Form 6-K

6-K 1 d771118d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date:		July 31, 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 First Quarter of Fiscal 2019

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		July 31, 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):		August 14, 2019	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		—
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2019 (for the three months ended June 30, 2019)

(1) Consolidated Results of Operations

(%: Changes from the corresponding period of the previous fiscal year)

Ordinary Income

Ordinary Profits

Profit
Attributable to
Owners of Parent

¥ million

1Q F2019

988,825

3.2

219,849

5.1

162,438

0.8

1Q F2018

957,667

20.6

209,104

46.9

161,015

36.1

Note:

Comprehensive Income:

1Q F2019: ¥94,321 million, (45.0) %; 1Q F2018: ¥171,761 million, (5.7) %


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1Q F2019		6.40		6.40
1Q F2018		6.34		6.34

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1Q F2019		202,767,108		8,881,782		4.3
Fiscal 2018		200,792,226		9,194,038		4.3

Reference:

Own Capital:

As of June 30, 2019: ¥8,743,467 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		—
Fiscal 2019 (estimate)				3.75		—		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 corresponding period of the previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
1H F2019			—		—		—
Fiscal 2019			470,000		386.7		18.52



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 1Q and the number of outstanding shares as of June 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) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No

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

① Changes in accounting policies due to revisions of accounting standards, etc.: Yes

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No

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

(4) Issued Shares of Common Stock


① Period-end issued shares (including treasury stock):	As of June 30, 2019	25,392,498,945 shares	As of March 31, 2019	25,392,498,945 shares
② Period-end treasury stock:	As of June 30, 2019	30,519,861 shares	As of March 31, 2019	33,962,404 shares
③ Average outstanding shares (first quarter):	1Q Fiscal 2019	25,360,510,272 shares	1Q Fiscal 2018	25,364,804,435 shares

This immediate release is outside the scope of quarterly review 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.

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2

2.	Quarterly Consolidated Financial Statements and Others	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Note for Assumption of Going Concern	p.1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p.1-7
	ø SELECTED FINANCIAL INFORMATION For the First Quarter 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.

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 the first quarter ended June 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 first quarter ended June 30, 2019.

The impact on the consolidated financial statements for the first quarter ended June 30, 2019 is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2019			As of June 30, 2019
Assets
Cash and Due from Banks	¥	45,108,602		¥	40,632,524
Call Loans and Bills Purchased		648,254			537,815
Receivables under Resale Agreements		12,997,628			15,099,037
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			2,455,503
Other Debt Purchased		2,828,959			3,057,012
Trading Assets		12,043,608			15,283,145
Money Held in Trust		351,889			361,297
Securities		29,774,489			29,533,185
Loans and Bills Discounted		78,456,935			79,049,661
Foreign Exchange Assets		1,993,668			1,965,247
Derivatives other than for Trading Assets		1,328,227			1,498,187
Other Assets		4,229,589			4,911,392
Tangible Fixed Assets		1,037,006			1,080,199
Intangible Fixed Assets		620,231			617,221
Net Defined Benefit Asset		982,804			989,378
Deferred Tax Assets		37,960			40,808
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			5,937,165
Reserves for Possible Losses on Loans		(287,815	)		(281,674	)

Total Assets	¥	200,792,226		¥	202,767,108

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2019			As of June 30, 2019
Liabilities
Deposits	¥	124,311,025		¥	121,852,608
Negotiable Certificates of Deposit		13,338,571			13,277,499
Call Money and Bills Sold		2,841,931			2,559,239
Payables under Repurchase Agreements		14,640,439			17,864,461
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,911,860
Commercial Paper		941,181			459,600
Trading Liabilities		8,325,520			9,823,365
Borrowed Money		3,061,504			1,993,166
Foreign Exchange Liabilities		669,578			485,195
Short-term Bonds		355,539			353,829
Bonds and Notes		8,351,071			8,076,261
Due to Trust Accounts		1,102,073			1,112,693
Derivatives other than for Trading Liabilities		1,165,602			1,216,332
Other Liabilities		4,512,325			6,594,675
Reserve for Bonus Payments		68,117			15,643
Reserve for Variable Compensation		2,867			3,292
Net Defined Benefit Liability		60,873			60,969
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			1,077
Reserve for Possible Losses on Sales of Loans		630			1,076
Reserve for Contingencies		4,910			5,087
Reserve for Reimbursement of Deposits		19,068			17,296
Reserve for Reimbursement of Debentures		25,566			24,043
Reserves under Special Laws		2,473			2,472
Deferred Tax Liabilities		185,974			173,096
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			63,315
Acceptances and Guarantees		6,062,053			5,937,165

Total Liabilities	¥	191,598,188		¥	193,885,325

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,137,550
Retained Earnings		3,915,521			3,982,168
Treasury Stock		(7,703	)		(6,433	)

Total Shareholders’ Equity		7,303,034			7,370,053

Net Unrealized Gains (Losses) on Other Securities		1,186,401			1,079,290
Deferred Gains or Losses on Hedges		(22,282	)		34,121
Revaluation Reserve for Land		137,772			137,772
Foreign Currency Translation Adjustments		(111,057	)		(122,144	)
Remeasurements of Defined Benefit Plans		254,936			244,373

Total Accumulated Other Comprehensive Income		1,445,770			1,373,414

Stock Acquisition Rights		707			230
Non-controlling Interests		444,525			138,084

Total Net Assets		9,194,038			8,881,782

Total Liabilities and Net Assets	¥	200,792,226		¥	202,767,108

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 three months ended June 30, 2018		For the three months ended June 30, 2019
Ordinary Income	¥	957,667	¥	988,825
Interest Income		472,864		528,821
Interest on Loans and Bills Discounted		287,227		327,955
Interest and Dividends on Securities		73,376		58,672
Fiduciary Income		11,476		14,017
Fee and Commission Income		166,932		176,539
Trading Income		74,455		90,449
Other Operating Income		89,272		122,732
Other Ordinary Income		142,667		56,266
Ordinary Expenses		748,562		768,975
Interest Expenses		277,446		348,850
Interest on Deposits		101,705		135,667
Fee and Commission Expenses		40,769		42,064
Trading Expenses		—		221
Other Operating Expenses		21,032		19,687
General and Administrative Expenses		355,066		328,430
Other Ordinary Expenses		54,247		29,722

Ordinary Profits		209,104		219,849

Extraordinary Gains		8,031		910
Extraordinary Losses		821		3,384

Income before Income Taxes		216,313		217,375

Income Taxes:
Current		45,765		54,908
Deferred		3,228		(3,635	)

Total Income Taxes		48,993		51,273

Profit		167,320		166,102

Profit Attributable to Non-controlling Interests		6,304		3,663

Profit Attributable to Owners of Parent	¥	161,015	¥	162,438

1-5

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the three months ended June 30, 2018			For the three months ended June 30, 2019
Profit	¥	167,320		¥	166,102
Other Comprehensive Income		4,441			(71,780	)
Net Unrealized Gains (Losses) on Other Securities		52,684			(106,210	)
Deferred Gains or Losses on Hedges		(20,443	)		56,455
Foreign Currency Translation Adjustments		(13,922	)		(11,401	)
Remeasurements of Defined Benefit Plans		(9,720	)		(10,478	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(4,156	)		(145	)

Comprehensive Income		171,761			94,321

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		167,705			90,082
Comprehensive Income Attributable to Non-controlling Interests		4,055			4,239

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2019

<Under Japanese GAAP>

LOGO

C O N T E N T S

Notes:

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

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


FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2019	*See above Notes*		*Page*

1. Income Analysis	CON	NON		2- 1

2. Net Gains/Losses on Stocks	CON	NON		2- 3

3. Unrealized Gains/Losses on Securities	CON	NON		2- 4

4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting	NON			2- 6

5. Status of Non Performing Loans based on the Financial Reconstruction Act (“FRA”)	CON	NON		2- 7

6. Status of Deposits and Loans	NON			2- 9


Attachments	*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 11
Comparison of Non-Consolidated Statements of Income (selected items)		2- 12
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 13
Comparison of Non-Consolidated Statements of Income (selected items)		2- 14
Mizuho Securities Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2- 15
Comparison of Non-Consolidated Statements of Income (selected items)		2- 16

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.

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2019

1. Income Analysis

Consolidated


		*(Billions of yen)*
		First Quarter of Fiscal 2019						First Quarter of Fiscal 2018
					Change			First Quarter of Fiscal 2018
Consolidated Gross Profits	1		521.7			45.9			475.7
Net Interest Income	2		179.9			(15.4	)		195.4
Fiduciary Income	3		14.0			2.5			11.4
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		134.4			8.3			126.1
Net Trading Income	6		90.2			15.7			74.4
Net Other Operating Income	7		103.0			34.8			68.2
General and Administrative Expenses	8		(328.4	)		26.6			(355.0	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(5.2	)		8.0			(13.3	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10		3.6			(32.2	)		35.9
Net Gains (Losses) related to Stocks	11		28.2			(52.1	)		80.3
Equity in Income from Investments in Affiliates	12		11.4			7.2			4.2
Other	13		(11.4	)		7.1			(18.6	)

Ordinary Profits	14		219.8			10.7			209.1

Net Extraordinary Gains (Losses)	15		(2.4	)		(9.6	)		7.2
Income before Income Taxes	16		217.3			1.0			216.3
Income Taxes	17		(51.2	)		(2.2	)		(48.9	)
Profit	18		166.1			(1.2	)		167.3
Profit Attributable to Non-controlling Interests	19		(3.6	)		2.6			(6.3	)

Profit Attributable to Owners of Parent	20		162.4			1.4			161.0


Credit-related Costs (including Credit Costs for Trust Accounts)	21		(1.6	)		(24.1	)		22.5

* Credit-related Costs [21] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [10] + Credit Costs for Trust Accounts [4]


(Reference)
Consolidated Net Business Profits	22	188.2	74.6	113.6

* Consolidated Net Business Profits [22] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments



Number of consolidated subsidiaries	23	119	(6	)	125
Number of affiliates under the equity method	24	24	5		19

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks


		*(Billions of yen)*
		First Quarter of Fiscal 2019												First Quarter of Fiscal 2018
		MHBK			MHTB			Aggregate Figures			Change			First Quarter of Fiscal 2018
Gross Profits	1		351.9			32.9			384.9			56.5			328.3
Net Interest Income	2		156.6			6.3			162.9			(9.4	)		172.4
Fiduciary Income	3					14.0			14.0			2.8			11.2
Trust Fees for Jointly Operated Designated Money Trust	4					*1.1*			*1.1*			1.1			—
Credit Costs for Trust Accounts	5					—			—			—			—
Net Fee and Commission Income	6		88.2			5.6			93.8			13.2			80.6
Net Trading Income	7		34.5			0.2			34.7			16.7			18.0
Net Other Operating Income	8		72.5			6.6			79.1			33.0			46.0
General and Administrative Expenses (excluding Non-Recurring Losses)	9		(200.8	)		(20.2	)		(221.1	)		15.4			(236.5	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) *	10		151.0			12.6			163.7			71.9			91.8

Reversal of (Provision for) General Reserve for Losses on Loans	11		(7.9	)		(0.1	)		(8.1	)		(8.1	)		—

Net Business Profits	12		143.1			12.5			155.6			63.8			91.8
Net Gains (Losses) related to Bonds	13		*56.5*			*6.6*			*63.2*			44.5			18.6

Net Non-Recurring Gains (Losses)	14		31.4			0.1			31.6			(51.6	)		83.2
Net Gains (Losses) related to Stocks	15		23.9			0.2			24.2			(48.4	)		72.6
Expenses related to Portfolio Problems	16		3.7			0.0			3.7			16.3			(12.5	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	17		1.2			0.0			1.2			(35.9	)		37.2
Other	18		2.5			(0.1	)		2.3			16.4			(14.1	)

Ordinary Profits	19		174.5			12.7			187.2			12.1			175.0

Net Extraordinary Gains (Losses)	20		(3.2	)		0.8			(2.4	)		(9.6	)		7.2
Income before Income Taxes	21		171.2			13.5			184.8			2.4			182.3
Income Taxes	22		(42.2	)		(4.1	)		(46.4	)		5.6			(52.0	)

Net Income	23		128.9			9.4			138.4			8.1			130.2

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [5].

Credit-related Costs	24		(2.9	)		(0.1	)		(3.0	)		(27.8	)		24.7
* Credit-related Costs [24] = Expenses related to Portfolio Problems [16] + Reversal of (Provision for) General Reserve for Losses on Loans [11] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [17] + Credit Costs for Trust Accounts [5]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	25					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	26		(7.9	)		(0.1	)		(8.1	)		(44.6	)		36.5
Losses on Write-offs of Loans	27		(3.0	)		0.0			(3.0	)		6.3			(9.3	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	28		8.3			0.0			8.3			10.7			(2.3	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	29		0.0			—			0.0			(0.0	)		0.0
Reversal of (Provision for) Reserve for Contingencies	30		(0.1	)		—			(0.1	)		(0.1	)		0.0
Other (including Losses on Sales of Loans)	31		(0.1	)		—			(0.1	)		(0.0	)		(0.0	)
Total	32		(2.9	)		(0.1	)		(3.0	)		(27.8	)		24.7

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated


	*(Billions of yen)*
	First Quarter of Fiscal 2019			Change			First Quarter of Fiscal 2018
Net Gains (Losses) related to Stocks		28.2			(52.1	)		80.3
Gains on Sales		40.3			(58.1	)		98.4
Losses on Sales		(7.0	)		2.2			(9.3	)
Impairment (Devaluation)		(4.4	)		(3.3	)		(1.1	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(0.5	)		7.1			(7.7	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	First Quarter of Fiscal 2019			Change			First Quarter of Fiscal 2018
Net Gains (Losses) related to Stocks		24.2			(48.4	)		72.6
Gains on Sales		35.4			(54.2	)		89.7
Losses on Sales		(6.6	)		2.2			(8.8	)
Impairment (Devaluation)		(4.0	)		(3.5	)		(0.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(0.5	)		7.1			(7.7	)

Mizuho Bank
	First Quarter of Fiscal 2019			Change			First Quarter of Fiscal 2018
Net Gains (Losses) related to Stocks		23.9			(40.2	)		64.2
Gains on Sales		34.2			(46.4	)		80.7
Losses on Sales		(6.3	)		2.1			(8.4	)
Impairment (Devaluation)		(3.9	)		(3.4	)		(0.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(0.0	)		7.5			(7.6	)

Mizuho Trust & Banking
	First Quarter of Fiscal 2019			Change			First Quarter of Fiscal 2018
Net Gains (Losses) related to Stocks		0.2			(8.2	)		8.4
Gains on Sales		1.2			(7.8	)		9.0
Losses on Sales		(0.3	)		0.1			(0.4	)
Impairment (Devaluation)		(0.0	)		(0.0	)		—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(0.5	)		(0.4	)		(0.1	)

2-3

Mizuho Financial Group, Inc.

3. 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

(Billions of yen)

As of June 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

MHFG (Consolidated)

Other Securities

27,815.5

1,543.5

1,727.9

184.4

27,847.5

1,689.8

1,883.4

193.5

Japanese Stocks

2,946.6

1,542.1

1,606.4

64.3

3,143.5

1,723.6

1,774.4

50.7

Japanese Bonds

14,466.1

7.9

37.2

29.2

14,786.9

5.2

37.2

32.0

Japanese Government Bonds

11,555.1

5.6

6.9

1.3

11,896.1

5.9

8.7

2.8

Other

10,402.7

(6.5

)

84.3

90.8

9,917.0

(39.0

)

71.6

110.7

Foreign Bonds

7,564.9

35.6

43.8

8.1

7,418.3

23.6

35.3

11.6

*	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.

*	Unrealized Gains/Losses include ¥30.1 billion and ¥38.0 billion, which were recognized in the statement of income for June 30, 2019 and March 31, 2019 respectively, by applying the fair-value hedge method.

(2) Bonds Held to Maturity

(Billions of yen)

As of June 30, 2019

As of March 31, 2019

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHFG (Consolidated)

1,326.4

10.1

19.3

9.2

1,602.2

7.3

19.9

12.5

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

(Billions of yen)

As of June 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

MHBK

Other Securities

26,486.8

1,385.8

1,562.3

176.5

26,622.0

1,521.2

1,707.8

186.6

Japanese Stocks

2,694.2

1,389.0

1,451.5

62.5

2,880.1

1,557.7

1,608.3

50.6

Japanese Bonds

14,040.9

6.9

36.1

29.2

14,500.4

4.6

36.5

31.8

Japanese Government Bonds

11,211.0

5.3

6.6

1.3

11,687.0

5.8

8.5

2.7

Other

9,751.5

(10.1

)

74.5

84.7

9,241.4

(41.1

)

62.9

104.1

Foreign Bonds

7,145.1

30.2

38.4

8.1

6,973.2

20.4

31.9

11.5

MHTB

Other Securities

898.7

85.5

96.2

10.7

794.4

96.0

106.0

9.9

Japanese Stocks

170.8

83.4

88.2

4.8

184.2

96.4

99.7

3.3

Japanese Bonds

401.7

0.9

1.0

0.0

263.8

0.6

0.7

0.1

Japanese Government Bonds

325.8

0.2

0.0

190.6

0.0

0.1

0.0

Other

326.0

1.1

6.9

5.8

346.3

(1.0

)

5.4

6.4

Foreign Bonds

219.0

4.4

—

223.3

2.6

—

Total

Other Securities

27,385.5

1,471.4

1,658.6

187.2

27,416.5

1,617.2

1,813.8

196.5

Japanese Stocks

2,865.1

1,472.5

1,539.8

67.3

3,064.4

1,654.1

1,708.1

53.9

Japanese Bonds

14,442.7

7.9

37.1

29.2

14,764.2

5.2

37.2

32.0

Japanese Government Bonds

11,536.8

5.6

6.9

1.3

11,877.7

5.9

8.7

2.8

Other

10,077.6

(9.0

)

81.5

90.5

9,587.8

(42.1

)

68.4

110.5

Foreign Bonds

7,364.2

34.7

42.9

8.1

7,196.5

23.1

34.6

11.5

*	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.

*	Unrealized Gains/Losses include ¥30.1 billion and ¥38.0 billion, which were recognized in the statement of income (aggregate figures for the 2 banks) for June 30, 2019 and March 31, 2019 respectively, by applying the fair-value hedge method.

2-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

(Billions of yen)

As of June 30, 2019

As of March 31, 2019

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHBK

1,326.4

10.1

19.3

9.2

1,602.2

7.3

19.9

12.5

MHTB

—

Total

1,326.4

10.1

19.3

9.2

1,602.2

7.3

19.9

12.5

(3) Investments in Subsidiaries and Affiliates

(Billions of yen)

As of June 30, 2019

As of March 31, 2019

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

MHBK

135.7

169.7

170.0

0.2

135.7

176.8

—

MHTB

—

Total

135.7

169.7

170.0

0.2

135.7

176.8

—

(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

(Billions of yen)

As of June 30, 2019

As of
March 31,
2019

Unrealized Gains/Losses

Unrealized
Gains/
Losses

Change

Other Securities

1,513.3

(138.4

)

1,651.8

Japanese Stocks

1,515.5

(172.0

)

1,687.6

Japanese Bonds

7.9

2.6

5.2

Japanese Government Bonds

5.6

(0.2

)

5.9

Other

(10.1

)

30.9

(41.0

)

Foreign Bonds

32.0

10.3

21.7

Non-Consolidated

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2019

As of
March 31,
2019

Unrealized Gains/Losses

Unrealized
Gains/
Losses

Change

Other Securities

1,441.2

(137.9

)

1,579.2

Japanese Stocks

1,445.9

(172.1

)

1,618.1

Japanese Bonds

7.9

2.6

5.2

Japanese Government Bonds

5.6

(0.2

)

5.9

Other

(12.6

)

31.5

(44.1

)

Foreign Bonds

31.1

10.0

21.1

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2019

As of March 31, 2019

Deferred Hedge Gains/Losses

Gains

Losses

Gains

Losses

MHBK

935.8

892.8

43.0

848.0

887.1

(39.0

)

MHTB

81.7

85.1

(3.3

)

84.0

86.3

(2.3

)

Total

1,017.6

977.9

39.6

932.1

973.5

(41.3

)

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated


	*(Billions of yen)*
	As of June 30, 2019					As of March 31, 2019
Consolidated			Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		56.0		(3.7	)		59.7
Claims with Collection Risk		403.3		44.5			358.8
Claims for Special Attention		214.3		18.5			195.8
Total		673.6		59.2			614.4

Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2.7		—			2.7
Claims for Special Attention		—		—			—
Total		2.7		—			2.7

Total (Consolidated + Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		56.0		(3.7	)		59.7
Claims with Collection Risk		406.1		44.5			361.6
Claims for Special Attention		214.3		18.5			195.8
Total		676.4		59.2			617.2

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

2-7

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen, %)*
	As of June 30, 2019						As of March 31, 2019
Total (Banking Account + Trust Account)				Change			As of March 31, 2019
Claims against Bankrupt and Substantially Bankrupt Obligors		49.0			(3.9	)		52.9
Claims with Collection Risk		388.1			40.4			347.6
Claims for Special Attention		178.6			18.8			159.7
Sub-total [1]		615.8			55.3			560.4
NPL ratio [1]/[2]		*0.68*	%		0.05	%		0.62	%
Normal Claims		89,774.4			537.6			89,236.8
Total [2]		90,390.2			593.0			89,797.2

MHBK
Claims against Bankrupt and Substantially Bankrupt Obligors		48.4			(4.0	)		52.4
Claims with Collection Risk		382.4			40.6			341.8
Claims for Special Attention		176.5			17.9			158.5
Sub-total [3]		607.4			54.5			552.9
NPL ratio [3]/[4]		*0.69*	%		0.05	%		0.63	%
Normal Claims		86,337.6			478.2			85,859.4
Total [4]		86,945.0			532.7			86,412.3

MHTB
Banking Account
Claims against Bankrupt and Substantially Bankrupt Obligors		0.5			0.0			0.4
Claims with Collection Risk		2.9			(0.1	)		3.0
Claims for Special Attention		2.0			0.8			1.2
Sub-total [5]		5.5			0.7			4.7
NPL ratio [5]/[6]		*0.16*	%		0.02	%		0.14	%
Normal Claims		3,429.8			59.5			3,370.3
Total [6]		3,435.4			60.3			3,375.0

Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—			—			—
Claims with Collection Risk		2.7			—			2.7
Claims for Special Attention		—			—			—
Sub-total [7]		2.7			—			2.7
NPL ratio [7]/[8]		*28.52*	%		0.37	%		28.15	%
Normal Claims		6.9			(0.1	)		7.0
Total [8]		9.7			(0.1	)		9.8

Notes:

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

2. NPL: Non-Performing Loans

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2019

As of
March 31,
2019

Change

MHBK

116,767.4

(2,643.7

)

119,411.2

MHTB

3,565.1

311.6

3,253.4

Total

120,332.6

(2,332.1

)

122,664.7

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2019

As of
March 31,
2019

Change

MHBK

96,594.0

(1,817.1

)

98,411.2

Individual deposits

43,832.6

786.6

43,045.9

MHTB

3,562.7

318.8

3,243.8

Individual deposits

906.5

(7.0

)

913.5

Total

100,156.8

(1,498.3

)

101,655.1

Individual deposits

44,739.1

779.6

43,959.4

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

(Billions of yen)

As of June 30, 2019

As of
March 31,
2019

Change

MHBK

76,851.4

804.1

76,047.3

MHTB

3,397.9

42.7

3,355.1

Total

80,249.4

846.8

79,402.5

Note: Loans to MHFG are included as follows:

As of June 30, 2019: ¥940.0 billion (from MHBK)

As of March 31, 2019: ¥945.5 billion (from MHBK)

2-9

Mizuho Financial Group, Inc.

(3) Interest Margins (Domestic Operations)

Mizuho Bank


		*(%)*
		First Quarter of Fiscal 2019 (For the three months)	Change	First Quarter of Fiscal 2018 (For the three months)
Return on Loans and Bills Discounted	1	0.77	(0.03)	0.81
Cost of Deposits	2	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [1]-[2]	3	0.77	(0.03)	0.81
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others


Return on Loans and Bills Discounted	4	0.80	(0.05)	0.85
Loan and Deposit Rate Margin [4]-[2]	5	0.79	(0.04)	0.84

Mizuho Trust & Banking
		*(%)*
		First Quarter of Fiscal 2019 (For the three months)	Change	First Quarter of Fiscal 2018 (For the three months)
Return on Loans and Bills Discounted	6	0.59	(0.02)	0.62
Cost of Deposits	7	0.01	(0.01)	0.03
Loan and Deposit Rate Margin [6]-[7]	8	0.58	(0.00)	0.58
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others


Return on Loans and Bills Discounted	9	0.62	(0.04)	0.66
Loan and Deposit Rate Margin [9]-[7]	10	0.60	(0.02)	0.63
(Reference) Aggregate Figures for the 2 Banks
		*(%)*
		First Quarter of Fiscal 2019 (For the three months)	Change	First Quarter of Fiscal 2018 (For the three months)
Return on Loans and Bills Discounted	11	0.76	(0.03)	0.80
Cost of Deposits	12	0.00	(0.00)	0.00
Loan and Deposit Rate Margin [11]-[12]	13	0.76	(0.03)	0.79
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2. Deposits include NCDs.

(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted	14	0.79	(0.04)	0.84
Loan and Deposit Rate Margin [14]-[12]	15	0.78	(0.04)	0.83

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of June 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	37,808,411		¥	42,044,263		¥	(4,235,852	)
Call Loans		388,470			516,085			(127,615	)
Receivables under Resale Agreements		5,153,288			4,226,040			927,247
Guarantee Deposits Paid under Securities Borrowing Transactions		52,192			100,501			(48,308	)
Other Debt Purchased		485,966			491,276			(5,310	)
Trading Assets		4,727,072			3,708,952			1,018,119
Money Held in Trust		503			503			0
Securities		29,139,010			29,475,876			(336,865	)
Loans and Bills Discounted		76,851,494			76,047,363			804,130
Foreign Exchange Assets		1,879,835			2,043,874			(164,039	)
Derivatives other than for Trading		4,323,868			3,192,132			1,131,735
Other Assets		2,911,996			2,705,113			206,882
Tangible Fixed Assets		719,665			729,129			(9,464	)
Intangible Fixed Assets		355,997			354,116			1,881
Prepaid Pension Cost		499,493			481,875			17,617
Customers’ Liabilities for Acceptances and Guarantees		6,379,635			6,492,905			(113,269	)
Reserves for Possible Losses on Loans		(237,767	)		(242,076	)		4,308
Reserve for Possible Losses on Investments		(366	)		(370	)		3

Total Assets	¥	171,438,767		¥	172,367,564		¥	(928,797	)

Liabilities
Deposits	¥	116,767,457		¥	119,411,223		¥	(2,643,765	)
Negotiable Certificates of Deposit		12,971,992			12,912,548			59,443
Call Money		1,182,337			1,308,045			(125,708	)
Payables under Repurchase Agreements		5,945,530			5,162,334			783,195
Guarantee Deposits Received under Securities Lending Transactions		891,639			305,032			586,606
Commercial Paper		459,600			941,181			(481,580	)
Trading Liabilities		2,934,093			2,577,856			356,236
Borrowed Money		7,157,626			7,998,715			(841,088	)
Foreign Exchange Liabilities		701,606			925,879			(224,272	)
Bonds and Notes		1,615,991			1,968,205			(352,214	)
Derivatives other than for Trading		4,045,430			3,031,284			1,014,146
Other Liabilities		3,136,202			2,138,527			997,674
Reserve for Bonus Payments		451			22,362			(21,911	)
Reserve for Variable Compensation		1,356			1,100			255
Reserve for Possible Losses on Sales of Loans		1,076			630			445
Reserve for Contingencies		224			100			124
Reserve for Reimbursement of Deposits		15,347			16,987			(1,640	)
Reserve for Reimbursement of Debentures		24,043			25,566			(1,522	)
Deferred Tax Liabilities		19,821			28,338			(8,516	)
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			63,315			—
Acceptances and Guarantees		6,379,635			6,492,905			(113,269	)

Total Liabilities		164,314,782			165,332,144			(1,017,362	)

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		2,292,724			2,163,735			128,989
Appropriated Reserve		315,177			315,177			0
Other Retained Earnings		1,977,547			1,848,557			128,989
Retained Earnings Brought Forward		1,977,547			1,848,557			128,989

Total Shareholders’ Equity		5,983,118			5,854,129			128,989

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		973,799			1,071,157			(97,358	)
Net Deferred Hedge Gains (Losses), net of Taxes		29,295			(27,639	)		56,934
Revaluation Reserve for Land, net of Taxes		137,772			137,772			—

Total Valuation and Translation Adjustments		1,140,866			1,181,291			(40,424	)

Total Net Assets		7,123,985			7,035,420			88,565

Total Liabilities and Net Assets	¥	171,438,767		¥	172,367,564		¥	(928,797	)

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO BANK


	*Millions of yen*
	For the three months ended June 30, 2019 (A)			For the three months ended June 30, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	697,946		¥	681,816	¥	16,129
Interest Income		433,001			389,191		43,809
Interest on Loans and Bills Discounted		*295,113*			257,343		37,769
Interest and Dividends on Securities		*61,657*			69,745		(8,088	)
Fee and Commission Income		112,264			100,989		11,274
Trading Income		34,564			17,580		16,984
Other Operating Income		81,328			53,691		27,637
Other Ordinary Income		36,787			120,363		(83,576	)

Ordinary Expenses		523,372			519,248		4,123
Interest Expenses		276,370			223,190		53,180
Interest on Deposits		*127,227*			93,865		33,361
Fee and Commission Expenses		24,019			25,608		(1,588	)
Other Operating Expenses		8,815			9,314		(499	)
General and Administrative Expenses		187,852			209,320		(21,468	)
Other Ordinary Expenses		26,314			51,814		(25,500	)

Ordinary Profits		174,574			162,567		12,006

Extraordinary Gains		0			7,939		(7,939	)

Extraordinary Losses		3,290			674		2,616

Income before Income Taxes		171,283			169,833		1,450
Income Taxes:
Current		45,756			40,010		5,745
Deferred		(3,462	)		9,149		(12,612	)

Net Income	¥	128,990		¥	120,672	¥	8,317

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of June 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,439,553		¥	2,434,150		¥	5,403
Call Loans		1,616			24,417			(22,801	)
Guarantee Deposits Paid under Securities Borrowing Transactions		335,219			332,116			3,103
Other Debt Purchased		6,624			6,692			(67	)
Trading Assets		137,280			111,667			25,613
Money Held in Trust		5,430			4,641			788
Securities		945,797			841,621			104,175
Loans and Bills Discounted		3,397,930			3,355,173			42,756
Foreign Exchange Assets		5,221			4,073			1,147
Other Assets		187,682			188,381			(698	)
Tangible Fixed Assets		20,146			20,559			(413	)
Intangible Fixed Assets		31,960			32,664			(703	)
Prepaid Pension Cost		58,152			55,766			2,386
Customers’ Liabilities for Acceptances and Guarantees		34,774			16,885			17,888
Reserves for Possible Losses on Loans		(2,492	)		(2,324	)		(167	)

Total Assets	¥	7,604,898		¥	7,426,486		¥	178,412

Liabilities
Deposits	¥	3,565,159		¥	3,253,498		¥	311,660
Negotiable Certificates of Deposit		414,680			566,110			(151,430	)
Call Money		871,664			947,104			(75,439	)
Payables under Repurchase Agreements		21,552			22,198			(646	)
Guarantee Deposits Received under Securities Lending Transactions		521,963			362,246			159,717
Trading Liabilities		134,282			107,096			27,185
Borrowed Money		314,985			379,706			(64,721	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,112,693			1,102,073			10,619
Other Liabilities		39,172			68,806			(29,634	)
Reserve for Bonus Payments		—			2,125			(2,125	)
Reserve for Variable Compensation		589			467			121
Reserve for Reimbursement of Deposits		1,949			2,081			(131	)
Deferred Tax Liabilities		5,326			6,631			(1,305	)
Acceptances and Guarantees		34,774			16,885			17,888

Total Liabilities		7,048,793			6,847,033			201,759

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		227,486			241,889			(14,402	)
Appropriated Reserve		41,484			36,719			4,764
Other Retained Earnings		186,002			205,170			(19,167	)
Retained Earnings Brought Forward		186,002			205,170			(19,167	)

Total Shareholders’ Equity		490,361			504,764			(14,402	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		68,078			76,295			(8,217	)
Net Deferred Hedge Gains (Losses), net of Taxes		(2,335	)		(1,608	)		(727	)

Total Valuation and Translation Adjustments		65,743			74,687			(8,944	)

Total Net Assets		556,105			579,452			(23,347	)

Total Liabilities and Net Assets	¥	7,604,898		¥	7,426,486		¥	178,412

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the three months ended June 30, 2019 (A)		For the three months ended June 30, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	47,453	¥	46,550	¥	902
Fiduciary Income		14,096		11,206		2,890
Interest Income		9,650		10,169		(519	)
Interest on Loans and Bills Discounted		*6,370*		6,633		(263	)
Interest and Dividends on Securities		*2,683*		2,987		(303	)
Fee and Commission Income		14,797		13,307		1,489
Trading Income		221		468		(246	)
Other Operating Income		7,247		2,078		5,169
Other Ordinary Income		1,439		9,319		(7,880	)

Ordinary Expenses		34,750		34,018		731
Interest Expenses		3,306		3,752		(446	)
Interest on Deposits		*199*		376		(176	)
Fee and Commission Expenses		9,171		8,085		1,085
Trading Expenses		0		0		(0	)
Other Operating Expenses		580		363		217
General and Administrative Expenses		19,394		20,619		(1,224	)
Other Ordinary Expenses		2,298		1,198		1,099

Ordinary Profits		12,702		12,531		171

Extraordinary Gains		907		82		825

Extraordinary Losses		63		95		(32	)

Income before Income Taxes		13,546		12,517		1,028
Income Taxes:
Current		2,874		727		2,146
Deferred		1,251		2,188		(936	)

Net Income	¥	9,420	¥	9,601	¥	(181	)

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	Millions of yen
	As of June 30, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	307,359		¥	388,516		¥	(81,156	)
Cash Segregated as Deposits for Customers and Others		341,834			335,712			6,121
Trading Assets		7,855,500			6,061,110			1,794,389
Operating Investment Securities		30,470			28,640			1,829
Receivables Related to Margin Transactions		26,146			34,162			(8,016	)
Collateralized Short-Term Financing Agreements-Receivable		4,455,037			3,871,953			583,084
Advances Paid		360			488			(128	)
Securities: Fail to Deliver		9,338			9,613			(275	)
Short-Term Loans Receivable		46,487			52,652			(6,164	)
Other Current Assets		394,463			434,483			(40,019	)
Less: Allowance for Doubtful Accounts		(4	)		(3	)		(0	)
Noncurrent Assets
Property and Equipment		12,048			12,527			(478	)
Intangible Assets		49,603			50,829			(1,225	)
Investments and Other Assets		305,701			315,137			(9,435	)

Total Assets	¥	13,834,348		¥	11,595,825		¥	2,238,523

Liabilities
Current Liabilities
Trading Liabilities	¥	5,270,197		¥	4,340,952		¥	929,244
Payables - Unsettled Trades		464,258			36,888			427,369
Payables Related to Margin Transactions		52,558			53,591			(1,033	)
Collateralized Short-Term Financing Agreements-Payable		4,722,580			3,575,497			1,147,082
Deposits Received		308,431			308,251			179
Guarantee Deposits Received		327,420			297,472			29,947
Securities: Fail to Receive		2,168			2,064			103
Short-Term Borrowings		520,903			773,484			(252,580	)
Commercial Paper		326,500			333,200			(6,700	)
Bonds and Notes Due within One Year		89,995			76,393			13,601
Lease Obligations		90			174			(83	)
Income Taxes Payable		1,274			2,220			(945	)
Accrued Employees’ Bonuses		2,491			9,359			(6,868	)
Provision for Variable Compensation		788			927			(139	)
Provision for Bonus Point Redemption		761			686			74
Other Current Liabilities		25,763			40,800			(15,036	)
Noncurrent Liabilities
Bonds and Notes		678,036			679,688			(1,652	)
Long-Term Borrowings		151,000			173,000			(22,000	)
Provision for Retirement Benefits		19,578			19,799			(220	)
Other Noncurrent Liabilities		2,204			2,263			(58	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,472			2,473			(0	)

Total Liabilities		12,969,474			10,729,189			2,240,284

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		346,768			346,585			183
Other Retained Earnings		346,768			346,585			183
Retained Earnings Brought Forward		346,768			346,585			183

Total Shareholders’ Equity		853,584			853,401			183

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		21,079			23,023			(1,944	)
Net Deferred Gains or Losses on Hedges, net of Tax		(9,790	)		(9,789	)		(0	)

Total Valuation and Translation Adjustments		11,289			13,233			(1,944	)

Total Net Assets		864,874			866,635			(1,761	)

Total Liabilities and Net Assets	¥	13,834,348		¥	11,595,825		¥	2,238,523

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	For the three months ended June 30, 2019 (A)			For the three months ended June 30, 2018 (B)		Change (A) - (B)
Operating Revenues	¥	74,896		¥	82,950	¥	(8,054	)
Commissions		34,070			34,277		(207	)
Net Gain on Trading		20,401			25,150		(4,749	)
Net Gain on Operating Investment Securities		1,293			3,642		(2,349	)
Interest and Dividend Income		19,132			19,879		(747	)

Interest Expenses		16,759			15,278		1,481

Net Operating Revenues		58,137			67,672		(9,535	)

Selling, General and Administrative Expenses		55,177			59,572		(4,395	)
Transaction-Related Expenses		12,635			13,705		(1,070	)
Personnel Expenses		19,418			21,684		(2,265	)
Real Estate Expenses		6,040			6,183		(142	)
Administrative Expenses		10,366			11,197		(831	)
Depreciation and Amortization		4,561			4,555		6
Taxes and Dues		1,264			1,360		(95	)
Provision of Allowance for Doubtful Accounts		(20	)		15		(35	)
Other		909			871		38

Operating Income		2,960			8,099		(5,139	)

Non-Operating Income		2,863			6,970		(4,106	)
Non-Operating Expenses		57			116		(58	)

Ordinary Income		5,766			14,953		(9,187	)

Extraordinary Gain		181			1,931		(1,750	)

Extraordinary Loss		261			31		230

Income before Income Taxes		5,686			16,853		(11,167	)
Income Taxes:
Current		34			540		(505	)
Deferred		934			2,213		(1,279	)

Net Income	¥	4,717		¥	14,099	¥	(9,382	)

2-16