Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

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 ☐

 

 

 

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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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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SIGNATURES

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

 

Date:		July 31, 2024
Mizuho Financial Group, Inc.
By:		/s/ Takefumi Yonezawa
Name:		Takefumi Yonezawa
Title:		Senior Executive Officer / Group CFO

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For Immediate Release:

 

		Consolidated Financial Statements for the First Quarter of Fiscal 2024 (Under Japanese GAAP)

 

Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		July 31, 2024

 

Stock Code Number (Japan):		8411
Stock Exchange Listings:		Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:		https://www.mizuhogroup.com
Representative:		Masahiro Kihara		President & Group CEO
For Inquiry:		Yasutoshi Tanaka		General Manager of Accounting		Phone:		[phone]
Trading Accounts: Established
Commencement of Dividend Payment (scheduled): -
Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Not Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2024 (for the three months ended June 30, 2024)

(1) Consolidated Results of Operations

(%: Changes from the corresponding period of the previous fiscal year)
		Ordinary Income								Ordinary Profits								Profit Attributable to Owners of Parent
		¥ million				%				¥ million				%				¥ million				%
1Q F2024			2,380,899				28.0				354,383				20.4				289,300				17.9
1Q F2023			1,858,873				50.5				294,197				44.0				245,192				53.9

 

Note:		Comprehensive Income: 1Q F2024: ¥232,053 million, (50.3)%; 1Q F2023: ¥467,256 million, —%

 

		Net Income per Share of Common Stock				Diluted Net Income per Share of Common Stock
		¥				¥
1Q F2024			114.14				114.14
1Q F2023			96.75				96.74

(2) Consolidated Financial Conditions

 

		Total Assets				Total Net Assets				Own Capital Ratio
		¥ million				¥ million				%
1Q F2024			292,302,385				10,402,313				3.5
Fiscal 2023			278,672,151				10,312,135				3.6

 

Reference:		Own Capital: As of June 30, 2024: ¥10,322,753 million; As of March 31, 2024: ¥10,232,538 million

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

2. Cash Dividends for Shareholders of Common Stock

 

		Annual Cash Dividends per Share
		First quarter-end						Second quarter-end				Third quarter-end				Fiscal year-end				Total
				¥				¥				¥				¥				¥
Fiscal 2023					—				50.00				—				55.00				105.00
Fiscal 2024					—
Fiscal 2024 (estimate)									57.50				—				57.50				115.00

Note:		Revision of the latest announced estimates for cash dividends for shareholders of common stock : No

3. Consolidated Earnings Estimates for Fiscal 2024 (for the fiscal year ending March 31, 2025)

 

 

		(%: Changes from the corresponding period of the previous fiscal year)
										Profit Attributable to Owners of Parent								Net Income per Share of Common Stock
										¥ million				%				¥
Fiscal 2024 H1											—				—				—
Fiscal 2024											750,000				10.4				295.78

Notes:		1.		Revision of the latest announced earnings estimates for fiscal 2024: No
		2.		The number of shares of common stock used in the above per share information is based on the weighted average of the average number of outstanding shares (excluding treasury stock and others) during 1Q and the number of outstanding shares (excluding treasury stock and others) as of June 30, 2024 (which is used as a proxy for the average number of outstanding shares during 2Q-4Q).

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Notes

(1) Significant changes in the scope of consolidation during the period: No

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

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

 

i

Changes in accounting policies due to revisions of accounting standards: No

 

ii

Changes in accounting policies other than i above: No

 

iii

Changes in accounting estimates: No

 

iv

Restatements: No

(4) Issued Shares of Common Stock

 

i   Period-end issued shares (including treasury stock):

As of June 30, 2024

2,539,249,894 shares

As of March 31, 2024

2,539,249,894 shares

ii  Period-end treasury stock:

As of June 30, 2024

4,333,434 shares

As of March 31, 2024

4,739,805 shares

iii  Average outstanding shares (first quarter):

1Q Fiscal 2024

2,534,589,882 shares

1Q Fiscal 2023

2,534,288,787 shares

Review of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

 

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhogroup.com and also at the SEC’s web site at www.sec.gov. We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

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Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.		Overview of Consolidated Results of Operations and Financial Conditions		p.1-2
2.		Quarterly Consolidated Financial Statements and Others		p.1-3
		(1) Consolidated Balance Sheets		p.1-3
		(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-5
		(3) Notes regarding Consolidated Financial Statements		p.1-7
		(Matters Related to the Assumption of Going Concern)
		(Significant Changes in the Amount of Shareholders’ Equity)
		(Business Segments Information)
		(Consolidated Statement of Cash Flows)
		ø SELECTED FINANCIAL INFORMATION For the First Quarter of Fiscal 2024

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.

 

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Mizuho Financial Group, Inc.

 

1. Overview of Consolidated Results of Operations and Financial Conditions

The subject matter is described in the “FY24 Q1 Financial Results” disclosed on July 31, 2024 (Wednesday), which is available on our web page at https://www.mizuhogroup.com/investors/financial-information/financial-statements.

The information is posted under the Financial Statements (under Japanese GAAP) of Mizuho Financial Group, FY2024, First Quarter, on the above web page.

 

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Mizuho Financial Group, Inc.

 

2. Quarterly Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

 

		Millions of yen
		As of March 31, 2024				As of June 30, 2024
Assets
Cash and Due from Banks		¥	72,968,900			¥	72,167,129
Call Loans and Bills Purchased			1,259,964				1,256,765
Receivables under Resale Agreements			20,533,096				23,150,381
Guarantee Deposits Paid under Securities Borrowing Transactions			2,357,463				2,238,013
Other Debt Purchased			4,174,891				4,252,907
Trading Assets			21,381,444				25,301,776
Money Held in Trust			583,647				633,462
Securities			38,245,422				41,115,826
Loans and Bills Discounted			92,778,781				95,943,187
Foreign Exchange Assets			2,259,701				2,318,840
Derivatives other than for Trading Assets			2,606,667				3,558,080
Other Assets			7,364,363				7,471,093
Tangible Fixed Assets			1,139,470				1,113,898
Intangible Fixed Assets			725,142				751,791
Net Defined Benefit Asset			847,116				865,243
Deferred Tax Assets			135,428				221,200
Customers’ Liabilities for Acceptances and Guarantees			10,098,502				10,735,653
Reserves for Possible Losses on Loans			(787,848	)			(792,859	)
Reserve for Possible Losses on Investments			(4	)			(5	)
Total Assets		¥	278,672,151			¥	292,302,385

 

1-3

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Mizuho Financial Group, Inc.

 

		Millions of yen
		As of March 31, 2024				As of June 30, 2024
Liabilities
Deposits		¥	159,854,668			¥	158,130,732
Negotiable Certificates of Deposit			11,590,532				12,841,633
Call Money and Bills Sold			1,660,682				2,658,635
Payables under Repurchase Agreements			38,103,216				43,638,794
Guarantee Deposits Received under Securities Lending Transactions			1,306,422				1,159,725
Commercial Paper			1,165,988				1,353,856
Trading Liabilities			13,836,028				16,340,409
Borrowed Money			5,449,852				5,466,830
Foreign Exchange Liabilities			900,034				1,060,584
Short-term Bonds			565,736				680,649
Bonds and Notes			11,999,712				12,675,584
Due to Trust Accounts			983,877				1,039,701
Derivatives other than for Trading Liabilities			3,818,518				5,257,695
Other Liabilities			6,618,151				8,566,200
Reserve for Bonus Payments			185,977				76,836
Reserve for Variable Compensation			2,527				2,760
Net Defined Benefit Liability			67,151				67,098
Reserve for Director and Corporate Auditor Retirement Benefits			541				402
Reserve for Possible Losses on Sales of Loans			8,645				9,440
Reserve for Contingencies			19,321				23,474
Reserve for Reimbursement of Deposits			10,378				9,272
Reserve for Reimbursement of Debentures			25,125				24,478
Reserves under Special Laws			3,781				3,772
Deferred Tax Liabilities			27,058				29,426
Deferred Tax Liabilities for Revaluation Reserve for Land			57,583				46,421
Acceptances and Guarantees			10,098,502				10,735,653
Total Liabilities		¥	268,360,016			¥	281,900,071
Net Assets
Common Stock		¥	2,256,767			¥	2,256,767
Capital Surplus			1,129,730				1,129,731
Retained Earnings			5,538,891				5,713,873
Treasury Stock			(9,402	)			(8,754	)
Total Shareholders’ Equity			8,915,987				9,091,617
Net Unrealized Gains (Losses) on Other Securities			929,815				785,018
Deferred Gains (Losses) on Hedges			(298,280	)			(333,727	)
Revaluation Reserve for Land			126,879				101,589
Foreign Currency Translation Adjustments			344,250				471,818
Remeasurements of Defined Benefit Plans			214,337				207,096
Own Credit Risk Adjustments, Net of Tax			(452	)			(658	)
Total Accumulated Other Comprehensive Income			1,316,550				1,231,136
Stock Acquisition Rights			5				5
Non-controlling Interests			79,591				79,555
Total Net Assets			10,312,135				10,402,313
Total Liabilities and Net Assets		¥	278,672,151			¥	292,302,385

 

1-4

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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 three months ended June 30, 2023				For the three months ended June 30, 2024
Ordinary Income		¥	1,858,873			¥	2,380,899
Interest Income			1,293,614				1,621,462
Interest on Loans and Bills Discounted			664,178				741,308
Interest and Dividends on Securities			117,802				205,024
Fiduciary Income			14,728				14,822
Fee and Commission Income			221,014				254,512
Trading Income			118,292				268,315
Other Operating Income			111,762				109,808
Other Ordinary Income			99,461				111,977
Ordinary Expenses			1,564,676				2,026,516
Interest Expenses			1,075,918				1,389,987
Interest on Deposits			388,963				472,961
Fee and Commission Expenses			49,824				53,624
Trading Expenses			714				—
Other Operating Expenses			18,675				80,166
General and Administrative Expenses			384,670				451,707
Other Ordinary Expenses			34,871				51,029
Ordinary Profits			294,197				354,383
Extraordinary Gains			20,018				45,567
Extraordinary Losses			641				2,565
Income before Income Taxes			313,574				397,386
Income Taxes:
Current			68,068				119,545
Deferred			(838	)			(12,463	)
Total Income Taxes			67,230				107,081
Profit			246,344				290,304
Profit Attributable to Non-controlling Interests			1,151				1,003
Profit Attributable to Owners of Parent		¥	245,192			¥	289,300

 

1-5

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Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

		Millions of yen
		For the three months ended June 30, 2023				For the three months ended June 30, 2024
Profit		¥	246,344			¥	290,304
Other Comprehensive Income (Losses)			220,912				(58,250	)
Net Unrealized Gains (Losses) on Other Securities			141,921				(143,998	)
Deferred Gains (Losses) on Hedges			(18,111	)			(35,059	)
Foreign Currency Translation Adjustments			110,977				119,705
Remeasurements of Defined Benefit Plans			(16,483	)			(7,092	)
Own Credit Risk Adjustments, Net of Tax			(158	)			(206	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			2,767				8,400
Comprehensive Income			467,256				232,053
(Breakdown)
Comprehensive Income Attributable to Owners of Parent			465,468				229,176
Comprehensive Income Attributable to Non-controlling Interests			1,788				2,876

 

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Mizuho Financial Group, Inc.

 

(3) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Significant Changes in the Amount of Shareholders’ Equity)

There is no applicable information.

(Business Segments Information)

1.  Summary of reportable segments

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 (RBC), the Corporate & Investment Banking Company (CIBC), the Global Corporate & Investment Banking Company (GCIBC), the Global Markets Company (GMC), and the Asset Management Company (AMC).

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

RBC:

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

CIBC:

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

GCIBC:

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

GMC:

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

AMC:

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 segments 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.

 

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Mizuho Financial Group, Inc.

 

2.  Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, and Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others by reportable segment

For the three months ended June 30, 2023

 

																						(Millions of yen)
		MHFG (Consolidated)
		RBC				CIBC				GCIBC				GMC				AMC				Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			164,598				111,373				168,438				140,248				13,537				33,879				632,073
General and Administrative Expenses (excluding Non-Recurring Losses and others)			156,591				53,704				86,957				75,793				8,495				10,086				391,626
Equity in Income from Investments in Affiliates			1,835				1,419				7,268				—				(440	)			368				10,450
Amortization of Goodwill and others			1				203				216				—				1,618				61				2,099
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others			9,841				58,885				88,533				64,455				2,984				24,100				248,798

 

Notes:

1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥17,795 million, of which ¥17,329 million is included in the GMC.

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

3. Following the change in allocation method for transactions between each segment and “Others” made in April 2024, reclassification was made on the above table to reflect the relevant change.

For the three months ended June 30, 2024

 

																						(Millions of yen)
		MHFG (Consolidated)
		RBC				CIBC				GCIBC				GMC				AMC				Others (Note 2)
Gross profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others			177,384				134,312				191,310				216,534				14,798				41,951				776,289
General and Administrative Expenses (excluding Non-Recurring Losses and others)			172,173				58,840				108,830				87,549				8,963				19,687				456,042
Equity in Income from Investments in Affiliates			2,062				2,176				6,930				—				195				841				12,204
Amortization of Goodwill and others			1				206				1,593				—				1,529				355				3,684
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others			7,272				77,442				87,817				128,985				4,501				22,750				328,767

 

Notes:

1. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others is reported instead of sales reported by general corporations. Net Gains (Losses) related to ETFs and others amounted to ¥31,146 million, of which ¥31,728 million is included in the GMC.

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

 

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Mizuho Financial Group, Inc.

 

3. The difference between the total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others of reportable segments and the recorded amounts in the Quarterly Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above total amounts of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others derived from internal management reporting are different from Income before Income Taxes recorded in the Quarterly Consolidated Statement of Income.

The contents of the difference for the three months ended June 30, 2023 and 2024, are as follows:

 

		(Millions of yen)
		For the three months ended June 30, 2023				For the three months ended June 30, 2024
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others			248,798				328,767
General and Administrative Expenses (Non-Recurring Losses)			9,055				8,019
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)			(4,647	)			(7,290	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			31,997				5,841
Net Gains (Losses) related to Stocks - Net Gains (Losses) related to ETFs and others			5,255				14,097
Net Extraordinary Gains (Losses)			19,377				43,002
Others			3,738				4,949
Income before Income Taxes recorded in Quarterly Consolidated Statement of Income			313,574				397,386

(Consolidated Statement of Cash Flows)

We have not prepared Quarterly Consolidated Statement of Cash Flows for the three months ended June 30, 2024. Depreciation (including Amortization of Intangible Fixed Assets excluding Goodwill) and Amortization of Goodwill for the three months ended June 30, 2023 and 2024 are as follows:

 

		(Millions of yen)
		For the three months ended June 30, 2023				For the three months ended June 30, 2024
Depreciation			40,236				47,322
Amortization of Goodwill			947				1,910

 

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SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2024

(Under Japanese GAAP)

 

 

Mizuho Financial Group, Inc.

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C O N T E N T S

 

 

Notes:

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

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

 

 

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2024		See above Notes				Page
1. Income Analysis		CON		NON			2- 1
2. Net Gains/Losses on Stocks		CON		NON			2- 3
3. Unrealized Gains/Losses on Securities		CON		NON			2- 4
4. Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)		CON		NON			2- 7
5. Status of Deposits and Loans		NON					2- 11

 

Attachments		Page
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)			2- 13
Comparison of Non-Consolidated Statements of Income (selected items)			2- 14

 

 

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of geopolitical disruptions; intensification of competition in the market for financial services; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our medium-term business plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

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

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

 

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Mizuho Financial Group, Inc.

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2024

1. Income Analysis

Consolidated

 

						(Billions of yen)
						First Quarter of Fiscal 2024								First Quarter of Fiscal 2023
										Change
Consolidated Gross Profits			1				745.1				130.8				614.2
Net Interest Income			2				231.4				13.7				217.6
Fiduciary Income			3				14.8				0.0				14.7
Credit Costs for Trust Accounts			4				—				—				—
Net Fee and Commission Income			5				200.8				29.6				171.1
Net Trading Income			6				268.3				150.7				117.5
Net Other Operating Income			7				29.6				(63.4	)			93.0
General and Administrative Expenses			8				(451.7	)			(67.0	)			(384.6	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)			9				(7.2	)			(2.6	)			(4.6	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			10				5.8				(26.1	)			31.9
Net Gains (Losses) related to Stocks			11				45.2				22.1				23.0
Equity in Income from Investments in Affiliates			12				12.2				1.7				10.4
Other			13				4.9				1.2				3.7
Ordinary Profits			14				354.3				60.1				294.1
Net Extraordinary Gains (Losses)			15				43.0				23.6				19.3
Income before Income Taxes			16				397.3				83.8				313.5
Income Taxes			17				(107.0	)			(39.8	)			(67.2	)
Profit			18				290.3				43.9				246.3
Profit Attributable to Non-controlling Interests			19				(1.0	)			0.1				(1.1	)
Profit Attributable to Owners of Parent			20				289.3				44.1				245.1
Credit-related Costs (including Credit Costs for Trust Accounts)			21				(1.4	)			(28.7	)			27.3
Credit-related Costs [21]  =    Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [10] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits			22				297.6				66.6				231.0
Consolidated Net Business Profits [22] =   Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments
Number of consolidated subsidiaries			23				221				32				189
Number of affiliates under the equity method			24				26				2				24

 

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Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

 

						(Billions of yen)
						First Quarter of Fiscal 2024																First Quarter of Fiscal 2023
						MHBK				MHTB				Aggregate Figures				Change
Gross Profits			1				429.6				24.5				454.1				90.9				363.1
Net Interest Income			2				244.8				5.2				250.1				35.1				215.0
Fiduciary Income			3								14.9				14.9				0.1				14.8
Trust Fees for Jointly Operated Designated Money Trust			4								0.7				0.7				(0.2	)			0.9
Credit Costs for Trust Accounts			5								—				—				—				—
Net Fee and Commission Income			6				88.5				4.3				92.8				5.8				86.9
Net Trading Income			7				54.6								54.6				59.2				(4.5	)
Net Other Operating Income			8				41.5				(0.0	)			41.5				(9.3	)			50.9
General and Administrative Expenses (excluding Non-Recurring Losses)			9				(227.3	)			(22.4	)			(249.7	)			(29.3	)			(220.3	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) (1)			10				202.3				2.1				204.4				61.6				142.8
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)			11				168.1				2.1				170.2				25.9				144.2
Excluding Net Gains (Losses) from redemption of Investment Trusts			12				164.4				2.1				166.5				27.3				139.2
Reversal of (Provision for) General Reserve for Losses on Loans			13				—				—				—				—				—
Net Business Profits			14				202.3				2.1				204.4				61.6				142.8
Net Gains (Losses) related to Bonds			15				34.2				—				34.2				35.6				(1.4	)
Net Non-Recurring Gains (Losses)			16				51.2				3.5				54.8				(11.9	)			66.7
Net Gains (Losses) related to Stocks			17				43.5				1.5				45.1				25.0				20.0
Expenses related to Portfolio Problems			18				(8.2	)			—				(8.2	)			(4.0	)			(4.2	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others			19				6.7				0.0				6.7				(28.4	)			35.1
Other			20				9.2				1.9				11.2				(4.5	)			15.7
Ordinary Profits			21				253.6				5.6				259.3				49.7				209.5
Net Extraordinary Gains (Losses)			22				40.8				0.6				41.5				21.9				19.5
Income before Income Taxes			23				294.5				6.3				300.8				71.6				229.1
Income Taxes			24				(80.1	)			(1.9	)			(82.0	)			(19.1	)			(62.9	)
Net Income			25				214.3				4.4				218.7				52.5				166.2
(1) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [5]. (2) Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[11]=Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[10]-Net Gains (Losses) related to Bonds[15]
Credit-related Costs			26				(1.5	)			0.0				(1.4	)			(32.4	)			30.9
Credit-related Costs [26] =   Expenses related to Portfolio Problems [18] + Reversal of (Provision for) General Reserve for Losses on Loans [13] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [19] + Credit Costs for Trust Accounts [5]
Reference: Breakdown of Credit-related Costs
Credit Costs for Trust Accounts			27								—				—				—				—
Reversal of (Provision for) General Reserve for Losses on Loans			28				9.0				0.0				9.0				(0.2	)			9.2
Losses on Write-offs of Loans			29				(0.0	)			—				(0.0	)			3.4				(3.5	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans			30				(8.2	)			0.0				(8.2	)			(28.5	)			20.2
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries			31				2.4				—				2.4				(1.9	)			4.3
Reversal of (Provision for) Reserve for Contingencies			32				(4.5	)			—				(4.5	)			(5.1	)			0.6
Other (including Losses on Sales of Loans)			33				(0.1	)			—				(0.1	)			(0.0	)			(0.1	)
Total			34				(1.5	)			0.0				(1.4	)			(32.4	)			30.9

 

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Mizuho Financial Group, Inc.

 

2. Net Gains/Losses on Stocks

Consolidated

 

		(Billions of yen)
		First Quarter of Fiscal 2024				Change				First Quarter of Fiscal 2023
Net Gains (Losses) related to Stocks			45.2				22.1				23.0
Gains on Sales			85.3				41.4				43.8
Losses on Sales			(38.4	)			(29.5	)			(8.8	)
Impairment (Devaluation)			(2.1	)			(0.2	)			(1.8	)
Reversal of (Provision for) Reserve for Possible Losses on Investments			—				—				—
Gains (Losses) on Derivatives other than for Trading			0.5				10.5				(10.0	)
Non-Consolidated
Aggregate Figures for the 2 Banks
		First Quarter of Fiscal 2024				Change				First Quarter of Fiscal 2023
Net Gains (Losses) related to Stocks			45.1				25.0				20.0
Gains on Sales			81.8				43.3				38.5
Losses on Sales			(36.7	)			(28.5	)			(8.2	)
Impairment (Devaluation)			(0.5	)			(0.2	)			(0.2	)
Reversal of (Provision for) Reserve for Possible Losses on Investments			—				—				—
Gains (Losses) on Derivatives other than for Trading			0.5				10.5				(10.0	)
Mizuho Bank
		First Quarter of Fiscal 2024				Change				First Quarter of Fiscal 2023
Net Gains (Losses) related to Stocks			43.5				24.2				19.3
Gains on Sales			80.2				42.3				37.8
Losses on Sales			(36.7	)			(28.4	)			(8.2	)
Impairment (Devaluation)			(0.4	)			(0.2	)			(0.2	)
Reversal of (Provision for) Reserve for Possible Losses on Investments			—				—				—
Gains (Losses) on Derivatives other than for Trading			0.5				10.5				(10.0	)
Mizuho Trust & Banking
		First Quarter of Fiscal 2024				Change				First Quarter of Fiscal 2023
Net Gains (Losses) related to Stocks			1.5				0.8				0.7
Gains on Sales			1.6				0.9				0.7
Losses on Sales			(0.0	)			(0.0	)			(0.0	)
Impairment (Devaluation)			(0.0	)			(0.0	)			—
Reversal of (Provision for) Reserve for Possible Losses on Investments			—				—				—
Gains (Losses) on Derivatives other than for Trading			—				—				—

 

2-3

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Mizuho Financial Group, Inc.

 

3. Unrealized Gains/Losses on Securities

 

•

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

Consolidated

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2024																As of March 31, 2024
		Book Value  (=Fair Value)				Unrealized Gains/Losses												Book Value  (=Fair Value)				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)
Other Securities			35,046.5				1,124.2				2,249.1				1,124.8				32,731.5				1,326.8				2,339.3				1,012.5
Japanese Stocks			3,088.9				2,186.1				2,191.4				5.2				3,102.6				2,185.7				2,190.4				4.7
Japanese Bonds			16,341.1				(51.6	)			10.4				62.0				14,366.3				(28.5	)			18.1				46.6
Japanese Government Bonds			13,105.3				0.2				2.7				2.4				10,974.3				6.2				9.3				3.0
Other			15,616.4				(1,010.2	)			47.2				1,057.4				15,262.4				(830.3	)			130.8				961.1
Foreign Bonds			13,220.0				(833.1	)			8.6				841.7				12,293.4				(711.6	)			20.3				731.9

 

*	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.

*

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment as of June 30, 2024 and March 31, 2024 are ¥237.8 billion (Foreign Bonds ¥244.9 billion and Japanese Government Bonds ¥(1.1) billion) and ¥181.7 billion (Foreign Bonds ¥218.1 billion and Japanese Government Bonds ¥(6.0) billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of June 30, 2024 and March 31, 2024 are ¥1,362.1 billion (Foreign Bonds ¥(588.1) billion and Japanese Government Bonds ¥(0.8) billion) and ¥1,508.6 billion (Foreign Bonds ¥(493.5) billion and Japanese Government Bonds ¥0.2 billion), respectively.

*

Unrealized Gains/Losses on Other Securities as of June 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the consolidated balance sheet by applying the fair-value hedge accounting and others.

(2) Bonds Held to Maturity

 

		(Billions of yen)
		As of June 30, 2024																As of March 31, 2024
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)			4,551.9				(221.8)				5.9				227.8				4,045.1				(182.2)				8.7				190.9

 

2-4

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Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2024																As of March 31, 2024
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
		(=Fair Value)								Gains				Losses				(=Fair Value)								Gains				Losses
MHBK
Other Securities			33,899.9				924.9				2,048.3				1,123.3				31,711.5				1,126.3				2,137.6				1,011.2
Japanese Stocks			2,824.9				1,990.2				1,994.1				3.9				2,836.6				1,988.7				1,992.3				3.6
Japanese Bonds			16,227.5				(51.9	)			10.0				61.9				14,252.0				(29.0	)			17.5				46.6
Japanese Government Bonds			13,094.3				0.2				2.7				2.4				10,963.3				6.2				9.3				3.0
Other			14,847.4				(1,013.2	)			44.1				1,057.4				14,622.7				(833.3	)			127.7				961.0
Foreign Bonds			12,569.3				(835.0	)			6.7				841.7				11,723.0				(712.9	)			18.9				731.8
MHTB
Other Securities			234.6				113.7				115.1				1.3				239.6				116.5				117.6				1.0
Japanese Stocks			169.0				113.0				114.3				1.2				172.6				115.5				116.6				1.0
Japanese Bonds			60.5				0.2				0.3				0.0				61.7				0.3				0.4				0.0
Japanese Government Bonds			—				—				—				—				—				—				—				—
Other			4.9				0.5				0.5				0.0				5.2				0.6				0.6				0.0
Foreign Bonds			—				—				—				—				—				—				—				—
Total
Other Securities			34,134.6				1,038.7				2,163.5				1,124.7				31,951.1				1,242.8				2,255.2				1,012.3
Japanese Stocks			2,994.0				2,103.2				2,108.4				5.2				3,009.3				2,104.2				2,108.9				4.6
Japanese Bonds			16,288.1				(51.6	)			10.3				62.0				14,313.7				(28.6	)			17.9				46.6
Japanese Government Bonds			13,094.3				0.2				2.7				2.4				10,963.3				6.2				9.3				3.0
Other			14,852.4				(1,012.7	)			44.6				1,057.4				14,627.9				(832.7	)			128.3				961.0
Foreign Bonds			12,569.3				(835.0	)			6.7				841.7				11,723.0				(712.9	)			18.9				731.8

 

*	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.

*

Other Securities mainly including Foreign Bonds are hedged by using derivative instruments, which apply the deferred method of hedge accounting. Deferred Hedge Gains/Losses before tax adjustment (aggregate figures for the 2 banks) as of June 30, 2024 and March 31, 2024 are ¥237.8 billion (Foreign Bonds ¥244.9 billion and Japanese Government Bonds ¥(1.1) billion) and ¥181.7 billion (Foreign Bonds ¥218.1 billion and Japanese Government Bonds ¥(6.0) billion), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of June 30, 2024 and March 31, 2024 are ¥1,276.5 billion (Foreign Bonds ¥(590.0) billion and Japanese Government Bonds ¥(0.8) billion) and ¥1,408.9 billion (Foreign Bonds ¥(494.8) billion and Japanese Government Bonds ¥0.2 billion), respectively.

*

Unrealized Gains/Losses on Other Securities as of June 30, 2024 and March 31, 2024 include translation differences and others regarding stocks and others without a quoted market price and Investments in Partnerships, and are recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the balance sheet by applying the fair-value hedge accounting.

 

2-5

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Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

 

		(Billions of yen)
		As of June 30, 2024																As of March 31, 2024
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHBK			4,551.9				(221.8	)			5.9				227.8				4,045.1				(182.2	)			8.7				190.9
MHTB			—				—				—				—				—				—				—				—
Total			4,551.9				(221.8	)			5.9				227.8				4,045.1				(182.2	)			8.7				190.9
(3) Investments in Subsidiaries and Affiliates
		(Billions of yen)
		As of June 30, 2024																As of March 31, 2024
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHBK			106.1				430.1				430.1				—				106.1				468.9				468.9				—
MHTB			—				—				—				—				—				—				—				—
Total			106.1				430.1				430.1				—				106.1				468.9				468.9				—

(Reference)

Unrealized Gains/Losses on Other Securities

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

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge accounting and others.

Unrealized Gains/Losses on Other Securities after excluding such Income/Loss (the “base amount”) are recorded directly to Net Assets after necessary adjustments.

The base amounts are as follows:

Consolidated

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
		Unrealized Gains/Losses								Unrealized Gains/ Losses
						Change
Other Securities			1,071.5				(202.1)				1,273.7
Japanese Stocks			2,133.7				0.5				2,133.2
Japanese Bonds			(51.6	)			(23.0	)			(28.5	)
Japanese Government Bonds			0.2				(5.9	)			6.2
Other			(1,010.5	)			(179.5)				(830.9	)
Foreign Bonds			(833.4	)			(121.1	)			(712.2	)
Non-Consolidated
Aggregate Figures for the 2 Banks
		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
		Unrealized Gains/Losses								Unrealized Gains/ Losses
						Change
Other Securities			987.2				(203.0	)			1,190.3
Japanese Stocks			2,051.7				0.0				2,051.7
Japanese Bonds			(51.6	)			(23.0	)			(28.6	)
Japanese Government Bonds			0.2				(5.9	)			6.2
Other			(1,012.7	)			(180.0	)			(832.7	)
Foreign Bonds			(835.0	)			(122.0	)			(712.9	)

 

2-6

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Mizuho Financial Group, Inc.

 

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

Consolidated

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			40.5				4.0				36.4
Claims with Collection Risk			717.3				16.6				700.7
Claims for Special Attention			503.5				(11.9	)			515.5
Loans Past Due for 3 Months or More			0.7				0.2				0.4
Restructured Loans			502.8				(12.2	)			515.0
Sub-total[1]			1,261.4				8.7				1,252.7
Normal Claims			109,235.5				3,854.7				105,380.8
Total[2]			110,497.0				3,863.4				106,633.5
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs			112.5				5.2				107.2
		(%)
NPL ratio[1]/[2]			1.14				(0.03	)			1.17
Trust Account
		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			—				—				—
Claims for Special Attention			—				—				—
Loans Past Due for 3 Months or More			—				—				—
Restructured Loans			—				—				—
Sub-total[3]			—				—				—
Normal Claims			2.0				(0.0	)			2.1
Total[4]			2.0				(0.0	)			2.1
		(%)
NPL ratio[3]/[4]			—				—				—

 

2-7

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Mizuho Financial Group, Inc.

 

Consolidated + Trust Account

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			40.5				4.0				36.4
Claims with Collection Risk			717.3				16.6				700.7
Claims for Special Attention			503.5				(11.9	)			515.5
Loans Past Due for 3 Months or More			0.7				0.2				0.4
Restructured Loans			502.8				(12.2	)			515.0
Sub-total[5]			1,261.4				8.7				1,252.7
Normal Claims			109,237.5				3,854.6				105,382.9
Total[6]			110,499.0				3,863.3				106,635.6
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			112.5				5.2				107.2
		(%)
NPL ratio[5]/[6]			1.14				(0.03	)			1.17

 

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

 

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Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			30.6				3.9				26.6
Claims with Collection Risk			716.1				7.5				708.6
Claims for Special Attention			498.1				(22.7	)			520.9
Loans Past Due for 3 Months or More			0.7				0.2				0.4
Restructured Loans			497.4				(23.0	)			520.4
Sub-total[1]			1,244.9				(11.2	)			1,256.2
Normal Claims			112,800.9				3,917.1				108,883.7
Total[2]			114,045.8				3,905.8				110,140.0
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			110.5				5.2				105.3
		(%)
NPL ratio[1]/[2]			1.09				(0.04	)			1.14
Mizuho Bank
		(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			30.5				3.9				26.5
Claims with Collection Risk			707.1				7.7				699.3
Claims for Special Attention			488.8				(22.9	)			511.7
Loans Past Due for 3 Months or More			0.6				0.2				0.4
Restructured Loans			488.1				(23.2	)			511.3
Sub-total[3]			1,226.5				(11.1	)			1,237.7
Normal Claims			109,986.6				3,976.7				106,009.8
Total[4]			111,213.1				3,965.5				107,247.6
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			110.3				5.2				105.1
		(%)
NPL ratio[3]/[4]			1.10				(0.05	)			1.15

 

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Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

(Banking Account)

 

		(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			0.0				0.0				0.0
Claims with Collection Risk			9.0				(0.2)				9.2
Claims for Special Attention			9.2				0.1				9.1
Loans Past Due for 3 Months or More			0.0				0.0				—
Restructured Loans			9.2				0.1				9.1
Sub-total[5]			18.3				(0.0	)			18.4
Normal Claims			2,812.2				(59.5)				2,871.8
Total[6]			2,830.6				(59.6	)			2,890.3
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			0.2				—				0.2
		(%)
NPL ratio[5]/[6]			0.64				0.01				0.63
(Trust Account)
		(Billions of yen)
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			—				—				—
Claims for Special Attention			—				—				—
Loans Past Due for 3 Months or More			—				—				—
Restructured Loans			—				—				—
Sub-total[7]			—				—				—
Normal Claims			2.0				(0.0	)			2.1
Total[8]			2.0				(0.0	)			2.1
		(%)
NPL ratio[7]/[8]			—				—				—

 

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

 

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Mizuho Financial Group, Inc.

 

5. Status of Deposits and Loans

Non-Consolidated

(1)-1 Deposits

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
MHBK			152,958.9				(1,448.8	)			154,407.8
MHTB			2,525.6				(104.5	)			2,630.1
Total			155,484.5				(1,553.4	)			157,038.0

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
MHBK			118,442.7				(4,491.8	)			122,934.6
Individual deposits			48,863.7				619.1				48,244.5
MHTB			2,525.6				(104.5	)			2,630.1
Individual deposits			765.8				20.1				745.6
Total			120,968.3				(4,596.4	)			125,564.8
Individual deposits			49,629.6				639.3				48,990.2

 

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2024								As of March 31, 2024
						Change
MHBK			94,774.1				2,890.1				91,884.0
MHTB			2,806.8				(61.3	)			2,868.2
Total			97,581.0				2,828.7				94,752.2

 

Note: Loans to MHFG are included as follows:

As of June 30, 2024:  ¥394.0 billion (from MHBK)

As of March 31, 2024:  ¥631.0 billion (from MHBK)

 

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Mizuho Financial Group, Inc.

 

(3) Interest Margins (Domestic Operations)

Mizuho Bank

 

				(%)
				First Quarter of Fiscal 2024 (For the three months)		Change		First Quarter of Fiscal 2023 (For the three months)
Return on Loans and Bills Discounted		1		0.85		0.09		0.75
Cost of Deposits		2		0.01		0.01		0.00
Loan and Deposit Rate Margin [1]-[2]		3		0.83		0.08		0.75
Notes:    1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).        2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted		4		0.87		0.10		0.77
Loan and Deposit Rate Margin [4]-[2]		5		0.86		0.08		0.77
Mizuho Trust & Banking
				(%)
				First Quarter of Fiscal 2024 (For the three months)		Change		First Quarter of Fiscal 2023 (For the three months)
Return on Loans and Bills Discounted		6		0.70		0.08		0.62
Cost of Deposits		7		0.02		0.01		0.00
Loan and Deposit Rate Margin [6]-[7]		8		0.68		0.06		0.61
Notes:    1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).        2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted		9		0.70		0.08		0.62
Loan and Deposit Rate Margin [9]-[7]		10		0.68		0.06		0.61
(Reference)
Aggregate Figures for the 2 Banks
				(%)
				First Quarter of Fiscal 2024 (For the three months)		Change		First Quarter of Fiscal 2023 (For the three months)
Return on Loans and Bills Discounted		11		0.84		0.09		0.74
Cost of Deposits		12		0.01		0.01		0.00
Loan and Deposit Rate Margin [11]-[12]		13		0.82		0.08		0.74
Notes:    1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).        2. Deposits include NCDs.
(Reference) After excluding Loans to the Japanese government and others
Return on Loans and Bills Discounted		14		0.86		0.10		0.76
Loan and Deposit Rate Margin [14]-[12]		15		0.85		0.08		0.76

 

2-12

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Mizuho Financial Group, Inc.

 

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK

 

		Millions of yen
		As of June 30, 2024 (A)				As of March 31, 2024 (B)				Change (A) - (B)
Assets
Cash and Due from Banks		¥	69,093,811			¥	70,442,184			¥	(1,348,372	)
Call Loans			731,718				779,066				(47,347	)
Receivables under Resale Agreements			5,981,200				6,693,619				(712,418	)
Guarantee Deposits Paid under Securities Borrowing Transactions			198,068				188,451				9,616
Other Debt Purchased			707,232				707,057				174
Trading Assets			8,756,941				7,027,086				1,729,854
Money Held in Trust			506				505				0
Securities			40,640,089				37,809,325				2,830,763
Loans and Bills Discounted			94,774,169				91,884,028				2,890,140
Foreign Exchange Assets			2,210,078				2,171,460				38,618
Derivatives other than for Trading			6,758,690				9,081,601				(2,322,910	)
Other Assets			6,175,273				6,144,905				30,367
Tangible Fixed Assets			840,711				872,336				(31,625	)
Intangible Fixed Assets			427,219				404,708				22,510
Prepaid Pension Cost			355,780				336,001				19,779
Deferred Tax Assets			268,758				185,189				83,569
Customers’ Liabilities for Acceptances and Guarantees			12,783,764				11,745,869				1,037,894
Reserves for Possible Losses on Loans			(758,864	)			(755,930	)			(2,933	)
Total Assets		¥	249,945,150			¥	245,717,469			¥	4,227,681
Liabilities
Deposits		¥	152,958,933			¥	154,407,832			¥	(1,448,898	)
Negotiable Certificates of Deposit			12,436,005				11,250,486				1,185,518
Call Money			1,923,821				1,009,589				914,232
Payables under Repurchase Agreements			23,308,298				22,254,496				1,053,802
Guarantee Deposits Received under Securities Lending Transactions			168,981				38,776				130,205
Commercial Paper			1,353,856				1,165,988				187,868
Trading Liabilities			6,888,251				5,958,376				929,874
Borrowed Money			14,587,971				14,124,762				463,209
Foreign Exchange Liabilities			1,329,700				1,181,438				148,262
Bonds and Notes			592,566				641,904				(49,338	)
Derivatives other than for Trading			8,471,293				10,309,625				(1,838,331	)
Other Liabilities			6,610,954				4,596,842				2,014,111
Reserve for Bonus Payments			14,238				38,758				(24,519	)
Reserve for Variable Compensation			726				801				(75	)
Reserve for Possible Losses on Sales of Loans			9,440				8,645				795
Reserve for Contingencies			8,799				4,105				4,693
Reserve for Reimbursement of Deposits			8,810				9,871				(1,060	)
Reserve for Reimbursement of Debentures			24,478				25,125				(646	)
Deferred Tax Liabilities for Revaluation Reserve for Land			46,421				57,583				(11,161	)
Acceptances and Guarantees			12,783,764				11,745,869				1,037,894
Total Liabilities			243,527,317				238,830,880				4,696,436
Net Assets
Common Stock and Preferred Stock			1,404,065				1,404,065				—
Capital Surplus			2,259,392				2,259,392				—
Capital Reserve			660,805				660,805				—
Other Capital Surplus			1,598,587				1,598,587				—
Retained Earnings			2,354,977				2,615,322				(260,344	)
Appropriated Reserve			624,534				524,533				100,000
Other Retained Earnings			1,730,443				2,090,788				(360,345	)
Retained Earnings Brought Forward			1,730,443				2,090,788				(360,345	)
Total Shareholders’ Equity			6,018,435				6,278,779				(260,344	)
Net Unrealized Gains (Losses) on Other Securities, net of Taxes			649,374				791,974				(142,599	)
Net Deferred Hedge Gains (Losses), net of Taxes			(351,566	)			(311,045	)			(40,520	)
Revaluation Reserve for Land, net of Taxes			101,589				126,879				(25,290	)
Total Valuation and Translation Adjustments			399,397				607,808				(208,410	)
Total Net Assets			6,417,833				6,886,588				(468,755	)
Total Liabilities and Net Assets		¥	249,945,150			¥	245,717,469			¥	4,227,681

 

2-13

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Mizuho Financial Group, Inc.

 

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

OF MIZUHO BANK

 

		Millions of yen
		For the three months ended June 30, 2024 (A)				For the three months ended June 30, 2023 (B)				Change (A) - (B)
Ordinary Income		¥	1,697,297			¥	1,318,435			¥	378,861
Interest Income			1,325,095				1,039,208				285,887
Interest on Loans and Bills Discounted			688,819				606,408				82,411
Interest and Dividends on Securities			192,853				109,345				83,508
Fee and Commission Income			155,703				135,480				20,222
Trading Income			54,685				151				54,533
Other Operating Income			66,467				57,605				8,861
Other Ordinary Income			95,345				85,989				9,356
Ordinary Expenses			1,443,651				1,115,515				328,136
Interest Expenses			1,080,202				828,977				251,224
Interest on Deposits			457,167				372,698				84,469
Fee and Commission Expenses			67,171				53,042				14,128
Trading Expenses			—				4,702				(4,702	)
Other Operating Expenses			24,892				6,633				18,258
General and Administrative Expenses			220,476				191,947				28,529
Other Ordinary Expenses			50,909				30,211				20,698
Ordinary Profits			253,645				202,920				50,725
Extraordinary Gains			42,911				20,018				22,892
Extraordinary Losses			2,042				295				1,747
Income before Income Taxes			294,514				222,643				71,871
Income Taxes:
Current			95,118				27,444				67,674
Deferred			(14,974	)			34,067				(49,041	)
Net Income		¥	214,369			¥	161,131			¥	53,237

 

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