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 February 2022

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

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

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

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date:	February 2, 2022
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for the Third Quarter of Fiscal 2021 (Nine months ended December 31, 2021) (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) February 2, 2022

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone:	+81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		February 14, 2022	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		-
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Third Quarter of Fiscal 2021 (for the nine months ended December 31, 2021)

(1) Consolidated Results of Operations (Accumulated Period)

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
3Q F2021		2,345,453		1.3			497,656		10.8			478,656		35.0
3Q F2020		2,313,082		(21.6	)		448,868		(20.0	)		354,404		(12.2	)

Note: Comprehensive Income: 3Q F2021: ¥250,949 million, (56.4) %; 3Q F2020: ¥576,850 million, 94.0%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
3Q F2021		188.82		188.81
3Q F2020		139.76		139.76

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
3Q F2021		225,424,989		9,406,254		4.1
Fiscal 2020		225,586,211		9,362,207		4.1

Reference: Own Capital: As of December 31, 2021: ¥9,286,173 million; As of March 31, 2021: ¥9,256,275 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 2020		—		3.75		—		37.50		—
Fiscal 2021		—		40.00		—
Fiscal 2021 (estimate)								40.00		80.00

Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock : No
	2.	MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact of the share consolidation is not reflected in Cash Dividends per Share of Common Stock for the end of the second quarter of Fiscal 2020. If the share consolidation were taken into consideration, it would be ¥37.50 per share. In addition, MHFG left the value of total annual dividend blank (—) as it is inappropriate simply to total the value of the dividend at the end of the second quarter of Fiscal 2020 and the value of the dividend at the end of Fiscal 2020.

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

	(%: Changes from the previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
Fiscal 2021			530,000		12.5		209.07

Notes:	1.	Revision of the latest announced earnings estimates for Fiscal 2021: No
	2.	The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares during 1Q, 2Q and 3Q and the number of outstanding shares as of December 31, 2021 (which is used as a proxy for the average number of outstanding shares during the remainder of the relevant period).

Notes

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

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

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

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

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

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(4) Issued Shares of Common Stock

i.  Period-end issued shares (including treasury stock):	As of December 31, 2021	2,539,249,894 shares	As of March 31, 2021	2,539,249,894 shares
ii.  Period-end treasury stock:	As of December 31, 2021	4,627,426 shares	As of March 31, 2021	3,889,782 shares
iii. Average outstanding shares (accumulated period):	3Q Fiscal 2021	2,534,973,142 shares	3Q Fiscal 2020	2,535,680,257 shares

This immediate release is outside the scope of quarterly review.

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: impact of the corona virus pandemic; 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; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K/A furnished to the SEC on December 29, 2021, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-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.

Mizuho Financial Group, Inc.

m Contents of Attachment

1. Matters Related to Summary Information (Notes)	p. 1-2
(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p. 1-2
2. Quarterly Consolidated Financial Statements and Others	p. 1-3
(1) Consolidated Balance Sheets	p. 1-3
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p. 1-5
(3) Note for Assumption of Going Concern	p. 1-7
(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p. 1-7
øSELECTED FINANCIAL INFORMATION For the Third Quarter of Fiscal 2021

Note to XBRL

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

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

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

(Changes in Accounting Policies)

(Accounting Standard for Revenue Recognition and Others)

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

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

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

As a result, Retained Earnings decreased by ¥724 million as of April 1, 2021. The impact on the quarterly consolidated statement of income for the nine months ended December 31, 2021 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of March 31, 2021			As of December 31, 2021
Assets
Cash and Due from Banks	¥	47,981,981		¥	45,704,859
Call Loans and Bills Purchased		589,776			514,665
Receivables under Resale Agreements		11,623,654			18,937,412
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			1,943,259
Other Debt Purchased		3,208,004			3,363,191
Trading Assets		12,589,294			12,422,209
Money Held in Trust		582,368			569,244
Securities		43,697,262			40,010,578
Loans and Bills Discounted		83,704,675			83,086,006
Foreign Exchange Assets		2,084,756			2,474,865
Derivatives other than for Trading Assets		1,719,349			1,534,822
Other Assets		6,174,020			5,043,282
Tangible Fixed Assets		1,135,449			1,105,251
Intangible Fixed Assets		620,224			595,827
Net Defined Benefit Asset		1,109,107			913,625
Deferred Tax Assets		31,402			33,613
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			7,861,833
Reserves for Possible Losses on Loans		(575,572	)		(689,454	)
Reserve for Possible Losses on Investments		(0	)		(106	)
Total Assets	¥	225,586,211		¥	225,424,989

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2021			As of December 31, 2021
Liabilities
Deposits	¥	133,312,406		¥	129,003,497
Negotiable Certificates of Deposit		17,192,572			19,285,594
Call Money and Bills Sold		1,312,790			1,386,684
Payables under Repurchase Agreements		18,607,255			22,033,092
Guarantee Deposits Received under Securities Lending Transactions		958,148			887,946
Commercial Paper		2,105,067			1,801,323
Trading Liabilities		8,115,377			6,802,673
Borrowed Money		7,441,822			7,629,722
Foreign Exchange Liabilities		532,042			569,000
Short-term Bonds		456,045			541,811
Bonds and Notes		10,321,672			10,567,749
Due to Trust Accounts		1,160,608			1,197,324
Derivatives other than for Trading Liabilities		1,739,671			1,778,836
Other Liabilities		5,862,013			4,378,626
Reserve for Bonus Payments		104,131			63,566
Reserve for Variable Compensation		2,935			1,521
Net Defined Benefit Liability		71,049			72,126
Reserve for Director and Corporate Auditor Retirement Benefits		683			515
Reserve for Possible Losses on Sales of Loans		1,074			155
Reserve for Contingencies		6,762			8,946
Reserve for Reimbursement of Deposits		22,099			18,859
Reserve for Reimbursement of Debentures		14,419			11,337
Reserves under Special Laws		3,135			3,127
Deferred Tax Liabilities		215,557			51,424
Deferred Tax Liabilities for Revaluation Reserve for Land		61,915			61,436
Acceptances and Guarantees		6,602,744			7,861,833
Total Liabilities	¥	216,224,003		¥	216,018,735
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,703,422
Treasury Stock		(7,124	)		(8,246	)
Total Shareholders’ Equity		7,807,239			8,077,267
Net Unrealized Gains (Losses) on Other Securities		1,132,460			976,402
Deferred Gains or Losses on Hedges		31,618			(53,315	)
Revaluation Reserve for Land		136,384			135,497
Foreign Currency Translation Adjustments		(139,514	)		(58,029	)
Remeasurements of Defined Benefit Plans		288,088			208,351
Total Accumulated Other Comprehensive Income		1,449,035			1,208,906
Stock Acquisition Rights		134			95
Non-Controlling Interests		105,797			119,985
Total Net Assets		9,362,207			9,406,254
Total Liabilities and Net Assets	¥	225,586,211		¥	225,424,989

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the nine months ended December 31, 2020		For the nine months ended December 31, 2021
Ordinary Income	¥	2,313,082	¥	2,345,453
Interest Income		990,731		932,956
Interest on Loans and Bills Discounted		707,462		639,491
Interest and Dividends on Securities		171,768		179,667
Fiduciary Income		40,582		44,755
Fee and Commission Income		590,013		648,856
Trading Income		340,662		275,516
Other Operating Income		237,125		239,665
Other Ordinary Income		113,966		203,702
Ordinary Expenses		1,864,213		1,847,796
Interest Expenses		341,112		218,683
Interest on Deposits		114,571		42,572
Fee and Commission Expenses		118,590		127,687
Trading Expenses		9,278		—
Other Operating Expenses		110,581		99,907
General and Administrative Expenses		1,022,627		1,010,145
Other Ordinary Expenses		262,022		391,372
Ordinary Profits		448,868		497,656
Extraordinary Gains		79,434		67,229
Extraordinary Losses		9,876		9,779
Income before Income Taxes		518,426		555,106
Income Taxes:
Current		120,499		94,709
Deferred		39,049		(27,757	)
Total Income Taxes		159,549		66,951
Profit		358,876		488,154
Profit Attributable to Non-controlling Interests		4,471		9,497
Profit Attributable to Owners of Parent	¥	354,404	¥	478,656

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the nine months ended December 31, 2020			For the nine months ended December 31, 2021
Profit	¥	358,876		¥	488,154
Other Comprehensive Income		217,974			(237,204	)
Net Unrealized Gains (Losses) on Other Securities		304,311			(154,295	)
Deferred Gains or Losses on Hedges		(19,166	)		(84,735	)
Foreign Currency Translation Adjustments		(48,477	)		72,084
Remeasurements of Defined Benefit Plans		(16,271	)		(78,465	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(2,421	)		8,207
Comprehensive Income		576,850			250,949
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		576,454			240,222
Comprehensive Income Attributable to Non-controlling Interests		396			10,726

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2021

(Nine months ended December 31, 2021)

(Under Japanese GAAP)

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

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

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: impact of the corona virus pandemic; 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; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 29, 2021, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2021

1. Income Analysis

Consolidated

		(Billions of yen)
		Third Quarter of Fiscal 2021 (Accumulated Period)						Third Quarter of Fiscal 2020 (Accumulated Period)
					Change
Consolidated Gross Profits	1		1,695.4			75.9			1,619.5
Net Interest Income	2		714.2			64.6			649.6
Fiduciary Income	3		44.7			4.1			40.5
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		521.1			49.7			471.4
Net Trading Income	6		275.5			(55.8	)		331.3
Net Other Operating Income	7		139.7			13.2			126.5
General and Administrative Expenses	8		(1,010.1	)		12.4			(1,022.6	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(160.3	)		(56.3	)		(103.9	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10		12.3			6.6			5.7
Net Gains (Losses) related to Stocks	11		(29.8	)		0.9			(30.8	)
Equity in Income from Investments in Affiliates	12		23.3			6.2			17.1
Other	13		(33.2	)		2.9			(36.2	)
Ordinary Profits	14		497.6			48.7			448.8
Net Extraordinary Gains (Losses)	15		57.4			(12.1	)		69.5
Income before Income Taxes	16		555.1			36.6			518.4
Income Taxes	17		(66.9	)		92.5			(159.5	)
Profit	18		488.1			129.2			358.8
Profit Attributable to Non-controlling Interests	19		(9.4	)		(5.0	)		(4.4	)
Profit Attributable to Owners of Parent	20		478.6			124.2			354.4
Credit-related Costs (including Credit Costs for Trust Accounts)	21		(147.9	)		(49.7	)		(98.1	)
Credit-related Costs [21] = 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 [10] + Credit Costs for Trust Accounts [4]
Reference:
Consolidated Net Business Profits	22		680.7			72.3			608.4
Consolidated Net Business Profits [22] = 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	23		161			9			152
Number of affiliates under the equity method	24		24			(2	)		26

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Third Quarter of Fiscal 2021 (Accumulated Period)												Third Quarter of Fiscal 2020 (Accumulated Period)
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,024.7			89.5			1,114.2			30.8			1,083.4
Net Interest Income	2		629.4			13.6			643.0			64.5			578.4
Fiduciary Income	3					45.2			45.2			4.1			41.0
Trust Fees for Jointly Operated Designated Money Trust	4					2.9			2.9			(0.0	)		3.0
Credit Costs for Trust Accounts	5					—			—			—			—
Net Fee and Commission Income	6		276.7			31.1			307.9			(3.9	)		311.8
Net Trading Income	7		43.9			(0.6	)		43.3			(48.7	)		92.0
Net Other Operating Income	8		74.4			0.2			74.7			14.7			59.9
General and Administrative Expenses (excluding Non-Recurring Losses)	9		(574.0	)		(59.7	)		(633.8	)		23.5			(657.3	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) (1)	10		450.6			29.8			480.4			54.3			426.1
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)	11		417.2			29.8			447.0			60.8			386.2
Excluding Net Gains (Losses) from redemption of Investment Trusts	12		406.2			29.8			436.0			56.9			379.0
Reversal of (Provision for) General Reserve for Losses on Loans	13		114.2			(0.7	)		113.5			178.7			(65.2	)
Net Business Profits	14		564.9			29.0			593.9			233.0			360.9
Net Gains (Losses) related to Bonds	15		33.3			0.0			33.3			(6.4	)		39.8
Net Non-Recurring Gains (Losses)	16		(290.3	)		4.1			(286.1	)		(193.7	)		(92.4	)
Net Gains (Losses) related to Stocks	17		(32.0	)		1.4			(30.5	)		11.0			(41.6	)
Expenses related to Portfolio Problems	18		(273.6	)		(0.0	)		(273.7	)		(237.6	)		(36.0	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19		11.4			0.0			11.4			6.0			5.3
Other	20		3.8			2.7			6.6			26.8			(20.1	)
Ordinary Profits	21		274.6			33.2			307.8			39.3			268.4
Net Extraordinary Gains (Losses)	22		50.5			7.4			57.9			(3.8	)		61.8
Income before Income Taxes	23		325.1			40.6			365.7			35.4			330.2
Income Taxes	24		(114.6	)		(12.0	)		(126.6	)		(14.9	)		(111.6	)
Net Income	25		210.5			28.5			239.0			20.4			218.5
(1)   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” [5]. (2)   Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans) from core business areas[11] =Net Business Profits (before Reversal of (Provision for) General Reverse for Losses on Loans)[10]-Net Gains (Losses) related to Bonds[15]
Credit-related Costs	26		(147.8	)		(0.8	)		(148.7	)		(52.8	)		(95.8	)
Credit-related Costs [26] = Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	27					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	28		114.2			(0.7	)		113.5			178.4			(64.9	)
Losses on Write-offs of Loans	29		3.0			(0.0	)		2.9			8.6			(5.6	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30		(265.0	)		(0.0	)		(265.0	)		(239.7	)		(25.3	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	31		0.1			—			0.1			0.1			(0.0	)
Reversal of (Provision for) Reserve for Contingencies	32		(0.0	)		—			(0.0	)		(1.6	)		1.6
Other (including Losses on Sales of Loans)	33		(0.2	)		—			(0.2	)		1.1			(1.4	)
Total	34		(147.8	)		(0.8	)		(148.7	)		(52.8	)		(95.8	)

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	Third Quarter of Fiscal 2021 (Accumulated Period)						Third Quarter of Fiscal 2020 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		(29.8	)		0.9			(30.8	)
Gains on Sales		160.7			76.1			84.5
Losses on Sales		(123.5	)		(96.2	)		(27.3	)
Impairment (Devaluation)		(39.7	)		21.1			(60.8	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.1	)		(0.1	)		—
Gains (Losses) on Derivatives other than for Trading		(27.0	)		0.0			(27.1	)
Non-Consolidated
Aggregate Figures for the 2 Banks	Third Quarter of Fiscal 2021 (Accumulated Period)						Third Quarter of Fiscal 2020 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		(30.5	)		11.0			(41.6	)
Gains on Sales		155.9			81.8			74.0
Losses on Sales		(120.3	)		(95.6	)		(24.6	)
Impairment (Devaluation)		(38.9	)		24.7			(63.7	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.1	)		0.0			(0.1	)
Gains (Losses) on Derivatives other than for Trading		(27.0	)		0.0			(27.1	)
Mizuho Bank	Third Quarter of Fiscal 2021 (Accumulated Period)						Third Quarter of Fiscal 2020 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		(32.0	)		8.1			(40.2	)
Gains on Sales		154.2			88.7			65.5
Losses on Sales		(120.3	)		(98.8	)		(21.4	)
Impairment (Devaluation)		(38.8	)		22.6			(61.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.1	)		0.0			(0.1	)
Gains (Losses) on Derivatives other than for Trading		(27.0	)		(4.3	)		(22.7	)
Mizuho Trust & Banking	Third Quarter of Fiscal 2021 (Accumulated Period)						Third Quarter of Fiscal 2020 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		1.4			2.8			(1.4	)
Gains on Sales		1.6			(6.8	)		8.5
Losses on Sales		(0.0	)		3.1			(3.2	)
Impairment (Devaluation)		(0.1	)		2.0			(2.2	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			4.4			(4.4	)

2-3

Mizuho Financial Group, Inc.

3. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

		(Billions of yen)
		As of December 31, 2021									As of March 31, 2021									As of September 30, 2021 (Reference)
		Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
MHFG (Consolidated)		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
	Other Securities		38,096.8		1,366.9			1,748.5		381.5		42,534.8		1,603.2			1,989.8		386.5		41,930.3		1,627.1			1,986.5		359.3
	Japanese Stocks		2,695.6		1,575.4			1,618.7		43.2		2,865.9		1,698.2			1,744.6		46.3		2,933.1		1,734.5			1,780.9		46.4
	Japanese Bonds		20,461.1		(32.2	)		20.1		52.3		24,145.0		(44.9	)		24.7		69.7		22,433.9		(35.1	)		22.0		57.1
	Japanese Government Bonds		16,886.0		(20.8	)		2.7		23.6		20,920.5		(31.7	)		3.5		35.3		19,003.0		(24.3	)		1.1		25.4
	Other		14,940.0		(176.2	)		109.6		285.9		15,523.8		(50.0	)		220.4		270.4		16,563.3		(72.2	)		183.5		255.8
	Foreign Bonds		12,112.7		(164.5	)		3.3		167.9		12,433.9		(33.0	)		66.6		99.6		13,489.3		(47.7	)		58.1		105.8
*   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. *   Unrealized Gains/Losses include ¥25.3 billion, ¥38.0 billion and ¥32.4 billion, which were recognized in the statement of income for December 31, 2021, September 30, 2021 and March 31, 2021, respectively, by applying the fair-value hedge method. (2) Bonds Held to Maturity
		(Billions of yen)
		As of December 31, 2021									As of March 31, 2021									As of September 30, 2021 (Reference)
		Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
							Gains		Losses							Gains		Losses							Gains		Losses
MHFG (Consolidated)			1,458.8		(1.1	)		12.4		13.6		885.5		18.0			21.2		3.1		1,394.1		9.4			15.8		6.4
Non-Consolidated Aggregate Figures for the 2 Banks (1) Other Securities
		(Billions of yen)
		As of December 31, 2021									As of March 31, 2021									As of September 30, 2021 (Reference)
		Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
MHBK		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
	Other Securities		36,702.8		1,207.0			1,586.9		379.9		41,113.3		1,441.2			1,826.4		385.1		40,438.6		1,457.7			1,815.0		357.2
	Japanese Stocks		2,445.7		1,418.7			1,461.1		42.3		2,625.6		1,539.5			1,585.8		46.3		2,673.3		1,568.3			1,613.4		45.1
	Japanese Bonds		20,357.0		(33.0	)		19.2		52.3		24,010.6		(45.8	)		23.8		69.7		22,298.2		(36.0	)		21.0		57.0
	Japanese Government Bonds		16,874.8		(20.8	)		2.7		23.6		20,879.3		(31.7	)		3.5		35.2		18,961.8		(24.3	)		1.1		25.4
	Other		13,899.9		(178.6	)		106.5		285.2		14,477.0		(52.4	)		216.7		269.1		15,467.0		(74.5	)		180.5		255.0
	Foreign Bonds		11,655.6		(164.6	)		2.4		167.1		12,031.1		(32.5	)		65.8		98.3		13,019.1		(47.9	)		57.1		105.1
MHTB
	Other Securities		250.9		82.3			85.5		3.1		275.1		86.3			88.6		2.2		290.6		89.6			93.1		3.5
	Japanese Stocks		160.8		81.1			84.2		3.0		154.2		85.0			87.3		2.2		169.2		88.3			91.8		3.4
	Japanese Bonds		84.2		0.8			0.8		0.0		114.8		0.9			0.9		0.0		115.6		0.8			0.9		0.0
	Japanese Government Bonds		—		—			—		—		30.0		(0.0	)		—		0.0		30.0		(0.0	)		—		0.0
	Other		5.7		0.4			0.4		0.0		6.0		0.3			0.3		0.0		5.8		0.3			0.3		0.0
	Foreign Bonds		—		—			—		—		—		—			—		—		—		—			—		—
Total
	Other Securities		36,953.7		1,289.3			1,672.4		383.0		41,388.5		1,527.5			1,915.0		387.4		40,729.3		1,547.4			1,908.2		360.8
	Japanese Stocks		2,606.6		1,499.8			1,545.3		45.4		2,779.8		1,624.5			1,673.1		48.5		2,842.6		1,656.6			1,705.2		48.6
	Japanese Bonds		20,441.3		(32.2	)		20.1		52.3		24,125.5		(44.9	)		24.7		69.7		22,413.8		(35.1	)		22.0		57.1
	Japanese Government Bonds		16,874.8		(20.8	)		2.7		23.6		20,909.3		(31.7	)		3.5		35.3		18,991.8		(24.3	)		1.1		25.4
	Other		13,905.7		(178.2	)		106.9		285.2		14,483.0		(52.0	)		217.0		269.1		15,472.8		(74.1	)		180.9		255.0
	Foreign Bonds		11,655.6		(164.6	)		2.4		167.1		12,031.1		(32.5	)		65.8		98.3		13,019.1		(47.9	)		57.1		105.1
*   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. *   Unrealized Gains/Losses include ¥25.3 billion, ¥38.0 billion and ¥32.4 billion, which were recognized in the statement of income (aggregate figures for the 2 banks) for December 31, 2021, September 30, 2021 and March 31, 2021 respectively, by applying the fair-value hedge method.

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2021									As of March 31, 2021								As of September 30, 2021 (Reference)
			Unrealized Gains/Losses									Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK		1,458.8		(1.1	)		12.4		13.6		885.5		18.0		21.2		3.1		1,394.1		9.4		15.8		6.4
MHTB		—		—			—		—		—		—		—		—		—		—		—		—
Total		1,458.8		(1.1	)		12.4		13.6		885.5		18.0		21.2		3.1		1,394.1		9.4		15.8		6.4
(3) Investments in Subsidiaries and Affiliates
	(Billions of yen)
	As of December 31, 2021									As of March 31, 2021								As of September 30, 2021 (Reference)
			Unrealized Gains/Losses									Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK		135.7		226.5			226.8		0.3		135.7		286.5		286.5		0.0		135.7		311.8		311.9		0.1
MHTB		—		—			—		—		—		—		—		—		—		—		—		—
Total		135.7		226.5			226.8		0.3		135.7		286.5		286.5		0.0		135.7		311.8		311.9		0.1

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

Consolidated

	(Billions of yen)
	As of December 31, 2021						As of March 31, 2021			As of September 30, 2021 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change
Other Securities		1,341.5			(229.1	)		1,570.7			1,589.0
Japanese Stocks		1,550.1			(115.6	)		1,665.7			1,696.4
Japanese Bonds		(32.2	)		12.7			(44.9	)		(35.1	)
Japanese Government Bonds		(20.8	)		10.8			(31.7	)		(24.3	)
Other		(176.2	)		(126.2	)		(50.0	)		(72.2	)
Foreign Bonds		(164.5	)		(131.5	)		(33.0	)		(47.7	)
Non-Consolidated Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2021						As of March 31, 2021			As of September 30, 2021 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change
Other Securities		1,264.0			(231.0	)		1,495.0			1,509.3
Japanese Stocks		1,474.5			(117.5	)		1,592.0			1,618.6
Japanese Bonds		(32.2	)		12.7			(44.9	)		(35.1	)
Japanese Government Bonds		(20.8	)		10.8			(31.7	)		(24.3	)
Other		(178.2	)		(126.1	)		(52.0	)		(74.1	)
Foreign Bonds		(164.6	)		(132.0	)		(32.5	)		(47.9	)

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2021						As of March 31, 2021						As of September 30, 2021 (Reference)
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
MHBK		1,066.2		1,143.4	(77.2	)		1,168.8		1,125.5	43.2			1,097.4		1,097.3	0.0
MHTB		10.7		16.0	(5.2	)		9.6		13.3	(3.7	)		10.0		16.8	(6.8	)
Total		1,076.9		1,159.5	(82.5	)		1,178.4		1,138.9	39.5			1,107.4		1,114.2	(6.7	)

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated

	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		48.8		(6.6	)		55.5		54.3
Claims with Collection Risk		703.6		293.9			409.7		327.0
Claims for Special Attention		376.2		(1.3	)		377.5		458.2
Sub-total[1]		1,128.7		285.9			842.8		839.6
Normal Claims		93,910.2		723.4			93,186.7		92,186.2
Total[2]		95,039.0		1,009.3			94,029.6		93,025.8
	(%)
NPL ratio[1]/[2]		1.18		0.29			0.89		0.90
Above figures are presented net of partial direct write-offs.
Trust Account
	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—		—
Claims with Collection Risk		—		—			—		—
Claims for Special Attention		—		—			—		—
Sub-total[3]		—		—			—		—
Normal Claims		4.1		(0.6	)		4.7		4.2
Total[4]		4.1		(0.6	)		4.7		4.2
	(%)
NPL ratio[3]/[4]		—		—			—		—
Consolidated + Trust Account
	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		48.8		(6.6	)		55.5		54.3
Claims with Collection Risk		703.6		293.9			409.7		327.0
Claims for Special Attention		376.2		(1.3	)		377.5		458.2
Sub-total[5]		1,128.7		285.9			842.8		839.6
Normal Claims		93,914.4		722.8			93,191.5		92,190.5
Total[6]		95,043.1		1,008.7			94,034.4		93,030.1
	(%)
NPL ratio[5]/[6]		1.18		0.29			0.89		0.90

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

2-7

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		38.5		(10.1	)		48.7		43.5
Claims with Collection Risk		705.7		294.6			411.0		327.2
Claims for Special Attention		338.5		5.5			333.0		418.4
Sub-total[1]		1,082.8		290.0			792.7		789.2
Normal Claims		95,413.4		269.0			95,144.3		93,455.4
Total[2]		96,496.2		559.1			95,937.1		94,244.7
	(%)
NPL ratio[1]/[2]		1.12		0.29			0.82		0.83
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		38.1		(10.2	)		48.4		43.3
Claims with Collection Risk		701.0		296.4			404.6		322.4
Claims for Special Attention		337.2		4.7			332.5		417.1
Sub-total[3]		1,076.5		290.8			785.6		782.9
Normal Claims		92,193.8		424.9			91,768.8		90,261.9
Total[4]		93,270.3		715.8			92,554.5		91,044.9
	(%)
NPL ratio[3]/[4]		1.15		0.30			0.84		0.85
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking
(Banking Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.4		0.1			0.2		0.2
Claims with Collection Risk		4.6		(1.7	)		6.4		4.7
Claims for Special Attention		1.2		0.8			0.4		1.2
Sub-total[5]		6.3		(0.8	)		7.1		6.3
Normal Claims		3,215.4		(155.2	)		3,370.6		3,189.1
Total[6]		3,221.7		(156.1	)		3,377.8		3,195.4
	(%)
NPL ratio[5]/[6]		0.19		(0.01	)		0.21		0.19
Above figures are presented net of partial direct write-offs.
(Trust Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—		—
Claims with Collection Risk		—		—			—		—
Claims for Special Attention		—		—			—		—
Sub-total[7]		—		—			—		—
Normal Claims		4.1		(0.6	)		4.7		4.2
Total[8]		4.1		(0.6	)		4.7		4.2
	(%)
NPL ratio[7]/[8]		—		—			—		—

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

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
MHBK		124,013.3		(4,265.6	)		128,279.0		124,153.0
MHTB		2,665.9		(213.9	)		2,879.9		2,664.7
Total		126,679.3		(4,479.6	)		131,158.9		126,817.8

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
MHBK		103,532.9		(4,630.4	)		108,163.3		104,960.2
Individual deposits		47,488.5		996.9			46,491.5		46,870.1
MHTB		2,665.9		(213.9	)		2,879.9		2,664.7
Individual deposits		823.4		(6.6	)		830.1		832.6
Total		106,198.9		(4,844.4	)		111,043.3		107,624.9
Individual deposits		48,311.9		990.3			47,321.6		47,702.7

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2021		Change			As of March 31, 2021		As of September 30, 2021 (Reference)
MHBK		81,179.9		(894.6	)		82,074.5		80,080.8
MHTB		3,205.2		(157.0	)		3,362.2		3,179.3
Total		84,385.1		(1,051.6	)		85,436.8		83,260.1

Note: Loans to MHFG are included as follows:

As of December 31, 2021: ¥700.0 billion (from MHBK)

As of September 30, 2021: ¥590.0 billion (from MHBK)

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

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

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

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of December 31, 2021 (A)			As of March 31, 2021 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	42,765,377		¥	45,460,471		¥	(2,695,094	)
Call Loans		899,300			967,504			(68,204	)
Receivables under Resale Agreements		8,671,369			2,376,420			6,294,949
Guarantee Deposits Paid under Securities Borrowing Transactions		152,678			151,282			1,396
Other Debt Purchased		531,027			482,837			48,190
Trading Assets		4,214,000			4,655,665			(441,665	)
Money Held in Trust		504			503			0
Securities		39,980,223			43,720,657			(3,740,433	)
Loans and Bills Discounted		81,179,977			82,074,591			(894,614	)
Foreign Exchange Assets		2,362,368			2,016,766			345,602
Derivatives other than for Trading		3,303,575			3,998,530			(694,955	)
Other Assets		3,824,453			4,920,054			(1,095,600	)
Tangible Fixed Assets		860,097			881,564			(21,467	)
Intangible Fixed Assets		347,681			360,296			(12,615	)
Prepaid Pension Cost		443,269			524,167			(80,898	)
Deferred Tax Assets		88,640			—			88,640
Customers’ Liabilities for Acceptances and Guarantees		8,143,734			6,828,085			1,315,649
Reserves for Possible Losses on Loans		(652,878	)		(536,101	)		(116,776	)
Reserve for Possible Losses on Investments		(106	)		—			(106	)
Total Assets	¥	197,115,295		¥	198,883,298		¥	(1,768,002	)
Liabilities
Deposits	¥	124,013,371		¥	128,279,005		¥	(4,265,633	)
Negotiable Certificates of Deposit		18,455,360			16,684,774			1,770,586
Call Money		1,083,846			1,061,104			22,741
Payables under Repurchase Agreements		10,652,886			8,760,834			1,892,052
Guarantee Deposits Received under Securities Lending Transactions		175,849			170,648			5,200
Commercial Paper		1,801,323			2,105,067			(303,743	)
Trading Liabilities		2,503,170			3,255,476			(752,305	)
Borrowed Money		15,365,063			15,084,290			280,772
Foreign Exchange Liabilities		758,005			717,422			40,582
Bonds and Notes		836,823			911,779			(74,955	)
Derivatives other than for Trading		3,551,382			4,016,868			(465,486	)
Other Liabilities		2,484,642			3,448,928			(964,286	)
Reserve for Bonus Payments		4,574			25,042			(20,468	)
Reserve for Variable Compensation		463			983			(520	)
Reserve for Possible Losses on Sales of Loans		155			1,074			(919	)
Reserve for Contingencies		3,212			3,092			120
Reserve for Reimbursement of Deposits		17,547			20,540			(2,993	)
Reserve for Reimbursement of Debentures		11,337			14,419			(3,081	)
Deferred Tax Liabilities		—			38,723			(38,723	)
Deferred Tax Liabilities for Revaluation Reserve for Land		61,436			61,915			(479	)
Acceptances and Guarantees		8,143,734			6,828,085			1,315,649
Total Liabilities		189,924,188			191,490,080			(1,565,892	)
Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,167			2,286,167			—
Capital Reserve		655,450			655,450			—
Other Capital Surplus		1,630,716			1,630,716			—
Retained Earnings		2,549,890			2,514,003			35,886
Appropriated Reserve		389,012			353,908			35,103
Other Retained Earnings		2,160,877			2,160,095			782
Retained Earnings Brought Forward		2,160,877			2,160,095			782
Total Shareholders’ Equity		6,240,122			6,204,236			35,886
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		869,640			1,023,139			(153,498	)
Net Deferred Hedge Gains (Losses), net of Taxes		(54,152	)		29,458			(83,611	)
Revaluation Reserve for Land, net of Taxes		135,497			136,384			(887	)
Total Valuation and Translation Adjustments		950,984			1,188,982			(237,997	)
Total Net Assets		7,191,107			7,393,218			(202,110	)
Total Liabilities and Net Assets	¥	197,115,295		¥	198,883,298		¥	(1,768,002	)

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK

	Millions of yen
	For the nine months ended December 31, 2021 (A)			For the nine months ended December 31, 2020 (B)		Change (A) - (B)
Ordinary Income	¥	1,547,997		¥	1,510,567	¥	37,430
Interest Income		802,959			848,048		(45,089	)
Interest on Loans and Bills Discounted		564,812			621,455		(56,642	)
Interest and Dividends on Securities		169,768			158,586		11,181
Fee and Commission Income		386,763			365,291		21,471
Trading Income		43,964			91,454		(47,489	)
Other Operating Income		140,929			131,643		9,286
Other Ordinary Income		173,381			74,129		99,251
Ordinary Expenses		1,273,396			1,268,267		5,129
Interest Expenses		173,516			287,933		(114,416	)
Interest on Deposits		22,482			96,357		(73,875	)
Fee and Commission Expenses		109,965			73,612		36,353
Trading Expenses		—			378		(378	)
Other Operating Expenses		66,430			79,692		(13,261	)
General and Administrative Expenses		547,324			585,826		(38,501	)
Other Ordinary Expenses		376,158			240,822		135,335
Ordinary Profits		274,601			242,300		32,301
Extraordinary Gains		59,471			63,246		(3,775	)
Extraordinary Losses		8,935			6,798		2,137
Income before Income Taxes		325,137			298,748		26,388
Income Taxes:
Current		140,748			76,137		64,611
Deferred		(26,129	)		27,544		(53,674	)
Net Income	¥	210,518		¥	195,067	¥	15,451

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of December 31, 2021 (A)			As of March 31, 2021 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,131,573		¥	2,010,405		¥	121,167
Call Loans		—			22,134			(22,134	)
Guarantee Deposits Paid under Securities Borrowing Transactions		20,067			—			20,067
Other Debt Purchased		40,312			26,092			14,219
Trading Assets		—			130,476			(130,476	)
Money Held in Trust		25,907			9,804			16,102
Securities		298,599			321,504			(22,904	)
Loans and Bills Discounted		3,205,201			3,362,267			(157,065	)
Foreign Exchange Assets		3,812			6,313			(2,500	)
Other Assets		232,757			321,181			(88,424	)
Tangible Fixed Assets		100,406			102,139			(1,732	)
Intangible Fixed Assets		22,647			25,486			(2,838	)
Prepaid Pension Cost		64,708			65,962			(1,254	)
Customers’ Liabilities for Acceptances and Guarantees		14,579			14,008			570
Reserves for Possible Losses on Loans		(3,979	)		(4,196	)		217
Total Assets	¥	6,156,594		¥	6,413,579		¥	(256,985	)
Liabilities
Deposits	¥	2,665,964		¥	2,879,951		¥	(213,987	)
Negotiable Certificates of Deposit		786,880			618,380			168,500
Call Money		602,555			581,838			20,717
Trading Liabilities		—			131,235			(131,235	)
Borrowed Money		300,000			375,082			(75,082	)
Foreign Exchange Liabilities		5			—			5
Due to Trust Accounts		1,197,324			1,160,608			36,716
Other Liabilities		33,123			23,141			9,982
Reserve for Bonus Payments		42			3,199			(3,156	)
Reserve for Variable Compensation		184			380			(195	)
Provision for Retirement Benefits		6,159			260			5,899
Reserve for Reimbursement of Deposits		1,311			1,558			(247	)
Reserve for Loss of Transfer		3,827			4,814			(987	)
Deferred Tax Liabilities		18,607			15,515			3,091
Acceptances and Guarantees		14,579			14,008			570
Total Liabilities		5,630,565			5,809,974			(179,409	)
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		282,340			275,949			6,390
Appropriated Reserve		150,297			45,865			104,432
Other Retained Earnings		132,042			230,083			(98,041	)
Retained Earnings Brought Forward		132,042			230,083			(98,041	)
Treasury Stock		(79,999	)		—			(79,999	)
Total Shareholders’ Equity		465,214			538,824			(73,609	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		64,472			67,360			(2,888	)
Net Deferred Hedge Gains (Losses), net of Taxes		(3,657	)		(2,579	)		(1,078	)
Total Valuation and Translation Adjustments		60,814			64,781			(3,967	)
Total Net Assets		526,029			603,605			(77,576	)
Total Liabilities and Net Assets	¥	6,156,594		¥	6,413,579		¥	(256,985	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the nine months ended December 31, 2021 (A)		For the nine months ended December 31, 2020 (B)		Change (A) - (B)
Ordinary Income	¥	125,654	¥	134,413	¥	(8,759	)
Fiduciary Income		45,212		41,028		4,184
Interest Income		19,065		25,196		(6,130	)
Interest on Loans and Bills Discounted		14,839		16,207		(1,367	)
Interest and Dividends on Securities		2,894		7,375		(4,481	)
Fee and Commission Income		58,287		45,767		12,520
Trading Income		—		983		(983	)
Other Operating Income		277		11,833		(11,556	)
Other Ordinary Income		2,810		9,604		(6,794	)
Ordinary Expenses		92,453		108,260		(15,806	)
Interest Expenses		5,446		6,811		(1,364	)
Interest on Deposits		230		313		(83	)
Fee and Commission Expenses		27,162		25,547		1,615
Trading Expenses		640		—		640
Other Operating Expenses		9		3,804		(3,794	)
General and Administrative Expenses		56,002		59,899		(3,897	)
Other Ordinary Expenses		3,192		12,197		(9,005	)
Ordinary Profits		33,200		26,153		7,046
Extraordinary Gains		7,742		6,569		1,173
Extraordinary Losses		341		1,188		(847	)
Income before Income Taxes		40,601		31,533		9,067
Income Taxes:
Current		7,438		2,934		4,504
Deferred		4,610		5,074		(463	)
Net Income	¥	28,552	¥	23,524	¥	5,027

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of  December 31,  2021 (A)			As of   March 31,   2021 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	336,594		¥	369,894		¥	(33,300	)
Cash Segregated as Deposits for Customers and Others		526,979			554,281			(27,302	)
Trading Assets		6,343,228			6,222,426			120,802
Operating Investment Securities		37,417			34,338			3,079
Receivables Related to Margin Transactions		32,660			32,553			106
Collateralized Short-Term Financing Agreements-Receivable		4,411,709			4,520,477			(108,767	)
Advances Paid		528			441			87
Securities: Fail to Deliver		22,762			15,265			7,497
Short-Term Loans Receivable		49,121			36,085			13,036
Other Current Assets		525,695			461,711			63,984
Less: Allowance for Doubtful Accounts		(80	)		(276	)		195
Noncurrent Assets
Property and Equipment		18,255			19,775			(1,520	)
Intangible Assets		62,222			66,544			(4,321	)
Investments and Other Assets		306,666			314,486			(7,819	)
Total Assets	¥	12,673,759		¥	12,648,003		¥	25,755
Liabilities
Current Liabilities
Trading Liabilities	¥	3,932,792		¥	4,765,362		¥	(832,569	)
Payables—Unsettled Trades		134,114			253,734			(119,619	)
Payables Related to Margin Transactions		51,744			39,793			11,950
Collateralized Short-Term Financing Agreements-Payable		4,440,757			3,510,972			929,785
Deposits Received		528,358			444,112			84,246
Guarantee Deposits Received		336,234			417,142			(80,907	)
Securities: Fail to Receive		2,533			2,854			(320	)
Short-Term Borrowings		721,575			806,728			(85,152	)
Commercial Paper		490,500			423,500			67,000
Bonds and Notes Due within One Year		121,168			127,648			(6,479	)
Income Taxes Payable		1,344			11,565			(10,221	)
Accrued Employees’ Bonuses		19,161			25,365			(6,203	)
Provision for Variable Compensation		278			788			(509	)
Other Current Liabilities		27,835			50,122			(22,286	)
Noncurrent Liabilities
Bonds and Notes		731,656			623,175			108,481
Long-Term Borrowings		530,500			150,400			380,100
Provision for Retirement Benefits		22,086			21,216			869
Reserve for Loss of Transfer		2,984			4,194			(1,209	)
Other Noncurrent Liabilities		3,040			3,132			(91	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		3,127			3,135			(7	)
Total Liabilities		12,101,799			11,684,945			416,854
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		420,761			440,661			(19,899	)
Other Retained Earnings		420,761			440,661			(19,899	)
Retained Earnings Brought Forward		420,761			440,661			(19,899	)
Treasury Stock		(369,999	)		—			(369,999	)
Total Shareholders’ Equity		557,578			947,478			(389,899	)
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		24,151			25,339			(1,188	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,769	)		(9,759	)		(10	)
Total Valuation and Translation Adjustments		14,381			15,580			(1,198	)
Total Net Assets		571,960			963,058			(391,098	)
Total Liabilities and Net Assets	¥	12,673,759		¥	12,648,003		¥	25,755

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the nine months ended December 31, 2021 (A)			For the nine months ended December 31, 2020 (B)			Change (A) - (B)
Operating Revenues	¥	294,305		¥	290,450		¥	3,854
Commissions		143,531			132,423			11,108
Net Gain on Trading		103,367			104,110			(743	)
Net Gain on Operating Investment Securities		(2,066	)		1,071			(3,138	)
Interest and Dividend Income		49,472			52,844			(3,371	)
Interest Expenses		36,827			40,050			(3,223	)
Net Operating Revenues		257,477			250,400			7,077
Selling, General and Administrative Expenses		193,443			192,908			534
Transaction-Related Expenses		55,609			52,755			2,854
Personnel Expenses		72,994			73,266			(272	)
Real Estate Expenses		15,547			15,938			(390	)
Administrative Expenses		29,164			29,581			(417	)
Depreciation and Amortization		14,098			15,199			(1,100	)
Taxes and Dues		4,331			4,363			(31	)
Provision of Allowance for Doubtful Accounts		4			(25	)		30
Other		1,692			1,829			(137	)
Operating Income		64,034			57,491			6,542
Non-Operating Income		2,700			3,559			(859	)
Non-Operating Expenses		440			170			269
Ordinary Income		66,294			60,880			5,413
Extraordinary Gain		1,068			12,049			(10,981	)
Extraordinary Loss		3,813			1,844			1,968
Income before Income Taxes		63,549			71,085			(7,536	)
Income Taxes:
Current		8,992			8,995			(2	)
Deferred		(1,110	)		616			(1,727	)
Net Income	¥	55,666		¥	61,472		¥	(5,806	)

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