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 January 2020

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: January 31, 2020
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 Third Quarter of Fiscal 2019 (Nine months ended December 31, 2019) (Under Japanese GAAP)

Company Name: Mizuho Financial Group, Inc. (“MHFG”) January 31, 2020

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):		February 14, 2020	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 Third Quarter of Fiscal 2019 (for the nine months ended December 31, 2019)

(1) Consolidated Results of Operations (Accumulated Period)

(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%			¥ million		%
3Q F2019		2,953,825		3.3		561,550		2.5			403,963		(1.4	)
3Q F2018		2,858,287		6.8		547,561		(15.0	)		409,929		(13.8	)

Note: Comprehensive Income: 3Q F2019: ¥297,224 million, (5,121.6)%; 3Q F2018: ¥(5,918) million, (100.7)%

	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
3Q F2019		15.92		15.92
3Q F2018		16.16		16.16

(2) Consolidated Financial Conditions

	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
3Q F2019		203,757,052		8,964,977		4.3
Fiscal 2018		200,792,226		9,194,038		4.3

Reference:     Own Capital: As of December 31, 2019: ¥8,845,672 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 1Q, 2Q and 3Q and the number of outstanding shares as of December 31, 2019 (which is used as a proxy for the average number of shares during 4Q of fiscal 2019).

* Notes

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

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

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

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

ii . Changes in accounting policies other than i above: Yes

iii. Changes in accounting estimates: No

iv. Restatements: No

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

(4) Issued Shares of Common Stock

i . Period-end issued shares (including treasury stock):	As of December 31, 2019	25,392,498,945 shares	As of March 31, 2019	25,392,498,945 shares
ii . Period-end treasury stock:	As of December 31, 2019	31,753,745 shares	As of March 31, 2019	33,962,404 shares
iii. Average outstanding shares (accumulated period):	3Q Fiscal 2019	25,360,856,065 shares	3Q Fiscal 2018	25,362,168,257 shares

This immediate release is outside the scope of quarterly review.

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: 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”) and our report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

¡ Contents of Attachment

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

(Application of “Leases” (IFRS 16 and ASU 2016-02))

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 adoption 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 third quarter ended December 31, 2019 is immaterial.

(Changes in Hedge Accounting)

Previously, deferred method or the fair-value hedge method have been applied as hedge accounting methods.

From the third quarter ended December 31, 2019, hedge accounting methods of some items are changed from fair-value method to deferred method.

Based on current market trends, MHFG reconsidered its risk management activities in order to provide more transparent disclosure in the financial statements.

The effect of this change in accounting policy on past periods is immaterial. Therefore, we do not retrospectively apply this policy change in prior periods. This change has no impact on the gains and losses.

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 December 31, 2019
Assets
Cash and Due from Banks	¥	45,108,602		¥	42,291,711
Call Loans and Bills Purchased		648,254			659,340
Receivables under Resale Agreements		12,997,628			15,183,913
Guarantee Deposits Paid under Securities Borrowing Transactions		2,578,133			1,865,099
Other Debt Purchased		2,828,959			2,965,436
Trading Assets		12,043,608			12,880,937
Money Held in Trust		351,889			385,340
Securities		29,774,489			30,064,707
Loans and Bills Discounted		78,456,935			81,415,132
Foreign Exchange Assets		1,993,668			2,119,072
Derivatives other than for Trading Assets		1,328,227			1,261,930
Other Assets		4,229,589			4,110,279
Tangible Fixed Assets		1,037,006			1,099,078
Intangible Fixed Assets		620,231			633,895
Net Defined Benefit Asset		982,804			1,001,781
Deferred Tax Assets		37,960			32,909
Customers’ Liabilities for Acceptances and Guarantees		6,062,053			6,069,842
Reserves for Possible Losses on Loans		(287,815	)		(283,356	)
Total Assets	¥	200,792,226		¥	203,757,052

1-3

Mizuho Financial Group, Inc.

	Millions of yen
	As of March 31, 2019			As of December 31, 2019
Liabilities
Deposits	¥	124,311,025		¥	125,241,650
Negotiable Certificates of Deposit		13,338,571			15,415,543
Call Money and Bills Sold		2,841,931			1,844,753
Payables under Repurchase Agreements		14,640,439			18,289,999
Guarantee Deposits Received under Securities Lending Transactions		1,484,584			1,396,986
Commercial Paper		941,181			877,767
Trading Liabilities		8,325,520			7,681,485
Borrowed Money		3,061,504			1,718,678
Foreign Exchange Liabilities		669,578			549,968
Short-term Bonds		355,539			358,347
Bonds and Notes		8,351,071			8,711,063
Due to Trust Accounts		1,102,073			1,094,054
Derivatives other than for Trading Liabilities		1,165,602			1,238,348
Other Liabilities		4,512,325			3,905,990
Reserve for Bonus Payments		68,117			42,129
Reserve for Variable Compensation		2,867			2,002
Net Defined Benefit Liability		60,873			60,779
Reserve for Director and Corporate Auditor Retirement Benefits		1,389			993
Reserve for Possible Losses on Sales of Loans		630			139
Reserve for Contingencies		4,910			4,456
Reserve for Reimbursement of Deposits		19,068			14,697
Reserve for Reimbursement of Debentures		25,566			19,530
Reserves under Special Laws		2,473			2,472
Deferred Tax Liabilities		185,974			187,103
Deferred Tax Liabilities for Revaluation Reserve for Land		63,315			63,290
Acceptances and Guarantees		6,062,053			6,069,842
Total Liabilities	¥	191,598,188		¥	194,792,075
Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,138,449			1,137,503
Retained Earnings		3,915,521			4,128,524
Treasury Stock		(7,703	)		(6,448	)
Total Shareholders’ Equity		7,303,034			7,516,346
Net Unrealized Gains (Losses) on Other Securities		1,186,401			1,119,907
Deferred Gains or Losses on Hedges		(22,282	)		(5,078	)
Revaluation Reserve for Land		137,772			137,716
Foreign Currency Translation Adjustments		(111,057	)		(146,073	)
Remeasurements of Defined Benefit Plans		254,936			222,852
Total Accumulated Other Comprehensive Income		1,445,770			1,329,325
Stock Acquisition Rights		707			213
Non-Controlling Interests		444,525			119,091
Total Net Assets		9,194,038			8,964,977
Total Liabilities and Net Assets	¥	200,792,226		¥	203,757,052

1-4

Mizuho Financial Group, Inc.

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

Consolidated Statements of Income

	Millions of yen
	For the nine months ended December 31, 2018			For the nine months ended December 31, 2019
Ordinary Income	¥	2,858,287		¥	2,953,825
Interest Income		1,502,254			1,566,669
Interest on Loans and Bills Discounted		919,300			964,289
Interest and Dividends on Securities		226,931			198,196
Fiduciary Income		39,404			42,244
Fee and Commission Income		546,951			563,812
Trading Income		241,644			294,447
Other Operating Income		251,202			297,243
Other Ordinary Income		276,829			189,407
Ordinary Expenses		2,310,725			2,392,274
Interest Expenses		918,127			1,011,755
Interest on Deposits		336,981			384,950
Fee and Commission Expenses		123,750			127,851
Trading Expenses		—			13,134
Other Operating Expenses		75,209			99,081
General and Administrative Expenses		1,069,806			1,023,557
Other Ordinary Expenses		123,831			116,894
Ordinary Profits		547,561			561,550
Extraordinary Gains		10,269			1,289
Extraordinary Losses		4,989			9,064
Income before Income Taxes		552,842			553,775
Income Taxes:
Current		135,469			108,894
Deferred		(11,358	)		31,951
Total Income Taxes		124,110			140,845
Profit		428,731			412,930
Profit Attributable to Non-controlling Interests		18,802			8,966
Profit Attributable to Owners of Parent	¥	409,929		¥	403,963

1-5

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income

	Millions of yen
	For the nine months ended December 31, 2018			For the nine months ended December 31, 2019
Profit	¥	428,731		¥	412,930
Other Comprehensive Income		(434,650	)		(115,705	)
Net Unrealized Gains (Losses) on Other Securities		(395,379	)		(67,120	)
Deferred Gains or Losses on Hedges		(147	)		17,320
Foreign Currency Translation Adjustments		(15,306	)		(32,928	)
Remeasurements of Defined Benefit Plans		(20,544	)		(31,316	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(3,273	)		(1,660	)
Comprehensive Income		(5,918	)		297,224
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		(22,021	)		287,574
Comprehensive Income Attributable to Non-controlling Interests		16,102			9,649

1-6

Mizuho Financial Group, Inc.

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

1-7

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2019

(Nine months ended December 31, 2019)

(Under Japanese GAAP)

C O N T E N T S

Notes:

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

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

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 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

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”) and our report on Form 6-K furnished to the SEC on December 26, 2019, both of which are available in the Financial Information section of our web page at www.mizuho-fg.com/index.html and also at the SEC’s web site at www.sec.gov.

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

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2019

1. Income Analysis

Consolidated

		(Billions of yen)
		Third Quarter of Fiscal 2019 (Accumulated Period)
					Change			Third Quarter of Fiscal 2018 (Accumulated Period)
Consolidated Gross Profits	1		1,512.5			48.2			1,464.3
Net Interest Income (1)	2		554.9			(29.2	)		584.1
Fiduciary Income	3		42.2			2.8			39.4
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		435.9			12.7			423.2
Net Trading Income	6		281.3			39.6			241.6
Net Other Operating Income (1)	7		198.1			22.1			175.9
General and Administrative Expenses	8		(1,023.5	)		46.2			(1,069.8	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(35.0	)		(10.2	)		(24.8	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	10		10.6			(20.2	)		30.9
Net Gains (Losses) related to Stocks	11		97.3			(65.5	)		162.9
Equity in Income from Investments in Affiliates	12		24.1			0.7			23.4
Other	13		(24.5	)		14.9			(39.4	)
Ordinary Profits	14		561.5			13.9			547.5
Net Extraordinary Gains (Losses)	15		(7.7	)		(13.0	)		5.2
Income before Income Taxes	16		553.7			0.9			552.8
Income Taxes	17		(140.8	)		(16.7	)		(124.1	)
Profit	18		412.9			(15.8	)		428.7
Profit Attributable to Non-controlling Interests	19		(8.9	)		9.8			(18.8	)
Profit Attributable to Owners of Parent	20		403.9			(5.9	)		409.9
(1)  A reclassification has been made on the above table for the Third Quarter of Fiscal 2018 for consistency with current figures. As a result, “Net Interest Income” [2] decreased by ¥8.8 billion and “Net Other Operating Income” [7] increased by ¥8.8 billion.
Credit-related Costs (including Credit Costs for Trust Accounts)	21		(24.4	)		(30.5	)		6.0
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		470.2			83.4			386.8
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		122			2			120
Number of affiliates under the equity method	24		26			4			22

2-1

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

		(Billions of yen)
		Third Quarter of Fiscal 2019 (Accumulated Period)												Third Quarter of Fiscal 2018 (Accumulated Period)
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		951.1			94.4			1,045.5			48.5			997.0
Net Interest Income (1)	2		479.1			19.3			498.5			(17.8	)		516.3
Fiduciary Income	3					42.5			42.5			3.5			39.0
Trust Fees for Jointly Operated Designated Money Trust	4					3.1			3.1			1.2			1.9
Credit Costs for Trust Accounts	5					—			—			—			—
Net Fee and Commission Income	6		276.2			19.2			295.5			13.1			282.3
Net Trading Income	7		87.9			0.9			88.8			30.6			58.2
Net Other Operating Income (1)	8		107.7			12.3			120.1			19.1			100.9
General and Administrative Expenses (excluding Non-Recurring Losses)	9		(625.5	)		(62.7	)		(688.2	)		22.1			(710.4	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) (2)	10		325.6			31.6			357.2			70.7			286.5
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (3)	11		247.8			19.4			267.3			5.0			262.3
Excluding Net Gains (Losses) from redemption of Investment Trusts	12		244.7			19.3			264.1			7.9			256.2
Reversal of (Provision for) General Reserve for Losses on Loans	13		(19.3	)		(0.1	)		(19.5	)		(19.4	)		(0.0	)
Net Business Profits	14		306.2			31.4			337.7			51.2			286.5
Net Gains (Losses) related to Bonds (1)	15		77.7			12.1			89.9			65.6			24.2
Net Non-Recurring Gains (Losses)	16		103.4			(1.9	)		101.5			(32.8	)		134.3
Net Gains (Losses) related to Stocks	17		96.2			(0.9	)		95.2			(60.7	)		156.0
Expenses related to Portfolio Problems	18		(18.2	)		0.0			(18.1	)		4.1			(22.2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	19		9.7			0.0			9.7			(20.0	)		29.8
Other	20		15.6			(1.0	)		14.6			43.8			(29.2	)
Ordinary Profits	21		409.6			29.5			439.2			18.3			420.8
Net Extraordinary Gains (Losses)	22		(7.7	)		0.3			(7.3	)		(12.9	)		5.5
Income before Income Taxes	23		401.9			29.9			431.8			5.4			426.4
Income Taxes	24		(102.0	)		(8.3	)		(110.3	)		10.1			(120.5	)
Net Income	25		299.8			21.6			321.4			15.5			305.9

(1) A reclassification has been made on the above table for the Third Quarter of Fiscal 2018 for consistency with current figures. As a result, “Net Interest Income” [2] decreased by ¥8.8 billion. “Net Other Operating Income” [8] and “Net Gains (Losses) related to Bonds” [15] increased by ¥8.8 billion, respectively. Consequently, “Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas” [11] and “Excluding Net Gains(Losses) from redemption of Investment Trusts” [12] decreased by ¥8.8 billion.

(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].

(3) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[11] =Net Business Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[10]-Net Gains (Losses) related to Bonds[15]

Credit-related Costs 26             (27.8 )             (0.0 )              (27.9 )          (35.4 )                  7.4

Credit-related  Costs  [26]  =   Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]

Reference: Breakdown of Credit-related Costs

Credit Costs for Trust Accounts	27			—		—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	28	(19.3	)	(0.1	)	(19.5	)	(61.1	)	41.6
Losses on Write-offs of Loans	29	(7.5	)	0.0		(7.5	)	5.4		(12.9	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	30	(0.4	)	0.0		(0.4	)	16.7		(17.1	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	31	0.0		—		0.0		0.0		(0.0	)
Reversal of (Provision for) Reserve for Contingencies	32	0.0		—		0.0		0.3		(0.2	)
Other (including Losses on Sales of Loans)	33	(0.5	)	—		(0.5	)	3.2		(3.8	)
Total	34	(27.8	)	(0.0	)	(27.9	)	(35.4	)	7.4

2-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Consolidated

	(Billions of yen)
	Third Quarter of Fiscal 2019 (Accumulated Period)						Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		97.3			(65.5	)		162.9
Gains on Sales		149.1			(55.4	)		204.5
Losses on Sales		(30.0	)		1.7			(31.8	)
Impairment (Devaluation)		(7.4	)		(3.8	)		(3.6	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(14.2	)		(8.1	)		(6.1	)
Non-Consolidated
Aggregate Figures for the 2 Banks
	Third Quarter of Fiscal 2019 (Accumulated Period)						Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		95.2			(60.7	)		156.0
Gains on Sales		143.2			(52.8	)		196.0
Losses on Sales		(29.1	)		1.7			(30.8	)
Impairment (Devaluation)		(3.9	)		(1.4	)		(2.5	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.5	)		(0.2	)		(0.3	)
Gains (Losses) on Derivatives other than for Trading		(14.2	)		(8.1	)		(6.1	)
Mizuho Bank
	Third Quarter of Fiscal 2019 (Accumulated Period)						Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		96.2			(46.5	)		142.7
Gains on Sales		139.6			(39.7	)		179.3
Losses on Sales		(26.3	)		0.1			(26.5	)
Impairment (Devaluation)		(3.9	)		(1.4	)		(2.4	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0.5	)		(0.2	)		(0.3	)
Gains (Losses) on Derivatives other than for Trading		(12.4	)		(5.2	)		(7.2	)
Mizuho Trust & Banking
	Third Quarter of Fiscal 2019 (Accumulated Period)						Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Net Gains (Losses) related to Stocks		(0.9	)		(14.2	)		13.2
Gains on Sales		3.5			(13.0	)		16.6
Losses on Sales		(2.7	)		1.6			(4.3	)
Impairment (Devaluation)		(0.0	)		0.0			(0.0	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1.8	)		(2.9	)		1.1

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 December 31, 2019									As of March 31, 2019									As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)				Gains		Losses
MHFG (Consolidated)
Other Securities		28,448.3		1,595.8			1,877.3		281.4		27,847.5		1,689.8			1,883.4		193.5		28,973.0		1,527.0		1,710.6		183.5
Japanese Stocks		3,088.2		1,736.1			1,792.9		56.7		3,143.5		1,723.6			1,774.4		50.7		2,897.6		1,515.4		1,585.2		69.7
Japanese Bonds		13,805.2		(47.9	)		25.0		73.0		14,786.9		5.2			37.2		32.0		14,389.6		11.1		44.0		32.8
Japanese Government Bonds		10,799.7		(39.3	)		0.9		40.3		11,896.1		5.9			8.7		2.8		11,426.3		8.8		12.4		3.5
Other		11,554.8		(92.4	)		59.2		151.6		9,917.0		(39.0	)		71.6		110.7		11,685.6		0.5		81.4		80.9
Foreign Bonds		8,768.8		(23.0	)		23.6		46.6		7,418.3		23.6			35.3		11.6		8,948.0		35.8		49.6		13.7

• 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 ¥29.2billion, ¥27.6billion, and ¥38.0billion, which were recognized in the statement of income for December 31, 2019, September 30, 2019, and March 31, 2019 respectively, by applying the fair-value hedge method.

(2) Bonds Held to Maturity

	(Billions of yen)
	As of December 31, 2019								As of March 31, 2019								As of September 30, 2019 (Reference)
			Unrealized Gains/Losses								Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHFG (Consolidated)		964.1		7.6		14.4		6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2		20.2		7.9

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

	(Billions of yen)
	As of December 31, 2019									As of March 31, 2019									As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses		(=Fair Value)					Gains		Losses
MHBK
Other Securities		27,365.7		1,406.9			1,687.3		280.3		26,622.0		1,521.2			1,707.8		186.6		27,717.1		1,366.2			1,545.2		178.9
Japanese Stocks		2,813.2		1,557.6			1,616.1		58.5		2,880.1		1,557.7			1,608.3		50.6		2,649.8		1,364.1			1,434.6		70.5
Japanese Bonds		13,655.9		(48.5	)		24.4		72.9		14,500.4		4.6			36.5		31.8		14,023.3		10.2			43.1		32.8
Japanese Government Bonds		10,738.0		(39.4	)		0.8		40.3		11,687.0		5.8			8.5		2.7		11,147.5		8.7			12.2		3.5
Other		10,896.5		(102.1	)		46.7		148.8		9,241.4		(41.1	)		62.9		104.1		11,043.9		(8.1	)		67.4		75.6
Foreign Bonds		8,365.9		(23.3	)		21.5		44.9		6,973.2		20.4			31.9		11.5		8,556.8		31.3			44.7		13.3
MHTB
Other Securities		617.6		105.4			112.2		6.8		794.4		96.0			106.0		9.9		820.2		88.0			98.0		10.0
Japanese Stocks		185.6		99.9			104.1		4.1		184.2		96.4			99.7		3.3		169.6		82.4			87.3		4.8
Japanese Bonds		126.7		0.6			0.6		0.0		263.8		0.6			0.7		0.1		344.5		0.8			0.8		0.0
Japanese Government Bonds		45.0		0.0			0.0		—		190.6		0.0			0.1		0.0		262.1		0.1			0.1		0.0
Other		305.2		4.8			7.5		2.6		346.3		(1.0	)		5.4		6.4		306.0		4.6			9.8		5.1
Foreign Bonds		160.2		(0.6	)		1.0		1.6		223.3		2.6			2.6		—		172.4		3.6			3.9		0.3
Total
Other Securities		27,983.3		1,512.4			1,799.6		287.1		27,416.5		1,617.2			1,813.8		196.5		28,537.3		1,454.2			1,643.3		189.0
Japanese Stocks		2,998.9		1,657.6			1,720.2		62.6		3,064.4		1,654.1			1,708.1		53.9		2,819.4		1,446.5			1,521.9		75.3
Japanese Bonds		13,782.6		(47.9	)		25.0		73.0		14,764.2		5.2			37.2		32.0		14,367.9		11.1			44.0		32.8
Japanese Government Bonds		10,783.0		(39.3	)		0.9		40.3		11,877.7		5.9			8.7		2.8		11,409.6		8.8			12.4		3.5
Other		11,201.7		(97.2	)		54.2		151.5		9,587.8		(42.1	)		68.4		110.5		11,349.9		(3.4	)		77.3		80.7
Foreign Bonds		8,526.1		(24.0	)		22.6		46.6		7,196.5		23.1			34.6		11.5		8,729.2		35.0			48.6		13.6

• 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 ¥29.2billion, ¥27.6billion, and ¥38.0billion, which were recognized in the statement of income (aggregate figures for the 2 banks) for December 31, 2019, September 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 December 31, 2019								As of March 31, 2019								As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses						Gains		Losses
MHBK		964.1		7.6		14.4		6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2		20.2		7.9
MHTB		—		—		—		—		—		—		—		—		—		—		—		—
Total		964.1		7.6		14.4		6.8		1,602.2		7.3		19.9		12.5		1,062.5		12.2		20.2		7.9
(3) Investments in Subsidiaries and Affiliates
	(Billions of yen)
	As of December 31, 2019								As of March 31, 2019								As of September 30, 2019 (Reference)
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
					Gains		Losses						Gains		Losses						Gains		Losses
MHBK		135.7		275.3		275.3		—		135.7		176.8		176.8		—		135.7		232.9		232.9		—
MHTB		—		—		—		—		—		—		—		—		—		—		—		—
Total		135.7		275.3		275.3		—		135.7		176.8		176.8		—		135.7		232.9		232.9		—

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 December 31, 2019						As of March 31, 2019			As of September 30, 2019 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change
Other Securities		1,566.5			(85.3	)		1,651.8			1,499.4
Japanese Stocks		1,706.9			19.2			1,687.6			1,491.4
Japanese Bonds		(47.9	)		(53.2	)		5.2			11.1
Japanese Government Bonds		(39.3	)		(45.3	)		5.9			8.8
Other		(92.4	)		(51.3	)		(41.0	)		(3.1	)
Foreign Bonds		(23.0	)		(44.7	)		21.7			32.2

Non-Consolidated

Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2019						As of March 31, 2019			As of September 30, 2019 (Reference)
	Unrealized Gains/Losses						Unrealized Gains/Losses			Unrealized Gains/Losses
				Change
Other Securities		1,483.1			(96.1	)		1,579.2			1,426.6
Japanese Stocks		1,628.3			10.2			1,618.1			1,422.6
Japanese Bonds		(47.9	)		(53.2	)		5.2			11.1
Japanese Government Bonds		(39.3	)		(45.3	)		5.9			8.8
Other		(97.2	)		(53.1	)		(44.1	)		(7.0	)
Foreign Bonds		(24.0	)		(45.1	)		21.1			31.4

2-5

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2019						As of March 31, 2019						As of September 30, 2019 (Reference)
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
MHBK		1,076.1		1,089.6	(13.4	)		848.0		887.1	(39.0	)		1,010.6		939.1	71.4
MHTB		77.8		79.4	(1.5	)		84.0		86.3	(2.3	)		79.6		83.3	(3.6	)
Total		1,154.0		1,169.0	(15.0	)		932.1		973.5	(41.3	)		1,090.3		1,022.4	67.8

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

2-6

Mizuho Financial Group, Inc.

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

Consolidated

	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		59.5		(0.1	)		59.7		59.9
Claims with Collection Risk		359.8		1.0			358.8		390.0
Claims for Special Attention		240.5		44.7			195.8		209.5
Sub-total [1]		659.9		45.5			614.4		659.5
Normal Claims		90,833.8		3,662.3			87,171.5		88,536.6
Total [2]		91,493.8		3,707.8			87,785.9		89,196.1
	(%)
NPL ratio [1]/[2]		0.72		0.02			0.69		0.73
Above figures are presented net of partial direct write-offs.
Trust Account
	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—		—
Claims with Collection Risk		2.7		(0.0	)		2.7		2.7
Claims for Special Attention		—		—			—		—
Sub-total [3]		2.7		(0.0	)		2.7		2.7
Normal Claims		6.3		(0.6	)		7.0		6.5
Total [4]		9.1		(0.6	)		9.8		9.3
	(%)
NPL ratio [3]/[4]		30.22		2.06			28.15		29.61
Consolidated + Trust Account
	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
Claims against Bankrupt and Substantially Bankrupt Obligors		59.5		(0.1	)		59.7		59.9
Claims with Collection Risk		362.6		0.9			361.6		392.8
Claims for Special Attention		240.5		44.7			195.8		209.5
Sub-total [5]		662.7		45.5			617.2		662.3
Normal Claims		90,840.2		3,661.6			87,178.5		88,543.1
Total [6]		91,502.9		3,707.1			87,795.8		89,205.4
	(%)
NPL ratio [5]/[6]		0.72		0.02			0.70		0.74
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 (Banking Account + Trust Account)
	(Billions of yen)
	As of December 31, 2019					As of		As of September 30, 2019
			Change			March 31, 2019		(Reference)
Claims against Bankrupt and Substantially Bankrupt Obligors		50.8		(2.0	)		52.9		51.6
Claims with Collection Risk		363.1		15.4			347.6		378.2
Claims for Special Attention		206.4		46.6			159.7		174.8
Sub-total [1]		620.4		59.9			560.4		604.7
Normal Claims		92,238.5		3,001.6			89,236.8		90,142.8
Total [2]		92,858.9		3,061.6			89,797.2		90,747.6
	(%)
NPL ratio [1]/[2]		0.66		0.04			0.62		0.66
Above figures are presented net of partial direct write-offs.
Mizuho Bank
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		50.4		(2.0	)		52.4		51.1
Claims with Collection Risk		358.1		16.3			341.8		373.2
Claims for Special Attention		204.6		46.1			158.5		173.0
Sub-total [3]		613.3		60.4			552.9		597.4
Normal Claims		88,819.3		2,959.9			85,859.4		86,748.0
Total [4]		89,432.6		3,020.3			86,412.3		87,345.4
	(%)
NPL ratio [3]/[4]		0.68		0.04			0.63		0.68
Above figures are presented net of partial direct write-offs. Mizuho Trust & Banking (Banking Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		0.4		(0.0	)		0.4		0.4
Claims with Collection Risk		2.1		(0.9	)		3.0		2.2
Claims for Special Attention		1.7		0.5			1.2		1.8
Sub-total [5]		4.3		(0.4	)		4.7		4.5
Normal Claims		3,412.7		42.4			3,370.3		3,388.2
Total [6]		3,417.1		42.0			3,375.0		3,392.7
	(%)
NPL ratio [5]/[6]		0.12		(0.01	)		0.14		0.13
Above figures are presented net of partial direct write-offs. (Trust Account)
	(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—		—
Claims with Collection Risk		2.7		(0.0	)		2.7		2.7
Claims for Special Attention		—		—			—		—
Sub-total [7]		2.7		(0.0	)		2.7		2.7
Normal Claims		6.3		(0.6	)		7.0		6.5
Total [8]		9.1		(0.6	)		9.8		9.3
	(%)
NPL ratio [7]/[8]		30.22		2.06			28.15		29.61
Note: Trust account represents trust accounts that guarantee principals in the agreement.

2-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
MHBK		120,430.2		1,019.0			119,411.2		120,786.0
MHTB		3,213.8		(39.6	)		3,253.4		3,385.8
Total		123,644.0		979.3			122,664.7		124,171.9
(1)-2 Domestic Deposits
Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
MHBK		97,630.2		(781.0	)		98,411.2		98,883.4
Individual deposits		44,590.1		1,544.2			43,045.9		43,596.0
MHTB		3,212.0		(31.8	)		3,243.8		3,384.1
Individual deposits		877.2		(36.2	)		913.5		875.6
Total		100,842.3		(812.8	)		101,655.1		102,267.6
Individual deposits		45,467.4		1,508.0			43,959.4		44,471.6
Note: Above figures do not include deposits booked at overseas offices and offshore deposits.
(2) Loans and Bills Discounted
Aggregate Figures for the 2 Banks
	(Billions of yen)
	As of December 31, 2019					As of March 31, 2019		As of September 30, 2019 (Reference)
			Change
MHBK		79,028.3		2,980.9			76,047.3		77,487.5
MHTB		3,396.4		41.2			3,355.1		3,370.7
Total		82,424.7		3,022.2			79,402.5		80,858.3
Note: Loans to MHFG are included as follows:
As of December 31, 2019: ¥840.0 billion (from MHBK)
As of September 30, 2019: ¥930.0 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

		(%)
			Third Quarter of Fiscal 2019 (Accumulated Period)					Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Return on Loans and Bills Discounted	1		0.76		(0.03	)		0.80
Cost of Deposits	2		0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [1]-[2]	3		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	4		0.79		(0.04	)		0.83
Loan and Deposit Rate Margin [4]-[2]	5		0.78		(0.04	)		0.83
Mizuho Trust & Banking
		(%)
		Third Quarter of Fiscal 2019 (Accumulated Period)					Third Quarter of Fiscal 2018 (Accumulated Period)
				Change
Return on Loans and Bills Discounted	6		0.59		(0.02	)		0.61
Cost of Deposits	7		0.01		(0.00	)		0.02
Loan and Deposit Rate Margin [6]-[7]	8		0.58		(0.01	)		0.59
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		0.61		(0.03	)		0.65
Loan and Deposit Rate Margin [9]-[7]	10		0.60		(0.02	)		0.62
Reference
Aggregate Figures for the 2 Banks
		(%)
			Third Quarter of Fiscal 2019 (Accumulated Period)					Third Quarter of Fiscal 2018 (Accumulated
				Change			Period)
Return on Loans and Bills Discounted	11		0.75		(0.03	)		0.79
Cost of Deposits	12		0.00		(0.00	)		0.00
Loan and Deposit Rate Margin [11]-[12]	13		0.75		(0.03	)		0.78
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		0.78		(0.04	)		0.82
Loan and Deposit Rate Margin [14]-[12]	15		0.77		(0.04	)		0.81

2-10

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

	Millions of yen
	As of December 31, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	39,893,932		¥	42,044,263		¥	(2,150,330	)
Call Loans		1,033,835			516,085			517,750
Receivables under Resale Agreements		4,534,351			4,226,040			308,310
Guarantee Deposits Paid under Securities Borrowing Transactions		115,338			100,501			14,837
Other Debt Purchased		508,623			491,276			17,347
Trading Assets		4,553,494			3,708,952			844,541
Money Held in Trust		503			503			0
Securities		29,894,768			29,475,876			418,892
Loans and Bills Discounted		79,028,339			76,047,363			2,980,976
Foreign Exchange Assets		2,030,516			2,043,874			(13,358	)
Derivatives other than for Trading		3,275,330			3,192,132			83,197
Other Assets		2,582,073			2,705,113			(123,039	)
Tangible Fixed Assets		851,664			729,129			122,534
Intangible Fixed Assets		357,116			354,116			2,999
Prepaid Pension Cost		534,421			481,875			52,545
Customers’ Liabilities for Acceptances and Guarantees		6,495,667			6,492,905			2,762
Reserves for Possible Losses on Loans		(246,087	)		(242,076	)		(4,011	)
Reserve for Possible Losses on Investments		(956	)		(370	)		(586	)
Total Assets	¥	175,442,933		¥	172,367,564		¥	3,075,369
Liabilities
Deposits	¥	120,430,238		¥	119,411,223		¥	1,019,015
Negotiable Certificates of Deposit		14,873,206			12,912,548			1,960,657
Call Money		1,084,572			1,308,045			(223,472	)
Payables under Repurchase Agreements		6,680,922			5,162,334			1,518,587
Guarantee Deposits Received under Securities Lending Transactions		436,366			305,032			131,334
Commercial Paper		877,767			941,181			(63,414	)
Trading Liabilities		2,684,618			2,577,856			106,761
Borrowed Money		7,664,391			7,998,715			(334,324	)
Foreign Exchange Liabilities		717,922			925,879			(207,956	)
Bonds and Notes		1,209,033			1,968,205			(759,171	)
Derivatives other than for Trading		3,255,274			3,031,284			223,989
Other Liabilities		1,627,595			2,138,527			(510,932	)
Reserve for Bonus Payments		4,609			22,362			(17,753	)
Reserve for Variable Compensation		574			1,100			(526	)
Reserve for Possible Losses on Sales of Loans		139			630			(491	)
Reserve for Contingencies		9			100			(90	)
Reserve for Reimbursement of Deposits		13,023			16,987			(3,964	)
Reserve for Reimbursement of Debentures		19,530			25,566			(6,035	)
Deferred Tax Liabilities		32,595			28,338			4,257
Deferred Tax Liabilities for Revaluation Reserve for Land		63,290			63,315			(24	)
Acceptances and Guarantees		6,495,667			6,492,905			2,762
Total Liabilities		168,171,350			165,332,144			2,839,206
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		2,463,680			2,163,735			299,944
Appropriated Reserve		315,177			315,177			0
Other Retained Earnings		2,148,502			1,848,557			299,944
Retained Earnings Brought Forward		2,148,502			1,848,557			299,944
Total Shareholders’ Equity		6,154,074			5,854,129			299,944
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		989,673			1,071,157			(81,484	)
Net Deferred Hedge Gains (Losses), net of Taxes		(9,881	)		(27,639	)		17,757
Revaluation Reserve for Land, net of Taxes		137,716			137,772			(55	)
Total Valuation and Translation Adjustments		1,117,508			1,181,291			(63,782	)
Total Net Assets		7,271,582			7,035,420			236,162
Total Liabilities and Net Assets	¥	175,442,933		¥	172,367,564		¥	3,075,369

2-11

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK    

	Millions of yen
	For the nine  months ended December 31, 2019 (A)		For the nine  months ended December 31, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	2,045,730	¥	1,982,722	¥	63,008
Interest Income (1)		1,279,510		1,226,816		52,694
Interest on Loans and Bills Discounted		869,968		823,594		46,374
Interest and Dividends on Securities		192,369		212,078		(19,709	)
Fee and Commission Income		354,102		339,185		14,916
Trading Income		88,691		57,547		31,144
Other Operating Income (1)		171,084		136,725		34,359
Other Ordinary Income		152,341		222,447		(70,106	)
Ordinary Expenses		1,636,041		1,593,730		42,310
Interest Expenses		800,342		730,028		70,313
Interest on Deposits		362,369		312,804		49,564
Fee and Commission Expenses		77,844		75,933		1,911
Trading Expenses		748		525		222
Other Operating Expenses (1)		63,300		39,431		23,868
General and Administrative Expenses		588,132		628,734		(40,602	)
Other Ordinary Expenses		105,673		119,077		(13,404	)
Ordinary Profits		409,689		388,992		20,697
Extraordinary Gains		347		10,176		(9,828	)
Extraordinary Losses		8,091		4,558		3,533
Income before Income Taxes		401,945		394,610		7,335
Income Taxes:
Current		79,162		104,436		(25,274	)
Deferred		22,894		7,635		15,259
Net Income	¥	299,889	¥	282,538	¥	17,350

(1) A reclassification has been made on the above table for the nine months ended December 31, 2018 for consistency with current figures. As a result, “Interest Income—Interest and Dividends on Securities” decreased by ¥8,802 million, “Other Operating Income” increased by ¥6,792 million and “Other Operating Expenses” decreased by ¥2,009 million.

2-12

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)    

OF MIZUHO TRUST & BANKING    

	Millions of yen
	As of December 31, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	2,087,759		¥	2,434,150		¥	(346,390	)
Call Loans		—			24,417			(24,417	)
Guarantee Deposits Paid under Securities Borrowing Transactions		193,812			332,116			(138,304	)
Other Debt Purchased		—			6,692			(6,692	)
Trading Assets		119,568			111,667			7,901
Money Held in Trust		6,959			4,641			2,317
Securities		663,971			841,621			(177,649	)
Loans and Bills Discounted		3,396,430			3,355,173			41,256
Foreign Exchange Assets		2,712			4,073			(1,360	)
Other Assets		304,111			188,381			115,730
Tangible Fixed Assets		86,922			20,559			66,362
Intangible Fixed Assets		30,720			32,664			(1,943	)
Prepaid Pension Cost		62,783			55,766			7,017
Customers’ Liabilities for Acceptances and Guarantees		18,225			16,885			1,339
Reserves for Possible Losses on Loans		(2,170	)		(2,324	)		154
Total Assets	¥	6,978,684		¥	7,426,486		¥	(447,801	)
Liabilities
Deposits	¥	3,213,834		¥	3,253,498		¥	(39,664	)
Negotiable Certificates of Deposit		645,900			566,110			79,790
Call Money		820,063			947,104			(127,040	)
Payables under Repurchase Agreements		—			22,198			(22,198	)
Guarantee Deposits Received under Securities Lending Transactions		180,063			362,246			(182,182	)
Trading Liabilities		114,612			107,096			7,515
Borrowed Money		257,193			379,706			(122,513	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,094,054			1,102,073			(8,019	)
Other Liabilities		23,466			68,806			(45,340	)
Reserve for Bonus Payments		—			2,125			(2,125	)
Reserve for Variable Compensation		276			467			(191	)
Reserve for Reimbursement of Deposits		1,674			2,081			(407	)
Deferred Tax Liabilities		15,313			6,631			8,681
Acceptances and Guarantees		18,225			16,885			1,339
Total Liabilities		6,394,676			6,847,033			(452,356	)
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		239,675			241,889			(2,214	)
Appropriated Reserve		41,484			36,719			4,764
Other Retained Earnings		198,190			205,170			(6,979	)
Retained Earnings Brought Forward		198,190			205,170			(6,979	)
Total Shareholders’ Equity		502,550			504,764			(2,214	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		82,552			76,295			6,256
Net Deferred Hedge Gains (Losses), net of Taxes		(1,094	)		(1,608	)		513
Total Valuation and Translation Adjustments		81,457			74,687			6,769
Total Net Assets		584,007			579,452			4,555
Total Liabilities and Net Assets	¥	6,978,684		¥	7,426,486		¥	(447,801	)

2-13

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING

	Millions of yen
	For the nine months ended December 31, 2019 (A)		For the nine months ended December 31, 2018 (B)		Change (A) - (B)
Ordinary Income	¥	140,472	¥	141,550	¥	(1,078	)
Fiduciary Income		42,545		39,040		3,505
Interest Income		29,323		31,815		(2,491	)
Interest on Loans and Bills Discounted		18,758		20,138		(1,380	)
Interest and Dividends on Securities		9,024		9,965		(940	)
Fee and Commission Income		45,587		43,893		1,693
Trading Income		1,035		1,246		(211	)
Other Operating Income		17,715		6,308		11,406
Other Ordinary Income		4,264		19,245		(14,981	)
Ordinary Expenses		110,895		109,656		1,239
Interest Expenses		9,990		12,222		(2,231	)
Interest on Deposits		488		833		(345	)
Fee and Commission Expenses		26,342		24,792		1,550
Trading Expenses		109		0		109
Other Operating Expenses		5,344		2,647		2,697
General and Administrative Expenses		60,297		61,727		(1,430	)
Other Ordinary Expenses		8,811		8,266		544
Ordinary Profits		29,576		31,894		(2,318	)
Extraordinary Gains		907		82		825
Extraordinary Losses		550		125		424
Income before Income Taxes		29,933		31,850		(1,917	)
Income Taxes:
Current		3,016		5,164		(2,147	)
Deferred		5,307		3,283		2,024
Net Income	¥	21,608	¥	23,402	¥	(1,793	)

2-14

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES

	Millions of yen
	As of December 31, 2019 (A)			As of March 31, 2019 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	273,770		¥	388,516		¥	(114,746	)
Cash Segregated as Deposits for Customers and Others		367,738			335,712			32,025
Trading Assets		6,223,216			6,061,110			162,105
Operating Investment Securities		33,713			28,640			5,072
Receivables Related to Margin Transactions		22,839			34,162			(11,323	)
Collateralized Short-Term Financing Agreements-Receivable		4,645,446			3,871,953			773,492
Advances Paid		186			488			(302	)
Securities: Fail to Deliver		13,371			9,613			3,757
Short-Term Loans Receivable		41,191			52,652			(11,461	)
Other Current Assets		420,437			434,483			(14,045	)
Less: Allowance for Doubtful Accounts		(14	)		(3	)		(10	)
Noncurrent Assets
Property and Equipment		11,853			12,527			(673	)
Intangible Assets		53,126			50,829			2,297
Investments and Other Assets		308,738			315,137			(6,398	)
Total Assets	¥	12,415,613		¥	11,595,825		¥	819,787
Liabilities
Current Liabilities
Trading Liabilities	¥	3,825,314		¥	4,340,952		¥	(515,637	)
Payables — Unsettled Trades		81,903			36,888			45,014
Payables Related to Margin Transactions		50,500			53,591			(3,090	)
Collateralized Short-Term Financing Agreements-Payable		5,121,182			3,575,497			1,545,685
Deposits Received		344,559			308,251			36,308
Guarantee Deposits Received		323,290			297,472			25,817
Securities: Fail to Receive		1,189			2,064			(875	)
Short-Term Borrowings		498,513			773,484			(274,971	)
Commercial Paper		318,500			333,200			(14,700	)
Bonds and Notes Due within One Year		132,069			76,393			55,675
Lease Obligations		—			174			(174	)
Income Taxes Payable		1,781			2,220			(438	)
Accrued Employees’ Bonuses		7,676			9,359			(1,682	)
Provision for Variable Compensation		695			927			(231	)
Provision for Bonus Point Redemption		524			686			(162	)
Other Current Liabilities		33,125			40,800			(7,674	)
Noncurrent Liabilities
Bonds and Notes		634,000			679,688			(45,688	)
Long-Term Borrowings		128,800			173,000			(44,200	)
Provision for Retirement Benefits		19,701			19,799			(97	)
Other Noncurrent Liabilities		2,315			2,263			52
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,472			2,473			(0	)
Total Liabilities		11,528,118			10,729,189			798,928
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		364,710			346,585			18,124
Other Retained Earnings		364,710			346,585			18,124
Retained Earnings Brought Forward		364,710			346,585			18,124
Total Shareholders’ Equity		871,526			853,401			18,124
Net Unrealized Gains on (Operating) Investment Securities, net of Tax		25,723			23,023			2,699
Net Deferred Gains or Losses on Hedges, net of Tax		(9,754	)		(9,789	)		35
Total Valuation and Translation Adjustments		15,968			13,233			2,734
Total Net Assets		887,495			866,635			20,859
Total Liabilities and Net Assets	¥	12,415,613		¥	11,595,825		¥	819,787

2-15

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES

	Millions of yen
	For the nine months ended December 31, 2019 (A)			For the nine months ended December 31, 2018 (B)		Change (A) - (B)
Operating Revenues	¥	259,301		¥	261,775	¥	(2,473	)
Commissions		109,757			116,830		(7,072	)
Net Gain on Trading		80,725			75,751		4,973
Net Gain on Operating Investment Securities		2,549			4,982		(2,432	)
Interest and Dividend Income		66,268			64,210		2,058
Interest Expenses		60,509			54,265		6,244
Net Operating Revenues		198,792			207,509		(8,717	)
Selling, General and Administrative Expenses		175,634			177,849		(2,214	)
Transaction-Related Expenses		42,853			39,674		3,179
Personnel Expenses		62,847			65,984		(3,136	)
Real Estate Expenses		17,751			18,806		(1,055	)
Administrative Expenses		31,885			33,106		(1,221	)
Depreciation and Amortization		14,505			14,005		500
Taxes and Dues		3,589			4,021		(431	)
Provision of Allowance for Doubtful Accounts		(12	)		13		(26	)
Other		2,214			2,236		(22	)
Operating Income		23,157			29,660		(6,503	)
Non-Operating Income		4,121			8,455		(4,333	)
Non-Operating Expenses		121			164		(43	)
Ordinary Income		27,158			37,951		(10,793	)
Extraordinary Gain		944			2,426		(1,481	)
Extraordinary Loss		559			1,078		(519	)
Income before Income Taxes		27,543			39,299		(11,755	)
Income Taxes:
Current		3,473			3,995		(522	)
Deferred		1,411			1,485		(73	)
Net Income	¥	22,658		¥	33,818	¥	(11,159	)

2-16