Edgar Filing: MIZUHO FINANCIAL GROUP INC

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2018

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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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: May 15, 2018

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya


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

For Immediate Release:

Consolidated Financial Statements for Fiscal 2017

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		May 15, 2018



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:	Masahiro Kosugi	Executive Officer, General Manager of Accounting
Phone:	+81-3-6838-6101
Ordinary General Meeting of Shareholders (scheduled):		June 22, 2018	Commencement of Dividend Payment (scheduled):	June 4, 2018
Filing of Yuka Shoken Hokokusho to the Kanto Local			Trading Accounts: Established
Finance Bureau (scheduled):		June 25, 2018
Supplementary Materials on Annual Results:		Attached
IR Conference on Annual Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2017 (for the fiscal year ended March 31, 2018)

(1) Consolidated Results of Operations


(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%		¥ million		%			¥ million		%
Fiscal 2017		3,561,125		8.1		782,447		6.0			576,547		(4.4	)
Fiscal 2016		3,292,900		2.4		737,512		(26.0	)		603,544		(10.0	)

Note:

Comprehensive Income:

Fiscal 2017: ¥ 765,559 million, 37.1 %; Fiscal 2016: ¥ 558,131 million, 83.2 %


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2017		22.72		22.72		6.5		0.3		21.9
Fiscal 2016		23.86		23.78		7.2		0.3		22.3

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2017: ¥ 21,474 million; Fiscal 2016: ¥ 18,899 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2017		205,028,300		9,821,246		4.4		357.41
Fiscal 2016		200,508,610		9,273,361		4.2		335.96

Reference:

Own Capital:

As of March 31, 2018: ¥ 9,065,843 million; As of March 31, 2017: ¥ 8,522,268 million


Note:		Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100
		Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

(3) Conditions of Consolidated Cash Flows


	Cash Flows from Operating Activities		Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million		¥ million			¥ million			¥ million
Fiscal 2017		2,966,701		(2,316,197	)		149,962			46,334,334
Fiscal 2016		4,690,131		5,796,391			(24,537	)		45,523,663

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2016		—		3.75		—		3.75		7.50		190,347		31.4		2.2
Fiscal 2017		—		3.75		—		3.75		7.50		190,373		33.0		2.1
Fiscal 2018 (estimate)		—		3.75		—		3.75		7.50				33.3

3. Consolidated Earnings Estimates for Fiscal 2018 (for the fiscal year ending March 31, 2019)


(%: 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 F2018		—		—			—
Fiscal 2018		570,000		(1.1	)		22.46



Note:		The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2018.

* Notes

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

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

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

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No

(3) Issued Shares of Common Stock

① Year-end issued shares

(including treasury stock):

As of March 31, 2018

25,389,644,945 shares

As of March 31, 2017

25,386,307,945 shares

② Year-end treasury stock:

As of March 31, 2018

24,829,446 shares

As of March 31, 2017

19,992,754 shares

③ Average number of outstanding shares:

Fiscal 2017

25,366,345,189 shares

Fiscal 2016

25,285,898,988 shares

This immediate release is outside the scope of the audit.

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 28, 2017, 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.

m Contents of Attachment


1.	Overview of Consolidated Results of Operations and Financial Conditions	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2017 and Dividend Estimates for Fiscal 2018	p.1-3

2.	Basic Stance on Selection of Accounting Standards	p.1-4

3.	Consolidated Financial Statements and Others	p.1-5
	(1) Consolidated Balance Sheets	p.1-5
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-7
	(3) Consolidated Statements of Changes in Net Assets	p.1-10
	(4) Consolidated Statements of Cash Flows	p.1-12
	(5) Notes regarding Consolidated Financial Statements	p.1-14
	(Matters Related to the Assumption of Going Concern)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

[Note to XBRL]

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

An MHFG IR conference for institutional investors and analysts is scheduled for May 22, 2018 (Tuesday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2018, the global economy has continued on a path of gradual recovery backed by factors such as the rally of the Chinese economy, improvements related to the IT cycle and improvements in business confidence, predominately in major industrialized countries.

In the United States, continued recovery has been underpinned by (i) continued strong consumer spending resulting from improvements in the employment and income environment and wealth effects due to a surge in stock prices and (ii) capital investment that began to increase as a result of expectations over the Trump administration’s tax reduction measures. Under such circumstances, the Federal Reserve Board (FRB) pursued an exit strategy from monetary easing whereby, among other measures, the FRB raised interest rates in June 2017, September 2017 and March 2018 and began shrinking its balance sheet in October 2017.

In Europe, despite downward pressure from the further appreciation of Euro, the economy has continued to recover, backed by the continued expansion of consumer spending due to an increase in employment, in addition to the actualization of demand for capital investments that had been put off due to political uncertainty surrounding the presidential election in France. Given these conditions, the European Central Bank (ECB), while leaving key interest rates unchanged, determined in October 2017 to decrease monthly asset purchases by half and steered itself in the direction of pursuing an exit strategy from monetary easing.

In Asia, the Chinese economy remained strong, despite continued sluggishness in capital investment due to tighter financial regulations and policies to control real-estate speculation, supported by such factors as strong consumer spending and an expansion of exports, which were backed by income growth and governmental policies to support the economy adopted in preparation for the National Congress of the Communist Party of China in Fall 2017. The economies of emerging countries continued on a recovery trend, due to such factors as the steadiness of China’s economy and expansion of exports.

In Japan, the economy continued on a recovery trend, benefiting from overseas economic expansion and strong domestic demand. Regarding domestic demand, the improvement of the inventory cycle, the rise of capital investment related to the 2020 Tokyo Olympic Games and productivity improvements, as well as the implementation of public investment in connection with Japan’s economic stimulus measures, served to bolster growth. Consumer spending has maintained its recovery due to the replacement of durable goods and the effect of wage increases especially in small and medium-sized enterprises. Under such circumstances, stock prices trended upward and the exchange rate continued to trend sideways; however, since February 2018, stock prices have entered a correction phase with a stronger yen due to the rise in the long-term interest rates in the United States and concerns regarding the protectionist policies of the Trump administration. On the other hand, long-term interest rates continued to remain low, at around zero percent, under the Bank of Japan’s “Quantitative and Qualitative Monetary Easing with Yield Curve Control.”

As for the future direction of the global economy, recovery is expected to continue to be centered on the United States, but it remains necessary to further monitor downward risks such as the United States’ governmental policies, political concerns in Europe, the economic outlook for China and heightening geopolitical risks. As for the future direction of the Japanese economy, it is expected to continue on its gradual recovery path, supported by the effects of government economic measures and growth in consumer spending and capital investment. However, the potential impact of increasing uncertainty in overseas economies on Japan requires monitoring.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥1,915.3 billion for fiscal 2017, decreasing by ¥177.3 billion from the previous fiscal year.

Gross Profits of aggregate figures for Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. on a non-consolidated basis (on a non-consolidated aggregated basis of the banks) decreased by ¥148.1 billion on a year-on-year basis to ¥1,293.3 billion due to a decrease in Trading and Others mainly affected by the domestic and overseas environment and other factors. General and Administrative Expenses on a non-consolidated aggregated basis of the banks increased by ¥17.6 billion on a year-on-year basis to ¥964.7 billion.

Net Operating Revenues on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥59.9 billion on a year-on-year basis to ¥306.0 billion due to a decrease in Net Gain on Trading, the impact of a decrease in the number of consolidated subsidiaries as a result of corporate restructuring in the group companies occurred in the previous fiscal year, and other factors.

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Mizuho Financial Group, Inc.

Selling, General and Administrative Expenses on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥27.5 billion on a year-on-year basis to ¥263.4 billion.

As a result, Consolidated Net Business Profits decreased by ¥205.5 billion on a year-on-year basis to ¥457.8 billion.

Consolidated Credit-related Costs was a reversal of ¥156.3 billion.

Consolidated Net Gains (Losses) related to Stocks increased by ¥29.8 billion on a year-on-year basis to net gains of ¥272.0 billion due to the progress in cross-shareholding disposal and other factors.

As a result, Ordinary Income increased by ¥44.9 billion on a year-on-year basis to ¥782.4 billion.

Extraordinary Gains (Losses) decreased by ¥29.1 billion on a year-on-year basis to net gains of ¥17.5 billion due to a falloff of extraordinary gains as a result of corporate restructuring in the group companies, while gains on cancellation of employee retirement benefit trust was recorded.

Tax-related Expenses increased by ¥53.8 billion on a year-on-year basis to ¥191.6 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2017 decreased by ¥26.9 billion on a year-on-year basis to ¥576.5 billion. This result shows a 104% achievement against the earnings plan for fiscal 2017 of ¥550.0 billion.

As for earnings estimates for fiscal 2018, we estimate Ordinary Profits of ¥830.0 billion and Profit Attributable to Owners of Parent of ¥570.0 billion on a consolidated basis.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2018 amounted to ¥205,028.3 billion, increasing by ¥4,519.6 billion from the end of the previous fiscal year mainly due to an increase in Securities.

Securities were ¥34,183.0 billion, increasing by ¥1,829.8 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥79,421.4 billion, increasing by ¥1,083.6 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥136,463.8 billion, increasing by ¥5,787.3 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,821.2 billion, increasing by ¥547.8 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,388.3 billion, Accumulated Other Comprehensive Income was ¥1,677.5 billion, and Non-controlling Interests was ¥754.2 billion.

Net Cash Provided by Operating Activities was ¥2,966.7 billion mainly due to increased deposits. Net Cash Used in Investing Activities was ¥2,316.1 billion mainly due to purchase, sale, and redemption of securities and Net Cash Provided by Financing Activities was ¥149.9 billion mainly due to issuance and redemption of subordinated bonds and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2018 was ¥46,334.3 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2017 and Dividend Estimates for Fiscal 2018

We continue to perform disciplined capital management policy which maintains the optimum balance between strengthening of stable capital base and steady returns to shareholders.

As for a policy to return profits to shareholders, we have implemented a steady dividend payout policy setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration.

Based on this policy, we have decided to make cash dividend payments on common stock of ¥3.75 as year-end dividends for the fiscal year ended March 31, 2018 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) as predicted in Dividend Estimates for Fiscal 2017.

The board of directors has considered thoroughly and decided the above cash dividend payments taking into account our business environment comprehensively such as the financial result for fiscal 2017 in which Profit Attributable to Owners of Parent amounted to ¥576.5 billion and achieved earnings estimates, future earnings forecasts, profit base, capital, and domestic and international regulation trends such as the Basel framework.


Common Stock	¥	3.75 per share	(as predicted in Dividend Estimates for Fiscal 2017)
Annual cash dividends including interim dividends	¥	7.50 per share	(as predicted in Dividend Estimates for Fiscal 2017)

Furthermore, in accordance with the Articles of Incorporation, we decide distribution of dividends from surplus not by the resolution at the general meeting of shareholders but by the resolution at the board of directors unless otherwise stipulated by laws and regulations. We have decided the year-end cash dividend payments on common stock for the fiscal year ended March 31, 2018 at the board of directors held today.

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Mizuho Financial Group, Inc.

For fiscal 2018, we continuously aim to make steady dividend payouts setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration and realize steady returns to shareholders. We will comprehensively consider the business environment such as the Group’s business results, profit base, capital, and domestic and international regulation trends such as the Basel framework in determining cash dividend payments.

As for the dividend estimates of common stock for fiscal 2018, we predict cash dividend payments of ¥7.50 per share of common stock, which is the same as fiscal 2017. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.


(Dividend Estimates for Fiscal 2018)
Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

2. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of possible adoption in the future, MHFG is continuing research and study on the situation in Japan and Overseas and/or the development of IFRS.

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2017			As of March 31, 2018
Assets
Cash and Due from Banks	¥	47,129,583		¥	47,725,360
Call Loans and Bills Purchased		1,035,746			715,149
Receivables under Resale Agreements		8,967,777			8,080,873
Guarantee Deposits Paid under Securities Borrowing Transactions		3,350,051			4,350,527
Other Debt Purchased		2,745,204			2,713,742
Trading Assets		10,361,787			10,507,133
Money Held in Trust		247,583			337,429
Securities		32,353,158			34,183,033
Loans and Bills Discounted		78,337,793			79,421,473
Foreign Exchange Assets		1,828,782			1,941,677
Derivatives other than for Trading Assets		2,170,750			1,807,999
Other Assets		4,180,339			4,588,484
Tangible Fixed Assets		1,136,329			1,111,128
Buildings		348,068			341,533
Land		641,284			628,836
Lease Assets		26,210			25,468
Construction in Progress		22,134			24,975
Other Tangible Fixed Assets		98,631			90,314
Intangible Fixed Assets		1,045,486			1,092,708
Software		308,595			285,284
Goodwill		74,772			70,515
Lease Assets		16,013			17,756
Other Intangible Fixed Assets		646,105			719,152
Net Defined Benefit Asset		797,762			996,173
Deferred Tax Assets		56,066			47,839
Customers’ Liabilities for Acceptances and Guarantees		5,273,581			5,723,186
Reserves for Possible Losses on Loans		(509,175	)		(315,621	)

Total Assets	¥	200,508,610		¥	205,028,300

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2017			As of March 31, 2018
Liabilities
Deposits	¥	120,045,217		¥	125,081,233
Negotiable Certificates of Deposit		10,631,277			11,382,590
Call Money and Bills Sold		1,255,172			2,105,293
Payables under Repurchase Agreements		17,969,753			16,656,828
Guarantee Deposits Received under Securities Lending Transactions		1,679,300			1,566,833
Commercial Paper		789,705			710,391
Trading Liabilities		7,923,285			8,121,543
Borrowed Money		6,307,230			4,896,218
Foreign Exchange Liabilities		526,053			445,804
Short-term Bonds		226,348			362,185
Bonds and Notes		7,564,535			7,544,256
Due to Trust Accounts		4,784,077			4,733,131
Derivatives other than for Trading Liabilities		1,784,857			1,514,483
Other Liabilities		3,883,168			3,685,585
Reserve for Bonus Payments		67,633			66,872
Reserve for Variable Compensation		3,018			3,242
Net Defined Benefit Liability		55,236			58,890
Reserve for Director and Corporate Auditor Retirement Benefits		1,327			1,460
Reserve for Possible Losses on Sales of Loans		298			1,075
Reserve for Contingencies		5,680			5,622
Reserve for Reimbursement of Deposits		19,072			20,011
Reserve for Reimbursement of Debentures		32,720			30,760
Reserves under Special Laws		2,309			2,361
Deferred Tax Liabilities		337,800			421,002
Deferred Tax Liabilities for Revaluation Reserve for Land		66,585			66,186
Acceptances and Guarantees		5,273,581			5,723,186

Total Liabilities	¥	191,235,249		¥	195,207,054

Net Assets
Common Stock and Preferred Stock	¥	2,256,275		¥	2,256,548
Capital Surplus		1,134,416			1,134,922
Retained Earnings		3,615,449			4,002,835
Treasury Stock		(4,849	)		(5,997	)

Total Shareholders’ Equity		7,001,291			7,388,309

Net Unrealized Gains (Losses) on Other Securities		1,289,985			1,392,392
Deferred Gains or Losses on Hedges		10,172			(67,578	)
Revaluation Reserve for Land		145,609			144,277
Foreign Currency Translation Adjustments		(69,657	)		(85,094	)
Remeasurements of Defined Benefit Plans		144,866			293,536

Total Accumulated Other Comprehensive Income		1,520,976			1,677,534

Stock Acquisition Rights		1,754			1,163
Non-controlling Interests		749,339			754,239

Total Net Assets		9,273,361			9,821,246

Total Liabilities and Net Assets	¥	200,508,610		¥	205,028,300

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Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2017		For the fiscal year ended March 31, 2018
Ordinary Income	¥	3,292,900	¥	3,561,125
Interest Income		1,445,555		1,622,354
Interest on Loans and Bills Discounted		934,108		999,385
Interest and Dividends on Securities		279,888		282,801
Interest on Call Loans and Bills Purchased		5,234		5,569
Interest on Receivables under Resale Agreements		79,599		127,923
Interest on Securities Borrowing Transactions		13,806		17,172
Interest on Due from Banks		77,294		119,839
Other Interest Income		55,624		69,662
Fiduciary Income		50,627		55,400
Fee and Commission Income		752,982		766,612
Trading Income		326,230		276,616
Other Operating Income		338,276		304,214
Other Ordinary Income		379,228		535,927
Gains on Reversal of Reserves for Possible Losses on Loans		—		159,062
Recovery of Written-off Claims		33,630		12,203
Other		345,597		364,660
Ordinary Expenses		2,555,387		2,778,677
Interest Expenses		577,737		814,988
Interest on Deposits		223,564		308,018
Interest on Negotiable Certificates of Deposit		46,054		65,532
Interest on Call Money and Bills Sold		3,234		4,995
Interest on Payables under Repurchase Agreements		120,362		230,554
Interest on Securities Lending Transactions		2,793		5,500
Interest on Commercial Paper		7,386		8,284
Interest on Borrowed Money		17,832		28,285
Interest on Short-term Bonds		238		114
Interest on Bonds and Notes		123,056		142,770
Other Interest Expenses		33,214		20,932
Fee and Commission Expenses		149,439		152,262
Trading Expenses		898		829
Other Operating Expenses		92,856		141,760
General and Administrative Expenses		1,467,221		1,488,973
Other Ordinary Expenses		267,233		179,863
Provision for Reserves for Possible Losses on Loans		61,557		—
Other		205,676		179,863

Ordinary Profits	¥	737,512	¥	782,447

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Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2017			For the fiscal year ended March 31, 2018
Extraordinary Gains	¥	58,814		¥	29,756
Gains on Disposition of Fixed Assets		2,588			3,723
Other Extraordinary Gains		56,226			26,032
Extraordinary Losses		12,134			12,250
Losses on Disposition of Fixed Assets		5,197			5,219
Losses on Impairment of Fixed Assets		6,651			6,960
Other Extraordinary Losses		285			70

Income before Income Taxes		784,193			799,953

Income Taxes:
Current		196,535			190,158
Deferred		(58,800	)		1,469

Total Income Taxes		137,735			191,627

Profit		646,457			608,326

Profit Attributable to Non-controlling Interests		42,913			31,778

Profit Attributable to Owners of Parent	¥	603,544		¥	576,547

1-8

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2017			For the fiscal year ended March 31, 2018
Profit	¥	646,457		¥	608,326
Other Comprehensive Income		(88,326	)		157,233
Net Unrealized Gains (Losses) on Other Securities		(10,965	)		102,332
Deferred Gains or Losses on Hedges		(155,158	)		(77,205	)
Revaluation Reserve for Land		(11	)		(133	)
Foreign Currency Translation Adjustments		(12,514	)		(10,949	)
Remeasurements of Defined Benefit Plans		93,588			149,473
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(3,266	)		(6,284	)

Comprehensive Income		558,131			765,559

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		519,532			734,303
Comprehensive Income Attributable to Non-controlling Interests		38,598			31,255

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2017


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962
Cumulative Effects of Changes in Accounting Policies							1,426						1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,790		1,110,164			3,199,042			(3,609	)		6,561,388
Changes during the period
Issuance of New Shares		484		484									969
Cash Dividends							(190,001	)					(190,001	)
Profit Attributable to Owners of Parent							603,544						603,544
Repurchase of Treasury Stock										(1,904	)		(1,904	)
Disposition of Treasury Stock				(55	)					663			608
Cancellation of Treasury Stock				(1	)					1			—
Transfer from Revaluation Reserve for Land							2,863						2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				23,823									23,823
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		484		24,251			416,406			(1,239	)		439,903

Balance as of the end of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,353,244
Cumulative Effects of Changes in Accounting Policies																									1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,354,670
Changes during the period
Issuance of New Shares																									969
Cash Dividends																									(190,001	)
Profit Attributable to Owners of Parent																									603,544
Repurchase of Treasury Stock																									(1,904	)
Disposition of Treasury Stock																									608
Cancellation of Treasury Stock																									—
Transfer from Revaluation Reserve for Land																									2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																									23,823
Net Changes in Items other than Shareholders’ Equity		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(521,212	)

Total Changes during the period		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(81,308	)

Balance as of the end of the period		1,289,985			10,172			145,609			(69,657	)		144,866		1,520,976			1,754			749,339			9,273,361

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2018


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291
Changes during the period
Issuance of New Shares		273		273									546
Cash Dividends							(190,360	)					(190,360	)
Profit Attributable to Owners of Parent							576,547						576,547
Repurchase of Treasury Stock										(2,431	)		(2,431	)
Disposition of Treasury Stock				(53	)					1,283			1,229
Transfer from Revaluation Reserve for Land							1,198						1,198
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				287									287
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		273		506			387,385			(1,148	)		387,017

Balance as of the end of the period		2,256,548		1,134,922			4,002,835			(5,997	)		7,388,309


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Non- Controlling Interests		Total Net Assets
Balance as of the beginning of the period		1,289,985		10,172			145,609			(69,657	)		144,866		1,520,976		1,754			749,339		9,273,361
Changes during the period
Issuance of New Shares																						546
Cash Dividends																						(190,360	)
Profit Attributable to Owners of Parent																						576,547
Repurchase of Treasury Stock																						(2,431	)
Disposition of Treasury Stock																						1,229
Transfer from Revaluation Reserve for Land																						1,198
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																						287
Net Changes in Items other than Shareholders’ Equity		102,407		(77,750	)		(1,331	)		(15,437	)		148,670		156,558		(590	)		4,899		160,867

Total Changes during the period		102,407		(77,750	)		(1,331	)		(15,437	)		148,670		156,558		(590	)		4,899		547,884

Balance as of the end of the period		1,392,392		(67,578	)		144,277			(85,094	)		293,536		1,677,534		1,163			754,239		9,821,246

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2017			For the fiscal year ended March 31, 2018
Cash Flow from Operating Activities
Income before Income Taxes	¥	784,193			¥	799,953
Depreciation		166,265				173,660
Losses on Impairment of Fixed Assets		6,651				6,960
Amortization of Goodwill		2,816				4,154
Losses (Gains) on Step Acquisition		(56,226	)			—
Equity in Loss (Gain) from Investments in Affiliates		(18,899	)			(21,474	)
Increase (Decrease) in Reserves for Possible Losses on Loans		57,472				(194,197	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		31				777
Increase (Decrease) in Reserve for Contingencies		(254	)			207
Increase (Decrease) in Reserve for Bonus Payments		5,809				(18	)
Increase (Decrease) in Reserve for Variable Compensation		182				223
Decrease (Increase) in Net Defined Benefit Asset		(17,677	)			(24,803	)
Increase (Decrease) in Net Defined Benefit Liability		3,740				3,756
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(358	)			175
Increase (Decrease) in Reserve for Reimbursement of Deposits		2,917				939
Increase (Decrease) in Reserve for Reimbursement of Debentures		(6,524	)			(1,959	)
Interest Income—accrual basis		(1,445,555	)			(1,622,354	)
Interest Expenses—accrual basis		577,737				814,988
Losses (Gains) on Securities		(357,710	)			(263,312	)
Losses (Gains) on Money Held in Trust		292				(139	)
Foreign Exchange Losses (Gains)—net		107,847				229,892
Losses (Gains) on Disposition of Fixed Assets		2,608				1,495
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		—				(26,032	)
Decrease (Increase) in Trading Assets		2,426,324				(132,951	)
Increase (Decrease) in Trading Liabilities		(2,142,414	)			154,664
Decrease (Increase) in Derivatives other than for Trading Assets		946,548				354,027
Increase (Decrease) in Derivatives other than for Trading Liabilities		(748,426	)			(260,185	)
Decrease (Increase) in Loans and Bills Discounted		(5,192,399	)			(1,431,302	)
Increase (Decrease) in Deposits		15,000,099				5,305,719
Increase (Decrease) in Negotiable Certificates of Deposit		(919,375	)			865,593
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		(1,139,322	)			(1,371,484	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(416,740	)			(9,678	)
Decrease (Increase) in Call Loans, etc.		(1,333,261	)			1,030,590
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		57,338				(1,000,475	)
Increase (Decrease) in Call Money, etc.		152,026				122,103
Increase (Decrease) in Commercial Paper		(216,041	)			(37,576	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(929,671	)			(112,466	)
Decrease (Increase) in Foreign Exchange Assets		(410,914	)			(141,992	)
Increase (Decrease) in Foreign Exchange Liabilities		33,814				(80,565	)
Increase (Decrease) in Short-term Bonds (Liabilities)		(422,033	)			135,837
Increase (Decrease) in Bonds and Notes		745,704				(411,073	)
Increase (Decrease) in Due to Trust Accounts		(283,413	)			(50,946	)
Interest and Dividend Income—cash basis		1,454,769				1,602,227
Interest Expenses—cash basis		(553,494	)			(797,725	)
Other—net		(987,540	)			(475,640	)

Subtotal		4,936,937				3,139,593

Cash Refunded (Paid) in Income Taxes		(246,806	)			(172,892	)

Net Cash Provided by (Used in) Operating Activities		4,690,131				2,966,701

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2017			For the fiscal year ended March 31, 2018
Cash Flow from Investing Activities
Payments for Purchase of Securities		(46,111,207	)			(60,973,137	)
Proceeds from Sale of Securities		41,930,689				42,292,827
Proceeds from Redemption of Securities		10,419,553				16,679,426
Payments for Increase in Money Held in Trust		(88,905	)			(155,042	)
Proceeds from Decrease in Money Held in Trust		28,521				61,626
Payments for Purchase of Tangible Fixed Assets		(105,634	)			(57,974	)
Payments for Purchase of Intangible Fixed Assets		(285,561	)			(181,647	)
Proceeds from Sale of Tangible Fixed Assets		8,932				16,385
Proceeds from Sale of Intangible Fixed Assets		2				0
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)		—				1,337

Net Cash Provided by (Used in) Investing Activities		5,796,391				(2,316,197	)

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		25,000				35,000
Repayments of Subordinated Borrowed Money		(80,000	)			(69,000	)
Proceeds from Issuance of Subordinated Bonds		795,000				574,000
Payments for Redemption of Subordinated Bonds		(76,000	)			(172,600	)
Proceeds from Issuance of Common Stock		6				3
Proceeds from Investments by Non-controlling Shareholders		3,322				1,450
Repayments to Non-controlling Shareholders		(467,320	)			(1,065	)
Cash Dividends Paid		(190,031	)			(190,382	)
Cash Dividends Paid to Non-controlling Shareholders		(31,168	)			(25,832	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		(216	)			—
Payments for Repurchase of Treasury Stock		(1,434	)			(1,611	)
Proceeds from Sale of Treasury Stock		0				0
Payments for Repurchase of Treasury Stock of Subsidiaries		(1,695	)			—

Net Cash Provided by (Used in) Financing Activities		(24,537	)			149,962

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(27,645	)			10,203

Net Increase (Decrease) in Cash and Cash Equivalents		10,434,339				810,670

Cash and Cash Equivalents at the beginning of the fiscal year		35,089,122				45,523,663
Net Increase (Decrease) in Cash and Cash Equivalents from Merger of Consolidated Subsidiaries		201				—

Cash and Cash Equivalents at the end of the fiscal year	¥	45,523,663			¥	46,334,334

1-13

Mizuho Financial Group, Inc.

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

1-14

Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs. Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

The services that each in-house company is in charge of are as follows:

Retail & Business Banking Company:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

Corporate & Institutional Company:

Services for large corporations, financial institutions and public corporations in Japan

Global Corporate Company:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

Global Markets Company:

Investment services with respect to interest rates, equities and credits, etc., and other services

Asset Management Company:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

2. Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts), Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans), and the amount of Assets by reportable segment

The following information of reportable segment is based on internal management reporting:

Gross profits (excluding the amounts of credit costs of trust accounts) is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, and Other Operating Income.

Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) is the amount of which General and administrative expenses (excluding non-recurring expenses), Equity in income from investments in affiliates, and Others (consolidation adjustments) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts).

Asset information by segment is not prepared on the grounds that management does not use asset information of each segment for the purpose of asset allocation or performance evaluation.

Gross profits (excluding the amounts of credit costs of trust accounts) relating to transactions between segments is based on the current market prices.

1-15

Mizuho Financial Group, Inc.

3. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) by reportable segment


	*Millions of yen*
	MHFG (Consolidated)
	Retail & Business Banking Company		Corporate & Institutional Company		Global Corporate Company		Global Markets Company		Asset Management Company		Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts)		726,200		433,000		352,600		381,700		50,200		(28,342	)	1,915,357
General and administrative expenses (excluding Non-Recurring Losses)		723,300		197,700		254,800		200,900		27,600		53,822		1,458,122
Equity in income from investments in affiliates		12,700		1,000		2,400		—		3,100		2,274		21,474
Others		—		—		—		—		—		(20,888	)	(20,888	)
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		15,600		236,300		100,200		180,800		25,700		(100,779	)	457,820


(Notes) 1.		Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.

2.		“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.

1-16

Mizuho Financial Group, Inc.

4. The difference between the total amounts of reportable segments and the recorded amounts in the Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) derived from internal management reporting by reportable segment are different from the amounts recorded in the Consolidated Statement of Income.

The contents of the difference for the period are as follows:

(1)	The total of Gross profits (excluding the amounts of credit costs of trust accounts) of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income


	*Millions of yen*
	Amount
Gross profits (excluding the amounts of credit costs of trust accounts)		1,915,357
Other Ordinary Income		535,927
General and Administrative Expenses		(1,488,973	)
Other Ordinary Expenses		(179,863	)

Ordinary Profits recorded in Consolidated Statement of Income		782,447

(2)	The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income


	*Millions of yen*
	Amount
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		457,820
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		(30,851	)
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(17,014	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		173,327
Net Gains (Losses) related to Stocks		272,035
Net Extraordinary Gains (Losses)		17,506
Others		(72,870	)

Income before Income Taxes recorded in Consolidated Statement of Income		799,953

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


		Fiscal 2016		Fiscal 2017
Net Assets per Share of Common Stock		¥	335.96	¥	357.41
Net Income per Share of Common Stock		¥	23.86	¥	22.72
Diluted Net Income per Share of Common Stock		¥	23.78	¥	22.72

1. Total Net Assets per Share of Common Stock is based on the following information:
		Fiscal 2016		Fiscal 2017
Net Assets per Share of Common Stock
Total Net Assets	¥ million		9,273,361		9,821,246
Deductions from Total Net Assets	¥ million		751,093		755,403
Stock Acquisition Rights	¥ million		1,754		1,163
Non-Controlling Interests	¥ million		749,339		754,239
Net Assets (year-end) related to Common Stock	¥ million		8,522,268		9,065,843
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		25,366,315		25,364,815

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:
		Fiscal 2016		Fiscal 2017
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥ million		603,544		576,547
Amount not attributable to Common Stock	¥ million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥ million		603,544		576,547
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		25,285,898		25,366,345

Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥ million		—		—
Increased Number of Shares of Common Stock	Thousands of shares		94,403		7,585
Preferred Stock	Thousands of shares		82,993		—
Stock Acquisition Rights	Thousands of shares		11,409		7,585
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects			—		—

3. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2017 and 2018. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2017 and 2018 are 9,000 thousand and 13,319 thousand, respectively. In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2017 and 2018 are 6,000 thousand and 11,815 thousand, respectively.

(Subsequent Events)

There is no applicable information.

1-18

SELECTED FINANCIAL INFORMATION

For Fiscal 2017

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


I. FINANCIAL DATA FOR FISCAL 2017	*See above Notes*		*Page*

1. Income Analysis	CON	NON		2- 1

2. Interest Margins (Domestic Operations)	NON			2- 5

3. Use and Source of Funds	NON			2- 6

4. Net Gains/Losses on Securities	CON	NON		2- 7

5. Unrealized Gains/Losses on Securities	CON	NON		2- 9

6. Projected Redemption Amounts for Securities	NON			2- 11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting	NON			2- 12

8. Employee Retirement Benefits	NON	CON		2- 13

9. Capital Ratio	CON	NON		2- 15

II. REVIEW OF CREDITS	*See above Notes*		*Page*

1. Status of Non-Accrual, Past Due & Restructured Loans	CON	NON		2- 16

2. Status of Reserves for Possible Losses on Loans	CON	NON		2- 18

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans	CON	NON		2- 19

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)	CON	NON		2- 20

5. Coverage on Disclosed Claims under the FRA	NON			2- 22

6. Overview of Non-Performing Loans(“NPLs”)	NON			2- 24

7. Results of Removal of NPLs from the Balance Sheet	NON			2- 25

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry	NON			2- 26

(2) Disclosed Claims under the FRA and Coverage Ratio by Industry	NON			2- 28

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

(1) Balance of Housing and Consumer Loans	NON			2- 29

(2) Loans to SMEs and Individual Customers	NON			2- 29

10. Status of Loans by Region	NON			2- 30

III. DEFERRED TAXES	*See above Notes*		*Page*

1. Estimation for Calculating Deferred Tax Assets	NON			2- 31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2- 33

2. Number of Directors and Employees

2- 34

3. Number of Offices

2- 34

4. Earnings Plan for Fiscal 2018

CON

NON

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Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 36

Comparison of Non-Consolidated Statements of Income (selected items)

2- 37

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 38

Comparison of Non-Consolidated Statements of Income (selected items)

2- 39

Statement of Trust Assets and Liabilities

2- 40

Comparison of Balances of Principal Items

2- 41

Mizuho Securities Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 42

Comparison of Non-Consolidated Statements of Income (selected items)

2- 43

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 28, 2017, 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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2017

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2017
					Change			Fiscal 2016
Consolidated Gross Profits	1		1,915,357			(177,382	)	2,092,740
Net Interest Income	2		807,366			(60,451	)	867,818
Fiduciary Income	3		55,400			4,772		50,627
Credit Costs for Trust Accounts	4		—			—		—
Net Fee and Commission Income	5		614,349			10,807		603,542
Net Trading Income	6		275,786			(49,545	)	325,332
Net Other Operating Income	7		162,454			(82,965	)	245,419
General and Administrative Expenses	8		(1,488,973	)		(21,752	)	(1,467,221)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(17,014	)		63,187		(80,201)
Losses on Write-offs of Loans	10		*(15,542*	)		285		(15,827)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		173,327			140,665		32,662
Net Gains (Losses) related to Stocks	12		272,035			29,890		242,145
Equity in Income from Investments in Affiliates	13		21,474			2,575		18,899
Other	14		(93,759	)		7,751		(101,510)

Ordinary Profits	15		782,447			44,934		737,512

Net Extraordinary Gains (Losses)	16		17,506			(29,174	)	46,680
Income before Income Taxes	17		799,953			15,760		784,193
Income Taxes - Current	18		(190,158	)		6,377		(196,535)
- Deferred	19		(1,469	)		(60,269	)	58,800
Profit	20		608,326			(38,131	)	646,457
Profit Attributable to Non-controlling Interests	21		(31,778	)		11,134		(42,913)

Profit Attributable to Owners of Parent	22		576,547			(26,997	)	603,544


Credit-related Costs (including Credit Costs for Trust Accounts)	23		156,313			203,852		(47,539)
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	24		457,820			(205,595	)	663,416
* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	25		124			(15	)	139
Number of affiliates under the equity method	26		19			1		18

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2017												Fiscal 2016
		MHBK			MHTB			Aggregate Figures			Change			Fiscal 2016
Gross Profits	1		1,178,840			114,510			1,293,350			(148,124	)		1,441,475
Domestic Gross Profits	2		770,499			111,210			881,709			(80,870	)		962,580
Net Interest Income	3		472,597			22,383			494,980			(46,384	)		541,365
Fiduciary Income	4					54,819			54,819			4,743			50,075
Trust Fees for Jointly Operated Designated Money Trust	5					*3,531*			*3,531*			283			3,248
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		249,080			35,130			284,211			15,879			268,331
Net Trading Income	8		26,558			(333	)		26,224			(11,282	)		37,506
Net Other Operating Income	9		22,262			(788	)		21,474			(43,827	)		65,301
International Gross Profits	10		408,340			3,300			411,640			(67,253	)		478,894
Net Interest Income	11		205,052			8,696			213,749			5,769			207,980
Net Fee and Commission Income	12		121,608			(798	)		120,809			(18,446	)		139,256
Net Trading Income	13		29,503			1,228			30,731			(13,352	)		44,084
Net Other Operating Income	14		52,176			(5,825	)		46,350			(41,224	)		87,574
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(882,428	)		(82,349	)		(964,777	)		(17,618	)		(947,159	)
Expense Ratio	16		*74.8*	%		*71.9*	%		*74.5*	%		8.8	%		65.7	%
Personnel Expenses	17		(337,331	)		(39,565	)		(376,896	)		(18,978	)		(357,918	)
Non-Personnel Expenses	18		(489,659	)		(39,400	)		(529,060	)		377			(529,437	)
Premium for Deposit Insurance	19		*(31,533*	)		*(1,372*	)		*(32,906*	)		669			(33,576	)
Miscellaneous Taxes	20		(55,437	)		(3,382	)		(58,820	)		982			(59,803	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		296,411			32,161			328,573			(165,742	)		494,316
Excluding Net Gains (Losses) related to Bonds	22		*310,286*			*38,695*			*348,982*			(48,773	)		397,756

Reversal of (Provision for) General Reserve for Losses on Loans	23		—			—			—			45,148			(45,148	)

Net Business Profits	24		296,411			32,161			328,573			(120,594	)		449,167
Net Gains (Losses) related to Bonds	25		*(13,875*	)		*(6,533*	)		*(20,409*	)		(116,969	)		96,560

Net Non-Recurring Gains (Losses)	26		262,726			25,205			287,931			214,224			73,707
Net Gains (Losses) related to Stocks	27		237,047			29,300			266,347			55,841			210,506
Expenses related to Portfolio Problems	28		(14,596	)		(1	)		(14,597	)		21,483			(36,081	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		164,921			2,929			167,851			135,941			31,909
Other	30		(124,646	)		(7,023	)		(131,669	)		957			(132,627	)

Ordinary Profits	31		559,137			57,366			616,504			93,629			522,875

Net Extraordinary Gains (Losses)	32		23,771			(757	)		23,013			29,581			(6,568	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(2,025*	)		*106*			*(1,919*	)		(54	)		(1,864	)
Losses on Impairment of Fixed Assets	34		*(3,199*	)		*(864*	)		*(4,063*	)		639			(4,703	)
Gains on Cancellation of Employee Retirement Benefit Trust	35		*26,032*			—			*26,032*			26,032			—
Income before Income Taxes	36		582,908			56,609			639,518			123,211			516,306
Income Taxes - Current	37		(135,348	)		(13,097	)		(148,445	)		(2,171	)		(146,273	)
- Deferred	38		1,332			761			2,093			(15,922	)		18,016

Net Income	39		448,893			44,272			493,165			105,116			388,049

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].



Credit-related Costs	40	150,325	2,927	153,253	202,573	(49,320	)

* Credit-related Costs [40] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + Credit Costs for Trust Accounts [6]



(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41			—		—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	42	136,412		2,855		139,268		183,876		(44,608	)
Losses on Write-offs of Loans	43	(1,991	)	(1	)	(1,993	)	(21,151	)	19,158
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44	18,506		73		18,580		38,404		(19,824	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45	1		0		1		(8	)	10
Reversal of (Provision for) Reserve for Contingencies	46	(4	)	—		(4	)	(542	)	538
Other (including Losses on Sales of Loans)	47	(2,599	)	—		(2,599	)	1,995		(4,595	)
Total	48	150,325		2,927		153,253		202,573		(49,320	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2017						Fiscal 2016
					Change
Gross Profits	1		1,178,840			(141,536	)		1,320,376
Domestic Gross Profits	2		770,499			(77,922	)		848,421
Net Interest Income	3		472,597			(44,662	)		517,259
Net Fee and Commission Income	4		249,080			13,067			236,012
Net Trading Income	5		26,558			(7,196	)		33,754
Net Other Operating Income	6		22,262			(39,131	)		61,393
International Gross Profits	7		408,340			(63,614	)		471,955
Net Interest Income	8		205,052			2,553			202,499
Net Fee and Commission Income	9		121,608			(18,637	)		140,245
Net Trading Income	10		29,503			(17,151	)		46,654
Net Other Operating Income	11		52,176			(30,379	)		82,555
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(882,428	)		(15,881	)		(866,546	)
Expense Ratio	13		*74.8*	%		9.2	%		65.6	%
Personnel Expenses	14		(337,331	)		(16,989	)		(320,341	)
Non-Personnel Expenses	15		(489,659	)		561			(490,220	)
Premium for Deposit Insurance	16		*(31,533*	)		626			(32,159	)
Miscellaneous Taxes	17		(55,437	)		546			(55,984	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		296,411			(157,418	)		453,830
Excluding Net Gains (Losses) related to Bonds	19		*310,286*			(56,078	)		366,365

Reversal of (Provision for) General Reserve for Losses on Loans	20		—			45,148			(45,148	)
Net Business Profits	21		296,411			(112,270	)		408,681
Net Gains (Losses) related to Bonds	22		*(13,875*	)		(101,340	)		87,465

Net Non-Recurring Gains (Losses)	23		262,726			211,608			51,117
Net Gains (Losses) related to Stocks	24		237,047			56,783			180,263
Expenses related to Portfolio Problems	25		(14,596	)		21,482			(36,079	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		164,921			133,869			31,052
Other	27		(124,646	)		(527	)		(124,119	)

Ordinary Profits	28		559,137			99,338			459,799

Net Extraordinary Gains (Losses)	29		23,771			28,616			(4,845	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(2,025*	)		(400	)		(1,625	)
Losses on Impairment of Fixed Assets	31		*(3,199*	)		20			(3,219	)
Gains on Cancellation of Employee Retirement Benefit Trust	32		*26,032*			26,032			—
Income before Income Taxes	33		582,908			127,954			454,954
Income Taxes - Current	34		(135,348	)		(5,862	)		(129,486	)
- Deferred	35		1,332			(15,766	)		17,098

Net Income	36		448,893			106,326			342,566


Credit-related Costs	37		150,325			200,500			(50,175	)


* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Losses on Loans [20] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [26]


(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	38	136,412		181,560		(45,148	)
Losses on Write-offs of Loans	39	(1,991	)	(21,152	)	19,160
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40	18,506		38,647		(20,141	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41	1		(8	)	10
Reversal of (Provision for) Reserve for Contingencies	42	(4	)	(542	)	538
Other (including Losses on Sales of Loans)	43	(2,599	)	1,995		(4,595	)
Total	44	150,325		200,500		(50,175	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2017						Fiscal 2016
					Change
Gross Profits	1		114,510			(6,587	)		121,098
Domestic Gross Profits	2		111,210			(2,948	)		114,159
Net Interest Income	3		22,383			(1,721	)		24,105
Fiduciary Income	4		54,819			4,743			50,075
Trust Fees for Jointly Operated Designated Money Trust	5		*3,531*			283			3,248
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		35,130			2,811			32,318
Net Trading Income	8		(333	)		(4,085	)		3,751
Net Other Operating Income	9		(788	)		(4,696	)		3,907
International Gross Profits	10		3,300			(3,639	)		6,939
Net Interest Income	11		8,696			3,216			5,480
Net Fee and Commission Income	12		(798	)		190			(989	)
Net Trading Income	13		1,228			3,798			(2,570	)
Net Other Operating Income	14		(5,825	)		(10,844	)		5,018
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(82,349	)		(1,736	)		(80,612	)
Expense Ratio	16		*71.9*	%		5.3	%		66.5	%
Personnel Expenses	17		(39,565	)		(1,988	)		(37,577	)
Non-Personnel Expenses	18		(39,400	)		(183	)		(39,216	)
Premium for Deposit Insurance	19		*(1,372*	)		43			(1,416	)
Miscellaneous Taxes	20		(3,382	)		435			(3,818	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		32,161			(8,324	)		40,485
Excluding Net Gains (Losses) related to Bonds	22		*38,695*			7,304			31,390

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

Net Business Profits	24		32,161			(8,324	)		40,485
Net Gains (Losses) related to Bonds	25		*(6,533*	)		(15,628	)		9,095

Net Non-Recurring Gains (Losses)	26		25,205			2,615			22,589
Net Gains (Losses) related to Stocks	27		29,300			(942	)		30,243
Expenses related to Portfolio Problems	28		(1	)		0			(2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		2,929			2,072			856
Other	30		(7,023	)		1,484			(8,508	)

Ordinary Profits	31		57,366			(5,708	)		63,075

Net Extraordinary Gains (Losses)	32		(757	)		965			(1,722	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*106*			345			(239	)
Losses on Impairment of Fixed Assets	34		*(864*	)		619			(1,483	)
Income before Income Taxes	35		56,609			(4,743	)		61,352
Income Taxes - Current	36		(13,097	)		3,690			(16,787	)
- Deferred	37		761			(156	)		917

Net Income	38		44,272			(1,210	)		45,482

* Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].

Credit-related Costs	39		2,927			2,073			854

* Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Losses on Loans [23] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [29] + Credit Costs for Trust Accounts [6]


(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40	—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	41	2,855		2,315		540
Losses on Write-offs of Loans	42	(1	)	0		(2	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	73		(243	)	316
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	0		0		0
Reversal of (Provision for) Reserve for Contingencies	45	—		—		—
Other (including Losses on Sales of Loans)	46	—		—		—
Total	47	2,927		2,073		854

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			Fiscal 2017						Fiscal 2016
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.51			(0.05	)		0.56
Return on Loans and Bills Discounted *1		2		0.82			(0.04	)		0.87
Return on Securities		3		0.42			(0.08	)		0.51
Cost of Funding (including Expenses)		4		0.73			0.00			0.73
Cost of Deposits (including Expenses)		5		0.76			(0.02	)		0.79
Cost of Deposits 2*		6		*0.00*			(0.00	)		0.00
Cost of Other External Liabilities		7		0.36			0.14			0.21

Net Interest Margin	(1)-(4)	8		(0.22	)		(0.05	)		(0.17	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.06			(0.02	)		0.08
Loan and Deposit Rate Margin	(2)-(6)	10		0.82			(0.04	)		0.86

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include Negotiable Certificates of Deposit (“NCDs”).

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.87			(0.06	)		0.94
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.10			(0.04	)		0.14
Loan and Deposit Rate Margin	(11)-(6)	13		0.86			(0.06	)		0.93

			(%)
			Fiscal 2017						Fiscal 2016
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.48			(0.00	)		0.49
Return on Loans and Bills Discounted *1		15		0.64			(0.03	)		0.67
Return on Securities		16		0.99			0.20			0.78
Cost of Funding		17		0.09			0.00			0.09
Cost of Deposits *2		18		0.02			(0.00	)		0.03

Net Interest Margin	(14)-(17)	19		0.39			(0.01	)		0.40
Loan and Deposit Rate Margin	(15)-(18)	20		0.61			(0.02	)		0.64

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include NCDs.

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.68			(0.04	)		0.73
Loan and Deposit Rate Margin	(21)-(18)	22		0.65			(0.04	)		0.69



(Reference)			(%)
			Fiscal 2017						Fiscal 2016
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted *1		23		0.81			(0.04	)		0.86
Cost of Deposits *2		24		0.00			(0.00	)		0.00
Loan and Deposit Rate Margin	(23)-(24)	25		0.81			(0.04	)		0.85
*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include NCDs.

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.86			(0.06	)		0.92
Loan and Deposit Rate Margin	(26)-(24)	27		0.85			(0.06	)		0.91

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

Fiscal 2017

Fiscal 2016

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

147,185,582

0.90

2,540,309

0.07

144,645,273

0.83

Loans and Bills Discounted

70,263,089

1.25

(685,059

)

0.09

70,948,149

1.15

Securities

31,936,522

0.82

677,215

0.00

31,259,306

0.82

Source of Funds

146,158,282

0.44

2,012,548

0.10

144,145,734

0.33

Deposits

109,849,336

0.25

4,378,766

0.06

105,470,570

0.18

NCDs

11,247,266

0.57

568,217

0.15

10,679,049

0.41

(Domestic Operations)

Use of Funds

102,288,361

0.51

1,694,490

(0.05

)

100,593,870

0.56

Loans and Bills Discounted

46,264,657

0.81

(275,520

)

(0.04

)

46,540,177

0.86

Securities

20,057,409

0.42

789,646

(0.08

)

19,267,763

0.51

Source of Funds

101,252,229

0.04

1,325,922

(0.00

)

99,926,307

0.04

Deposits

85,817,590

0.00

3,899,783

(0.00

)

81,917,806

0.00

NCDs

5,868,090

0.00

(35,327

)

(0.00

)

5,903,418

0.01

(International Operations)

Use of Funds

47,784,837

1.75

(24,682

)

0.37

47,809,520

1.38

Loans and Bills Discounted

23,998,432

2.09

(409,539

)

0.38

24,407,971

1.71

Securities

11,879,112

1.50

(112,430

)

0.19

11,991,543

1.31

Source of Funds

47,793,668

1.32

(183,875

)

0.37

47,977,543

0.95

Deposits

24,031,746

1.12

478,982

0.32

23,552,763

0.79

NCDs

5,379,176

1.20

603,545

0.27

4,775,630

0.92

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

Fiscal 2017

Fiscal 2016

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,335,217

0.68

(206,992

)

0.08

6,542,210

0.60

Loans and Bills Discounted

3,357,370

0.75

(82,821

)

0.00

3,440,191

0.75

Securities

1,022,248

1.34

(172,839

)

0.31

1,195,088

1.02

Source of Funds

6,594,263

0.19

(3,343

)

0.03

6,597,607

0.15

Deposits

3,420,709

0.03

221,563

(0.00

)

3,199,146

0.03

NCDs

314,956

0.01

27,560

(0.01

)

287,396

0.02

(Domestic Operations)

Use of Funds

5,800,727

0.48

(206,246

)

(0.00

)

6,006,974

0.49

Loans and Bills Discounted

3,107,932

0.64

(103,363

)

(0.03

)

3,211,295

0.67

Securities

678,513

0.99

(122,307

)

0.20

800,821

0.78

Source of Funds

6,046,848

0.09

4,762

0.00

6,042,086

0.09

Deposits

3,411,941

0.02

232,713

(0.00

)

3,179,228

0.03

NCDs

314,956

0.01

27,560

(0.01

)

287,396

0.02

(International Operations)

Use of Funds

621,380

2.55

(36,411

)

1.01

657,792

1.53

Loans and Bills Discounted

249,437

2.18

20,541

0.37

228,896

1.80

Securities

343,735

2.02

(50,531

)

0.51

394,267

1.50

Source of Funds

634,305

1.13

(43,771

)

0.44

678,076

0.68

Deposits

8,768

0.95

(11,149

)

0.14

19,918

0.80

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Bonds		(20,773	)		(118,590	)		97,817
Gains on Sales and Others		70,926			(79,799	)		150,725
Losses on Sales and Others		(88,772	)		(40,755	)		(48,016	)
Impairment (Devaluation)		(2,045	)		(795	)		(1,250	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(881	)		2,759			(3,641	)

	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Stocks		272,035			29,890			242,145
Gains on Sales		316,471			20,619			295,851
Losses on Sales		(28,092	)		6,625			(34,718	)
Impairment (Devaluation)		(5,174	)		(293	)		(4,881	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(11,169	)		2,937			(14,106	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Bonds		(20,409	)		(116,969	)		96,560
Gains on Sales and Others		71,345			(78,699	)		150,045
Losses on Sales and Others		(89,827	)		(41,221	)		(48,606	)
Impairment (Devaluation)		(1,045	)		191			(1,237	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(881	)		2,759			(3,641	)

	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Stocks		266,347			55,841			210,506
Gains on Sales		308,066			44,835			263,230
Losses on Sales		(26,710	)		8,588			(35,299	)
Impairment (Devaluation)		(3,519	)		(201	)		(3,317	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(319	)		(319	)		—
Gains (Losses) on Derivatives other than for Trading		(11,169	)		2,937			(14,106	)

2-7

Mizuho Financial Group, Inc.


Mizuho Bank	*(Millions of yen)*
	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Bonds		(13,875	)		(101,340	)		87,465
Gains on Sales and Others		67,247			(68,859	)		136,106
Losses on Sales and Others		(79,496	)		(36,258	)		(43,237	)
Impairment (Devaluation)		(1,045	)		191			(1,237	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(580	)		3,585			(4,166	)

	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Stocks		237,047			56,783			180,263
Gains on Sales		278,402			45,815			232,587
Losses on Sales		(25,197	)		10,009			(35,207	)
Impairment (Devaluation)		(3,460	)		(143	)		(3,316	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(319	)		(319	)		—
Gains (Losses) on Derivatives other than for Trading		(12,378	)		1,422			(13,801	)

Mizuho Trust & Banking	*(Millions of yen)*
	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Bonds		(6,533	)		(15,628	)		9,095
Gains on Sales and Others		4,098			(9,840	)		13,938
Losses on Sales and Others		(10,331	)		(4,962	)		(5,368	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(300	)		(826	)		525

	Fiscal 2017						Fiscal 2016
				Change
Net Gains (Losses) related to Stocks		29,300			(942	)		30,243
Gains on Sales		29,663			(979	)		30,643
Losses on Sales		(1,513	)		(1,421	)		(92	)
Impairment (Devaluation)		(59	)		(58	)		(1	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		1,209			1,515			(305	)

2-8

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of March 31, 2018

As of March 31, 2017

Book Value
(=Fair Value)

Unrealized Gains/Losses

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

31,581,138

1,954,226

2,258,682

304,455

28,480,731

1,819,224

2,103,788

284,563

Japanese Stocks

3,582,240

2,017,372

2,050,964

33,592

3,542,046

1,854,458

1,898,288

43,830

Japanese Bonds

16,535,604

5,411

37,822

32,411

13,245,155

21,181

55,861

34,680

Japanese Government Bonds

13,332,094

616

10,257

9,640

10,264,329

8,716

25,253

16,537

Other

11,463,293

(68,557

)

169,894

238,451

11,693,530

(56,415

)

149,638

206,053

Foreign Bonds

8,329,141

(166,095

)

11,647

177,743

8,955,436

(144,305

)

13,044

157,349

* In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.

* Unrealized Gains/Losses include ¥28,273 million and ¥34,372 million, which were recognized in the statement of income for March 31, 2018 and March 31, 2017, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2018 and March 31, 2017 are ¥1,925,952 million and ¥1,784,852 million, respectively.

* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2018 and March 31, 2017 are ¥1,392,392 million and ¥1,289,985 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of March 31, 2018

As of March 31, 2017

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

2,515,830

6,016

24,472

18,455

3,815,674

31,043

37,312

6,268

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2018

As of March 31, 2017

Book Value
(=Fair Value)

Unrealized Gains/Losses

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

30,460,639

1,742,560

2,048,445

305,884

27,453,958

1,652,109

1,936,473

284,363

Japanese Stocks

3,487,425

1,929,319

1,966,186

36,866

3,462,146

1,782,436

1,828,728

46,291

Japanese Bonds

16,248,134

5,544

37,804

32,260

13,045,167

21,132

55,786

34,654

Japanese Government Bonds

13,309,191

611

10,246

9,634

10,264,086

8,702

25,240

16,537

Other

10,725,080

(192,303

)

44,454

236,757

10,946,644

(151,459

)

51,958

203,417

Foreign Bonds

8,029,279

(165,125

)

10,979

176,105

8,627,307

(144,308

)

11,822

156,130

Mizuho Bank

Other Securities

29,418,125

1,617,868

1,909,248

291,380

26,246,114

1,533,704

1,802,923

269,218

Japanese Stocks

3,260,188

1,800,836

1,834,258

33,422

3,230,939

1,658,138

1,701,579

43,440

Japanese Bonds

15,784,809

4,483

36,164

31,680

12,477,799

21,706

54,763

33,056

Japanese Government Bonds

12,918,767

9,164

9,095

9,765,995

9,625

24,638

15,013

Other

10,373,126

(187,451

)

38,825

226,276

10,537,375

(146,141

)

46,580

192,721

Foreign Bonds

7,870,983

(159,166

)

10,781

169,948

8,363,660

(135,961

)

11,540

147,502

Mizuho Trust & Banking

Other Securities

1,042,514

124,692

139,196

14,504

1,207,844

118,405

133,549

15,144

Japanese Stocks

227,236

128,483

131,928

3,444

231,207

124,297

127,149

2,851

Japanese Bonds

463,324

1,060

1,639

579

567,367

(574

)

1,022

1,597

Japanese Government Bonds

390,424

542

1,081

539

498,091

(922

)

601

1,523

Other

351,953

(4,851

)

5,629

10,480

409,269

(5,318

)

5,377

10,695

Foreign Bonds

158,295

(5,959

)

198

6,157

263,646

(8,346

)

281

8,628

*	In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Other Debt Purchased” are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.

*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.

Unrealized Gains/Losses include ¥28,273 million and ¥34,372 million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2018 and March 31, 2017, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of March 31, 2018 and March 31, 2017 are ¥1,714,286 million and ¥1,617,737 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 30, 2018 and March 31, 2017 are as follows:


	*(Millions of yen)*
	As of March 31, 2018		As of March 31, 2017
Aggregate Figures		1,258,468		1,195,997
Mizuho Bank		1,159,210		1,099,468
Mizuho Trust & Banking		99,258		96,529

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2018								As of March 31, 2017
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		2,515,830		6,016		24,472		18,455		3,815,674		31,043		37,312		6,268
Mizuho Bank		2,515,830		6,016		24,472		18,455		3,815,674		31,043		37,312		6,268
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks



	*(Millions of yen)*
	As of March 31, 2018								As of March 31, 2017
			Unrealized Gains/Losses								Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses
Aggregate Figures		108,663		216,069		218,407		2,338		108,663		168,153		168,949		795
Mizuho Bank		108,663		216,069		218,407		2,338		108,663		168,153		168,949		795
Mizuho Trust & Banking		—		—		—		—		—		—		—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amount is as follows:

Consolidated

(Millions of yen)

As of March 31, 2018

As of
March 31,
2017

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,925,952

141,100

1,784,852

Japanese Stocks

1,984,272

145,563

1,838,708

Japanese Bonds

5,411

(15,769

)

21,181

Japanese Government Bonds

616

(8,099

)

8,716

Other

(63,731

)

11,306

(75,037

)

Foreign Bonds

(161,269

)

1,658

(162,927

)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2018

As of
March 31,
2017

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,714,286

96,549

1,617,737

Japanese Stocks

1,896,219

129,532

1,766,687

Japanese Bonds

5,544

(15,587

)

21,132

Japanese Government Bonds

611

(8,091

)

8,702

Other

(187,477

)

(17,395

)

(170,081

)

Foreign Bonds

(160,299

)

2,631

(162,931

)

2-10

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

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

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of March 31, 2018								Change												Maturity as of March 31, 2017
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		7,539.0		6,913.5		2,731.3		895.0		2,816.7			(1,114.3	)		230.2			134.0			4,722.2		8,027.9		2,501.0		761.0
Japanese Government Bonds		7,098.6		5,728.2		2,230.0		100.0		2,854.0			(1,269.4	)		211.9			100.0			4,244.6		6,997.6		2,018.1		—
Japanese Local Government Bonds		31.9		117.7		81.1		4.4		(9.3	)		16.7			(54.3	)		3.8			41.3		101.0		135.5		0.5
Japanese Corporate Bonds		408.3		1,067.6		420.1		790.6		(27.8	)		138.2			72.7			30.1			436.2		929.3		347.4		760.4
Other		2,894.1		1,875.8		1,993.6		2,275.6		(118.0	)		357.2			(721.3	)		(309.1	)		3,012.2		1,518.5		2,714.9		2,584.7

Mizuho Bank

Japanese Bonds		7,388.6		6,652.7		2,684.5		895.0		2,763.3			(1,005.7	)		280.7			134.0			4,625.3		7,658.5		2,403.7		761.0
Japanese Government Bonds		6,949.0		5,512.2		2,210.0		100.0		2,794.1			(1,160.4	)		271.9			100.0			4,154.9		6,672.6		1,938.1		—
Japanese Local Government Bonds		31.7		116.2		81.1		4.4		(9.5	)		18.0			(54.3	)		3.8			41.3		98.2		135.5		0.5
Japanese Corporate Bonds		407.8		1,024.2		393.3		790.6		(21.2	)		136.5			63.2			30.1			429.0		887.7		330.1		760.4
Other		2,892.3		1,858.6		1,877.1		2,239.0		(119.2	)		374.2			(651.4	)		(290.9	)		3,011.5		1,484.3		2,528.5		2,530.0

Mizuho Trust & Banking

Japanese Bonds		150.3		260.8		46.8		—		53.4			(108.5	)		(50.4	)		—			96.9		369.4		97.2		—
Japanese Government Bonds		149.6		216.0		20.0		—		59.9			(109.0	)		(60.0	)		—			89.7		325.0		80.0		—
Japanese Local Government Bonds		0.1		1.4		—		—		0.1			(1.3	)		—			—			—		2.8		—		—
Japanese Corporate Bonds		0.5		43.3		26.8		—		(6.6	)		1.7			9.5			—			7.2		41.5		17.2		—
Other		1.8		17.1		116.4		36.5		1.1			(17.0	)		(69.8	)		(18.1	)		0.6		34.2		186.3		54.7

2-11

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

•

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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2018								Change											As of March 31, 2017
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years			Over 5 years			Total		Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		4,482.8		11,179.7		9,588.6		25,251.2		1,945.6			(3,932.9	)		2,159.1			171.8		2,537.1		15,112.7		7,429.5		25,079.4
Receive Float / Pay Fixed		204.7		1,444.8		5,631.4		7,281.0		(705.9	)		(773.2	)		1,909.9			430.7		910.7		2,218.0		3,721.5		6,850.3
Receive Float / Pay Float		—		—		—		—		—			—			—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—		—		—		—		—
Total		4,687.5		12,624.6		15,220.1		32,532.3		1,239.6			(4,706.1	)		4,069.0			602.5		3,447.9		17,330.8		11,151.0		31,929.7

Mizuho Bank

Receive Fixed / Pay Float		4,482.8		11,179.7		9,588.6		25,251.2		1,945.6			(3,932.9	)		2,159.1			171.8		2,537.1		15,112.7		7,429.5		25,079.4
Receive Float / Pay Fixed		168.2		1,274.8		5,541.4		6,984.5		(677.0	)		(885.0	)		1,949.9			387.7		845.3		2,159.9		3,591.5		6,596.7
Receive Float / Pay Float		—		—		—		—		—			—			—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—		—		—		—		—
Total		4,651.0		12,454.6		15,130.1		32,235.8		1,268.5			(4,818.0	)		4,109.0			559.6		3,382.5		17,272.6		11,021.0		31,676.2

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		—		—		—			—			—			—		—		—		—		—
Receive Float / Pay Fixed		36.4		170.0		90.0		296.4		(28.9	)		111.8			(40.0	)		42.9		65.4		58.1		130.0		253.5
Receive Float / Pay Float		—		—		—		—		—			—			—			—		—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—		—		—		—		—
Total		36.4		170.0		90.0		296.4		(28.9	)		111.8			(40.0	)		42.9		65.4		58.1		130.0		253.5

(Reference)

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


	*(Billions of yen)*
	As of March 31, 2018						Change								As of March 31, 2017
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		728.5		835.1	(106.6	)		(66.5	)		46.9		(113.5	)		795.0		788.1	6.8
Mizuho Bank		632.8		741.8	(109.0	)		(52.7	)		60.7		(113.4	)		685.5		681.0	4.4
Mizuho Trust & Banking		95.6		93.3	2.3			(13.8	)		(13.7	)	(0.0	)		109.5		107.1	2.3

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		Fiscal 2017			Change			Fiscal 2016
Retirement Benefit Obligations	(A)		1,236,447			(1,793	)		1,238,241
Discount Rate (%)			0.02~0.98						0.02~1.09

Total Fair Value of Plan Assets	(B)		2,166,064			188,036			1,978,028
Unrecognized Actuarial Differences	(C)		(422,570	)		(213,982	)		(208,588	)
Prepaid Pension Cost	(B)+ (C)-(A)		507,046			(24,152	)		531,198

Mizuho Bank

Retirement Benefit Obligations	(A)		1,089,411			(2,925	)		1,092,337
Discount Rate (%)			0.02~0.98						0.02~1.09

Total Fair Value of Plan Assets	(B)		1,943,201			168,167			1,775,033
Unrecognized Actuarial Differences	(C)		(396,336	)		(195,607	)		(200,728	)
Prepaid Pension Cost	(B)+ (C)-(A)		457,453			(24,514	)		481,968

Mizuho Trust & Banking

Retirement Benefit Obligations	(A)		147,036			1,132			145,904
Discount Rate (%)			0.02~0.98						0.02~1.09

Total Fair Value of Plan Assets	(B)		222,863			19,868			202,994
Unrecognized Actuarial Differences	(C)		(26,234	)		(18,374	)		(7,859	)
Prepaid Pension Cost	(B)+ (C)-(A)		49,592			361			49,230

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2017			Change			Fiscal 2016
Service Cost		(27,465	)		1,327			(28,793	)
Interest Cost		(4,646	)		(920	)		(3,726	)
Expected Return on Plan Assets		30,331			(583	)		30,914
Accumulation (Amortization) of Unrecognized Actuarial Differences		(22,223	)		13,579			(35,803	)
Gains on Cancellation of Employee Retirement Benefit Trust		26,032			26,032			—
Other		(2,391	)		128			(2,520	)

Total		(362	)		39,565			(39,927	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

Mizuho Bank


	*(Millions of yen)*
	Fiscal 2017			Change			Fiscal 2016
Service Cost		(23,367	)		1,220			(24,587	)
Interest Cost		(4,094	)		(807	)		(3,286	)
Expected Return on Plan Assets		27,558			(192	)		27,750
Accumulation (Amortization) of Unrecognized Actuarial Differences		(18,050	)		12,345			(30,396	)
Gains on Cancellation of Employee Retirement Benefit Trust		26,032			26,032			—
Other		(2,184	)		47			(2,231	)

Total		5,894			38,646			(32,751	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

Mizuho Trust & Banking


	*(Millions of yen)*
	Fiscal 2017			Change			Fiscal 2016
Service Cost		(4,097	)		107			(4,205	)
Interest Cost		(552	)		(112	)		(439	)
Expected Return on Plan Assets		2,772			(391	)		3,164
Accumulation (Amortization) of Unrecognized Actuarial Differences		(4,172	)		1,234			(5,407	)
Other		(206	)		81			(288	)

Total		(6,256	)		919			(7,176	)

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		As of March 31, 2018			Change			As of March 31, 2017
Retirement Benefit Obligations	(A)		1,441,383			8,012			1,433,371
Fair Value of Plan Assets	(B)		2,378,667			202,769			2,175,897
Unrecognized Actuarial Differences	(C)		(418,093	)		(216,485	)		(201,608	)
Net Defined Benefit Asset	(D)		996,173			198,411			797,762
Net Defined Benefit Liability	(A)-(B)+(D)		58,890			3,653			55,236

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	Fiscal 2017			Change			Fiscal 2016
Service Cost		(40,549	)		2,753			(43,302	)
Interest Cost		(5,737	)		(1,050	)		(4,686	)
Expected Return on Plan Assets		33,609			(1,253	)		34,862
Accumulation (Amortization) of Unrecognized Actuarial Differences		(23,824	)		14,874			(38,699	)
Gains on Cancellation of Employee Retirement Benefit Trust		26,032			26,032			—
Other		(6,361	)		484			(6,846	)

Total		(16,831	)		41,840			(58,672	)

Note: Gains on Cancellation of Employee Retirement Benefit Trust is recorded to Extraordinary Gains.

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard


	Consolidated					*(%, Billions of yen)*
	As of March 31, 2018 (Preliminary)		Change			As of March 31, 2017
(1) Total Capital Ratio		18.24		1.96			16.28
(2) Tier 1 Capital Ratio		15.44		2.14			13.30
(3) Common Equity Tier 1 Capital Ratio		12.49		1.15			11.34
(4) Total Capital		10,860.4		809.4			10,050.9
(5) Tier 1 Capital		9,192.2		980.7			8,211.5
(6) Common Equity Tier 1 Capital		7,437.0		435.3			7,001.6
(7) Risk weighted Assets		59,528.9		(2,188.1	)		61,717.1
(8) Total Required Capital (7)X8%		4,762.3		(175.0	)		4,937.3
Mizuho Bank International Standard
	Consolidated					As of March 31, 2017		Non-Consolidated
	As of March 31, 2018 (Preliminary)		Change			As of March 31, 2017		As of March 31, 2018 (Preliminary)
(1) Total Capital Ratio		18.52		2.32			16.20		18.72
(2) Tier 1 Capital Ratio		15.61		2.27			13.34		15.73
(3) Common Equity Tier 1 Capital Ratio		12.34		1.18			11.16		12.32
(4) Total Capital		9,881.4		732.9			9,148.5		9,619.0
(5) Tier 1 Capital		8,329.9		794.2			7,535.7		8,081.3
(6) Common Equity Tier 1 Capital		6,584.2		280.1			6,304.0		6,330.0
(7) Risk weighted Assets		53,336.1		(3,125.6	)		56,461.7		51,367.1
(8) Total Required Capital (7)X8%		4,266.8		(250.0	)		4,516.9		4,109.3
Mizuho Trust & Banking International Standard
(1) Total Capital Ratio		20.28		0.81			19.47		20.50
(2) Tier 1 Capital Ratio		20.05		1.32			18.73		20.28
(3) Common Equity Tier 1 Capital Ratio		19.99		1.26			18.73		20.28
(4) Total Capital		505.2		20.3			484.9		509.3
(5) Tier 1 Capital		499.4		33.0			466.4		503.8
(6) Common Equity Tier 1 Capital		497.9		31.5			466.4		503.8
(7) Risk weighted Assets		2,490.5		0.9			2,489.5		2,483.9
(8) Total Required Capital (7)X8%		199.2		0.0			199.1		198.7

2-15

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	*(Millions of yen, %)*
	As of March 31, 2018										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		21,271		0.02		(12,058	)		(0.01	)		33,330		0.04
Non-Accrual Delinquent Loans		332,702		0.41		(97,823	)		(0.13	)		430,525		0.54
Loans Past Due for 3 Months or More		617		0.00		(7,278	)		(0.00	)		7,896		0.01
Restructured Loans		240,777		0.30		(173,922	)		(0.22	)		414,700		0.52

Total		595,369		0.74		(291,083	)		(0.38	)		886,452		1.13

Total Loans		79,421,473		100.00		1,083,680						78,337,793		100.00

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

Amount of Partial Direct Write-offs		92,039				4,563						87,476

Trust Account
	As of March 31, 2018										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,823		25.16		(52	)		2.07			2,876		23.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,823		25.16		(52	)		2.07			2,876		23.09

Total Loans		11,217		100.00		(1,238	)					12,455		100.00

Consolidated + Trust Account
	As of March 31, 2018										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		21,271		0.02		(12,058	)		(0.01	)		33,330		0.04
Non-Accrual Delinquent Loans		335,525		0.42		(97,876	)		(0.13	)		433,401		0.55
Loans Past Due for 3 Months or More		617		0.00		(7,278	)		(0.00	)		7,896		0.01
Restructured Loans		240,777		0.30		(173,922	)		(0.22	)		414,700		0.52

Total		598,192		0.75		(291,136	)		(0.38	)		889,328		1.13

Total Loans		79,432,691		100.00		1,082,441						78,350,249		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of March 31, 2018										As of March 31, 2017
			%		Change			%					%
Loans to Bankrupt Obligors		20,806		0.02		(13,944	)		(0.01	)		34,751		0.04
Non-Accrual Delinquent Loans		305,757		0.41		(88,620	)		(0.11	)		394,377		0.52
Loans Past Due for 3 Months or More		617		0.00		(7,278	)		(0.00	)		7,896		0.01
Restructured Loans		197,229		0.26		(162,136	)		(0.21	)		359,366		0.48

Total		524,410		0.70		(271,980	)		(0.36	)		796,391		1.06


Total Loans		74,442,698		100.00		(158,892	)					74,601,591		100.00

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

Amount of Partial Direct Write-offs		82,790				3,351						79,438

Mizuho Bank

Loans to Bankrupt Obligors		20,786		0.02		(13,948	)		(0.01	)		34,734		0.04
Non-Accrual Delinquent Loans		299,632		0.42		(87,520	)		(0.12	)		387,152		0.54
Loans Past Due for 3 Months or More		617		0.00		(7,278	)		(0.01	)		7,896		0.01
Restructured Loans		196,205		0.27		(156,603	)		(0.21	)		352,808		0.49

Total		517,241		0.72		(265,351	)		(0.36	)		782,592		1.09


Total Loans		70,997,730		100.00		(265,108	)					71,262,838		100.00

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

Amount of Partial Direct Write-offs		82,194				3,570						78,623

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		20		0.00		3			0.00			16		0.00
Non-Accrual Delinquent Loans		3,301		0.09		(1,047	)		(0.03	)		4,348		0.13
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		1,024		0.02		(5,532	)		(0.16	)		6,557		0.19

Total		4,346		0.12		(6,576	)		(0.20	)		10,922		0.32


Total Loans		3,433,750		100.00		107,453						3,326,296		100.00

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

Amount of Partial Direct Write-offs		595				(219	)					814

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,823		25.16		(52	)		2.07			2,876		23.09
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,823		25.16		(52	)		2.07			2,876		23.09


Total Loans		11,217		100.00		(1,238	)					12,455		100.00

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

2-17

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of March 31, 2018		Change			As of March 31, 2017
Reserves for Possible Losses on Loans		315,621		(193,553	)		509,175
General Reserve for Possible Losses on Loans		200,616		(144,125	)		344,741
Specific Reserve for Possible Losses on Loans		115,004		(49,426	)		164,430
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2

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

Amount of Partial Direct Write-offs		97,112		3,329			93,782

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2018		Change			As of March 31, 2017
Reserves for Possible Losses on Loans		261,703		(180,765	)		442,468
General Reserve for Possible Losses on Loans		167,367		(139,268	)		306,635
Specific Reserve for Possible Losses on Loans		94,334		(41,496	)		135,830
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2

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

Amount of Partial Direct Write-offs		87,405		2,087			85,318

Mizuho Bank

Reserves for Possible Losses on Loans		259,853		(177,836	)		437,689
General Reserve for Possible Losses on Loans		165,679		(136,412	)		302,091
Specific Reserve for Possible Losses on Loans		94,172		(41,422	)		135,594
Reserve for Possible Losses on Loans to Restructuring Countries		1		(1	)		2

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

Amount of Partial Direct Write-offs		86,810		2,679			84,130

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		1,850		(2,929	)		4,779
General Reserve for Possible Losses on Loans		1,688		(2,855	)		4,543
Specific Reserve for Possible Losses on Loans		161		(73	)		235
Reserve for Possible Losses on Loans to Restructuring Countries		—		(0	)		0

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

Amount of Partial Direct Write-offs		595		(592	)		1,187

*	Reserve for Possible Losses on Entrusted Loans (¥34 million and ¥38 million for March 31, 2018 and March 31, 2017, respectively) is not included in the above figures for Trust Account.

2-18

Mizuho Financial Group, Inc.

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

Consolidated


	*(%)*
	As of March 31, 2018		Change			As of March 31, 2017
Mizuho Financial Group		53.01		(4.42	)		57.43
* Above figures are presented net of partial direct write-offs.

Non-Consolidated
	*(%)*
	As of March 31, 2018		Change			As of March 31, 2017
Total		50.17		(5.58	)		55.76
Mizuho Bank		50.23		(5.68	)		55.92
Mizuho Trust & Banking (Banking Account)		42.56		(1.19	)		43.75

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

2-19

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of March 31, 2018		Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		87,380		(11,069	)		98,449
Claims with Collection Risk		291,723		(109,502	)		401,226
Claims for Special Attention		241,395		(181,201	)		422,596
Total		620,499		(301,773	)		922,272

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

Amount of Partial Direct Write-offs		96,894		3,511			93,383

Trust Account

	As of March 31, 2018		Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,823		(52	)		2,876
Claims for Special Attention		—		—			—
Total		2,823		(52	)		2,876

Consolidated + Trust Account

	As of March 31, 2018		Change			As of March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		87,380		(11,069	)		98,449
Claims with Collection Risk		294,547		(109,555	)		404,102
Claims for Special Attention		241,395		(181,201	)		422,596
Total		623,322		(301,826	)		925,149

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated

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


	*(Millions of yen, %)*
	As of March 31, 2018										As of March 31, 2017
			%		Change			%					%
Claims against Bankrupt and Substantially Bankrupt Obligors		76,645		0.09		(6,134	)		(0.00	)		82,780		0.09
Claims with Collection Risk		284,299		0.33		(105,722	)		(0.12	)		390,021		0.46
Claims for Special Attention		197,847		0.23		(169,415	)		(0.20	)		367,262		0.43
Sub-total		558,792		0.66		(281,271	)		(0.34	)		840,064		1.00
Normal Claims		83,644,246		99.33		927,840			0.34			82,716,405		98.99

Total		84,203,038		100.00		646,568						83,556,470		100.00


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

Amount of Partial Direct Write-offs		87,405				2,287						85,118

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		75,776		0.09		(5,755	)		(0.00	)		81,531		0.10
Claims with Collection Risk		279,021		0.34		(105,004	)		(0.13	)		384,025		0.47
Claims for Special Attention		196,822		0.24		(163,882	)		(0.20	)		360,704		0.44
Sub-total		551,621		0.68		(274,641	)		(0.34	)		826,262		1.03
Normal Claims		80,183,510		99.31		818,538			0.34			79,364,972		98.96

Total		80,735,131		100.00		543,896						80,191,234		100.00


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

Amount of Partial Direct Write-offs		86,810				2,679						84,130

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		869		0.02		(379	)		(0.01	)		1,248		0.03
Claims with Collection Risk		2,454		0.07		(665	)		(0.02	)		3,119		0.09
Claims for Special Attention		1,024		0.02		(5,532	)		(0.16	)		6,557		0.19
Sub-total		4,348		0.12		(6,577	)		(0.20	)		10,925		0.32
Normal Claims		3,452,341		99.87		110,487			0.20			3,341,853		99.67

Total		3,456,689		100.00		103,909						3,352,779		100.00


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

Amount of Partial Direct Write-offs		595				(391	)					987

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,823		25.16		(52	)		2.07			2,876		23.09
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,823		25.16		(52	)		2.07			2,876		23.09
Normal Claims		8,394		74.83		(1,185	)		(2.07	)		9,579		76.90

Total		11,217		100.00		(1,238	)					12,455		100.00

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

2-21

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRA

Non-Consolidated

(1) Disclosed Claims under the FRA and Coverage Amount

(Billions of yen)

As of
March 31, 2018

Change

As of
March 31, 2017

Aggregate Figures for the 2 Banks (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

76.6

(6.1

)

82.7

Collateral, Guarantees, and equivalent

75.1

(1.5

)

76.6

Reserve for Possible Losses

1.4

(4.6

)

6.0

Claims with Collection Risk

281.4

(105.6

)

387.1

Collateral, Guarantees, and equivalent

140.1

(40.2

)

180.3

Reserve for Possible Losses

92.8

(36.8

)

129.7

Claims for Special Attention

197.8

(169.4

)

367.2

Collateral, Guarantees, and equivalent

51.4

(89.1

)

140.5

Reserve for Possible Losses

39.3

(58.3

)

97.7

Total

555.9

(281.2

)

837.1

Collateral, Guarantees, and equivalent

266.7

(130.9

)

397.6

Reserve for Possible Losses

133.6

(99.8

)

233.5

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

75.7

(5.7

)

81.5

Collateral, Guarantees, and equivalent

74.3

(1.1

)

75.5

Reserve for Possible Losses

1.3

(4.6

)

6.0

Claims with Collection Risk

279.0

(105.0

)

384.0

Collateral, Guarantees, and equivalent

137.8

(39.7

)

177.6

Reserve for Possible Losses

92.7

(36.7

)

129.5

Claims for Special Attention

196.8

(163.8

)

360.7

Collateral, Guarantees, and equivalent

51.2

(88.9

)

140.2

Reserve for Possible Losses

39.1

(55.7

)

94.9

Total

551.6

(274.6

)

826.2

Collateral, Guarantees, and equivalent

263.5

(129.8

)

393.3

Reserve for Possible Losses

133.3

(97.1

)

230.5

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.8

(0.3

)

1.2

Collateral, Guarantees, and equivalent

0.8

(0.3

)

1.1

Reserve for Possible Losses

0.0

(0.0

)

0.0

Claims with Collection Risk

2.4

(0.6

)

3.1

Collateral, Guarantees, and equivalent

2.2

(0.5

)

2.7

Reserve for Possible Losses

0.1

(0.0

)

0.1

Claims for Special Attention

1.0

(5.5

)

6.5

Collateral, Guarantees, and equivalent

0.1

(0.1

)

0.3

Reserve for Possible Losses

0.1

(2.6

)

2.7

Total

4.3

(6.5

)

10.9

Collateral, Guarantees, and equivalent

3.2

(1.1

)

4.3

Reserve for Possible Losses

0.3

(2.6

)

3.0

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio


	*(Billions of yen)*
	As of March 31, 2018		Change			As of March 31, 2017

Aggregate Figures for the 2 Banks (Banking Account)

Coverage Amount		400.4		(230.7	)		631.2
Reserves for Possible Losses on Loans		133.6		(99.8	)		233.5
Collateral, Guarantees, and equivalent		266.7		(130.9	)		397.6

	*(%)*
Coverage Ratio		72.1		(3.3	)		75.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.7		2.6			80.1
Claims for Special Attention		45.9		(18.9	)		64.8
Claims against Special Attention Obligors		*54.1*		(13.8	)		67.9

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.7		2.9			62.7
Claims for Special Attention		26.8		(16.2	)		43.1
Claims against Special Attention Obligors		*29.5*		(15.9	)		45.5

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		19.23		(7.49	)		26.73
Claims against Watch Obligors excluding Special Attention Obligors		3.92		(2.76	)		6.69
Claims against Normal Obligors		0.05		(0.00	)		0.06

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		396.9		(226.9	)		623.8
Reserves for Possible Losses on Loans		133.3		(97.1	)		230.5
Collateral, Guarantees, and equivalent		263.5		(129.8	)		393.3

	*(%)*
Coverage Ratio		71.9		(3.5	)		75.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.6		2.6			79.9
Claims for Special Attention		45.9		(19.2	)		65.1
Claims against Special Attention Obligors		*54.1*		(13.6	)		67.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.7		2.9			62.7
Claims for Special Attention		26.9		(16.1	)		43.0
Claims against Special Attention Obligors		*29.6*		(15.9	)		45.5

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		19.26		(7.62	)		26.88
Claims against Watch Obligors excluding Special Attention Obligors		3.94		(2.78	)		6.73
Claims against Normal Obligors		0.05		(0.00	)		0.06

Mizuho Trust & Banking (Banking Account)

	*(Billions of yen)*
Coverage Amount		3.5		(3.7	)		7.3
Reserves for Possible Losses on Loans		0.3		(2.6	)		3.0
Collateral, Guarantees, and equivalent		3.2		(1.1	)		4.3

	*(%)*
Coverage Ratio		81.5		14.3			67.2
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		95.0		0.4			94.5
Claims for Special Attention		33.5		(14.3	)		47.9
Claims against Special Attention Obligors		*43.2*		(30.7	)		74.0

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		46.3		(4.6	)		51.0
Claims for Special Attention		20.1		(24.8	)		44.9
Claims against Special Attention Obligors		*20.1*		(24.8	)		44.9

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		14.28		(6.91	)		21.19
Claims against Watch Obligors excluding Special Attention Obligors		0.96		(0.23	)		1.19
Claims against Normal Obligors		0.03		(0.00	)		0.04

2-23

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes: 1.

Claims for Special Attention is denoted on an individual loans basis.

Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRA represents the amount of claims other than loans included in Disclosed Claims under the FRA.

2-24

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the FRA)

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


	*(Billions of yen)*
	Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017
	As of March 31, 2015		As of March 31, 2016		As of March 31, 2017		As of March 31, 2018
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2017
Claims against Bankrupt and Substantially Bankrupt Obligors		56.6		38.1		20.3		13.0		0.3		13.4		(6.8	)
Claims with Collection Risk		402.5		235.4		167.3		124.2		4.4		128.6		(38.6	)
Amount Categorized as above up to Fiscal 2014		459.2		273.5		187.6		137.3		4.8		142.1		(45.5	)
of which the amount which was in the process of being removed from the balance sheet		48.0		33.1		16.8		12.7		0.3		13.1		(3.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors				29.9		28.1		7.3		0.0		7.4		(20.7	)
Claims with Collection Risk				118.2		75.0		34.7		0.2		34.9		(40.1	)
Amount Newly Categorized as above during Fiscal 2015				148.1		103.2		42.0		0.2		42.3		(60.8	)
of which the amount which was in the process of being removed from the balance sheet				23.9		22.5		7.3		0.0		7.4		(15.1	)
Claims against Bankrupt and Substantially Bankrupt Obligors						34.2		43.0		0.2		43.2		8.9
Claims with Collection Risk						147.6		54.3		0.2		54.5		(93.0	)
Amount Newly Categorized as above during Fiscal 2016						181.9		97.3		0.4		97.8		(84.0	)
of which the amount which was in the process of being removed from the balance sheet						33.3		14.1		0.2		14.4		(18.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors								12.2		0.2		12.4		12.4
Claims with Collection Risk								65.7		0.3		66.1		66.1
Amount Newly Categorized as above during the First Half of Fiscal 2017								78.0		0.5		78.5		78.5
of which the amount which was in the process of being removed from the balance sheet								12.0		0.2		12.2		12.2
Claims against Bankrupt and Substantially Bankrupt Obligors		56.6		68.0		82.7		75.7		0.8		76.6		(6.1	)
Claims with Collection Risk		402.5		353.6		390.0		279.0		5.2		284.2		(105.7	)
Total		459.2		421.7		472.8		354.7		6.1		360.9		(111.8	)
of which the amount which was in the process of being removed from the balance sheet		48.0		57.1		72.7		46.4		0.8		47.2		(25.4	)


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

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


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(8.6	)		(8.6	)		—
Restructuring		(5.6	)		(5.6	)		—
Improvement in Business Performance due to Restructuring		(4.6	)		(4.6	)		(0.0	)
Loan Sales		(18.9	)		(18.9	)		—
Direct Write-off		(1.0	)		(1.0	)		(0.0	)
Other		(151.4	)		(149.7	)		(1.6	)
Debt recovery		(125.3	)		(124.6	)		(0.7	)
Improvement in Business Performance		(26.0	)		(25.1	)		(0.8	)

Total		(190.4	)		(188.7	)		(1.6	)

2-25

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

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


	*(Billions of yen)*
	As of March 31, 2018										As of March 31, 2017
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		55,729.0		448.2		(559.5	)		(269.4	)		56,288.5		717.7
Manufacturing		8,032.7		103.3		(586.6	)		(191.5	)		8,619.4		294.8
Agriculture & Forestry		38.1		0.2		0.4			(0.0	)		37.7		0.2
Fishery		2.4		—		1.1			—			1.3		—
Mining, Quarrying Industry & Gravel Extraction Industry		221.5		1.6		(3.3	)		1.6			224.8		0.0
Construction		633.5		5.5		(9.5	)		(4.9	)		643.0		10.4
Utilities		2,446.5		1.9		234.4			1.0			2,212.1		0.9
Communication		1,489.3		13.9		60.0			4.1			1,429.2		9.7
Transportation & Postal Industry		2,068.4		10.2		35.9			0.2			2,032.5		9.9
Wholesale & Retail		4,712.8		120.8		(24.4	)		(10.1	)		4,737.2		130.9
Finance & Insurance		8,086.6		5.7		959.7			1.9			7,126.9		3.8
Real Estate		7,515.6		23.5		373.3			(9.4	)		7,142.2		33.0
Commodity Lease		2,148.5		1.0		43.9			(0.2	)		2,104.6		1.3
Service Industries		2,738.1		51.8		89.2			(12.4	)		2,648.8		64.3
Local Governments		938.3		2.8		64.9			(0.0	)		873.4		2.8
Governments		2,075.1		—		(1,115.9	)		—			3,191.1		—
Other		12,580.7		105.4		(682.7	)		(49.7	)		13,263.5		155.1
Overseas Total (including Loans Booked Offshore)		19,472.7		76.1		345.2			(2.5	)		19,127.5		78.6
Governments		818.7		—		147.2			—			671.5		—
Financial Institutions		5,858.3		—		(98.7	)		—			5,957.1		—
Other		12,795.6		76.1		296.7			(2.5	)		12,498.8		78.6

Total		75,201.7		524.4		(214.2	)		(271.9	)		75,416.0		796.3

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


As of March 31, 2018:		¥1,083.1 billion (from MHBK)
As of March 31, 2017:		¥656.1 billion (from MHBK)

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

*	As for Domestic Total (excluding Loans Booked Offshore), parts of Loans which have been included in Other and others are included in Real Estate and parts of Loans which have been included in Transportation & Postal Industry and others are included in Other.

2-26

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2018										As of March 31, 2017
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		51,526.9		441.1		(613.6	)		(262.8	)		52,140.5		703.9
Manufacturing		7,565.5		102.8		(578.1	)		(186.4	)		8,143.7		289.2
Agriculture & Forestry		38.1		0.2		0.4			(0.0	)		37.7		0.2
Fishery		2.4		—		1.1			—			1.3		—
Mining, Quarrying Industry & Gravel Extraction Industry		219.2		1.6		(3.4	)		1.6			222.6		0.0
Construction		598.7		5.3		(10.0	)		(4.9	)		608.7		10.3
Utilities		2,177.4		1.9		208.4			1.0			1,968.9		0.9
Communication		1,359.2		13.9		58.5			4.1			1,300.6		9.7
Transportation & Postal Industry		1,852.5		10.2		33.3			0.3			1,819.2		9.8
Wholesale & Retail		4,543.0		120.6		(24.8	)		(10.0	)		4,567.9		130.7
Finance & Insurance		7,654.9		5.7		919.3			1.9			6,735.5		3.8
Real Estate		6,361.1		22.7		298.8			(9.0	)		6,062.2		31.7
Commodity Lease		1,891.4		1.0		57.6			(0.2	)		1,833.8		1.3
Service Industries		2,681.8		51.7		92.6			(12.0	)		2,589.1		63.7
Local Governments		928.1		—		66.0			—			862.0		—
Governments		1,865.0		—		(1,139.7	)		—			3,004.8		—
Other		11,787.8		102.8		(594.1	)		(49.1	)		12,381.9		152.0
Overseas Total (including Loans Booked Offshore)		19,470.7		76.1		348.5			(2.5	)		19,122.2		78.6
Governments		818.7		—		147.5			—			671.2		—
Financial Institutions		5,858.3		—		(98.7	)		—			5,957.1		—
Other		12,793.6		76.1		299.7			(2.5	)		12,493.8		78.6

Total		70,997.7		517.2		(265.1	)		(265.3	)		71,262.8		782.5

* As for Domestic Total (excluding Loans Booked Offshore), parts of Loans which have been included in Other and others are included in Real Estate and parts of Loans which have been included in Transportation & Postal Industry and others are included in Other.
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,202.0		7.1		54.1			(6.6	)		4,147.9		13.7
Manufacturing		467.1		0.5		(8.5	)		(5.0	)		475.6		5.5
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.2		—		0.0			—			2.1		—
Construction		34.8		0.1		0.4			(0.0	)		34.3		0.1
Utilities		269.1		—		25.9			—			243.1		—
Communication		130.0		—		1.5			—			128.5		—
Transportation & Postal Industry		215.9		—		2.5			(0.0	)		213.3		0.0
Wholesale & Retail		169.7		0.1		0.4			(0.0	)		169.3		0.1
Finance & Insurance		431.7		—		40.4			—			391.3		—
Real Estate		1,154.5		0.8		74.4			(0.4	)		1,080.0		1.3
Commodity Lease		257.0		—		(13.7	)		—			270.8		—
Service Industries		56.3		0.0		(3.4	)		(0.4	)		59.7		0.5
Local Governments		10.2		2.8		(1.1	)		(0.0	)		11.3		2.8
Governments		210.1		—		23.7			—			186.3		—
Other		792.9		2.5		(88.6	)		(0.5	)		881.5		3.1
Overseas Total (including Loans Booked Offshore)		1.9		—		(3.2	)		—			5.2		—
Governments		—		—		(0.3	)		—			0.3		—
Financial Institutions		—		—		—			—			—		—
Other		1.9		—		(2.9	)		—			4.9		—

Total		4,204.0		7.1		50.8			(6.6	)		4,153.2		13.7

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

2-27

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of March 31, 2018										As of March 31, 2017
	Disclosed Claims under the FRA		Coverage Ratio		Change						Disclosed Claims under the FRA		Coverage Ratio
	Disclosed Claims under the FRA		Coverage Ratio		Disclosed Claims under the FRA			Coverage Ratio			Disclosed Claims under the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		464.0		71.4		(269.4	)		(2.4	)		733.4		73.9
Manufacturing		113.9		65.0		(191.5	)		(8.1	)		305.5		73.2
Agriculture & Forestry		0.2		59.9		(0.0	)		28.9			0.2		30.9
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.1		62.9		2.1			(37.0	)		0.0		100.0
Construction		5.5		73.8		(4.9	)		6.6			10.4		67.2
Utilities		1.9		63.5		1.0			21.1			0.9		42.3
Communication		13.9		45.1		4.0			(22.7	)		9.9		67.9
Transportation & Postal Industry		10.2		65.0		0.2			(4.8	)		9.9		69.8
Wholesale & Retail		124.5		61.6		(10.4	)		(1.2	)		134.9		62.9
Finance & Insurance		5.7		71.3		1.9			1.4			3.8		69.8
Real Estate		23.6		87.1		(9.3	)		1.8			33.0		85.2
Commodity Lease		1.0		74.9		(0.2	)		(11.6	)		1.3		86.6
Service Industries		52.1		65.1		(12.5	)		(1.1	)		64.7		66.3
Local Governments		2.8		100.0		(0.0	)		—			2.8		100.0
Other		105.8		92.9		(49.7	)		6.6			155.6		86.3
Overseas Total (including Loans Booked Offshore)		94.7		75.7		(11.8	)		(10.6	)		106.6		86.3
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		94.7		75.7		(11.8	)		(10.6	)		106.6		86.3

Total		558.7		72.1		(281.2	)		(3.3	)		840.0		75.4

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

*	As for Domestic Total (excluding Loans Booked Offshore), parts of Disclosed Claims, which have been included in Other and others, are included in Real Estate.

2-28

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

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

(Billions of yen)

As of
March 31,
2018

As of
March 31,
2017

Change

Housing and Consumer Loans

10,166.1

(553.7

)

10,719.8

Housing Loans for owner's residential housing

9,136.8

(360.7

)

9,497.5

Mizuho Bank

Housing and Consumer Loans

10,067.5

(537.7

)

10,605.2

Housing Loans

9,338.3

(421.0

)

9,759.3

for owner's residential housing

9,046.5

(347.0

)

9,393.6

Consumer loans

729.2

(116.7

)

845.9

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

98.5

(16.0

)

114.6

Housing Loans for owner's residential housing

90.2

(13.7

)

103.9

* Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

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

(%, Billions of yen)

As of
March 31,
2018

As of
March 31,
2017

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.7

1.0

57.7

Loans to SMEs and Individual Customers

32,740.4

239.6

32,500.8

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

59.3

1.1

58.2

Loans to SMEs and Individual Customers

30,578.0

214.0

30,363.9

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

51.4

(0.0

)

51.5

Loans to SMEs and Individual Customers

2,162.4

25.5

2,136.8

*	Above figures are aggregate banking and trust account amounts.

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

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

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

2-29

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

(Billions of yen)

As of March 31, 2018

As of March 31, 2017

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

7,386.0

13.9

881.6

(20.3

)

6,504.3

34.2

Hong Kong

1,806.9

2.0

305.8

(6.6

)

1,501.1

8.7

South Korea

734.5

—

119.0

(0.5

)

615.5

0.5

Singapore

1,171.1

7.7

(5.0

)

(7.7

)

1,176.2

15.5

Thailand

861.0

0.3

(6.3

)

(0.8

)

867.3

1.1

Central and South America

4,082.9

84.0

336.6

(7.0

)

3,746.3

91.0

North America

5,718.9

11.6

(71.8

)

(9.8

)

5,790.8

21.5

Eastern Europe

215.3

—

109.5

(0.1

)

105.8

0.1

Western Europe

3,317.4

40.2

163.5

21.9

3,153.8

18.3

Other

3,184.1

5.6

679.6

(0.6

)

2,504.5

6.3

Total

23,904.9

155.6

2,099.1

(16.1

)

21,805.7

171.7

2-30

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2018 to March 31, 2023)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		2,385.0
Income before Income Taxes	2		2,839.4
Tax Adjustments *1	3		18.3
Taxable Income before Current Deductible Temporary Differences *2	4		2,857.7

Effective Statutory Tax Rate	5		30.62%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		875.0

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2018.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2013		304.2
Fiscal 2014		546.7
Fiscal 2015		496.0
Fiscal 2016		442.3
Fiscal 2017(estimate)		378.0

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

*2.	Figure for fiscal 2013 is the aggregate figure for MHBK and the former MHBK.

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

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2018			Change			As of March 31, 2017
Reserves for Possible Losses on Loans	7		92.3			(49.1	)		141.4
Impairment of Securities	8		126.6			(14.4	)		141.1
Net Unrealized Losses on Other Securities	9		6.7			(3.9	)		10.7
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		36.3			32.7			3.5
Tax Losses Carried Forward	12		—			—			—
Other	13		288.9			21.5			267.3
Total Deferred Tax Assets	14		550.9			(13.2	)		564.1

Valuation Allowance	15		(128.7	)		25.2			(154.0	)
Sub-Total [ 14 + 15 ]	16		422.2			12.0			410.1

Amount related to Retirement Benefits Accounting *1	17		(140.0	)		7.2			(147.2	)
Net Unrealized Gains on Other Securities	18		(427.7	)		(29.9	)		(397.7	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(36.3	)		14.9			(51.2	)
Total Deferred Tax Liabilities	21		(604.1	)		(7.8	)		(596.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(181.9	)		4.2			(186.1	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(429.0	)		(29.3	)		(399.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		36.3			32.7			3.5
Tax effects related to others	25		210.8			0.7			210.0

*1	Amount related to Retirement Benefits Accounting includes ¥(58.7) billion related to gains on securities contributed to employee retirement benefit trust.

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

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

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

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

2-31

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2018 to March 31, 2023)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		238.3
Income before Income Taxes	2		227.1
Tax Adjustments *1	3		(17.1	)
Taxable Income before Current Deductible Temporary Differences *2	4		209.9
Effective Statutory Tax Rate	5		30.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		64.2

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2018.

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


	*(Billions of yen)*
Fiscal 2013		39.9
Fiscal 2014		14.6
Fiscal 2015		45.1
Fiscal 2016		52.1
Fiscal 2017(estimate)		40.0

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

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

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2018			Change			As of March 31, 2017
Reserves for Possible Losses on Loans	7		0.7			(0.9	)		1.7
Impairment of Securities	8		8.4			(2.6	)		11.1
Net Unrealized Losses on Other Securities	9		0.5			0.1			0.3
Reserve for Employee Retirement Benefits	10		11.2			0.3			10.8
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		6.4			0.9			5.5
Total Deferred Tax Assets	14		27.4			(2.0	)		29.5

Valuation Allowance	15		(9.2	)		2.3			(11.6	)
Sub-Total [ 14 + 15 ]	16		18.1			0.3			17.8

Amount related to Retirement Benefits Accounting *1	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(25.9	)		(4.2	)		(21.6	)
Net Deferred Hedge Gains	19		(0.7	)		0.0			(0.7	)
Other	20		(0.6	)		(0.0	)		(0.5	)
Total Deferred Tax Liabilities	21		(31.8	)		(4.2	)		(27.5	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(13.6	)		(3.9	)		(9.6	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(26.7	)		(4.7	)		(22.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(0.7	)		0.0			(0.7	)
Tax effects related to others	25		13.8			0.7			13.0

*1	Amount related to Retirement Benefits Accounting is deferred tax liabilities related to gains on securities contributed to employee retirement benefit trust.

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

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

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

2-32

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2018		Change			As of March 31, 2017
Deposits		96,788.3		4,044.0			92,744.3
Individual Deposits		42,861.9		1,479.9			41,381.9
Corporate Deposits		47,109.9		3,168.6			43,941.2
Financial/Government Institutions		6,816.5		(604.5	)		7,421.1

Mizuho Bank

Deposits		93,390.7		4,019.8			89,370.8
Individual Deposits		41,796.8		1,421.1			40,375.6
Corporate Deposits		45,931.7		3,331.3			42,600.3
Financial/Government Institutions		5,662.2		(732.6	)		6,394.8

Mizuho Trust & Banking

Deposits		3,397.6		24.1			3,373.4
Individual Deposits		1,065.1		58.7			1,006.3
Corporate Deposits		1,178.1		(162.7	)		1,340.9
Financial/Government Institutions		1,154.3		128.1			1,026.2

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

2-33

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

(1) Number of Directors

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


	As of March 31, 2018		Change			As of March 31, 2017
Directors, Executive Officers as defined in the Companies Act, and Auditors		62		(4	)		66
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		128		11			117

*	The above numbers have been adjusted for those who are doubling other positions.

(2) Number of Employees

Consolidated

As of
March 31,
2018

Change

As of
March 31,
2017

Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)

60,051

872

59,179

Average number of temporary employees

20,076

(143

)

20,219

*	The number of Employees excludes employees seconded to outside the company and includes employees seconded from outside the company in each consolidated subsidiary. That number also includes overseas local staff but excludes advisers and temporary employees.



3. Number of Offices (Domestic) The 2 Banks and Mizuho Securities
	As of March 31, 2018		Change			As of March 31, 2017
Mizuho Bank		465		(1	)		466
Mizuho Trust & Banking		60		3			57
Mizuho Securities		275		2			273

The above numbers are the numbers of head office, domestic branches (excluding branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1), and pension plan advisory offices (1)), domestic sub-branches, and others.

(Overseas) The 2 Banks and Mizuho Securities


	As of March 31, 2018		Change		As of March 31, 2017
Mizuho Bank		48		—		48
Mizuho Trust & Banking		—		—		—
Mizuho Securities		2		—		2

*	The above numbers are the numbers of overseas branches or relevant offices, and overseas representative offices.

2-34

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2018

Consolidated


	*(Billions of yen)*
	First Half		Fiscal 2018
Ordinary Profits		350.0		830.0
Profit Attributable to Owners of Parent		250.0		570.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2018

Aggregate Figures
for the 2 Banks

MHBK

MHTB*

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) + Net Gains (Losses) related to ETF

530.0

480.0

50.0

Ordinary Profits

635.0

580.0

55.0

Net Income

455.0

415.0

40.0

Credit-related Costs

(20.0

)

(20.0

)

—

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

The above information constitute forward-looking statements. Please see the legend regarding forward-looking statements in CONTENTS.

2-35

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2018 (A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	38,625,732		¥	38,943,082		¥	(317,349	)
Call Loans		366,290			433,198			(66,908	)
Receivables under Resale Agreements		639,352			596,194			43,157
Other Debt Purchased		443,136			728,080			(284,943	)
Trading Assets		3,467,593			4,234,901			(767,307	)
Money Held in Trust		3,076			3,137			(61	)
Securities		33,189,959			31,264,703			1,925,256
Loans and Bills Discounted		70,997,730			71,262,838			(265,108	)
Foreign Exchange Assets		1,994,728			1,769,212			225,515
Derivatives other than for Trading		3,166,839			3,201,963			(35,123	)
Other Assets		3,240,121			2,268,678			971,443
Tangible Fixed Assets		805,831			828,363			(22,531	)
Intangible Fixed Assets		799,723			754,547			45,175
Prepaid Pension Cost		457,453			481,968			(24,514	)
Customers' Liabilities for Acceptances and Guarantees		6,186,894			5,757,150			429,744
Reserves for Possible Losses on Loans		(259,853	)		(437,689	)		177,836
Reserve for Possible Losses on Investments		(319	)		—			(319	)

Total Assets	¥	164,124,289		¥	162,090,330		¥	2,033,959

Liabilities
Deposits	¥	110,415,961		¥	107,789,803		¥	2,626,158
Negotiable Certificates of Deposit		10,652,957			10,091,832			561,125
Call Money		1,165,198			775,450			389,748
Payables under Repurchase Agreements		7,200,312			7,604,970			(404,658	)
Guarantee Deposits Received under Securities Lending Transactions		610,357			335,575			274,782
Commercial Paper		710,391			765,146			(54,755	)
Trading Liabilities		2,797,942			3,362,426			(564,483	)
Borrowed Money		8,958,612			9,136,351			(177,738	)
Foreign Exchange Liabilities		689,958			729,532			(39,574	)
Bonds and Notes		2,421,033			3,726,331			(1,305,297	)
Derivatives other than for Trading		2,882,287			2,836,858			45,429
Other Liabilities		1,648,314			1,616,928			31,386
Reserve for Bonus Payments		22,741			20,902			1,838
Reserve for Variable Compensation		1,293			1,269			24
Reserve for Possible Losses on Sales of Loans		1,075			298			777
Reserve for Contingencies		56			52			4
Reserve for Reimbursement of Deposits		18,097			17,575			521
Reserve for Reimbursement of Debentures		30,760			32,720			(1,959	)
Deferred Tax Liabilities		181,914			186,153			(4,238	)
Deferred Tax Liabilities for Revaluation Reserve for Land		66,186			66,585			(399	)
Acceptances and Guarantees		6,186,894			5,757,150			429,744

Total Liabilities		156,662,350			154,853,914			1,808,435

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		2,544,238			2,298,416			245,822
Appropriated Reserve		266,664			225,810			40,853
Other Retained Earnings		2,277,574			2,072,606			204,968
Retained Earnings Brought Forward		2,277,574			2,072,606			204,968

Total Shareholders' Equity		6,234,632			5,988,810			245,822

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,159,210			1,099,468			59,741
Net Deferred Hedge Gains (Losses), net of Taxes		(76,180	)		2,527			(78,708	)
Revaluation Reserve for Land, net of Taxes		144,277			145,609			(1,331	)

Total Valuation and Translation Adjustments		1,227,306			1,247,605			(20,298	)

Total Net Assets		7,461,939			7,236,415			225,523

Total Liabilities and Net Assets	¥	164,124,289		¥	162,090,330		¥	2,033,959

2-36

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2018 (A)			For the fiscal year ended March 31, 2017 (B)			Change (A) - (B)
Ordinary Income	¥	2,466,936		¥	2,233,118		¥	233,818
Interest Income		1,329,397			1,204,728			124,668
Interest on Loans and Bills Discounted		*881,798*			820,861			60,937
Interest and Dividends on Securities		*264,815*			257,345			7,470
Fee and Commission Income		463,170			470,240			(7,069	)
Trading Income		56,629			81,202			(24,573	)
Other Operating Income		157,685			191,592			(33,907	)
Other Ordinary Income		460,054			285,355			174,699

Ordinary Expenses		1,907,798			1,773,319			134,479
Interest Expenses		651,748			484,970			166,778
Interest on Deposits		275,208			194,365			80,843
Fee and Commission Expenses		92,481			93,982			(1,500	)
Trading Expenses		567			792			(224	)
Other Operating Expenses		83,246			47,643			35,602
General and Administrative Expenses		905,103			901,693			3,409
Other Ordinary Expenses		174,651			244,237			(69,585	)

Ordinary Profits		559,137			459,799			99,338

Extraordinary Gains		31,223			2,567			28,655

Extraordinary Losses		7,451			7,413			38

Income before Income Taxes		582,908			454,954			127,954
Income Taxes:
Current		135,348			129,486			5,862
Deferred		(1,332	)		(17,098	)		15,766

Net Income	¥	448,893		¥	342,566		¥	106,326

2-37

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of March 31, 2018 (A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,751,680		¥	1,699,040		¥	52,640
Call Loans		2,869			6,956			(4,087	)
Guarantee Deposits Paid under Securities Borrowing Transactions		220,934			113,046			107,888
Other Debt Purchased		7,989			9,196			(1,207	)
Trading Assets		79,551			90,487			(10,936	)
Money Held in Trust		3,199			3,286			(87	)
Securities		1,091,950			1,253,105			(161,155	)
Loans and Bills Discounted		3,433,750			3,326,296			107,453
Foreign Exchange Assets		2,268			2,596			(327	)
Other Assets		171,731			83,804			87,927
Tangible Fixed Assets		21,762			23,617			(1,855	)
Intangible Fixed Assets		35,041			33,477			1,563
Prepaid Pension Cost		49,592			49,230			361
Customers' Liabilities for Acceptances and Guarantees		20,056			23,887			(3,830	)
Reserves for Possible Losses on Loans		(1,850	)		(4,779	)		2,929

Total Assets	¥	6,890,529		¥	6,713,251		¥	177,277

Liabilities
Deposits	¥	3,406,588		¥	3,387,390		¥	19,197
Negotiable Certificates of Deposit		472,180			327,620			144,560
Call Money		469,882			242,493			227,388
Payables under Repurchase Agreements		53,135			67,320			(14,185	)
Guarantee Deposits Received under Securities Lending Transactions		180,728			310,303			(129,575	)
Trading Liabilities		69,367			83,683			(14,315	)
Borrowed Money		387,490			372,578			14,912
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,134,182			1,272,149			(137,966	)
Other Liabilities		78,418			36,173			42,245
Reserve for Bonus Payments		2,097			1,976			121
Reserve for Variable Compensation		511			413			98
Reserve for Reimbursement of Deposits		1,913			1,496			417
Deferred Tax Liabilities		13,646			9,692			3,953
Acceptances and Guarantees		20,056			23,887			(3,830	)

Total Liabilities		6,300,200			6,147,179			153,021

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		226,570			205,013			21,557
Appropriated Reserve		31,970			27,427			4,543
Other Retained Earnings		194,599			177,585			17,014
Retained Earnings Brought Forward		194,599			177,585			17,014

Total Shareholders' Equity		489,445			467,888			21,557

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		99,258			96,529			2,729
Net Deferred Hedge Gains (Losses), net of Taxes		1,624			1,654			(30	)

Total Valuation and Translation Adjustments		100,882			98,183			2,699

Total Net Assets		590,328			566,071			24,256

Total Liabilities and Net Assets	¥	6,890,529		¥	6,713,251		¥	177,277

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the fiscal year ended March 31, 2018 (A)			For the fiscal year ended March 31, 2017 (B)			Change (A) - (B)
Ordinary Income	¥	205,671		¥	198,028		¥	7,643
Fiduciary Income		54,819			50,075			4,743
Interest Income		43,672			39,805			3,867
Interest on Loans and Bills Discounted		*25,388*			25,817			(428	)
Interest and Dividends on Securities		*13,731*			12,259			1,472
Fee and Commission Income		65,373			58,874			6,498
Trading Income		954			1,180			(226	)
Other Operating Income		4,103			14,483			(10,380	)
Other Ordinary Income		36,748			33,608			3,140

Ordinary Expenses		148,304			134,952			13,352
Interest Expenses		12,595			10,221			2,373
Interest on Deposits		*1,039*			1,220			(180	)
Fee and Commission Expenses		31,042			27,545			3,496
Trading Expenses		60			0			60
Other Operating Expenses		10,717			5,556			5,160
General and Administrative Expenses		87,276			86,723			553
Other Ordinary Expenses		6,612			4,905			1,707

Ordinary Profits		57,366			63,075			(5,708	)

Extraordinary Gains		270			—			270

Extraordinary Losses		1,028			1,722			(694	)

Income before Income Taxes		56,609			61,352			(4,743	)
Income Taxes:
Current		13,097			16,787			(3,690	)
Deferred		(761	)		(917	)		156

Net Income	¥	44,272		¥	45,482		¥	(1,210	)

2-39

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities

As of March 31, 2018


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		770,315	Money Trusts		20,889,820
Securities		317,100	Pension Trusts		3,145,273
Beneficiary Rights to the Trusts		49,697,336	Property Formation Benefit Trusts		4,249
Securities held in Custody Accounts		307,896	Investment Trusts		15,985,056
Money Claims		4,741,840	Money Entrusted Other than Money Trusts		1,552,611
Tangible Fixed Assets		6,876,726	Securities Trusts		8,241,241
Intangible Fixed Assets		340,307	Money Claims Trusts		3,746,957
Other Claims		912,190	Land and Fixtures Trusts		362,071
Due from Banking Account		1,134,182	Composite Trusts		12,069,244
Cash and Due from Banks		903,890	Other Trusts		5,260

Total		66,001,786	Total		66,001,786

Notes:

1.	The statement is exclusive of the Trusts that are difficult to value monetarily.

2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥48,154,361 million.

3.	Joint trust assets under the management of other companies: ¥288,314 million

There is no “Trust assets under the service-shared co-trusteeship” in “Joint trust assets under the management of other companies”.

4.	Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥11,217 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,823 million.

(Reference) Breakdown of Accounts of Money Trusts and Loan Trusts with the contracts of principal indemnification (including Trusts entrusted for asset management) are as follows:

Money Trusts


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		11,217	Principal		831,144
Securities		2	Reserve		34
Others		820,049	Others		90

Total		831,269	Total		831,269

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of March 31, 2018 (A)		As of March 31, 2017 (B)		Change (A) - (B)
Total Amount of Funds		27,918,111		26,876,604		1,041,507
Deposits		3,406,588		3,387,390		19,197
Negotiable Certificates of Deposit		472,180		327,620		144,560
Money Trusts		20,889,820		19,765,871		1,123,949
Pension Trusts		3,145,273		3,391,830		(246,557	)
Property Formation Benefit Trusts		4,249		3,891		357

Loans and Bills Discounted		4,204,066		4,153,229		50,836
of Banking accounts		3,433,750		3,326,296		107,453
of Trust accounts		770,315		826,932		(56,616	)

Securities for Investments		1,409,050		2,156,529		(747,479	)
of Banking accounts		1,091,950		1,253,105		(161,155	)
of Trust accounts		317,100		903,424		(586,323	)

2-41

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of March 31, 2018 (A)			As of March 31, 2017 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	294,441		¥	249,691		¥	44,750
Cash Segregated as Deposits for Customers and Others		323,923			230,214			93,708
Trading Assets		4,923,373			5,019,291			(95,918	)
Receivables - Unsettled Trades		—			169,960			(169,960	)
Operating Investment Securities		25,362			21,762			3,599
Operating Loans Receivable		—			2,790			(2,790	)
Receivables Related to Margin Transactions		127,764			96,255			31,509
Collateralized Short-Term Financing Agreements-Receivable		4,998,221			3,821,571			1,176,650
Advances Paid		431			191			239
Securities: Fail to Deliver		29,956			28,695			1,261
Short-Term Loans Receivable		55,741			22,459			33,281
Deferred Tax Assets		13,547			15,302			(1,754	)
Other Current Assets		465,443			537,638			(72,194	)
Less: Allowance for Doubtful Accounts		(9	)		(6	)		(3	)
Noncurrent Assets
Property and Equipment		14,647			15,087			(440	)
Intangible Assets		55,378			50,195			5,183
Investments and Other Assets		295,186			297,330			(2,144	)

Total Assets	¥	11,623,412		¥	10,578,433		¥	1,044,978

Liabilities
Current Liabilities
Trading Liabilities	¥	4,311,658		¥	3,771,283		¥	540,374
Payables - Unsettled Trades		62,243			—			62,243
Payables Related to Margin Transactions		44,176			55,287			(11,110	)
Collateralized Short-Term Financing Agreements-Payable		3,739,715			3,727,318			12,396
Deposits Received		267,579			234,622			32,957
Guarantee Deposits Received		198,003			184,821			13,182
Securities: Fail to Receive		2,930			12,844			(9,914	)
Short-Term Borrowings		833,668			716,603			117,064
Commercial Paper		334,200			111,300			222,900
Bonds and Notes Due within One Year		46,672			55,323			(8,650	)
Lease Obligations		364			375			(11	)
Income Taxes Payable		3,984			—			3,984
Accrued Employees’ Bonuses		9,563			13,432			(3,868	)
Provision for Variable Compensation		954			855			98
Provision for Bonus Point Redemption		639			596			43
Other Current Liabilities		34,450			28,513			5,936
Noncurrent Liabilities
Bonds and Notes		571,334			554,903			16,431
Long-Term Borrowings		277,000			233,500			43,500
Lease Obligations		139			494			(355	)
Provision for Retirement Benefits		19,744			19,536			208
Other Noncurrent Liabilities		1,540			1,647			(106	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,361			2,291			70

Total Liabilities		10,762,925			9,725,551			1,037,373

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		338,142			332,177			5,965
Other Retained Earnings		338,142			332,177			5,965
Retained Earnings Brought Forward		338,142			332,177			5,965

Total Shareholders' Equity		844,958			838,993			5,965

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		27,497			22,719			4,777
Net Deferred Gains or Losses on Hedges, net of Tax		(11,969	)		(8,831	)		(3,138	)

Total Valuation and Translation Adjustments		15,527			13,887			1,639

Total Net Assets		860,486			852,881			7,604

Total Liabilities and Net Assets	¥	11,623,412		¥	10,578,433		¥	1,044,978

2-42

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the fiscal year ended March 31, 2018 (A)			For the fiscal year ended March 31, 2017 (B)			Change (A) - (B)
Operating Revenues	¥	326,755		¥	341,126		¥	(14,370	)
Commissions		142,534			149,114			(6,579	)
Net Gain on Trading		114,858			143,956			(29,097	)
Net Gain on Operating Investment Securities		2,300			2,299			1
Interest and Dividend Income		67,061			45,756			21,304

Interest Expenses		57,147			37,915			19,232

Net Operating Revenues		269,607			303,211			(33,603	)

Selling, General and Administrative Expenses		236,574			239,455			(2,880	)
Transaction-Related Expenses		49,676			51,513			(1,837	)
Personnel Expenses		85,562			87,966			(2,403	)
Real Estate Expenses		26,630			27,237			(607	)
Administrative Expenses		49,272			49,355			(82	)
Depreciation and Amortization		17,346			17,143			202
Taxes and Dues		4,854			2,801			2,052
Provision of Allowance for Doubtful Accounts		(58	)		(40	)		(17	)
Other		3,290			3,477			(186	)

Operating Income		33,032			63,755			(30,722	)

Non-Operating Income		6,947			7,920			(972	)
Non-Operating Expenses		1,400			1,487			(86	)

Ordinary Income		38,580			70,189			(31,608	)

Extraordinary Gain		4,286			119,276			(114,990	)

Extraordinary Loss		5,015			2,554			2,461

Income before Income Taxes		37,850			186,911			(149,060	)
Income Taxes:
Current		4,092			161			3,931
Deferred		1,596			(13,968	)		15,565

Net Income	¥	32,161		¥	200,718		¥	(168,556	)

2-43