

288,941

0.01

(14,747

)

(0.01

)

303,689

0.02

(International Operations)

Use of Funds

640,638

1.90

(74,562

)

0.54

715,201

1.36

Loans and Bills Discounted

249,032

2.15

18,108

0.62

230,924

1.52

Securities

360,667

1.81

(90,025

)

0.43

450,692

1.38

Source of Funds

651,234

1.04

(84,805

)

0.51

736,039

0.53

Deposits

10,581

0.94

(7,853

)

0.30

18,435

0.63

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Bonds		35,606			(66,947	)		102,553
Gains on Sales and Others		56,877			(59,985	)		116,863
Losses on Sales and Others		(19,718	)		(8,837	)		(10,881	)
Impairment (Devaluation)		(1,847	)		(1,017	)		(829	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		294			2,892			(2,598	)

	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Stocks		107,926			47,064			60,862
Gains on Sales		123,397			46,624			76,772
Losses on Sales		(6,432	)		(520	)		(5,912	)
Impairment (Devaluation)		(589	)		4,415			(5,005	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(8,448	)		(3,455	)		(4,993	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Bonds		34,772			(66,826	)		101,598
Gains on Sales and Others		56,005			(60,124	)		116,130
Losses on Sales and Others		(20,680	)		(9,576	)		(11,104	)
Impairment (Devaluation)		(847	)		(19	)		(828	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		294			2,892			(2,598	)

	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Stocks		110,111			44,725			65,385
Gains on Sales		124,714			48,553			76,161
Losses on Sales		(5,813	)		(1,295	)		(4,518	)
Impairment (Devaluation)		(340	)		922			(1,263	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(8,448	)		(3,455	)		(4,993	)

2-7

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Bonds		33,023			(59,943	)		92,967
Gains on Sales and Others		52,426			(53,362	)		105,789
Losses on Sales and Others		(19,068	)		(9,511	)		(9,556	)
Impairment (Devaluation)		(847	)		(19	)		(828	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		514			2,950			(2,436	)

	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Stocks		99,348			48,001			51,346
Gains on Sales		113,540			51,634			61,906
Losses on Sales		(5,691	)		(1,209	)		(4,481	)
Impairment (Devaluation)		(282	)		978			(1,260	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(8,217	)		(3,400	)		(4,816	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Bonds		1,748			(6,882	)		8,631
Gains on Sales and Others		3,579			(6,761	)		10,340
Losses on Sales and Others		(1,611	)		(64	)		(1,547	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(219	)		(57	)		(162	)

	First Half of Fiscal 2017						First Half of Fiscal 2016
				Change			First Half of Fiscal 2016
Net Gains (Losses) related to Stocks		10,762			(3,276	)		14,039
Gains on Sales		11,174			(3,080	)		14,255
Losses on Sales		(122	)		(85	)		(36	)
Impairment (Devaluation)		(58	)		(55	)		(3	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(230	)		(54	)		(176	)

2-8

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2017

As of March 31, 2017

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

28,931,613

1,988,360

2,235,938

247,578

1,819,224

2,103,788

284,563

Japanese Stocks

3,640,981

2,011,516

2,044,689

33,172

1,854,458

1,898,288

43,830

Japanese Bonds

12,611,948

(9,314

)

30,704

40,019

21,181

55,861

34,680

Japanese Government Bonds

9,658,229

(15,985

)

4,755

20,740

8,716

25,253

16,537

Other

12,678,683

(13,841

)

160,544

174,386

(56,415

)

149,638

206,053

Foreign Bonds

9,610,340

(136,685

)

8,962

145,647

(144,305

)

13,044

157,349

*	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 ¥54,648 million and ¥34,372 million, which were recognized in the statement of income for September 30, 2017 and March 31, 2017, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2017 and March 31, 2017 are ¥1,933,711 million and ¥1,784,852 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2017 and March 31, 2017 are ¥1,409,766 million and ¥1,289,985 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2017

As of March 31, 2017

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

3,125,708

22,087

28,203

6,116

31,043

37,312

6,268

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2017

As of March 31, 2017

Book Value

(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

27,879,476

1,803,823

2,052,809

248,985

1,652,109

1,936,473

284,363

Japanese Stocks

3,549,392

1,927,067

1,963,501

36,434

1,782,436

1,828,728

46,291

Japanese Bonds

12,329,074

(9,205

)

30,679

39,884

21,132

55,786

34,654

Japanese Government Bonds

9,657,988

(15,997

)

4,743

20,740

8,702

25,240

16,537

Other

12,001,009

(114,038

)

58,628

172,666

(151,459

)

51,958

203,417

Foreign Bonds

9,306,272

(137,153

)

7,272

144,426

(144,308

)

11,822

156,130

Mizuho Bank

Other Securities

26,755,967

1,681,126

1,914,874

233,748

1,533,704

1,802,923

269,218

Japanese Stocks

3,314,537

1,796,923

1,830,670

33,747

1,658,138

1,701,579

43,440

Japanese Bonds

11,895,299

(8,627

)

30,071

38,698

21,706

54,763

33,056

Japanese Government Bonds

9,285,976

(15,135

)

4,463

19,598

9,625

24,638

15,013

Other

11,546,131

(107,169

)

54,132

161,301

(146,141

)

46,580

192,721

Foreign Bonds

9,015,196

(128,477

)

7,272

135,749

(135,961

)

11,540

147,502

Mizuho Trust & Banking

Other Securities

1,123,508

122,697

137,934

15,237

118,405

133,549

15,144

Japanese Stocks

234,855

130,144

132,830

2,686

124,297

127,149

2,851

Japanese Bonds

433,775

(577

)

608

1,185

(574

)

1,022

1,597

Japanese Government Bonds

372,011

(862

)

279

1,141

(922

)

601

1,523

Other

454,878

(6,869

)

4,495

11,365

(5,318

)

5,377

10,695

Foreign Bonds

291,076

(8,676

)

—

8,676

(8,346

)

281

8,628

*	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 ¥54,648 million and ¥34,372 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2017 and March 31, 2017, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of September 30, 2017 and March 31, 2017 are ¥1,749,174 million and ¥1,617,737 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2017 and March 31, 2017 are as follows:


	*(Millions of yen)*
	As of September 30, 2017		As of March 31, 2017
Aggregate Figures		1,293,725		1,195,997
Mizuho Bank		1,193,829		1,099,468
Mizuho Trust & Banking		99,895		96,529

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2017

As of March 31, 2017

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

3,125,708

22,087

28,203

6,116

31,043

37,312

6,268

Mizuho Bank

3,125,708

22,087

28,203

6,116

31,043

37,312

6,268

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2017

As of March 31, 2017

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

108,663

147,857

149,410

1,552

168,153

168,949

795

Mizuho Bank

108,663

147,857

149,410

1,552

168,153

168,949

795

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 September 30, 2017

As of
March 31, 2017

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,933,711

148,859

1,784,852

Japanese Stocks

1,977,449

138,741

1,838,708

Japanese Bonds

(9,314

)

(30,496

)

21,181

Japanese Government Bonds

(15,985

)

(24,701

)

8,716

Other

(34,423

)

40,614

(75,037

)

Foreign Bonds

(157,267

)

5,660

(162,927

)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2017

As of
March 31, 2017

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,749,174

131,437

1,617,737

Japanese Stocks

1,893,000

126,313

1,766,687

Japanese Bonds

(9,205

)

(30,337

)

21,132

Japanese Government Bonds

(15,997

)

(24,700

)

8,702

Other

(134,620

)

35,461

(170,081

)

Foreign Bonds

(157,735

)

5,195

(162,931

)

2-10

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

⬛ The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2017								Change												Maturity as of March 31, 2017
	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		5,382.5		6,388.8		2,179.7		776.8		660.3			(1,639.1	)		(321.3	)		15.8			4,722.2		8,027.9		2,501.0		761.0
Japanese Government Bonds		4,927.7		5,301.3		1,846.9		—		683.0			(1,696.3	)		(171.2	)		—			4,244.6		6,997.6		2,018.1		—
Japanese Local Government Bonds		30.5		114.9		100.1		3.8		(10.7	)		13.9			(35.3	)		3.2			41.3		101.0		135.5		0.5
Japanese Corporate Bonds		424.3		972.5		232.6		772.9		(11.9	)		43.2			(114.7	)		12.5			436.2		929.3		347.4		760.4
Other		2,971.9		2,143.2		2,760.7		2,575.6		(40.3	)		624.6			45.8			(9.1	)		3,012.2		1,518.5		2,714.9		2,584.7

Mizuho Bank
Japanese Bonds		5,215.3		6,187.1		2,117.2		776.8		589.9			(1,471.3	)		(286.5	)		15.8			4,625.3		7,658.5		2,403.7		761.0
Japanese Government Bonds		4,767.7		5,136.3		1,801.9		—		612.7			(1,536.3	)		(136.2	)		—			4,154.9		6,672.6		1,938.1		—
Japanese Local Government Bonds		30.3		113.4		100.1		3.8		(10.9	)		15.2			(35.3	)		3.2			41.3		98.2		135.5		0.5
Japanese Corporate Bonds		417.2		937.3		215.1		772.9		(11.8	)		49.6			(114.9	)		12.5			429.0		887.7		330.1		760.4
Other		2,971.2		2,137.2		2,516.3		2,524.2		(40.3	)		652.9			(12.1	)		(5.7	)		3,011.5		1,484.3		2,528.5		2,530.0

Mizuho Trust & Banking
Japanese Bonds		167.2		201.7		62.5		—		70.3			(167.7	)		(34.7	)		—			96.9		369.4		97.2		—
Japanese Government Bonds		160.0		165.0		45.0		—		70.3			(160.0	)		(35.0	)		—			89.7		325.0		80.0		—
Japanese Local Government Bonds		0.1		1.4		—		—		0.1			(1.3	)		—			—			—		2.8		—		—
Japanese Corporate Bonds		7.0		35.2		17.5		—		(0.1	)		(6.3	)		0.2			—			7.2		41.5		17.2		—
Other		0.6		5.9		244.3		51.3		(0.0	)		(28.2	)		57.9			(3.3	)		0.6		34.2		186.3		54.7

2-11

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

⬛ Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2017								Change										As of March 31, 2017
	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		3,473.6		15,376.5		7,987.8		26,838.0		936.4			263.7		558.3			1,758.6		2,537.1		15,112.7		7,429.5		25,079.4
Receive Float / Pay Fixed		905.1		3,090.4		4,565.5		8,561.2		(5.5	)		872.3		844.0			1,710.8		910.7		2,218.0		3,721.5		6,850.3
Receive Float / Pay Float		—		—		—		—		—			—		—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—		—		—		—		—

Total		4,378.8		18,466.9		12,553.4		35,399.3		930.9			1,136.1		1,402.4			3,469.5		3,447.9		17,330.8		11,151.0		31,929.7

Mizuho Bank
Receive Fixed / Pay Float		3,473.6		15,376.5		7,987.8		26,838.0		936.4			263.7		558.3			1,758.6		2,537.1		15,112.7		7,429.5		25,079.4
Receive Float / Pay Fixed		814.7		2,907.3		4,445.5		8,167.6		(30.5	)		747.3		854.0			1,570.8		845.3		2,159.9		3,591.5		6,596.7
Receive Float / Pay Float		—		—		—		—		—			—		—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—		—		—		—		—

Total		4,288.4		18,283.8		12,433.4		35,005.7		905.9			1,011.1		1,412.4			3,329.5		3,382.5		17,272.6		11,021.0		31,676.2

Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—			—		—			—		—		—		—		—
Receive Float / Pay Fixed		90.4		183.1		120.0		393.5		25.0			125.0		(10.0	)		140.0		65.4		58.1		130.0		253.5
Receive Float / Pay Float		—		—		—		—		—			—		—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—		—		—		—		—

Total		90.4		183.1		120.0		393.5		25.0			125.0		(10.0	)		140.0		65.4		58.1		130.0		253.5

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2017						Change								As of March 31, 2017
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		730.1		750.1	(19.9	)		(64.9	)		(38.0	)	(26.8	)		795.0		788.1	6.8
Mizuho Bank		627.2		649.5	(22.2	)		(58.2	)		(31.4	)	(26.7	)		685.5		681.0	4.4
Mizuho Trust & Banking		102.8		100.5	2.2			(6.6	)		(6.5	)	(0.0	)		109.5		107.1	2.3

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2017
					Change			First Half of Fiscal 2016
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,238,241			(39,325	)		1,277,566
Discount Rate (%)			0.02~1.09						0.01~0.80
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,978,028			98,107			1,879,920
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(208,588	)		(125,064	)		(83,523	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		531,198			12,368			518,830
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,092,337			(35,887	)		1,128,224
Discount Rate (%)			0.02~1.09						0.01~0.80
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,775,033			83,740			1,691,292
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(200,728	)		(106,694	)		(94,033	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		481,968			12,933			469,034
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		145,904			(3,438	)		149,342
Discount Rate (%)			0.02~1.09						0.01~0.80
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		202,994			14,366			188,627
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(7,859	)		(18,369	)		10,509
Prepaid Pension Cost (at the beginning of the fiscal year)	(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)*
	First Half of Fiscal 2017
				Change			First Half of Fiscal 2016
Service Cost		(13,737	)		664			(14,402	)
Interest Cost		(2,323	)		(460	)		(1,863	)
Expected Return on Plan Assets		15,165			(291	)		15,457
Accumulation (Amortization) of Unrecognized Actuarial Differences		(10,715	)		7,185			(17,901	)
Other		(1,055	)		223			(1,278	)

Total		(12,666	)		7,321			(19,988	)

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2017
				Change			First Half of Fiscal 2016
Service Cost		(11,687	)		612			(12,299	)
Interest Cost		(2,047	)		(403	)		(1,643	)
Expected Return on Plan Assets		13,779			(96	)		13,875
Accumulation (Amortization) of Unrecognized Actuarial Differences		(8,629	)		6,568			(15,198	)
Other		(941	)		192			(1,134	)

Total		(9,526	)		6,874			(16,400	)

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2017
				Change			First Half of Fiscal 2016
Service Cost		(2,050	)		52			(2,102	)
Interest Cost		(276	)		(56	)		(219	)
Expected Return on Plan Assets		1,386			(195	)		1,582
Accumulation (Amortization) of Unrecognized Actuarial Differences		(2,086	)		617			(2,703	)
Other		(113	)		30			(143	)

Total		(3,139	)		447			(3,587	)

Consolidated

Retirement Benefit Obligations


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

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	First Half of Fiscal 2017
				Change			First Half of Fiscal 2016
Service Cost		(20,112	)		1,555			(21,668	)
Interest Cost		(2,728	)		(537	)		(2,190	)
Expected Return on Plan Assets		16,726			(583	)		17,309
Accumulation (Amortization) of Unrecognized Actuarial Differences		(11,535	)		7,792			(19,328	)
Other		(3,731	)		(752	)		(2,979	)

Total		(21,381	)		7,474			(28,856	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2017 (Preliminary)					As of March 31, 2017
International Standard			Change			As of March 31, 2017
(1) Total Capital Ratio		17.74		1.46			16.28
(2) Tier 1 Capital Ratio		14.59		1.29			13.30
(3) Common Equity Tier 1 Capital Ratio		11.80		0.46			11.34
(4) Total Capital		10,946.6		895.7			10,050.9
(5) Tier 1 Capital		9,004.8		793.2			8,211.5
(6) Common Equity Tier 1 Capital		7,280.5		278.9			7,001.6
(7) Risk weighted Assets		61,695.5		(21.6	)		61,717.1
(8) Total Required Capital (7)X8%		4,935.6		(1.7	)		4,937.3

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30, 2017
(Preliminary)

As of
March 31,
2017

As of
September 30,
2017
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

18.16

1.96

16.20

18.52

(2) Tier 1 Capital Ratio

14.87

1.53

13.34

15.08

(3) Common Equity Tier 1 Capital Ratio

11.76

0.60

11.16

11.81

(4) Total Capital

10,192.5

1,044.0

9,148.5

9,948.9

(5) Tier 1 Capital

8,348.6

812.8

7,535.7

8,101.0

(6) Common Equity Tier 1 Capital

6,603.6

299.5

6,304.0

6,347.4

(7) Risk weighted Assets

56,107.0

(354.7

)

56,461.7

53,719.6

(8) Total Required Capital (7)X8%

4,488.5

(28.3

)

4,516.9

4,297.5

Mizuho Trust & Banking

International Standard

(1) Total Capital Ratio

20.68

1.21

19.47

20.99

(2) Tier 1 Capital Ratio

19.95

1.22

18.73

20.28

(3) Common Equity Tier 1 Capital Ratio

19.95

1.22

18.73

20.28

(4) Total Capital

504.5

19.6

484.9

511.3

(5) Tier 1 Capital

486.7

20.3

466.4

494.0

(6) Common Equity Tier 1 Capital

486.7

20.3

466.4

494.0

(7) Risk weighted Assets

2,438.7

(50.7

)

2,489.5

2,435.8

(8) Total Required Capital (7)X8%

195.1

(4.0

)

199.1

194.8

2-15

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

The figures below are presented net of partial direct write-offs.

•

Treatment of accrued interest is based on the results of the self-assessment of assets.

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

Consolidated


	*(Millions of yen, %)*
	As of September 30, 2017										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		25,752		0.03		(7,577	)		(0.01	)		33,330		0.04
Non-Accrual Delinquent Loans		389,725		0.48		(40,800	)		(0.06	)		430,525		0.54
Loans Past Due for 3 Months or More		4,264		0.00		(3,631	)		(0.00	)		7,896		0.01
Restructured Loans		209,827		0.26		(204,873	)		(0.26	)		414,700		0.52

Total		629,570		0.78		(256,882	)		(0.34	)		886,452		1.13

Total Loans		79,811,834		100.00		1,474,040						78,337,793		100.00


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs		90,850				3,374						87,476

Trust Account
	As of September 30, 2017										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,869		24.16		(6	)		1.07			2,876		23.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,869		24.16		(6	)		1.07			2,876		23.09

Total Loans		11,873		100.00		(582	)					12,455		100.00


Consolidated + Trust Account
	As of September 30, 2017										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		25,752		0.03		(7,577	)		(0.01	)		33,330		0.04
Non-Accrual Delinquent Loans		392,595		0.49		(40,806	)		(0.06	)		433,401		0.55
Loans Past Due for 3 Months or More		4,264		0.00		(3,631	)		(0.00	)		7,896		0.01
Restructured Loans		209,827		0.26		(204,873	)		(0.26	)		414,700		0.52

Total		632,439		0.79		(256,888	)		(0.34	)		889,328		1.13

Total Loans		79,823,707		100.00		1,473,458						78,350,249		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2017										As of March 31, 2017
(Banking Account + Trust Account)			%		Change			%					%

Loans to Bankrupt Obligors		25,011		0.03		(9,739	)		(0.01	)		34,751		0.04
Non-Accrual Delinquent Loans		356,323		0.48		(38,053	)		(0.04	)		394,377		0.52
Loans Past Due for 3 Months or More		4,264		0.00		(3,631	)		(0.00	)		7,896		0.01
Restructured Loans		162,037		0.22		(197,329	)		(0.26	)		359,366		0.48

Total		547,637		0.74		(248,754	)		(0.32	)		796,391		1.06

Total Loans		73,321,586		100.00		(1,280,004	)					74,601,591		100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		82,886				3,447						79,438
Mizuho Bank
Loans to Bankrupt Obligors		24,990		0.03		(9,744	)		(0.01	)		34,734		0.04
Non-Accrual Delinquent Loans		349,822		0.49		(37,330	)		(0.04	)		387,152		0.54
Loans Past Due for 3 Months or More		4,264		0.00		(3,631	)		(0.00	)		7,896		0.01
Restructured Loans		160,938		0.22		(191,870	)		(0.26	)		352,808		0.49

Total		540,016		0.77		(242,576	)		(0.32	)		782,592		1.09

Total Loans		70,003,309		100.00		(1,259,528	)					71,262,838		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		82,197				3,574						78,623
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		20		0.00		4			0.00			16		0.00
Non-Accrual Delinquent Loans		3,631		0.10		(717	)		(0.02	)		4,348		0.13
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,098		0.03		(5,458	)		(0.16	)		6,557		0.19

Total		4,751		0.14		(6,171	)		(0.18	)		10,922		0.32

Total Loans		3,306,403		100.00		(19,893	)					3,326,296		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		688				(126	)					814
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,869		24.16		(6	)		1.07			2,876		23.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,869		24.16		(6	)		1.07			2,876		23.09

Total Loans		11,873		100.00		(582	)					12,455		100.00

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

2-17

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Reserves for Possible Losses on Loans		364,743		(144,432	)		509,175
General Reserve for Possible Losses on Loans		218,314		(126,427	)		344,741
Specific Reserve for Possible Losses on Loans		146,427		(18,003	)		164,430
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		96,292		2,510			93,782

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Reserves for Possible Losses on Loans		304,723		(137,745	)		442,468
General Reserve for Possible Losses on Loans		186,673		(119,962	)		306,635
Specific Reserve for Possible Losses on Loans		118,048		(17,781	)		135,830
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2
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		87,878		2,559			85,318
Mizuho Bank
Reserves for Possible Losses on Loans		302,836		(134,853	)		437,689
General Reserve for Possible Losses on Loans		184,953		(117,138	)		302,091
Specific Reserve for Possible Losses on Loans		117,881		(17,713	)		135,594
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2
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		87,189		3,058			84,130
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		1,887		(2,892	)		4,779
General Reserve for Possible Losses on Loans		1,719		(2,824	)		4,543
Specific Reserve for Possible Losses on Loans		167		(67	)		235
Reserve for Possible Losses on Loans to Restructuring Countries		—		(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		688		(499	)		1,187

*	Reserve for Possible Losses on Entrusted Loans (¥36 million and ¥38 million for September 30, 2017 and March 31, 2017, respectively) is not included in the above figures for Trust Account.

2-18

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of September 30, 2017

As of
March 31, 2017

Change

Mizuho Financial Group

57.93

0.49

57.43

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

Non-Consolidated

(%)

As of September 30, 2017

As of
March 31, 2017

Change

Total

55.93

0.17

55.76

Mizuho Bank

56.07

0.15

55.92

Mizuho Trust & Banking (Banking Account)

39.72

(4.03

)

43.75

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

2-19

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		71,930		(26,519	)		98,449
Claims with Collection Risk		371,357		(29,869	)		401,226
Claims for Special Attention		214,091		(208,504	)		422,596
Total		657,379		(264,893	)		922,272
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		96,082		2,699			93,383
Trust Account
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,869		(6	)		2,876
Claims for Special Attention		—		—			—
Total		2,869		(6	)		2,876
Consolidated + Trust Account
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		71,930		(26,519	)		98,449
Claims with Collection Risk		374,226		(29,875	)		404,102
Claims for Special Attention		214,091		(208,504	)		422,596
Total		660,248		(264,900	)		925,149

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2017										As of March 31, 2017
(Banking Account + Trust Account)			%		Change			%					%

Claims against Bankrupt and Substantially Bankrupt Obligors		57,200		0.06		(25,579	)		(0.02	)		82,780		0.09
Claims with Collection Risk		361,347		0.43		(28,674	)		(0.02	)		390,021		0.46
Claims for Special Attention		166,301		0.20		(200,960	)		(0.23	)		367,262		0.43
Sub-total		584,850		0.70		(255,214	)		(0.29	)		840,064		1.00
Normal Claims		82,131,115		99.29		(585,290	)		0.29			82,716,405		98.99
Total		82,715,965		100.00		(840,504	)					83,556,470		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		87,878				2,759						85,118
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		56,263		0.07		(25,268	)		(0.03	)		81,531		0.10
Claims with Collection Risk		355,761		0.44		(28,264	)		(0.03	)		384,025		0.47
Claims for Special Attention		165,203		0.20		(195,501	)		(0.24	)		360,704		0.44
Sub-total		577,227		0.72		(249,034	)		(0.30	)		826,262		1.03
Normal Claims		78,780,389		99.27		(584,582	)		0.30			79,364,972		98.96
Total		79,357,616		100.00		(833,617	)					80,191,234		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		87,189				3,058						84,130
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		937		0.02		(311	)		(0.00	)		1,248		0.03
Claims with Collection Risk		2,716		0.08		(402	)		(0.01	)		3,119		0.09
Claims for Special Attention		1,098		0.03		(5,458	)		(0.16	)		6,557		0.19
Sub-total		4,752		0.14		(6,173	)		(0.18	)		10,925		0.32
Normal Claims		3,341,722		99.85		(131	)		0.18			3,341,853		99.67
Total		3,346,474		100.00		(6,304	)					3,352,779		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		688				(298	)					987
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,869		24.16		(6	)		1.07			2,876		23.09
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,869		24.16		(6	)		1.07			2,876		23.09
Normal Claims		9,004		75.83		(575	)		(1.07	)		9,579		76.90
Total		11,873		100.00		(582	)					12,455		100.00
* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-21

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRA

Non-Consolidated

(1) Disclosed Claims under the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of September 30, 2017

As of

March 31, 2017

Change

Claims against Bankrupt and Substantially Bankrupt Obligors

57.2

(25.5

)

82.7

Collateral, Guarantees, and equivalent

55.4

(21.2

)

76.6

Reserve for Possible Losses

1.7

(4.3

)

6.0

Claims with Collection Risk

358.4

(28.6

)

387.1

Collateral, Guarantees, and equivalent

174.5

(5.8

)

180.3

Reserve for Possible Losses

116.2

(13.4

)

129.7

Claims for Special Attention

166.3

(200.9

)

367.2

Collateral, Guarantees, and equivalent

56.4

(84.1

)

140.5

Reserve for Possible Losses

21.1

(76.5

)

97.7

Total

581.9

(255.2

)

837.1

Collateral, Guarantees, and equivalent

286.4

(111.2

)

397.6

Reserve for Possible Losses

139.2

(94.3

)

233.5

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

56.2

(25.2

)

81.5

Collateral, Guarantees, and equivalent

54.5

(20.9

)

75.5

Reserve for Possible Losses

1.7

(4.3

)

6.0

Claims with Collection Risk

355.7

(28.2

)

384.0

Collateral, Guarantees, and equivalent

172.0

(5.5

)

177.6

Reserve for Possible Losses

116.1

(13.4

)

129.5

Claims for Special Attention

165.2

(195.5

)

360.7

Collateral, Guarantees, and equivalent

56.2

(83.9

)

140.2

Reserve for Possible Losses

21.0

(73.9

)

94.9

Total

577.2

(249.0

)

826.2

Collateral, Guarantees, and equivalent

282.8

(110.4

)

393.3

Reserve for Possible Losses

138.8

(91.6

)

230.5

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.9

(0.3

)

1.2

Collateral, Guarantees, and equivalent

0.8

(0.3

)

1.1

Reserve for Possible Losses

0.0

0.0

Claims with Collection Risk

2.7

(0.4

)

3.1

Collateral, Guarantees, and equivalent

2.4

(0.2

)

2.7

Reserve for Possible Losses

0.1

(0.0

)

0.1

Claims for Special Attention

1.0

(5.4

)

6.5

Collateral, Guarantees, and equivalent

0.1

(0.1

)

0.3

Reserve for Possible Losses

0.1

(2.6

)

2.7

Total

4.7

(6.1

)

10.9

Collateral, Guarantees, and equivalent

3.5

(0.7

)

4.3

Reserve for Possible Losses

0.3

(2.6

)

3.0

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2017
			Change			As of March 31, 2017
Coverage Amount		425.6		(205.5	)		631.2
Reserves for Possible Losses on Loans		139.2		(94.3	)		233.5
Collateral, Guarantees, and equivalent		286.4		(111.2	)		397.6

	*(%)*
Coverage Ratio		73.2		(2.2	)		75.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.1		1.0			80.1
Claims for Special Attention		46.7		(18.1	)		64.8
Claims against Special Attention Obligors		*52.3*		(15.6	)		67.9

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		63.2		0.4			62.7
Claims for Special Attention		19.2		(23.8	)		43.1
Claims against Special Attention Obligors		*23.1*		(22.3	)		45.5

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		14.31		(12.42	)		26.73
Claims against Watch Obligors excluding Special Attention Obligors		6.24		(0.45	)		6.69
Claims against Normal Obligors		0.05		(0.00	)		0.06

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		421.7		(202.0	)		623.8
Reserves for Possible Losses on Loans		138.8		(91.6	)		230.5
Collateral, Guarantees, and equivalent		282.8		(110.4	)		393.3

	*(%)*
Coverage Ratio		73.0		(2.4	)		75.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.0		1.0			79.9
Claims for Special Attention		46.7		(18.4	)		65.1
Claims against Special Attention Obligors		*52.4*		(15.3	)		67.8

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		63.2		0.4			62.7
Claims for Special Attention		19.2		(23.7	)		43.0
Claims against Special Attention Obligors		*23.1*		(22.3	)		45.5

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		14.31		(12.56	)		26.88
Claims against Watch Obligors excluding Special Attention Obligors		6.26		(0.46	)		6.73
Claims against Normal Obligors		0.05		(0.00	)		0.06

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		3.9		(3.4	)		7.3
Reserves for Possible Losses on Loans		0.3		(2.6	)		3.0
Collateral, Guarantees, and equivalent		3.5		(0.7	)		4.3

	*(%)*
Coverage Ratio		82.1		14.9			67.2
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		95.5		0.9			94.5
Claims for Special Attention		33.7		(14.1	)		47.9
Claims against Special Attention Obligors		*43.2*		(30.7	)		74.0

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		46.6		(4.3	)		51.0
Claims for Special Attention		19.7		(25.2	)		44.9
Claims against Special Attention Obligors		*19.7*		(25.1	)		44.9

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		13.96		(7.23	)		21.19
Claims against Watch Obligors excluding Special Attention Obligors		1.20		0.00			1.19
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:

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 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017
	As of March 31, 2015		As of March 31, 2016		As of March 31, 2017		As of September 30, 2017
											Aggregate Figures for the 2 Banks
							MHBK		MHTB *				Change from March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		56.6		38.1		20.3		16.1		0.4		16.5		(3.7	)
Claims with Collection Risk		402.5		235.4		167.3		137.5		4.7		142.2		(25.0	)
Amount Categorized as above up to Fiscal 2014		459.2		273.5		187.6		153.6		5.1		158.8		(28.7	)
of which the amount which was in the process of being removed from the balance sheet		48.0		33.1		16.8		14.3		0.4		14.7		(2.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				29.9		28.1		11.8		0.1		11.9		(16.1	)
Claims with Collection Risk				118.2		75.0		62.9		0.2		63.2		(11.8	)
Amount Newly Categorized as above during Fiscal 2015				148.1		103.2		74.8		0.3		75.1		(28.0	)
of which the amount which was in the process of being removed from the balance sheet				23.9		22.5		11.8		0.1		11.9		(10.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors						34.2		19.4		0.3		19.8		(14.4	)
Claims with Collection Risk						147.6		110.5		0.2		110.8		(36.7	)
Amount Newly Categorized as above during Fiscal 2016						181.9		130.0		0.6		130.7		(51.2	)
of which the amount which was in the process of being removed from the balance sheet						33.3		18.5		0.3		18.8		(14.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors								8.7		0.0		8.8		8.8
Claims with Collection Risk								44.7		0.2		45.0		45.0
Amount Newly Categorized as above during the First Half of Fiscal 2017								53.4		0.3		53.8		53.8
of which the amount which was in the process of being removed from the balance sheet								8.5		0.0		8.6		8.6
Claims against Bankrupt and Substantially Bankrupt Obligors		56.6		68.0		82.7		56.2		0.9		57.2		(25.5	)
Claims with Collection Risk		402.5		353.6		390.0		355.7		5.5		361.3		(28.6	)
Total		459.2		421.7		472.8		412.0		6.5		418.5		(54.2	)
of which the amount which was in the process of being removed from the balance sheet		48.0		57.1		72.7		53.2		0.9		54.2		(18.5	)


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

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2017


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(4.7	)		(4.7	)		—
Restructuring		(3.5	)		(3.5	)		—
Improvement in Business Performance due to Restructuring		(1.9	)		(1.9	)		(0.0	)
Loan Sales		(13.9	)		(13.9	)		—
Direct Write-off		(1.5	)		(1.5	)		(0.0	)
Other		(82.2	)		(81.1	)		(1.0	)
Debt recovery		(52.8	)		(52.3	)		(0.5	)
Improvement in Business Performance		(29.3	)		(28.8	)		(0.5	)

Total		(108.0	)		(106.9	)		(1.0	)

2-25

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

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


	*(Billions of yen)*
	As of September 30, 2017										As of March 31, 2017
	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)		54,879.3		486.6		(1,409.1	)		(231.0	)		56,288.5		717.7
Manufacturing		8,431.5		103.0		(188.6	)		(191.8	)		8,620.2		294.8
Agriculture & Forestry		39.0		1.2		0.2			1.0			38.8		0.2
Fishery		1.8		—		0.5			—			1.3		—
Mining, Quarrying Industry & Gravel Extraction Industry		232.4		0.0		7.5			(0.0	)		224.8		0.0
Construction		606.8		6.6		(36.4	)		(3.7	)		643.2		10.4
Utilities		2,281.8		2.1		69.6			1.2			2,212.1		0.9
Communication		1,353.7		11.3		(75.4	)		1.5			1,429.2		9.7
Transportation & Postal Industry		2,276.7		10.8		(35.0	)		0.9			2,311.7		9.9
Wholesale & Retail		4,730.7		126.3		(9.5	)		(4.6	)		4,740.3		130.9
Finance & Insurance		6,934.7		4.3		(192.5	)		0.5			7,127.2		3.8
Real Estate		7,123.1		31.1		99.3			(1.6	)		7,023.7		32.7
Commodity Lease		2,111.5		1.2		6.8			(0.0	)		2,104.6		1.3
Service Industries		2,698.6		53.4		39.2			(11.0	)		2,659.4		64.5
Local Governments		854.2		2.8		(19.1	)		(0.0	)		873.4		2.8
Governments		2,389.9		—		(801.1	)		—			3,191.1		—
Other		12,812.1		131.9		(274.5	)		(23.2	)		13,086.7		155.2
Overseas Total (including Loans Booked Offshore)		19,201.1		60.9		73.6			(17.6	)		19,127.5		78.6
Governments		753.3		—		81.8			—			671.5		—
Financial Institutions		5,867.5		—		(89.6	)		—			5,957.1		—
Other		12,580.2		60.9		81.4			(17.6	)		12,498.8		78.6

Total		74,080.5		547.6		(1,335.4	)		(248.7	)		75,416.0		796.3

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

As of September 30, 2017: ¥496.3 billion (from MHBK)

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

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

2-26

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2017										As of March 31, 2017
					Change
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		50,806.8		479.0		(1,333.7	)		(224.8	)		52,140.5		703.9
Manufacturing		7,960.5		102.4		(183.9	)		(186.8	)		8,144.5		289.2
Agriculture & Forestry		39.0		1.2		0.2			1.0			38.8		0.2
Fishery		1.8		—		0.5			—			1.3		—
Mining, Quarrying Industry & Gravel Extraction Industry		230.5		0.0		7.8			(0.0	)		222.6		0.0
Construction		573.5		6.5		(35.4	)		(3.7	)		608.9		10.3
Utilities		2,038.6		2.1		69.6			1.2			1,968.9		0.9
Communication		1,235.4		11.3		(65.2	)		1.5			1,300.6		9.7
Transportation & Postal Industry		2,060.3		10.8		(38.0	)		1.0			2,098.4		9.8
Wholesale & Retail		4,572.1		126.1		1.1			(4.6	)		4,571.0		130.7
Finance & Insurance		6,559.8		4.3		(176.0	)		0.5			6,735.9		3.8
Real Estate		6,008.6		30.2		64.9			(1.2	)		5,943.7		31.4
Commodity Lease		1,843.2		1.2		9.4			(0.0	)		1,833.8		1.3
Service Industries		2,640.9		53.3		41.3			(10.6	)		2,599.6		64.0
Local Governments		843.2		—		(18.7	)		—			862.0		—
Governments		2,212.5		—		(792.2	)		—			3,004.8		—
Other		11,986.1		129.1		(219.0	)		(23.0	)		12,205.1		152.1
Overseas Total (including Loans Booked Offshore)		19,196.4		60.9		74.2			(17.6	)		19,122.2		78.6
Governments		753.3		—		82.1			—			671.2		—
Financial Institutions		5,867.5		—		(89.6	)		—			5,957.1		—
Other		12,575.5		60.9		81.6			(17.6	)		12,493.8		78.6

Total		70,003.3		540.0		(1,259.5	)		(242.5	)		71,262.8		782.5

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,072.5		7.6		(75.4	)		(6.1	)		4,147.9		13.7
Manufacturing		470.9		0.5		(4.7	)		(5.0	)		475.6		5.5
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		1.9		—		(0.2	)		—			2.1		—
Construction		33.3		0.1		(1.0	)		(0.0	)		34.3		0.1
Utilities		243.2		—		0.0			—			243.1		—
Communication		118.3		—		(10.2	)		—			128.5		—
Transportation & Postal Industry		216.3		—		2.9			(0.0	)		213.3		0.0
Wholesale & Retail		158.5		0.1		(10.7	)		—			169.3		0.1
Finance & Insurance		374.8		—		(16.4	)		—			391.3		—
Real Estate		1,114.4		0.9		34.3			(0.4	)		1,080.0		1.3
Commodity Lease		268.3		—		(2.5	)		—			270.8		—
Service Industries		57.7		0.1		(2.0	)		(0.4	)		59.7		0.5
Local Governments		10.9		2.8		(0.4	)		(0.0	)		11.3		2.8
Governments		177.4		—		(8.9	)		—			186.3		—
Other		826.0		2.8		(55.5	)		(0.2	)		881.5		3.1
Overseas Total (including Loans Booked Offshore)		4.7		—		(0.5	)		—			5.2		—
Governments		—		—		(0.3	)		—			0.3		—
Financial Institutions		—		—		—			—			—		—
Other		4.7		—		(0.2	)		—			4.9		—

Total		4,077.2		7.6		(75.9	)		(6.1	)		4,153.2		13.7

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

2-27

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of September 30, 2017										As of March 31, 2017
					Change
	Disclosed Claims under the FRA		Coverage Ratio		Disclosed Claims under the FRA			Coverage Ratio			Disclosed Claims under the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		503.1		71.7		(230.3	)		(2.1	)		733.4		73.9
Manufacturing		114.5		64.6		(190.9	)		(8.5	)		305.5		73.2
Agriculture & Forestry		1.2		86.7		1.0			55.7			0.2		30.9
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		6.6		73.6		(3.7	)		6.4			10.4		67.2
Utilities		2.1		63.2		1.2			20.9			0.9		42.3
Communication		11.3		53.9		1.4			(13.9	)		9.9		67.9
Transportation & Postal Industry		10.9		65.6		0.9			(4.1	)		9.9		69.8
Wholesale & Retail		130.4		61.4		(4.5	)		(1.4	)		134.9		62.9
Finance & Insurance		4.3		70.6		0.5			0.7			3.8		69.8
Real Estate		31.2		87.5		(1.5	)		1.4			32.7		86.0
Commodity Lease		1.2		73.4		(0.0	)		(13.1	)		1.3		86.6
Service Industries		53.7		66.2		(11.2	)		0.2			64.9		66.0
Local Governments		2.8		100.0		(0.0	)		—			2.8		100.0
Other		132.3		87.9		(23.3	)		1.6			155.7		86.3
Overseas Total (including Loans Booked Offshore)		81.7		82.5		(24.8	)		(3.8	)		106.6		86.3
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		81.7		82.5		(24.8	)		(3.8	)		106.6		86.3
Total		584.8		73.2		(255.2	)		(2.2	)		840.0		75.4

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

2-28

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2017

As of
March 31, 2017

Change

Housing and Consumer Loans

10,436.1

(283.7

)

10,719.8

Housing Loans for owner’s residential housing

9,319.3

(178.2

)

9,497.5

Mizuho Bank

Housing and Consumer Loans

10,329.8

(275.4

)

10,605.2

Housing Loans

9,546.7

(212.6

)

9,759.3

for owner’s residential housing

9,222.3

(171.2

)

9,393.6

Consumer loans

783.1

(62.8

)

845.9

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

106.3

(8.2

)

114.6

Housing Loans for owner’s residential housing

96.9

(6.9

)

103.9

*	Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)



	*(%, Billions of yen)*
	As of September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.7		1.0			57.7
Loans to SMEs and Individual Customers		32,265.8		(234.9	)		32,500.8

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		59.3		1.1			58.2
Loans to SMEs and Individual Customers		30,152.5		(211.4	)		30,363.9

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		51.8		0.3			51.5
Loans to SMEs and Individual Customers		2,113.3		(23.5	)		2,136.8

*	Above figures are aggregate banking and trust account amounts.

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

*	The definition of “Small and Medium-sized Enterprises” is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industries, etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

2-29

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

(Billions of yen)

As of September 30, 2017

As of March 31, 2017

Non-Accrual,
Past Due &
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

7,031.0

21.9

526.6

(12.2

)

6,504.3

34.2

Hong Kong

1,739.4

5.3

238.2

(3.3

)

1,501.1

8.7

South Korea

548.6

—

(66.8

)

(0.5

)

615.5

0.5

Singapore

1,198.8

9.8

22.6

(5.6

)

1,176.2

15.5

Thailand

913.5

1.2

46.2

0.1

867.3

1.1

Central and South America

3,698.6

83.7

(47.6

)

(7.3

)

3,746.3

91.0

North America

5,536.7

20.2

(254.0

)

(1.2

)

5,790.8

21.5

Eastern Europe

109.7

—

3.9

(0.1

)

105.8

0.1

Western Europe

2,967.4

2.2

(186.3

)

(16.1

)

3,153.8

18.3

Other

2,518.0

6.3

13.5

(0.0

)

2,504.5

6.3

Total

21,861.6

134.5

55.9

(37.2

)

21,805.7

171.7

2-30

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2017 to September 30, 2022)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,878.6
Income before Income Taxes	2		3,062.3
Tax Adjustments *¹	3		229.6
Taxable Income before Current Deductible Temporary Differences *²	4		3,291.9

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		1,006.9

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2017.

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


	*(Billions of yen)*
Fiscal 2013		304.2
Fiscal 2014		546.7
Fiscal 2015		496.0
Fiscal 2016		442.3
First Half of Fiscal 2017 (estimate)		178.0

*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.

*3. Figure for the first half of fiscal 2017 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2017						As of March 31, 2017
					Change			As of March 31, 2017
Reserves for Possible Losses on Loans	7		103.6			(37.7	)		141.4
Impairment of Securities	8		127.9			(13.1	)		141.1
Net Unrealized Losses on Other Securities	9		7.6			(3.1	)		10.7
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		10.8			7.3			3.5
Tax Losses Carried Forward	12		—			—			—
Other	13		287.1			19.7			267.3

Total Deferred Tax Assets	14		537.2			(26.9	)		564.1

Valuation Allowance	15		(131.0	)		22.9			(154.0	)

Sub-Total [ 14 + 15 ]	16		406.2			(3.9	)		410.1

Amount related to Retirement Benefits Accounting *¹	17		(151.2	)		(3.9	)		(147.2	)
Net Unrealized Gains on Other Securities	18		(430.6	)		(32.8	)		(397.7	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(31.7	)		19.5			(51.2	)

Total Deferred Tax Liabilities	21		(613.5	)		(17.1	)		(596.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(207.3	)		(21.1	)		(186.1	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(432.5	)		(32.7	)		(399.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		10.8			7.3			3.5
Tax effects related to others	25		214.3			4.2			210.0

*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): ¥2,878.6 billion [1]

Income before Income Taxes: ¥3,062.3 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,291.9 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 ¥537.2 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥131.0 billion [15] was provided. Therefore, after offsetting Deferred Tax Liabilities of ¥613.5 billion [21], ¥207.3 billion [22] of Net Deferred Tax Liabilities was 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 October 1, 2017 to September 30, 2022)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		216.4
Income before Income Taxes	2		188.1
Tax Adjustments *¹	3		(7.9	)
Taxable Income before Current Deductible Temporary Differences *²	4		180.2

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		55.1

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2017.

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


	*(Billions of yen)*
Fiscal 2013		39.9
Fiscal 2014		14.6
Fiscal 2015		45.1
Fiscal 2016		52.1
First Half of Fiscal 2017 (estimate)		19.0

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

*2.	Figure for the first half of fiscal 2017 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2017						As of March 31, 2017
					Change			As of March 31, 2017
Reserves for Possible Losses on Loans	7		0.8			(0.9	)		1.7
Impairment of Securities	8		10.3			(0.8	)		11.1
Net Unrealized Losses on Other Securities	9		0.3			(0.0	)		0.3
Reserve for Employee Retirement Benefits	10		11.0			0.2			10.8
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		5.3			(0.1	)		5.5

Total Deferred Tax Assets	14		27.8			(1.6	)		29.5

Valuation Allowance	15		(10.9	)		0.7			(11.6	)

Sub-Total [ 14 + 15 ]	16		16.9			(0.8	)		17.8

Amount related to Retirement Benefits Accounting *¹	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(22.5	)		(0.9	)		(21.6	)
Net Deferred Hedge Gains	19		(0.6	)		0.0			(0.7	)
Other	20		(0.7	)		(0.1	)		(0.5	)

Total Deferred Tax Liabilities	21		(28.5	)		(1.0	)		(27.5	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(11.6	)		(1.9	)		(9.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(22.9	)		(0.9	)		(22.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(0.6	)		0.0			(0.7	)
Tax effects related to others	25		11.9			(1.0	)		13.0

*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): ¥216.4 billion [1]

Income before Income Taxes: ¥188.1 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥180.2 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 ¥27.8 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥10.9 billion [15] was provided. Therefore, after offsetting Deferred Tax Liabilities of ¥28.5 billion [21], ¥11.6 billion [22] of Net Deferred Tax Liabilities was 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


	*(Billions of yen)*
	As of September 30, 2017					As of March 31, 2017
Aggregate Figures for the 2 Banks			Change			As of March 31, 2017

Deposits		92,855.4		111.0			92,744.3

Individual Deposits		41,975.3		593.4			41,381.9
Corporate Deposits		44,349.7		408.4			43,941.2
Financial/Government Institutions		6,530.3		(890.8	)		7,421.1
Mizuho Bank
Deposits		89,490.5		119.7			89,370.8

Individual Deposits		40,989.2		613.6			40,375.6
Corporate Deposits		43,224.0		623.7			42,600.3
Financial/Government Institutions		5,277.2		(1,117.6	)		6,394.8
Mizuho Trust & Banking
Deposits		3,364.8		(8.6	)		3,373.4

Individual Deposits		986.0		(20.2	)		1,006.3
Corporate Deposits		1,125.6		(215.2	)		1,340.9
Financial/Government Institutions		1,253.0		226.8			1,026.2

*	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 September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Directors, Executive Officers as defined in the Companies Act, and Auditors		62		(4	)		66
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)		130		13			117
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		43,472		1,714			41,758

Aggregate Figures for Mizuho Financial Group, and the 2 Banks

Directors, Executive Officers as defined in the Companies Act, and Auditors		46		(3	)		49
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)		107		8			99
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		35,829		1,356			34,473

Mizuho Financial Group

Directors and Executive Officers as defined in the Companies Act		23		—			23
Executive Officers as defined in the Companies Act		15		—			15
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)		56		5			51
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		1,509		150			1,359

Mizuho Bank

Directors and Auditors		17		(3	)		20
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors)		75		7			68
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		30,901		1,053			29,848

Mizuho Trust & Banking

Directors and Auditors		13		—			13
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		24		2			22
Employees (excluding Executive Officers as defined in our internal regulations)		3,419		153			3,266

Mizuho Securities

Directors and Auditors		18		(1	)		19
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		35		4			31
Employees (excluding Executive Officers as defined in our internal regulations)		7,643		358			7,285

*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 in 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 September 30, 2017					As of March 31, 2017
			Change			As of March 31, 2017
Head Offices and Domestic Branches		455		—			455
Overseas Branches		25		—			25
Domestic Sub-Branches		65		(1	)		66
Overseas Sub-Branches		18		1			17
Overseas Representative Offices		5		(1	)		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		44		(1	)		45
Overseas Sub-Branches		18		1			17
Overseas Representative Offices		5		(1	)		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		—			21
Overseas Sub-Branches		—		—			—
Overseas Representative Offices		—		—			—

2-35

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2017

Consolidated

(Billions of yen)

Fiscal 2017

Ordinary Profits

790.0

Profit Attributable to Owners of Parent

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

60.0

—

*	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 September 30, 2017 (A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	41,452,853		¥	38,943,082		¥	2,509,771
Call Loans		386,122			433,198			(47,076	)
Receivables under Resale Agreements		419,464			596,194			(176,730	)
Other Debt Purchased		706,623			728,080			(21,456	)
Trading Assets		4,143,100			4,234,901			(91,800	)
Money Held in Trust		3,108			3,137			(29	)
Securities		31,022,628			31,264,703			(242,074	)
Loans and Bills Discounted		70,003,309			71,262,838			(1,259,528	)
Foreign Exchange Assets		1,942,996			1,769,212			173,783
Derivatives other than for Trading		2,860,031			3,201,963			(341,932	)
Other Assets		2,733,307			2,268,678			464,629
Tangible Fixed Assets		810,948			828,363			(17,414	)
Intangible Fixed Assets		791,390			754,547			36,842
Prepaid Pension Cost		494,784			481,968			12,815
Customers’ Liabilities for Acceptances and Guarantees		5,949,279			5,757,150			192,129
Reserves for Possible Losses on Loans		(302,836	)		(437,689	)		134,853

Total Assets	¥	163,417,112		¥	162,090,330		¥	1,326,782

Liabilities
Deposits	¥	108,971,587		¥	107,789,803		¥	1,181,784
Negotiable Certificates of Deposit		10,993,128			10,091,832			901,296
Call Money		818,069			775,450			42,619
Payables under Repurchase Agreements		8,103,363			7,604,970			498,392
Guarantee Deposits Received under Securities Lending Transactions		659,208			335,575			323,633
Commercial Paper		339,787			765,146			(425,359	)
Trading Liabilities		2,953,451			3,362,426			(408,975	)
Borrowed Money		9,125,211			9,136,351			(11,139	)
Foreign Exchange Liabilities		681,350			729,532			(48,181	)
Bonds and Notes		3,260,174			3,726,331			(466,157	)
Derivatives other than for Trading		2,671,741			2,836,858			(165,116	)
Other Liabilities		1,185,639			1,616,928			(431,288	)
Reserve for Bonus Payments		16,240			20,902			(4,661	)
Reserve for Variable Compensation		646			1,269			(622	)
Reserve for Possible Losses on Sales of Loans		124			298			(173	)
Reserve for Contingencies		3			52			(48	)
Reserve for Reimbursement of Deposits		17,802			17,575			226
Reserve for Reimbursement of Debentures		28,132			32,720			(4,588	)
Deferred Tax Liabilities		207,300			186,153			21,147
Deferred Tax Liabilities for Revaluation Reserve for Land		66,237			66,585			(348	)
Acceptances and Guarantees		5,949,279			5,757,150			192,129

Total Liabilities		156,048,482			154,853,914			1,194,568

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,328			—
Capital Reserve		655,418			655,418			—
Other Capital Surplus		1,630,910			1,630,910			—
Retained Earnings		2,355,615			2,298,416			57,198
Appropriated Reserve		266,664			225,810			40,853
Other Retained Earnings		2,088,951			2,072,606			16,344
Retained Earnings Brought Forward		2,088,951			2,072,606			16,344

Total Shareholders’ Equity		6,046,009			5,988,810			57,198

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,193,829			1,099,468			94,361
Net Deferred Hedge Gains (Losses), net of Taxes		(16,026	)		2,527			(18,553	)
Revaluation Reserve for Land, net of Taxes		144,817			145,609			(791	)

Total Valuation and Translation Adjustments		1,322,620			1,247,605			75,015

Total Net Assets		7,368,630			7,236,415			132,214

Total Liabilities and Net Assets	¥	163,417,112		¥	162,090,330		¥	1,326,782

2-37

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2017 (A)			For the six months ended September 30, 2016 (B)			Change (A) - (B)
Ordinary Income	¥	1,247,403		¥	1,075,664		¥	171,738
Interest Income		659,216			570,512			88,704
Interest on Loans and Bills Discounted		*438,371*			388,213			50,157
Interest and Dividends on Securities		*134,266*			119,871			14,395
Fee and Commission Income		207,036			233,330			(26,293	)
Trading Income		24,627			75,454			(50,827	)
Other Operating Income		102,121			107,111			(4,989	)
Other Ordinary Income		254,401			89,256			165,144

Ordinary Expenses		914,136			794,494			119,642
Interest Expenses		314,140			208,153			105,987
Interest on Deposits		*136,702*			79,496			57,206
Fee and Commission Expenses		51,899			49,709			2,190
Trading Expenses		—			390			(390	)
Other Operating Expenses		21,399			20,797			601
General and Administrative Expenses		449,290			441,372			7,917
Other Ordinary Expenses		77,406			74,070			3,335

Ordinary Profits		333,266			281,170			52,096

Extraordinary Gains		3,900			1,423			2,476

Extraordinary Losses		3,977			2,643			1,333

Income before Income Taxes		333,188			279,949			53,239
Income Taxes:
Current		77,147			76,978			169
Deferred		(4,637	)		(9,716	)		5,079

Net Income	¥	260,678		¥	212,688		¥	47,990

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2017 (A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,738,313		¥	1,699,040		¥	39,272
Call Loans		42,386			6,956			35,430
Guarantee Deposits Paid under Securities Borrowing Transactions		216,037			113,046			102,991
Other Debt Purchased		8,153			9,196			(1,043	)
Trading Assets		84,050			90,487			(6,437	)
Money Held in Trust		3,211			3,286			(74	)
Securities		1,168,885			1,253,105			(84,220	)
Loans and Bills Discounted		3,306,403			3,326,296			(19,893	)
Foreign Exchange Assets		5,858			2,596			3,261
Other Assets		186,209			83,804			102,405
Tangible Fixed Assets		23,544			23,617			(73	)
Intangible Fixed Assets		33,909			33,477			432
Prepaid Pension Cost		49,278			49,230			48
Customers’ Liabilities for Acceptances and Guarantees		37,214			23,887			13,326
Reserves for Possible Losses on Loans		(1,887	)		(4,779	)		2,892

Total Assets	¥	6,901,569		¥	6,713,251		¥	188,317

Liabilities
Deposits	¥	3,368,228		¥	3,387,390		¥	(19,162	)
Negotiable Certificates of Deposit		311,390			327,620			(16,230	)
Call Money		407,147			242,493			164,653
Payables under Repurchase Agreements		67,638			67,320			318
Guarantee Deposits Received under Securities Lending Transactions		325,143			310,303			14,839
Trading Liabilities		77,508			83,683			(6,174	)
Borrowed Money		405,652			372,578			33,074
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,279,114			1,272,149			6,965
Other Liabilities		32,566			36,173			(3,606	)
Reserve for Bonus Payments		2,182			1,976			205
Reserve for Variable Compensation		253			413			(159	)
Reserve for Reimbursement of Deposits		1,575			1,496			79
Deferred Tax Liabilities		11,628			9,692			1,935
Acceptances and Guarantees		37,214			23,887			13,326

Total Liabilities		6,337,244			6,147,179			190,065

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		199,968			205,013			(5,044	)
Appropriated Reserve		31,970			27,427			4,543
Other Retained Earnings		167,997			177,585			(9,587	)
Retained Earnings Brought Forward		167,997			177,585			(9,587	)

Total Shareholders’ Equity		462,843			467,888			(5,044	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		99,895			96,529			3,366
Net Deferred Hedge Gains (Losses), net of Taxes		1,584			1,654			(69	)

Total Valuation and Translation Adjustments		101,480			98,183			3,297

Total Net Assets		564,324			566,071			(1,747	)

Total Liabilities and Net Assets	¥	6,901,569		¥	6,713,251		¥	188,317

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 six months ended September 30, 2017 (A)		For the six months ended September 30, 2016 (B)		Change (A) - (B)
Ordinary Income	¥	94,003	¥	95,275	¥	(1,271	)
Fiduciary Income		27,616		24,295		3,321
Interest Income		20,734		20,045		688
Interest on Loans and Bills Discounted		*12,773*		12,920		(147	)
Interest and Dividends on Securities		*6,975*		6,261		714
Fee and Commission Income		25,865		24,508		1,357
Trading Income		498		476		21
Other Operating Income		3,590		10,355		(6,765	)
Other Ordinary Income		15,698		15,593		104

Ordinary Expenses		69,238		64,423		4,815
Interest Expenses		6,221		4,747		1,474
Interest on Deposits		*439*		702		(262	)
Fee and Commission Expenses		15,601		12,377		3,224
Trading Expenses		0		—		0
Other Operating Expenses		1,865		1,743		121
General and Administrative Expenses		43,535		43,714		(179	)
Other Ordinary Expenses		2,014		1,841		173

Ordinary Profits		24,765		30,851		(6,086	)

Extraordinary Losses		8		61		(53	)

Income before Income Taxes		24,756		30,789		(6,033	)
Income Taxes:
Current		6,041		7,952		(1,911	)
Deferred		1,044		261		782

Net Income	¥	17,670	¥	22,576	¥	(4,905	)

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of September 30, 2017

Millions of yen

Assets

Amount

Liabilities

Amount

Loans and Bills Discounted

770,862

Money Trusts

20,322,178

Securities

316,055

Pension Trusts

3,589,811

Beneficiary Rights to the Trusts

50,033,373

Property Formation Benefit Trusts

3,960

Securities held in Custody Accounts

309,046

Investment Trusts

15,923,065

Money Claims

4,870,381

Money Entrusted Other than Money Trusts

1,491,143

Tangible Fixed Assets

6,531,851

Securities Trusts

8,144,828

Intangible Fixed Assets

339,810

Money Claims Trusts

3,764,880

Other Claims

123,119

Land and Fixtures Trusts

364,084

Due from Banking Account

1,279,114

Composite Trusts

11,663,268

Cash and Due from Banks

698,867

Other Trusts

5,260

Total

65,272,484

Total

65,272,484

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 ¥48,599,817 million.

3. Joint trust assets under the management of other companies: ¥283,085 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 ¥11,873 million.

Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,869 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

11,873

Principal

789,002

Securities

Reserve

Others

777,239

Others

Total

789,115

Total

789,115

2-41

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2017 (A)		As of March 31, 2017 (B)		Change (A) - (B)
Total Amount of Funds		27,595,569		26,876,604		718,964
Deposits		3,368,228		3,387,390		(19,162	)
Negotiable Certificates of Deposit		311,390		327,620		(16,230	)
Money Trusts		20,322,178		19,765,871		556,307
Pension Trusts		3,589,811		3,391,830		197,981
Property Formation Benefit Trusts		3,960		3,891		68
Loans and Bills Discounted		4,077,265		4,153,229		(75,963	)
of Banking accounts		3,306,403		3,326,296		(19,893	)
of Trust accounts		770,862		826,932		(56,069	)
Securities for Investments		1,484,941		2,156,529		(671,588	)
of Banking accounts		1,168,885		1,253,105		(84,220	)
of Trust accounts		316,055		903,424		(587,368	)

2-42

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of September 30, 2017(A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	384,651		¥	249,691		¥	134,960
Cash Segregated as Deposits for Customers and Others		255,896			230,214			25,681
Trading Assets		6,607,597			5,019,291			1,588,305
Receivables—Unsettled Trades		—			169,960			(169,960	)
Operating Investment Securities		23,478			21,762			1,715
Operating Loans Receivable		2,790			2,790			—
Receivables Related to Margin Transactions		48,114			96,255			(48,140	)
Collateralized Short-Term Financing Agreements-Receivable		4,230,238			3,821,571			408,666
Advances Paid		246			191			55
Securities: Fail to Deliver		27,322			28,695			(1,372	)
Short-Term Loans Receivable		39,614			22,459			17,155
Deferred Tax Assets		13,891			15,302			(1,411	)
Other Current Assets		587,179			537,638			49,541
Less: Allowance for Doubtful Accounts		(6	)		(6	)		—
Noncurrent Assets
Property and Equipment		14,344			15,087			(743	)
Intangible Assets		51,300			50,195			1,105
Investments and Other Assets		296,246			297,330			(1,084	)

Total Assets	¥	12,582,907		¥	10,578,433		¥	2,004,474

Liabilities
Current Liabilities
Trading Liabilities	¥	3,647,279		¥	3,771,283		¥	(124,004	)
Payables—Unsettled Trades		898,604			—			898,604
Payables Related to Margin Transactions		46,331			55,287			(8,956	)
Collateralized Short-Term Financing Agreements-Payable		4,942,408			3,727,318			1,215,089
Deposits Received		260,323			234,622			25,701
Guarantee Deposits Received		220,089			184,821			35,268
Securities: Fail to Receive		5,862			12,844			(6,982	)
Short-Term Borrowings		695,733			716,603			(20,869	)
Commercial Paper		97,200			111,300			(14,100	)
Bonds and Notes Due within One Year		46,472			55,323			(8,850	)
Lease Obligations		379			375			3
Income Taxes Payable		1,753			—			1,753
Accrued Employees’ Bonuses		6,374			13,432			(7,058	)
Provision for Variable Compensation		476			855			(379	)
Provision for Bonus Point Redemption		762			596			166
Other Current Liabilities		30,645			28,513			2,131
Noncurrent Liabilities
Bonds and Notes		531,032			554,903			(23,870	)
Long-Term Borrowings		286,800			233,500			53,300
Lease Obligations		321			494			(172	)
Provision for Retirement Benefits		19,369			19,536			(167	)
Other Noncurrent Liabilities		1,655			1,647			8
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,285			2,291			(5	)

Total Liabilities		11,742,160			9,725,551			2,016,608

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		320,400			332,177			(11,776	)
Other Retained Earnings		320,400			332,177			(11,776	)
Retained Earnings Brought Forward		320,400			332,177			(11,776	)

Total Shareholders’ Equity		827,216			838,993			(11,776	)

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		28,811			22,719			6,092
Net Deferred Gains or Losses on Hedges, net of Tax		(15,281	)		(8,831	)		(6,450	)

Total Valuation and Translation Adjustments		13,530			13,887			(357	)

Total Net Assets		840,746			852,881			(12,134	)

Total Liabilities and Net Assets	¥	12,582,907		¥	10,578,433		¥	2,004,474

2-43

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the six months ended September 30, 2017 (A)			For the six months ended September 30, 2016 (B)			Change (A) - (B)
Operating Revenues	¥	152,545		¥	176,709		¥	(24,164	)
Commissions		65,604			75,907			(10,302	)
Net Gain on Trading		49,930			81,846			(31,915	)
Net Gain on Operating Investment Securities		1,971			66			1,904
Interest and Dividend Income		35,038			18,889			16,149

Interest Expenses		26,190			17,169			9,020

Net Operating Revenues		126,355			159,539			(33,184	)

Selling, General and Administrative Expenses		113,370			118,210			(4,840	)
Transaction-Related Expenses		22,110			26,091			(3,981	)
Personnel Expenses		40,814			45,085			(4,270	)
Real Estate Expenses		13,080			13,195			(114	)
Administrative Expenses		24,967			22,441			2,525
Depreciation and Amortization		8,508			8,152			356
Taxes and Dues		2,153			1,484			669
Provision of Allowance for Doubtful Accounts		(10	)		(81	)		71
Other		1,746			1,841			(95	)

Operating Income		12,985			41,329			(28,344	)

Non-Operating Income		6,058			6,929			(871	)
Non-Operating Expenses		555			661			(105	)

Ordinary Income		18,487			47,597			(29,109	)

Extraordinary Gain		1,427			67,834			(66,407	)

Extraordinary Loss		1,731			1,519			211

Income before Income Taxes		18,183			113,911			(95,728	)
Income Taxes:
Current		777			79			698
Deferred		2,986			(33,394	)		36,380

Net Income	¥	14,419		¥	147,227		¥	(132,807	)

2-44