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 2019

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: November 14, 2019
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 2019 (Six months ended September 30, 2019) (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) November 14, 2019

Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Tatsufumi Sakai	President & CEO
For Inquiry:	Tomomichi Fujita	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 28, 2019	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 6, 2019
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 2019 (for the six months ended September 30, 2019)

(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 F2019		1,987,425		(0.3	)		396,471		(15.0	)		287,668		(19.9	)
1H F2018		1,994,087		12.9			466,912		8.2			359,360		13.4

Note: Comprehensive Income: 1H F2019: ¥190,448 million, (19.2)%; 1H F2018: ¥235,972 million, (45.3)%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2019		11.34		11.34
1H F2018		14.16		14.16

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2019		204,727,684		8,973,937		4.3
Fiscal 2018		200,792,226		9,194,038		4.3

Reference: Own Capital: As of September 30, 2019: ¥8,837,477 million; As of March 31, 2019: ¥8,748,805 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 2018		—		3.75		—		3.75		7.50
Fiscal 2019		—		3.75
Fiscal 2019 (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 2019 (for the fiscal year ending March 31, 2020)

	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
Fiscal 2019		470,000		386.7		18.53

Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2019: 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, 2019 (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

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

(3) Issued Shares of Common Stock

i. Period-end issued shares (including treasury stock):	As of September 30, 2019	25,392,498,945 shares	As of March 31, 2019	25,392,498,945 shares
ii. Period-end treasury stock:	As of September 30, 2019	34,477,267 shares	As of March 31, 2019	33,962,404 shares
iii. Average outstanding shares:	1st Half Fiscal 2019	25,359,550,164 shares	1st Half Fiscal 2018	25,363,166,750 shares

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

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; 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 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.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2
2.	Interim 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) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-8
	ø SELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2019

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 Tuesday, November 19, 2019. 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 website immediately after the conference.

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

MHFG has applied “Leases” (IFRS 16 and ASU 2016-02) at some consolidated subsidiaries from this interim period ended September 30, 2019. Accordingly, lessees recognize assets and liabilities for all leases as a general rule.

In accordance with transitional treatment, MHFG has recognized the impact of this accounting standard cumulatively as of the date of adoption for balances at the beginning of the interim period ended September 30, 2019.

The impact on the interim consolidated financial statements for the interim period ended September 30, 2019 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

	Millions of yen
	As of    March 31, 2019			As of September 30, 2019
Assets
Cash and Due from Banks	¥	45,108,602		¥	43,444,902
Call Loans and Bills Purchased		648,254			665,089
Receivables under Resale Agreements		12,997,628			13,660,375
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			3,070,458
Other Debt Purchased		2,828,959			2,861,556
Trading Assets		12,043,608			14,268,595
Money Held in Trust		351,889			347,461
Securities		29,774,489			30,466,939
Loans and Bills Discounted		78,456,935			79,653,636
Foreign Exchange Assets		1,993,668			1,831,329
Derivatives other than for Trading Assets		1,328,227			1,577,986
Other Assets		4,229,589			4,539,742
Tangible Fixed Assets		1,037,006			1,092,867
Intangible Fixed Assets		620,231			608,767
Net Defined Benefit Asset		982,804			994,685
Deferred Tax Assets		37,960			35,890
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			5,884,014
Reserves for Possible Losses on Loans		(287,815	)		(276,615	)
Total Assets	¥	200,792,226		¥	204,727,684

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of    March 31, 2019			As of September 30, 2019
Liabilities
Deposits	¥	124,311,025		¥	125,713,322
Negotiable Certificates of Deposit		13,338,571			13,547,082
Call Money and Bills Sold		2,841,931			2,139,924
Payables under Repurchase Agreements		14,640,439			17,339,806
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,577,062
Commercial Paper		941,181			654,854
Trading Liabilities		8,325,520			10,019,133
Borrowed Money		3,061,504			1,870,364
Foreign Exchange Liabilities		669,578			546,283
Short-term Bonds		355,539			349,751
Bonds and Notes		8,351,071			8,673,153
Due to Trust Accounts		1,102,073			1,114,501
Derivatives other than for Trading Liabilities		1,165,602			1,280,794
Other Liabilities		4,512,325			4,636,480
Reserve for Bonus Payments		68,117			49,276
Reserve for Variable Compensation		2,867			1,335
Net Defined Benefit Liability		60,873			61,477
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			1,055
Reserve for Possible Losses on Sales of Loans		630			541
Reserve for Contingencies		4,910			5,096
Reserve for Reimbursement of Deposits		19,068			15,888
Reserve for Reimbursement of Debentures		25,566			20,731
Reserves under Special Laws		2,473			2,472
Deferred Tax Liabilities		185,974			186,049
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			63,290
Acceptances and Guarantees		6,062,053			5,884,014
Total Liabilities	¥	191,598,188		¥	195,753,746
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,137,550
Retained Earnings		3,915,521			4,107,437
Treasury Stock		(7,703	)		(6,809	)
Total Shareholders’ Equity		7,303,034			7,494,945
Net Unrealized Gains (Losses) on Other Securities		1,186,401			1,066,749
Deferred Gains or Losses on Hedges		(22,282	)		52,387
Revaluation Reserve for Land		137,772			137,716
Foreign Currency Translation Adjustments		(111,057	)		(148,153	)
Remeasurements of Defined Benefit Plans		254,936			233,831
Total Accumulated Other Comprehensive Income		1,445,770			1,342,532
Stock Acquisition Rights		707			213
Non-Controlling Interests		444,525			136,245
Total Net Assets		9,194,038			8,973,937
Total Liabilities and Net Assets	¥	200,792,226		¥	204,727,684

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 six months ended September 30, 2018			For the six months ended September 30, 2019
Ordinary Income	¥	1,994,087		¥	1,987,425
Interest Income		994,826			1,062,855
Interest on Loans and Bills Discounted		604,086			646,722
Interest and Dividends on Securities		163,560			138,351
Fiduciary Income		28,023			27,756
Fee and Commission Income		366,778			360,492
Trading Income		156,449			194,433
Other Operating Income		178,133			224,188
Other Ordinary Income		269,875			117,699
Ordinary Expenses		1,527,175			1,590,953
Interest Expenses		586,633			686,238
Interest on Deposits		217,934			261,393
Fee and Commission Expenses		81,850			84,392
Trading Expenses		—			2,533
Other Operating Expenses		44,155			65,839
General and Administrative Expenses		717,467			670,592
Other Ordinary Expenses		97,067			81,357
Ordinary Profits		466,912			396,471
Extraordinary Gains		10,271			1,252
Extraordinary Losses		3,551			6,252
Income before Income Taxes		473,632			391,471
Income Taxes:
Current		116,078			85,576
Deferred		(14,319	)		10,593
Total Income Taxes		101,759			96,169
Profit		371,872			295,302
Profit Attributable to Non-controlling Interests		12,511			7,633
Profit Attributable to Owners of Parent	¥	359,360		¥	287,668

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the six months ended September 30, 2018			For the six months ended September 30, 2019
Profit	¥	371,872		¥	295,302
Other Comprehensive Income		(135,899	)		(104,853	)
Net Unrealized Gains (Losses) on Other Securities		(58,557	)		(122,173	)
Deferred Gains or Losses on Hedges		(55,862	)		74,719
Foreign Currency Translation Adjustments		(3,401	)		(34,547	)
Remeasurements of Defined Benefit Plans		(15,346	)		(20,957	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(2,732	)		(1,894	)
Comprehensive Income		235,972			190,448
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		224,894			184,486
Comprehensive Income Attributable to Non-controlling Interests		11,078			5,962

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2018

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309
Changes during the period
Issuance of New Shares		218		218									437
Cash Dividends							(95,186	)					(95,186	)
Profit Attributable to Owners of Parent							359,360						359,360
Repurchase of Treasury Stock										(2,856	)		(2,856	)
Disposition of Treasury Stock				(15	)					965			950
Transfer from Revaluation Reserve for Land							1,028						1,028
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				3,307									3,307
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		218		3,511			265,202			(1,891	)		267,041
Balance as of the end of the period		2,256,767		1,138,434			4,268,037			(7,888	)		7,655,351

	Accumulated Other Comprehensive Income																		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
Balance as of the beginning of the period		1,392,392			(67,578	)		144,277			(85,094	)		293,536			1,677,534			1,163			754,239			9,821,246
Changes during the period
Issuance of New Shares																										437
Cash Dividends																										(95,186	)
Profit Attributable to Owners of Parent																										359,360
Repurchase of Treasury Stock																										(2,856	)
Disposition of Treasury Stock																										950
Transfer from Revaluation Reserve for Land																										1,028
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										3,307
Net Changes in Items other than Shareholders’ Equity		(56,859	)		(55,840	)		(1,028	)		(5,696	)		(16,070	)		(135,495	)		(449	)		(279,732	)		(415,678	)
Total Changes during the period		(56,859	)		(55,840	)		(1,028	)		(5,696	)		(16,070	)		(135,495	)		(449	)		(279,732	)		(148,636	)
Balance as of the end of the period		1,335,533			(123,418	)		143,248			(90,790	)		277,466			1,542,038			714			474,506			9,672,610

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2019

	Millions of yen
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,138,449			3,915,521			(7,703	)		7,303,034
Changes during the period
Cash Dividends							(95,197	)					(95,197	)
Profit Attributable to Owners of Parent							287,668						287,668
Repurchase of Treasury Stock										(1,850	)		(1,850	)
Disposition of Treasury Stock				(625	)					2,744			2,119
Transfer from Revaluation Reserve for Land							55						55
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(885	)								(885	)
Transfer from Retained Earnings to Capital Surplus				611			(611	)					—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		(899	)		191,915			893			191,910
Balance as of the end of the period		2,256,767		1,137,550			4,107,437			(6,809	)		7,494,945

	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		1,186,401			(22,282	)		137,772			(111,057	)		254,936			1,445,770			707			444,525			9,194,038
Changes during the period
Cash Dividends																										(95,197	)
Profit Attributable to Owners of Parent																										287,668
Repurchase of Treasury Stock																										(1,850	)
Disposition of Treasury Stock																										2,119
Transfer from Revaluation Reserve for Land																										55
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																										(885	)
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(119,652	)		74,670			(55	)		(37,096	)		(21,104	)		(103,238	)		(493	)		(308,279	)		(412,010	)
Total Changes during the period		(119,652	)		74,670			(55	)		(37,096	)		(21,104	)		(103,238	)		(493	)		(308,279	)		(220,100	)
Balance as of the end of the period		1,066,749			52,387			137,716			(148,153	)		233,831			1,342,532			213			136,245			8,973,937

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2019

(Six months ended September 30, 2019)

(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 Financial Group, Inc.,  Mizuho Bank, Ltd. (“MHBK”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2019	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		2-8
5. Unrealized Gains/Losses on Securities		CON	NON		2-10
6. Projected Redemption Amounts for Securities		NON			2-12
7. Overview of Derivative Transactions Qualifying for Hedge Accounting		NON			2-13
8. Employee Retirement Benefits		NON	CON		2-14
9. Capital Ratio		CON	NON		2-17

II. REVIEW OF CREDITS	See above Notes			Page
1. Status of Non-Accrual, Past Due & Restructured Loans		CON	NON		2-18
2. Status of Reserves for Possible Losses on Loans		CON	NON		2-20
3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans		CON	NON		2-21
4. Status of Non Performing Loans based on the Financial Reconstruction Act (“FRA”)		CON	NON		2-22
5. Coverage on Non Performing Loans based on the FRA		NON			2-24
6. Overview of Non-Performing Loans (“NPLs”)		NON			2-27
7. Results of Removal of NPLs from the Balance Sheet		NON			2-28
8. Status of Loans by Industry
(1)   Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry		NON			2-29
(2)   Non Performing Loans based on the FRA and Coverage Ratio by Industry		NON			2-31
9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises (“SMEs”) and Individual Customers
(1)   Balance of Housing and Consumer Loans		NON			2-32
(2)   Loans to SMEs and Individual Customers		NON			2-32
10. Status of Loans by Region		NON			2-33
III. DEFERRED TAXES	See above Notes			Page
1. Estimation for Calculating Deferred Tax Assets		NON			2-34
IV. OTHERS	See above Notes			Page
1. Breakdown of Deposits (Domestic Offices)		NON			2-36
2. Number of Directors and Employees					2-37
3. Number of Offices					2-37
4. Earnings Plan for Fiscal 2019		CON	NON		2-38

Attachments	Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-39
Comparison of Non-Consolidated Statements of Income (selected items)		2-40
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-41
Comparison of Non-Consolidated Statements of Income (selected items)		2-42
Statement of Trust Assets and Liabilities		2-43
Comparison of Balances of Principal Items		2-44
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-45
Comparison of Non-Consolidated Statements of Income (selected items)		2-46

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; 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 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.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2019

1. Income Analysis

Consolidated

		(Millions of yen)
		First Half of Fiscal 2019						First Half of Fiscal 2018
					Change
Consolidated Gross Profits	1		1,030,722			19,151			1,011,571
Net Interest Income	2		376,617			(31,575	)		408,193
Fiduciary Income	3		27,756			(267	)		28,023
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		276,100			(8,826	)		284,927
Net Trading Income	6		191,899			35,450			156,449
Net Other Operating Income	7		158,349			24,371			133,978
General and Administrative Expenses	8		(670,592	)		46,874			(717,467	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(19,142	)		1,669			(20,812	)
Losses on Write-offs of Loans	10		(13,001	)		4,940			(17,942	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		7,915			(42,693	)		50,609
Net Gains (Losses) related to Stocks	12		47,418			(102,563	)		149,981
Equity in Income from Investments in Affiliates	13		19,109			(288	)		19,397
Other	14		(18,959	)		7,408			(26,368	)
Ordinary Profits	15		396,471			(70,440	)		466,912
Net Extraordinary Gains (Losses)	16		(5,000	)		(11,720	)		6,719
Income before Income Taxes	17		391,471			(82,160	)		473,632
Income Taxes—Current	18		(85,576	)		30,502			(116,078	)
—Deferred	19		(10,593	)		(24,912	)		14,319
Profit	20		295,302			(76,570	)		371,872
Profit Attributable to Non-controlling Interests	21		(7,633	)		4,878			(12,511	)
Profit Attributable to Owners of Parent	22		287,668			(71,692	)		359,360
Credit-related Costs (including Credit Costs for Trust Accounts)	23		(11,226	)		(41,023	)		29,797
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		348,836			57,799			291,036
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		122			(3	)		125
Number of affiliates under the equity method	26		26			7			19

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2019												First Half
		MHBK			MHTB			Aggregate Figures			Change			of Fiscal 2018
Gross Profits	1		669,168			64,835			734,004			38,699			695,305
Domestic Gross Profits	2		351,229			61,448			412,677			(5,207	)		417,884
Net Interest Income	3		213,612			11,665			225,277			(24,194	)		249,471
Fiduciary Income	4					27,919			27,919			325			27,593
Trust Fees for Jointly Operated Designated Money Trust	5					2,175			2,175			259			1,915
Credit Costs for Trust Accounts (1)	6					—			—			—			—
Net Fee and Commission Income	7		111,768			11,813			123,582			989			122,593
Net Trading Income (2)	8		(1,890	)		7,696			5,806			2,467			3,339
Net Other Operating Income	9		27,738			2,353			30,092			15,205			14,886
International Gross Profits	10		317,939			3,387			321,326			43,906			277,420
Net Interest Income	11		112,411			1,797			114,208			3,056			111,152
Net Fee and Commission Income	12		66,502			(271	)		66,230			(171	)		66,402
Net Trading Income (2)	13		69,135			(7,201	)		61,933			35,079			26,854
Net Other Operating Income	14		69,889			9,063			78,952			5,942			73,010
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(408,569	)		(41,324	)		(449,894	)		26,884			(476,778	)
Expense Ratio	16		61.0	%		63.7	%		61.2	%		(7.2	%)		68.5	%
Personnel Expenses	17		(161,718	)		(19,836	)		(181,555	)		8,364			(189,920	)
Non-Personnel Expenses	18		(221,607	)		(19,880	)		(241,488	)		15,752			(257,240	)
Premium for Deposit Insurance	19		(15,569	)		(647	)		(16,216	)		(257	)		(15,959	)
Miscellaneous Taxes	20		(25,243	)		(1,607	)		(26,851	)		2,766			(29,618	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		260,598			23,510			284,109			65,583			218,526
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (3)	22		175,200			12,247			187,447			(2,977	)		190,424
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		173,292			12,143			185,435			996			184,439
Reversal of (Provision for) General Reserve for Losses on Loans	24		(13,247	)		(94	)		(13,341	)		(13,298	)		(43	)
Net Business Profits	25		247,351			23,416			270,768			52,285			218,483
Net Gains (Losses) related to Bonds	26		85,398			11,263			96,661			68,560			28,101
Net Non-Recurring Gains (Losses)	27		48,055			(1,713	)		46,341			(102,976	)		149,318
Net Gains (Losses) related to Stocks	28		43,626			(406	)		43,220			(95,084	)		138,304
Expenses related to Portfolio Problems	29		(8,709	)		45			(8,664	)		10,608			(19,272	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		6,941			24			6,965			(42,996	)		49,961
Other	31		6,196			(1,376	)		4,820			24,496			(19,676	)
Ordinary Profits	32		295,407			21,702			317,110			(50,691	)		367,801
Net Extraordinary Gains (Losses)	33		(5,301	)		486			(4,815	)		(11,687	)		6,872
Net Gains (Losses) on Disposition of Fixed Assets	34		(1,632	)		827			(805	)		(2,601	)		1,796
Losses on Impairment of Fixed Assets	35		(3,669	)		(341	)		(4,010	)		(1,637	)		(2,372	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		—			—			—			(7,448	)		7,448
Income before Income Taxes	37		290,105			22,188			312,294			(62,379	)		374,673
Income Taxes—Current	38		(65,965	)		(3,107	)		(69,073	)		29,901			(98,974	)
—Deferred	39		(5,004	)		(3,519	)		(8,523	)		(618	)		(7,905	)
Net Income	40		219,135			15,562			234,697			(33,096	)		267,794
(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” [6]. (2) As for Gross Profits for MHTB, parts of Net Trading Income which have been included in International Gross Profits are included in Domestic Gross Profits. (3) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]       =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	41		(15,014	)		(24	)		(15,039	)		(45,686	)		30,646
Credit-related Costs [41] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	42					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	43		(13,247	)		(94	)		(13,341	)		(59,323	)		45,982
Losses on Write-offs of Loans	44		(4,630	)		24			(4,605	)		7,430			(12,036	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	45		3,410			45			3,455			3,635			(180	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	46		4			—			4			8			(4	)
Reversal of (Provision for) Reserve for Contingencies	47		(198	)		—			(198	)		(255	)		56
Other (including Losses on Sales of Loans)	48		(353	)		—			(353	)		2,817			(3,171	)
Total	49		(15,014	)		(24	)		(15,039	)		(45,686	)		30,646

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2019						First Half of
					Change			Fiscal 2018
Gross Profits	1		669,168			32,145			637,022
Domestic Gross Profits	2		351,229			(9,794	)		361,024
Net Interest Income	3		213,612			(23,705	)		237,317
Net Fee and Commission Income	4		111,768			2,854			108,914
Net Trading Income	5		(1,890	)		(4,649	)		2,759
Net Other Operating Income	6		27,738			15,705			12,033
International Gross Profits	7		317,939			41,940			275,998
Net Interest Income	8		112,411			2,794			109,616
Net Fee and Commission Income	9		66,502			(275	)		66,778
Net Trading Income	10		69,135			42,716			26,419
Net Other Operating Income	11		69,889			(3,294	)		73,184
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(408,569	)		26,985			(435,555	)
Expense Ratio	13		61.0	%		(7.3	%)		68.3	%
Personnel Expenses	14		(161,718	)		8,315			(170,034	)
Non-Personnel Expenses	15		(221,607	)		15,977			(237,584	)
Premium for Deposit Insurance	16		(15,569	)		(261	)		(15,307	)
Miscellaneous Taxes	17		(25,243	)		2,693			(27,936	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		260,598			59,131			201,467
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *	19		175,200			(833	)		176,033
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		173,292			3,244			170,047
Reversal of (Provision for) General Reserve for Losses on Loans	21		(13,247	)		(13,247	)		—
Net Business Profits	22		247,351			45,884			201,467
Net Gains (Losses) related to Bonds	23		85,398			59,965			25,433
Net Non-Recurring Gains (Losses)	24		48,055			(90,250	)		138,305
Net Gains (Losses) related to Stocks	25		43,626			(82,526	)		126,153
Expenses related to Portfolio Problems	26		(8,709	)		10,595			(19,305	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	27		6,941			(43,020	)		49,961
Other	28		6,196			24,701			(18,505	)
Ordinary Profits	29		295,407			(44,365	)		339,772
Net Extraordinary Gains (Losses)	30		(5,301	)		(12,205	)		6,903
Net Gains (Losses) on Disposition of Fixed Assets	31		(1,632	)		(3,451	)		1,818
Losses on Impairment of Fixed Assets	32		(3,669	)		(1,305	)		(2,363	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		—			(7,448	)		7,448
Income before Income Taxes	34		290,105			(56,570	)		346,676
Income Taxes—Current	35		(65,965	)		28,003			(93,968	)
—Deferred	36		(5,004	)		455			(5,459	)
Net Income	37		219,135			(28,112	)		247,247
* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[19]       =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[18]-Net Gains (Losses) related to Bonds[23]
Credit-related Costs	38		(15,014	)		(45,671	)		30,656
Credit-related Costs [38] =  Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]
Reference: Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	39		(13,247	)		(59,272	)		46,025
Losses on Write-offs of Loans	40		(4,630	)		7,406			(12,036	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		3,410			3,623			(213	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		4			8			(4	)
Reversal of (Provision for) Reserve for Contingencies	43		(198	)		(255	)		56
Other (including Losses on Sales of Loans)	44		(353	)		2,817			(3,171	)
Total	45		(15,014	)		(45,671	)		30,656

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated

		(Millions of yen)
		First Half of Fiscal 2019						First Half of
					Change			Fiscal 2018
Gross Profits	1		64,835			6,553			58,282
Domestic Gross Profits	2		61,448			4,587			56,860
Net Interest Income	3		11,665			(488	)		12,153
Fiduciary Income	4		27,919			325			27,593
Trust Fees for Jointly Operated Designated Money Trust	5		2,175			259			1,915
Credit Costs for Trust Accounts (1)	6		—			—			—
Net Fee and Commission Income	7		11,813			(1,865	)		13,679
Net Trading Income (2)	8		7,696			7,117			579
Net Other Operating Income	9		2,353			(500	)		2,853
International Gross Profits	10		3,387			1,965			1,421
Net Interest Income	11		1,797			261			1,535
Net Fee and Commission Income	12		(271	)		104			(375	)
Net Trading Income (2)	13		(7,201	)		(7,636	)		435
Net Other Operating Income	14		9,063			9,236			(173	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(41,324	)		(101	)		(41,223	)
Expense Ratio	16		63.7	%		(6.9	%)		70.7	%
Personnel Expenses	17		(19,836	)		49			(19,886	)
Non-Personnel Expenses	18		(19,880	)		(225	)		(19,655	)
Premium for Deposit Insurance	19		(647	)		4			(652	)
Miscellaneous Taxes	20		(1,607	)		73			(1,681	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		23,510			6,451			17,059
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (3)	22		12,247			(2,143	)		14,391
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		12,143			(2,247	)		14,391
Reversal of (Provision for) General Reserve for Losses on Loans	24		(94	)		(51	)		(43	)
Net Business Profits	25		23,416			6,400			17,016
Net Gains (Losses) related to Bonds	26		11,263			8,595			2,668
Net Non-Recurring Gains (Losses)	27		(1,713	)		(12,726	)		11,012
Net Gains (Losses) related to Stocks	28		(406	)		(12,557	)		12,151
Expenses related to Portfolio Problems	29		45			12			32
Gains on Reversal of Reserves for Possible Losses on Loans, and others	30		24			24			—
Other	31		(1,376	)		(205	)		(1,171	)
Ordinary Profits	32		21,702			(6,326	)		28,028
Net Extraordinary Gains (Losses)	33		486			517			(30	)
Net Gains (Losses) on Disposition of Fixed Assets	34		827			849			(21	)
Losses on Impairment of Fixed Assets	35		(341	)		(332	)		(9	)
Income before Income Taxes	36		22,188			(5,808	)		27,997
Income Taxes—Current	37		(3,107	)		1,897			(5,005	)
—Deferred	38		(3,519	)		(1,073	)		(2,445	)
Net Income	39		15,562			(4,984	)		20,546
(1)   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].
(2)   As for Gross Profits, parts of Net Trading Income which have been included in International Gross Profits are included in Domestic Gross Profits.
(3)   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas [22]
= Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) [21]-Net Gains (Losses) related to Bonds [26]
Credit-related Costs	40		(24	)		(14	)		(10	)
Credit-related Costs [40] =  Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	42		(94	)		(51	)		(43	)
Losses on Write-offs of Loans	43		24			24			—
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		45			12			32
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		—			—			—
Reversal of (Provision for) Reserve for Contingencies	46		—			—			—
Other (including Losses on Sales of Loans)	47		—			—			—
Total	48		(24	)		(14	)		(10	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

			(%)
			First Half of Fiscal 2019						First Half of Fiscal 2018
Mizuho Bank						Change
Return on Interest-Earning Assets		1		0.44			(0.04	)		0.49
Return on Loans and Bills Discounted (1)		2		0.77			(0.03	)		0.80
Return on Securities		3		0.45			(0.09	)		0.54
Cost of Funding (including Expenses)		4		0.62			(0.05	)		0.68
Cost of Deposits (including Expenses)		5		0.62			(0.08	)		0.70
Cost of Deposits (2)		6		0.00			(0.00	)		0.00
Cost of Other External Liabilities		7		0.59			0.25			0.34
Net Interest Margin	(1)-(4)	8		(0.18	)		0.00			(0.19	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.14			0.04			0.10
Loan and Deposit Rate Margin	(2)-(6)	10		0.76			(0.03	)		0.80
(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		0.79			(0.04	)		0.84
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.17			0.03			0.13
Loan and Deposit Rate Margin	(11)-(6)	13		0.79			(0.04	)		0.84
			(%)
Mizuho Trust & Banking			First Half of Fiscal 2019						First Half of Fiscal 2018
						Change
Return on Interest-Earning Assets		14		0.49			(0.02	)		0.51
Return on Loans and Bills Discounted (1)		15		0.59			(0.02	)		0.62
Return on Securities		16		1.41			0.01			1.40
Cost of Funding		17		0.09			0.00			0.08
Cost of Deposits (2)		18		0.01			(0.01	)		0.02
Net Interest Margin	(14)-(17)	19		0.40			(0.02	)		0.42
Loan and Deposit Rate Margin	(15)-(18)	20		0.58			(0.01	)		0.59
(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		0.61			(0.03	)		0.65
Loan and Deposit Rate Margin	(21)-(18)	22		0.60			(0.02	)		0.63
Reference			(%)
			First Half of Fiscal 2019						First Half of Fiscal 2018
Aggregate Figures for the 2 Banks						Change
Return on Loans and Bills Discounted (1)		23		0.76			(0.03	)		0.79
Cost of Deposits (2)		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.75			(0.03	)		0.79
(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		0.78			(0.04	)		0.83
Loan and Deposit Rate Margin	(26)-(24)	27		0.78			(0.04	)		0.82

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

	(Millions of yen, %)
	First Half of Fiscal 2019
					Change						First Half of Fiscal 2018
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		153,577,132		1.12		2,919,245			0.04			150,657,886		1.08
Loans and Bills Discounted		76,482,587		1.52		2,964,668			0.05			73,517,919		1.46
Securities		27,986,229		0.96		(3,803,771	)		0.00			31,790,001		0.95
Source of Funds		153,167,575		0.70		2,357,289			0.08			150,810,286		0.62
Deposits		118,965,358		0.41		5,503,953			0.05			113,461,404		0.35
NCDs		13,640,237		0.99		1,314,269			0.08			12,325,967		0.90
Domestic Operations
Use of Funds		107,178,379		0.44		1,674,655			(0.04	)		105,503,723		0.49
Loans and Bills Discounted		48,635,360		0.76		1,946,010			(0.03	)		46,689,350		0.79
Securities		17,912,446		0.45		(2,215,381	)		(0.09	)		20,127,828		0.54
Source of Funds		106,677,834		0.04		1,926,927			0.00			104,750,906		0.04
Deposits		92,970,378		0.00		3,834,206			(0.00	)		89,136,171		0.00
NCDs		7,174,237		0.00		1,017,260			(0.00	)		6,156,976		0.00
International Operations
Use of Funds		49,461,312		2.54		267,880			0.25			49,193,431		2.29
Loans and Bills Discounted		27,847,227		2.84		1,018,658			0.20			26,828,568		2.64
Securities		10,073,782		1.85		(1,588,390	)		0.20			11,662,173		1.65
Source of Funds		49,552,301		2.08		(546,347	)		0.27			50,098,648		1.81
Deposits		25,994,980		1.87		1,669,747			0.22			24,325,232		1.64
NCDs		6,465,999		2.09		297,008			0.28			6,168,990		1.80

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Millions of yen, %)
	First Half of Fiscal 2019
					Change						First Half of Fiscal 2018
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Total
Use of Funds		6,348,866		0.63		13,978			(0.04	)		6,334,888		0.68
Loans and Bills Discounted		3,379,749		0.74		(27,803	)		(0.04	)		3,407,553		0.78
Securities		880,732		1.47		(70,638	)		(0.01	)		951,371		1.49
Source of Funds		6,795,148		0.19		(34,533	)		(0.03	)		6,829,682		0.23
Deposits		3,478,959		0.02		(51,836	)		(0.01	)		3,530,796		0.03
NCDs		448,309		0.01		54,046			(0.00	)		394,263		0.01
Domestic Operations
Use of Funds		5,894,459		0.49		89,228			(0.02	)		5,805,230		0.51
Loans and Bills Discounted		3,179,231		0.59		21,806			(0.02	)		3,157,425		0.62
Securities		585,021		1.41		(20,537	)		0.01			605,558		1.40
Source of Funds		6,327,299		0.09		39,905			0.00			6,287,394		0.08
Deposits		3,471,032		0.01		(45,787	)		(0.01	)		3,516,820		0.02
NCDs		448,309		0.01		54,046			(0.00	)		394,263		0.01
International Operations
Use of Funds		514,572		2.22		(104,646	)		0.05			619,219		2.17
Loans and Bills Discounted		200,517		3.09		(49,610	)		0.20			250,128		2.88
Securities		295,711		1.60		(50,101	)		(0.03	)		345,812		1.64
Source of Funds		528,013		1.48		(103,835	)		(0.15	)		631,849		1.64
Deposits		7,927		1.57		(6,049	)		(0.14	)		13,976		1.71
NCDs		—		—		—			—			—		—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated

	(Millions of yen)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		96,773			69,661			27,111
Gains on Sales and Others		143,364			95,421			47,942
Losses on Sales and Others		(43,312	)		(25,534	)		(17,778	)
Impairment (Devaluation)		(754	)		205			(960	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,523	)		(431	)		(2,092	)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		47,418			(102,563	)		149,981
Gains on Sales		86,698			(94,377	)		181,076
Losses on Sales		(21,004	)		(8,394	)		(12,609	)
Impairment (Devaluation)		(10,030	)		(8,858	)		(1,171	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(8,246	)		9,068			(17,314	)

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		96,661			68,560			28,101
Gains on Sales and Others		143,639			94,573			49,065
Losses on Sales and Others		(43,702	)		(25,790	)		(17,911	)
Impairment (Devaluation)		(751	)		208			(960	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,523	)		(431	)		(2,092	)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		43,220			(95,084	)		138,304
Gains on Sales		79,474			(88,731	)		168,206
Losses on Sales		(20,435	)		(8,356	)		(12,078	)
Impairment (Devaluation)		(7,008	)		(6,492	)		(515	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(565	)		(573	)		7
Gains (Losses) on Derivatives other than for Trading		(8,246	)		9,068			(17,314	)

2-8

Mizuho Financial Group, Inc.

Mizuho Bank

	(Millions of yen)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		85,398			59,965			25,433
Gains on Sales and Others		128,580			83,661			44,918
Losses on Sales and Others		(41,431	)		(24,633	)		(16,798	)
Impairment (Devaluation)		(751	)		208			(960	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(998	)		728			(1,726	)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		43,626			(82,526	)		126,153
Gains on Sales		77,514			(76,033	)		153,548
Losses on Sales		(19,091	)		(7,838	)		(11,253	)
Impairment (Devaluation)		(6,697	)		(6,181	)		(515	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(565	)		(573	)		7
Gains (Losses) on Derivatives other than for Trading		(7,533	)		8,099			(15,633	)
Mizuho Trust & Banking
	(Millions of yen)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Bonds		11,263			8,595			2,668
Gains on Sales and Others		15,059			10,912			4,147
Losses on Sales and Others		(2,270	)		(1,157	)		(1,112	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,525	)		(1,159	)		(366	)
	First Half of Fiscal 2019						First Half of Fiscal 2018
				Change
Net Gains (Losses) related to Stocks		(406	)		(12,557	)		12,151
Gains on Sales		1,959			(12,697	)		14,657
Losses on Sales		(1,343	)		(517	)		(825	)
Impairment (Devaluation)		(311	)		(311	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(712	)		968			(1,680	)

2-9

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, 2019								As of March 31, 2019
	Book Value (= Fair Value)		Unrealized Gains/Losses						Book Value (= Fair Value)		Unrealized Gains/Losses
					Gains		Losses							Gains		Losses
Other Securities		28,973,001		1,527,096		1,710,658		183,562		27,847,545		1,689,866			1,883,436		193,570
Japanese Stocks		2,897,674		1,515,433		1,585,213		69,779		3,143,560		1,723,661			1,774,459		50,797
Japanese Bonds		14,389,685		11,156		44,026		32,869		14,786,949		5,270			37,284		32,014
Japanese Government Bonds		11,426,372		8,871		12,421		3,550		11,896,134		5,921			8,755		2,834
Other		11,685,641		505		81,418		80,913		9,917,034		(39,065	)		71,692		110,757
Foreign Bonds		8,948,007		35,891		49,606		13,715		7,418,321		23,694			35,306		11,611

• 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 ¥27,601 million and ¥38,000 million, which were recognized in the statement of income for September 30, 2019 and March 31, 2019, 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, 2019 and March 31, 2019 are ¥1,499,494 million and ¥1,651,865 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, 2019 and March 31, 2019 are ¥1,066,749 million and ¥1,186,401 million, respectively.

(2) Bonds Held to Maturity

	(Millions of yen)
	As of September 30, 2019								As of March 31, 2019
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
Bonds Held to Maturity		1,062,545		12,263		20,212		7,949		1,602,209		7,378		19,907		12,528

Non-Consolidated (1) Other Securities Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2019									As of March 31, 2019
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(= Fair Value)					Gains		Losses		(= Fair Value)					Gains		Losses
Other Securities		28,537,393		1,454,294			1,643,316		189,021		27,416,537		1,617,290			1,813,859		196,568
Japanese Stocks		2,819,465		1,446,599			1,521,960		75,360		3,064,419		1,654,186			1,708,161		53,974
Japanese Bonds		14,367,956		11,143			44,012		32,869		14,764,299		5,258			37,271		32,012
Japanese Government Bonds		11,409,641		8,861			12,411		3,550		11,877,711		5,913			8,745		2,832
Other		11,349,970		(3,448	)		77,343		80,791		9,587,819		(42,155	)		68,426		110,581
Foreign Bonds		8,729,291		35,015			48,699		13,683		7,196,583		23,108			34,617		11,508
Mizuho Bank
Other Securities		27,717,156		1,366,275			1,545,237		178,961		26,622,049		1,521,244			1,707,856		186,612
Japanese Stocks		2,649,865		1,364,114			1,434,619		70,505		2,880,149		1,557,759			1,608,371		50,611
Japanese Bonds		14,023,382		10,289			43,123		32,833		14,500,458		4,637			36,525		31,887
Japanese Government Bonds		11,147,502		8,749			12,295		3,545		11,687,096		5,853			8,594		2,740
Other		11,043,907		(8,127	)		67,493		75,621		9,241,441		(41,152	)		62,959		104,112
Foreign Bonds		8,556,878		31,378			44,719		13,341		6,973,236		20,431			31,940		11,508
Mizuho Trust & Banking
Other Securities		820,237		88,018			98,078		10,060		794,488		96,046			106,002		9,956
Japanese Stocks		169,600		82,485			87,340		4,854		184,269		96,427			99,790		3,362
Japanese Bonds		344,574		853			889		35		263,840		621			745		124
Japanese Government Bonds		262,138		111			116		5		190,614		59			151		91
Other		306,063		4,679			9,849		5,169		346,377		(1,002	)		5,466		6,469
Foreign Bonds		172,412		3,637			3,979		341		223,347		2,676			2,676		—

• 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 ¥27,601 million and ¥38,000 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for September 30, 2019 and March 31, 2019, 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, 2019 and March 31, 2019 are ¥1,426,693 million and ¥1,579,289 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, 2019 and March 31, 2019 are as follows:

	(Millions of yen)
	As of September 30, 2019		As of March 31, 2019
Aggregate Figures		1,024,727		1,147,453
Mizuho Bank		955,215		1,071,157
Mizuho Trust & Banking		69,511		76,295

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2019								As of March 31, 2019
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
Aggregate Figures		1,062,545		12,263		20,212		7,949		1,602,209		7,378		19,907		12,528
Mizuho Bank		1,062,545		12,263		20,212		7,949		1,602,209		7,378		19,907		12,528
Mizuho Trust & Banking		—		—		—		—		—		—		—		—
(3) Investment in Subsidiaries and Affiliates
Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2019								As of March 31, 2019
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses
Aggregate Figures		135,771		232,999		232,999		—		135,763		176,806		176,806		—
Mizuho Bank		135,771		232,999		232,999		—		135,763		176,806		176,806		—
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

Reference

Unrealized Gains/Losses on Other Securities

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

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

The base amounts are as follows:

Consolidated

	(Millions of yen)
	As of September 30, 2019						As of March 31, 2019
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,499,494			(152,370	)		1,651,865
Japanese Stocks		1,491,443			(196,207	)		1,687,650
Japanese Bonds		11,156			5,886			5,270
Japanese Government Bonds		8,871			2,950			5,921
Other		(3,105	)		37,949			(41,055	)
Foreign Bonds		32,279			10,575			21,704
Non-Consolidated Aggregate Figures for the 2 Banks
	(Millions of yen)
	As of September 30, 2019						As of March 31, 2019
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change
Other Securities		1,426,693			(152,596	)		1,579,289
Japanese Stocks		1,422,609			(195,566	)		1,618,175
Japanese Bonds		11,143			5,884			5,258
Japanese Government Bonds		8,861			2,948			5,913
Other		(7,059	)		37,085			(44,145	)
Foreign Bonds		31,404			10,286			21,118

2-11

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, 2019								Change												Maturity as of March 31, 2019
	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		6,418.4		6,267.0		1,631.6		574.7		(2,399.2	)		2,250.0			(505.8	)		(253.6	)		8,817.6		4,016.9		2,137.5		828.3
Japanese Government Bonds		6,047.0		4,886.7		1,010.2		—		(2,407.7	)		2,188.6			(514.2	)		(245.0	)		8,454.7		2,698.1		1,524.4		245.0
Japanese Local Government Bonds		9.1		148.4		73.1		3.0		1.9			30.2			(4.2	)		(1.6	)		7.2		118.1		77.3		4.7
Japanese Corporate Bonds		362.2		1,231.9		548.3		571.6		6.5			31.1			12.5			(6.9	)		355.7		1,200.7		535.7		578.5
Other		3,355.9		1,016.2		2,603.9		3,065.5		(354.0	)		(581.1	)		1,644.4			1,355.6			3,709.9		1,597.3		959.5		1,709.8
Mizuho Bank
Japanese Bonds		6,155.2		6,208.8		1,609.3		574.7		(2,517.1	)		2,272.1			(491.0	)		(253.6	)		8,672.3		3,936.6		2,100.4		828.3
Japanese Government Bonds		5,785.0		4,886.7		1,010.2		—		(2,534.7	)		2,223.6			(494.2	)		(245.0	)		8,319.7		2,663.1		1,504.4		245.0
Japanese Local Government Bonds		8.6		147.6		73.1		3.0		1.9			30.5			(4.2	)		(1.6	)		6.7		117.1		77.3		4.7
Japanese Corporate Bonds		361.5		1,174.4		525.9		571.6		15.6			18.0			7.3			(6.9	)		345.8		1,156.4		518.6		578.5
Other		3,355.1		1,001.8		2,507.4		3,007.2		(353.6	)		(544.8	)		1,698.5			1,322.3			3,708.8		1,546.7		808.8		1,684.9
Mizuho Trust & Banking
Japanese Bonds		263.1		58.1		22.3		—		117.9			(22.1	)		(14.7	)		—			145.2		80.3		37.0		—
Japanese Government Bonds		262.0		—		—		—		127.0			(35.0	)		(20.0	)		—			135.0		35.0		20.0		—
Japanese Local Government Bonds		0.5		0.7		—		—		0.0			(0.2	)		—			—			0.4		1.0		—		—
Japanese Corporate Bonds		0.6		57.4		22.3		—		(9.1	)		13.1			5.2			—			9.8		44.2		17.0		—
Other		0.7		14.3		96.5		58.2		(0.4	)		(36.2	)		(54.1	)		33.3			1.1		50.6		150.6		24.9

2-12

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, 2019								Change											As of March 31, 2019
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years		Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		2,173.8		12,555.2		7,677.4		22,406.6		(1,119.0	)		2,867.1		(1,736.1	)		11.8			3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed		298.7		2,884.0		3,400.8		6,583.6		68.1			636.0		(1,690.3	)		(986.1	)		230.5		2,247.9		5,091.2		7,569.7
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		2,472.6		15,439.2		11,078.3		28,990.2		(1,050.8	)		3,503.1		(3,426.5	)		(974.2	)		3,523.4		11,936.1		14,504.9		29,964.5
Mizuho Bank
Receive Fixed / Pay Float		2,173.8		12,555.2		7,677.4		22,406.6		(1,119.0	)		2,867.1		(1,736.1	)		11.8			3,292.9		9,688.1		9,413.6		22,394.7
Receive Float / Pay Fixed		278.7		2,654.0		3,215.8		6,148.6		48.1			496.0		(1,730.3	)		(1,186.1	)		230.5		2,157.9		4,946.2		7,334.7
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		2,452.6		15,209.2		10,893.3		28,555.2		(1,070.8	)		3,363.1		(3,466.5	)		(1,174.2	)		3,523.4		11,846.1		14,359.9		29,729.5
Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Float / Pay Fixed		20.0		230.0		185.0		435.0		20.0			140.0		40.0			200.0			—		90.0		145.0		235.0
Receive Float / Pay Float		—		—		—		—		—			—		—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—		—			—			—		—		—		—
Total		20.0		230.0		185.0		435.0		20.0			140.0		40.0			200.0			—		90.0		145.0		235.0

Reference:

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

	(Billions of yen)
	As of September 30, 2019						Change								As of March 31, 2019
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		1,090.3		1,022.4	67.8			158.1			48.9		109.1			932.1		973.5	(41.3	)
Mizuho Bank		1,010.6		939.1	71.4			162.5			52.0		110.5			848.0		887.1	(39.0	)
Mizuho Trust & Banking		79.6		83.3	(3.6	)		(4.3	)		(3.0	)	(1.3	)		84.0		86.3	(2.3	)

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

2-13

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 2019
					Change			First Half of Fiscal 2018
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,245,869			9,421			1,236,447
Discount Rate (%)			0.00~0.70						0.02~0.98
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,157,954			(8,109	)		2,166,064
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(374,443	)		48,127			(422,570	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		537,641			30,595			507,046
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,096,412			7,001			1,089,411
Discount Rate (%)			0.00~0.70						0.02~0.98
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,922,809			(20,391	)		1,943,201
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(344,521	)		51,814			(396,336	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		481,875			24,421			457,453
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		149,456			2,420			147,036
Discount Rate (%)			0.00~0.70						0.02~0.98
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		235,145			12,281			222,863
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(29,922	)		(3,687	)		(26,234	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		55,766			6,173			49,592

2-14

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits
Aggregate Figures for the 2 Banks
	(Millions of yen)
	First Half of Fiscal 2019						First Half of
				Change			Fiscal 2018
Service Cost		(14,752	)		(584	)		(14,167	)
Interest Cost		(1,564	)		538			(2,102	)
Expected Return on Plan Assets		17,363			912			16,450
Accumulation (Amortization) of Unrecognized Actuarial Differences		30,795			15,188			15,606
Accumulation (Amortization) of Unrecognized Prior Service Cost		(2,301	)		(2,301	)		—
Gains on Cancellation of Employee Retirement Benefit Trust		—			(7,448	)		7,448
Other		(1,738	)		(618	)		(1,119	)
Total		27,801			5,686			22,115
Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains. Mizuho Bank
	(Millions of yen)
	First Half of Fiscal 2019						First Half of
				Change			Fiscal 2018
Service Cost		(12,504	)		(449	)		(12,054	)
Interest Cost		(1,374	)		475			(1,850	)
Expected Return on Plan Assets		15,552			843			14,709
Accumulation (Amortization) of Unrecognized Actuarial Differences		28,661			13,365			15,295
Accumulation (Amortization) of Unrecognized Prior Service Cost		(2,013	)		(2,013	)		—
Gains on Cancellation of Employee Retirement Benefit Trust		—			(7,448	)		7,448
Other		(1,575	)		(556	)		(1,019	)
Total		26,745			4,216			22,529
Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains. Mizuho Trust & Banking
	(Millions of yen)
	First Half of Fiscal 2019						First Half of
				Change			Fiscal 2018
Service Cost		(2,248	)		(135	)		(2,112	)
Interest Cost		(189	)		62			(251	)
Expected Return on Plan Assets		1,810			68			1,741
Accumulation (Amortization) of Unrecognized Actuarial Differences		2,134			1,823			310
Accumulation (Amortization) of Unrecognized Prior Service Cost		(287	)		(287	)		—
Other		(162	)		(62	)		(100	)
Total		1,056			1,469			(413	)

2-15

Mizuho Financial Group, Inc.

Consolidated
Retirement Benefit Obligations
		(Millions of yen)
		First Half of Fiscal 2019						First Half of
					Change			Fiscal 2018
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,462,237			20,854			1,441,383
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,384,168			5,501			2,378,667
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(366,177	)		51,915			(418,093	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		982,804			(13,369	)		996,173
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		60,873			1,982			58,890
Income (Expenses) related to Employee Retirement Benefits
		(Millions of yen)
		First Half of Fiscal 2019						First Half of
					Change			Fiscal 2018
Service Cost			(21,725	)		(843	)		(20,881	)
Interest Cost			(1,884	)		598			(2,482	)
Expected Return on Plan Assets			19,461			1,036			18,425
Accumulation (Amortization) of Unrecognized Actuarial Differences			30,239			15,195			15,043
Accumulation (Amortization) of Unrecognized Prior Service Cost			(2,769	)		(2,734	)		(34	)
Gains on Cancellation of Employee Retirement Benefit Trust			—			(7,448	)		7,448
Other			(3,576	)		(5	)		(3,571	)
Total			19,745			5,799			13,946

(1) Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

(2) Parts of Income (Expenses) related to Employee Retirement Benefits which have been included in Other are included in Accumulation (Amortization) of Unrecognized Prior Service Cost.

2-16

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

	(%, Billions of yen)
	Consolidated
	As of September 30, 2019 (Preliminary)					As of March 31, 2019
International Standard			Change
(1) Total Capital Ratio		17.92		(0.93	)		18.85
(2) Tier 1 Capital Ratio		15.11		(0.83	)		15.94
(3) Common Equity Tier 1 Capital Ratio		12.18		(0.58	)		12.76
(4) Total Capital		10,864.8		(52.6	)		10,917.5
(5) Tier 1 Capital		9,161.7		(70.3	)		9,232.1
(6) Common Equity Tier 1 Capital		7,383.2		(6.7	)		7,390.0
(7) Risk weighted Assets		60,599.1		2,699.5			57,899.5
(8) Total Required Capital (7) X8%		4,847.9		215.9			4,631.9

Mizuho Bank

	Consolidated							Non-Consolidated
	As of September 30, 2019 (Preliminary)					As of March 31, 2019		As of September 30, 2019 (Preliminary)
International Standard			Change
(1) Total Capital Ratio		18.27		(0.75	)		19.02		18.75
(2) Tier 1 Capital Ratio		15.37		(0.69	)		16.06		15.68
(3) Common Equity Tier 1 Capital Ratio		12.18		(0.42	)		12.60		12.30
(4) Total Capital		10,142.3		44.3			10,098.0		9,792.0
(5) Tier 1 Capital		8,532.5		5.1			8,527.3		8,190.6
(6) Common Equity Tier 1 Capital		6,761.4		71.6			6,689.7		6,422.6
(7) Risk weighted Assets		55,484.1		2,410.5			53,073.6		52,213.3
(8) Total Required Capital (7) X8%		4,438.7		192.8			4,245.8		4,177.0
Mizuho Trust & Banking
	Consolidated							Non-Consolidated
	As of September 30, 2019 (Preliminary)					As of March 31, 2019		As of September 30, 2019 (Preliminary)
International Standard			Change
(1) Total Capital Ratio		24.11		0.24			23.87		23.76
(2) Tier 1 Capital Ratio		23.99		0.29			23.70		23.64
(3) Common Equity Tier 1 Capital Ratio		23.96		0.29			23.67		23.64
(4) Total Capital		513.3		8.7			504.6		502.8
(5) Tier 1 Capital		510.7		9.7			500.9		500.2
(6) Common Equity Tier 1 Capital		510.2		9.8			500.4		500.2
(7) Risk weighted Assets		2,128.9		15.4			2,113.4		2,116.0
(8) Total Required Capital (7) X8%		170.3		1.2			169.0		169.2

2-17

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, 2019									As of March 31, 2019
			%		Change			%				%
Loans to Bankrupt Obligors		13,592		0.01		2,198			0.00		11,393		0.01
Non-Accrual Delinquent Loans		412,343		0.51		33,117			0.03		379,225		0.48
Loans Past Due for 3 Months or More		1,177		0.00		740			0.00		436		0.00
Restructured Loans		208,364		0.26		12,997			0.01		195,366		0.24
Total		635,476		0.79		49,054			0.05		586,422		0.74
Total Loans		79,653,636		100.00		1,196,701					78,456,935		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		84,889				(2,523)					87,413
Trust Account
	As of September 30, 2019									As of March 31, 2019
			%		Change			%				%
Loans to Bankrupt Obligors		—		—		—			—		—		—
Non-Accrual Delinquent Loans		2,764		29.61		(6	)		1.46		2,770		28.15
Loans Past Due for 3 Months or More		—		—		—			—		—		—
Restructured Loans		—		—		—			—		—		—
Total		2,764		29.61		(6	)		1.46		2,770		28.15
Total Loans		9,332		100.00		(507	)				9,840		100.00
Consolidated + Trust Account
	As of September 30, 2019									As of March 31, 2019
			%		Change			%				%
Loans to Bankrupt Obligors		13,592		0.01		2,198			0.00		11,393		0.01
Non-Accrual Delinquent Loans		415,107		0.52		33,111			0.03		381,995		0.48
Loans Past Due for 3 Months or More		1,177		0.00		740			0.00		436		0.00
Restructured Loans		208,364		0.26		12,997			0.01		195,366		0.24
Total		638,241		0.80		49,048			0.05		589,192		0.75
Total Loans		79,662,969		100.00		1,196,194					78,466,775		100

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

	(Millions of yen, %)
Aggregate Figures for the 2 Banks	As of September 30, 2019										As of March 31, 2019
(Banking Account + Trust Account)			%		Change			%					%
Loans to Bankrupt Obligors		12,468		0.01		2,161			0.00			10,306		0.01
Non-Accrual Delinquent Loans		382,673		0.47		33,204			0.03			349,469		0.44
Loans Past Due for 3 Months or More		1,177		0.00		741			0.00			436		0.00
Restructured Loans		173,697		0.21		14,334			0.01			159,363		0.20
Total		570,016		0.70		50,441			0.05			519,575		0.65
Total Loans		80,867,652		100.00		1,455,274						79,412,377		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		79,005				(2,790	)					81,795
Mizuho Bank
Loans to Bankrupt Obligors		12,450		0.01		2,156			0.00			10,293		0.01
Non-Accrual Delinquent Loans		377,260		0.48		34,098			0.03			343,161		0.45
Loans Past Due for 3 Months or More		1,177		0.00		741			0.00			436		0.00
Restructured Loans		171,861		0.22		13,733			0.01			158,127		0.20
Total		562,748		0.72		50,729			0.05			512,019		0.67
Total Loans		77,487,596		100.00		1,440,232						76,047,363		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		78,515				(2,768	)					81,284
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		18		0.00		4			0.00			13		0.00
Non-Accrual Delinquent Loans		2,649		0.07		(887	)		(0.02	)		3,537		0.10
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,836		0.05		601			0.01			1,235		0.03
Total		4,503		0.13		(281	)		(0.00	)		4,785		0.14
Total Loans		3,370,722		100.00		15,549						3,355,173		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		489				(21	)					511
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,764		29.61		(6	)		1.46			2,770		28.15
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—
Total		2,764		29.61		(6	)		1.46			2,770		28.15
Total Loans		9,332		100.00		(507	)					9,840		100.00

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

2-19

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated

	(Millions of yen)
	As of September 30, 2019					As of March 31, 2019
			Change
Reserves for Possible Losses on Loans		276,615		(11,200	)		287,815
General Reserve for Possible Losses on Loans		147,365		11,342			136,022
Specific Reserve for Possible Losses on Loans		129,249		(22,537	)		151,787
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		5
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		94,274		2,004			92,269

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Millions of yen)
	As of September 30, 2019					As of March 31, 2019
			Change
Reserves for Possible Losses on Loans		239,980		(4,420	)		244,401
General Reserve for Possible Losses on Loans		123,709		13,341			110,367
Specific Reserve for Possible Losses on Loans		116,271		(17,756	)		134,028
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		5
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		87,981		1,730			86,250
Mizuho Bank
Reserves for Possible Losses on Loans		237,869		(4,207	)		242,076
General Reserve for Possible Losses on Loans		121,732		13,247			108,485
Specific Reserve for Possible Losses on Loans		116,136		(17,449	)		133,585
Reserve for Possible Losses on Loans to Restructuring Countries		—		(5	)		5
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		87,491		1,752			85,739
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		2,111		(213	)		2,324
General Reserve for Possible Losses on Loans		1,976		94			1,882
Specific Reserve for Possible Losses on Loans		135		(307	)		442
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		489		(21	)		511

Reserve for Possible Losses on Entrusted Loans (¥28 million and ¥30 million for September 30, 2019 and March 31, 2019, respectively) is not included in the above figures for Trust Account.

2-20

Mizuho Financial Group, Inc.

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

Consolidated

	(%)
	As of September 30, 2019					As of March 31, 2019
			Change
Mizuho Financial Group		43.52		(5.55	)		49.07
Above figures are presented net of partial direct write-offs. Non-Consolidated
	(%)
	As of September 30, 2019					As of March 31, 2019
			Change
Total		42.30		(4.98	)		47.29
Mizuho Bank		42.26		(5.00	)		47.27
Mizuho Trust & Banking (Banking Account)		46.88		(1.69	)		48.58
Above figures are presented net of partial direct write-offs.

2-21

Mizuho Financial Group, Inc.

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

Consolidated

	(Millions of yen)
	As of September 30, 2019					As of March 31, 2019
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		59,960		169			59,790
Claims with Collection Risk		390,053		31,211			358,841
Claims for Special Attention		209,541		13,738			195,803
Sub-total[1]		659,555		45,120			614,435
Normal Claims		88,536,607		1,365,082			87,171,524
Total[2]		89,196,163		1,410,202			87,785,960
	(%)
NPL ratio[1]/[2]		0.73		0.03			0.69
Above figures are presented net of partial direct write-offs.
Trust Account
	(Millions of yen)
	As of September 30, 2019					As of March 31, 2019
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,764		(6	)		2,770
Claims for Special Attention		—		—			—
Sub-total[3]		2,764		(6	)		2,770
Normal Claims		6,568		(500	)		7,069
Total[4]		9,332		(507	)		9,840
	(%)
NPL ratio[3]/[4]		29.61		1.46			28.15

Consolidated + Trust Account

	(Millions of yen)
	As of September 30, 2019				As of March 31, 2019
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		59,960		169		59,790
Claims with Collection Risk		392,817		31,205		361,612
Claims for Special Attention		209,541		13,738		195,803
Sub-total[5]		662,319		45,113		617,206
Normal Claims		88,543,176		1,364,581		87,178,594
Total[6]		89,205,496		1,409,695		87,795,800
	(%)
NPL ratio[5]/[6]		0.74		0.03		0.70

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

2-22

Mizuho Financial Group, Inc.

Non-Consolidated

	(Millions of yen)
Aggregate Figures for the 2 Banks	As of September 30, 2019					As of March 31, 2019
(Banking Account + Trust Account)			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		51,629		(1,336	)		52,966
Claims with Collection Risk		378,219		30,526			347,692
Claims for Special Attention		174,874		15,075			159,799
Sub-total[1]		604,723		44,265			560,458
Normal Claims		90,142,886		906,080			89,236,806
Total[2]		90,747,610		950,345			89,797,264
	(%)
NPL ratio[1]/[2]		0.66		0.04			0.62

Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		51,163	(1,322	)	52,485
Claims with Collection Risk		373,254	31,401		341,852
Claims for Special Attention		173,038	14,474		158,563
Sub-total[3]		597,456	44,553		552,902
Normal Claims		86,748,031	888,599		85,859,431
Total[4]		87,345,487	933,153		86,412,333
	(%)
NPL ratio[3]/[4]		0.68	0.04		0.63
Above figures are presented net of partial direct write-offs.
Mizuho Trust & Banking (Banking Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		466	(14	)	481
Claims with Collection Risk		2,200	(868	)	3,069
Claims for Special Attention		1,836	601		1,235
Sub-total[5]		4,503	(281	)	4,785
Normal Claims		3,388,286	17,981		3,370,305
Total[6]		3,392,790	17,699		3,375,091
	(%)
NPL ratio[5]/[6]		0.13	(0.00	)	0.14
Above figures are presented net of partial direct write-offs.
(Trust Account)
	(Millions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—	—		—
Claims with Collection Risk		2,764	(6	)	2,770
Claims for Special Attention		—	—		—
Sub-total[7]		2,764	(6	)	2,770
Normal Claims		6,568	(500	)	7,069
Total[8]		9,332	(507	)	9,840
	(%)
NPL ratio[7]/[8]		29.61	1.46		28.15

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

2-23

Mizuho Financial Group, Inc.

5. Coverage on Non Performing Loans based on the FRA

Non-Consolidated

(1) Non Performing Loans based on the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of September 30, 2019
			Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		51.6		(1.3	)		52.9
Collateral, Guarantees, and equivalent		45.3		(0.7	)		46.0
Reserve for Possible Losses		6.2		(0.6	)		6.8
Claims with Collection Risk		375.4		30.5			344.9
Collateral, Guarantees, and equivalent		203.4		74.2			129.1
Reserve for Possible Losses		111.4		(17.2	)		128.6
Claims for Special Attention		174.8		15.0			159.7
Collateral, Guarantees, and equivalent		66.9		12.5			54.3
Reserve for Possible Losses		23.0		2.3			20.6
Total		601.9		44.2			557.6
Collateral, Guarantees, and equivalent		315.7		86.1			229.6
Reserve for Possible Losses		140.7		(15.4	)		156.1
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		51.1		(1.3	)		52.4
Collateral, Guarantees, and equivalent		44.9		(0.6	)		45.6
Reserve for Possible Losses		6.2		(0.6	)		6.8
Claims with Collection Risk		373.2		31.4			341.8
Collateral, Guarantees, and equivalent		201.4		74.6			126.8
Reserve for Possible Losses		111.3		(16.8	)		128.1
Claims for Special Attention		173.0		14.4			158.5
Collateral, Guarantees, and equivalent		66.9		12.6			54.2
Reserve for Possible Losses		22.6		2.2			20.4
Total		597.4		44.5			552.9
Collateral, Guarantees, and equivalent		313.3		86.6			226.6
Reserve for Possible Losses		140.2		(15.2	)		155.5
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.4		(0.0	)		0.4
Collateral, Guarantees, and equivalent		0.4		(0.0	)		0.4
Reserve for Possible Losses		0.0		0.0			—
Claims with Collection Risk		2.2		(0.8	)		3.0
Collateral, Guarantees, and equivalent		1.9		(0.3	)		2.3
Reserve for Possible Losses		0.1		(0.3	)		0.4
Claims for Special Attention		1.8		0.6			1.2
Collateral, Guarantees, and equivalent		0.0		(0.1	)		0.1
Reserve for Possible Losses		0.3		0.1			0.2
Total		4.5		(0.2	)		4.7
Collateral, Guarantees, and equivalent		2.4		(0.4	)		2.9
Reserve for Possible Losses		0.4		(0.1	)		0.6
Reference: Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Claims with Collection Risk		2.7		(0.0	)		2.7
Collateral, Guarantees, and equivalent		2.7		(0.0	)		2.7
Claims for Special Attention		—		—			—
Collateral, Guarantees, and equivalent		—		—			—
Total		2.7		(0.0	)		2.7
Collateral, Guarantees, and equivalent		2.7		(0.0	)		2.7

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

2-24

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)

	(Billions of yen)
	As of September 30, 2019
			Change			As of March 31, 2019
Coverage Amount		456.4		70.6			385.8
Reserves for Possible Losses on Loans		140.7		(15.4	)		156.1
Collateral, Guarantees, and equivalent		315.7		86.1			229.6
	(%)
Coverage Ratio		75.9		6.6			69.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.8		9.1			74.7
Claims for Special Attention		51.4		4.4			46.9
Claims against Special Attention Obligors		54.7		4.2			50.5
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		64.7		5.1			59.6
Claims for Special Attention		21.3		1.7			19.6
Claims against Special Attention Obligors		23.1		2.5			20.5
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		13.58		0.82			12.75
Claims against Watch Obligors excluding Special Attention Obligors		3.09		0.62			2.46
Claims against Normal Obligors		0.05		(0.00	)		0.05
Mizuho Bank
	(Billions of yen)
Coverage Amount		453.5		71.3			382.2
Reserves for Possible Losses on Loans		140.2		(15.2	)		155.5
Collateral, Guarantees, and equivalent		313.3		86.6			226.6
	(%)
Coverage Ratio		75.9		6.7			69.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.8		9.1			74.6
Claims for Special Attention		51.7		4.6			47.1
Claims against Special Attention Obligors		55.0		4.4			50.6
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		64.8		5.1			59.6
Claims for Special Attention		21.3		1.7			19.6
Claims against Special Attention Obligors		23.1		2.6			20.5
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		13.53		0.78			12.74
Claims against Watch Obligors excluding Special Attention Obligors		3.10		0.63			2.47
Claims against Normal Obligors		0.05		(0.00	)		0.05

2-25

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

	(Billions of yen)
	As of September 30, 2019
			Change			As of March 31, 2019
Coverage Amount		2.9		(0.6	)		3.5
Reserves for Possible Losses on Loans		0.4		(0.1	)		0.6
Collateral, Guarantees, and equivalent		2.4		(0.4	)		2.9
	(%)
Coverage Ratio		65.5		(9.5	)		75.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		94.1		4.5			89.5
Claims for Special Attention		22.4		(6.7	)		29.2
Claims against Special Attention Obligors		22.4		(18.9	)		41.3
Reserve Ratio against Non-collateralized Claims
	(%)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		48.5		(9.4	)		57.9
Claims for Special Attention		20.7		1.2			19.4
Claims against Special Attention Obligors		20.7		1.2			19.4
Reference: Reserve Ratio
	(%)
Claims against Special Attention Obligors		20.25		6.10			14.15
Claims against Watch Obligors excluding Special Attention Obligors		1.86		0.75			1.11
Claims against Normal Obligors		0.03		(0.00	)		0.04

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

Notes:	1.	Claims for Special Attention is denoted on an individual loans basis. Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
	2.	The difference between total Non-Accrual, Past Due & Restructured Loans and total Non Performing Loans based on the FRA represents the amount of claims other than loans included in Non Performing Loans based on the FRA.

2-27

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 2016		Fiscal 2017		Fiscal 2018		Fiscal 2019
	As of March 31, 2017		As of March 31, 2018		As of March 31, 2019		As of September 30, 2019
							MHBK		MHTB*		Aggregate Figures for the 2 Banks
													Change from March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		82.7		64.1		27.7		25.8		0.2		26.1		(1.6	)
Claims with Collection Risk		390.0		218.1		153.8		134.2		4.3		138.6		(15.2	)
Amount Categorized as above up to Fiscal 2016		472.8		282.3		181.6		160.1		4.6		164.7		(16.8	)
of which the amount which was in the process of being removed from the balance sheet		72.7		34.9		16.8		18.8		0.2		19.1		2.2
Claims against Bankrupt and Substantially Bankrupt Obligors				12.4		5.9		3.5		0.0		3.5		(2.3	)
Claims with Collection Risk				66.1		33.9		24.0		0.1		24.2		(9.7	)
Amount Newly Categorized as above during Fiscal 2017				78.5		39.8		27.5		0.2		27.7		(12.0	)
of which the amount which was in the process of being removed from the balance sheet				12.2		5.7		3.3		0.0		3.3		(2.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors						19.3		14.3		0.1		14.4		(4.8	)
Claims with Collection Risk						159.8		110.3		0.3		110.6		(49.1	)
Amount Newly Categorized as above during Fiscal 2018						179.1		124.6		0.4		125.0		(54.0	)
of which the amount which was in the process of being removed from the balance sheet						18.2		11.8		0.1		12.0		(6.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors								7.5		0.0		7.5		7.5
Claims with Collection Risk								104.5		0.1		104.6		104.6
Amount Newly Categorized as above during the First Half of Fiscal 2019								112.0		0.1		112.2		112.2
of which the amount which was in the process of being removed from the balance sheet								7.5		0.0		7.5		7.5
Claims against Bankrupt and Substantially Bankrupt Obligors		82.7		76.6		52.9		51.1		0.4		51.6		(1.3	)
Claims with Collection Risk		390.0		284.2		347.6		373.2		4.9		378.2		30.5
Total		472.8		360.9		400.6		424.4		5.4		429.8		29.1
of which the amount which was in the process of being removed from the balance sheet		72.7		47.2		40.8		41.5		0.4		42.0		1.2

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

*      denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2019

	(Billions of yen)
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(2.7	)		(2.7	)		—
Restructuring		(9.1	)		(9.1	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(2.0	)		(2.0	)		—
Direct Write-off		7.1			7.4			(0.2	)
Other		(76.2	)		(75.4	)		(0.7	)
Debt recovery		(33.3	)		(33.1	)		(0.1	)
Improvement in Business Performance		(42.8	)		(42.2	)		(0.6	)
Total		(83.0	)		(81.9	)		(1.0	)

2-28

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, 2019										As of March 31, 2019
	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
Domestic Total (excluding Loans Booked Offshore)		58,086.3		479.3		651.6			46.3			57,434.6		433.0
Manufacturing		9,568.8		134.5		126.9			39.4			9,441.9		95.1
Agriculture & Forestry		49.9		0.7		2.4			0.5			47.4		0.2
Fishery		2.4		—		0.2			—			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		231.9		0.1		(15.1	)		0.0			247.1		0.1
Construction		674.8		6.1		1.6			1.2			673.2		4.9
Utilities		2,866.3		12.2		59.9			10.6			2,806.3		1.5
Communication		1,480.1		9.7		197.1			(5.7	)		1,283.0		15.5
Transportation & Postal Industry		2,244.6		9.4		(54.7	)		(0.9	)		2,299.4		10.3
Wholesale & Retail		5,042.2		112.1		166.9			4.7			4,875.3		107.4
Finance & Insurance		8,134.4		6.5		182.4			(4.1	)		7,952.0		10.7
Real Estate		8,350.0		32.2		201.9			3.0			8,148.1		29.2
Commodity Lease		2,576.8		1.6		308.9			(0.2	)		2,267.8		1.8
Service Industries		2,950.8		70.7		77.5			5.1			2,873.2		65.6
Local Governments		777.5		2.7		(22.9	)		(0.0	)		800.4		2.7
Governments		1,414.5		—		(149.9	)		—			1,564.4		—
Other		11,720.6		80.2		(431.8	)		(7.2	)		12,152.4		87.5
Overseas Total (including Loans Booked Offshore)		23,416.9		90.6		790.6			4.0			22,626.2		86.5
Governments		367.5		—		21.4			—			346.0		—
Financial Institutions		8,310.1		—		382.4			—			7,927.7		—
Other		14,739.2		90.6		386.7			4.0			14,352.4		86.5
Total		81,503.2		570.0		1,442.3			50.4			80,060.9		519.5

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

 As of September 30, 2019: ¥930.0 billion (from MHBK)

 As of March 31, 2019: ¥945.5 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.

2-29

Mizuho Financial Group, Inc.

	(Billions of yen)
	As of September 30, 2019										As of March 31, 2019
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank					Outstanding Balance			Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		54,072.0		472.1		649.2			46.6			53,422.7		425.4
Manufacturing		9,097.4		133.9		141.0			39.7			8,956.3		94.1
Agriculture & Forestry		49.8		0.7		2.3			0.5			47.4		0.2
Fishery		2.4		—		0.2			—			2.1		—
Mining, Quarrying Industry & Gravel Extraction Industry		229.9		0.1		(14.9	)		0.0			244.9		0.1
Construction		637.1		6.0		1.5			1.2			635.5		4.7
Utilities		2,591.0		12.2		63.0			10.6			2,528.0		1.5
Communication		1,352.8		9.7		188.6			(5.7	)		1,164.2		15.5
Transportation & Postal Industry		2,042.2		9.4		(43.6	)		(0.9	)		2,085.8		10.3
Wholesale & Retail		4,873.6		111.1		171.7			4.1			4,701.9		106.9
Finance & Insurance		7,594.7		6.5		104.0			(4.1	)		7,490.7		10.7
Real Estate		7,147.5		32.2		172.5			3.5			6,975.0		28.7
Commodity Lease		2,346.5		1.6		312.3			(0.2	)		2,034.2		1.8
Service Industries		2,900.3		70.7		84.1			5.1			2,816.1		65.5
Local Governments		769.8		—		(21.7	)		—			791.6		—
Governments		1,320.6		—		(143.7	)		—			1,464.3		—
Other		11,115.7		77.5		(368.1	)		(7.2	)		11,483.9		84.8
Overseas Total (including Loans Booked Offshore)		23,415.5		90.6		790.9			4.0			22,624.6		86.5
Governments		367.5		—		21.4			—			346.0		—
Financial Institutions		8,310.1		—		382.4			—			7,927.7		—
Other		14,737.8		90.6		387.0			4.0			14,350.8		86.5
Total		77,487.5		562.7		1,440.2			50.7			76,047.3		512.0
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,014.3		7.2		2.3			(0.2	)		4,011.9		7.5
Manufacturing		471.3		0.6		(14.1	)		(0.3	)		485.5		0.9
Agriculture & Forestry		0.1		—		0.1			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.0		—		(0.1	)		—			2.1		—
Construction		37.6		0.1		0.0			(0.0	)		37.6		0.1
Utilities		275.2		—		(3.0	)		—			278.3		—
Communication		127.3		—		8.5			—			118.8		—
Transportation & Postal Industry		202.4		—		(11.0	)		—			213.5		—
Wholesale & Retail		168.6		1.0		(4.7	)		0.5			173.3		0.4
Finance & Insurance		539.6		—		78.4			—			461.2		—
Real Estate		1,202.5		—		29.4			(0.4	)		1,173.1		0.4
Commodity Lease		230.2		—		(3.3	)		—			233.6		—
Service Industries		50.4		0.0		(6.6	)		(0.0	)		57.1		0.0
Local Governments		7.6		2.7		(1.1	)		(0.0	)		8.7		2.7
Governments		93.8		—		(6.1	)		—			100.0		—
Other		604.8		2.7		(63.6	)		0.0			668.5		2.6
Overseas Total (including Loans Booked Offshore)		1.3		—		(0.2	)		—			1.6		—
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		1.3		—		(0.2	)		—			1.6		—
Total		4,015.6		7.2		2.1			(0.2	)		4,013.5		7.5

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.

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Mizuho Financial Group, Inc.

(2) Non Performing Loans basaed on 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, 2019										As of March 31, 2019
					Change
	Non Performing Loans basaed on the FRA		Coverage Ratio		Non Performing Loans basaed on the FRA			Coverage Ratio			Non Performing Loans basaed on the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		494.5		73.8		42.1			2.2			452.4		71.6
Manufacturing		144.2		77.5		36.5			10.7			107.6		66.8
Agriculture & Forestry		0.7		36.6		0.5			(28.1	)		0.2		64.8
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		0.6		95.1		(0.0	)		5.3			0.6		89.7
Construction		6.5		69.8		1.5			(3.2	)		5.0		73.1
Utilities		12.2		41.0		10.6			(23.1	)		1.5		64.1
Communication		10.0		69.9		(6.0	)		4.8			16.0		65.1
Transportation & Postal Industry		9.5		65.9		(0.7	)		(3.1	)		10.3		69.1
Wholesale & Retail		115.1		61.4		5.6			(0.2	)		109.4		61.7
Finance & Insurance		6.5		72.5		(4.1	)		3.5			10.7		68.9
Real Estate		31.0		83.0		0.0			(1.6	)		31.0		84.6
Commodity Lease		1.7		70.7		(0.2	)		(0.8	)		1.9		71.6
Service Industries		73.1		69.6		7.0			4.6			66.1		64.9
Local Governments		2.7		100.0		(0.0	)		—			2.7		100.0
Other		80.2		91.5		(8.5	)		0.6			88.7		90.8
Overseas Total (including Loans Booked Offshore)		110.1		85.3		2.1			25.5			108.0		59.8
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		110.1		85.3		2.1			25.5			108.0		59.8
Total		604.7		75.9		44.2			6.6			560.4		69.3

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

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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, 2019					As of March 31, 2019
			Change
Housing and Consumer Loans		9,428.1		(233.8	)		9,661.9
Housing Loans for owner’s residential housing		8,623.1		(168.2	)		8,791.4
Mizuho Bank
Housing and Consumer Loans		9,349.7		(227.4	)		9,577.2
Housing Loans		8,769.1		(186.6	)		8,955.7
for owner’s residential housing		8,550.8		(162.4	)		8,713.2
Consumer loans		580.6		(40.8	)		621.4
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		78.4		(6.3	)		84.7
Housing Loans for owner’s residential housing		72.3		(5.8	)		78.1
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, 2019					As of March 31, 2019
			Change
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.5		(0.2	)		57.7
Loans to SMEs and Individual Customers		33,411.8		225.3			33,186.5
Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.1		(0.2	)		58.4
Loans to SMEs and Individual Customers		31,448.6		232.4			31,216.1
Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		48.9		(0.2	)		49.1
Loans to SMEs and Individual Customers		1,963.2		(7.1	)		1,970.3

• 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.)

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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, 2019										As of March 31, 2019
			Non-Accrual, Past Due  & Restructured Loans		Change
	Outstanding Balance				Outstanding Balance			Non-Accrual, Past Due  & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Asia		7,994.3		31.5		144.3			(0.3	)		7,849.9		31.8
Hong Kong		1,843.2		0.8		(6.5	)		(1.6	)		1,849.7		2.4
South Korea		632.2		—		(87.3	)		—			719.6		—
Singapore		1,203.7		28.4		(31.9	)		2.4			1,235.7		25.9
Thailand		1,062.2		0.5		26.5			0.0			1,035.7		0.4
Central and South America		4,029.8		18.3		331.2			(8.7	)		3,698.6		27.0
North America		7,146.6		61.2		417.9			2.6			6,728.7		58.5
Eastern Europe		258.8		—		26.3			—			232.4		—
Western Europe		3,707.4		2.2		(43.3	)		0.7			3,750.8		1.4
Other		3,080.6		8.6		(55.7	)		(0.3	)		3,136.4		8.9
Total		26,217.8		121.8		820.7			(6.0	)		25,397.0		127.9

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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, 2019 to September 30, 2024)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,120.0
Income before Income Taxes	2		2,551.0
Tax Adjustments (1)	3		(208.6	)
Taxable Income before Current Deductible Temporary Differences (2)	4		2,342.3
Effective Statutory Tax Rate	5		30.62	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		717.2

(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, 2019.

Reference: Past results of taxable income (tax loss)

	(Billions of yen)
Fiscal 2015		496.0
Fiscal 2016		442.3
Fiscal 2017		379.9
Fiscal 2018		267.2
First Half of Fiscal 2019 (estimate)		215.0

• 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.

• Figure for the first half of fiscal 2019 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2019						As of March 31, 2019
					Change
Reserves for Possible Losses on Loans	7		89.4			2.3			87.1
Impairment of Securities	8		131.1			1.3			129.8
Net Unrealized Losses on Other Securities	9		17.7			5.4			12.3
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		189.0			(11.2	)		200.3
Net Deferred Hedge Losses	12		—			(17.8	)		17.8
Tax Losses Carried Forward	13		—			—			—
Other	14		272.1			7.3			264.7
Total Deferred Tax Assets	15		699.5			(12.6	)		712.2
Valuation Allowance	16		(146.8	)		(2.0	)		(144.8	)
Sub-Total [ 15 + 16 ]	17		552.6			(14.7	)		567.3
Amount related to Retirement Benefits Accounting (1)	18		(158.1	)		(10.5	)		(147.5	)
Net Unrealized Gains on Other Securities	19		(380.6	)		29.9			(410.6	)
Net Deferred Hedge Gains	20		(13.5	)		(13.5	)		—
Other	21		(36.4	)		1.0			(37.5	)
Total Deferred Tax Liabilities	22		(588.8	)		6.9			(595.7	)
Net Deferred Tax Assets (Liabilities) [17 + 22]	23		(36.1	)		(7.8	)		(28.3	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities (2)	24		(383.4	)		28.6			(412.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		(13.5	)		(31.4	)		17.8
Tax effects related to others	26		360.9			(5.0	)		365.9

(1) Amount related to Retirement Benefits Accounting includes ¥(57.9) billion related to gains on securities contributed to employee retirement benefit trust.

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

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26).

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

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

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Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income

		(Billions of yen)
		Total amount for five years (from October 1, 2019 to September 30, 2024)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		229.7
Income before Income Taxes	2		242.3
Tax Adjustments (1)	3		(38.8	)
Taxable Income before Current Deductible Temporary Differences (2)	4		203.5
Effective Statutory Tax Rate	5		30.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		62.2

(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, 2019.

Reference: Past results of taxable income (tax loss)

	(Billions of yen)
Fiscal 2015		45.1
Fiscal 2016		52.1
Fiscal 2017		40.5
Fiscal 2018		39.0
First Half of Fiscal 2019 (estimate)		9.0

• 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.

• Figure for the first half of fiscal 2019 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets

		(Billions of yen)
		As of September 30, 2019						As of March 31, 2019
					Change
Reserves for Possible Losses on Loans	7		0.7			(0.0	)		0.8
Impairment of Securities	8		9.8			0.9			8.9
Net Unrealized Losses on Other Securities	9		0.3			0.1			0.2
Reserve for Employee Retirement Benefits	10		8.6			(1.1	)		9.8
Net Deferred Hedge Losses	11		1.1			0.4			0.7
Tax Losses Carried Forward	12		—			—			—
Other	13		4.6			(2.4	)		7.0
Total Deferred Tax Assets	14		25.5			(2.1	)		27.6
Valuation Allowance	15		(10.6	)		(1.1	)		(9.4	)
Sub-Total [ 14 + 15 ]	16		14.8			(3.2	)		18.1
Amount related to Retirement Benefits Accounting (1)	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(18.4	)		1.2			(19.6	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.3	)		0.1			(0.5	)
Total Deferred Tax Liabilities	21		(23.3	)		1.3			(24.7	)
Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(8.5	)		(1.8	)		(6.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities (2)	23		(18.5	)		1.2			(19.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		1.1			0.4			0.7
Tax effects related to others	25		8.8			(3.5	)		12.4

(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.

Assessment of Recoverability of Deferred Tax Assets is based on 19. Company Classification (Category 2) of “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No. 26).

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

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

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Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

	(Billions of yen)
	As of September 30, 2019					As of March 31, 2019
Aggregate Figures for the 2 Banks			Change
Deposits		102,267.6		612.4			101,655.1
Individual Deposits		44,471.6		512.1			43,959.4
Corporate Deposits		49,849.8		(357.3	)		50,207.1
Financial/Government Institutions		7,946.1		457.5			7,488.5
Mizuho Bank
Deposits		98,883.4		472.2			98,411.2
Individual Deposits		43,596.0		550.1			43,045.9
Corporate Deposits		48,456.3		(377.5	)		48,833.8
Financial/Government Institutions		6,831.0		299.6			6,531.4
Mizuho Trust & Banking
Deposits		3,384.1		140.2			3,243.8
Individual Deposits		875.6		(37.9	)		913.5
Corporate Deposits		1,393.4		20.2			1,373.2
Financial/Government Institutions		1,115.0		157.9			957.0

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

As for Mizuho Trust & Banking, parts of Deposits which have been included in Financial/Government Institutions are included in Corporate Deposits.

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Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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

	As of September 30, 2019					As of March 31, 2019
			Change
Directors, Executive Officers as defined in the Companies Act, and Auditors		49		(15	)		64
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)		128		—			128
The above numbers have been adjusted for those who are doubling other positions. (2) Number of Employees Consolidated
	As of September 30, 2019					As of March 31, 2019
			Change
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		59,116		(16	)		59,132
Average number of temporary employees		17,036		(671	)		17,707
The number of Employees excludes employees seconded outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees. 3. Number of Offices Domestic: The 2 Banks and Mizuho Securities
	As of September 30, 2019					As of March 31, 2019
			Change
Mizuho Bank		464		—			464
Mizuho Trust & Banking		60		—			60
Mizuho Securities		259		—			259
The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others. Overseas: The 2 Banks and Mizuho Securities
	As of September 30, 2019					As of March 31, 2019
			Change
Mizuho Bank		48		—			48
Mizuho Trust & Banking		—		—			—
Mizuho Securities		2		—			2
The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

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Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2019

Consolidated

	(Billions of yen)
	Fiscal 2019
Ordinary Profits		700.0
Profit Attributable to Owners of Parent		470.0
Non-Consolidated
Mizuho Bank, Mizuho Trust & Banking
	(Billions of yen)
	Fiscal 2019
	Aggregate Figures for the 2 Banks			MHBK			MHTB *
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF		475.0			435.0			40.0
Ordinary Profits		560.0			515.0			45.0
Net Income		385.0			355.0			30.0
Credit-related Costs		(55.0	)		(55.0	)		—

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.

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Mizuho Bank, Ltd.

Attachments

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of September 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	40,983,746		¥	42,044,263		¥	(1,060,516	)
Call Loans		726,950			516,085			210,864
Receivables under Resale Agreements		4,324,081			4,226,040			98,040
Guarantee Deposits Paid under Securities Borrowing Transactions		52,192			100,501			(48,308	)
Other Debt Purchased		466,694			491,276			(24,581	)
Trading Assets		4,765,132			3,708,952			1,056,179
Money Held in Trust		503			503			0
Securities		30,130,185			29,475,876			654,308
Loans and Bills Discounted		77,487,596			76,047,363			1,440,232
Foreign Exchange Assets		1,749,991			2,043,874			(293,883	)
Derivatives other than for Trading		4,781,280			3,192,132			1,589,148
Other Assets		2,691,391			2,705,113			(13,721	)
Tangible Fixed Assets		716,969			729,129			(12,160	)
Intangible Fixed Assets		351,957			354,116			(2,158	)
Prepaid Pension Cost		516,371			481,875			34,495
Customers’ Liabilities for Acceptances and Guarantees		6,295,463			6,492,905			(197,441	)
Reserves for Possible Losses on Loans		(237,869	)		(242,076	)		4,207
Reserve for Possible Losses on Investments		(926	)		(370	)		(556	)
Total Assets	¥	175,801,713		¥	172,367,564		¥	3,434,148
Liabilities
Deposits	¥	120,786,061		¥	119,411,223		¥	1,374,838
Negotiable Certificates of Deposit		13,166,694			12,912,548			254,145
Call Money		1,114,214			1,308,045			(193,830	)
Payables under Repurchase Agreements		6,186,269			5,162,334			1,023,934
Guarantee Deposits Received under Securities Lending Transactions		769,492			305,032			464,459
Commercial Paper		654,854			941,181			(286,326	)
Trading Liabilities		3,355,069			2,577,856			777,213
Borrowed Money		7,559,762			7,998,715			(438,953	)
Foreign Exchange Liabilities		775,044			925,879			(150,835	)
Bonds and Notes		1,393,662			1,968,205			(574,542	)
Derivatives other than for Trading		4,486,971			3,031,284			1,455,687
Other Liabilities		1,893,126			2,138,527			(245,401	)
Reserve for Bonus Payments		14,249			22,362			(8,113	)
Reserve for Variable Compensation		382			1,100			(717	)
Reserve for Possible Losses on Sales of Loans		541			630			(89	)
Reserve for Contingencies		299			100			198
Reserve for Reimbursement of Deposits		14,100			16,987			(2,887	)
Reserve for Reimbursement of Debentures		20,731			25,566			(4,834	)
Deferred Tax Liabilities		36,146			28,338			7,807
Deferred Tax Liabilities for Revaluation Reserve for Land		63,290			63,315			(24	)
Acceptances and Guarantees		6,295,463			6,492,905			(197,441	)
Total Liabilities		168,586,430			165,332,144			3,254,285
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		2,382,926			2,163,735			219,191
Appropriated Reserve		315,177			315,177			0
Other Retained Earnings		2,067,749			1,848,557			219,191
Retained Earnings Brought Forward		2,067,749			1,848,557			219,191
Total Shareholders’ Equity		6,073,320			5,854,129			219,191
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		955,215			1,071,157			(115,942	)
Net Deferred Hedge Gains (Losses), net of Taxes		49,029			(27,639	)		76,669
Revaluation Reserve for Land, net of Taxes		137,716			137,772			(55	)
Total Valuation and Translation Adjustments		1,141,962			1,181,291			(39,328	)
Total Net Assets		7,215,282			7,035,420			179,862
Total Liabilities and Net Assets	¥	175,801,713		¥	172,367,564		¥	3,434,148

2-39

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, 2019 (A)		For the six months ended September 30, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	1,388,581	¥	1,396,161	¥	(7,580	)
Interest Income		867,423		818,644		48,778
Interest on Loans and Bills Discounted		582,940		541,723		41,216
Interest and Dividends on Securities		134,804		151,798		(16,993	)
Fee and Commission Income		227,012		226,678		333
Trading Income		67,321		29,178		38,142
Other Operating Income		140,491		104,764		35,726
Other Ordinary Income		86,333		216,895		(130,562	)
Ordinary Expenses		1,093,174		1,056,389		36,785
Interest Expenses		541,399		471,710		69,688
Interest on Deposits		245,799		202,364		43,434
Fee and Commission Expenses		48,740		50,986		(2,245	)
Trading Expenses		76		—		76
Other Operating Expenses		42,862		19,547		23,315
General and Administrative Expenses		383,927		422,135		(38,208	)
Other Ordinary Expenses		76,167		92,009		(15,842	)
Ordinary Profits		295,407		339,772		(44,365	)
Extraordinary Gains		336		10,176		(9,839	)
Extraordinary Losses		5,638		3,272		2,365
Income before Income Taxes		290,105		346,676		(56,570	)
Income Taxes:
Current		65,965		93,968		(28,003	)
Deferred		5,004		5,459		(455	)
Net Income	¥	219,135	¥	247,247	¥	(28,112	)

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING

	Millions of yen
	As of September 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,188,610		¥	2,434,150		¥	(245,539	)
Call Loans		—			24,417			(24,417	)
Guarantee Deposits Paid under Securities Borrowing Transactions		286,581			332,116			(45,535	)
Other Debt Purchased		7,135			6,692			443
Trading Assets		149,473			111,667			37,806
Money Held in Trust		6,445			4,641			1,803
Securities		866,541			841,621			24,919
Loans and Bills Discounted		3,370,722			3,355,173			15,549
Foreign Exchange Assets		2,421			4,073			(1,652	)
Other Assets		254,047			188,381			65,665
Tangible Fixed Assets		19,927			20,559			(632	)
Intangible Fixed Assets		31,802			32,664			(861	)
Prepaid Pension Cost		60,339			55,766			4,572
Customers’ Liabilities for Acceptances and Guarantees		19,476			16,885			2,590
Reserves for Possible Losses on Loans		(2,111	)		(2,324	)		213
Total Assets	¥	7,261,411		¥	7,426,486		¥	(165,074	)
Liabilities
Deposits	¥	3,385,851		¥	3,253,498		¥	132,352
Negotiable Certificates of Deposit		483,880			566,110			(82,230	)
Call Money		792,423			947,104			(154,681	)
Payables under Repurchase Agreements		—			22,198			(22,198	)
Guarantee Deposits Received under Securities Lending Transactions		403,633			362,246			41,387
Trading Liabilities		146,649			107,096			39,552
Borrowed Money		307,358			379,706			(72,348	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,114,501			1,102,073			12,427
Other Liabilities		21,553			68,806			(47,253	)
Reserve for Bonus Payments		2,125			2,125			0
Reserve for Variable Compensation		184			467			(283	)
Reserve for Reimbursement of Deposits		1,787			2,081			(293	)
Deferred Tax Liabilities		8,501			6,631			1,869
Acceptances and Guarantees		19,476			16,885			2,590
Total Liabilities		6,697,925			6,847,033			(149,107	)
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		233,628			241,889			(8,261	)
Appropriated Reserve		41,484			36,719			4,764
Other Retained Earnings		192,144			205,170			(13,026	)
Retained Earnings Brought Forward		192,144			205,170			(13,026	)
Total Shareholders’ Equity		496,503			504,764			(8,261	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		69,511			76,295			(6,784	)
Net Deferred Hedge Gains (Losses), net of Taxes		(2,529	)		(1,608	)		(920	)
Total Valuation and Translation Adjustments		66,982			74,687			(7,705	)
Total Net Assets		563,486			579,452			(15,966	)
Total Liabilities and Net Assets	¥	7,261,411		¥	7,426,486		¥	(165,074	)

2-41

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, 2019 (A)		For the six months ended September 30, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	95,561	¥	99,992	¥	(4,431	)
Fiduciary Income		27,919		27,593		325
Interest Income		20,261		21,673		(1,411	)
Interest on Loans and Bills Discounted		12,647		13,454		(806	)
Interest and Dividends on Securities		6,532		7,107		(574	)
Fee and Commission Income		29,143		29,752		(608	)
Trading Income		508		1,024		(515	)
Other Operating Income		15,278		4,159		11,119
Other Ordinary Income		2,449		15,788		(13,338	)
Ordinary Expenses		73,859		71,963		1,895
Interest Expenses		6,801		7,985		(1,183	)
Interest on Deposits		350		604		(254	)
Fee and Commission Expenses		17,601		16,448		1,152
Trading Expenses		13		9		3
Other Operating Expenses		3,862		1,479		2,382
General and Administrative Expenses		39,656		41,268		(1,612	)
Other Ordinary Expenses		5,923		4,772		1,151
Ordinary Profits		21,702		28,028		(6,326	)
Extraordinary Gains		907		82		825
Extraordinary Losses		420		112		308
Income before Income Taxes		22,188		27,997		(5,808	)
Income Taxes:
Current		3,107		5,005		(1,897	)
Deferred		3,519		2,445		1,073
Net Income	¥	15,562	¥	20,546	¥	(4,984	)

2-42

Mizuho Trust & Banking Co., Ltd.

Reference

Statement of Trust Assets and Liabilities

As of September 30, 2019	Millions of yen
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		644,939	Money Trusts		23,313,348
Securities		157,946	Pension Trusts		3,515,058
Beneficiary Rights to the Trusts		62,185,662	Property Formation Benefit Trusts		4,506
Securities held in Custody Accounts		483,313	Investment Trusts		18,096,934
Money Claims		5,375,735	Money Entrusted Other than Money Trusts		1,689,517
Tangible Fixed Assets		7,780,011	Securities Trusts		13,752,513
Intangible Fixed Assets		361,130	Money Claims Trusts		4,240,172
Other Claims		121,340	Land and Fixtures Trusts		429,678
Due from Banking Account		1,114,501	Composite Trusts		13,641,969
Cash and Due from Banks		464,453	Other Trusts		5,335
Total		78,689,033	Total		78,689,033
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 ¥60,254,503 million.
3.  Joint trust assets under the management of other companies: ¥273,785 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 ¥9,332 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,764 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		9,332	Principal		876,963
Securities		1	Reserve		28
Others		867,741	Others		83
Total		877,076	Total		877,076

2-43

Mizuho Trust & Banking Co., Ltd.

Reference

Comparison of Balances of Principal Items

	Millions of yen
Items	As of September 30, 2019 (A)		As of March 31, 2019 (B)		Change (A) - (B)
Total Amount of Funds		30,702,644		29,169,953		1,532,690
Deposits		3,385,851		3,253,498		132,352
Negotiable Certificates of Deposit		483,880		566,110		(82,230	)
Money Trusts		23,313,348		22,197,075		1,116,272
Pension Trusts		3,515,058		3,148,711		366,347
Property Formation Benefit Trusts		4,506		4,558		(51	)
Loans and Bills Discounted		4,015,662		4,013,541		2,120
of Banking accounts		3,370,722		3,355,173		15,549
of Trust accounts		644,939		658,368		(13,429	)
Securities for Investments		1,024,487		1,023,278		1,208
of Banking accounts		866,541		841,621		24,919
of Trust accounts		157,946		181,657		(23,710	)

2-44

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of September 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	322,459		¥	388,516		¥	(66,056	)
Cash Segregated as Deposits for Customers and Others		327,387			335,712			(8,325	)
Trading Assets		7,301,302			6,061,110			1,240,191
Receivables—Unsettled Trades		153,968			—			153,968
Operating Investment Securities		32,201			28,640			3,560
Receivables Related to Margin Transactions		24,627			34,162			(9,535	)
Collateralized Short-Term Financing Agreements-Receivable		4,819,856			3,871,953			947,902
Advances Paid		603			488			114
Securities: Fail to Deliver		15,711			9,613			6,097
Short-Term Loans Receivable		46,891			52,652			(5,761	)
Other Current Assets		463,750			434,483			29,267
Less: Allowance for Doubtful Accounts		(3	)		(3	)		0
Noncurrent Assets
Property and Equipment		11,740			12,527			(786	)
Intangible Assets		50,023			50,829			(805	)
Investments and Other Assets		304,964			315,137			(10,172	)
Total Assets	¥	13,875,486		¥	11,595,825		¥	2,279,660
Liabilities
Current Liabilities
Trading Liabilities	¥	5,647,349		¥	4,340,952		¥	1,306,397
Payables—Unsettled Trades		—			36,888			(36,888	)
Payables Related to Margin Transactions		61,113			53,591			7,521
Collateralized Short-Term Financing Agreements-Payable		4,756,304			3,575,497			1,180,807
Deposits Received		294,385			308,251			(13,865	)
Guarantee Deposits Received		342,089			297,472			44,616
Securities: Fail to Receive		28,803			2,064			26,739
Short-Term Borrowings		556,767			773,484			(216,717	)
Commercial Paper		319,000			333,200			(14,200	)
Bonds and Notes Due within One Year		118,186			76,393			41,792
Lease Obligations		—			174			(174	)
Income Taxes Payable		2,269			2,220			49
Accrued Employees’ Bonuses		6,327			9,359			(3,031	)
Provision for Variable Compensation		463			927			(463	)
Provision for Bonus Point Redemption		826			686			140
Other Current Liabilities		40,764			40,800			(35	)
Noncurrent Liabilities
Bonds and Notes		670,218			679,688			(9,470	)
Long-Term Borrowings		132,000			173,000			(41,000	)
Provision for Retirement Benefits		19,481			19,799			(317	)
Other Noncurrent Liabilities		2,175			2,263			(87	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,472			2,473			(0	)
Total Liabilities		13,001,001			10,729,189			2,271,811
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		354,325			346,585			7,740
Other Retained Earnings		354,325			346,585			7,740
Retained Earnings Brought Forward		354,325			346,585			7,740
Total Shareholders’ Equity		861,142			853,401			7,740
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		23,129			23,023			105
Net Deferred Gains or Losses on Hedges, net of Tax		(9,786	)		(9,789	)		3
Total Valuation and Translation Adjustments		13,343			13,233			109
Total Net Assets		874,485			866,635			7,849
Total Liabilities and Net Assets	¥	13,875,486		¥	11,595,825		¥	2,279,660

2-45

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, 2019 (A)			For the six months ended September 30, 2018 (B)		Change (A) - (B)
Operating Revenues	¥	171,759		¥	180,658	¥	(8,899	)
Commissions		72,003			75,522		(3,518	)
Net Gain on Trading		50,169			52,680		(2,511	)
Net Gain on Operating Investment Securities		2,163			4,382		(2,218	)
Interest and Dividend Income		47,423			48,073		(650	)
Interest Expenses		44,926			36,504		8,422
Net Operating Revenues		126,833			144,154		(17,321	)
Selling, General and Administrative Expenses		113,688			120,100		(6,411	)
Transaction-Related Expenses		26,083			26,776		(692	)
Personnel Expenses		41,300			44,747		(3,447	)
Real Estate Expenses		11,842			12,593		(750	)
Administrative Expenses		21,153			22,496		(1,343	)
Depreciation and Amortization		9,458			9,258		200
Taxes and Dues		2,294			2,633		(339	)
Provision of Allowance for Doubtful Accounts		(25	)		22		(48	)
Other		1,581			1,571		9
Operating Income		13,144			24,054		(10,909	)
Non-Operating Income		3,479			7,943		(4,464	)
Non-Operating Expenses		67			131		(63	)
Ordinary Income		16,556			31,867		(15,310	)
Extraordinary Gain		185			2,350		(2,164	)
Extraordinary Loss		464			533		(68	)
Income before Income Taxes		16,276			33,683		(17,406	)
Income Taxes:
Current		1,263			2,982		(1,719	)
Deferred		2,739			1,717		1,021
Net Income	¥	12,274		¥	28,983	¥	(16,708	)

2-46