Edgar Filing: MIZUHO FINANCIAL GROUP INC

Revision of the latest announced earnings estimates for fiscal 2014: No

The number of shares of common stock used in the above calculation is based on the following:

The average of “the average number of shares during the 1H Fiscal 2014” and “the number of shares as of September 30, 2014 (which is expected to be the average number of shares during the 2H of fiscal 2014)” is used.

It does not take into account any increase in the number of shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock in the 2H of fiscal 2014.

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 November 2014

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 x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .

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: November 14, 2014

Mizuho Financial Group, Inc.

By:		/s/ Junichi Shinbo
Name:		Junichi Shinbo
Title:		Managing Executive Officer / Group CFO

For Immediate Release:

Financial Statements for the Second Quarter of Fiscal 2014

(Six months ended September 30, 2014)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2014



Stock Code Number (Japan):	8411
Stock Exchanges (Japan):	Tokyo Stock Exchange (First Section)
URL:	http://www.mizuho-fg.co.jp/english/
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Yutaka Ueki	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 27, 2014	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 5, 2014
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2014 (for the six months ended September 30, 2014)

(1) Consolidated Results of Operations


	(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%
1H F2014		1,512,631		(1.8	)		537,895		(5.1	)		355,290		(17.3	)
1H F2013		1,540,570		6.4			567,377		98.5			429,745		133.2

Note:

Comprehensive Income:

1H F2014: ¥744,808 million, 43.2%; 1H F2013 ¥519,875 million, 186.0%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2014		14.51		14.00
1H F2013		17.62		16.92

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2014		187,487,454		8,714,469		3.7
Fiscal 2013		175,822,885		8,304,549		3.6

Reference:

Own Capital:

As of September 30, 2014: ¥7,095,651 million; As of March 31, 2014 ¥6,457,311 million

Note:

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Minority Interests) / Total Assets ×100

Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2013		—		3.00		—		3.50		6.50
Fiscal 2014		—		3.50
Fiscal 2014 (estimate)						—		3.50		7.00


Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock: No
	2.	Please refer to the following “Cash Dividends for Shareholders of Classified Stock” for cash dividends for shareholders of classified stock (unlisted), the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2014 (for the fiscal year ending March 31, 2015)


	(%: Changes from the previous fiscal year)
	Net Income					Net Income per Share of Common Stock
	¥ million		%			¥
Fiscal 2014		550,000		(20.1	)		22.37

* Notes

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

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

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

‚ Changes in accounting policies other than above: No

ƒ Changes in accounting estimates: No

„ Restatements: No

(Note)

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

(3) Issued Shares of Common Stock

Period-end issued shares (including treasury stock):

As of September 30, 2014

24,392,920,767 shares

As of March 31, 2014

24,263,885,187 shares

‚ Period-end treasury stock:

As of September 30, 2014

12,713,374 shares

As of March 31, 2014

13,817,747 shares

ƒ Average number of outstanding shares:

1st Half of Fiscal 2014

24,279,780,308 shares

1st Half of Fiscal 2013

24,172,771,769 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2014 (for the six months ended September 30, 2014)


(1) Non-Consolidated Results of Operations		(%: Changes from the previous first half)


	Operating Income				Operating Profits				Ordinary Profits				Net Income
	¥ million		%		¥ million		%		¥ million		%		¥ million		%
1H F2014		360,988		19.9		347,948		20.0		346,784		20.8		346,230		20.9
1H F2013		300,911		21.6		289,938		22.4		287,028		22.4		286,290		22.3

	Net Income per Share of Common Stock
			¥
1H F2014				14.14
1H F2013				11.69

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2014		6,369,419		5,164,784		81.0
Fiscal 2013		6,251,324		4,900,417		78.3

Reference:

Own Capital:

As of September 30, 2014: ¥5,162,759 million; As of March 31, 2014: ¥4,897,237 million

(Presentation of Implementation Status of Interim Review Procedure)

The semi-annual audit procedure of consolidated and non-consolidated interim financial statements based on the Financial Instruments and Exchange Law has not been completed at the time of the disclosure of these Financial Statements.

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

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

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

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ 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.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 clause 2 and prepares the interim consolidated and interim non-consolidated financial statements in the second quarter.

Cash Dividends for Shareholders of Classified Stock

Breakdown of cash dividends per share related to classified stock, the rights of which are different from those of common stock, is as follows:


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Eleventh Series Class XI Preferred Stock
Fiscal 2013		—		10.00		—		10.00		20.00
Fiscal 2014		—		10.00
Fiscal 2014 (estimate)						—		10.00		20.00

Mizuho Financial Group, Inc.

m Contents of Attachment


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

2.	Interim Consolidated Financial Statements	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-8

3.	Interim Non-Consolidated Financial Statements	p.1-9
	(1) Non-Consolidated Balance Sheets	p.1-9
	(2) Non-Consolidated Statements of Income	p.1-10
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-11
	øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2014

[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 November 20, 2014 (Thursday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

(1) Changes in Accounting Policies and Accounting Estimates / Restatements (Changes in accounting policies)

Mizuho Financial Group has applied “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) (hereinafter, the “Accounting Standard”) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, May 17, 2012) (hereinafter, the “Guidance”), in terms of regulations stipulated in the text of the Accounting Standard, Paragraph 35 and the Guidance, Paragraph 67, beginning with this interim period ended September 30, 2014. We have reviewed the calculation methods of retirement benefit obligations and service cost, changed the method of attributing the expected retirement benefits to periods of service from a straight-line basis to a benefit formula basis, and changed the method of determining the discount rate from the method using the discount rate based on the average period up to the estimated timing of the benefit payment and another period to the method using different discount rates according to the estimated timing of each benefit payment.

The Accounting Standard and the Guidance have been applied in accordance with the transitional treatment stipulated in the Accounting Standard, Paragraph 37, and the amount of financial impact resulting from the change in the calculation method of retirement benefit obligations and service cost was added to or deducted from retained earnings at the beginning of this interim period ended September 30, 2014.

As a result of this, Net Defined Benefit Asset increased by ¥19,795 million, Net Defined Benefit Liability decreased by ¥2,787 million, Retained Earnings increased by ¥16,107 million and Minority Interests increased by ¥573 million at the beginning of this interim period ended September 30, 2014. Ordinary Profits and Income before Income Taxes and Minority Interests for the six months ended September 30, 2014 increased by ¥4,108 million, respectively.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2014			As of September 30, 2014
Assets
Cash and Due from Banks	¥	20,610,276		¥	23,260,682
Call Loans and Bills Purchased		467,758			459,627
Receivables under Resale Agreements		8,349,528			9,522,012
Guarantee Deposits Paid under Securities Borrowing Transactions		5,010,740			5,052,663
Other Debt Purchased		3,263,057			2,987,066
Trading Assets		11,469,811			14,814,203
Money Held in Trust		168,369			161,215
Securities		43,997,517			45,882,148
Loans and Bills Discounted		69,301,405			70,193,539
Foreign Exchange Assets		1,576,167			1,637,857
Derivatives other than for Trading Assets		2,820,468			3,463,332
Other Assets		2,840,720			3,701,827
Tangible Fixed Assets		925,266			911,529
Intangible Fixed Assets		531,501			565,180
Net Defined Benefit Asset		413,073			462,781
Deferred Tax Assets		104,909			42,004
Customers’ Liabilities for Acceptances and Guarantees		4,588,646			4,894,301
Reserves for Possible Losses on Loans		(616,307	)		(524,517	)
Reserve for Possible Losses on Investments		(27	)		(3	)

Total Assets	¥	175,822,885		¥	187,487,454

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2014			As of September 30, 2014
Liabilities
Deposits	¥	89,055,505		¥	91,109,933
Negotiable Certificates of Deposit		12,755,776			16,504,073
Call Money and Bills Sold		7,194,432			6,141,288
Payables under Repurchase Agreements		16,797,803			19,522,006
Guarantee Deposits Received under Securities Lending Transactions		6,085,331			6,291,776
Commercial Paper		677,459			707,010
Trading Liabilities		8,183,037			9,909,523
Borrowed Money		7,838,357			6,854,268
Foreign Exchange Liabilities		323,327			386,694
Short-term Bonds		584,568			823,380
Bonds and Notes		5,245,743			5,613,659
Due to Trust Accounts		1,300,655			1,203,915
Derivatives other than for Trading Liabilities		3,004,497			3,584,221
Other Liabilities		3,570,902			4,794,647
Reserve for Bonus Payments		52,641			38,986
Net Defined Benefit Liability		46,006			44,534
Reserve for Director and Corporate Auditor Retirement Benefits		1,547			1,296
Reserve for Possible Losses on Sales of Loans		1,259			1,735
Reserve for Contingencies		6,309			7,990
Reserve for Reimbursement of Deposits		16,451			15,755
Reserve for Reimbursement of Debentures		54,956			52,760
Reserves under Special Laws		1,273			1,446
Deferred Tax Liabilities		50,783			186,720
Deferred Tax Liabilities for Revaluation Reserve for Land		81,060			81,057
Acceptances and Guarantees		4,588,646			4,894,301

Total Liabilities	¥	167,518,336		¥	178,772,984

Net Assets
Common Stock and Preferred Stock	¥	2,254,972		¥	2,255,404
Capital Surplus		1,109,508			1,110,007
Retained Earnings		2,315,608			2,598,997
Treasury Stock		(3,874	)		(3,840	)

Total Shareholders’ Equity		5,676,215			5,960,569

Net Unrealized Gains (Losses) on Other Securities		733,522			1,075,153
Deferred Gains or Losses on Hedges		(6,677	)		1,887
Revaluation Reserve for Land		140,745			140,740
Foreign Currency Translation Adjustments		(63,513	)		(66,828	)
Remeasurements of Defined Benefit Plans		(22,979	)		(15,871	)

Total Accumulated Other Comprehensive Income		781,096			1,135,081

Stock Acquisition Rights		3,179			2,024
Minority Interests		1,844,057			1,616,793

Total Net Assets		8,304,549			8,714,469

Total Liabilities and Net Assets	¥	175,822,885		¥	187,487,454

1-4

Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]


	*Millions of yen*
	For the six months ended September 30, 2013		For the six months ended September 30, 2014
Ordinary Income	¥	1,540,570	¥	1,512,631
Interest Income		710,234		698,534
Interest on Loans and Bills Discounted		460,427		453,824
Interest and Dividends on Securities		163,044		159,874
Fiduciary Income		25,735		25,603
Fee and Commission Income		339,972		328,710
Trading Income		111,399		113,185
Other Operating Income		150,010		178,687
Other Ordinary Income		203,217		167,910
Ordinary Expenses		973,192		974,735
Interest Expenses		156,249		157,179
Interest on Deposits		50,635		55,961
Fee and Commission Expenses		64,594		70,602
Trading Expenses		4,268		—
Other Operating Expenses		69,264		49,853
General and Administrative Expenses		614,304		648,319
Other Ordinary Expenses		64,510		48,780

Ordinary Profits		567,377		537,895

Extraordinary Gains		529		69
Extraordinary Losses		4,532		2,862

Income before Income Taxes and Minority Interests		563,374		535,102

Income Taxes:
Current		67,443		118,518
Deferred		24,134		24,692

Total Income Taxes		91,577		143,210

Income before Minority Interests		471,797		391,891

Minority Interests in Net Income		42,051		36,601

Net Income	¥	429,745	¥	355,290

1-5

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2013			For the six months ended September 30, 2014
Income before Minority Interests	¥	471,797		¥	391,891
Other Comprehensive Income		48,077			352,916
Net Unrealized Gains (Losses) on Other Securities		117,890			339,797
Deferred Gains or Losses on Hedges		(89,792	)		8,435
Revaluation Reserve for Land		21			—
Foreign Currency Translation Adjustments		11,818			(1,963	)
Remeasurements of Defined Benefit Plans		—			7,268
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		8,140			(621	)

Comprehensive Income		519,875			744,808

(Breakdown)
Comprehensive Income Attributable to Owners of the Parent		472,047			709,280
Comprehensive Income Attributable to Minority Interests		47,827			35,528

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2013


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,254,972		1,109,508		1,814,782			(4,661	)		5,174,601
Changes during the period
Cash Dividends						(76,392	)					(76,392	)
Net Income						429,745						429,745
Repurchase of Treasury Stock									(37,238	)		(37,238	)
Disposition of Treasury Stock						(27	)		1,055			1,028
Cancellation of Treasury Stock						(36,997	)		36,997			—
Transfer from Revaluation Reserve for Land						905						905
Change of scope of consolidation						(3	)					(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries						104						104
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		—		317,334			814			318,149

Balance as of the end of the period		2,254,972		1,109,508		2,132,117			(3,846	)		5,492,751


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Minority Interests		Total Net Assets
Balance as of the beginning of the period		615,883		84,634			142,345			(90,329	)		—		752,533		2,687			1,806,407		7,736,230
Changes during the period
Cash Dividends																						(76,392	)
Net Income																						429,745
Repurchase of Treasury Stock																						(37,238	)
Disposition of Treasury Stock																						1,028
Cancellation of Treasury Stock																						—
Transfer from Revaluation Reserve for Land																						905
Change of scope of consolidation																						(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries																						104
Net Changes in Items other than Shareholders’ Equity		114,015		(89,624	)		(884	)		17,889			—		41,396		(954	)		5,799		46,241
Total Changes during the period		114,015		(89,624	)		(884	)		17,889			—		41,396		(954	)		5,799		364,391

Balance as of the end of the period		729,899		(4,990	)		141,461			(72,440	)		—		793,929		1,733			1,812,207		8,100,621

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2014


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,254,972		1,109,508		2,315,608			(3,874	)		5,676,215
Cumulative Effects of Changes in Accounting Policies						16,107						16,107
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,254,972		1,109,508		2,331,715			(3,874	)		5,692,322
Changes during the period
Issuance of New Shares		431		431								863
Cash Dividends						(88,012	)					(88,012	)
Net Income						355,290						355,290
Repurchase of Treasury Stock									(265	)		(265	)
Disposition of Treasury Stock				67					298			365
Transfer from Revaluation Reserve for Land						4						4
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		431		498		267,282			33			268,246

Balance as of the end of the period		2,255,404		1,110,007		2,598,997			(3,840	)		5,960,569


	Accumulated Other Comprehensive Income																Stock Acquisition Rights			Minority Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Minority Interests			Total Net Assets
Balance as of the beginning of the period		733,522		(6,677	)		140,745			(63,513	)		(22,979	)		781,096		3,179			1,844,057			8,304,549
Cumulative Effects of Changes in Accounting Policies																					573			16,681
Balance as of the beginning of the period reflecting Changes in Accounting Policies		733,522		(6,677	)		140,745			(63,513	)		(22,979	)		781,096		3,179			1,844,631			8,321,230
Changes during the period
Issuance of New Shares																								863
Cash Dividends																								(88,012	)
Net Income																								355,290
Repurchase of Treasury Stock																								(265	)
Disposition of Treasury Stock																								365
Transfer from Revaluation Reserve for Land																								4
Net Changes in Items other than Shareholders’ Equity		341,630		8,565			(4	)		(3,314	)		7,108			353,985		(1,155	)		(227,837	)		124,992
Total Changes during the period		341,630		8,565			(4	)		(3,314	)		7,108			353,985		(1,155	)		(227,837	)		393,239

Balance as of the end of the period		1,075,153		1,887			140,740			(66,828	)		(15,871	)		1,135,081		2,024			1,616,793			8,714,469

(4) Note for Assumption of Going Concern

There is no applicable information.

1-8

Mizuho Financial Group, Inc.

3. Interim Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2014			As of September 30, 2014
Assets
Current Assets
Cash and Due from Banks	¥	17,269		¥	14,573
Other Current Assets		69,597			78,951
Total Current Assets		86,866			93,524
Fixed Assets
Tangible Fixed Assets		7,655			7,387
Intangible Fixed Assets		4,064			3,898
Investments		6,152,737			6,264,608
Investments in Subsidiaries and Affiliates		6,023,433			6,023,433
Other Investments		129,304			241,174
Total Fixed Assets		6,164,457			6,275,894

Total Assets	¥	6,251,324		¥	6,369,419

Liabilities
Current Liabilities
Short-term Borrowings	¥	561,460		¥	454,725
Short-term Bonds		500,000			500,000
Accrued Corporate Taxes		92			144
Reserve for Bonus Payments		272			265
Other Current Liabilities		8,536			6,958
Total Current Liabilities		1,070,361			962,093
Non-Current Liabilities
Bonds and Notes		240,000			198,800
Reserve for Employee Retirement Benefits		2,814			2,446
Other Non-Current Liabilities		37,731			41,295
Total Non-Current Liabilities		280,546			242,542

Total Liabilities	¥	1,350,907		¥	1,204,635

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	2,254,972		¥	2,255,404
Capital Surplus
Capital Reserve		1,194,864			1,195,296
Other Capital Surplus		—			67
Total Capital Surplus		1,194,864			1,195,363
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,415,516			1,674,927
Retained Earnings Brought Forward		1,415,516			1,674,927
Total Retained Earnings		1,419,866			1,679,277
Treasury Stock		(3,233	)		(3,006	)

Total Shareholders’ Equity		4,866,470			5,127,039

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		30,766			35,719

Total Valuation and Translation Adjustments		30,766			35,719

Stock Acquisition Rights		3,179			2,024

Total Net Assets		4,900,417			5,164,784

Total Liabilities and Net Assets	¥	6,251,324		¥	6,369,419

1-9

Mizuho Financial Group, Inc.

(2) Non-Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2013		For the six months ended September 30, 2014
Operating Income	¥	300,911	¥	360,988
Operating Expenses
General and Administrative Expenses		10,972		13,040
Total Operating Expenses		10,972		13,040

Operating Profits		289,938		347,948

Non-Operating Income		6,268		5,477
Non-Operating Expenses		9,178		6,641

Ordinary Profits		287,028		346,784

Extraordinary Losses		350		66

Income before Income Taxes		286,677		346,717

Income Taxes:
Current		253		340
Deferred		133		146

Total Income Taxes		387		487

Net Income	¥	286,290	¥	346,230

1-10

Mizuho Financial Group, Inc.

(3) Non-Consolidated Statements of Changes in Net Assets

For the six months ended September 30, 2013


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of the beginning of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,318,948			1,323,298			(4,295	)		4,768,840
Changes during the period
Cash Dividends												(76,392	)		(76,392	)					(76,392	)
Net Income												286,290			286,290						286,290
Repurchase of Treasury Stock																		(37,004	)		(37,004	)
Disposition of Treasury Stock												(27	)		(27	)		991			963
Cancellation of Treasury Stock												(36,997	)		(36,997	)		36,997			—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		—		—		—		—		—		172,873			172,873			984			173,858

Balance as of the end of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,491,821			1,496,171			(3,310	)		4,942,698


	Valuation and Translation Adjustments		Stock Acquisition Rights			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Stock Acquisition Rights			Total Net Assets
Balance as of the beginning of the period		17,395		2,687			4,788,923
Changes during the period
Cash Dividends							(76,392	)
Net Income							286,290
Repurchase of Treasury Stock							(37,004	)
Disposition of Treasury Stock							963
Cancellation of Treasury Stock							—
Net Changes in Items other than Shareholders’ Equity		3,353		(954	)		2,399
Total Changes during the period		3,353		(954	)		176,257

Balance as of the end of the period		20,749		1,733			4,965,181

1-11

Mizuho Financial Group, Inc.

For the six months ended September 30, 2014


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of the beginning of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,415,516			1,419,866			(3,233	)		4,866,470
Cumulative Effects of Changes in Accounting Policies												1,193			1,193						1,193
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,254,972		1,194,864		—		1,194,864		4,350		1,416,709			1,421,059			(3,233	)		4,867,663
Changes during the period
Issuance of New Shares		431		431				431													863
Cash Dividends												(88,012	)		(88,012	)					(88,012	)
Net Income												346,230			346,230						346,230
Repurchase of Treasury Stock																		(5	)		(5	)
Disposition of Treasury Stock						67		67										233			300
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		431		431		67		498		—		258,217			258,217			227			259,375

Balance as of the end of the period		2,255,404		1,195,296		67		1,195,363		4,350		1,674,927			1,679,277			(3,006	)		5,127,039


	Valuation and Translation Adjustments		Stock Acquisition Rights			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Stock Acquisition Rights			Total Net Assets
Balance as of the beginning of the period		30,766		3,179			4,900,417
Cumulative Effects of Changes in Accounting Policies							1,193
Balance as of the beginning of the period reflecting Changes in Accounting Policies		30,766		3,179			4,901,610
Changes during the period
Issuance of New Shares							863
Cash Dividends							(88,012	)
Net Income							346,230
Repurchase of Treasury Stock							(5	)
Disposition of Treasury Stock							300
Net Changes in Items other than Shareholders’ Equity		4,952		(1,155	)		3,797
Total Changes during the period		4,952		(1,155	)		263,173

Balance as of the end of the period		35,719		2,024			5,164,784

1-12

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2014

(Six months ended September 30, 2014)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

The former MHBK and the former Mizuho Corporate Bank, Ltd. (“MHCB”) conducted a merger on July 1, 2013.

Non-consolidated profit/loss figures for MHBK for the previous period (First Half of Fiscal 2013) are aggregate figures for the former MHBK for the first quarter, the former MHCB for the first quarter, and MHBK for the second quarter. Aggregate profit/loss figures for the 2 banks (MHBK and MHTB) for the previous period (First Half of Fiscal 2013) are aggregate figures for the former MHBK for the first quarter, the former MHCB for the first quarter, MHBK for the second quarter, and MHTB.

“HC”: Non-consolidated figures for Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2014

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-7

5. Unrealized Gains/Losses on Securities

CON

NON

2-9

6. Projected Redemption Amounts for Securities

NON

2-11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2-12

8. Employee Retirement Benefits

NON

CON

2-13

9. Capital Ratio (Basel III)

CON

NON

2-15

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-16

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-18

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

CON

NON

2-19

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

CON

NON

2-20

5. Coverage on Disclosed Claims under the FRA

NON

2-22

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

NON

2-24

7. Results of Removal of NPLs from the Balance Sheet

NON

2-25

8. Status of Loans by Industry

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

NON

2-26

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

NON

2-28

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

(1) Balance of Housing and Consumer Loans

NON

2-29

(2) Loans to SMEs and Individual Customers

NON

2-29

10. Status of Loans by Region

NON

2-30

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-34

2. Number of Directors and Employees

NON

2-35

3. Number of Branches and Offices

NON

2-36

4. Earnings Plan for Fiscal 2014

CON

NON

2-37

Attachments

See above Notes

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON

2-38

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

NON

2-39

Non-Consolidated Statement of Changes in Net Assets

NON

2-40

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON

2-41

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

NON

2-42

Non-Consolidated Statement of Changes in Net Assets

NON

2-43

Statement of Trust Assets and Liabilities

NON

2-44

Comparison of Balances of Principal Items

NON

2-45

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2014

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2014
					Change			First Half of Fiscal 2013
Consolidated Gross Profits	1		1,067,085			24,109			1,042,975
Net Interest Income	2		541,355			(12,629	)		553,985
Fiduciary Income	3		25,603			(131	)		25,735
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		258,107			(17,271	)		275,378
Net Trading Income	6		113,185			6,054			107,131
Net Other Operating Income	7		128,833			48,087			80,746
General and Administrative Expenses	8		(648,319	)		(34,014	)		(614,304	)
Personnel Expenses	9		(308,848	)		(6,501	)		(302,346	)
Non-Personnel Expenses	10		(308,524	)		(21,764	)		(286,759	)
Miscellaneous Taxes	11		(30,946	)		(5,748	)		(25,198	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(11,962	)		3,875			(15,837	)
Losses on Write-offs of Loans	13		*(10,449*	)		5,385			(15,835	)
Reversal of Reserves for Possible Losses on Loans, etc.	14		87,994			(4,853	)		92,848
Net Gains (Losses) related to Stocks	15		35,423			(3,608	)		39,032
Equity in Income from Investments in Affiliates	16		13,784			103			13,680
Other	17		(6,110	)		(15,094	)		8,983

Ordinary Profits	18		537,895			(29,482	)		567,377

Net Extraordinary Gains (Losses)	19		(2,792	)		1,210			(4,003	)
Income before Income Taxes and Minority Interests	20		535,102			(28,271	)		563,374
Income Taxes—Current	21		(118,518	)		(51,075	)		(67,443	)
—Deferred	22		(24,692	)		(558	)		(24,134	)
Net Income before Minority Interests	23		391,891			(79,905	)		471,797
Minority Interests in Net Income	24		(36,601	)		5,450			(42,051	)

Net Income	25		355,290			(74,455	)		429,745


Credit-related Costs (including Credit Costs for Trust Accounts)	26		76,032			(977	)		77,010
* Credit-related Costs [26] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [12] + Reversal of Reserves for Possible Losses on Loans, etc. [14] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	27		412,919			(5,696	)		418,616

* Consolidated Net Business Profits [27] = 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	28		156			(5	)		161
Number of affiliates under the equity method	29		21			(1	)		22

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2014												First Half of Fiscal 2013
		MHBK			MHTB			Aggregate Figures			Change			First Half of Fiscal 2013
Gross Profits	1		730,473			62,184			792,657			7,615			785,042
Domestic Gross Profits	2		451,828			52,694			504,523			6,257			498,265
Net Interest Income	3		295,223			15,454			310,677			(29,657	)		340,335
Fiduciary Income	4					25,301			25,301			(145	)		25,446
Trust Fees for Jointly Operated Designated Money Trust	5					*1,475*			*1,475*			(149	)		1,625
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		107,868			11,392			119,260			(7,701	)		126,962
Net Trading Income	8		16,883			(1,341	)		15,541			25,586			(10,045	)
Net Other Operating Income	9		31,853			1,887			33,741			18,175			15,565
International Gross Profits	10		278,644			9,489			288,134			1,357			286,777
Net Interest Income	11		155,597			3,429			159,026			9,353			149,673
Net Fee and Commission Income	12		59,135			(357	)		58,777			2,743			56,033
Net Trading Income	13		4,478			2,377			6,855			(27,969	)		34,825
Net Other Operating Income	14		59,432			4,041			63,474			17,229			46,244
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(407,089	)		(36,970	)		(444,059	)		(20,311	)		(423,748	)
Expense Ratio	16		*55.7*	%		*59.4*	%		*56.0*	%		2.0	%		53.9	%
Personnel Expenses	17		(142,039	)		(17,163	)		(159,203	)		1,606			(160,810	)
Non-Personnel Expenses	18		(240,309	)		(18,546	)		(258,855	)		(16,501	)		(242,354	)
Premium for Deposit Insurance	19		*(24,420*	)		*(864*	)		*(25,284*	)		(1,515	)		(23,769	)
Miscellaneous Taxes	20		(24,740	)		(1,260	)		(26,000	)		(5,417	)		(20,583	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		323,384			25,213			348,598			(12,696	)		361,294

Excluding Net Gains (Losses) related to Bonds	22		*254,328*			*19,226*			*273,555*			(49,156	)		322,712

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

Net Business Profits	24		323,384			25,213			348,598			(12,696	)		361,294

Net Gains (Losses) related to Bonds	25		*69,055*			*5,986*			*75,042*			36,459			38,582

Net Non-Recurring Gains (Losses)	26		74,759			5,587			80,347			(24,165	)		104,512
Net Gains (Losses) related to Stocks	27		23,280			3,352			26,632			(614	)		27,247
Expenses related to Portfolio Problems	28		(9,504	)		(6	)		(9,510	)		2,485			(11,996	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		81,195			3,540			84,736			(6,383	)		91,120
Other	30		(20,212	)		(1,298	)		(21,511	)		(19,652	)		(1,858	)

Ordinary Profits	31		398,143			30,801			428,945			(36,861	)		465,807

Net Extraordinary Gains (Losses)	32		(2,208	)		(106	)		(2,314	)		507			(2,821	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(1,558*	)		*(56*	)		*(1,614*	)		330			(1,945	)
Losses on Impairment of Fixed Assets	34		*(649*	)		*(49*	)		*(699*	)		177			(876	)
Income before Income Taxes	35		395,935			30,695			426,630			(36,354	)		462,985
Income Taxes—Current	36		(100,841	)		(24	)		(100,866	)		(46,346	)		(54,519	)
—Deferred	37		(29,553	)		4,565			(24,988	)		11,754			(36,742	)

Net Income	38		265,540			35,236			300,776			(70,945	)		371,722

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

Credit-related Costs	39		71,691			3,534			75,226			(3,897	)		79,123

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

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40					—			—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		51,209			3,813			55,023			(15,757	)		70,781
Losses on Write-offs of Loans	42		2,151			(6	)		2,145			735			1,410
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		20,323			(273	)		20,050			15,801			4,249
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		247			(0	)		247			221			25
Reversal of (Provision for) Reserve for Contingencies	45		(1,468	)		—			(1,468	)		(4,492	)		3,024
Other (including Losses on Sales of Loans)	46		(772	)		—			(772	)		(405	)		(366	)
Total	47		71,691			3,534			75,226			(3,897	)		79,123

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2014
					Change			First Half of Fiscal 2013
Gross Profits	1		730,473			6,117			724,356
Domestic Gross Profits	2		451,828			7,378			444,449
Net Interest Income	3		295,223			(29,560	)		324,784
Net Fee and Commission Income	4		107,868			(7,464	)		115,333
Net Trading Income	5		16,883			24,609			(7,726	)
Net Other Operating Income	6		31,853			19,794			12,059
International Gross Profits	7		278,644			(1,261	)		279,906
Net Interest Income	8		155,597			9,288			146,309
Net Fee and Commission Income	9		59,135			2,933			56,201
Net Trading Income	10		4,478			(26,578	)		31,057
Net Other Operating Income	11		59,432			13,094			46,338
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(407,089	)		(20,339	)		(386,749	)
Expense Ratio	13		*55.7*	%		2.3	%		53.3	%
Personnel Expenses	14		(142,039	)		1,859			(143,899	)
Non-Personnel Expenses	15		(240,309	)		(16,760	)		(223,548	)
Premium for Deposit Insurance	16		*(24,420*	)		(1,550	)		(22,869	)
Miscellaneous Taxes	17		(24,740	)		(5,438	)		(19,301	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		323,384			(14,222	)		337,606

Excluding Net Gains (Losses) related to Bonds	19		*254,328*			(48,386	)		302,715

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			—			—

Net Business Profits	21		323,384			(14,222	)		337,606

Net Gains (Losses) related to Bonds	22		*69,055*			34,164			34,891

Net Non-Recurring Gains (Losses)	23		74,759			(23,490	)		98,249
Net Gains (Losses) related to Stocks	24		23,280			2,985			20,294
Expenses related to Portfolio Problems	25		(9,504	)		2,230			(11,734	)
Reversal of Reserves for Possible Losses on Loans, etc.	26		81,195			(8,524	)		89,720
Other	27		(20,212	)		(20,182	)		(30	)

Ordinary Profits	28		398,143			(37,712	)		435,856

Net Extraordinary Gains (Losses)	29		(2,208	)		(816	)		(1,391	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(1,558*	)		(724	)		(834	)
Losses on Impairment of Fixed Assets	31		*(649*	)		(92	)		(557	)
Income before Income Taxes	32		395,935			(38,529	)		434,464
Income Taxes—Current	33		(100,841	)		(56,628	)		(44,212	)
—Deferred	34		(29,553	)		16,187			(45,740	)

Net Income	35		265,540			(78,970	)		344,510


Credit-related Costs	36		71,691			(6,293	)		77,985

* Credit-related Costs [36] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [26]
(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	37		51,209			(19,384	)		70,594
Losses on Write-offs of Loans	38		2,151			480			1,671
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39		20,323			17,233			3,089
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40		247			221			25
Reversal of (Provision for) Reserve for Contingencies	41		(1,468	)		(4,438	)		2,970
Other (including Losses on Sales of Loans)	42		(772	)		(405	)		(366	)
Total	43		71,691			(6,293	)		77,985

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2014						First Half of Fiscal 2013
					Change			First Half of Fiscal 2013
Gross Profits	1		62,184			1,497			60,686
Domestic Gross Profits	2		52,694			(1,121	)		53,815
Net Interest Income	3		15,454			(97	)		15,551
Fiduciary Income	4		25,301			(145	)		25,446
Trust Fees for Jointly Operated Designated Money Trust	5		*1,475*			(149	)		1,625
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		11,392			(236	)		11,629
Net Trading Income	8		(1,341	)		976			(2,318	)
Net Other Operating Income	9		1,887			(1,618	)		3,506
International Gross Profits	10		9,489			2,619			6,870
Net Interest Income	11		3,429			65			3,364
Net Fee and Commission Income	12		(357	)		(189	)		(167	)
Net Trading Income	13		2,377			(1,390	)		3,767
Net Other Operating Income	14		4,041			4,134			(93	)
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(36,970	)		27			(36,998	)
Expense Ratio	16		*59.4*	%		(1.5	%)		60.9	%
Personnel Expenses	17		(17,163	)		(252	)		(16,911	)
Non-Personnel Expenses	18		(18,546	)		259			(18,805	)
Premium for Deposit Insurance	19		*(864*	)		35			(900	)
Miscellaneous Taxes	20		(1,260	)		21			(1,281	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		25,213			1,525			23,688

Excluding Net Gains (Losses) related to Bonds	22		*19,226*			(770	)		19,996

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

Net Business Profits	24		25,213			1,525			23,688

Net Gains (Losses) related to Bonds	25		*5,986*			2,295			3,691

Net Non-Recurring Gains (Losses)	26		5,587			(674	)		6,262
Net Gains (Losses) related to Stocks	27		3,352			(3,600	)		6,952
Expenses related to Portfolio Problems	28		(6	)		255			(261	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		3,540			2,140			1,399
Other	30		(1,298	)		529			(1,828	)

Ordinary Profits	31		30,801			850			29,950

Net Extraordinary Gains (Losses)	32		(106	)		1,324			(1,430	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(56*	)		1,054			(1,111	)
Losses on Impairment of Fixed Assets	34		*(49*	)		269			(319	)
Income before Income Taxes	35		30,695			2,175			28,520
Income Taxes—Current	36		(24	)		10,282			(10,306	)
—Deferred	37		4,565			(4,432	)		8,997

Net Income	38		35,236			8,025			27,211

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

Credit-related Costs	39		3,534			2,395			1,138

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

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		3,813			3,627			186
Losses on Write-offs of Loans	42		(6	)		255			(261	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(273	)		(1,432	)		1,159
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		(0	)		(0	)		0
Reversal of (Provision for) Reserve for Contingencies	45		—			(53	)		53
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		3,534			2,395			1,138

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
Mizuho Bank			First Half of Fiscal 2014						First Half of Fiscal 2013
Mizuho Bank						Change			First Half of Fiscal 2013
Return on Interest-Earning Assets		1		0.69			(0.06	)		0.75
Return on Loans and Bills Discounted *¹		2		1.04			(0.07	)		1.12
Return on Securities		3		0.41			(0.09	)		0.51
Cost of Funding (including Expenses)		4		0.75			0.01			0.74
Cost of Deposits (including Expenses)		5		0.85			(0.00	)		0.85
Cost of Deposits ²*		6		*0.04*			(0.01	)		0.05
Cost of Other External Liabilities		7		0.19			(0.02	)		0.21
Net Interest Margin	(1)-(4)	8		(0.06	)		(0.08	)		0.01
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.19			(0.07	)		0.26
Loan and Deposit Rate Margin	(2)-(6)	10		1.00			(0.06	)		1.06
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		1.15			(0.09	)		1.24
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.30			(0.09	)		0.39
Loan and Deposit Rate Margin	(11)-(6)	13		1.11			(0.08	)		1.19

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2014						First Half of Fiscal 2013
Mizuho Trust & Banking						Change			First Half of Fiscal 2013
Return on Interest-Earning Assets		14		0.72			(0.02	)		0.75
Return on Loans and Bills Discounted *¹		15		1.02			0.04			0.97
Return on Securities		16		0.76			0.19			0.56
Cost of Funding		17		0.17			(0.03	)		0.21
Cost of Deposits *²		18		0.08			(0.01	)		0.09
Net Interest Margin	(14)-(17)	19		0.54			0.01			0.53
Loan and Deposit Rate Margin	(15)-(18)	20		0.94			0.06			0.87
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		1.03			(0.09	)		1.13
Loan and Deposit Rate Margin	(21)-(18)	22		0.95			(0.08	)		1.03

(Reference)			(%)
Aggregate Figures for the 2 Banks			First Half of Fiscal 2014						First Half of Fiscal 2013
Aggregate Figures for the 2 Banks						Change			First Half of Fiscal 2013
Return on Loans and Bills Discounted *¹		23		1.04			(0.06	)		1.11
Cost of Deposits *²		24		0.04			(0.01	)		0.05
Loan and Deposit Rate Margin	(23)-(24)	25		1.00			(0.05	)		1.05
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		1.14			(0.09	)		1.24
Loan and Deposit Rate Margin	(26)-(24)	27		1.10			(0.08	)		1.18

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2014

First Half of Fiscal 2013

Change

(Total)

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Use of Funds

132,818,487

0.90

2,052,106

(0.05

)

130,766,380

0.96

Loans and Bills Discounted

67,139,626

1.18

3,015,961

(0.09

)

64,123,665

1.27

Securities

42,184,270

0.71

(2,145,768

)

0.00

44,330,039

0.71

Source of Funds

132,462,694

0.23

1,147,382

(0.01

)

131,315,311

0.24

Deposits

86,093,884

0.09

3,990,960

(0.00

)

82,102,924

0.09

NCDs

14,434,586

0.18

769,077

(0.00

)

13,665,509

0.19

(Domestic Operations)

Use of Funds

97,962,679

0.69

(3,738,792

)

(0.06

)

101,701,472

0.75

Loans and Bills Discounted

48,660,913

1.05

(112,368

)

(0.07

)

48,773,281

1.12

Securities

31,172,653

0.41

(2,756,132

)

(0.09

)

33,928,785

0.51

Source of Funds

97,584,221

0.09

(4,160,030

)

(0.02

)

101,744,251

0.12

Deposits

70,470,012

0.03

1,260,801

(0.01

)

69,209,211

0.05

NCDs

9,811,168

0.08

(117,272

)

(0.00

)

9,928,441

0.09

(International Operations)

Use of Funds

38,146,359

1.38

4,898,528

(0.10

)

33,247,830

1.49

Loans and Bills Discounted

18,478,713

1.52

3,128,329

(0.22

)

15,350,383

1.75

Securities

11,011,616

1.55

610,363

0.19

10,401,253

1.35

Source of Funds

38,169,024

0.57

4,415,042

(0.03

)

33,753,981

0.60

Deposits

15,623,871

0.37

2,730,159

0.01

12,893,712

0.35

NCDs

4,623,418

0.38

886,350

(0.06

)

3,737,068

0.45

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2014

First Half of Fiscal 2013

Change

(Total)

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Use of Funds

6,171,666

0.78

(54,301

)

(0.03

)

6,225,967

0.81

Loans and Bills Discounted

3,061,554

1.02

(520,546

)

0.05

3,582,101

0.96

Securities

1,725,428

0.88

(202,002

)

0.13

1,927,431

0.75

Source of Funds

5,947,653

0.17

(62,815

)

(0.03

)

6,010,468

0.21

Deposits

2,180,577

0.07

278,263

(0.02

)

1,902,313

0.10

NCDs

937,892

0.09

(138,872

)

(0.00

)

1,076,764

0.10

(Domestic Operations)

Use of Funds

5,533,858

0.72

(134,181

)

(0.02

)

5,668,039

0.75

Loans and Bills Discounted

2,918,523

1.02

(550,449

)

0.05

3,468,973

0.97

Securities

1,117,054

0.76

(253,495

)

0.19

1,370,549

0.56

Source of Funds

5,301,431

0.17

(145,501

)

(0.03

)

5,446,933

0.21

Deposits

2,147,168

0.07

285,573

(0.02

)

1,861,594

0.09

NCDs

937,892

0.09

(138,872

)

(0.00

)

1,076,764

0.10

(International Operations)

Use of Funds

815,822

1.01

(387,521

)

0.30

1,203,343

0.70

Loans and Bills Discounted

143,030

1.00

29,903

0.10

113,127

0.90

Securities

608,374

1.11

51,493

(0.09

)

556,881

1.20

Source of Funds

824,236

0.17

(384,714

)

0.02

1,208,951

0.15

Deposits

33,408

0.28

(7,310

)

(0.02

)

40,719

0.30

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Bonds		75,404			37,290			38,114
Gains on Sales and Others		96,992			8,241			88,750
Losses on Sales and Others		(18,452	)		24,484			(42,937	)
Impairment (Devaluation)		(1,247	)		6,826			(8,074	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,886	)		(2,263	)		376

	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Stocks		35,423			(3,608	)		39,032
Gains on Sales		39,884			(5,375	)		45,260
Losses on Sales		(984	)		2,124			(3,108	)
Impairment (Devaluation)		(2,922	)		1,481			(4,404	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		24			12			11
Gains (Losses) on Derivatives other than for Trading		(578	)		(1,851	)		1,272

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Bonds		75,042			36,459			38,582
Gains on Sales and Others		97,319			7,901			89,418
Losses on Sales and Others		(19,194	)		24,043			(43,237	)
Impairment (Devaluation)		(1,196	)		6,778			(7,975	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,886	)		(2,263	)		376

	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Stocks		26,632			(614	)		27,247
Gains on Sales		27,845			(1,558	)		29,404
Losses on Sales		(414	)		1,752			(2,166	)
Impairment (Devaluation)		(244	)		1,035			(1,279	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		24			7			16
Gains (Losses) on Derivatives other than for Trading		(578	)		(1,851	)		1,272

2-7

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Bonds		69,055			34,164			34,891
Gains on Sales and Others		88,063			4,335			83,727
Losses on Sales and Others		(16,409	)		24,643			(41,052	)
Impairment (Devaluation)		(1,196	)		6,778			(7,975	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,402	)		(1,593	)		190

	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Stocks		23,280			2,985			20,294
Gains on Sales		24,425			2,110			22,314
Losses on Sales		(378	)		1,656			(2,035	)
Impairment (Devaluation)		(229	)		1,003			(1,232	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		14			(7	)		21
Gains (Losses) on Derivatives other than for Trading		(551	)		(1,777	)		1,226

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Bonds		5,986			2,295			3,691
Gains on Sales and Others		9,256			3,565			5,690
Losses on Sales and Others		(2,785	)		(599	)		(2,185	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(484	)		(670	)		186

	First Half of Fiscal 2014						First Half of Fiscal 2013
				Change			First Half of Fiscal 2013
Net Gains (Losses) related to Stocks		3,352			(3,600	)		6,952
Gains on Sales		3,420			(3,668	)		7,089
Losses on Sales		(35	)		95			(131	)
Impairment (Devaluation)		(15	)		31			(47	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		9			14			(5	)
Gains (Losses) on Derivatives other than for Trading		(26	)		(73	)		46

2-8

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2014

As of March 31, 2014

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

41,148,807

1,631,300

1,865,203

233,902

1,127,679

1,475,537

347,858

Japanese Stocks

3,470,183

1,481,996

1,547,799

65,803

1,106,994

1,197,864

90,869

Japanese Bonds

25,354,000

33,750

45,387

11,636

31,372

48,126

16,753

Japanese Government Bonds

22,353,675

9,979

12,802

2,823

13,401

17,821

4,420

Other

12,324,623

115,553

272,016

156,462

(10,688

)

229,546

240,234

Foreign Bonds

9,042,812

(91,358

)

48,587

139,946

(170,636

)

32,151

202,787

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

Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date. Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

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

Unrealized Gains/Losses include ¥45,346 million and ¥37,413 million, which were recognized in the statement of income for September 30, 2014 and March 31, 2014, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2014 and March 31, 2014 are ¥1,585,953 million and ¥1,090,266 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2014 and March 31, 2014 are ¥1,075,153 million and ¥733,522 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2014

As of March 31, 2014

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,867,111

21,941

23,504

1,563

17,734

17,954

220

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2014

As of March 31, 2014

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

39,861,494

1,451,331

1,690,273

238,942

958,662

1,310,832

352,169

Japanese Stocks

3,389,066

1,406,560

1,477,961

71,400

1,027,355

1,124,319

96,963

Japanese Bonds

24,899,832

33,702

45,250

11,547

31,506

48,013

16,506

Japanese Government Bonds

22,037,494

9,928

12,744

2,816

13,365

17,782

4,417

Other

11,572,596

11,068

167,061

155,993

(100,199

)

138,498

238,698

Foreign Bonds

8,875,906

(92,105

)

47,512

139,617

(170,250

)

31,339

201,589

Mizuho Bank

Other Securities

38,143,080

1,327,207

1,560,351

233,143

874,549

1,215,814

341,264

Japanese Stocks

3,152,704

1,296,157

1,364,791

68,633

945,045

1,038,309

93,263

Japanese Bonds

24,001,589

32,430

43,674

11,244

30,461

46,201

15,739

Japanese Government Bonds

21,198,698

9,283

11,857

2,574

13,114

16,860

3,745

Other

10,988,787

(1,380

)

151,885

153,266

(100,957

)

131,304

232,261

Foreign Bonds

8,445,041

(95,280

)

42,645

137,926

(165,782

)

30,860

196,643

Mizuho Trust & Banking

Other Securities

1,718,413

124,123

129,922

5,798

84,112

95,017

10,904

Japanese Stocks

236,361

110,403

113,170

2,767

82,309

86,010

3,700

Japanese Bonds

898,242

1,271

1,575

303

1,045

1,812

767

Japanese Government Bonds

838,796

645

887

242

251

922

671

Other

583,809

12,449

15,176

2,727

757

7,194

6,436

Foreign Bonds

430,865

3,174

4,866

1,691

(4,467

)

478

4,945

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

Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date. Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.

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

Unrealized Gains/Losses include ¥45,346 million and ¥37,413 million, which were recognized in the statement of income for September 30, 2014 and March 31, 2014, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2014 and March 31, 2014 are ¥1,405,985 million and ¥921,249 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2014 and March 31, 2014 are as follows:


	*(Millions of yen)*
	As of September 30, 2014		As of March 31, 2014
Aggregate Figures		997,773		665,027
Mizuho Bank		901,152		597,410
Mizuho Trust & Banking		96,620		67,616

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2014

As of March 31, 2014

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

4,867,111

21,941

23,504

1,563

17,734

17,954

220

Mizuho Bank

4,867,111

21,941

23,504

1,563

17,734

17,954

220

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2014								As of March 31, 2014
	Book Value		Unrealized Gains/Losses						Unrealized Gains/Losses
	Book Value				Gains		Losses				Gains		Losses
Aggregate Figures		118,376		172,502		172,502		—		140,597		141,249		651
Mizuho Bank		118,376		172,502		172,502		—		140,597		141,249		651
Mizuho Trust & Banking		—		—		—		—		—		—		—

(Reference)

Unrealized Gains/Losses on Other Securities

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

For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method and others. They were excluded from Unrealized Gains (Losses) on Other Securities. These adjusted Unrealized Gains/Losses were the base amount, which was to be recorded directly to Net Assets after tax and other necessary adjustments.

The base amount was as follows:

Consolidated

(Millions of yen)

As of September 30, 2014

As of
March 31, 2014

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,585,953

495,687

1,090,266

Japanese Stocks

1,476,720

368,498

1,108,222

Japanese Bonds

33,750

2,378

31,372

Japanese Government Bonds

9,979

(3,421

)

13,401

Other

75,482

124,811

(49,328

)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2014

As of
March 31, 2014

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,405,985

484,735

921,249

Japanese Stocks

1,401,284

372,702

1,028,582

Japanese Bonds

33,702

2,195

31,507

Japanese Government Bonds

9,928

(3,437

)

13,365

Other

(29,002

)

109,838

(138,840

)

2-10

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

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

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2014								Change												Maturity as of March 31, 2014
	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		6,524.6		19,215.6		2,375.4		904.7		(290.7	)		1,215.9			(465.7	)		(97.2	)		6,815.4		17,999.7		2,841.1		1,001.9
Japanese Government Bonds		6,118.4		18,009.9		2,072.1		—		(319.2	)		1,251.0			(501.7	)		—			6,437.7		16,758.9		2,573.8		—
Japanese Local Government Bonds		33.6		115.3		87.9		0.7		3.3			(14.9	)		7.8			(0.0	)		30.2		130.2		80.1		0.7
Japanese Corporate Bonds		372.5		1,090.4		215.3		903.9		25.1			(20.0	)		28.1			(97.2	)		347.4		1,110.5		187.2		1,001.2
Other		1,731.9		3,557.5		2,002.7		2,540.1		(112.2	)		(605.2	)		396.5			625.3			1,844.2		4,162.7		1,606.2		1,914.8

Mizuho Bank
Japanese Bonds		5,987.7		19,068.0		2,171.1		904.7		(805.8	)		1,739.6			(356.7	)		(97.2	)		6,793.6		17,328.3		2,527.8		1,001.9
Japanese Government Bonds		5,588.4		17,909.9		1,872.1		—		(829.2	)		1,763.5			(396.7	)		—			6,417.7		16,146.4		2,268.8		—
Japanese Local Government Bonds		33.5		114.3		85.5		0.7		3.3			(15.1	)		8.0			(0.0	)		30.1		129.4		77.4		0.7
Japanese Corporate Bonds		365.7		1,043.7		213.4		903.9		20.0			(8.7	)		31.8			(97.2	)		345.7		1,052.5		181.6		1,001.2
Other		1,726.8		3,353.4		1,799.9		2,491.7		(106.1	)		(416.6	)		316.1			576.9			1,832.9		3,770.1		1,483.7		1,914.8

Mizuho Trust & Banking
Japanese Bonds		536.8		147.6		204.2		—		515.0			(523.6	)		(109.0	)		—			21.8		671.3		313.2		—
Japanese Government Bonds		530.0		100.0		200.0		—		510.0			(512.5	)		(105.0	)		—			20.0		612.5		305.0		—
Japanese Local Government Bonds		0.1		0.9		2.4		—		—			0.1			(0.2	)		—			0.1		0.8		2.6		—
Japanese Corporate Bonds		6.7		46.6		1.8		—		5.0			(11.2	)		(3.7	)		—			1.7		57.9		5.6		—
Other		5.1		204.1		202.8		48.3		(6.1	)		(188.5	)		80.3			48.3			11.2		392.6		122.4		—

2-11

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2014								Change												As of March 31, 2014
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years			Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		2,841.2		14,535.3		6,559.9		23,936.4		(1,566.8	)		(100.1	)		510.4			(1,156.5	)		4,408.0		14,635.4		6,049.5		25,093.0
Receive Float / Pay Fixed		278.6		3,414.0		3,319.9		7,012.6		(208.1	)		348.4			(493.4	)		(353.2	)		486.8		3,065.5		3,813.4		7,365.8
Receive Float / Pay Float		59.8		64.3		—		124.1		9.8			(7.6	)		—			2.1			50.0		71.9		—		121.9
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		3,179.7		18,013.6		9,879.8		31,073.2		(1,765.2	)		240.7			16.9			(1,507.5	)		4,944.9		17,772.9		9,862.9		32,580.8

Mizuho Bank
Receive Fixed / Pay Float		2,841.2		14,530.3		6,030.2		23,401.7		(1,561.8	)		24.8			285.7			(1,251.2	)		4,403.0		14,505.4		5,744.5		24,653.0
Receive Float / Pay Fixed		253.6		3,372.5		3,074.9		6,701.1		(233.1	)		348.0			(643.4	)		(528.5	)		486.8		3,024.4		3,718.4		7,229.7
Receive Float / Pay Float		59.8		64.3		—		124.1		9.8			(7.6	)		—			2.1			50.0		71.9		—		121.9
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		3,154.7		17,967.2		9,105.1		30,227.1		(1,785.2	)		365.3			(357.7	)		(1,777.6	)		4,939.9		17,601.8		9,462.9		32,004.7

Mizuho Trust & Banking
Receive Fixed / Pay Float		—		5.0		529.7		534.7		(5.0	)		(125.0	)		224.7			94.7			5.0		130.0		305.0		440.0
Receive Float / Pay Fixed		25.0		41.4		245.0		311.4		25.0			0.3			150.0			175.3			—		41.0		95.0		136.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		25.0		46.4		774.7		846.1		20.0			(124.6	)		374.7			270.0			5.0		171.0		400.0		576.0

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2014						Change						As of March 31, 2014
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
Aggregate Figures		662.1		683.1	(21.0	)		16.8		29.1	(12.2	)		645.2		654.0	(8.7	)
Mizuho Bank		581.7		598.9	(17.1	)		4.5		19.6	(15.0	)		577.1		579.2	(2.0	)
Mizuho Trust & Banking		80.4		84.2	(3.8	)		12.3		9.5	2.7			68.1		74.7	(6.6	)

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Accounting Standard for Retirement Benefits and others have been revised and applied from the end of fiscal 2013 and the beginning of fiscal 2014.

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,147,919		(25,802	)		1,173,721
Discount Rate (%)			0.16~2.35					1.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,539,705		151,528			1,388,176
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		38,370		(141,033	)		179,404
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		430,156		36,297			393,859
Mizuho Bank
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,016,260		(24,151	)		1,040,412
Discount Rate (%)			0.16~2.35					1.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,380,819		141,799			1,239,020
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		22,045		(132,774	)		154,819
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		386,604		33,176			353,427
Mizuho Trust & Banking
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		131,658		(1,650	)		133,309
Discount Rate (%)			0.16~2.35					1.70
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		158,885		9,728			149,156
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		16,325		(8,258	)		24,584
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		43,552		3,120			40,431

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Service Cost		(10,981	)		(384	)		(10,596	)
Interest Cost		(5,111	)		4,864			(9,976	)
Expected Return on Plan Assets		16,248			(270	)		16,519
Accumulation (Amortization) of Unrecognized Actuarial Differences		(10,268	)		(1,307	)		(8,960	)
Other		(2,078	)		(109	)		(1,968	)

Total		(12,190	)		2,792			(14,983	)

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Service Cost		(9,433	)		(262	)		(9,170	)
Interest Cost		(4,518	)		4,325			(8,843	)
Expected Return on Plan Assets		14,563			(120	)		14,684
Accumulation (Amortization) of Unrecognized Actuarial Differences		(8,696	)		(996	)		(7,700	)
Other		(1,791	)		(92	)		(1,698	)

Total		(9,875	)		2,853			(12,728	)

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Service Cost		(1,547	)		(122	)		(1,425	)
Interest Cost		(593	)		539			(1,133	)
Expected Return on Plan Assets		1,684			(150	)		1,834
Accumulation (Amortization) of Unrecognized Actuarial Differences		(1,571	)		(310	)		(1,260	)
Other		(287	)		(16	)		(270	)

Total		(2,315	)		(60	)		(2,254	)

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,296,804		(29,639	)		1,326,443
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,686,455		173,713			1,512,741
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		42,388		(151,528	)		193,916
Prepaid Pension Cost (at the beginning of the fiscal year)	(D)				(418,846	)		418,846
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(A)-(B)-(C)+(D)				(38,632	)		38,632
Net Defined Benefit Asset (at the beginning of the fiscal year)	(E)		432,869		432,869

Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(E)		43,219		43,219

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	First Half of Fiscal 2014
				Change			First Half of Fiscal 2013
Service Cost		(16,325	)		(609	)		(15,716	)
Interest Cost		(5,777	)		5,290			(11,068	)
Expected Return on Plan Assets		17,798			(152	)		17,951
Accumulation (Amortization) of Unrecognized Actuarial Differences		(11,274	)		(689	)		(10,584	)
Other		(3,689	)		(137	)		(3,551	)

Total		(19,267	)		3,701			(22,969	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2014 (Preliminary)				As of March 31, 2014
International Standard			Change		As of March 31, 2014
(1) Total Capital Ratio		15.06		0.70		14.36
(2) Tier 1 Capital Ratio		11.85		0.50		11.35
(3) Common Equity Tier 1 Capital Ratio		9.32		0.52		8.80
(4) Total Capital		9,167.5		511.5		8,655.9
(5) Tier 1 Capital		7,217.2		372.4		6,844.7
(6) Common Equity Tier 1 Capital		5,677.2		372.8		5,304.4
(7) Risk weighted Assets		60,865.9		591.8		60,274.0
(8) Total Required Capital (7)X8%		4,869.2		47.3		4,821.9

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30, 2014
(Preliminary)

As of
March 31,
2014

As of
September 30,
2014
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

16.02

0.54

15.48

16.14

(2) Tier 1 Capital Ratio

12.69

0.34

12.35

12.61

(3) Common Equity Tier 1 Capital Ratio

10.59

0.40

10.19

10.52

(4) Total Capital

8,692.7

512.1

8,180.6

8,587.6

(5) Tier 1 Capital

6,883.3

358.0

6,525.3

6,707.0

(6) Common Equity Tier 1 Capital

5,748.0

361.5

5,386.5

5,595.0

(7) Risk weighted Assets

54,230.2

1,406.5

52,823.7

53,175.4

(8) Total Required Capital (7)X8%

4,338.4

112.5

4,225.8

4,254.0

Mizuho Trust & Banking

International Standard

(1) Total Capital Ratio

19.06

1.26

17.80

19.03

(2) Tier 1 Capital Ratio

16.37

1.61

14.76

16.36

(3) Common Equity Tier 1 Capital Ratio

16.37

1.61

14.76

16.36

(4) Total Capital

490.0

33.3

456.6

483.6

(5) Tier 1 Capital

420.9

42.1

378.7

415.8

(6) Common Equity Tier 1 Capital

420.9

42.1

378.7

415.8

(7) Risk weighted Assets

2,569.8

5.1

2,564.6

2,540.8

(8) Total Required Capital (7)X8%

205.5

0.4

205.1

203.2

2-15

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	*(Millions of yen, %)*
	As of September 30, 2014										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		11,221		0.01		(973	)		(0.00	)		12,194		0.01
Non-Accrual Delinquent Loans		459,560		0.65		(48,440	)		(0.07	)		508,001		0.73
Loans Past Due for 3 Months or More		4,500		0.00		391			0.00			4,109		0.00
Restructured Loans		426,614		0.60		(77,985	)		(0.12	)		504,600		0.72

Total		901,897		1.28		(127,008	)		(0.19	)		1,028,905		1.48


Total Loans		70,193,539		100.00		892,134						69,301,405		100.00


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

Amount of Partial Direct Write-offs		143,083				(23,668)						166,752

Trust Account
	As of September 30, 2014										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		3,039		18.05		(6	)		0.66			3,046		17.38
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		3,039		18.05		(6	)		0.66			3,046		17.38


Total Loans		16,835		100.00		(686	)					17,522		100.00


Consolidated + Trust Account
	As of September 30, 2014										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		11,221		0.01		(973	)		(0.00	)		12,194		0.01
Non-Accrual Delinquent Loans		462,600		0.65		(48,447	)		(0.07	)		511,047		0.73
Loans Past Due for 3 Months or More		4,500		0.00		391			0.00			4,109		0.00
Restructured Loans		426,614		0.60		(77,985	)		(0.12	)		504,600		0.72

Total		904,936		1.28		(127,015	)		(0.19	)		1,031,951		1.48


Total Loans		70,210,375		100.00		891,447						69,318,927		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2014										As of March 31, 2014
(Banking Account + Trust Account)			%		Change			%					%

Loans to Bankrupt Obligors		7,117		0.01		(2,161	)		(0.00	)		9,278		0.01
Non-Accrual Delinquent Loans		447,693		0.63		(40,763	)		(0.06	)		488,456		0.69
Loans Past Due for 3 Months or More		4,496		0.00		391			0.00			4,104		0.00
Restructured Loans		345,590		0.48		(62,432	)		(0.09	)		408,023		0.58

Total		804,898		1.13		(104,965	)		(0.16	)		909,864		1.29

Total Loans		70,756,840		100.00		764,911						69,991,928		100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		126,979				(22,199	)					149,178
Mizuho Bank
Loans to Bankrupt Obligors		7,077		0.01		(2,180	)		(0.00	)		9,257		0.01
Non-Accrual Delinquent Loans		428,611		0.63		(40,757	)		(0.06	)		469,368		0.70
Loans Past Due for 3 Months or More		4,318		0.00		213			0.00			4,104		0.00
Restructured Loans		342,785		0.50		(59,435	)		(0.09	)		402,221		0.60

Total		782,792		1.15		(102,159	)		(0.16	)		884,952		1.32

Total Loans		67,685,858		100.00		849,304						66,836,553		100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		125,259				(21,936	)					147,196
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		40		0.00		18			0.00			21		0.00
Non-Accrual Delinquent Loans		16,042		0.52		1			0.01			16,041		0.51
Loans Past Due for 3 Months or More		178		0.00		178			0.00			—		—
Restructured Loans		2,804		0.09		(2,997	)		(0.09	)		5,802		0.18

Total		19,066		0.62		(2,798	)		(0.07	)		21,865		0.69

Total Loans		3,054,146		100.00		(83,706	)					3,137,852		100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		1,719				(262	)					1,982
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		3,039		18.05		(6	)		0.66			3,046		17.38
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		3,039		18.05		(6	)		0.66			3,046		17.38

Total Loans		16,835		100.00		(686	)					17,522		100.00

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

2-17

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Reserves for Possible Losses on Loans		524,517		(91,790	)		616,307
General Reserve for Possible Losses on Loans		336,002		(62,735	)		398,737
Specific Reserve for Possible Losses on Loans		187,930		(28,856	)		216,787
Reserve for Possible Losses on Loans to Restructuring Countries		584		(197	)		782
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		166,050		(29,106	)		195,157

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Reserves for Possible Losses on Loans		438,243		(85,141	)		523,384
General Reserve for Possible Losses on Loans		292,195		(56,258	)		348,454
Specific Reserve for Possible Losses on Loans		145,463		(28,684	)		174,147
Reserve for Possible Losses on Loans to Restructuring Countries		584		(197	)		782
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		149,357		(27,627	)		176,984
Mizuho Bank
Reserves for Possible Losses on Loans		429,081		(81,593	)		510,675
General Reserve for Possible Losses on Loans		287,533		(52,445	)		339,978
Specific Reserve for Possible Losses on Loans		140,963		(28,950	)		169,914
Reserve for Possible Losses on Loans to Restructuring Countries		584		(197	)		782
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		147,187		(27,279	)		174,467
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		9,161		(3,547	)		12,709
General Reserve for Possible Losses on Loans		4,662		(3,813	)		8,475
Specific Reserve for Possible Losses on Loans		4,499		266			4,233
Reserve for Possible Losses on Loans to Restructuring Countries		0		0			0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		2,169		(348	)		2,517

*	Reserve for Possible Losses on Entrusted Loans (¥51 million and ¥53 million for September 30, 2014 and March 31, 2014 respectively) is not included in the above figures for Trust Account.

2-18

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of September 30, 2014

As of
March 31, 2014

Change

Mizuho Financial Group

58.15

(1.74

)

59.89

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

Non-Consolidated

(%)

As of September 30, 2014

As of
March 31, 2014

Change

Total

54.65

(3.06

)

57.71

Mizuho Bank

54.81

(2.89

)

57.70

Mizuho Trust & Banking (Banking Account)

48.05

(10.07

)

58.12

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

2-19

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		71,351		(8,886	)		80,238
Claims with Collection Risk		440,584		(44,413	)		484,998
Claims for Special Attention		431,115		(77,593	)		508,709
Total		943,052		(130,893	)		1,073,945
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		165,495		(29,034	)		194,529
Trust Account
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		3,039		(6	)		3,046
Claims for Special Attention		—		—			—
Total		3,039		(6	)		3,046
Consolidated + Trust Account
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		71,351		(8,886	)		80,238
Claims with Collection Risk		443,624		(44,420	)		488,044
Claims for Special Attention		431,115		(77,593	)		508,709
Total		946,091		(130,900	)		1,076,992

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated


	*(Millions of yen, %)*
Aggregate Figures for the 2 Banks	As of September 30, 2014										As of March 31, 2014
(Banking Account + Trust Account)			%		Change			%					%

Claims against Bankrupt and Substantially Bankrupt Obligors		56,926		0.07		(10,349	)		(0.01	)		67,275		0.08
Claims with Collection Risk		430,255		0.54		(41,785	)		(0.06	)		472,041		0.60
Claims for Special Attention		350,087		0.43		(62,041	)		(0.08	)		412,128		0.52
Sub-total		837,269		1.05		(114,176	)		(0.16	)		951,445		1.21
Normal Claims		78,773,438		98.94		1,240,924			0.16			77,532,514		98.78
Total		79,610,708		100.00		1,126,748						78,483,960		100.00

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

Amount of Partial Direct Write-offs		149,082				(27,542	)					176,624
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		55,598		0.07		(9,904	)		(0.01	)		65,502		0.08
Claims with Collection Risk		412,447		0.53		(42,249	)		(0.06	)		454,696		0.60
Claims for Special Attention		347,103		0.45		(59,222	)		(0.08	)		406,326		0.54
Sub-total		815,149		1.06		(111,375	)		(0.16	)		926,525		1.23
Normal Claims		75,617,712		98.93		1,321,262			0.16			74,296,449		98.76
Total		76,432,862		100.00		1,209,887						75,222,975		100.00

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

Amount of Partial Direct Write-offs		147,187				(27,279	)					174,467
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		1,327		0.04		(445	)		(0.01	)		1,772		0.05
Claims with Collection Risk		14,769		0.46		470			0.02			14,298		0.44
Claims for Special Attention		2,983		0.09		(2,819	)		(0.08	)		5,802		0.17
Sub-total		19,080		0.60		(2,793	)		(0.07	)		21,874		0.67
Normal Claims		3,141,929		99.39		(79,659	)		0.07			3,221,588		99.32
Total		3,161,010		100.00		(82,452	)					3,243,463		100.00

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

Amount of Partial Direct Write-offs		1,894				(263	)					2,157
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		3,039		18.05		(6	)		0.66			3,046		17.38
Claims for Special Attention		—		—		—			—			—		—
Sub-total		3,039		18.05		(6	)		0.66			3,046		17.38
Normal Claims		13,796		81.94		(679	)		(0.66	)		14,475		82.61
Total		16,835		100.00		(686	)					17,522		100.00
* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-21

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRA

Non-Consolidated

(1) Disclosed Claims under the FRA and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of September 30, 2014

As of
March 31, 2014

Change

Claims against Bankrupt and Substantially Bankrupt Obligors

56.9

(10.3

)

67.2

Collateral, Guarantees, and equivalent

56.1

(10.0

)

66.2

Reserve for Possible Losses

0.7

(0.2

)

1.0

Claims with Collection Risk

427.2

(41.7

)

468.9

Collateral, Guarantees, and equivalent

217.4

(4.8

)

222.3

Reserve for Possible Losses

144.5

(28.3

)

172.9

Claims for Special Attention

350.0

(62.0

)

412.1

Collateral, Guarantees, and equivalent

152.2

(10.6

)

162.9

Reserve for Possible Losses

41.3

(19.0

)

60.3

Total

834.2

(114.1

)

948.3

Collateral, Guarantees, and equivalent

425.8

(25.6

)

451.4

Reserve for Possible Losses

186.5

(47.7

)

234.3

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

55.5

(9.9

)

65.5

Collateral, Guarantees, and equivalent

54.8

(9.6

)

64.5

Reserve for Possible Losses

0.7

(0.2

)

0.9

Claims with Collection Risk

412.4

(42.2

)

454.6

Collateral, Guarantees, and equivalent

208.0

(4.8

)

212.8

Reserve for Possible Losses

140.0

(28.6

)

168.7

Claims for Special Attention

347.1

(59.2

)

406.3

Collateral, Guarantees, and equivalent

150.9

(10.4

)

161.4

Reserve for Possible Losses

40.9

(18.5

)

59.5

Total

815.1

(111.3

)

926.5

Collateral, Guarantees, and equivalent

413.9

(24.8

)

438.7

Reserve for Possible Losses

181.7

(47.4

)

229.2

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

1.3

(0.4

)

1.7

Collateral, Guarantees, and equivalent

1.2

(0.4

)

1.7

Reserve for Possible Losses

0.0

(0.0

)

0.0

Claims with Collection Risk

14.7

0.4

14.2

Collateral, Guarantees, and equivalent

9.4

(0.0

)

9.4

Reserve for Possible Losses

4.4

0.2

4.1

Claims for Special Attention

2.9

(2.8

)

5.8

Collateral, Guarantees, and equivalent

1.2

(0.2

)

1.5

Reserve for Possible Losses

0.3

(0.5

)

0.8

Total

19.0

(2.7

)

21.8

Collateral, Guarantees, and equivalent

11.9

(0.7

)

12.7

Reserve for Possible Losses

4.8

(0.2

)

5.1

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

3.0

(0.0

)

3.0

Collateral, Guarantees, and equivalent

3.0

(0.0

)

3.0

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

3.0

(0.0

)

3.0

Collateral, Guarantees, and equivalent

3.0

(0.0

)

3.0

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Coverage Amount		612.4		(73.3	)		685.8
Reserves for Possible Losses on Loans		186.5		(47.7	)		234.3
Collateral, Guarantees, and equivalent		425.8		(25.6	)		451.4

	*(%)*
Coverage Ratio		73.5		1.1			72.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		84.7		0.4			84.2
Claims for Special Attention		55.2		1.1			54.1
Claims against Special Attention Obligors		*59.1*		1.6			57.4

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		68.9		(1.1	)		70.1
Claims for Special Attention		20.8		(3.3	)		24.2
Claims against Special Attention Obligors		*23.7*		(4.2	)		27.9

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		12.71		(3.79	)		16.50
Claims against Watch Obligors excluding Special Attention Obligors		7.16		0.82			6.34
Claims against Normal Obligors		0.09		(0.01	)		0.10

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		595.6		(72.3	)		668.0
Reserves for Possible Losses on Loans		181.7		(47.4	)		229.2
Collateral, Guarantees, and equivalent		413.9		(24.8	)		438.7

	*(%)*
Coverage Ratio		73.0		0.9			72.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		84.3		0.4			83.9
Claims for Special Attention		55.2		0.9			54.3
Claims against Special Attention Obligors		*59.1*		1.1			57.9

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		68.5		(1.2	)		69.7
Claims for Special Attention		20.8		(3.4	)		24.2
Claims against Special Attention Obligors		*23.7*		(4.4	)		28.2

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		12.73		(3.77	)		16.50
Claims against Watch Obligors excluding Special Attention Obligors		7.23		0.81			6.42
Claims against Normal Obligors		0.09		(0.01	)		0.10

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		16.8		(1.0	)		17.8
Reserves for Possible Losses on Loans		4.8		(0.2	)		5.1
Collateral, Guarantees, and equivalent		11.9		(0.7	)		12.7

	*(%)*
Coverage Ratio		88.1		6.6			81.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		94.0		(1.4	)		95.5
Claims for Special Attention		53.5		12.2			41.2
Claims against Special Attention Obligors		*57.6*		20.9			36.7

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.5		(3.2	)		86.7
Claims for Special Attention		19.9		(0.8	)		20.7
Claims against Special Attention Obligors		*19.7*		(0.9	)		20.6

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		10.43		(6.07	)		16.51
Claims against Watch Obligors excluding Special Attention Obligors		4.09		0.02			4.07
Claims against Normal Obligors		0.07		(0.00	)		0.07

2-23

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes:

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

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

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

2-24

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

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


	*(Billions of yen)*
	Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014
	As of March 31, 2012		As of March 31, 2013		As of March 31, 2014		As of September 30, 2014
							MHBK		MHTB *		Aggregate Figures for the 2 Banks
							MHBK		MHTB *				Change from March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		157.0		107.8		38.3		30.4		0.8		31.2		(7.0	)
Claims with Collection Risk		521.5		331.2		223.6		179.5		6.3		185.8		(37.7	)
Amount Categorized as above up to Fiscal 2011		678.6		439.1		262.0		209.9		7.1		217.1		(44.8	)
of which the amount which was in the process of being removed from the balance sheet		113.6		69.3		34.4		26.5		0.8		27.4		(7.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				51.3		8.4		5.0		0.1		5.1		(3.2	)
Claims with Collection Risk				222.0		120.1		83.0		4.7		87.7		(32.4	)
Amount Newly Categorized as above during Fiscal 2012				273.3		128.6		88.0		4.8		92.9		(35.6	)
of which the amount which was in the process of being removed from the balance sheet				25.1		8.4		5.0		0.1		5.1		(3.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors						20.5		9.6		0.1		9.8		(10.6	)
Claims with Collection Risk						128.1		99.8		4.8		104.7		(23.4	)
Amount Newly Categorized as above during Fiscal 2013						148.7		109.5		5.0		114.6		(34.0	)
of which the amount which was in the process of being removed from the balance sheet						18.5		9.5		0.1		9.7		(8.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors								10.5		0.1		10.6		10.6
Claims with Collection Risk								49.9		1.8		51.8		51.8
Amount Newly Categorized as above during the First Half of Fiscal 2014								60.5		2.0		62.5		62.5
of which the amount which was in the process of being removed from the balance sheet								10.5		0.1		10.6		10.6
Claims against Bankrupt and Substantially Bankrupt Obligors		157.0		159.1		67.2		55.5		1.3		56.9		(10.3	)
Claims with Collection Risk		521.5		553.2		472.0		412.4		17.8		430.2		(41.7	)
Total		678.6		712.4		539.3		468.0		19.1		487.1		(52.1	)
of which the amount which was in the process of being removed from the balance sheet		113.6		94.5		61.4		51.7		1.3		53.0		(8.4	)


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

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2014


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
				MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(9.7	)		(9.7	)		(0.0	)
Restructuring		(5.1	)		(4.8	)		(0.2	)
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(37.7	)		(37.7	)		—
Direct Write-off		28.5			28.3			0.1
Other		(90.5	)		(88.5	)		(1.9	)
Debt recovery		(47.4	)		(46.5	)		(0.8	)
Improvement in Business Performance		(43.1	)		(42.0	)		(1.1	)

Total		(114.6	)		(112.6	)		(2.0	)

2-25

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

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


	*(Billions of yen)*
	As of September 30, 2014										As of March 31, 2014
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		56,437.5		714.3		(755.1	)		(85.4	)		57,192.7		799.8
Manufacturing		7,890.2		128.0		276.4			(27.0	)		7,613.7		155.1
Agriculture & Forestry		42.3		0.2		5.4			(0.1	)		36.8		0.3
Fishery		1.0		0.3		(0.9	)		(0.1	)		2.0		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		247.7		0.0		7.7			(0.0	)		239.9		0.0
Construction		744.6		23.4		(11.3	)		(7.9	)		755.9		31.4
Utilities		2,444.2		—		47.2			(0.0	)		2,397.0		0.0
Communication		1,214.3		18.4		(12.5	)		1.2			1,226.8		17.2
Transportation & Postal Industry		2,419.6		28.3		(47.8	)		(1.6	)		2,467.4		30.0
Wholesale & Retail		4,901.3		129.9		110.2			(7.4	)		4,791.1		137.4
Finance & Insurance		6,655.8		5.5		(26.2	)		(5.8	)		6,682.1		11.4
Real Estate		6,344.6		71.4		(37.6	)		(10.2	)		6,382.3		81.7
Commodity Lease		1,598.9		1.9		62.1			0.0			1,536.7		1.9
Service Industries		2,522.4		76.3		104.7			3.6			2,417.6		72.6
Local Governments		1,050.7		2.9		(72.1	)		(0.0	)		1,122.8		2.9
Governments		4,453.8		—		(1,117.8	)		—			5,571.6		—
Other		13,905.7		227.1		(42.6	)		(29.7	)		13,948.4		256.8
Overseas Total (including Loans Booked Offshore)		15,336.2		90.5		1,534.2			(19.4	)		13,802.0		110.0
Governments		587.9		—		67.4			—			520.4		—
Financial Institutions		4,954.5		—		379.4			—			4,575.1		—
Other		9,793.7		90.5		1,087.3			(19.4	)		8,706.4		110.0

Total		71,773.8		804.8		779.0			(104.9	)		70,994.8		909.8

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

As of September 30, 2014: ¥454.7 billion (from MHBK)

As of March 31, 2014: ¥561.4 billion (from MHBK)

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

2-26

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2014										As of March 31, 2014
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		52,356.0		692.2		(684.7	)		(82.6	)		53,040.7		774.8
Manufacturing		7,364.7		126.4		288.5			(25.2	)		7,076.2		151.6
Agriculture & Forestry		42.2		0.2		5.4			(0.1	)		36.8		0.3
Fishery		1.0		0.3		(0.9	)		(0.1	)		2.0		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		245.0		0.0		7.6			(0.0	)		237.4		0.0
Construction		693.7		23.2		(8.5	)		(7.9	)		702.2		31.2
Utilities		2,156.0		—		36.1			(0.0	)		2,119.8		0.0
Communication		1,141.7		18.4		(14.9	)		1.2			1,156.7		17.2
Transportation & Postal Industry		2,214.3		28.2		(53.6	)		(1.6	)		2,268.0		29.9
Wholesale & Retail		4,740.5		129.7		109.7			(7.4	)		4,630.7		137.1
Finance & Insurance		6,187.4		5.5		25.6			(5.8	)		6,161.7		11.4
Real Estate		5,312.2		58.8		(2.4	)		(9.5	)		5,314.6		68.3
Commodity Lease		1,382.5		1.9		45.8			0.0			1,336.6		1.9
Service Industries		2,459.5		76.0		111.6			3.5			2,347.9		72.5
Local Governments		1,027.2		—		(70.3	)		—			1,097.5		—
Governments		4,453.8		—		(1,104.3	)		—			5,558.1		—
Other		12,933.7		222.8		(60.1	)		(29.3	)		12,993.8		252.2
Overseas Total (including Loans Booked Offshore)		15,329.8		90.5		1,534.0			(19.4	)		13,795.8		110.0
Governments		587.4		—		67.4			—			519.9		—
Financial Institutions		4,954.5		—		379.4			—			4,575.1		—
Other		9,787.8		90.5		1,087.1			(19.4	)		8,700.7		110.0

Total		67,685.8		782.7		849.3			(102.1	)		66,836.5		884.9

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,081.5		22.1		(70.4	)		(2.8	)		4,152.0		24.9
Manufacturing		525.4		1.5		(12.0	)		(1.8	)		537.5		3.4
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.6		—		0.1			—			2.5		—
Construction		50.8		0.1		(2.7	)		(0.0	)		53.6		0.1
Utilities		288.2		—		11.1			—			277.1		—
Communication		72.5		—		2.4			—			70.1		—
Transportation & Postal Industry		205.2		0.0		5.7			(0.0	)		199.4		0.0
Wholesale & Retail		160.8		0.2		0.4			(0.0	)		160.3		0.2
Finance & Insurance		468.4		—		(51.9	)		—			520.3		—
Real Estate		1,032.4		12.6		(35.2	)		(0.7	)		1,067.6		13.3
Commodity Lease		216.3		—		16.3			—			200.0		—
Service Industries		62.9		0.2		(6.8	)		0.1			69.7		0.1
Local Governments		23.4		2.9		(1.8	)		(0.0	)		25.2		2.9
Governments		—		—		(13.5	)		—			13.5		—
Other		972.0		4.2		17.4			(0.3	)		954.6		4.6
Overseas Total (including Loans Booked Offshore)		6.4		—		0.1			—			6.2		—
Governments		0.5		—		0.0			—			0.4		—
Financial Institutions		—		—		—			—			—		—
Other		5.9		—		0.1			—			5.7		—

Total		4,087.9		22.1		(70.2	)		(2.8	)		4,158.2		24.9

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

2-27

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of September 30, 2014										As of March 31, 2014
					Change
	Disclosed Claims under the FRA		Coverage Ratio		Disclosed Claims under the FRA			Coverage Ratio			Disclosed Claims under the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		731.6		72.9		(90.4	)		0.7			822.0		72.1
Manufacturing		138.7		65.9		(26.9	)		0.3			165.7		65.5
Agriculture & Forestry		0.2		38.0		(0.1	)		12.3			0.3		25.7
Fishery		0.3		11.6		(0.1	)		(10.3	)		0.4		21.9
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		23.4		70.3		(8.0	)		(11.4	)		31.4		81.8
Utilities		—		—		(0.0	)		(13.1	)		0.0		13.1
Communication		18.7		78.5		1.2			12.3			17.5		66.2
Transportation & Postal Industry		28.3		62.3		(1.6	)		3.7			30.0		58.5
Wholesale & Retail		134.4		61.8		(7.1	)		0.7			141.5		61.0
Finance & Insurance		5.5		21.9		(5.8	)		5.7			11.4		16.1
Real Estate		71.7		82.8		(10.2	)		(2.4	)		82.0		85.2
Commodity Lease		1.9		71.9		0.0			0.8			1.9		71.1
Service Industries		76.9		67.4		3.4			1.2			73.4		66.1
Local Governments		2.9		100.0		(0.0	)		—			2.9		100.0
Other		228.0		84.6		(34.8	)		1.7			262.8		82.9
Overseas Total (including Loans Booked Offshore)		105.6		77.3		(23.7	)		3.4			129.4		73.9
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		105.6		77.3		(23.7	)		3.4			129.4		73.9
Total		837.2		73.5		(114.1	)		1.1			951.4		72.4

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

2-28

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2014

As of
March 31, 2014

Change

Housing and Consumer Loans

11,864.7

(125.7

)

11,990.5

Housing Loans for owner’s residential housing

10,288.2

(88.3

)

10,376.5

Mizuho Bank

Housing and Consumer Loans

11,708.5

(113.5

)

11,822.0

Housing Loans

10,711.4

(120.0

)

10,831.5

for owner’s residential housing

10,149.0

(77.9

)

10,227.0

Consumer loans

997.0

6.5

990.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

156.2

(12.2

)

168.4

Housing Loans for owner’s residential housing

139.1

(10.3

)

149.4

*	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 September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.0		0.3			56.7
Loans to SMEs and Individual Customers		32,208.2		(236.6	)		32,444.8

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.5		0.4			57.0
Loans to SMEs and Individual Customers		30,128.0		(155.5	)		30,283.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		50.9		(1.0)			52.0
Loans to SMEs and Individual Customers		2,080.1		(81.1)			2,161.3

*	Above figures are aggregate banking and trust account amounts.

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

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

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

2-29

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

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

(Billions of yen)

As of September 30, 2014

As of March 31, 2014

Non-Accrual,
Past Due and
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Asia

5,908.2

17.6

597.7

(6.8

)

5,310.4

24.4

Hong Kong

1,296.6

3.7

167.9

(0.5

)

1,128.6

4.3

South Korea

810.6

1.1

(35.9

)

(0.1

)

846.6

1.2

Singapore

867.2

9.1

136.0

(2.2

)

731.1

11.3

Thailand

812.7

0.1

76.5

(0.1

)

736.1

0.2

Central and South America

3,780.4

137.0

227.0

(26.1

)

3,553.4

163.2

North America

4,381.6

1.7

488.1

1.6

3,893.5

0.1

Eastern Europe

29.2

4.6

3.4

0.2

25.8

4.3

Western Europe

2,642.6

30.5

(22.8

)

(11.4

)

2,665.4

41.9

Other

1,590.7

9.9

114.8

(1.4

)

1,475.9

11.3

Total

18,332.9

201.6

1,408.2

(43.8

)

16,924.6

245.4

2-30

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Aggregate Figures for the 2 Banks

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2014 to September 30, 2019)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		4,084.0
Income before Income Taxes	2		3,396.3
Tax Adjustments *¹	3		184.2
Taxable Income before Current Deductible Temporary Differences *²	4		3,580.5

Effective Statutory Tax Rate	5		35.55%~35.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,272.9

*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 September 30, 2014.

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


	*(Billions of yen)*
Fiscal 2010		313.7
Fiscal 2011		491.9
Fiscal 2012		107.3
Fiscal 2013		344.1
First Half of Fiscal 2014 (estimate)		233.8

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

*2.	Figure for fiscal 2013 is the aggregate figure for MHBK, the former MHBK, and MHTB. Figures for fiscal 2012 and before are the aggregate figures for the former MHBK, the former MHCB, and MHTB.

*3.	Figure for the first half of fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2014						As of March 31, 2014
					Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		168.1			(28.9	)		197.0
Impairment of Securities	8		202.9			(35.3	)		238.3
Net Unrealized Losses on Other Securities	9		17.7			(8.5	)		26.2
Reserve for Employee Retirement Benefits	10		12.9			(0.4	)		13.4
Net Deferred Hedge Losses	11		7.4			4.3			3.1
Tax Losses Carried Forward	12		7.9			7.9			—
Other	13		289.8			(0.8	)		290.7

Total Deferred Tax Assets	14		707.0			(61.7	)		768.8

Valuation Allowance	15		(233.2	)		35.9			(269.2	)

Sub-Total [ 14 + 15 ]	16		473.7			(25.8	)		499.6

Amount related to Retirement Benefits Accounting *¹	17		(147.8	)		(8.0	)		(139.8	)
Net Unrealized Gains on Other Securities	18		(405.7	)		(151.8	)		(253.9	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(41.7	)		9.9			(51.6	)

Total Deferred Tax Liabilities	21		(595.4	)		(149.9	)		(445.5	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(121.6	)		(175.7	)		54.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(408.2	)		(151.9	)		(256.2	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		7.4			4.3			3.1
Tax effects related to others	25		279.0			(28.1	)		307.2

*1	Amount related to Retirement Benefits Accounting includes ¥(93.3) billion related to gains on securities contributed to employee retirement benefit trust.

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

(Reference)

Consolidated

(Billions of yen)

As of September 30, 2014

As of
March 31, 2014

Change

Net Deferred Tax Assets

(144.7

)

(198.8

)

54.1

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

2-31

Mizuho Financial Group, Inc.

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2014 to September 30, 2019)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		3,786.7
Income before Income Taxes	2		3,142.9
Tax Adjustments *¹	3		183.0
Taxable Income before Current Deductible Temporary Differences *²	4		3,325.9

Effective Statutory Tax Rate	5		35.55	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,182.3

*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 September 30, 2014.

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


	*(Billions of yen)*
Fiscal 2010		293.6
Fiscal 2011		461.1
Fiscal 2012		80.5
Fiscal 2013		304.2
First Half of Fiscal 2014 (estimate)		256.0

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

*2.	Figure for fiscal 2013 is the aggregate figure for MHBK and the former MHBK. Figures for fiscal 2012 and before are the aggregate figures for the former MHBK and the former MHCB.

*3.	Figure for the first half of fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2014						As of March 31, 2014
					Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		164.6			(28.0	)		192.7
Impairment of Securities	8		186.5			(16.4	)		202.9
Net Unrealized Losses on Other Securities	9		17.5			(8.0	)		25.5
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		6.0			5.3			0.7
Tax Losses Carried Forward	12		—			—			—
Other	13		283.2			0.0			283.1

Total Deferred Tax Assets	14		658.0			(47.1	)		705.2

Valuation Allowance	15		(216.1	)		18.1			(234.2	)

Sub-Total [ 14 + 15 ]	16		441.9			(29.0	)		470.9

Amount related to Retirement Benefits Accounting *¹	17		(142.5	)		(8.0	)		(134.5	)
Net Unrealized Gains on Other Securities	18		(378.7	)		(141.0	)		(237.6	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(41.1	)		10.0			(51.2	)

Total Deferred Tax Liabilities	21		(562.4	)		(139.0	)		(423.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(120.4	)		(168.0	)		47.5
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(380.7	)		(140.9	)		(239.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		6.0			5.3			0.7
Tax effects related to others	25		254.1			(32.4	)		286.5

*1	Amount related to Retirement Benefits Accounting includes ¥(88.0) billion related to gains on securities contributed to employee retirement benefit trust.

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

Assessment of Recoverability of Deferred Tax Assets is based on 5. (1) ‚ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66).

Future taxable income was estimated using assumptions used in the Business Plan, etc. Details of the respective estimated five-year totals are as follows:

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥3,786.7 billion [1]

Income before Income Taxes: ¥3,142.9 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,325.9 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥658.0 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥216.1 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥562.4 billion [21], ¥120.4 billion [22] of Net Deferred Tax Liabilities were recorded on the balance sheet.

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

2-32

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2014 to September 30, 2019)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		297.3
Income before Income Taxes	2		253.4
Tax Adjustments *¹	3		1.2
Taxable Income before Current Deductible Temporary Differences *²	4		254.6

Effective Statutory Tax Rate	5		35.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		90.6

*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 September 30, 2014.

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


	*(Billions of yen)*
Fiscal 2010		20.1
Fiscal 2011		30.8
Fiscal 2012		26.8
Fiscal 2013		39.9
First Half of Fiscal 2014 (estimate)		(22.2	)

*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 the first half of fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2014						As of March 31, 2014
					Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		3.4			(0.8	)		4.2
Impairment of Securities	8		16.4			(18.9	)		35.3
Net Unrealized Losses on Other Securities	9		0.1			(0.4	)		0.6
Reserve for Employee Retirement Benefits	10		12.9			(0.4	)		13.4
Net Deferred Hedge Losses	11		1.3			(0.9	)		2.3
Tax Losses Carried Forward	12		7.9			7.9			—
Other	13		6.6			(0.8	)		7.5

Total Deferred Tax Assets	14		49.0			(14.6	)		63.6

Valuation Allowance	15		(17.1	)		17.8			(34.9	)

Sub-Total [ 14 + 15 ]	16		31.8			3.1			28.6

Amount related to Retirement Benefits Accounting *¹	17		(5.3	)		—			(5.3	)
Net Unrealized Gains on Other Securities	18		(27.0	)		(10.7	)		(16.3	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.6	)		(0.1	)		(0.4	)

Total Deferred Tax Liabilities	21		(33.0	)		(10.8	)		(22.1	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(1.1	)		(7.7	)		6.5
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(27.5	)		(11.0	)		(16.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		1.3			(0.9	)		2.3
Tax effects related to others	25		24.9			4.2			20.6

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

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

Assessment of Recoverability of Deferred Tax Assets is based on 5. (1) ‚ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66).

Future taxable income was estimated using assumptions used in the Business Plan, etc. Details of the respective estimated five-year totals are as follows:

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥297.3 billion [1]

Income before Income Taxes: ¥253.4 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥254.6 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥49.0 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥17.1 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥33.0 billion [21], ¥1.1 billion [22] of Net Deferred Tax Liabilities were recorded on the balance sheet.

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

2-33

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated


	*(Billions of yen)*
	As of September 30, 2014					As of March 31, 2014
Aggregate Figures for the 2 Banks			Change			As of March 31, 2014

Deposits		77,910.6		878.3			77,032.2

Individual Deposits		38,915.7		412.9			38,502.8
Corporate Deposits		33,708.7		379.1			33,329.6
Financial/Government Institutions		5,286.0		86.3			5,199.7
Mizuho Bank
Deposits		75,490.6		613.0			74,877.5

Individual Deposits		37,726.8		450.7			37,276.0
Corporate Deposits		32,698.4		160.6			32,537.7
Financial/Government Institutions		5,065.3		1.6			5,063.7
Mizuho Trust & Banking
Deposits		2,420.0		265.3			2,154.6

Individual Deposits		1,188.9		(37.8	)		1,226.7
Corporate Deposits		1,010.3		218.4			791.8
Financial/Government Institutions		220.7		84.6			136.0

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

2-34

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

Aggregate Figures for Mizuho Financial Group, Inc. and the 2 Banks


	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Directors, Executive Officers as defined in the Companies Act, and Auditors		47		14			33
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		90		—			90
Employees (excluding Executive Officers as defined in our internal regulations)		31,161		705			30,456
* The numbers have been adjusted for Directors, Auditors, and Executive Officers doubling other positions.

Mizuho Financial Group, Inc. (Non-Consolidated)

Mizuho Financial Group, Inc.

	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Directors and Executive Officers as defined in the Companies Act		20		5			15
Executive Officers as defined in the Companies Act		12
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		37		—			37
Employees (excluding Executive Officers as defined in our internal regulations)		1,103		(5	)		1,108
* MHFG transformed itself into a Company with Committees which was approved at the ordinary general meeting of shareholders on June 24, 2014. Executive Officers as defined in the Companies Act include those doubling as Directors of Mizuho Financial Group, Inc.

Non-Consolidated

Mizuho Bank

	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Directors and Auditors		19		4			15
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		65		—			65
Employees (excluding Executive Officers as defined in our internal regulations)		26,884		634			26,250

Mizuho Trust & Banking
Directors and Auditors		15		5			10
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		17		(8	)		25
Employees (excluding Executive Officers as defined in our internal regulations)		3,174		76			3,098

(Reference)

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

	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Directors, Executive Officers as defined in the Companies Act, and Auditors		63		16			47
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		110		(11	)		121
Employees (excluding Executive Officers as defined in our internal regulations)		38,168		787			37,381
* The numbers have been adjusted for Directors, Auditors, and Executive Officers doubling other positions.

Mizuho Securities

	As of September 30, 2014					As of March 31, 2014
			Change			As of March 31, 2014
Directors and Auditors		18		2			16
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		32		(13	)		45
Employees (excluding Executive Officers as defined in our internal regulations)		7,007		82			6,925

2-35

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of September 30, 2014				As of March 31, 2014
			Change		As of March 31, 2014
Head Offices and Domestic Branches		455		—		455
Overseas Branches		24		—		24
Domestic Sub-Branches		57		—		57
Overseas Sub-Branches		13		1		12
Overseas Representative Offices		7		—		7
* Head Offices and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (36), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Bank

Head Office and Domestic Branches		419		—		419
Overseas Branches		24		—		24
Domestic Sub-Branches		40		—		40
Overseas Sub-Branches		13		1		12
Overseas Representative Offices		7		—		7
* Head Office and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (36), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Trust & Banking

Head Office and Domestic Branches		36		—		36
Overseas Branches		—		—		—
Domestic Sub-Branches		17		—		17
Overseas Sub-Branches		—		—		—
Overseas Representative Offices		—		—		—

2-36

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2014

Consolidated


	*(Billions of yen)*
	Fiscal 2014
Ordinary Profits		900.0
Net Income		550.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2014

Aggregate Figures
for the 2 Banks

MHBK

MHTB *

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)

725.0

670.0

55.0

Ordinary Profits

725.0

670.0

55.0

Net Income

465.0

420.0

45.0

Credit-related Costs

—

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

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

2-37

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2014 (A)			As of March 31, 2014 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	19,934,577		¥	19,218,757			715,819
Call Loans		489,672			434,458			55,214
Receivables under Resale Agreements		1,021,922			642,344			379,577
Guarantee Deposits Paid under Securities Borrowing Transactions		41,325			388,060			(346,734	)
Other Debt Purchased		423,715			480,372			(56,656	)
Trading Assets		6,555,562			4,972,189			1,583,373
Money Held in Trust		2,778			2,807			(28	)
Securities		43,953,689			42,174,781			1,778,908
Loans and Bills Discounted		67,685,858			66,836,553			849,304
Foreign Exchange Assets		1,556,947			1,507,927			49,020
Derivatives other than for Trading		4,432,970			3,703,349			729,620
Other Assets		1,537,996			1,285,649			252,346
Tangible Fixed Assets		821,774			834,166			(12,392	)
Intangible Fixed Assets		379,782			344,173			35,609
Prepaid Pension Cost		401,096			378,416			22,680
Deferred Tax Assets		—			47,591			(47,591	)
Customers’ Liabilities for Acceptances and Guarantees		5,978,617			5,668,241			310,375
Reserves for Possible Losses on Loans		(429,081	)		(510,675	)		81,593
Reserve for Possible Losses on Investments		(0	)		(15	)		14

Total Assets	¥	154,789,206		¥	148,409,149			6,380,057

Liabilities
Deposits	¥	87,731,799		¥	86,048,678			1,683,121
Negotiable Certificates of Deposit		14,461,751			11,854,716			2,607,034
Call Money		4,553,279			6,058,995			(1,505,716	)
Payables under Repurchase Agreements		9,439,934			7,656,634			1,783,300
Guarantee Deposits Received under Securities Lending Transactions		2,654,626			3,159,574			(504,948	)
Trading Liabilities		4,111,825			3,144,085			967,739
Borrowed Money		7,944,241			8,968,740			(1,024,499	)
Foreign Exchange Liabilities		488,727			436,106			52,621
Short-term Bonds		25,000			25,000			—
Bonds and Notes		4,318,208			3,958,105			360,102
Derivatives other than for Trading		4,550,497			3,886,304			664,193
Other Liabilities		1,699,822			1,103,309			596,512
Reserve for Bonus Payments		13,963			19,389			(5,426	)
Reserve for Possible Losses on Sales of Loans		1,735			1,259			476
Reserve for Contingencies		1,679			215			1,463
Reserve for Reimbursement of Deposits		14,635			15,307			(671	)
Reserve for Reimbursement of Debentures		52,760			54,956			(2,196	)
Deferred Tax Liabilities		120,496			—			120,496
Deferred Tax Liabilities for Revaluation Reserve for Land		81,057			81,060			(2	)
Acceptances and Guarantees		5,978,617			5,668,241			310,375

Total Liabilities		148,244,659			142,140,682			6,103,976

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,795			2,286,795			—
Capital Reserve		655,324			655,324			—
Other Capital Surplus		1,631,471			1,631,471			—
Retained Earnings		1,822,851			1,840,787			(17,935	)
Appropriated Reserve		121,296			63,545			57,751
Other Retained Earnings		1,701,554			1,777,242			(75,687	)
Retained Earnings Brought Forward		1,701,554			1,777,242			(75,687	)

Total Shareholders’ Equity		5,513,712			5,531,648			(17,935	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		901,152			597,410			303,742
Net Deferred Hedge Gains (Losses), net of Taxes		(11,058	)		(1,337	)		(9,720	)
Revaluation Reserve for Land, net of Taxes		140,740			140,745			(4	)

Total Valuation and Translation Adjustments		1,030,834			736,818			294,016

Total Net Assets		6,544,547			6,268,466			276,080

Total Liabilities and Net Assets	¥	154,789,206		¥	148,409,149			6,380,057

2-38

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2014 (A)		For the six months ended September 30, 2013 (B) *		Change (A) - (B)
Ordinary Income	¥	1,097,799	¥	885,014		212,784
Interest Income		605,686		489,255		116,431
Interest on Loans and Bills Discounted		*397,614*		310,092		87,521
Interest and Dividends on Securities		*151,074*		129,459		21,614
Fee and Commission Income		214,957		163,507		51,449
Trading Income		24,072		33,994		(9,922	)
Other Operating Income		125,889		76,052		49,837
Other Ordinary Income		127,193		122,204		4,988

Ordinary Expenses		699,655		519,961		179,693
Interest Expenses		154,867		141,808		13,058
Interest on Deposits		*42,339*		32,883		9,456
Fee and Commission Expenses		47,953		30,061		17,892
Trading Expenses		2,710		3,664		(954	)
Other Operating Expenses		34,602		48,725		(14,122	)
General and Administrative Expenses		418,479		261,235		157,244
Other Ordinary Expenses		41,042		34,467		6,575

Ordinary Profits		398,143		365,052		33,091

Extraordinary Gains		1		259		(258	)

Extraordinary Losses		2,209		976		1,232

Income before Income Taxes		395,935		364,335		31,600
Income Taxes:
Current		100,841		17,953		82,888
Deferred		29,553		86,847		(57,294	)

Net Income	¥	265,540	¥	259,533		6,006

*	Figures for the six months ended September 30, 2013 are the aggregate figures for the former MHCB for the first quarter and MHBK for the second quarter.

2-39

Mizuho Bank, Ltd.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

OF MIZUHO BANK


	*Millions of yen*
	Shareholders’ Equity																			Valuation and Translation Adjustments
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes			Total Valuation and Translation Adjustments		Total Net Assets
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2014	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	63,545	¥	1,777,242		¥	1,840,787		¥	5,531,648		¥	597,410	¥	(1,337	)	¥	140,745		¥	736,818	¥	6,268,466

Cumulative Effects of Changes in Accounting Policies												5,277			5,277			5,277													5,277
Balance as of the beginning of the period reflecting Changes in Accounting Policies	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	63,545	¥	1,782,519		¥	1,846,064		¥	5,536,925		¥	597,410	¥	(1,337	)	¥	140,745		¥	736,818	¥	6,273,744

Changes during the period
Cash Dividends										57,751		(346,509	)		(288,757	)		(288,757	)												(288,757	)
Net Income												265,540			265,540			265,540													265,540
Transfer from Revaluation Reserve for Land, net of Taxes												4			4			4													4
Net Changes in Items other than Shareholders’ Equity																					303,742		(9,720	)		(4	)		294,016		294,016

Total Changes during the period		—		—		—		—		57,751		(80,964	)		(23,213	)		(23,213	)		303,742		(9,720	)		(4	)		294,016		270,803

Balance as of September 30, 2014	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	121,296	¥	1,701,554		¥	1,822,851		¥	5,513,712		¥	901,152	¥	(11,058	)	¥	140,740		¥	1,030,834	¥	6,544,547

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2014 (A)			As of March 31, 2014 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,332,593		¥	1,028,662		¥	303,930
Call Loans		8,833			202,058			(193,224	)
Other Debt Purchased		51,433			57,591			(6,157	)
Trading Assets		71,052			60,918			10,133
Money Held in Trust		2,413			1,513			900
Securities		1,744,726			1,837,573			(92,847	)
Loans and Bills Discounted		3,054,146			3,137,852			(83,706	)
Foreign Exchange Assets		1,200			1,580			(379	)
Other Assets		92,435			88,917			3,518
Tangible Fixed Assets		26,484			26,384			99
Intangible Fixed Assets		14,731			14,444			287
Prepaid Pension Cost		44,621			42,803			1,817
Deferred Tax Assets		—			6,524			(6,524	)
Customers’ Liabilities for Acceptances and Guarantees		41,627			40,151			1,475
Reserves for Possible Losses on Loans		(9,161	)		(12,709	)		3,547
Reserve for Possible Losses on Investments		(1	)		(11	)		9

Total Assets	¥	6,477,137		¥	6,534,256		¥	(57,119	)

Liabilities
Deposits	¥	2,433,549		¥	2,192,012		¥	241,536
Negotiable Certificates of Deposit		788,490			959,230			(170,740	)
Call Money		1,030,814			996,045			34,769
Payables under Repurchase Agreements		10,945			10,291			654
Guarantee Deposits Received under Securities Lending Transactions		440,751			446,947			(6,195	)
Trading Liabilities		68,661			61,320			7,341
Borrowed Money		160,170			168,562			(8,392	)
Foreign Exchange Liabilities		—			8			(8	)
Bonds and Notes		42,200			61,500			(19,300	)
Due to Trust Accounts		932,263			1,084,938			(152,674	)
Other Liabilities		19,512			45,542			(26,030	)
Reserve for Bonus Payments		1,927			2,013			(86	)
Reserve for Reimbursement of Deposits		1,119			1,144			(24	)
Deferred Tax Liabilities		1,179			—			1,179
Acceptances and Guarantees		41,627			40,151			1,475

Total Liabilities		5,973,212			6,069,708			(96,495	)

Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		146,928			138,356			8,571
Appropriated Reserve		17,471			12,041			5,429
Other Retained Earnings		129,457			126,315			3,141
Retained Earnings Brought Forward		129,457			126,315			3,141

Total Shareholders’ Equity		409,803			401,231			8,571

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		96,620			67,616			29,003
Net Deferred Hedge Gains (Losses), net of Taxes		(2,499	)		(4,300	)		1,801

Total Valuation and Translation Adjustments		94,121			63,316			30,805

Total Net Assets		503,924			464,548			39,376

Total Liabilities and Net Assets	¥	6,477,137		¥	6,534,256		¥	(57,119	)

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Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the six months ended September 30, 2014 (A)			For the six months ended September 30, 2013 (B)			Change (A) - (B)
Ordinary Income	¥	92,006		¥	92,323		¥	(317	)
Fiduciary Income		25,301			25,446			(145	)
Interest Income		24,188			25,343			(1,155	)
Interest on Loans and Bills Discounted		*15,704*			17,420			(1,715	)
Interest and Dividends on Securities		*7,662*			7,262			399
Fee and Commission Income		23,820			24,692			(871	)
Trading Income		1,035			1,596			(561	)
Other Operating Income		9,311			5,759			3,552
Other Ordinary Income		8,349			9,484			(1,135	)

Ordinary Expenses		61,204			62,372			(1,167	)
Interest Expenses		5,306			6,429			(1,122	)
Interest on Deposits		*826*			954			(127	)
Fee and Commission Expenses		12,785			13,230			(445	)
Trading Expenses		—			147			(147	)
Other Operating Expenses		3,381			2,346			1,035
General and Administrative Expenses		38,904			38,587			317
Other Ordinary Expenses		825			1,631			(806	)

Ordinary Profits		30,801			29,950			850

Extraordinary Gains		—			86			(86	)

Extraordinary Losses		106			1,517			(1,410	)

Income before Income Taxes		30,695			28,520			2,175
Income Taxes:
Current		24			10,306			(10,282	)
Deferred		(4,565	)		(8,997	)		4,432

Net Income	¥	35,236		¥	27,211		¥	8,025

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Mizuho Trust & Banking Co., Ltd.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	Shareholders’ Equity																	Valuation and Translation Adjustments							Total Net Assets
	Common Stock and Preferred Stock		Capital Surplus				Retained Earnings								Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Total Valuation and Translation Adjustments
			Capital Reserve		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2014	¥	247,369	¥	15,505	¥	15,505	¥	12,041	¥	126,315		¥	138,356		¥	401,231		¥	67,616	¥	(4,300	)	¥	63,316	¥	464,548

Cumulative Effects of Changes in Accounting Policies										482			482			482										482
Balance as of the beginning of the period reflecting Changes in Accounting Policies	¥	247,369	¥	15,505	¥	15,505	¥	12,041	¥	126,797		¥	138,839		¥	401,714		¥	67,616	¥	(4,300	)	¥	63,316	¥	465,030

Changes during the period
Cash Dividends								5,429		(32,577	)		(27,147	)		(27,147	)									(27,147	)
Net Income										35,236			35,236			35,236										35,236
Net Changes in Items other than Shareholders’ Equity																			29,003		1,801			30,805		30,805

Total Changes during the period		—		—		—		5,429		2,659			8,088			8,088			29,003		1,801			30,805		38,893

Balance as of September 30, 2014	¥	247,369	¥	15,505	¥	15,505	¥	17,471	¥	129,457		¥	146,928		¥	409,803		¥	96,620	¥	(2,499	)	¥	94,121	¥	503,924

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		1,033,851	Money Trusts		15,762,989
Securities		977,967	Pension Trusts		4,399,688
Beneficiary Rights to the Trusts		41,417,060	Property Formation Benefit Trusts		5,021
Securities held in Custody Accounts		551,504	Investment Trusts		11,819,161
Money Claims		3,993,167	Money Entrusted Other than Money Trusts		1,534,269
Tangible Fixed Assets		5,063,407	Securities Trusts		7,833,336
Intangible Fixed Assets		317,618	Money Claims Trusts		3,286,978
Other Claims		100,892	Land and Fixtures Trusts		202,496
Due from Banking Account		932,263	Composite Trusts		9,909,290
Cash and Due from Banks		370,416	Other Trusts		4,919

Total		54,758,151	Total		54,758,151


Note:
1.		The statement is exclusive of the Trusts that are difficult to value monetarily.
2.		Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥40,233,807 million.
3.		Joint trust assets under the management of other companies: ¥720,530 million.
		There is no “Trust assets under the service-shared co-trusteeship” in “Joint trust assets under the management of other companies”.
4.		Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥16,835 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥3,039 million.

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


Money Trusts	*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		16,835	Principal		669,591
Securities		3	Reserve		51
Others		652,933	Others		129

Total		669,772	Total		669,772

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2014 (A)		As of March 31, 2014(B)		Change (A) - (B)
Total Amount of Funds		23,389,738		23,114,075		275,662
Deposits		2,433,549		2,192,012		241,536
Negotiable Certificates of Deposit		788,490		959,230		(170,740	)
Money Trusts		15,762,989		15,931,177		(168,187	)
Pension Trusts		4,399,688		4,026,597		373,090
Property Formation Benefit Trusts		5,021		5,058		(36	)
Loans and Bills Discounted		4,087,998		4,158,264		(70,266	)
of Banking accounts		3,054,146		3,137,852		(83,706	)
of Trust accounts		1,033,851		1,020,412		13,439
Securities for Investments		2,722,693		2,868,239		(145,546	)
of Banking accounts		1,744,726		1,837,573		(92,847	)
of Trust accounts		977,967		1,030,666		(52,698	)

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