Form 6-K

6-K 1 d940001d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

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 ☐

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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, 2025

Mizuho Financial Group, Inc.

By:		/s/ Takefumi Yonezawa
Name:		Takefumi Yonezawa
Title:		Senior Managing Executive Officer / Group CFO

For Immediate Release:

Consolidated Financial Statements for Fiscal 2024

(Under Japanese GAAP)


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		May 15, 2025


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:	Hikaru Osuga	General Manager of Accounting	Phone: +81-3-6838-6101


Ordinary General Meeting of Shareholders (scheduled) :	June 24, 2025	Commencement of Dividend Payment (scheduled): June 6, 2025
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):	June 17, 2025	Trading Accounts: Established
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 2024 (for the fiscal year ended March 31, 2025)

(1) Consolidated Results of Operations

(%: Changes from the previous fiscal year)

Ordinary Income

Ordinary Profits

Profit Attributable
to Owners of
Parent

¥ million

Fiscal 2024

9,030,374

3.2

1,168,141

27.7

885,433

30.4

Fiscal 2023

8,744,458

51.3

914,047

15.7

678,993

22.2

Note:

Comprehensive Income:

Fiscal 2024: ¥618,184 million, (54.0)%; Fiscal 2023: ¥1,345,039 million, 384.4%


	Earnings per Share of Common Stock		Diluted Earnings per Share of Common Stock		Earnings on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2024		350.20		350.20		8.5		0.4		12.9
Fiscal 2023		267.88		267.88		7.0		0.3		10.4

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2024: ¥46,782 million; Fiscal 2023: ¥26,221 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2024		283,320,404		10,523,753		3.6		4,161.03
Fiscal 2023		278,672,151		10,312,135		3.6		4,037.28

Reference:

Own Capital:

As of March 31, 2025: ¥10,442,211 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.

(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 2024		(3,820,800	)		3,793,092		(299,030	)		70,723,361
Fiscal 2023		1,884,978			1,982,207		(230,990	)		71,165,815

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 2023		—		50.00		—		55.00		105.00		266,529		39.1		2.7
Fiscal 2024		—		65.00		—		75.00		140.00		353,456		39.9		3.4
Fiscal 2025 (estimate)		—		72.50		—		72.50		145.00				38.7

3. Consolidated Earnings Estimates for Fiscal 2025 (for the fiscal year ending March 31, 2026)


(%: Changes from the corresponding period of the previous fiscal year)
	Profit Attributable to Owners of Parent				Earnings per Share of Common Stock
	¥ million		%		¥
1H F2025		—		—		—
Fiscal 2025		940,000		6.1		374.57



Note:		The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock (excluding treasury stock and others) as of March 31, 2025.

Notes

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

(2) 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

(3) Issued Shares of Common Stock

i . Year-end issued shares

(including treasury stock):

As of March 31, 2025

2,513,757,794 shares

As of March 31, 2024

2,539,249,894 shares

ii . Year-end treasury stock:

As of March 31, 2025

4,233,302 shares

As of March 31, 2024

4,739,805 shares

iii. Average number of outstanding shares:

Fiscal 2024

2,528,302,462 shares

Fiscal 2023

2,534,673,803 shares

This immediate release is outside the scope of the audit by certified public accountants or an audit firm.

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; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3. D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 26, 2024, both of which are 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.

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Overview of Consolidated Results of Operations and Financial Condition	p.1-2
	(1) Overview of Results of Operations	p.1-2
	(2) Overview of Financial Condition	p.1-3
	(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2024 and Dividend Estimates for Fiscal 2025	p.1-3

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

3.	Consolidated Financial Statements and Notes	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 Tuesday, May 20, 2025. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Condition

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2025, in response to the slowdown in inflation, the major industrial countries in Europe and the U.S. started to cut interest rates. In the U.S., although the impact of monetary tightening slowed the labor market, the U.S. economy remained solid, driven by consumer spending from high-income groups. Meanwhile, consumption and corporate activities remained stagnant in Europe. In China, the economy lacked momentum, due to the correction of the real estate market and weak consumer spending.

In the U.S., the economy is continuing to grow steadily, driven by consumer spending from high-income groups, even under sudden monetary tightening by the Federal Reserve Board (FRB). On the other hand, inflation had slowed steadily as the impact of monetary tightening slowed the labor market and shortages of labor and supply eased. In January 2025, the U.S. administration changed, and there is a growing concern of a resurgence in inflation and economic deterioration due to its tariff policies. Based on these circumstances, the FRB decided to leave its policy interest rate unchanged at the meeting of the Federal Open Market Committee (FOMC) held in March 2025. Amid increasing uncertainties, it is expected that the FRB will determine its future policies carefully while keeping an eye on inflation and economic conditions.

In Europe, the economy continued to exhibit low growth. Consumer spending was stagnant and the impact of monetary tightening has exerted downward pressure on companies’ investment demand. In addition, inflation slowed as a result of a pause in the passing of rising energy costs onto consumers, a sluggish economy and a deceleration in wage increases. Based on these circumstances, the European Central Bank (ECB) decided to lower its policy interest rate at its meeting held in March 2025. As interest rates gradually approach a neutral level, it is expected that the ECB will determine its future policies by assessing the impact on its economy.

In Asia, the economy is lacking momentum. In China, although government support measures and strong exports supported the economy, prolonged correction in the real estate market and weak consumer spending resulted in an economy that continued to lack momentum. In addition, the U.S.-China conflict is ongoing, and the uncertainty with respect to issues such as trade and national security has become higher than ever. In emerging economies, there has been gradual recovery due to an increase in electronic device exports. However, with concerns like currency depreciation and the resurgence of inflation lingering, the pace of interest rate cuts in each country remains slow, and the recovery of domestic demand is sluggish.

In Japan, the economy is recovering gradually. While the lack of growth in overseas economies is weighing on the production of the manufacturing industry, capital investment and wages are on an upward trend, backed by high levels of corporate earnings. At the same time, as the movement to pass the increased labor costs onto prices is gradually spreading, the Bank of Japan decided to raise its policy interest rate in January 2025. It is expected that the Bank of Japan will continue to determine its monetary policy by assessing developments concerning wages and prices and trends of the economy going forward.

The prospects for the growth of the global economy are expected to remain gradual, as the imposition of tariffs by the U.S. will be a downward pressure factor and the slowdown of the Chinese economy will also weigh on the economy. In addition, due to Japan’s and Europe’s intensified export competition with China in global markets, further escalation of regional conflicts in the Middle East, and policy uncertainty in the U.S., fears of economic deterioration and financial and capital market disruption may spread, potentially adversely affecting the Japanese economy as well.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,920.4 billion for fiscal 2024, increasing by ¥217.0 billion from the previous fiscal year mainly due to the strong performance in non-interest income as well as positive impact from the Bank of Japan’s policy interest rate hike.

General and Administrative Expenses increased by ¥176.7 billion on a year-on-year basis to ¥1,840.7 billion mainly due to the external factors such as inflation and the resource deployment to growth areas and governance-related costs, offset in part by our maintaining overall control on expenses.

As a result, Consolidated Net Business Profits increased by ¥62.0 billion on a year-on-year basis to ¥1,098.9 billion. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others, which consists of Consolidated Net Business Profits, Net Gains (Losses) related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net Gains (Losses) related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥138.4 billion on a year-on-year basis to ¥1,144.2 billion.

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Mizuho Financial Group, Inc.

Credit-related Costs decreased by ¥54.7 billion on a year-on-year basis to ¥51.6 billion mainly due to the reversals in and outside Japan, offset in part by the reserves from a forward-looking perspective, considering uncertainty in business environment.

Net Gains (Losses) related to Stocks increased by ¥117.5 billion on a year-on-year basis to net gains of ¥141.2 billion mainly due to the increase in profits from the sale of cross-holding stocks.

As a result, Ordinary Profits increased by ¥254.0 billion on a year-on-year basis to ¥1,168.1 billion.

Extraordinary Gains (Losses) decreased by ¥19.0 billion on a year-on-year basis to net gains of ¥21.9 billion mainly due to the elimination of a large amount of gains on cancellation of employee retirement benefit trust recorded in the previous fiscal year.

Tax-related Expenses increased by ¥29.6 billion on a year-on-year basis to ¥301.4 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2024 increased by ¥206.4 billion on a year-on-year basis to ¥885.4 billion.

As for earnings estimates for fiscal 2025, we estimate Profit Attributable to Owners of Parent of ¥940.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates.

(2) Overview of Financial Condition

Consolidated Total Assets as of March 31, 2025 amounted to ¥283,320.4 billion, increasing by ¥4,648.2 billion from the end of the previous fiscal year mainly due to an increase in Receivables under Resale Agreements.

Securities amounted to ¥34,307.5 billion, decreasing by ¥3,937.8 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥94,108.7 billion, increasing by ¥1,329.9 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥173,145.5 billion, increasing by ¥1,700.3 billion from the end of the previous fiscal year.

Net Assets amounted to ¥10,523.7 billion, increasing by ¥211.6 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥9,423.6 billion, Accumulated Other Comprehensive Income was ¥1,018.5 billion, and Non-controlling Interests was ¥81.5 billion.

Net Cash Used in Operating Activities was ¥3,820.8 billion mainly due to increased Call Loans. Net Cash Provided by Investing Activities was ¥3,793.0 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥299.0 billion mainly due to the redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2025 was ¥70,723.3 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2024 and Dividend Estimates for Fiscal 2025

Based on our capital management policy of pursuing the optimal balance between capital adequacy, growth investment and enhancement of shareholder return, for Fiscal 2024, we maintain our shareholder return policy of progressive dividends as our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥75.0 of year-end cash dividends on common stock for Fiscal 2024 (annual cash dividends of ¥140.0, including interim dividends of ¥65.0), an increase of ¥10.0 from the most recent Dividend Estimate, based on the fact that Profit Attributable to Owners of Parent for Fiscal 2024 was ¥885.4 billion.

Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 10.3%, thus again fulfilling the lower end of the 9-10% range that we consider as the necessary level.

Year-end cash dividends on Common Stock

¥75.0 per share

(Increase of ¥10.0 from the most recent Dividend Estimate)

Annual cash dividends incl. interim dividends

¥140.0 per share

(Increase of ¥10.0 from the most recent Dividend Estimate)

Meanwhile, in accordance with the Articles of Incorporation, we may decide to issue dividends by resolution of the Board of Directors unless otherwise stipulated by laws and regulations.

We decided to set forth our new shareholder return policy of keeping progressive increase of dividends per share, while executing flexible and intermittent share buybacks. In addition, we will increase dividends per share by approximately ¥5.0 each fiscal year, based on the steady growth of our stable earnings base. We will decide share buybacks, based on our business results, capital adequacy, our stock price and the opportunities for growth investment, using the total payout ratio of 50% or more as a guide.

Based on the new policy, as for the dividend estimates of common stock for Fiscal 2025, we predict ¥145.0 per share of common stock, which is an increase of ¥5.0 from Fiscal 2024. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

(Dividend Estimates for Fiscal 2025)

Common Stock

Cash Dividends per Share of which Interim and Year-end Dividends

¥145.0

(Increase of ¥5.0 from Fiscal 2024)
¥72.5 each

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Mizuho Financial Group, Inc.

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 Notes

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2024			As of March 31, 2025
Assets
Cash and Due from Banks	¥	72,968,900		¥	72,483,086
Call Loans and Bills Bought		1,259,964			688,473
Receivables under Resale Agreements		20,533,096			28,107,374
Guarantee Deposits Paid under Securities Borrowing Transactions		2,357,463			2,078,999
Monetary Claims Bought		4,174,891			3,932,427
Trading Assets		21,381,444			22,240,796
Money Held in Trust		583,647			632,025
Securities		38,245,422			34,307,574
Loans and Bills Discounted		92,778,781			94,108,757
Foreign Exchanges		2,259,701			2,237,879
Derivatives other than for Trading Assets		2,606,667			3,497,747
Other Assets		7,364,363			7,008,874
Tangible Fixed Assets		1,139,470			1,122,592
Buildings		330,325			332,093
Land		613,649			570,345
Lease Assets		16,423			20,968
Construction in Progress		47,074			61,297
Other Tangible Fixed Assets		131,997			137,887
Intangible Fixed Assets		725,142			808,897
Software		383,863			453,171
Goodwill		116,417			108,029
Lease Assets		4,421			11,419
Other Intangible Fixed Assets		220,440			236,277
Net Defined Benefit Asset		847,116			758,783
Deferred Tax Assets		135,428			237,630
Customers’ Liabilities for Acceptances and Guarantees		10,098,502			9,824,242
Allowances for Loan Losses		(787,848	)		(755,751	)
Allowance for Investment Losses		(4	)		(5	)

Total Assets	¥	278,672,151		¥	283,320,404

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2024			As of March 31, 2025
Liabilities
Deposits	¥	159,854,668		¥	158,746,762
Negotiable Certificates of Deposit		11,590,532			14,398,784
Call Money and Bills Sold		1,660,682			2,745,165
Payables under Repurchase Agreements		38,103,216			38,393,650
Guarantee Deposits Received under Securities Lending Transactions		1,306,422			1,604,389
Commercial Paper		1,165,988			2,138,133
Trading Liabilities		13,836,028			14,290,572
Borrowed Money		5,449,852			4,008,514
Foreign Exchanges		900,034			840,486
Short-term Bonds		565,736			724,118
Bonds and Notes		11,999,712			12,877,794
Due to Trust Accounts		983,877			950,946
Derivatives other than for Trading Liabilities		3,818,518			4,566,669
Other Liabilities		6,618,151			6,267,822
Reserve for Bonus Payments		185,977			224,246
Reserve for Variable Compensation		2,527			2,226
Net Defined Benefit Liability		67,151			68,259
Reserve for Director and Corporate Auditor Retirement Benefits		541			484
Reserve for Possible Losses on Sales of Loans		8,645			1,266
Reserve for Contingencies		19,321			22,542
Reserve for Reimbursement of Deposits		10,378			7,146
Reserve for Reimbursement of Debentures		25,125			19,965
Reserves under Special Laws		3,781			4,247
Deferred Tax Liabilities		27,058			21,155
Deferred Tax Liabilities for Revaluation Reserve for Land		57,583			47,059
Acceptances and Guarantees		10,098,502			9,824,242

Total Liabilities	¥	268,360,016		¥	272,796,651

Net Assets
Common Stock	¥	2,256,767		¥	2,256,767
Capital Surplus		1,129,730			1,129,730
Retained Earnings		5,538,891			6,046,578
Treasury Stock		(9,402	)		(9,462	)

Total Shareholders’ Equity		8,915,987			9,423,614

Net Unrealized Gains (Losses) on Other Securities		929,815			867,697
Deferred Gains (Losses) on Hedges		(298,280	)		(465,204	)
Revaluation Reserve for Land		126,879			98,680
Foreign Currency Translation Adjustments		344,250			398,783
Remeasurements of Defined Benefit Plans		214,337			119,654
Own Credit Risk Adjustments, Net of Tax		(452	)		(1,014	)

Total Accumulated Other Comprehensive Income		1,316,550			1,018,596

Stock Acquisition Rights		5			5
Non-controlling Interests		79,591			81,536

Total Net Assets		10,312,135			10,523,753

Total Liabilities and Net Assets	¥	278,672,151		¥	283,320,404

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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, 2024		For the fiscal year ended March 31, 2025
Ordinary Income	¥	8,744,458	¥	9,030,374
Interest Income		5,772,536		6,000,202
Interest on Loans and Bills Discounted		2,787,517		2,739,320
Interest and Dividends on Securities		674,386		861,082
Interest on Call Loans and Bills Bought		33,521		20,981
Interest on Receivables under Resale Agreements		721,327		801,353
Interest on Securities Borrowing Transactions		44,916		53,453
Interest on Due from Banks		1,060,345		951,617
Other Interest Income		450,521		572,394
Trust Fees		61,487		62,288
Fee and Commission Income		1,060,235		1,115,433
Trading Income		1,090,397		1,047,459
Other Operating Income		360,724		394,573
Other Ordinary Income		399,078		410,417
Recovery of Written-off Claims		5,511		10,698
Other		393,566		399,718
Ordinary Expenses		7,830,410		7,862,233
Interest Expenses		4,884,924		4,954,945
Interest on Deposits		1,738,287		1,690,300
Interest on Negotiable Certificates of Deposit		520,886		494,833
Interest on Call Money and Bills Sold		22,927		16,426
Interest on Payables under Repurchase Agreements		1,754,457		1,843,925
Interest on Securities Lending Transactions		27,635		39,037
Interest on Commercial Paper		83,741		65,808
Interest on Borrowed Money		66,293		60,493
Interest on Short-term Bonds		112		2,299
Interest on Bonds and Notes		315,392		404,367
Other Interest Expenses		355,187		337,452
Fee and Commission Expenses		203,627		208,639
Trading Expenses		363,813		—
Other Operating Expenses		189,710		535,969
General and Administrative Expenses		1,663,951		1,840,702
Other Ordinary Expenses		524,383		321,975
Provision for Allowances for Loan Losses		78,672		36,164
Other		445,710		285,811

Ordinary Profits	¥	914,047	¥	1,168,141

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Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Extraordinary Gains	¥	58,684		¥	58,371
Gains on Disposition of Fixed Assets		5,946			36,367
Gains on Cancellation of Employee Retirement Benefit Trust		52,738			12,396
Accumulation (Amortization) of Unrecognized Prior Service Cost		—			9,015
Other Extraordinary Gains		—			592
Extraordinary Losses		17,697			36,428
Losses on Disposition of Fixed Assets		9,304			12,692
Losses on Impairment of Fixed Assets		7,963			23,270
Other Extraordinary Losses		429			465

Profit before Income Taxes		955,035			1,190,084

Income Taxes:
Current		276,194			301,525
Deferred		(4,459	)		(108	)

Total Income Taxes		271,735			301,416

Profit		683,299			888,667

Profit Attributable to Non-controlling Interests		4,305			3,234

Profit Attributable to Owners of Parent	¥	678,993		¥	885,433

1-8

Mizuho Financial Group, Inc.

Consolidated Statements of Comprehensive Income


	*Millions of yen*
	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Profit	¥	683,299		¥	888,667
Other Comprehensive Income (Loss)		661,740			(270,483	)
Net Unrealized Gains (Losses) on Other Securities		367,374			(61,222	)
Deferred Gains (Losses) on Hedges		60,598			(166,963	)
Revaluation Reserve for Land		—			(1,343	)
Foreign Currency Translation Adjustments		190,357			45,598
Remeasurements of Defined Benefit Plans		28,852			(92,478	)
Own Credit Risk Adjustments, Net of Tax		(471	)		(562	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		15,030			6,488

Comprehensive Income		1,345,039			618,184

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		1,335,852			614,332
Comprehensive Income Attributable to Non-controlling Interests		9,187			3,851

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2024


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,267		5,093,911			(8,786	)		8,471,160
Cumulative Effects of Changes in Accounting Policies						(1,883	)					(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,129,267		5,092,027			(8,786	)		8,469,276
Changes during the period
Cash Dividends						(234,802	)					(234,802	)
Profit Attributable to Owners of Parent						678,993						678,993
Repurchase of Treasury Stock									(3,383	)		(3,383	)
Disposition of Treasury Stock				0					2,766			2,767
Transfer from Revaluation Reserve for Land						2,441						2,441
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				462								462
Change in Retained Earnings by Decreasing of Equity Method Affiliates and Others						231						231
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		463		446,864			(616	)		446,710

Balance as of the end of the period		2,256,767		1,129,730		5,538,891			(9,402	)		8,915,987


	Accumulated Other Comprehensive Income																	Stock Acquisition Rights		Non-Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains (Losses) on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans		Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights		Non-Controlling Interests		Total Net Assets
Balance as of the beginning of the period		564,495		(358,102	)		129,321			144,093		182,306		19			662,133		5		75,163		9,208,463
Cumulative Effects of Changes in Accounting Policies																	—						(1,883	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		564,495		(358,102	)		129,321			144,093		182,306		19			662,133		5		75,163		9,206,579
Changes during the period
Cash Dividends																							(234,802	)
Profit Attributable to Owners of Parent																							678,993
Repurchase of Treasury Stock																							(3,383	)
Disposition of Treasury Stock																							2,767
Transfer from Revaluation Reserve for Land																							2,441
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							462
Change in Retained Earnings by Decreasing of Equity Method Affiliates and Others																							231
Net Changes in Items other than Shareholders’ Equity		365,319		59,822			(2,441	)		200,157		32,031		(471	)		654,417		—		4,428		658,845

Total Changes during the period		365,319		59,822			(2,441	)		200,157		32,031		(471	)		654,417		—		4,428		1,105,555

Balance as of the end of the period		929,815		(298,280	)		126,879			344,250		214,337		(452	)		1,316,550		5		79,591		10,312,135

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2025


	*Millions of yen*
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,129,730			5,538,891			(9,402	)		8,915,987
Changes during the period
Cash Dividends							(304,603	)					(304,603	)
Profit Attributable to Owners of Parent							885,433						885,433
Repurchase of Treasury Stock										(102,921	)		(102,921	)
Disposition of Treasury Stock				2						2,861			2,864
Cancellation of Treasury Stock				(99,999	)					99,999			—
Transfer from Revaluation Reserve for Land							26,853						26,853
Transfer from Retained Earnings to Capital Surplus				99,996			(99,996	)					—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		(0	)		507,686			(59	)		507,626

Balance as of the end of the period		2,256,767		1,129,730			6,046,578			(9,462	)		9,423,614


	Accumulated Other Comprehensive Income																				Stock Acquisition Rights		Non-Controlling Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains (Losses) on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments		Remeasurements of Defined Benefit Plans			Own Credit Risk Adjustments, Net of Tax			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights		Non-Controlling Interests		Total Net Assets
Balance as of the beginning of the period		929,815			(298,280	)		126,879			344,250		214,337			(452	)		1,316,550			5		79,591		10,312,135
Changes during the period
Cash Dividends																										(304,603	)
Profit Attributable to Owners of Parent																										885,433
Repurchase of Treasury Stock																										(102,921	)
Disposition of Treasury Stock																										2,864
Cancellation of Treasury Stock																										—
Transfer from Revaluation Reserve for Land																										26,853
Transfer from Retained Earnings to Capital Surplus																										—
Net Changes in Items other than Shareholders’ Equity		(62,117	)		(166,924	)		(28,199	)		54,533		(94,683	)		(562	)		(297,954	)		—		1,944		(296,009	)

Total Changes during the period		(62,117	)		(166,924	)		(28,199	)		54,533		(94,683	)		(562	)		(297,954	)		—		1,944		211,617

Balance as of the end of the period		867,697			(465,204	)		98,680			398,783		119,654			(1,014	)		1,018,596			5		81,536		10,523,753

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Cash Flow from Operating Activities
Profit before Income Taxes	¥	955,035		¥	1,190,084
Depreciation		173,173			198,607
Losses on Impairment of Fixed Assets		7,963			23,270
Amortization of Goodwill		5,020			7,315
Equity in Loss (Gain) from Investments in Affiliates		(26,221	)		(46,782	)
Increase (Decrease) in Allowances for Loan Losses		42,729			(33,639	)
Increase (Decrease) in Allowance for Investment Losses		3			0
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		(6,403	)		(7,379	)
Increase (Decrease) in Reserve for Contingencies		3,157			3,759
Increase (Decrease) in Reserve for Bonus Payments		49,304			39,356
Increase (Decrease) in Reserve for Variable Compensation		145			(301	)
Decrease (Increase) in Net Defined Benefit Asset		102,323			(26,725	)
Increase (Decrease) in Net Defined Benefit Liability		(1,638	)		477
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		2			(57	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(3,316	)		(3,232	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		17,327			(5,159	)
Interest Income—accrual basis		(5,772,536	)		(6,000,202	)
Interest Expenses—accrual basis		4,884,924			4,954,945
Losses (Gains) on Securities		(24,038	)		2,393
Losses (Gains) on Money Held in Trust		5			(739	)
Foreign Exchange Losses (Gains)—net		(1,061,035	)		160,885
Losses (Gains) on Disposition of Fixed Assets		3,358			(23,674	)
Losses (Gains) on Revision of Retirement Benefit Plan		—			(9,015	)
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(52,738	)		(12,396	)
Net Decrease (Increase) in Trading Assets		(2,604,912	)		(897,685	)
Net Increase (Decrease) in Trading Liabilities		176,157			449,391
Net Decrease (Increase) in Derivatives other than for Trading Assets		(341,491	)		(901,858	)
Net Increase (Decrease) in Derivatives other than for Trading Liabilities		997,746			757,438
Net Decrease (Increase) in Loans and Bills Discounted		(96,019	)		(1,525,099	)
Net Increase (Decrease) in Deposits		5,381,997			(975,924	)
Net Increase (Decrease) in Negotiable Certificates of Deposit		(3,198,510	)		2,903,305
Net Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		1,278,447			(1,446,750	)
Net Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(324,286	)		15,123
Net Decrease (Increase) in Call Loans, etc.		(7,704,413	)		(6,833,612	)
Net Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		(460,034	)		278,464
Net Increase (Decrease) in Call Money, etc.		9,511,807			1,735,093
Net Increase (Decrease) in Commercial Paper		(854,467	)		986,546
Net Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		548,579			297,966
Net Decrease (Increase) in Foreign Exchanges (Assets)		379,335			2,059
Net Increase (Decrease) in Foreign Exchanges (Liabilities)		223,630			(59,192	)
Net Increase (Decrease) in Short-term Bonds (Liabilities)		88,594			158,381
Increase (Decrease) in Bonds and Notes		441,113			795,718
Net Increase (Decrease) in Due to Trust Accounts		(550,220	)		(32,930	)
Interest and Dividend Income—cash basis		5,571,589			5,907,980
Interest Expenses—cash basis		(4,756,988	)		(5,043,512	)
Other—net		(831,529	)		(679,389	)

Subtotal		2,172,672			(3,696,692	)

Cash Refunded (Paid) in Income Taxes		(287,693	)		(124,107	)

Net Cash Provided by (Used in) Operating Activities		1,884,978			(3,820,800	)

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Cash Flow from Investing Activities
Payments for Purchase of Securities		(78,051,713	)		(60,070,019	)
Proceeds from Sale of Securities		37,149,439			43,264,042
Proceeds from Redemption of Securities		43,228,988			20,901,192
Payments for Increase in Money Held in Trust		(78,560	)		(55,845	)
Proceeds from Decrease in Money Held in Trust		8,692			6,826
Payments for Purchase of Tangible Fixed Assets		(63,123	)		(94,936	)
Payments for Purchase of Intangible Fixed Assets		(193,888	)		(250,009	)
Proceeds from Sale of Tangible Fixed Assets		12,353			88,745
Proceeds from Sale of Intangible Fixed Assets		1,240			125
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		(39,148	)		—
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)		7,927			2,970

Net Cash Provided by (Used in) Investing Activities		1,982,207			3,793,092

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		—			10,000
Proceeds from Issuance of Subordinated Bonds		499,000			514,500
Payments for Redemption of Subordinated Bonds		(490,310	)		(417,000	)
Proceeds from Investments by Non-controlling Shareholders		153			1,446
Repayments to Non-controlling Shareholders		(61	)		—
Cash Dividends Paid		(234,786	)		(304,425	)
Cash Dividends Paid to Non-controlling Shareholders		(3,569	)		(3,494	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		(800	)		—
Payments for Repurchase of Treasury Stock		(3,383	)		(102,921	)
Proceeds from Sale of Treasury Stock		2,767			2,864

Net Cash Provided by (Used in) Financing Activities		(230,990	)		(299,030	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		1,703,938			(115,716	)

Net Increase (Decrease) in Cash and Cash Equivalents		5,340,133			(442,454	)

Cash and Cash Equivalents at the beginning of the fiscal year		65,825,681			71,165,815

Cash and Cash Equivalents at the end of the fiscal year	¥	71,165,815		¥	70,723,361

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 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.

2. Calculating method of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others, and Fixed 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) + Net Gains (Losses) related to ETFs and others is the total amount of Interest Income, Trust Fees, Fee and Commission Income, Trading Income, Other Operating Income, and Net Gains (Losses) related to ETFs and others.

Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others is the amount of which General and Administrative Expenses (excluding Non-Recurring Losses and others), Equity in Income from Investments in Affiliates, and Amortization of Goodwill and others (including Amortization of Intangible Assets) are deducted from, or added to, Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others.

Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others relating to transactions between segments is based on the current market price.

Fixed Assets disclosed as asset information by segment are the total amount of Tangible Fixed Assets and Intangible Fixed Assets. Fixed Assets pertaining to Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. have been allocated to each segment.

1-15

Mizuho Financial Group, Inc.

3. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net Gains (Losses) related to ETFs and others, Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others, and Fixed Assets by reportable segment


	*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		832,192		636,745		792,244		499,127		59,703			145,672	2,965,683
General and Administrative Expenses (excluding Non-Recurring Losses and others)		702,186		239,532		453,040		345,616		38,391			75,830	1,854,595
Equity in Income from Investments in Affiliates		10,456		9,693		25,004		—		(3,301	)		4,930	46,782
Amortization of Goodwill and others		6		824		5,879		—		6,116			790	13,615
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others		140,456		406,082		358,329		153,511		11,895			73,981	1,144,254
Fixed Assets		603,769		171,780		224,407		101,201		—			830,333	1,931,490


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 ¥ 45,280 million, of which ¥ 37,041 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.		“Others” in Fixed Assets includes assets of headquarters that have not been allocated to each segment, Fixed Assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.
		Among Fixed Assets that have not been allocated to each segment, some related expenses are allocated to each segment using a reasonable criteria of allocation.

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) + Net Gains (Losses) related to ETFs and others and that of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others 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) + Net Gains (Losses) related to ETFs and others 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) + Net Gains (Losses) related to ETFs and others		2,965,683
Net Gains (Losses) related to ETFs and others		(45,280	)
Other Ordinary Income		410,417
General and Administrative Expenses		(1,840,702	)
Other Ordinary Expenses		(321,975	)

Ordinary Profits recorded in Consolidated Statement of Income		1,168,141

(2)

The total of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general allowance for loan losses) + Net Gains (Losses) related to ETFs and others of Segment Information and Profit 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 allowance for loan losses) + Net Gains (Losses) related to ETFs and others		1,144,254
General and Administrative Expenses (Non-Recurring Losses)		27,508
Expenses related to Portfolio Problems (including reversal of (provision for) general allowance for loan losses)		(62,173	)
Gains on Reversal of Allowances for Loan Losses, and others		10,569
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others		95,946
Net Extraordinary Gains (Losses)		21,943
Others		(47,965	)

Profit before Income Taxes recorded in Consolidated Statement of Income		1,190,084

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


	Fiscal 2023		Fiscal 2024
Net Assets per Share of Common Stock	¥	4,037.28	¥	4,161.03
Earnings per Share of Common Stock	¥	267.88	¥	350.20
Diluted Earnings per Share of Common Stock	¥	267.88	¥	350.20

Notes: 1.

Total Net Assets per Share of Common Stock is based on the following information:


			Fiscal 2023		Fiscal 2024
Net Assets per Share of Common Stock
Total Net Assets	¥	million		10,312,135		10,523,753
Deductions from Total Net Assets	¥	million		79,597		81,541
Stock Acquisition Rights	¥	million		5		5
Non-Controlling Interests	¥	million		79,591		81,536
Net Assets (year-end) related to Common Stock	¥	million		10,232,538		10,442,211
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated		Thousands of shares		2,534,510		2,509,524

Earnings per Share of Common Stock and Diluted Earnings per Share of Common Stock are based on the following information:


			Fiscal 2023		Fiscal 2024
Earnings per Share of Common Stock
Profit Attributable to Owners of Parent	¥	million		678,993		885,433
Amount not attributable to Common Stock	¥	million		—		—
Profit Attributable to Owners of Parent related to Common Stock	¥	million		678,993		885,433
Average Outstanding Shares of Common Stock (during the period)		Thousands of shares		2,534,673		2,528,302

Diluted Earnings per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥	million		—		—
Increased Number of Shares of Common Stock		Thousands of shares		2		2
Stock Acquisition Rights		Thousands of shares		2		2
Description of dilutive securities which were not included in the calculation of Diluted Earnings per Share of Common Stock as they have no dilutive effects				—		—

1-18

Mizuho Financial Group, Inc.

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, 2024 and 2025. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2024 and 2025 are 2,910 thousand and 2,376 thousand, respectively.

In the calculation of Earnings per Share of Common Stock and Diluted Earnings 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, 2024 and 2025 are 2,759 thousand and 2,498 thousand, respectively.

(Subsequent Events)

(Repurchase and cancellation of Own Shares)

MHFG resolved at the meeting of its Board of Directors held on May 15, 2025 to repurchase its common stock pursuant to the provisions of Article 156, Paragraph 1 of the Companies Act and in accordance with the provisions of Article 459, Paragraph 1 of the Companies Act and Article 47 of its Articles of Incorporation, and cancel the repurchased common stock pursuant to Article 178 of the Companies Act.

(1)	Reason for the Repurchase and cancellation of Common Stock

MHFG maintains a capital policy pursuing the optimal balance between capital adequacy, growth investment and enhancement of shareholder returns. Based on this initiative, from the fiscal year ending March 31, 2026, MHFG set forth its shareholder return policy keeping progressive increase of dividends per share, while executing flexible and intermittent share buybacks. In accordance with this policy, we decided share buybacks, based on our business results, capital adequacy, our stock price and the opportunities for growth investment, using the total payout ratio of 50% or more as a guide.

(2)	Outline of Repurchase


i.	Stock to be repurchased:	MHFG common stock
ii.	Aggregate shares to be repurchased:	Up to a maximum of 40,000,000 shares (1.6% of the number of issued shares excluding treasury stock as of March 31, 2025)
iii.	Aggregate amount of repurchase price:	Up to a maximum of ¥100,000,000,000
iv.	Repurchase period:	From May 16, 2025 to August 31, 2025
v.	Repurchase method:	Market purchase utilizing trust method

(3)	Outline of Cancellation


i.	Type of stock to be cancelled:	MHFG common stock
ii.	Number of shares to be cancelled:	All of the common stock repurchased as stated in item 2 above
iii.	Scheduled cancellation date:	September 22, 2025

1-19

SELECTED FINANCIAL INFORMATION

For Fiscal 2024

(Under Japanese GAAP)

LOGO

CONTENTS

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 2024

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-8

5. Unrealized Gains/Losses on Securities

CON

NON

2-10

6. Projected Redemption Amounts for Securities

NON

2-12

7. Employee Retirement Benefits

NON

CON

2-13

8. Capital Ratio

CON

NON

2-16

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-17

2. Status of Allowances for Loan Losses

CON

NON

2-21

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

CON

NON

2-22

4. Coverage on Non Performing Loans based on the BA and the FRA

NON

2-23

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

NON

2-26

6. Results of Removal of NPLs from the Balance Sheet

NON

2-27

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

NON

2-28

(2) Non Performing Loans based on the BA and the FRA and Coverage Ratio by Industry

NON

2-30

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

(1) Balance of Housing and Consumer Loans

NON

2-31

(2) Loans to SMEs and Individual Customers

NON

2-31

9. Status of Loans by Region

(1) Outstanding Balances by Region

NON

2-32

(2) Non Performing Loans based on the BA and the FRA by Region

NON

2-33

III. OTHERS

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-34

2. Breakdown of Deposits (Domestic Offices)

NON

2-36


Attachments	*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		2-37
Comparison of Non-Consolidated Statements of Income (selected items)		2-38

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; changes to applicable laws and regulations; and the effects of climate change.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), and our report on Form 6-K furnished to the SEC on December 26, 2024, both of which are 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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2024

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2024						Fiscal 2023
					Change
Consolidated Gross Profits	1		2,920,402			217,097			2,703,304
Net Interest Income	2		1,045,256			157,644			887,612
Trust Fees	3		62,288			801			61,487
Credit Costs of Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		906,793			50,185			856,608
Net Trading Income	6		1,047,459			320,875			726,584
Net Other Operating Income	7		(141,395	)		(312,408	)		171,013
General and Administrative Expenses	8		(1,840,702	)		(176,750	)		(1,663,951	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses)	9		(62,173	)		51,864			(114,038	)
Losses on Write-offs of Loans	10		*(11,519*	)		10,837			(22,356	)
Gains on Reversal of Allowances for Loan Losses, and others	11		10,569			2,882			7,687
Net Gains (Losses) related to Stocks	12		141,227			117,561			23,666
Equity in Income from Investments in Affiliates	13		46,782			20,560			26,221
Other	14		(47,965	)		20,877			(68,842	)

Ordinary Profits	15		1,168,141			254,093			914,047

Net Extraordinary Gains (Losses)	16		21,943			(19,044	)		40,987
Profit before Income Taxes	17		1,190,084			235,049			955,035
Income Taxes - Current	18		(301,525	)		(25,330	)		(276,194	)
- Deferred	19		108			(4,350	)		4,459
Profit	20		888,667			205,368			683,299
Profit Attributable to Non-controlling Interests	21		(3,234	)		1,071			(4,305	)

Profit Attributable to Owners of Parent	22		885,433			206,439			678,993


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(51,603	)		54,747			(106,350	)
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Allowance for Loan Losses) [9] + Gains on Reversal of Allowances for Loan Losses, and others [11] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	24		1,098,973			62,084			1,036,888
* 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		235			16			219
Number of affiliates under the equity method	26		27			2			25

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2024												Fiscal 2023
		MHBK			MHTB			Aggregate Figures			Change
Gross Profits	1		1,561,662			136,169			1,697,832			72,470			1,625,362
Domestic Gross Profits	2		1,006,254			136,168			1,142,422			247,369			895,053
Net Interest Income	3		652,944			34,130			687,075			188,872			498,202
Trust Fees	4					62,691			62,691			839			61,851
Trust Fees for Jointly Operated Designated Money Trust	5					3,665			3,665			(257	)		3,923
Credit Costs of Trust Accounts⁽¹⁾	6					—			—			—			—
Net Fee and Commission Income	7		276,141			38,680			314,821			2,992			311,828
Net Trading Income	8		55,049						55,049			45,698			9,351
Net Other Operating Income	9		22,119			666			22,785			8,965			13,819
International Gross Profits	10		555,408			1			555,409			(174,899	)		730,308
Net Interest Income	11		415,884			77			415,961			27,476			388,484
Net Fee and Commission Income	12		131,453			(82	)		131,370			(31,683	)		163,054
Net Trading Income	13		214,269						214,269			79,981			134,288
Net Other Operating Income	14		(206,198	)		6			(206,192	)		(250,673	)		44,481
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(908,587	)		(89,456	)		(998,044	)		(60,609	)		(937,434	)
Expense Ratio	16		*58.1*	%		*65.6*	%		*58.7*	%		1.1	%		57.6	%
Personnel Expenses	17		(339,759	)		(45,007	)		(384,766	)		(13,086	)		(371,679	)
Non-Personnel Expenses	18		(512,086	)		(40,100	)		(552,186	)		(37,618	)		(514,567	)
Premium for Deposit Insurance	19		(17,211	)		(514	)		(17,726	)		(898	)		(16,827	)
Miscellaneous Taxes	20		(56,741	)		(4,349	)		(61,091	)		(9,904	)		(51,187	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	21		653,075			46,712			699,788			11,860			687,927
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas⁽²⁾	22		796,989			46,715			843,704			116,771			726,933
Excluding Net Gains (Losses) from redemption of Investment Trusts	23		784,181			46,715			830,896			130,214			700,681

Reversal of (Provision for) General Allowance for Loan Losses	24		(4,508	)		(2,569	)		(7,078	)		9,553			(16,631	)

Net Business Profits	25		648,566			44,143			692,710			21,414			671,295
Net Gains (Losses) related to Bonds	26		(143,914	)		(2	)		(143,916	)		(104,910	)		(39,005	)

Net Non-Recurring Gains (Losses)	27		87,520			22,682			110,203			196,798			(86,594	)
Net Gains (Losses) related to Stocks	28		116,763			14,971			131,734			130,611			1,123
Expenses related to Portfolio Problems	29		(52,649	)		821			(51,828	)		34,462			(86,290	)
Gains on Reversal of Allowances for Loan Losses, and others	30		10,257			50			10,308			4,565			5,742
Other	31		13,149			6,840			19,989			27,158			(7,169	)

Ordinary Profits	32		736,087			66,826			802,913			218,212			584,701

Net Extraordinary Gains (Losses)	33		22,478			(5,626	)		16,851			(27,552	)		44,404
Net Gains (Losses) on Disposition of Fixed Assets	34		24,567			(167	)		24,399			25,371			(971	)
Losses on Impairment of Fixed Assets	35		(10,413	)		(12,077	)		(22,491	)		(15,116	)		(7,375	)
Gains on Cancellation of Employee Retirement Benefit Trust	36		6,720			5,676			12,396			(40,342	)		52,738
Accumulation (Amortization) of Unrecognized Prior Service Cost	37		6,368			941			7,310			7,310			—
Profit before Income Taxes	38		758,565			61,200			819,765			190,659			629,105
Income Taxes - Current	39		(211,354	)		(23,566	)		(234,920	)		(39,238	)		(195,682	)
- Deferred	40		26,282			8,173			34,456			66,275			(31,819	)

Profit	41		573,494			45,807			619,301			217,697			401,604

(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) for MHTB excludes the amounts of “Credit Costs of Trust Accounts” [6]. (2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[22] =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[21]-Net Gains (Losses) related to Bonds[26]
Credit-related Costs	42		(46,900	)		(1,697	)		(48,598	)		48,581			(97,180)
Credit-related Costs [42] = Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Allowance for Loan Losses [24] + Gains on Reversal of Allowances for Loan Losses, and others [30] + Credit Costs of Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	43					—			—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	44		(4,508	)		(2,569	)		(7,078	)		9,553			(16,631	)
Losses on Write-offs of Loans	45		593			0			593			16,703			(16,110	)
Reversal of (Provision for) Specific Allowance for Loan Losses	46		(35,760	)		821			(34,939	)		41,984			(76,924	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	47		9,520			—			9,520			(5,787	)		15,308
Reversal of (Provision for) Reserve for Contingencies	48		(4,547	)		50			(4,496	)		(5,301	)		804
Other (including Losses on Sales of Loans)	49		(12,196	)		—			(12,196	)		(8,570	)		(3,626	)
Total	50		(46,900	)		(1,697	)		(48,598	)		48,581			(97,180	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2024						Fiscal 2023
					Change
Gross Profits	1		1,561,662			47,622			1,514,040
Domestic Gross Profits	2		1,006,254			222,697			783,556
Net Interest Income	3		652,944			174,097			478,846
Net Fee and Commission Income	4		276,141			(5,389	)		281,531
Net Trading Income	5		55,049			45,698			9,351
Net Other Operating Income	6		22,119			8,291			13,828
International Gross Profits	7		555,408			(175,075	)		730,483
Net Interest Income	8		415,884			27,379			388,504
Net Fee and Commission Income	9		131,453			(31,749	)		163,203
Net Trading Income	10		214,269			79,981			134,288
Net Other Operating Income	11		(206,198	)		(250,686	)		44,488
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(908,587	)		(55,704	)		(852,882	)
Expense Ratio	13		*58.1*	%		1.8	%		56.3	%
Personnel Expenses	14		(339,759	)		(9,963	)		(329,795	)
Non-Personnel Expenses	15		(512,086	)		(36,583	)		(475,502	)
Premium for Deposit Insurance	16		(17,211	)		(869	)		(16,342	)
Miscellaneous Taxes	17		(56,741	)		(9,157	)		(47,584	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	18		653,075			(8,082	)		661,158
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas *	19		796,989			96,833			700,156
Excluding Net Gains (Losses) from redemption of Investment Trusts	20		784,181			110,276			673,904

Reversal of (Provision for) General Allowance for Loan Losses	21		(4,508	)		12,087			(16,596	)

Net Business Profits	22		648,566			4,005			644,561
Net Gains (Losses) related to Bonds	23		(143,914	)		(104,916	)		(38,998	)

Net Non-Recurring Gains (Losses)	24		87,520			186,481			(98,961	)
Net Gains (Losses) related to Stocks	25		116,763			121,304			(4,541	)
Expenses related to Portfolio Problems	26		(52,649	)		32,051			(84,700	)
Gains on Reversal of Allowances for Loan Losses, and others	27		10,257			4,523			5,734
Other	28		13,149			28,602			(15,453	)

Ordinary Profits	29		736,087			190,486			545,600

Net Extraordinary Gains (Losses)	30		22,478			(20,230	)		42,709
Net Gains (Losses) on Disposition of Fixed Assets	31		24,567			25,208			(641	)
Losses on Impairment of Fixed Assets	32		(10,413	)		(3,169	)		(7,244	)
Gains on Cancellation of Employee Retirement Benefit Trust	33		6,720			(43,862	)		50,582
Accumulation (Amortization) of Unrecognized Prior Service Cost	34		6,368			6,368			—
Profit before Income Taxes	35		758,565			170,256			588,309
Income Taxes - Current	36		(211,354	)		(25,246	)		(186,107	)
- Deferred	37		26,282			56,287			(30,004	)

Profit	38		573,494			201,296			372,197

* Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[19] =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[18]-Net Gains (Losses) related to Bonds[23]

Credit-related Costs	39		(46,900	)		48,662			(95,563	)

Credit-related Costs [39] = Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Allowance for Loan Losses [21] + Gains on Reversal of Allowances for Loan Losses, and others [27]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Allowance for Loan Losses	40		(4,508	)		12,087			(16,596	)
Losses on Write-offs of Loans	41		593			16,702			(16,109	)
Reversal of (Provision for) Specific Allowance for Loan Losses	42		(35,760	)		39,632			(75,393	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	43		9,520			(5,787	)		15,308
Reversal of (Provision for) Reserve for Contingencies	44		(4,547	)		(5,402	)		854
Other (including Losses on Sales of Loans)	45		(12,196	)		(8,570	)		(3,626	)
Total	46		(46,900	)		48,662			(95,563	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2024						Fiscal 2023
					Change
Gross Profits	1		136,169			24,848			111,321
Domestic Gross Profits	2		136,168			24,671			111,496
Net Interest Income	3		34,130			14,774			19,356
Trust Fees	4		62,691			839			61,851
Trust Fees for Jointly Operated Designated Money Trust	5		3,665			(257	)		3,923
Credit Costs of Trust Accounts ⁽¹⁾	6		—			—			—
Net Fee and Commission Income	7		38,680			8,382			30,297
Net Other Operating Income	8		666			674			(8	)
International Gross Profits	9		1			176			(175	)
Net Interest Income	10		77			97			(19	)
Net Fee and Commission Income	11		(82	)		65			(148	)
Net Other Operating Income	12		6			13			(6	)
General and Administrative Expenses (excluding Non-Recurring Losses)	13		(89,456	)		(4,904	)		(84,552	)
Expense Ratio	14		*65.6*	%		(10.2	)%		75.9	%
Personnel Expenses	15		(45,007	)		(3,122	)		(41,884	)
Non-Personnel Expenses	16		(40,100	)		(1,035	)		(39,064	)
Premium for Deposit Insurance	17		(514	)		(29	)		(485	)
Miscellaneous Taxes	18		(4,349	)		(746	)		(3,602	)

Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	19		46,712			19,943			26,769
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas ⁽²⁾	20		46,715			19,938			26,776
Excluding Net Gains (Losses) from redemption of Investment Trusts	21		46,715			19,938			26,776

Reversal of (Provision for) General Allowance for Loan Losses	22		(2,569	)		(2,534	)		(34	)

Net Business Profits	23		44,143			17,409			26,734
Net Gains (Losses) related to Bonds	24		(2	)		5			(7	)

Net Non-Recurring Gains (Losses)	25		22,682			10,316			12,366
Net Gains (Losses) related to Stocks	26		14,971			9,306			5,664
Expenses related to Portfolio Problems	27		821			2,411			(1,590	)
Gains on Reversal of Allowances for Loan Losses, and others	28		50			42			7
Other	29		6,840			(1,443	)		8,284

Ordinary Profits	30		66,826			27,725			39,101

Net Extraordinary Gains (Losses)	31		(5,626	)		(7,321	)		1,695
Net Gains (Losses) on Disposition of Fixed Assets	32		(167	)		162			(329	)
Losses on Impairment of Fixed Assets	33		(12,077	)		(11,946	)		(130	)
Gains on Cancellation of Employee Retirement Benefit Trust	34		5,676			3,520			2,155
Accumulation (Amortization) of Unrecognized Prior Service Cost	35		941			941			—
Profit before Income Taxes	36		61,200			20,403			40,796
Income Taxes - Current	37		(23,566	)		(13,991	)		(9,574	)
- Deferred	38		8,173			9,988			(1,814	)

Profit	39		45,807			16,400			29,407

(1) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) excludes the amounts of “Credit Costs of Trust Accounts” [6].
(2) Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses) from core business areas[20] =Net Business Profits(before Reversal of (Provision for) General Allowance for Loan Losses)[19]-Net Gains (Losses) related to Bonds[24]

Credit-related Costs	40		(1,697	)		(80	)		(1,617	)
Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Allowance for Loan Losses [22] + Gains on Reversal of Allowances for Loan Losses, and others [28] + Credit Costs of Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs of Trust Accounts	41		—			—			—
Reversal of (Provision for) General Allowance for Loan Losses	42		(2,569	)		(2,534)			(34	)
Losses on Write-offs of Loans	43		0			1			(1	)
Reversal of (Provision for) Specific Allowance for Loan Losses	44		821			2,351			(1,530	)
Reversal of (Provision for) Allowance for Loan Losses to Restructuring Countries	45		—			—			—
Reversal of (Provision for) Reserve for Contingencies	46		50			100			(50	)
Other (including Losses on Sales of Loans)	47		—			—			—
Total	48		(1,697	)		(80	)		(1,617	)

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


				(%)
				Fiscal 2024					Fiscal 2023
Mizuho Bank							Change

Return on Interest-Earning Assets			1		0.62			0.16		0.46
Return on Loans and Bills Discounted ^*1			2		0.96			0.20		0.75
Return on Securities			3		0.77			0.35		0.41
Cost of Funding (including Expenses)			4		0.64			0.11		0.53
Cost of Deposits (including Expenses)			5		0.64			0.10		0.54
Cost of Deposits ^*2			6		0.06			0.06		0.00
Cost of Other External Liabilities			7		0.48			0.18		0.29

Net Interest Margin	(1	)-(4)	8		(0.02	)		0.04		(0.06	)
Loan and Deposit Rate Margin (including Expenses)	(2	)-(5)	9		0.31			0.10		0.21
Loan and Deposit Rate Margin	(2	)-(6)	10		0.90			0.14		0.75

*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		0.99			0.21		0.77
Loan and Deposit Rate Margin (including Expenses)	(11	)-(5)	12		0.34			0.11		0.23
Loan and Deposit Rate Margin	(11	)-(6)	13		0.93			0.15		0.77

				(%)
				Fiscal 2024					Fiscal 2023
Mizuho Trust & Banking							Change

Return on Interest-Earning Assets			14		0.97			0.45		0.51
Return on Loans and Bills Discounted ^*1			15		0.79			0.17		0.62
Return on Securities			16		3.63			0.54		3.08
Cost of Funding			17		0.23			0.12		0.10
Cost of Deposits ^*2			18		0.09			0.09		0.00

Net Interest Margin	(14	)-(17)	19		0.73			0.33		0.40
Loan and Deposit Rate Margin	(15	)-(18)	20		0.70			0.08		0.62

*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		0.79			0.17		0.62
Loan and Deposit Rate Margin	(21	)-(18)	22		0.70			0.08		0.62



(Reference)

				(%)
				Fiscal 2023					Fiscal 2022
Aggregate Figures for the 2 Banks							Change

Return on Loans and Bills Discounted ^*1			23		0.95			0.20		0.75
Cost of Deposits ^*2			24		0.06			0.06		0.00

Loan and Deposit Rate Margin	(23	)-(24)	25		0.89			0.14		0.74

*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		0.98			0.21		0.76
Loan and Deposit Rate Margin	(26	)-(24)	27		0.92			0.15		0.76

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

Fiscal 2024

Fiscal 2023

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

208,768,752

2.35

17,163,545

(0.12

)

191,605,206

2.48

Loans and Bills Discounted

92,673,218

2.75

1,316,887

(0.06

)

91,356,331

2.82

Securities

37,226,068

2.18

(3,184,212

)

0.59

40,410,280

1.58

Source of Funds

212,084,087

1.81

1,876,343

(0.03

)

210,207,743

1.85

Deposits

153,888,659

1.04

4,860,955

(0.07

)

149,027,703

1.12

NCDs

12,952,088

3.70

(4,986,071

)

0.90

17,938,160

2.79

(Domestic Operations)

Use of Funds

129,665,335

0.62

16,637,612

0.16

113,027,722

0.46

Loans and Bills Discounted

56,305,215

0.95

2,183,782

0.21

54,121,432

0.74

Securities

17,370,465

0.77

(6,571,853

)

0.35

23,942,318

0.41

Source of Funds

130,634,272

0.11

1,578,795

0.08

129,055,476

0.03

Deposits

115,488,058

0.06

5,261,361

0.05

110,226,696

0.00

NCDs

3,056,142

0.12

(5,285,467

)

0.11

8,341,609

0.00

(International Operations)

Use of Funds

79,731,653

5.17

(519,492

)

(0.10

)

80,251,146

5.27

Loans and Bills Discounted

36,368,002

5.54

(866,895

)

(0.30

)

37,234,898

5.84

Securities

19,855,602

3.41

3,387,640

0.12

16,467,961

3.29

Source of Funds

82,078,051

4.51

(747,878

)

(0.12

)

82,825,929

4.63

Deposits

38,400,601

4.02

(400,405

)

(0.28

)

38,801,006

4.30

NCDs

9,895,945

4.80

299,395

(0.40

)

9,596,550

5.21

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

Fiscal 2024

Fiscal 2023

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

4,577,181

0.98

(379,906

)

0.45

4,957,088

0.52

Loans and Bills Discounted

2,752,985

0.82

(224,802

)

0.18

2,977,787

0.64

Securities

180,288

3.46

362

0.51

179,926

2.94

Source of Funds

4,369,614

0.24

(1,259,949

)

0.12

5,629,563

0.12

Deposits

2,489,355

0.09

(362,445

)

0.08

2,851,801

0.00

NCDs

361,613

0.14

(29,925

)

0.13

391,539

0.00

(Domestic Operations)

Use of Funds

4,565,903

0.97

(378,474

)

0.45

4,944,378

0.51

Loans and Bills Discounted

2,736,591

0.80

(221,026

)

0.17

2,957,618

0.62

Securities

171,972

3.63

350

0.54

171,621

3.08

Source of Funds

4,358,242

0.23

(1,257,992

)

0.12

5,616,234

0.10

Deposits

2,486,827

0.09

(362,089

)

0.08

2,848,917

0.00

NCDs

361,613

0.14

(29,925)

0.13

391,539

0.00

(International Operations)

Use of Funds

33,665

1.74

(2,562

)

0.14

36,227

1.60

Loans and Bills Discounted

16,393

3.56

(3,775

)

0.71

20,169

2.85

Securities

8,316

—

(0.03

)

8,304

0.03

Source of Funds

33,758

1.51

(3,087

)

(0.11

)

36,846

1.63

Deposits

2,528

0.06

(356

)

0.05

2,884

0.00

NCDs

—

2-7

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		(147,287	)		(110,184	)		(37,102	)
Gains on Sales and Others		137,421			42,830			94,591
Losses on Sales and Others		(285,363	)		(159,077	)		(126,285	)
Impairment (Devaluation)		(1,529	)		617			(2,147	)
Reversal of (Provision for) Allowance for Investment Losses		0			4			(3	)
Gains (Losses) on Derivatives other than for Trading		2,184			5,440			(3,256	)

	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		141,227			117,561			23,666
Gains on Sales		325,393			(25,001	)		350,394
Losses on Sales		(164,100	)		125,190			(289,290	)
Impairment (Devaluation)		(14,871	)		(12,574	)		(2,296	)
Reversal of (Provision for) Allowance for Investment Losses		(2	)		(2	)		—
Gains (Losses) on Derivatives other than for Trading		(5,191	)		29,949			(35,140	)

Non-Consolidated Aggregate Figures for the 2 Banks

	*(Millions of yen)*
	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		(143,916	)		(104,910	)		(39,005	)
Gains on Sales and Others		137,639			43,671			93,968
Losses on Sales and Others		(282,210	)		(154,381	)		(127,829	)
Impairment (Devaluation)		(1,529	)		359			(1,888	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		2,184			5,440			(3,256	)

	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		131,734			130,611			1,123
Gains on Sales		306,086			(27,612	)		333,699
Losses on Sales		(158,824	)		126,824			(285,649	)
Impairment (Devaluation)		(10,333	)		1,452			(11,785	)
Reversal of (Provision for) Allowance for Investment Losses		(2	)		(2	)		—
Gains (Losses) on Derivatives other than for Trading		(5,191	)		29,949			(35,140	)

2-8

Mizuho Financial Group, Inc.


Mizuho Bank

	*(Millions of yen)*
	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		(143,914	)		(104,916	)		(38,998	)
Gains on Sales and Others		137,632			43,664			93,968
Losses on Sales and Others		(282,201	)		(154,380	)		(127,821	)
Impairment (Devaluation)		(1,529	)		359			(1,888	)
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		2,184			5,440			(3,256	)

	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		116,763			121,304			(4,541	)
Gains on Sales		290,063			(37,896	)		327,960
Losses on Sales		(157,797	)		127,777			(285,574	)
Impairment (Devaluation)		(10,309	)		1,476			(11,785	)
Reversal of (Provision for) Allowance for Investment Losses		(2	)		(2	)		—
Gains (Losses) on Derivatives other than for Trading		(5,191	)		29,949			(35,140	)

Mizuho Trust & Banking

	*(Millions of yen)*
	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Bonds		(2	)		5			(7	)
Gains on Sales and Others		7			7			—
Losses on Sales and Others		(9	)		(1	)		(7	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

	Fiscal 2024						Fiscal 2023
				Change
Net Gains (Losses) related to Stocks		14,971			9,306			5,664
Gains on Sales		16,023			10,284			5,738
Losses on Sales		(1,027	)		(953	)		(74	)
Impairment (Devaluation)		(24	)		(24	)		—
Reversal of (Provision for) Allowance for Investment Losses		—			—			—
Gains (Losses) on Derivatives other than for Trading		—			—			—

2-9

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of March 31, 2025

As of March 31, 2024

Book Value
(= Fair Value)

Unrealized Gains/Losses

Book Value
(= Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

28,315,442

1,244,399

1,851,895

607,496

32,731,510

1,326,873

2,339,385

1,012,512

Japanese Stocks

2,602,868

1,785,453

1,791,933

6,480

3,102,660

2,185,715

2,190,460

4,744

Japanese Bonds

11,250,832

(79,654

)

7,249

86,903

14,366,374

(28,514

)

18,115

46,629

Japanese Government Bonds

8,370,439

(18,664

)

18,728

10,974,393

6,247

9,326

3,078

Other

14,461,741

(461,398

)

52,713

514,112

15,262,474

(830,328

)

130,809

961,137

Foreign Bonds

12,116,540

(384,921

)

18,368

403,290

12,293,417

(711,631

)

20,332

731,964

* In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Monetary Claims Bought” 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 March 31, 2025 and March 31, 2024 are ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments as of March 31, 2025 and March 31, 2024 are ¥1,277,928 million (Foreign Bonds ¥(345,206) million and Japanese Government Bonds ¥(17,688) million) and ¥1,508,634 million (Foreign Bonds ¥(493,514) million and Japanese Government Bonds ¥220 million), respectively.

* Unrealized Gains/Losses on Other Securities as of March 31, 2025 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

(Millions of yen)

As of March 31, 2025

As of March 31, 2024

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,183,129

(155,748

)

23,297

179,045

4,045,134

(182,210

)

8,789

190,999

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2025									As of March 31, 2024
	Book Value (= Fair Value)		Unrealized Gains/Losses							Book Value (= Fair Value)		Unrealized Gains/Losses
	Book Value (= Fair Value)					Gains		Losses		Book Value (= Fair Value)					Gains		Losses
Other Securities		27,411,717		1,172,231			1,775,925		603,694		31,951,115		1,242,880			2,255,245		1,012,365
Japanese Stocks		2,516,624		1,713,916			1,719,812		5,896		3,009,329		2,104,250			2,108,913		4,663
Japanese Bonds		11,193,302		(78,786	)		7,249		86,035		14,313,789		(28,631	)		17,998		46,629
Japanese Government Bonds		*8,359,271*		*(18,664*	)		64		*18,728*		10,963,328		6,247			9,326		3,078
Other		13,701,790		(462,898	)		48,863		511,761		14,627,995		(832,739	)		128,333		961,072
Foreign Bonds		*11,465,424*		*(386,209*	)		*15,035*		*401,245*		11,723,012		(712,961	)		18,938		731,899

Mizuho Bank
Other Securities		27,108,684		1,074,796			1,677,413		602,617		31,711,507		1,126,334			2,137,624		1,011,290
Japanese Stocks		2,370,411		1,616,347			1,621,572		5,225		2,836,690		1,988,703			1,992,308		3,605
Japanese Bonds		11,040,790		(78,566	)		7,101		85,667		14,252,023		(29,022	)		17,589		46,612
Japanese Government Bonds		*8,260,550*		*(18,643*	)		64		*18,707*		10,963,328		6,247			9,326		3,078
Other		13,697,483		(462,984	)		48,739		511,724		14,622,794		(833,346	)		127,725		961,072
Foreign Bonds		*11,465,424*		*(386,209*	)		*15,035*		*401,245*		11,723,012		(712,961	)		18,938		731,899

Mizuho Trust & Banking
Other Securities		303,032		97,434			98,511		1,077		239,607		116,546			117,621		1,075
Japanese Stocks		146,213		97,568			98,239		671		172,639		115,547			116,605		1,057
Japanese Bonds		152,511		(220	)		147		368		61,766		391			408		17
Japanese Government Bonds		*98,720*		*(21*	)		—		21		—		—			—		—
Other		4,307		86			123		37		5,201		607			607		0
Foreign Bonds		—		—			—		—		—		—			—		—

* In addition to “Securities” on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Monetary Claims Bought” 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 March 31, 2025 and March 31, 2024 are ¥33,528 million (Foreign Bonds ¥39,715 million and Japanese Government Bonds ¥975 million) and ¥181,761 million (Foreign Bonds ¥218,117 million and Japanese Government Bonds ¥(6,026) million), respectively. Unrealized Gains/Losses applying deferred hedging accounting among hedging instruments (aggregate figures for the 2 banks) as of March 31, 2025 and March 31, 2024 are ¥1,205,759 million (Foreign Bonds ¥(346,494) million and Japanese Government Bonds ¥(17,667) million) and ¥1,408,932 million (Foreign Bonds ¥(494,843) million and Japanese Government Bonds ¥220 million), respectively. * Unrealized Gains/Losses on Other Securities as of March 31, 2025 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.

2-10

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2025									As of March 31, 2024
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		4,183,129		(155,748	)		23,297		179,045		4,045,134		(182,210	)		8,789		190,999
Mizuho Bank		4,183,129		(155,748	)		23,297		179,045		4,045,134		(182,210	)		8,789		190,999
Mizuho Trust & Banking		—		—			—		—		—		—			—		—
(3) Investment in Subsidiaries and Affiliates Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of March 31, 2025									As of March 31, 2024
			Unrealized Gains/Losses									Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses
Aggregate Figures		106,131		276,514			276,514		—		106,131		468,940			468,940		—
Mizuho Bank		106,131		276,514			276,514		—		106,131		468,940			468,940		—
Mizuho Trust & Banking		—		—			—		—		—		—			—		—

(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


	*(Millions of yen)*
	As of March 31, 2025						As of March 31, 2024
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,210,350			(63,363	)		1,273,714
Japanese Stocks		1,748,558			(384,659	)		2,133,218
Japanese Bonds		(79,654	)		(51,140	)		(28,514	)
Japanese Government Bonds		*(18,664*	)		(24,912	)		6,247
Other		(458,553	)		372,437			(830,990	)
Foreign Bonds		*(382,076*	)		330,217			(712,294	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2025						As of March 31, 2024
	Unrealized Gains/Losses						Unrealized Gains/Losses
				Change			Unrealized Gains/Losses
Other Securities		1,136,110			(54,272	)		1,190,383
Japanese Stocks		1,677,795			(373,958	)		2,051,753
Japanese Bonds		(78,786	)		(50,155	)		(28,631	)
Japanese Government Bonds		*(18,664*	)		(24,912	)		6,247
Other		(462,898	)		369,841			(832,739	)
Foreign Bonds		*(386,209*	)		326,751			(712,961	)

2-11

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

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

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of March 31, 2025								Change												Maturity as of March 31, 2024
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		6,839.6		3,449.0		986.3		396.3		(4,450.8	)		1,591.0			(122.5	)		(169.4	)		11,290.5		1,858.0		1,108.9		565.7
Japanese Government Bonds		6,152.2		2,054.1		569.5		—		(4,499.2	)		1,863.6			(26.2	)		—			10,651.5		190.5		595.7		—
Japanese Local Government Bonds		61.8		251.4		251.6		7.5		(10.6	)		30.9			(37.8	)		(1.8	)		72.5		220.4		289.5		9.3
Japanese Corporate Bonds		625.5		1,143.5		165.1		388.8		59.1			(303.4	)		(58.5	)		(167.6	)		566.4		1,447.0		223.6		556.4
Other		2,982.8		4,654.8		1,528.7		7,421.2		151.1			2,341.0			(744.1	)		(1,867.2	)		2,831.6		2,313.7		2,272.8		9,288.5

Mizuho Bank

Japanese Bonds		6,734.0		3,402.0		986.2		396.3		(4,555.3	)		1,603.9			(122.3	)		(169.4	)		11,289.3		1,798.0		1,108.6		565.7
Japanese Government Bonds		6,053.4		2,054.1		569.5		—		(4,598.0	)		1,863.6			(26.2	)		—			10,651.5		190.5		595.7		—
Japanese Local Government Bonds		61.8		251.4		251.6		7.5		(10.6	)		30.9			(37.8	)		(1.8	)		72.5		220.4		289.5		9.3
Japanese Corporate Bonds		618.7		1,096.4		165.0		388.8		53.4			(290.6	)		(58.3	)		(167.6	)		565.2		1,387.1		223.3		556.4
Other		2,981.3		4,647.1		1,526.6		7,421.2		150.4			2,341.5			(744.0	)		(1,867.2	)		2,830.9		2,305.5		2,270.7		9,288.5

Mizuho Trust & Banking

Japanese Bonds		105.6		47.0		0.1		—		104.4			(12.8	)		(0.2	)		—			1.1		59.9		0.3		—
Japanese Government Bonds		98.8		—		—		—		98.8			—			—			—			—		—		—		—
Japanese Local Government Bonds		—		—		—		—		—			—			—			—			—		—		—		—
Japanese Corporate Bonds		6.8		47.0		0.1		—		5.6			(12.8	)		(0.2	)		—			1.1		59.9		0.3		—
Other		1.4		7.7		2.0		—		0.7			(0.4	)		(0.0	)		—			0.7		8.2		2.1		—

2-12

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		Fiscal 2024			Change			Fiscal 2023
Retirement Benefit Obligations	(A)		872,630			(79,024	)		951,654
Discount Rate (%)			0.79~2.88						0.14~2.08

Total Fair Value of Plan Assets	(B)		1,484,297			(166,320	)		1,650,618
Unrecognized Actuarial Differences	(C)		(162,800	)		122,397			(285,198	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		448,866			35,101			413,764

Mizuho Bank

Retirement Benefit Obligations	(A)		763,041			(69,990	)		833,031
Discount Rate (%)			0.79~2.88						0.14~2.08

Total Fair Value of Plan Assets	(B)		1,274,208			(116,401	)		1,390,609
Unrecognized Actuarial Differences	(C)		(135,521	)		86,054			(221,576	)
Prepaid Pension Cost	(B)+ (C)-(A)		375,645			39,643			336,001

Mizuho Trust & Banking

Retirement Benefit Obligations	(A)		109,589			(9,034	)		118,623
Discount Rate (%)			0.79~2.88						0.14~2.08

Total Fair Value of Plan Assets	(B)		210,089			(49,919	)		260,008
Unrecognized Actuarial Differences	(C)		(27,279	)		36,342			(63,621	)
Prepaid Pension Cost/Reserve for Employee Retirement Benefits	(B)+ (C)-(A)		73,221			(4,542	)		77,763

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2024			Change			Fiscal 2023
Service Cost		(11,679	)		5,456			(17,136)
Interest Cost		(10,621	)		(3,805	)		(6,815)
Expected Return on Plan Assets		25,487			(1,435	)		26,923
Accumulation (Amortization) of Unrecognized Actuarial Differences		36,930			(645	)		37,575
Accumulation (Amortization) of Unrecognized Prior Service Cost		7,310			7,310			—
Gains on Cancellation of Employee Retirement Benefit Trust		12,396			(40,342	)		52,738
Other		(7,107	)		(4,899	)		(2,207)

Total		52,716			(38,360	)		91,077

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

Mizuho Bank
	*(Millions of yen)*
	Fiscal 2024			Change			Fiscal 2023
Service Cost		(9,872	)		4,619			(14,492)
Interest Cost		(9,331	)		(3,366	)		(5,964)
Expected Return on Plan Assets		22,032			(1,817	)		23,850
Accumulation (Amortization) of Unrecognized Actuarial Differences		28,878			(1,122	)		30,001
Accumulation (Amortization) of Unrecognized Prior Service Cost		6,368			6,368			—
Gains on Cancellation of Employee Retirement Benefit Trust		6,720			(43,862	)		50,582
Other		(6,066	)		(4,121	)		(1,944)

Total		38,730			(43,302	)		82,033

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).
Mizuho Trust & Banking
	*(Millions of yen)*
	Fiscal 2024			Change			Fiscal 2023
Service Cost		(1,807	)		836			(2,643)
Interest Cost		(1,289	)		(438	)		(850)
Expected Return on Plan Assets		3,454			382			3,072
Accumulation (Amortization) of Unrecognized Actuarial Differences		8,051			477			7,573
Accumulation (Amortization) of Unrecognized Prior Service Cost		941			941			—
Gains on Cancellation of Employee Retirement Benefit Trust		5,676			3,520			2,155
Other		(1,041	)		(777	)		(263)

Total		13,986			4,941			9,044

Note: Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses).

2-14

Mizuho Financial Group, Inc.

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		As of March 31, 2025			Change			As of March 31, 2024
Retirement Benefit Obligations	(A)		1,068,287			(82,192	)		1,150,480
Fair Value of Plan Assets	(B)		1,758,811			(171,635	)		1,930,446
Unrecognized Actuarial Differences	(C)		(173,478	)		131,111			(304,590	)
Net Defined Benefit Asset	(D)		758,783			(88,333	)		847,116
Net Defined Benefit Liability	(A)-(B)+(D)		68,259			1,108			67,151
Income (Expenses) related to Employee Retirement Benefits
		*(Millions of yen)*
		Fiscal 2024			Change			Fiscal 2023
Service Cost			(19,776	)		7,696			(27,473	)
Interest Cost			(12,806	)		(4,141	)		(8,664	)
Expected Return on Plan Assets			30,592			(1,520	)		32,112
Accumulation (Amortization) of Unrecognized Actuarial Differences			38,332			582			37,750
Accumulation (Amortization) of Unrecognized Prior Service Cost			9,038			9,015			23
Gains on Cancellation of Employee Retirement Benefit Trust			12,396			(40,342	)		52,738
Other			(21,641	)		(9,531	)		(12,110	)

Total			36,135			(38,240	)		74,376

Note: Accumulation (Amortization) of Unrecognized Prior Service Cost and Gains on Cancellation of Employee Retirement Benefit Trust are recorded to Extraordinary Gains (Losses), except for a portion thereof.

2-15

Mizuho Financial Group, Inc.

8. Capital Ratio

Mizuho Financial Group

International Standard

Consolidated

(%, Billions of yen)

As of March 31, 2025
(Preliminary)

Change

As of March 31, 2024

(1) Total Capital Ratio

17.75

0.82

16.93

(2) Tier 1 Capital Ratio

15.65

0.80

14.85

(3) Common Equity Tier 1 Capital Ratio

13.23

0.50

12.73

(4) Total Capital

12,755.7

441.1

12,314.6

(5) Tier 1 Capital

11,248.2

446.4

10,801.8

(6) Common Equity Tier 1 Capital

9,506.2

246.2

9,259.9

(7) Risk weighted Assets

71,844.4

(875.8

)

72,720.2

(8) Total Required Capital (7) X8%

5,747.5

(70.0

)

5,817.6

Mizuho Bank

International Standard

Consolidated

Non-Consolidated

As of March 31, 2025
(Preliminary)

Change

As of March 31, 2024

As of March 31, 2025
(Preliminary)

(1) Total Capital Ratio

16.27

0.51

15.76

15.22

(2) Tier 1 Capital Ratio

14.06

0.46

13.60

12.89

(3) Common Equity Tier 1 Capital Ratio

11.42

0.16

11.26

10.05

(4) Total Capital

10,718.8

318.1

10,400.6

9,258.8

(5) Tier 1 Capital

9,267.3

293.7

8,973.6

7,843.5

(6) Common Equity Tier 1 Capital

7,529.0

98.0

7,431.0

6,116.0

(7) Risk weighted Assets

65,879.4

(79.7

)

65,959.1

60,826.4

(8) Total Required Capital (7) X8%

5,270.3

(6.3

)

5,276.7

4,866.1

Mizuho Trust & Banking

International Standard

Consolidated

Non-Consolidated

As of March 31, 2025
(Preliminary)

Change

As of March 31, 2024

As of March 31, 2025
(Preliminary)

(1) Total Capital Ratio

31.60

2.61

28.99

30.86

(2) Tier 1 Capital Ratio

31.60

2.62

28.98

30.86

(3) Common Equity Tier 1 Capital Ratio

31.60

2.62

28.98

30.86

(4) Total Capital

493.9

17.1

476.7

454.8

(5) Tier 1 Capital

493.8

17.2

476.6

454.8

(6) Common Equity Tier 1 Capital

493.8

17.2

476.6

454.8

(7) Risk weighted Assets

1,562.5

(81.8

)

1,644.4

1,473.6

(8) Total Required Capital (7) X8%

125.0

(6.5

)

131.5

117.8

Note: Risk-adjusted capital ratio of Mizuho Financial Group is computed in accordance with the Notification of the Financial Services Agency No.20, 2006. Risk-adjusted capital ratio of Mizuho Bank and Mizuho Trust & Banking are computed in accordance with the Notification of the Financial Services Agency No.19, 2006.

2-16

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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, 2025					As of March 31, 2024
	As of March 31, 2025		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		32,484		(4,012	)		36,497
Claims with Collection Risk		576,200		(124,530	)		700,730
Claims for Special Attention		438,626		(76,876	)		515,503
Loans Past Due for 3 Months or More		271		(185	)		456
Restructured Loans		438,355		(76,691	)		515,046
Sub-total[1]		1,047,311		(205,419	)		1,252,731
Normal Claims		106,430,161		1,049,296			105,380,865

Total[2]		107,477,473		843,876			106,633,596


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		95,949		(11,293	)		107,242

	(%)
NPL ratio[1]/[2]		0.97		(0.20	)		1.17

Trust Account
	*(Millions of yen)*
	As of March 31, 2025					As of March 31, 2024
	As of March 31, 2025		Change			As of March 31, 2024
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		1,392		(708	)		2,100

Total[4]		1,392		(708	)		2,100


	(%)
NPL ratio[3]/[4]		—		—			—

2-17

Mizuho Financial Group, Inc.


Consolidated + Trust Account
	*(Millions of yen)*
	As of March 31, 2025					As of March 31, 2024
	As of March 31, 2025		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		32,484		(4,012	)		36,497
Claims with Collection Risk		576,200		(124,530	)		700,730
Claims for Special Attention		438,626		(76,876	)		515,503
Loans Past Due for 3 Months or More		271		(185	)		456
Restructured Loans		438,355		(76,691	)		515,046
Sub-total[5]		1,047,311		(205,419	)		1,252,731
Normal Claims		106,431,553		1,048,588			105,382,965

Total[6]		107,478,865		843,168			106,635,696


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		95,949		(11,293	)		107,242

						*(%)*
NPL ratio[5]/[6]		0.97		(0.20	)		1.17

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

2-18

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Millions of yen)*
	As of March 31, 2025		Change			As of March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		22,229		(4,419	)		26,649
Claims with Collection Risk		569,370		(139,295	)		708,665
Claims for Special Attention		426,959		(93,956	)		520,915
Loans Past Due for 3 Months or More		271		(185	)		456
Restructured Loans		426,688		(93,770	)		520,459
Sub-total[1]		1,018,559		(237,671	)		1,256,230
Normal Claims		108,058,786		(824,994	)		108,883,781

Total[2]		109,077,346		(1,062,666	)		110,140,012


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

Amount of Partial Direct Write-offs		94,011		(11,328	)		105,340

	*(%)*

NPL ratio[1]/[2]		0.93		(0.20	)		1.14

Mizuho Bank
	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		22,151		(4,408	)		26,560
Claims with Collection Risk		561,794		(137,595	)		699,390
Claims for Special Attention		419,464		(92,333	)		511,797
Loans Past Due for 3 Months or More		271		(185	)		456
Restructured Loans		419,192		(92,148	)		511,341
Sub-total[3]		1,003,410		(234,338	)		1,237,748
Normal Claims		105,478,966		(530,890	)		106,009,857

Total[4]		106,482,377		(765,229	)		107,247,606


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		93,777		(11,328	)		105,106

	*(%)*
NPL ratio[3]/[4]		0.94		(0.21	)		1.15

2-19

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

(Banking Account)


	*(Millions of yen)*
Claims against Bankrupt and Substantially Bankrupt Obligors		78	(11	)	89
Claims with Collection Risk		7,575	(1,699	)	9,275
Claims for Special Attention		7,495	(1,622	)	9,117
Loans Past Due for 3 Months or More		—	—		—
Restructured Loans		7,495	(1,622	)	9,117
Sub-total[5]		15,148	(3,333	)	18,482
Normal Claims		2,578,427	(293,395	)	2,871,823

Total[6]		2,593,576	(296,729	)	2,890,305


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		233	(0	)	233

	*(%)*
NPL ratio[5]/[6]		0.58	(0.05	)	0.63

(Trust Account)
	*(Millions 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		1,392	(708	)	2,100

Total[8]		1,392	(708	)	2,100


	*(%)*
NPL ratio[7]/[8]		—	—		—

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

2-20

Mizuho Financial Group, Inc.

2. Status of Allowances for Loan Losses

Consolidated


	*(Millions of yen)*
	As of March 31, 2025		Change			As of March 31, 2024
Allowances for Loan Losses		755,751		(32,097	)		787,848
General Allowance for Loan Losses		336,285		6,522			329,763
Specific Allowance for Loan Losses		395,127		(28,783	)		423,911
Allowance for Loan Losses to Restructuring Countries		24,339		(9,835	)		34,174

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		96,218		(11,393	)		107,611
Non-Consolidated Aggregate Figures for the 2 Banks
	*(Millions of yen)*
	As of March 31, 2025		Change			As of March 31, 2024
Allowances for Loan Losses		726,169		(34,912	)		761,081
General Allowance for Loan Losses		320,716		7,078			313,638
Specific Allowance for Loan Losses		381,113		(32,154	)		413,268
Allowance for Loan Losses to Restructuring Countries		24,339		(9,835	)		34,174

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

Amount of Partial Direct Write-offs		94,011		(11,328	)		105,340
Mizuho Bank
Allowances for Loan Losses		719,269		(36,660	)		755,930
General Allowance for Loan Losses		314,866		4,508			310,357
Specific Allowance for Loan Losses		380,064		(31,333	)		411,398
Allowance for Loan Losses to Restructuring Countries		24,339		(9,835	)		34,174

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		93,777		(11,328	)		105,106
Mizuho Trust & Banking
Allowances for Loan Losses		6,899		1,748			5,151
General Allowance for Loan Losses		5,850		2,569			3,281
Specific Allowance for Loan Losses		1,049		(821	)		1,870
Allowance for Loan Losses to Restructuring Countries		—		—			—

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

Amount of Partial Direct Write-offs		233		(0	)		233

Allowance for Entrusted Loan Losses (¥4 million and ¥6 million for March 31, 2025 and March 31, 2024, respectively) is not included in the above figures for Trust Account.

2-21

Mizuho Financial Group, Inc.

3. Allowance Coverage Ratios for Non Performing Loans based on the BA and the FRA

Consolidated

(%)

As of
March 31,
2025

Change

As of
March 31,
2024

Mizuho Financial Group

72.16

9.27

62.89

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

Non-Consolidated

(%)

As of
March 31,
2025

Change

As of
March 31,
2024

Total

71.29

10.70

60.58

Mizuho Bank

71.68

10.60

61.07

Mizuho Trust & Banking (Banking Account)

45.54

17.67

27.87

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

2-22

Mizuho Financial Group, Inc.

4. Coverage on Non Performing Loans based on the BA and the FRA

Non-Consolidated

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

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of
March 31, 2025

Change

As of
March 31, 2024

Claims against Bankrupt and Substantially Bankrupt Obligors

22.2

(4.4

)

26.6

Collateral, Guarantees, and equivalent

21.4

(4.6

)

26.0

Allowance for Losses

0.7

0.2

0.5

Claims with Collection Risk

569.3

(139.2

)

708.6

Collateral, Guarantees, and equivalent

134.5

(27.1

)

161.7

Allowance for Losses

380.3

(28.2

)

408.5

Claims for Special Attention

426.9

(93.9

)

520.9

Collateral, Guarantees, and equivalent

117.6

(28.5

)

146.2

Allowance for Losses

102.8

(41.2

)

144.1

Total

1,018.5

(237.6

)

1,256.2

Collateral, Guarantees, and equivalent

273.6

(60.3

)

334.0

Allowance for Losses

483.9

(69.2

)

553.2

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

22.1

(4.4

)

26.5

Collateral, Guarantees, and equivalent

21.3

(4.6

)

26.0

Allowance for Losses

0.7

0.2

0.5

Claims with Collection Risk

561.7

(137.5

)

699.3

Collateral, Guarantees, and equivalent

129.6

(25.7

)

155.3

Allowance for Losses

379.2

(27.3

)

406.6

Claims for Special Attention

419.4

(92.3

)

511.7

Collateral, Guarantees, and equivalent

115.3

(26.4

)

141.7

Allowance for Losses

101.9

(41.2

)

143.2

Total

1,003.4

(234.3

)

1,237.7

Collateral, Guarantees, and equivalent

266.3

(56.8

)

323.1

Allowance for Losses

482.0

(68.4

)

550.4

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.0

(0.0

)

0.0

Collateral, Guarantees, and equivalent

0.0

(0.0

)

0.0

Allowance for Losses

—

Claims with Collection Risk

7.5

(1.6

)

9.2

Collateral, Guarantees, and equivalent

4.9

(1.4

)

6.3

Allowance for Losses

1.0

(0.8

)

1.8

Claims for Special Attention

7.4

(1.6

)

9.1

Collateral, Guarantees, and equivalent

2.3

(2.1

)

4.4

Allowance for Losses

0.9

0.0

0.8

Total

15.1

(3.3

)

18.4

Collateral, Guarantees, and equivalent

7.3

(3.5

)

10.8

Allowance for Losses

1.9

(0.8

)

2.7

Reference: Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

—

Collateral, Guarantees, and equivalent

—

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

—

Collateral, Guarantees, and equivalent

—

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

2-23

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of March 31, 2025		Change			As of March 31, 2024
Coverage Amount		757.6		(129.5	)		887.2
Allowances for Loan Losses		483.9		(69.2	)		553.2
Collateral, Guarantees, and equivalent		273.6		(60.3	)		334.0

	*(%)*
Coverage Ratio		74.3		3.7			70.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		90.4		9.9			80.4
Claims for Special Attention		51.6		(4.0	)		55.7
Claims against Special Attention Obligors		*51.7*		(2.7	)		54.5

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		87.4		12.7			74.6
Claims for Special Attention		33.2		(5.2	)		38.4
Claims against Special Attention Obligors		*32.2*		(4.8	)		37.0

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		22.97		(3.82	)		26.79
Claims against Watch Obligors excluding Special Attention Obligors		3.03		(1.05	)		4.08
Claims against Normal Obligors		0.14		0.08			0.05

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		748.3		(125.2	)		873.6
Allowances for Loan Losses		482.0		(68.4	)		550.4
Collateral, Guarantees, and equivalent		266.3		(56.8	)		323.1

	*(%)*
Coverage Ratio		74.5		4.0			70.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		90.5		10.2			80.3
Claims for Special Attention		51.8		(3.8	)		55.6
Claims against Special Attention Obligors		*52.3*		(2.5	)		54.8

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		87.7		13.0			74.7
Claims for Special Attention		33.5		(5.1	)		38.7
Claims against Special Attention Obligors		*32.7*		(4.7	)		37.5

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		23.22		(3.91	)		27.13
Claims against Watch Obligors excluding Special Attention Obligors		3.03		(1.06	)		4.10
Claims against Normal Obligors		0.14		0.08			0.05

2-24

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Billions of yen)*
	As of March 31, 2025		Change			As of March 31, 2024
Coverage Amount		9.2		(4.3	)		13.6
Allowances for Loan Losses		1.9		(0.8	)		2.7
Collateral, Guarantees, and equivalent		7.3		(3.5	)		10.8

	*(%)*
Coverage Ratio		61.2		(12.4	)		73.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		78.9		(9.6	)		88.5
Claims for Special Attention		43.0		(15.4	)		58.4
Claims against Special Attention Obligors		*31.4*		(10.0	)		41.4

Allowance Coverage Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		39.4		(24.2	)		63.6
Claims for Special Attention		17.4		(1.5	)		19.0
Claims against Special Attention Obligors		*17.3*		(1.5	)		18.9

Reference: Allowance Coverage Ratio

	*(%)*
Claims against Special Attention Obligors		14.43		0.75			13.67
Claims against Watch Obligors excluding Special Attention Obligors		1.70		1.29			0.40
Claims against Normal Obligors		0.14		0.11			0.03

2-25

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes:

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

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

2-26

Mizuho Financial Group, Inc.

6. 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 BA and the FRA)

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


	*(Billions of yen)*
	Fiscal 2021		Fiscal 2022		Fiscal 2023		Fiscal 2024
	As of March 31, 2022		As of March 31, 2023		As of March 31, 2024		As of March 31, 2025
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2024
Claims against Bankrupt and Substantially Bankrupt Obligors		41.1		26.0		14.1		7.1		0.0		7.2		(6.9	)
Claims with Collection Risk		726.0		504.6		439.9		361.8		4.8		366.7		(73.2	)
Amount Categorized as above up to Fiscal 2021		767.1		530.6		454.1		368.9		4.9		373.9		(80.1	)
of which the amount which was in the process of being removed from the balance sheet		40.0		24.2		13.7		7.1		0.0		7.2		(6.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors				7.9		1.7		2.1		—		2.1		0.3
Claims with Collection Risk				153.8		59.8		31.8		0.1		31.9		(27.9	)
Amount Newly Categorized as above during Fiscal 2022				161.8		61.6		33.9		0.1		34.0		(27.5	)
of which the amount which was in the process of being removed from the balance sheet				6.3		1.5		1.8		—		1.8		0.3
Claims against Bankrupt and Substantially Bankrupt Obligors						10.7		3.8		—		3.8		(6.9	)
Claims with Collection Risk						208.7		62.2		2.5		64.7		(144.0	)
Amount Newly Categorized as above during Fiscal 2023						219.5		66.0		2.5		68.5		(150.9	)
of which the amount which was in the process of being removed from the balance sheet						9.4		2.9		—		2.9		(6.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors								9.0		0.0		9.0		9.0
Claims with Collection Risk								105.9		0.0		105.9		105.9
Amount Newly Categorized as above during Fiscal 2024								114.9		0.0		115.0		115.0
of which the amount which was in the process of being removed from the balance sheet								5.8		0.0		5.8		5.8
Claims against Bankrupt and Substantially Bankrupt Obligors		41.1		34.0		26.6		22.1		0.0		22.2		(4.4	)
Claims with Collection Risk		726.0		658.4		708.6		561.7		7.5		569.3		(139.2	)
Total		767.1		692.5		735.3		583.9		7.6		591.6		(143.7	)
of which the amount which was in the process of being removed from the balance sheet		40.0		30.5		24.7		17.8		0.0		17.9		(6.8	)


* Trust account represents trust accounts that guarantee principals in the agreement.
*				denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in Fiscal 2024


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(3.8	)		(3.8	)		—
Restructuring		(26.8	)		(26.8	)		—
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(79.1	)		(79.1	)		—
Direct Write-off		(4.7	)		(4.7	)		—
Other		(144.1	)		(142.3	)		(1.7	)
Debt recovery		(64.5	)		(63.1	)		(1.3	)
Improvement in Business Performance		(79.5	)		(79.2	)		(0.3	)

Total		(258.7	)		(256.9	)		(1.7	)

2-27

Mizuho Financial Group, Inc.

7. Status of Loans by Industry

(1) Outstanding Balances by Industry

Non-Consolidated

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


	*(Billions of yen)*
	As of March 31, 2025					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance
Domestic Total (excluding Loans Booked Offshore)		64,339.3		(482.6	)		64,821.9
Manufacturing		10,309.7		424.2			9,885.4
Agriculture & Forestry		48.9		2.1			46.8
Fishery		12.9		2.4			10.4
Mining, Quarrying Industry & Gravel Extraction Industry		160.3		(34.0	)		194.3
Construction		1,055.1		(55.0	)		1,110.2
Utilities		3,197.3		(114.6	)		3,311.9
Communication		1,170.7		186.2			984.4
Transportation & Postal Industry		2,266.9		(92.4	)		2,359.3
Wholesale & Retail		4,879.6		58.1			4,821.4
Finance & Insurance		9,320.1		(2,186.1	)		11,506.3
Real Estate		12,447.6		627.3			11,820.2
Commodity Lease		3,243.4		113.5			3,129.8
Service Industries		3,020.7		(53.9	)		3,074.6
Local Governments		368.9		(118.6	)		487.6
Governments		2,982.7		1,199.0			1,783.6
Other		9,853.9		(441.0	)		10,295.0
Overseas Total (including Loans Booked Offshore)		30,335.0		(494.2	)		30,829.3
Governments		293.0		30.8			262.2
Financial Institutions		13,777.7		1,378.9			12,398.7
Other		16,264.2		(1,904.0	)		18,168.2

Total		94,674.3		(976.9	)		95,651.3

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


As of March 31, 2025:		¥530.0 billion (from MHBK)
As of March 31, 2024:		¥631.0 billion (from MHBK)

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-28

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2025					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance

Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		61,280.1		225.4			61,054.7
Manufacturing		9,990.7		452.1			9,538.5
Agriculture & Forestry		48.9		2.1			46.8
Fishery		12.9		2.4			10.4
Mining, Quarrying Industry & Gravel Extraction Industry		159.2		(33.8	)		193.1
Construction		1,007.5		(55.5	)		1,063.0
Utilities		2,982.6		(91.1	)		3,073.8
Communication		1,133.0		212.4			920.6
Transportation & Postal Industry		2,140.8		(81.1	)		2,222.0
Wholesale & Retail		4,779.1		72.3			4,706.8
Finance & Insurance		8,861.2		(2,162.8	)		11,024.0
Real Estate		11,102.3		794.4			10,307.9
Commodity Lease		3,064.5		122.3			2,942.1
Service Industries		2,996.8		(45.5	)		3,042.4
Local Governments		368.7		(118.2	)		486.9
Governments		2,982.7		1,557.4			1,425.3
Other		9,648.5		(402.0	)		10,050.5
Overseas Total (including Loans Booked Offshore)		30,335.0		(494.2	)		30,829.3
Governments		293.0		30.8			262.2
Financial Institutions		13,777.7		1,378.9			12,398.7
Other		16,264.2		(1,904.0	)		18,168.2

Total		91,615.2		(268.7	)		91,884.0


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		3,059.1		(708.1	)		3,767.2
Manufacturing		319.0		(27.8	)		346.9
Agriculture & Forestry		0.0		(0.0	)		0.0
Fishery		—		—			—
Mining, Quarrying Industry & Gravel Extraction Industry		1.0		(0.1	)		1.2
Construction		47.6		0.4			47.1
Utilities		214.6		(23.4	)		238.0
Communication		37.7		(26.1	)		63.8
Transportation & Postal Industry		126.0		(11.3	)		137.3
Wholesale & Retail		100.4		(14.2	)		114.6
Finance & Insurance		458.8		(23.3	)		482.2
Real Estate		1,345.2		(167.0	)		1,512.3
Commodity Lease		178.8		(8.7	)		187.6
Service Industries		23.8		(8.3	)		32.2
Local Governments		0.2		(0.4	)		0.6
Governments		—		(358.3	)		358.3
Other		205.4		(39.0	)		244.4
Overseas Total (including Loans Booked Offshore)		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		3,059.1		(708.1	)		3,767.2

*	Amounts of Outstanding Balances are the aggregate figures for banking and trust accounts.

2-29

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and 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, 2025										As of March 31, 2024
					Change
	Non Performing Loans based on the BA and the FRA		Coverage Ratio		Non Performing Loans based on the BA and the FRA			Coverage Ratio			Non Performing Loans based on the BA and the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		938.2		73.8		(129.8	)		4.9			1,068.0		68.8
Manufacturing		610.3		76.2		(37.1	)		5.2			647.4		71.0
Agriculture & Forestry		3.2		76.3		(5.4	)		12.6			8.7		63.7
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		—		—		—			—			—		—
Construction		3.0		82.1		(5.4	)		10.7			8.5		71.3
Utilities		1.0		68.7		(1.7	)		13.2			2.8		55.4
Communication		11.7		59.3		1.6			(0.4	)		10.1		59.8
Transportation & Postal Industry		11.8		77.4		1.6			5.8			10.1		71.5
Wholesale & Retail		111.2		55.9		(19.5	)		(2.9	)		130.7		58.9
Finance & Insurance		13.9		54.8		(25.0	)		7.3			38.9		47.5
Real Estate		26.3		86.8		(4.2	)		0.1			30.6		86.6
Commodity Lease		0.2		71.5		(0.0	)		(4.1	)		0.3		75.6
Service Industries		95.2		67.2		(25.5	)		6.4			120.8		60.7
Local Governments		—		—		—			—			—		—
Other		49.8		97.1		(8.8	)		6.4			58.6		90.7
Overseas Total (including Loans Booked Offshore)		80.3		80.8		(107.8	)		0.1			188.2		80.7
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		80.3		80.8		(107.8	)		0.1			188.2		80.7

Total		1,018.5		74.3		(237.6	)		3.7			1,256.2		70.6

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

2-30

Mizuho Financial Group, Inc.

8. 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,
2025

As of
March 31,
2024

Change

Housing and Consumer Loans

7,339.5

(387.4

)

7,727.0

Housing Loans for owner’s residential housing

6,890.7

(361.6

)

7,252.4

Mizuho Bank

Housing and Consumer Loans

7,307.1

(381.3

)

7,688.4

Housing Loans

6,935.5

(372.8

)

7,308.4

for owner’s residential housing

6,859.8

(356.0

)

7,215.8

Consumer loans

371.5

(8.5

)

380.0

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

32.4

(6.1

)

38.5

Housing Loans for owner’s residential housing

30.9

(5.6

)

36.5

* 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,
2025

As of
March 31,
2024

Change

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

56.7

(1.4

)

58.1

Loans to SMEs and Individual Customers

36,504.9

(1,210.4

)

37,715.3

Mizuho Bank

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

57.0

(1.7

)

58.8

Loans to SMEs and Individual Customers

34,959.1

(944.2

)

35,903.3

Mizuho Trust & Banking (Banking Account + Trust Account)

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

50.5

2.4

48.0

Loans to SMEs and Individual Customers

1,545.8

(266.1

)

1,812.0

*	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.)

2-31

Mizuho Financial Group, Inc.

9. Status of Loans by Region

(1) Outstanding Balances by Region

Non-Consolidated

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

(Billions of yen)

As of March 31, 2025

As of March 31,
2024

Outstanding
Balance

Change

Outstanding
Balance

Asia

6,975.9

(77.6

)

7,053.5

Hong Kong

897.3

(320.9

)

1,218.3

Singapore

1,366.9

142.9

1,224.0

Thailand

1,029.0

(6.1

)

1,035.1

Taiwan

706.3

92.9

613.3

India

927.1

198.6

728.5

South Korea

732.3

(62.6

)

795.0

Indonesia

430.0

2.5

427.4

Philippines

266.8

(47.9

)

314.7

China

141.4

10.8

130.6

Malaysia

88.8

(15.3

)

104.1

Central and South America

4,442.1

(842.0

)

5,284.1

Mexico

353.9

(52.7

)

406.6

Brazile

200.1

8.9

191.2

North America

13,748.9

669.2

13,079.7

United States

12,112.8

335.8

11,776.9

Eastern Europe

121.7

(43.6

)

165.4

Russia

100.9

(40.6

)

141.6

Western Europe

4,557.3

(1,238.6

)

5,795.9

United Kingdom

1,380.2

(100.9

)

1,481.2

Netherlands

1,064.0

(235.4

)

1,299.5

Germany

80.4

(487.0

)

567.4

Ireland

536.9

(98.1

)

635.0

Switzerland

85.8

(0.1

)

85.9

France

132.0

(348.9

)

480.9

Turkey

98.7

39.9

58.7

Italy

12.7

(150.7

)

163.4

Other

4,372.1

168.9

4,203.2

Australia

2,159.9

33.1

2,126.7

Total

34,218.2

(1,363.7

)

35,582.0

The above figures are based on obligor country of location.

The outstanding balance of loans in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.


	As of March 31, 2025					As of March 31, 2024
	Outstanding Balance		Change			Outstanding Balance
Mizuho Bank (China) ,Ltd		1,163.4		(105.2	)		1,268.6
Mizuho Bank (USA)		332.7		(108.5	)		441.2
PT. Bank Mizuho Indonesia		610.0		76.8			533.1

Note: The balances of loans of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2025 and 2024 are ¥0.6 billion and

¥12.1 billion, respectively.

2-32

Mizuho Financial Group, Inc.

(2) Non Performing Loans based on the BA and the FRA by Region

Non-Consolidated

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

(Billions of yen)

As of March 31, 2025

As of March 31, 2024

Non Performing
Loans based on the
BA and the FRA

Change

Non Performing
Loans based on the
BA and the FRA

Asia

58.2

(21.7

)

80.0

Hong Kong

1.0

(0.0

)

1.0

Singapore

13.7

(13.3

)

27.0

Thailand

1.0

(1.7

)

2.8

Taiwan

24.2

(1.9

)

26.2

India

—

(0.0

)

0.0

South Korea

0.0

0.0

Indonesia

—

Philippines

0.0

(0.0

)

0.0

China

0.1

(0.0

)

0.1

Malaysia

—

Central and South America

13.9

(26.7

)

40.7

Mexico

—

(0.3

)

0.3

Brazile

—

North America

8.2

(75.7

)

84.0

United States

8.2

(75.7

)

84.0

Eastern Europe

8.5

0.3

8.1

Russia

8.5

0.3

8.1

Western Europe

29.7

(7.4

)

37.1

United Kingdom

13.0

9.2

3.8

Netherlands

0.9

(5.0

)

6.0

Germany

3.2

3.2

—

Ireland

—

Switzerland

1.0

(0.9

)

1.9

France

—

(5.0

)

5.0

Turkey

—

Italy

9.7

(0.0

)

9.7

Other

1.7

(6.2

)

7.9

Australia

1.6

(6.2

)

7.8

Total

120.5

(137.6

)

258.1

The above figures are based on obligor country of location.

The outstanding balance of Non Performing Loans based on the BA and the FRA in major banking subsidiaries outside Japan in the consolidated financial statement is as follows.


	As of March 31, 2025					As of March 31, 2024
	Non Performing Loans based on the BA and the FRA		Change			Non Performing Loans based on the BA and the FRA
Mizuho Bank (China) ,Ltd		0.1		(0.3	)		0.5
Mizuho Bank (USA)		—		—			—
PT. Bank Mizuho Indonesia		6.9		0.5			6.4

Note: The balances of loans of Non Performing Loans based on the BA and the FRA of AO Mizuho Bank (Moscow) for the fiscal year ended March 31, 2025 and 2024 are ¥0.2 billion and ¥0.2 billion, respectively.

2-33

Mizuho Financial Group, Inc.

III. OTHERS

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, 2025 to March 31, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		4,627.9
Profit before Income Taxes	2		5,164.0
Tax Adjustments *1	3		1,011.9
Taxable Income before Current Deductible Temporary Differences *2	4		6,175.9
Effective Statutory Tax Rate	5		30.62%/31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,932.3

*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, 2025.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2020		316.3
Fiscal 2021		360.3
Fiscal 2022		157.7
Fiscal 2023		406.1
Fiscal 2024(estimate)		798.0

*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 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2025			Change			As of March 31, 2024
Allowances for Loan Losses	7		226.4			(6.5	)		233.0
Impairment of Securities	8		106.6			15.6			90.9
Net Unrealized Losses on Other Securities	9		50.2			(66.3	)		116.5
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment	11		62.9			(9.9	)		72.9
Net Deferred Hedge Losses	12		220.9			81.3			139.6
Tax Losses Carried Forward	13		12.4			(3.9	)		16.4
Other	14		299.8			(5.3	)		305.2

Total Deferred Tax Assets	15		979.5			4.8			974.7

Valuation Allowance	16		(182.3	)		11.5			(193.8	)

Sub-Total [ 15 + 16 ]	17		797.2			16.3			780.8

Amount related to Retirement Benefits Accounting	18		(118.4	)		(15.5	)		(102.8	)
Net Unrealized Gains on Other Securities	19		(330.5	)		60.0			(390.5	)
Net Deferred Hedge Gains	20		—			—			—
Other	21		(71.6	)		30.5			(102.2	)

Total Deferred Tax Liabilities	22		(520.5	)		75.0			(595.6	)

Net Deferred Tax Assets (Liabilities) [17 + 22]	23		276.6			91.4			185.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *	24		(298.0	)		(4.2	)		(293.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	25		220.9			81.3			139.6
Tax effects related to others	26		353.7			14.4			339.2

*	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.

2-34

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2025 to March 31, 2030)
Net Business Profits (before Reversal of (Provision for) General Allowance for Loan Losses)	1		169.9
Profit before Income Taxes	2		241.2
Tax Adjustments ⁽¹⁾	3		0.1
Taxable Income before Current Deductible Temporary Differences ⁽²⁾	4		241.4
Effective Statutory Tax Rate	5		30.62%/31.52%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		75.4

*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, 2025.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2020		26.6
Fiscal 2021		33.2
Fiscal 2022		30.0
Fiscal 2023		29.4
Fiscal 2024(estimate)		75.0

*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 2024 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2025			Change			As of March 31, 2024
Allowances for Loan Losses	7		2.1			0.5			1.6
Impairment of Securities	8		3.6			0.3			3.3
Net Unrealized Losses on Other Securities	9		0.0			(0.1	)		0.2
Reserve for Employee Retirement Benefits	10		—			—			—
Depreciation and Impairment⁽¹⁾	11		5.5			3.2			2.3
Reserve for Loss of Transfer	12		—			—			—
Net Deferred Hedge Losses	13		—			—			—
Tax Losses Carried Forward	14		—			—			—
Other⁽²⁾	15		18.4			1.7			16.7

Total Deferred Tax Assets	16		29.8			5.6			24.2

Valuation Allowance	17		(3.1	)		2.0			(5.2	)

Sub-Total [ 15 + 16 ]	18		26.6			7.7			18.9

Amount related to Retirement Benefits Accounting	19		(23.0	)		0.7			(23.8	)
Net Unrealized Gains on Other Securities	20		(22.8	)		4.5			(27.3	)
Net Deferred Hedge Gains	21		(2.9	)		(0.0	)		(2.9	)
Other	22		(0.4	)		(0.2	)		(0.2	)

Total Deferred Tax Liabilities	23		(49.3	)		4.9			(54.3	)

Net Deferred Tax Assets (Liabilities) [18 + 23]	24		(22.7	)		12.6			(35.4	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities⁽³⁾	25		(22.9	)		4.5			(27.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	26		(2.9	)		(0.0	)		(2.9	)
Tax effects related to others	27		3.1			8.1			(5.0	)

(1,2) Depreciation and Impairment included within Other—Deferred Tax Assets in the previous year has been separately presented from this fiscal year due to increased materiality. In order to reflect the change in presentation of the financial statements, reclassification of the previous fiscal year has been made accordingly. As a result, Other—Deferred Tax Assets of ¥19.0 billion presented in the statements for the previous fiscal year has been reclassified as Depreciation and Impairment of ¥2.3 billion and Other of ¥16.7 billion.

(3) 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.

2-35

Mizuho Financial Group, Inc.

2. Breakdown of Deposits (Domestic Offices)

Non-Consolidated


	*(Billions of yen)*
Aggregate Figures for the 2 Banks	As of March 31, 2025		Change			As of March 31, 2024
Deposits		124,099.8		(1,464.9	)		125,564.8
Individual Deposits		49,030.0		39.7			48,990.2
Corporate Deposits		64,808.2		(1,967.6	)		66,775.8
Financial/Government Institutions		10,261.5		462.8			9,798.7



Mizuho Bank

Deposits	122,217.0	(717.5	)	122,934.6
Individual Deposits	48,334.1	89.5		48,244.5
Corporate Deposits	63,891.8	(1,428.2	)	65,320.1
Financial/Government Institutions	9,991.0	621.1		9,369.8

Mizuho Trust & Banking

Deposits	1,882.7	(747.4	)	2,630.1
Individual Deposits	695.8	(49.8	)	745.6
Corporate Deposits	916.3	(539.3	)	1,455.6
Financial/Government Institutions	270.5	(158.2	)	428.8

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

2-36

Mizuho Financial Group, Inc.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	Millions of yen
	As of March 31, 2025 (A)			As of March 31, 2024 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	69,747,184		¥	70,442,184		¥	(694,999	)
Call Loans		249,360			779,066			(529,705	)
Receivables under Resale Agreements		10,023,199			6,693,619			3,329,580
Guarantee Deposits Paid under Securities Borrowing Transactions		127,638			188,451			(60,812	)
Monetary Claims Bought		493,032			707,057			(214,025	)
Trading Assets		7,782,207			7,027,086			755,120
Money Held in Trust		505			505			0
Securities		34,405,103			37,809,325			(3,404,222	)
Loans and Bills Discounted		91,615,228			91,884,028			(268,799	)
Foreign Exchanges		2,042,083			2,171,460			(129,376	)
Derivatives other than for Trading		6,066,571			9,081,601			(3,015,030	)
Other Assets		5,558,146			6,144,905			(586,759	)
Tangible Fixed Assets		855,824			872,336			(16,512	)
Intangible Fixed Assets		505,728			404,708			101,019
Prepaid Pension Cost		375,645			336,001			39,643
Deferred Tax Assets		276,640			185,189			91,451
Customers’ Liabilities for Acceptances and Guarantees		11,573,662			11,745,869			(172,207	)
Allowances for Loan Losses		(719,269	)		(755,930	)		36,660
Allowance for Investment Losses		(2	)		—			(2	)

Total Assets	¥	240,978,492		¥	245,717,469		¥	(4,738,977	)

Liabilities
Deposits	¥	153,047,861		¥	154,407,832		¥	(1,359,970	)
Negotiable Certificates of Deposit		14,052,123			11,250,486			2,801,636
Call Money		2,169,376			1,009,589			1,159,787
Payables under Repurchase Agreements		19,411,662			22,254,496			(2,842,833	)
Guarantee Deposits Received under Securities Lending Transactions		356,931			38,776			318,155
Commercial Paper		2,138,133			1,165,988			972,145
Trading Liabilities		5,646,893			5,958,376			(311,483	)
Borrowed Money		12,955,564			14,124,762			(1,169,197	)
Foreign Exchanges		1,061,680			1,181,438			(119,758	)
Bonds and Notes		407,973			641,904			(233,931	)
Derivatives other than for Trading		7,147,566			10,309,625			(3,162,059	)
Other Liabilities		4,115,826			4,596,842			(481,016	)
Reserve for Bonus Payments		54,510			38,758			15,752
Reserve for Variable Compensation		587			801			(213	)
Reserve for Possible Losses on Sales of Loans		1,266			8,645			(7,379	)
Reserve for Contingencies		8,616			4,105			4,510
Reserve for Reimbursement of Deposits		6,814			9,871			(3,056	)
Reserve for Reimbursement of Debentures		19,965			25,125			(5,159	)
Deferred Tax Liabilities for Revaluation Reserve for Land		47,059			57,583			(10,524	)
Acceptances and Guarantees		11,573,662			11,745,869			(172,207	)

Total Liabilities		234,224,077			238,830,880			(4,606,803	)

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		2,715,665			2,615,322			100,343
Appropriated Reserve		624,534			524,533			100,000
Other Retained Earnings		2,091,130			2,090,788			342
Retained Earnings Brought Forward		2,091,130			2,090,788			342

Total Shareholders’ Equity		6,379,123			6,278,779			100,343

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		752,993			791,974			(38,981	)
Net Deferred Hedge Gains (Losses), net of Taxes		(476,383	)		(311,045	)		(165,338	)
Revaluation Reserve for Land, net of Taxes		98,682			126,879			(28,197	)

Total Valuation and Translation Adjustments		375,291			607,808			(232,516	)

Total Net Assets		6,754,415			6,886,588			(132,173	)

Total Liabilities and Net Assets	¥	240,978,492		¥	245,717,469		¥	(4,738,977	)

2-37

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	Millions of yen
	For the fiscal year ended March 31, 2025 (A)			For the fiscal year ended March 31, 2024 (B)			Change (A) - (B)
Ordinary Income	¥	6,379,900		¥	6,109,353		¥	270,546
Interest Income		4,921,150			4,752,437			168,712
Interest on Loans and Bills Discounted		*2,553,036*			2,578,759			(25,723	)
Interest and Dividends on Securities		*812,548*			642,076			170,471
Fee and Commission Income		668,693			661,142			7,550
Trading Income		269,318			144,357			124,961
Other Operating Income		191,649			199,502			(7,852	)
Other Ordinary Income		329,088			351,914			(22,826	)

Ordinary Expenses		5,643,813			5,563,753			80,059
Interest Expenses		3,852,322			3,885,086			(32,764	)
Interest on Deposits		*1,613,715*			1,671,900			(58,185	)
Fee and Commission Expenses		261,098			216,408			44,690
Trading Expenses		—			717			(717	)
Other Operating Expenses		375,729			141,186			234,543
General and Administrative Expenses		882,552			825,649			56,902
Other Ordinary Expenses		272,110			494,704			(222,594	)

Ordinary Profits		736,087			545,600			190,486

Extraordinary Gains		49,155			56,424			(7,268	)

Extraordinary Losses		26,677			13,714			12,962

Profit before Income Taxes		758,565			588,309			170,256
Income Taxes:
Current		211,354			189,701			21,652
Refund of Income Taxes		—			(3,593	)		3,593
Deferred		(26,282	)		30,004			(56,287	)

Profit	¥	573,494		¥	372,197		¥	201,296

2-38