Edgar Filing: MIZUHO FINANCIAL GROUP INC

Revision of the latest announced earnings estimates for fiscal 2015: 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 2015” and “the number of shares as of September 30, 2015 (which is expected to be the average number of shares during the 2H of fiscal 2015)” 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 2015.

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 2015

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 13, 2015

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 2015

(Six months ended September 30, 2015)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 13, 2015



Stock Code Number (Japan):	8411
Stock Exchange (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 26, 2015	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 4, 2015
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 2015 (for the six months ended September 30, 2015)

(1) Consolidated Results of Operations


	(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Profit Attributable to Owners of Parent
	¥ million		%			¥ million		%			¥ million		%
1H F2015		1,637,697		8.2			574,590		6.8			384,198		8.1
1H F2014		1,512,631		(1.8	)		537,895		(5.1	)		355,290		(17.3	)

Note:

Comprehensive Income:

1H F2015: ¥96,820 million, (87.0)%; 1H F2014: ¥744,808 million, 43.2%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2015		15.48		15.13
1H F2014		14.51		14.00

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2015		192,246,749		9,264,830		4.2
Fiscal 2014		189,684,749		9,800,538		4.3

Reference:

Own Capital:

As of September 30, 2015: ¥8,075,974 million; As of March 31, 2015: ¥8,161,121 million

Note:

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

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

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2014		—		3.50		—		4.00		7.50
Fiscal 2015		—		3.75
Fiscal 2015 (estimate)						—		3.75		7.50


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 2015 (for the fiscal year ending March 31, 2016)


	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
	¥ million		%		¥
Fiscal 2015		630,000		2.9		25.29

* 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

① Changes in accounting policies due to revisions of accounting standards, etc.: Yes

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ 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

① Period-end issued shares (including treasury stock):

As of September 30, 2015

24,870,929,677 shares

As of March 31, 2015

24,621,897,967 shares

② Period-end treasury stock:

As of September 30, 2015

12,395,841 shares

As of March 31, 2015

11,649,262 shares

③ Average number of outstanding shares :

1st Half of Fiscal 2015

24,718,566,203 shares

1st Half of Fiscal 2014

24,279,780,308 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2015 (for the six months ended September 30, 2015)


(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 F2015		311,130		(13.8	)		297,082		(14.6	)		293,675		(15.3	)		301,115		(13.0	)
1H F2014		360,988		19.9			347,948		20.0			346,784		20.8			346,230		20.9

	Net Income per Share of Common Stock
			¥
1H F2015				12.12
1H F2014				14.14

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2015		6,929,483		5,279,565		76.1
Fiscal 2014		6,603,104		5,096,205		77.1

Reference:

Own Capital:

As of September 30, 2015: ¥5,276,802 million; As of March 31, 2015: ¥5,092,385 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 2014		—		10.00		—		10.00		20.00
Fiscal 2015		—		10.00
Fiscal 2015 (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 2015

[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, 2015 (Friday). 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)

(Application of “Accounting Standard for Business Combinations” and others)

MHFG has applied “Revised Accounting Standard for Business Combinations (ASBJ Statement No. 21, September 13, 2013) (hereinafter, the “Business Combinations Accounting Standard”), “Revised Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, September 13, 2013) (hereinafter, the “Consolidation Accounting Standard”), “Revised Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, September 13, 2013) (hereinafter, the “Business Divestitures Accounting Standard”) and other standards from this interim period ended September 30, 2015. Accordingly, the accounting methods have been changed to record the difference arising from changes in equity in subsidiaries which MHFG continues to control as capital surplus, and to record business acquisition costs as expenses for the fiscal year in which incurred. In addition, regarding business combinations occurring on or after April 1, 2015, the accounting method has been changed to retroactively reflect adjustments to the amount allocated to acquisition costs arising from the finalization of the provisional accounting treatment on the consolidated financial statements of the period in which the business combination occurs. Furthermore, presentation of Net Income and others has been changed and presentation of Minority Interests has been changed to Non-controlling Interests. In order to reflect the changes in presentation of financial statements, reclassification was made accordingly in the interim consolidated financial statements for the six months ended September 30, 2014 and the consolidated financial statements for the fiscal year ended March 31, 2015.

The Business Combinations Accounting Standard and other standards have been applied in accordance with the transitional treatment set forth in Article 58-2 (3) of the Business Combinations Accounting Standard, Article 44-5 (3) of the Consolidation Accounting Standard and Article 57-4 (3) of the Business Divestitures Accounting Standard. The cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were added to or deducted from capital surplus and retained earnings as of April 1, 2015.

As a result, Goodwill decreased by ¥48,063 million, Retained Earnings decreased by ¥48,999 million, and Capital Surplus increased by ¥935 million as of April 1, 2015. In addition, Ordinary Profits and Income before Income Taxes for the six months ended September 30, 2015 each increased by ¥1,456 million.

As a result of reflection of the cumulative effects on the Net Assets as of April 1, 2015, Capital Surplus increased by ¥935 million and Retained Earnings decreased by ¥48,999 million as of April 1, 2015 in the interim consolidated statements of changes in net assets.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2015			As of September 30, 2015
Assets
Cash and Due from Banks	¥	29,096,166		¥	35,194,504
Call Loans and Bills Purchased		444,115			453,546
Receivables under Resale Agreements		8,582,239			8,618,422
Guarantee Deposits Paid under Securities Borrowing Transactions		4,059,340			3,900,412
Other Debt Purchased		3,239,831			2,907,399
Trading Assets		10,781,735			11,565,875
Money Held in Trust		157,728			145,940
Securities		43,278,733			39,996,490
Loans and Bills Discounted		73,415,170			74,276,839
Foreign Exchange Assets		1,623,736			1,657,373
Derivatives other than for Trading Assets		3,544,243			2,958,859
Other Assets		4,066,424			3,537,663
Tangible Fixed Assets		1,078,051			1,078,339
Intangible Fixed Assets		657,556			706,610
Net Defined Benefit Asset		743,382			773,296
Deferred Tax Assets		36,938			37,174
Customers’ Liabilities for Acceptances and Guarantees		5,404,843			4,901,887
Reserves for Possible Losses on Loans		(525,486	)		(463,886	)
Reserve for Possible Losses on Investments		(2	)		—

Total Assets	¥	189,684,749		¥	192,246,749

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2015			As of September 30, 2015
Liabilities
Deposits	¥	97,757,545		¥	100,595,584
Negotiable Certificates of Deposit		15,694,906			15,455,822
Call Money and Bills Sold		5,091,198			5,738,107
Payables under Repurchase Agreements		19,612,120			19,677,206
Guarantee Deposits Received under Securities Lending Transactions		2,245,639			2,115,663
Commercial Paper		538,511			628,445
Trading Liabilities		8,743,196			8,964,612
Borrowed Money		7,195,869			7,406,585
Foreign Exchange Liabilities		473,060			560,551
Short-term Bonds		816,705			776,296
Bonds and Notes		6,013,731			6,235,233
Due to Trust Accounts		1,780,768			1,954,690
Derivatives other than for Trading Liabilities		3,474,332			2,653,017
Other Liabilities		4,261,955			4,649,335
Reserve for Bonus Payments		59,869			43,964
Net Defined Benefit Liability		47,518			48,948
Reserve for Director and Corporate Auditor Retirement Benefits		1,527			1,567
Reserve for Possible Losses on Sales of Loans		13			220
Reserve for Contingencies		7,845			6,870
Reserve for Reimbursement of Deposits		15,851			16,684
Reserve for Reimbursement of Debentures		48,878			42,905
Reserves under Special Laws		1,607			1,848
Deferred Tax Liabilities		524,321			433,970
Deferred Tax Liabilities for Revaluation Reserve for Land		72,392			71,897
Acceptances and Guarantees		5,404,843			4,901,887

Total Liabilities	¥	179,884,211		¥	182,981,918

Net Assets
Common Stock and Preferred Stock	¥	2,255,404		¥	2,255,790
Capital Surplus		1,110,006			1,111,410
Retained Earnings		2,769,371			3,004,969
Treasury Stock		(3,616	)		(4,031	)

Total Shareholders’ Equity		6,131,166			6,368,139

Net Unrealized Gains (Losses) on Other Securities		1,737,348			1,386,622
Deferred Gains or Losses on Hedges		26,635			59,105
Revaluation Reserve for Land		146,419			145,446
Foreign Currency Translation Adjustments		(40,454	)		(43,751	)
Remeasurements of Defined Benefit Plans		160,005			160,410

Total Accumulated Other Comprehensive Income		2,029,955			1,707,834

Stock Acquisition Rights		3,820			2,762
Non-Controlling Interests		1,635,595			1,186,094

Total Net Assets		9,800,538			9,264,830

Total Liabilities and Net Assets	¥	189,684,749		¥	192,246,749

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, 2014		For the six months ended September 30, 2015
Ordinary Income	¥	1,512,631	¥	1,637,697
Interest Income		698,534		720,592
Interest on Loans and Bills Discounted		453,824		463,500
Interest and Dividends on Securities		159,874		158,508
Fiduciary Income		25,603		26,399
Fee and Commission Income		328,710		369,856
Trading Income		113,185		145,813
Other Operating Income		178,687		186,370
Other Ordinary Income		167,910		188,664
Ordinary Expenses		974,735		1,063,107
Interest Expenses		157,179		197,081
Interest on Deposits		55,961		77,722
Fee and Commission Expenses		70,602		76,897
Trading Expenses		—		1,686
Other Operating Expenses		49,853		41,511
General and Administrative Expenses		648,319		673,456
Other Ordinary Expenses		48,780		72,475

Ordinary Profits		537,895		574,590

Extraordinary Gains		69		19,573
Extraordinary Losses		2,862		2,233

Income before Income Taxes		535,102		591,930

Income Taxes:
Current		118,518		134,814
Deferred		24,692		38,853

Total Income Taxes		143,210		173,667

Profit		391,891		418,262

Profit Attributable to Non-controlling Interests		36,601		34,064

Profit Attributable to Owners of Parent	¥	355,290	¥	384,198

1-5

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2014			For the six months ended September 30, 2015
Profit	¥	391,891		¥	418,262
Other Comprehensive Income		352,916			(321,442	)
Net Unrealized Gains (Losses) on Other Securities		339,797			(349,353	)
Deferred Gains or Losses on Hedges		8,435			32,591
Revaluation Reserve for Land		—			10
Foreign Currency Translation Adjustments		(1,963	)		(3,313	)
Remeasurements of Defined Benefit Plans		7,268			(1,109	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(621	)		(267	)

Comprehensive Income		744,808			96,820

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		709,280			63,060
Comprehensive Income Attributable to Non-controlling Interests		35,528			33,759

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

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	)
Profit Attributable to Owners of Parent						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
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		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	)
Profit Attributable to Owners of Parent																								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

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2015


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,404		1,110,006		2,769,371			(3,616	)		6,131,166
Cumulative Effects of Changes in Accounting Policies				935		(48,999	)					(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,404		1,110,942		2,720,371			(3,616	)		6,083,102
Changes during the period
Issuance of New Shares		386		386								772
Cash Dividends						(100,584	)					(100,584	)
Profit Attributable to Owners of Parent						384,198						384,198
Repurchase of Treasury Stock									(683	)		(683	)
Disposition of Treasury Stock				82					268			350
Transfer from Revaluation Reserve for Land						983						983
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		386		468		284,597			(415	)		285,036

Balance as of the end of the period		2,255,790		1,111,410		3,004,969			(4,031	)		6,368,139


	Accumulated Other Comprehensive Income																Stock Acquisition Rights			Non-Controlling 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			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,737,348			26,635		146,419			(40,454	)		160,005		2,029,955			3,820			1,635,595			9,800,538
Cumulative Effects of Changes in Accounting Policies																								(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,737,348			26,635		146,419			(40,454	)		160,005		2,029,955			3,820			1,635,595			9,752,474
Changes during the period
Issuance of New Shares																								772
Cash Dividends																								(100,584	)
Profit Attributable to Owners of Parent																								384,198
Repurchase of Treasury Stock																								(683	)
Disposition of Treasury Stock																								350
Transfer from Revaluation Reserve for Land																								983
Net Changes in Items other than Shareholders’ Equity		(350,726	)		32,469		(972	)		(3,297	)		404		(322,121	)		(1,057	)		(449,501	)		(772,680	)
Total Changes during the period		(350,726	)		32,469		(972	)		(3,297	)		404		(322,121	)		(1,057	)		(449,501	)		(487,643	)

Balance as of the end of the period		1,386,622			59,105		145,446			(43,751	)		160,410		1,707,834			2,762			1,186,094			9,264,830

(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, 2015			As of September 30, 2015
Assets
Current Assets
Cash and Due from Banks	¥	12,729		¥	21,903
Other Current Assets		77,907			68,811
Total Current Assets		90,636			90,714
Fixed Assets
Tangible Fixed Assets		166,381			166,041
Intangible Fixed Assets		4,269			6,533
Investments		6,341,817			6,666,193
Investments in Subsidiaries and Affiliates		6,023,428			6,023,422
Long-term Loans to Subsidiaries and Affiliates		150,000			500,000
Other Investments		168,389			142,770
Total Fixed Assets		6,512,468			6,838,768

Total Assets	¥	6,603,104		¥	6,929,483

Liabilities
Current Liabilities
Short-term Borrowings	¥	700,135		¥	599,985
Short-term Bonds		500,000			500,000
Accrued Corporate Taxes		53			246
Reserve for Bonus Payments		291			325
Other Current Liabilities		8,236			7,405
Total Current Liabilities		1,208,717			1,107,962
Non-Current Liabilities
Bonds and Notes		248,800			500,000
Reserve for Employee Retirement Benefits		2,842			3,377
Other Non-Current Liabilities		46,538			38,577
Total Non-Current Liabilities		298,181			541,954

Total Liabilities	¥	1,506,898		¥	1,649,917

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	2,255,404		¥	2,255,790
Capital Surplus
Capital Reserve		1,195,296			1,195,682
Other Capital Surplus		66			148
Total Capital Surplus		1,195,363			1,195,831
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,589,574			1,790,105
Retained Earnings Brought Forward		1,589,574			1,790,105
Total Retained Earnings		1,593,924			1,794,455
Treasury Stock		(3,011	)		(2,809	)

Total Shareholders’ Equity		5,041,680			5,243,268

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		50,704			33,534

Total Valuation and Translation Adjustments		50,704			33,534

Stock Acquisition Rights		3,820			2,762

Total Net Assets		5,096,205			5,279,565

Total Liabilities and Net Assets	¥	6,603,104		¥	6,929,483

1-9

Mizuho Financial Group, Inc.

(2) Non-Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2014		For the six months ended September 30, 2015
Operating Income	¥	360,988	¥	311,130
Operating Expenses
General and Administrative Expenses		13,040		14,047
Total Operating Expenses		13,040		14,047

Operating Profits		347,948		297,082

Non-Operating Income		5,477		5,983
Non-Operating Expenses		6,641		9,389

Ordinary Profits		346,784		293,675

Extraordinary Gains		—		8,147
Extraordinary Losses		66		2

Income before Income Taxes		346,717		301,821

Income Taxes:
Current		340		651
Deferred		146		54

Total Income Taxes		487		706

Net Income	¥	346,230	¥	301,115

1-10

Mizuho Financial Group, Inc.

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

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

1-11

Mizuho Financial Group, Inc.

For the six months ended September 30, 2015


	*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		2,255,404		1,195,296		66		1,195,363		4,350		1,589,574			1,593,924			(3,011	)		5,041,680
Changes during the period
Issuance of New Shares		386		386				386													772
Cash Dividends												(100,584	)		(100,584	)					(100,584	)
Net Income												301,115			301,115						301,115
Repurchase of Treasury Stock																		(8	)		(8	)
Disposition of Treasury Stock						82		82										210			292
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		386		386		82		468		—		200,531			200,531			202			201,587

Balance as of the end of the period		2,255,790		1,195,682		148		1,195,831		4,350		1,790,105			1,794,455			(2,809	)		5,243,268


	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		50,704			3,820			5,096,205
Changes during the period
Issuance of New Shares								772
Cash Dividends								(100,584	)
Net Income								301,115
Repurchase of Treasury Stock								(8	)
Disposition of Treasury Stock								292
Net Changes in Items other than Shareholders’ Equity		(17,170	)		(1,057	)		(18,228	)
Total Changes during the period		(17,170	)		(1,057	)		183,359

Balance as of the end of the period		33,534			2,762			5,279,565

1-12

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2015

(Six months ended September 30, 2015)

<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”)

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2015

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-7

5. Unrealized Gains/Losses on Securities

CON

NON

2-9

6. Projected Redemption Amounts for Securities

NON

2-11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2-12

8. Employee Retirement Benefits

NON

CON

2-13

9. Capital Ratio

CON

NON

2-15

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-16

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-18

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

CON

NON

2-19

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

CON

NON

2-20

5. Coverage on Disclosed Claims under the FRA

NON

2-22

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

NON

2-24

7. Results of Removal of NPLs from the Balance Sheet

NON

2-25

8. Status of Loans by Industry

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

NON

2-26

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

NON

2-28

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

(1) Balance of Housing and Consumer Loans

NON

2-29

(2) Loans to SMEs and Individual Customers

NON

2-29

10. Status of Loans by Region

NON

2-30

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-34

2. Number of Directors and Employees

NON

2-35

3. Number of Branches and Offices

NON

2-36

4. Earnings Plan for Fiscal 2015

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 2015

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2015
					Change			First Half of Fiscal 2014
Consolidated Gross Profits	1		1,131,857			64,771			1,067,085
Net Interest Income	2		523,511			(17,843	)		541,355
Fiduciary Income	3		26,399			796			25,603
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		292,958			34,851			258,107
Net Trading Income	6		144,127			30,941			113,185
Net Other Operating Income	7		144,859			16,025			128,833
General and Administrative Expenses	8		(673,456	)		(25,136	)		(648,319	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(14,050	)		(2,088	)		(11,962	)
Losses on Write-offs of Loans	10		*(14,220*	)		(3,770	)		(10,449	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		17,998			(69,995	)		87,994
Net Gains (Losses) related to Stocks	12		114,850			79,427			35,423
Equity in Income from Investments in Affiliates	13		16,529			2,744			13,784
Other	14		(19,139	)		(13,028	)		(6,110	)

Ordinary Profits	15		574,590			36,694			537,895

Net Extraordinary Gains (Losses)	16		17,340			20,132			(2,792	)
Income before Income Taxes	17		591,930			56,827			535,102
Income Taxes—Current	18		(134,814	)		(16,296	)		(118,518	)
—Deferred	19		(38,853	)		(14,160	)		(24,692	)
Profit	20		418,262			26,370			391,891
Profit Attributable to Non-controlling Interests	21		(34,064	)		2,537			(36,601	)

Profit Attributable to Owners of Parent	22		384,198			28,908			355,290


Credit-related Costs (including Credit Costs for Trust Accounts)	23		3,948			(72,084	)		76,032
* Credit-related Costs [23] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans) [9] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [11] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	24		446,725			33,806			412,919

* Consolidated Net Business Profits [24] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	25		147			(9	)		156
Number of affiliates under the equity method	26		24			3			21

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2015												First Half of Fiscal 2014
		MHBK			MHTB			Aggregate Figures			Change			First Half of Fiscal 2014
Gross Profits	1		756,279			66,703			822,982			30,324			792,657
Domestic Gross Profits	2		422,663			54,048			476,711			(27,811	)		504,523
Net Interest Income	3		284,799			15,207			300,006			(10,671	)		310,677
Fiduciary Income	4					26,782			26,782			1,481			25,301
Trust Fees for Jointly Operated Designated Money Trust	5					*1,455*			*1,455*			(20	)		1,475
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		110,113			11,519			121,633			2,373			119,260
Net Trading Income	8		6,164			(2,516	)		3,648			(11,893	)		15,541
Net Other Operating Income	9		21,586			3,054			24,640			(9,100	)		33,741
International Gross Profits	10		333,616			12,654			346,270			58,135			288,134
Net Interest Income	11		146,058			4,820			150,878			(8,147	)		159,026
Net Fee and Commission Income	12		77,584			(279	)		77,305			18,527			58,777
Net Trading Income	13		37,037			3,404			40,442			33,586			6,855
Net Other Operating Income	14		72,935			4,708			77,644			14,170			63,474
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(417,831	)		(38,762	)		(456,593	)		(12,533	)		(444,059	)
Expense Ratio	16		*55.2*	%		*58.1*	%		*55.4*	%		(0.5	%)		56.0	%
Personnel Expenses	17		(152,485	)		(17,971	)		(170,456	)		(11,252	)		(159,203	)
Non-Personnel Expenses	18		(238,266	)		(18,755	)		(257,022	)		1,833			(258,855	)
Premium for Deposit Insurance	19		*(15,285*	)		*(619*	)		*(15,905*	)		9,379			(25,284	)
Miscellaneous Taxes	20		(27,079	)		(2,035	)		(29,115	)		(3,114	)		(26,000	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		338,448			27,940			366,389			17,790			348,598

Excluding Net Gains (Losses) related to Bonds	22		*269,355*			*20,043*			*289,399*			15,843			273,555

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

Net Business Profits	24		338,448			27,940			366,389			17,790			348,598

Net Gains (Losses) related to Bonds	25		*69,092*			*7,897*			*76,989*			1,947			75,042

Net Non-Recurring Gains (Losses)	26		72,606			2,802			75,409			(4,938	)		80,347
Net Gains (Losses) related to Stocks	27		96,938			2,717			99,656			73,023			26,632
Expenses related to Portfolio Problems	28		(12,015	)		(0	)		(12,015	)		(2,505	)		(9,510	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		10,528			1,020			11,548			(73,187	)		84,736
Other	30		(22,844	)		(936	)		(23,780	)		(2,268	)		(21,511	)

Ordinary Profits	31		411,055			30,742			441,798			12,852			428,945

Net Extraordinary Gains (Losses)	32		4,271			742			5,014			7,328			(2,314	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*4,541*			*742*			*5,284*			6,899			(1,614	)
Losses on Impairment of Fixed Assets	34		*(269*	)		—			*(269*	)		429			(699	)
Income before Income Taxes	35		415,326			31,485			446,812			20,181			426,630
Income Taxes—Current	36		(110,150	)		(6,298	)		(116,448	)		(15,582	)		(100,866	)
—Deferred	37		(22,750	)		(3,564	)		(26,315	)		(1,327	)		(24,988	)

Net Income	38		282,426			21,622			304,048			3,271			300,776

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

Credit-related Costs	39		(1,487	)		1,020			(466	)		(75,692	)		75,226

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

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40					—			—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	41		1,257			571			1,829			(53,194	)		55,023
Losses on Write-offs of Loans	42		(3,211	)		(0	)		(3,211	)		(5,356	)		2,145
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		126			449			575			(19,474	)		20,050
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		584			—			584			337			247
Reversal of (Provision for) Reserve for Contingencies	45		192			—			192			1,660			(1,468	)
Other (including Losses on Sales of Loans)	46		(437	)		—			(437	)		334			(772	)
Total	47		(1,487	)		1,020			(466	)		(75,692	)		75,226

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2015
					Change			First Half of Fiscal 2014
Gross Profits	1		756,279			25,806			730,473
Domestic Gross Profits	2		422,663			(29,165	)		451,828
Net Interest Income	3		284,799			(10,424	)		295,223
Net Fee and Commission Income	4		110,113			2,245			107,868
Net Trading Income	5		6,164			(10,718	)		16,883
Net Other Operating Income	6		21,586			(10,267	)		31,853
International Gross Profits	7		333,616			54,971			278,644
Net Interest Income	8		146,058			(9,538	)		155,597
Net Fee and Commission Income	9		77,584			18,449			59,135
Net Trading Income	10		37,037			32,558			4,478
Net Other Operating Income	11		72,935			13,502			59,432
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(417,831	)		(10,741	)		(407,089	)
Expense Ratio	13		*55.2*	%		(0.4	%)		55.7	%
Personnel Expenses	14		(152,485	)		(10,445	)		(142,039	)
Non-Personnel Expenses	15		(238,266	)		2,042			(240,309	)
Premium for Deposit Insurance	16		*(15,285*	)		9,134			(24,420	)
Miscellaneous Taxes	17		(27,079	)		(2,339	)		(24,740	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		338,448			15,064			323,384

Excluding Net Gains (Losses) related to Bonds	19		*269,355*			15,026			254,328

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

Net Business Profits	21		338,448			15,064			323,384

Net Gains (Losses) related to Bonds	22		*69,092*			37			69,055

Net Non-Recurring Gains (Losses)	23		72,606			(2,152	)		74,759
Net Gains (Losses) related to Stocks	24		96,938			73,657			23,280
Expenses related to Portfolio Problems	25		(12,015	)		(2,511	)		(9,504	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		10,528			(70,667	)		81,195
Other	27		(22,844	)		(2,631	)		(20,212	)

Ordinary Profits	28		411,055			12,911			398,143

Net Extraordinary Gains (Losses)	29		4,271			6,480			(2,208	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*4,541*			6,099			(1,558	)
Losses on Impairment of Fixed Assets	31		*(269*	)		380			(649	)
Income before Income Taxes	32		415,326			19,391			395,935
Income Taxes—Current	33		(110,150	)		(9,308	)		(100,841	)
—Deferred	34		(22,750	)		6,802			(29,553	)

Net Income	35		282,426			16,886			265,540


Credit-related Costs	36		(1,487	)		(73,178	)		71,691

* Credit-related Costs [36] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Losses on Loans [20] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [26]
(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	37		1,257			(49,951	)		51,209
Losses on Write-offs of Loans	38		(3,211	)		(5,363	)		2,151
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39		126			(20,196	)		20,323
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40		584			337			247
Reversal of (Provision for) Reserve for Contingencies	41		192			1,660			(1,468	)
Other (including Losses on Sales of Loans)	42		(437	)		334			(772	)
Total	43		(1,487	)		(73,178	)		71,691

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2015						First Half of Fiscal 2014
					Change			First Half of Fiscal 2014
Gross Profits	1		66,703			4,518			62,184
Domestic Gross Profits	2		54,048			1,354			52,694
Net Interest Income	3		15,207			(246	)		15,454
Fiduciary Income	4		26,782			1,481			25,301
Trust Fees for Jointly Operated Designated Money Trust	5		*1,455*			(20	)		1,475
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		11,519			127			11,392
Net Trading Income	8		(2,516	)		(1,174	)		(1,341	)
Net Other Operating Income	9		3,054			1,166			1,887
International Gross Profits	10		12,654			3,164			9,489
Net Interest Income	11		4,820			1,390			3,429
Net Fee and Commission Income	12		(279	)		78			(357	)
Net Trading Income	13		3,404			1,027			2,377
Net Other Operating Income	14		4,708			667			4,041
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(38,762	)		(1,791	)		(36,970	)
Expense Ratio	16		*58.1*	%		(1.3	%)		59.4	%
Personnel Expenses	17		(17,971	)		(807	)		(17,163	)
Non-Personnel Expenses	18		(18,755	)		(208	)		(18,546	)
Premium for Deposit Insurance	19		*(619*	)		244			(864	)
Miscellaneous Taxes	20		(2,035	)		(775	)		(1,260	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		27,940			2,726			25,213

Excluding Net Gains (Losses) related to Bonds	22		*20,043*			816			19,226

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

Net Business Profits	24		27,940			2,726			25,213

Net Gains (Losses) related to Bonds	25		*7,897*			1,910			5,986

Net Non-Recurring Gains (Losses)	26		2,802			(2,785	)		5,587
Net Gains (Losses) related to Stocks	27		2,717			(634	)		3,352
Expenses related to Portfolio Problems	28		(0	)		6			(6	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		1,020			(2,519	)		3,540
Other	30		(936	)		362			(1,298	)

Ordinary Profits	31		30,742			(58	)		30,801

Net Extraordinary Gains (Losses)	32		742			848			(106	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*742*			799			(56	)
Losses on Impairment of Fixed Assets	34		—			49			(49	)
Income before Income Taxes	35		31,485			790			30,695
Income Taxes—Current	36		(6,298	)		(6,274	)		(24	)
—Deferred	37		(3,564	)		(8,130	)		4,565

Net Income	38		21,622			(13,614	)		35,236

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

Credit-related Costs	39		1,020			(2,513	)		3,534

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

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Losses on Loans	41		571			(3,242	)		3,813
Losses on Write-offs of Loans	42		(0	)		6			(6	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		449			722			(273	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			0			(0	)
Reversal of (Provision for) Reserve for Contingencies	45		—			—			—
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		1,020			(2,513	)		3,534

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
Mizuho Bank			First Half of Fiscal 2015						First Half of Fiscal 2014
Mizuho Bank						Change			First Half of Fiscal 2014
Return on Interest-Earning Assets		1		0.64			(0.04	)		0.69
Return on Loans and Bills Discounted *¹		2		1.00			(0.04	)		1.04
Return on Securities		3		0.47			0.05			0.41
Cost of Funding (including Expenses)		4		0.73			(0.02	)		0.75
Cost of Deposits (including Expenses)		5		0.80			(0.04	)		0.85
Cost of Deposits ²*		6		*0.04*			(0.00	)		0.04
Cost of Other External Liabilities		7		0.17			(0.02	)		0.19

Net Interest Margin	(1)-(4)	8		(0.08	)		(0.02	)		(0.06	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.19			(0.00	)		0.19
Loan and Deposit Rate Margin	(2)-(6)	10		0.96			(0.04	)		1.00

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		1.06			(0.08	)		1.15
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.25			(0.04	)		0.30
Loan and Deposit Rate Margin	(11)-(6)	13		1.02			(0.08	)		1.11

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2015						First Half of Fiscal 2014
Mizuho Trust & Banking						Change			First Half of Fiscal 2014
Return on Interest-Earning Assets		14		0.68			(0.03	)		0.72
Return on Loans and Bills Discounted *¹		15		0.91			(0.11	)		1.02
Return on Securities		16		1.06			0.29			0.76
Cost of Funding		17		0.16			(0.01	)		0.17
Cost of Deposits *²		18		0.07			(0.00	)		0.08

Net Interest Margin	(14)-(17)	19		0.52			(0.02	)		0.54
Loan and Deposit Rate Margin	(15)-(18)	20		0.83			(0.10	)		0.94

1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include NCDs. (Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		0.92			(0.10	)		1.03
Loan and Deposit Rate Margin	(21)-(18)	22		0.84			(0.10	)		0.95

(Reference)			*(%)*
Aggregate Figures for the 2 Banks			First Half of Fiscal 2015						First Half of Fiscal 2014
Aggregate Figures for the 2 Banks						Change			First Half of Fiscal 2014
Return on Loans and Bills Discounted *¹		23		0.99			(0.05	)		1.04
Cost of Deposits *²		24		0.04			(0.00	)		0.04

Loan and Deposit Rate Margin	(23)-(24)	25		0.95			(0.04	)		1.00

*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		1.05			(0.09	)		1.14
Loan and Deposit Rate Margin	(26)-(24)	27		1.01			(0.08	)		1.10

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2015

First Half of Fiscal 2014

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

142,389,485

0.85

9,570,997

(0.05

)

132,818,487

0.90

Loans and Bills Discounted

70,489,523

1.13

3,349,897

(0.04

)

67,139,626

1.18

Securities

37,634,651

0.76

(4,549,619

)

0.05

42,184,270

0.71

Source of Funds

142,041,847

0.24

9,579,153

0.01

132,462,694

0.23

Deposits

94,205,111

0.12

8,111,227

0.02

86,093,884

0.09

NCDs

16,057,707

0.20

1,623,120

0.01

14,434,586

0.18

(Domestic Operations)

Use of Funds

100,604,227

0.64

2,641,547

(0.04

)

97,962,679

0.69

Loans and Bills Discounted

47,331,212

0.99

(1,329,700

)

(0.05

)

48,660,913

1.05

Securities

25,439,036

0.47

(5,733,616

)

0.05

31,172,653

0.41

Source of Funds

100,152,788

0.08

2,568,567

(0.01

)

97,584,221

0.09

Deposits

74,095,430

0.03

3,625,418

(0.00

)

70,470,012

0.03

NCDs

10,682,352

0.08

871,184

(0.00

)

9,811,168

0.08

(International Operations)

Use of Funds

45,245,418

1.25

7,099,059

(0.13

)

38,146,359

1.38

Loans and Bills Discounted

23,158,311

1.41

4,679,598

(0.11

)

18,478,713

1.52

Securities

12,195,614

1.37

1,183,997

(0.18

)

11,011,616

1.55

Source of Funds

45,349,219

0.60

7,180,195

0.02

38,169,024

0.57

Deposits

20,109,680

0.45

4,485,808

0.08

15,623,871

0.37

NCDs

5,375,354

0.43

751,936

0.04

4,623,418

0.38

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2015

First Half of Fiscal 2014

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,237,214

0.81

65,548

0.03

6,171,666

0.78

Loans and Bills Discounted

3,091,496

0.92

29,941

(0.10

)

3,061,554

1.02

Securities

1,456,364

1.40

(269,064

)

0.51

1,725,428

0.88

Source of Funds

6,000,137

0.18

52,484

0.00

5,947,653

0.17

Deposits

2,751,257

0.07

570,680

0.00

2,180,577

0.07

NCDs

528,921

0.08

(408,970

)

(0.01

)

937,892

0.09

(Domestic Operations)

Use of Funds

5,697,598

0.68

163,740

(0.03

)

5,533,858

0.72

Loans and Bills Discounted

2,869,380

0.91

(49,143

)

(0.11

)

2,918,523

1.02

Securities

1,035,716

1.06

(81,337

)

0.29

1,117,054

0.76

Source of Funds

5,414,261

0.16

112,830

(0.01

)

5,301,431

0.17

Deposits

2,737,993

0.07

590,824

0.00

2,147,168

0.07

NCDs

528,921

0.08

(408,970

)

(0.01

)

937,892

0.09

(International Operations)

Use of Funds

680,026

1.72

(135,796

)

0.71

815,822

1.01

Loans and Bills Discounted

222,115

1.03

79,084

0.02

143,030

1.00

Securities

420,648

2.23

(187,726

)

1.12

608,374

1.11

Source of Funds

726,286

0.29

(97,950

)

0.11

824,236

0.17

Deposits

13,264

0.22

(20,144

)

(0.06

)

33,408

0.28

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Bonds		77,351			1,946			75,404
Gains on Sales and Others		95,861			(1,130	)		96,992
Losses on Sales and Others		(24,088	)		(5,635	)		(18,452	)
Impairment (Devaluation)		(322	)		925			(1,247	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		5,900			7,787			(1,886	)

	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Stocks		114,850			79,427			35,423
Gains on Sales		133,199			93,314			39,884
Losses on Sales		(15,636	)		(14,651	)		(984	)
Impairment (Devaluation)		(1,100	)		1,822			(2,922	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		2			(21	)		24
Gains (Losses) on Derivatives other than for Trading		(1,613	)		(1,035	)		(578	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Bonds		76,989			1,947			75,042
Gains on Sales and Others		96,059			(1,260	)		97,319
Losses on Sales and Others		(24,651	)		(5,456	)		(19,194	)
Impairment (Devaluation)		(319	)		876			(1,196	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		5,900			7,787			(1,886	)

	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Stocks		99,656			73,023			26,632
Gains on Sales		116,854			89,008			27,845
Losses on Sales		(14,780	)		(14,365	)		(414	)
Impairment (Devaluation)		(806	)		(561	)		(244	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		2			(21	)		24
Gains (Losses) on Derivatives other than for Trading		(1,613	)		(1,035	)		(578	)

2-7

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Bonds		69,092			37			69,055
Gains on Sales and Others		85,160			(2,902	)		88,063
Losses on Sales and Others		(18,108	)		(1,699	)		(16,409	)
Impairment (Devaluation)		(319	)		876			(1,196	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		2,359			3,762			(1,402	)

	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Stocks		96,938			73,657			23,280
Gains on Sales		112,459			88,034			24,425
Losses on Sales		(13,215	)		(12,836	)		(378	)
Impairment (Devaluation)		(798	)		(569	)		(229	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0			(13	)		14
Gains (Losses) on Derivatives other than for Trading		(1,508	)		(956	)		(551	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Bonds		7,897			1,910			5,986
Gains on Sales and Others		10,898			1,642			9,256
Losses on Sales and Others		(6,542	)		(3,757	)		(2,785	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		3,541			4,025			(484	)

	First Half of Fiscal 2015						First Half of Fiscal 2014
				Change			First Half of Fiscal 2014
Net Gains (Losses) related to Stocks		2,717			(634	)		3,352
Gains on Sales		4,395			974			3,420
Losses on Sales		(1,565	)		(1,529	)		(35	)
Impairment (Devaluation)		(8	)		7			(15	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		1			(8	)		9
Gains (Losses) on Derivatives other than for Trading		(105	)		(78	)		(26	)

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, 2015

As of March 31, 2015

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

34,793,174

2,019,696

2,194,465

174,768

2,531,378

2,623,193

91,815

Japanese Stocks

3,790,830

1,867,089

1,910,155

43,065

2,158,955

2,187,357

28,401

Japanese Bonds

18,585,656

40,905

53,229

12,323

44,101

55,809

11,708

Japanese Government Bonds

15,598,562

22,673

23,603

930

22,636

24,016

1,379

Other

12,416,686

111,701

231,080

119,378

328,321

380,027

51,705

Foreign Bonds

9,570,513

(4,676

)

46,279

50,956

40,060

80,760

40,699

*	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 ¥35,836 million and ¥52,059 million, which were recognized in the statement of income for September 30, 2015 and March 31, 2015, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2015 and March 31, 2015 are ¥1,983,860 million and ¥2,479,318 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2015 and March 31, 2015 are ¥1,386,622 million and ¥1,737,348 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2015

As of March 31, 2015

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

5,252,213

27,563

34,194

6,631

30,465

31,260

794

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2015

As of March 31, 2015

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

33,585,197

1,832,340

2,014,180

181,839

2,313,319

2,411,731

98,411

Japanese Stocks

3,710,240

1,793,860

1,844,614

50,754

2,078,883

2,114,307

35,423

Japanese Bonds

18,238,064

40,860

53,127

12,267

44,061

55,681

11,619

Japanese Government Bonds

15,492,486

22,635

23,565

930

22,570

23,950

1,379

Other

11,636,892

(2,379

)

116,437

118,817

190,374

241,743

51,368

Foreign Bonds

9,331,619

(6,668

)

44,015

50,684

38,339

78,892

40,552

Mizuho Bank

Other Securities

32,189,669

1,701,847

1,875,353

173,506

2,138,808

2,234,014

95,205

Japanese Stocks

3,461,584

1,667,023

1,715,088

48,065

1,933,204

1,966,662

33,457

Japanese Bonds

17,564,194

40,582

52,482

11,899

42,869

53,952

11,083

Japanese Government Bonds

14,871,563

22,307

23,177

869

21,454

22,677

1,222

Other

11,163,890

(5,758

)

107,782

113,541

162,734

213,399

50,664

Foreign Bonds

8,981,881

(8,869

)

40,824

49,693

28,218

68,386

40,167

Mizuho Trust & Banking

Other Securities

1,395,528

130,493

138,826

8,332

174,510

177,717

3,206

Japanese Stocks

248,655

126,836

129,525

2,688

145,678

147,645

1,966

Japanese Bonds

673,870

277

645

367

1,192

1,728

536

Japanese Government Bonds

620,922

327

388

1,116

1,272

156

Other

473,002

3,378

8,655

5,276

27,639

28,343

703

Foreign Bonds

349,738

2,201

3,191

990

10,120

10,506

385

*	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 ¥35,836 million and ¥52,059 million, which were recognized in the statement of income for September 30, 2015 and March 31, 2015, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2015 and March 31, 2015 are ¥1,796,504 million and ¥2,261,259 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2015 and March 31, 2015 are as follows:


	*(Millions of yen)*
	As of September 30, 2015		As of March 31, 2015
Aggregate Figures		1,305,042		1,633,442
Mizuho Bank		1,200,361		1,497,419
Mizuho Trust & Banking		104,681		136,022

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2015

As of March 31, 2015

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

5,252,213

27,563

34,194

6,631

30,465

31,260

794

Mizuho Bank

5,252,213

27,563

34,194

6,631

30,465

31,260

794

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2015

As of March 31, 2015

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

108,663

143,345

143,863

517

159,543

—

Mizuho Bank

108,663

143,345

143,863

517

159,543

—

Mizuho Trust & Banking

—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amount was as follows:

Consolidated

(Millions of yen)

As of September 30, 2015

As of
March 31, 2015

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,983,860

(495,457

)

2,479,318

Japanese Stocks

1,856,859

(275,317

)

2,132,177

Japanese Bonds

40,905

(3,195

)

44,101

Japanese Government Bonds

22,673

22,636

Other

86,095

(216,944

)

303,040

Foreign Bonds

(30,282

)

(45,061

)

14,778

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2015

As of
March 31, 2015

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,796,504

(464,755

)

2,261,259

Japanese Stocks

1,783,630

(268,474

)

2,052,104

Japanese Bonds

40,860

(3,201

)

44,061

Japanese Government Bonds

22,635

22,570

Other

(27,985

)

(193,078

)

165,093

Foreign Bonds

(32,274

)

(45,332

)

13,058

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, 2015								Change												Maturity as of March 31, 2015
	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		2,419.3		17,070.4		1,890.7		825.5		(2,113.2	)		318.6			(279.0	)		49.6			4,532.5		16,751.8		2,169.7		775.9
Japanese Government Bonds		2,023.6		15,891.5		1,579.9		—		(2,065.3	)		345.8			(319.0	)		—			4,088.9		15,545.7		1,898.9		—
Japanese Local Government Bonds		21.3		104.9		93.8		0.7		(14.8	)		0.4			0.9			(0.0	)		36.1		104.4		92.9		0.7
Japanese Corporate Bonds		374.4		1,073.9		217.0		824.8		(33.0	)		(27.6	)		39.0			49.6			407.4		1,101.6		177.9		775.1
Other		2,378.3		2,915.8		2,683.2		2,755.7		(37.4	)		(681.6	)		299.9			(168.4	)		2,415.7		3,597.5		2,383.2		2,924.2

Mizuho Bank
Japanese Bonds		2,033.9		16,825.4		1,848.1		825.5		(1,970.2	)		420.9			(233.4	)		49.6			4,004.1		16,404.5		2,081.6		775.9
Japanese Government Bonds		1,653.6		15,681.5		1,539.9		—		(1,925.3	)		435.8			(273.9	)		—			3,578.9		15,245.7		1,813.8		—
Japanese Local Government Bonds		20.7		103.2		92.6		0.7		(14.8	)		0.3			1.1			(0.0	)		35.6		102.8		91.5		0.7
Japanese Corporate Bonds		359.5		1,040.7		215.5		824.8		(30.0	)		(15.1	)		39.2			49.6			389.6		1,055.9		176.3		775.1
Other		2,375.6		2,867.2		2,449.1		2,699.0		(36.3	)		(619.7	)		328.0			(176.1	)		2,412.0		3,487.0		2,121.1		2,875.2

Mizuho Trust & Banking
Japanese Bonds		385.4		244.9		42.6		—		(143.0	)		(102.3	)		(45.5	)		—			528.4		347.2		88.1		—
Japanese Government Bonds		370.0		210.0		40.0		—		(140.0	)		(90.0	)		(45.1	)		—			510.0		300.0		85.1		—
Japanese Local Government Bonds		0.5		1.7		1.1		—		—			0.1			(0.2	)		—			0.5		1.5		1.4		—
Japanese Corporate Bonds		14.8		33.2		1.4		—		(3.0	)		(12.4	)		(0.1	)		—			17.8		45.7		1.6		—
Other		2.6		48.6		234.0		56.6		(1.0	)		(61.9	)		(28.1	)		7.6			3.7		110.5		262.1		48.9

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, 2015								Change												As of March 31, 2015
	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		2,674.2		16,063.2		7,986.1		26,723.7		278.4			(280.0	)		788.7			787.0			2,395.8		16,343.3		7,197.4		25,936.6
Receive Float / Pay Fixed		600.4		4,101.5		3,054.3		7,756.3		357.8			(452.1	)		402.6			308.3			242.6		4,553.6		2,651.7		7,447.9
Receive Float / Pay Float		31.2		—		—		31.2		(11.4	)		—			—			(11.4	)		42.6		—		—		42.6
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		3,306.0		20,164.8		11,040.5		34,511.3		624.8			(732.2	)		1,191.3			1,084.0			2,681.1		20,897.0		9,849.1		33,427.3

Mizuho Bank
Receive Fixed / Pay Float		2,674.2		16,063.2		7,762.1		26,499.7		278.4			(280.0	)		964.1			962.4			2,395.8		16,343.3		6,798.0		25,537.2
Receive Float / Pay Fixed		590.4		3,935.1		2,984.3		7,509.9		372.8			(502.1	)		542.6			413.3			217.6		4,437.2		2,441.7		7,096.5
Receive Float / Pay Float		31.2		—		—		31.2		(11.4	)		—			—			(11.4	)		42.6		—		—		42.6
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		3,296.0		19,998.4		10,746.5		34,040.9		639.8			(782.2	)		1,506.7			1,364.4			2,656.1		20,780.6		9,239.7		32,676.5

Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		224.0		224.0		—			—			(175.4	)		(175.4	)		—		—		399.4		399.4
Receive Float / Pay Fixed		10.0		166.3		70.0		246.3		(15.0	)		49.9			(140.0	)		(105.0	)		25.0		116.4		210.0		351.4
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		10.0		166.3		294.0		470.3		(15.0	)		49.9			(315.4	)		(280.4	)		25.0		116.4		609.4		750.8

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2015						Change								As of March 31, 2015
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregate Figures		758.6		697.2	61.4			25.5			(48.4	)	73.9			733.1		745.6	(12.5	)
Mizuho Bank		670.4		605.4	65.0			28.1			(46.9	)	75.0			642.2		652.3	(10.0	)
Mizuho Trust & Banking		88.1		91.7	(3.5	)		(2.6	)		(1.5	)	(1.1	)		90.8		93.2	(2.4	)

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Certain part of Accounting Standard for Retirement Benefits and others has been applied from the beginning of fiscal 2014.

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

(Millions of yen)

First Half of
Fiscal 2015

Change

First Half of
Fiscal 2014

Retirement Benefit Obligations (at the beginning of the fiscal year)

(A)

1,193,979

46,060

1,147,919

Discount Rate (%)

0.07~1.62

0.16~2.35

Fair Value of Plan Assets (at the beginning of the fiscal year)

(B)

1,883,289

343,584

1,539,705

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

(C)

(227,830

)

(266,201

)

38,370

Prepaid Pension Cost (at the beginning of the fiscal year)

(B)+ (C) - (A)

461,479

31,323

430,156

Mizuho Bank

Retirement Benefit Obligations (at the beginning of the fiscal year)

(A)

1,055,879

39,619

1,016,260

Discount Rate (%)

0.07~1.62

0.16~2.35

Fair Value of Plan Assets (at the beginning of the fiscal year)

(B)

1,697,155

316,335

1,380,819

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

(C)

(225,581

)

(247,626

)

22,045

Prepaid Pension Cost (at the beginning of the fiscal year)

(B)+ (C) - (A)

415,694

29,090

386,604

Mizuho Trust & Banking

Retirement Benefit Obligations (at the beginning of the fiscal year)

(A)

138,099

6,441

131,658

Discount Rate (%)

0.07~1.62

0.16~2.35

Fair Value of Plan Assets (at the beginning of the fiscal year)

(B)

186,134

27,248

158,885

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

(C)

(2,249

)

(18,574

)

16,325

Prepaid Pension Cost (at the beginning of the fiscal year)

(B)+ (C) - (A)

45,785

2,232

43,552

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 2015
				Change			First Half of Fiscal 2014
Service Cost		(12,294	)		(1,313	)		(10,981	)
Interest Cost		(3,905	)		1,206			(5,111	)
Expected Return on Plan Assets		17,578			1,329			16,248
Accumulation (Amortization) of Unrecognized Actuarial Differences		2,337			12,606			(10,268	)
Other		(1,642	)		436			(2,078	)

Total		2,074			14,265			(12,190	)

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2015
				Change			First Half of Fiscal 2014
Service Cost		(10,504	)		(1,071	)		(9,433	)
Interest Cost		(3,448	)		1,069			(4,518	)
Expected Return on Plan Assets		15,753			1,189			14,563
Accumulation (Amortization) of Unrecognized Actuarial Differences		3,100			11,796			(8,696	)
Other		(1,396	)		394			(1,791	)

Total		3,504			13,379			(9,875	)

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2015
				Change			First Half of Fiscal 2014
Service Cost		(1,789	)		(241	)		(1,547	)
Interest Cost		(456	)		136			(593	)
Expected Return on Plan Assets		1,824			139			1,684
Accumulation (Amortization) of Unrecognized Actuarial Differences		(762	)		809			(1,571	)
Other		(245	)		41			(287	)

Total		(1,429	)		885			(2,315	)

Consolidated

Retirement Benefit Obligations

(Millions of yen)

First Half of
Fiscal 2015

Change

First Half of
Fiscal 2014

Retirement Benefit Obligations (at the beginning of the fiscal year)

(A)

1,360,954

64,149

1,296,804

Fair Value of Plan Assets (at the beginning of the fiscal year)

(B)

2,056,818

370,363

1,686,455

Unrecognized Actuarial Differences (at the beginning of the fiscal year)

(C)

(229,825

)

(272,213

)

42,388

Net Defined Benefit Asset (at the beginning of the fiscal year)

(D)

743,382

310,513

432,869

Net Defined Benefit Liability (at the beginning of the fiscal year)

(A)-(B)+(D)

47,518

4,299

43,219

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	First Half of Fiscal 2015
				Change			First Half of Fiscal 2014
Service Cost		(17,214	)		(888	)		(16,325	)
Interest Cost		(5,634	)		143			(5,777	)
Expected Return on Plan Assets		19,510			1,711			17,798
Accumulation (Amortization) of Unrecognized Actuarial Differences		1,673			12,947			(11,274	)
Other		(3,531	)		157			(3,689	)

Total		(5,196	)		14,070			(19,267	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2015 (Preliminary)					As of March 31, 2015
International Standard			Change			As of March 31, 2015
(1) Total Capital Ratio		15.40		0.82			14.58
(2) Tier 1 Capital Ratio		12.42		0.92			11.50
(3) Common Equity Tier 1 Capital Ratio		10.17		0.74			9.43
(4) Total Capital		9,596.1		87.6			9,508.4
(5) Tier 1 Capital		7,742.3		241.9			7,500.3
(6) Common Equity Tier 1 Capital		6,338.8		185.6			6,153.1
(7) Risk weighted Assets		62,309.2		(2,882.6	)		65,191.9
(8) Total Required Capital (7)X8%		4,984.7		(230.6	)		5,215.3

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30, 2015
(Preliminary)

As of
March 31,
2015

As of
September 30,
2015
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

16.01

0.71

15.30

16.06

(2) Tier 1 Capital Ratio

13.06

0.93

12.13

12.93

(3) Common Equity Tier 1 Capital Ratio

10.83

0.41

10.42

10.65

(4) Total Capital

9,097.2

343.6

8,753.5

8,936.3

(5) Tier 1 Capital

7,420.5

477.4

6,943.1

7,196.8

(6) Common Equity Tier 1 Capital

6,151.9

186.2

5,965.7

5,928.9

(7) Risk weighted Assets

56,790.8

(411.0

)

57,201.8

55,639.4

(8) Total Required Capital (7)X8%

4,543.2

(32.8

)

4,576.1

4,451.1

Mizuho Trust & Banking

International Standard

(1) Total Capital Ratio

21.13

1.92

19.21

21.22

(2) Tier 1 Capital Ratio

19.10

2.42

16.68

19.18

(3) Common Equity Tier 1 Capital Ratio

19.06

2.39

16.67

19.18

(4) Total Capital

502.1

(9.5

)

511.6

491.6

(5) Tier 1 Capital

453.8

9.3

444.4

444.3

(6) Common Equity Tier 1 Capital

452.9

8.8

444.1

444.3

(7) Risk weighted Assets

2,376.1

(287.2

)

2,663.4

2,315.9

(8) Total Required Capital (7)X8%

190.0

(22.9

)

213.0

185.2

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, 2015										As of March 31, 2015
			%		Change			%					%
Loans to Bankrupt Obligors		17,899		0.02		7,652			0.01			10,246		0.01
Non-Accrual Delinquent Loans		408,788		0.55		(16,989	)		(0.02	)		425,778		0.57
Loans Past Due for 3 Months or More		2,300		0.00		(1,196	)		(0.00	)		3,496		0.00
Restructured Loans		514,709		0.69		(100,218	)		(0.14	)		614,928		0.83

Total		943,698		1.27		(110,752	)		(0.16	)		1,054,450		1.43


Total Loans		74,276,839		100.00		861,668						73,415,170		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		186,910				(18,100)						205,011

Trust Account
	As of September 30, 2015										As of March 31, 2015
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,895		19.99		(94	)		1.31			2,990		18.68
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,895		19.99		(94	)		1.31			2,990		18.68


Total Loans		14,478		100.00		(1,527	)					16,006		100.00


Consolidated + Trust Account
	As of September 30, 2015										As of March 31, 2015
			%		Change			%					%
Loans to Bankrupt Obligors		17,899		0.02		7,652			0.01			10,246		0.01
Non-Accrual Delinquent Loans		411,684		0.55		(17,084	)		(0.02	)		428,769		0.58
Loans Past Due for 3 Months or More		2,300		0.00		(1,196	)		(0.00	)		3,496		0.00
Restructured Loans		514,709		0.69		(100,218	)		(0.14	)		614,928		0.83

Total		946,593		1.27		(110,847	)		(0.16	)		1,057,441		1.44


Total Loans		74,291,317		100.00		860,141						73,431,176		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, 2015										As of March 31, 2015
(Banking Account + Trust Account)			%		Change			%					%

Loans to Bankrupt Obligors		14,296		0.01		8,361			0.01			5,934		0.00
Non-Accrual Delinquent Loans		368,878		0.49		(30,548	)		(0.04	)		399,427		0.54
Loans Past Due for 3 Months or More		2,295		0.00		(1,196	)		(0.00	)		3,492		0.00
Restructured Loans		445,245		0.59		(94,194	)		(0.13	)		539,440		0.72

Total		830,717		1.11		(117,578	)		(0.16	)		948,295		1.28

Total Loans		74,454,799		100.00		496,498						73,958,301		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		174,291				(18,189	)					192,481
Mizuho Bank
Loans to Bankrupt Obligors		14,223		0.01		8,290			0.01			5,932		0.00
Non-Accrual Delinquent Loans		357,822		0.50		(29,364	)		(0.04	)		387,186		0.54
Loans Past Due for 3 Months or More		2,295		0.00		(1,196	)		(0.00	)		3,492		0.00
Restructured Loans		438,122		0.61		(93,153	)		(0.13	)		531,275		0.74

Total		812,464		1.14		(115,422	)		(0.16	)		927,886		1.30

Total Loans		71,124,677		100.00		250,833						70,873,844		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		173,299				(18,174	)					191,473
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		73		0.00		70			0.00			2		0.00
Non-Accrual Delinquent Loans		8,160		0.24		(1,089	)		(0.05	)		9,250		0.30
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		7,123		0.21		(1,041	)		(0.05	)		8,165		0.26

Total		15,357		0.46		(2,060	)		(0.10	)		17,418		0.56

Total Loans		3,315,643		100.00		247,192						3,068,451		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		991				(15	)					1,007
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,895		19.99		(94	)		1.31			2,990		18.68
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,895		19.99		(94	)		1.31			2,990		18.68

Total Loans		14,478		100.00		(1,527	)					16,006		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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Reserves for Possible Losses on Loans		463,886		(61,600	)		525,486
General Reserve for Possible Losses on Loans		300,182		(44,313	)		344,496
Specific Reserve for Possible Losses on Loans		163,686		(16,700	)		180,386
Reserve for Possible Losses on Loans to Restructuring Countries		17		(586	)		603
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		207,840		(19,369	)		227,209

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Reserves for Possible Losses on Loans		388,608		(53,030	)		441,639
General Reserve for Possible Losses on Loans		261,411		(38,409	)		299,820
Specific Reserve for Possible Losses on Loans		127,180		(14,034	)		141,215
Reserve for Possible Losses on Loans to Restructuring Countries		17		(586	)		603
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		194,631		(19,432	)		214,063
Mizuho Bank
Reserves for Possible Losses on Loans		382,819		(52,008	)		434,828
General Reserve for Possible Losses on Loans		256,501		(37,837	)		294,339
Specific Reserve for Possible Losses on Loans		126,301		(13,584	)		139,885
Reserve for Possible Losses on Loans to Restructuring Countries		17		(586	)		603
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		193,259		(19,411	)		212,670
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		5,789		(1,022	)		6,811
General Reserve for Possible Losses on Loans		4,909		(571	)		5,481
Specific Reserve for Possible Losses on Loans		879		(450	)		1,329
Reserve for Possible Losses on Loans to Restructuring Countries		0		—			0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		1,371		(20	)		1,392

*	Reserve for Possible Losses on Entrusted Loans (¥44 million and ¥49 million for September 30, 2015 and March 31, 2015 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, 2015

As of
March 31, 2015

Change

Mizuho Financial Group

49.15

(0.67

)

49.83

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

Non-Consolidated

(%)

As of September 30, 2015

As of
March 31, 2015

Change

Total

46.94

0.22

46.71

Mizuho Bank

47.11

0.25

46.86

Mizuho Trust & Banking (Banking Account)

37.69

(1.40

)

39.10

* 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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Claims against Bankrupt and Substantially Bankrupt Obligors		80,250		2,934			77,316
Claims with Collection Risk		372,217		(32,053	)		404,270
Claims for Special Attention		517,010		(101,414	)		618,425
Total		969,478		(130,533	)		1,100,011
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		207,305		(19,358	)		226,664
Trust Account
	As of September 30, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,895		(94	)		2,990
Claims for Special Attention		—		—			—
Total		2,895		(94	)		2,990
Consolidated + Trust Account
	As of September 30, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Claims against Bankrupt and Substantially Bankrupt Obligors		80,250		2,934			77,316
Claims with Collection Risk		375,112		(32,148	)		407,260
Claims for Special Attention		517,010		(101,414	)		618,425
Total		972,373		(130,628	)		1,103,001

*	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, 2015										As of March 31, 2015
(Banking Account + Trust Account)			%		Change			%					%

Claims against Bankrupt and Substantially Bankrupt Obligors		60,136		0.07		3,467			0.00			56,669		0.06
Claims with Collection Risk		370,427		0.44		(32,154	)		(0.03	)		402,582		0.48
Claims for Special Attention		447,541		0.54		(95,391	)		(0.11	)		542,932		0.65
Sub-total		878,105		1.06		(124,078	)		(0.14	)		1,002,184		1.20
Normal Claims		81,862,910		98.93		(178,105	)		0.14			82,041,015		98.79
Total		82,741,015		100.00		(302,183	)					83,043,199		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		194,424				(19,428	)					213,852
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		59,169		0.07		3,691			0.00			55,478		0.06
Claims with Collection Risk		360,264		0.45		(31,252	)		(0.03	)		391,517		0.49
Claims for Special Attention		440,418		0.55		(94,349	)		(0.11	)		534,767		0.66
Sub-total		859,852		1.08		(121,910	)		(0.14	)		981,763		1.22
Normal Claims		78,504,653		98.91		(395,289	)		0.14			78,899,943		98.77
Total		79,364,506		100.00		(517,200	)					79,881,706		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		193,259				(19,411	)					212,670
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		966		0.02		(224	)		(0.00	)		1,191		0.03
Claims with Collection Risk		7,267		0.21		(806	)		(0.04	)		8,074		0.25
Claims for Special Attention		7,123		0.21		(1,041	)		(0.04	)		8,165		0.25
Sub-total		15,357		0.45		(2,073	)		(0.09	)		17,430		0.55
Normal Claims		3,346,672		99.54		218,616			0.09			3,128,056		99.44
Total		3,362,030		100.00		216,543						3,145,486		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		1,165				(16	)					1,181
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,895		19.99		(94	)		1.31			2,990		18.68
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,895		19.99		(94	)		1.31			2,990		18.68
Normal Claims		11,583		80.00		(1,432	)		(1.31	)		13,015		81.31
Total		14,478		100.00		(1,527	)					16,006		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, 2015

As of
March 31, 2015

Change

Claims against Bankrupt and Substantially Bankrupt Obligors

60.1

3.4

56.6

Collateral, Guarantees, and equivalent

57.2

3.3

53.9

Reserve for Possible Losses

2.8

0.1

2.7

Claims with Collection Risk

367.5

(32.0

)

399.5

Collateral, Guarantees, and equivalent

181.6

(19.3

)

200.9

Reserve for Possible Losses

124.2

(14.1

)

138.4

Claims for Special Attention

447.5

(95.3

)

542.9

Collateral, Guarantees, and equivalent

189.6

(3.2

)

192.8

Reserve for Possible Losses

99.9

(30.7

)

130.7

Total

875.2

(123.9

)

999.1

Collateral, Guarantees, and equivalent

428.5

(19.2

)

447.7

Reserve for Possible Losses

227.0

(44.7

)

271.8

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

59.1

3.6

55.4

Collateral, Guarantees, and equivalent

56.2

3.5

52.7

Reserve for Possible Losses

2.8

0.1

2.7

Claims with Collection Risk

360.2

(31.2

)

391.5

Collateral, Guarantees, and equivalent

175.6

(19.1

)

194.8

Reserve for Possible Losses

123.3

(13.7

)

137.1

Claims for Special Attention

440.4

(94.3

)

534.7

Collateral, Guarantees, and equivalent

188.7

(2.8

)

191.5

Reserve for Possible Losses

97.4

(30.6

)

128.0

Total

859.8

(121.9

)

981.7

Collateral, Guarantees, and equivalent

420.7

(18.4

)

439.2

Reserve for Possible Losses

223.6

(44.2

)

267.9

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

0.9

(0.2

)

1.1

Collateral, Guarantees, and equivalent

0.9

(0.1

)

1.1

Reserve for Possible Losses

0.0

(0.0

)

0.0

Claims with Collection Risk

7.2

(0.8

)

8.0

Collateral, Guarantees, and equivalent

5.9

(0.2

)

6.1

Reserve for Possible Losses

0.8

(0.4

)

1.2

Claims for Special Attention

7.1

(1.0

)

8.1

Collateral, Guarantees, and equivalent

0.8

(0.3

)

1.2

Reserve for Possible Losses

2.5

(0.1

)

2.6

Total

15.3

(2.0

)

17.4

Collateral, Guarantees, and equivalent

7.7

(0.7

)

8.5

Reserve for Possible Losses

3.3

(0.5

)

3.9

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.8

(0.0

)

2.9

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.9

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.8

(0.0

)

2.9

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.9

*	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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Coverage Amount		655.5		(64.0	)		719.6
Reserves for Possible Losses on Loans		227.0		(44.7	)		271.8
Collateral, Guarantees, and equivalent		428.5		(19.2	)		447.7

	*(%)*
Coverage Ratio		74.9		2.8			72.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.2		(1.7	)		84.9
Claims for Special Attention		64.6		5.1			59.5
Claims against Special Attention Obligors		*68.1*		5.5			62.6

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		66.8		(2.8	)		69.6
Claims for Special Attention		38.7		1.4			37.3
Claims against Special Attention Obligors		*42.2*		2.4			39.7

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		23.26		(1.41	)		24.68
Claims against Watch Obligors excluding Special Attention Obligors		3.73		0.01			3.72
Claims against Normal Obligors		0.07		(0.00	)		0.07

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		644.4		(62.7	)		707.1
Reserves for Possible Losses on Loans		223.6		(44.2	)		267.9
Collateral, Guarantees, and equivalent		420.7		(18.4	)		439.2

	*(%)*
Coverage Ratio		74.9		2.9			72.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.0		(1.7	)		84.7
Claims for Special Attention		64.9		5.1			59.7
Claims against Special Attention Obligors		*67.9*		5.5			62.3

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		66.8		(2.8	)		69.7
Claims for Special Attention		38.7		1.3			37.3
Claims against Special Attention Obligors		*42.2*		2.4			39.8

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		23.43		(1.45	)		24.88
Claims against Watch Obligors excluding Special Attention Obligors		3.77		0.00			3.77
Claims against Normal Obligors		0.07		0.00			0.07

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		11.1		(1.3	)		12.5
Reserves for Possible Losses on Loans		3.3		(0.5	)		3.9
Collateral, Guarantees, and equivalent		7.7		(0.7	)		8.5

	*(%)*
Coverage Ratio		72.7		0.9			71.7
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		93.8		1.4			92.3
Claims for Special Attention		47.5		0.2			47.2
Claims against Special Attention Obligors		*74.7*		1.9			72.7

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		66.1		(1.6	)		67.8
Claims for Special Attention		40.1		2.3			37.8
Claims against Special Attention Obligors		*39.8*		2.5			37.3

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		16.78		0.54			16.23
Claims against Watch Obligors excluding Special Attention Obligors		1.50		(0.00	)		1.50
Claims against Normal Obligors		0.05		(0.01	)		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 2012		Fiscal 2013		Fiscal 2014		Fiscal 2015
	As of March 31, 2013		As of March 31, 2014		As of March 31, 2015		As of September 30, 2015
							MHBK		MHTB *		Aggregate Figures for the 2 Banks
							MHBK		MHTB *				Change from March 31, 2015
Claims against Bankrupt and Substantially Bankrupt Obligors		159.1		46.7		32.4		26.2		0.5		26.7		(5.6	)
Claims with Collection Risk		553.2		343.8		216.4		143.8		5.7		149.6		(66.8	)
Amount Categorized as above up to Fiscal 2012		712.4		390.6		248.8		170.1		6.2		176.3		(72.4	)
of which the amount which was in the process of being removed from the balance sheet		94.5		42.8		26.0		20.5		0.5		21.0		(5.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors				20.5		7.4		4.7		0.1		4.8		(2.6	)
Claims with Collection Risk				128.1		81.5		65.7		2.9		68.7		(12.8	)
Amount Newly Categorized as above during Fiscal 2013				148.7		89.0		70.4		3.1		73.5		(15.4	)
of which the amount which was in the process of being removed from the balance sheet				18.5		6.3		3.7		0.1		3.9		(2.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors						16.8		14.5		0.1		14.7		(2.0	)
Claims with Collection Risk						104.5		70.1		1.0		71.1		(33.4	)
Amount Newly Categorized as above during Fiscal 2014						121.4		84.6		1.1		85.8		(35.5	)
of which the amount which was in the process of being removed from the balance sheet						15.6		14.5		0.1		14.7		(0.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors								13.5		0.1		13.7		13.7
Claims with Collection Risk								80.5		0.4		81.0		81.0
Amount Newly Categorized as above during the First Half of Fiscal 2015								94.1		0.6		94.7		94.7
of which the amount which was in the process of being removed from the balance sheet								12.6		0.1		12.8		12.8
Claims against Bankrupt and Substantially Bankrupt Obligors		159.1		67.2		56.6		59.1		0.9		60.1		3.4
Claims with Collection Risk		553.2		472.0		402.5		360.2		10.1		370.4		(32.1	)
Total		712.4		539.3		459.2		419.4		11.1		430.5		(28.6	)
of which the amount which was in the process of being removed from the balance sheet		94.5		61.4		48.0		51.5		0.9		52.5		4.4


*	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 2015


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
				MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(17.5	)		(17.5	)		—
Restructuring		(13.2	)		(13.2	)		(0.0	)
Improvement in Business Performance due to Restructuring		—			—			—
Loan Sales		(8.0	)		(8.0	)		—
Direct Write-off		28.1			28.1			—
Other		(112.7	)		(111.0	)		(1.7	)
Debt recovery		(57.0	)		(56.3	)		(0.7	)
Improvement in Business Performance		(55.6	)		(54.6	)		(1.0	)

Total		(123.4	)		(121.7	)		(1.7	)

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, 2015										As of March 31, 2015
	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)		56,264.9		773.3		(202.2	)		(104.1	)		56,467.2		877.4
Manufacturing		8,040.6		285.0		97.4			(100.2	)		7,943.2		385.2
Agriculture & Forestry		47.4		0.6		5.1			0.3			42.3		0.2
Fishery		1.2		0.3		0.2			—			0.9		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		248.4		0.0		(15.5	)		(0.0	)		264.0		0.0
Construction		711.5		17.6		(46.8	)		(4.2	)		758.4		21.8
Utilities		2,434.5		1.7		9.9			1.7			2,424.5		0.0
Communication		1,244.2		15.5		3.3			1.9			1,240.8		13.6
Transportation & Postal Industry		2,213.9		16.8		(69.2	)		(4.7	)		2,283.1		21.5
Wholesale & Retail		5,004.2		128.7		(42.6	)		(5.9	)		5,046.9		134.6
Finance & Insurance		6,752.4		6.6		(427.2	)		1.2			7,179.6		5.4
Real Estate		6,764.4		52.0		244.0			(6.9	)		6,520.4		58.9
Commodity Lease		1,875.1		1.2		90.6			(0.0	)		1,784.4		1.2
Service Industries		2,542.8		68.0		55.5			1.4			2,487.2		66.6
Local Governments		956.9		2.8		(57.8	)		(0.0	)		1,014.8		2.9
Governments		3,140.4		—		(364.8	)		—			3,505.2		—
Other		14,286.3		175.9		315.5			11.2			13,970.7		164.6
Overseas Total (including Loans Booked Offshore)		19,137.7		57.3		677.6			(13.4	)		18,460.1		70.8
Governments		789.4		—		109.2			—			680.2		—
Financial Institutions		5,471.6		—		12.7			—			5,458.9		—
Other		12,876.6		57.3		555.6			(13.4	)		12,321.0		70.8

Total		75,402.7		830.7		475.3			(117.5	)		74,927.4		948.2

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

As of September 30, 2015: ¥599.9 billion (from MHBK)

As of March 31, 2015: ¥700.1 billion (from MHBK)

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

2-26

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2015										As of March 31, 2015
	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)		51,993.4		755.0		(427.0	)		(101.9	)		52,420.4		857.0
Manufacturing		7,534.7		279.1		91.9			(99.1	)		7,442.8		378.2
Agriculture & Forestry		47.4		0.6		5.1			0.3			42.3		0.2
Fishery		1.2		0.3		0.2			—			0.9		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		245.7		0.0		(15.8	)		(0.0	)		261.6		0.0
Construction		671.2		17.4		(43.4	)		(4.2	)		714.6		21.7
Utilities		2,135.2		1.7		(2.2	)		1.7			2,137.4		0.0
Communication		1,172.6		15.5		4.9			1.9			1,167.7		13.6
Transportation & Postal Industry		2,021.7		16.6		(59.7	)		(4.8	)		2,081.5		21.5
Wholesale & Retail		4,814.7		128.4		(44.6	)		(5.9	)		4,859.4		134.3
Finance & Insurance		6,359.5		6.6		(420.4	)		1.2			6,780.0		5.4
Real Estate		5,706.8		46.9		250.0			(5.8	)		5,456.7		52.7
Commodity Lease		1,611.5		1.2		63.9			(0.0	)		1,547.5		1.2
Service Industries		2,490.6		67.8		55.7			1.4			2,434.8		66.4
Local Governments		937.2		—		(55.4	)		—			992.7		—
Governments		2,940.4		—		(564.8	)		—			3,505.2		—
Other		13,302.1		172.2		307.5			11.3			12,994.6		160.9
Overseas Total (including Loans Booked Offshore)		19,131.2		57.3		677.8			(13.4	)		18,453.3		70.8
Governments		788.9		—		109.2			—			679.6		—
Financial Institutions		5,471.6		—		12.7			—			5,458.9		—
Other		12,870.6		57.3		555.8			(13.4	)		12,314.7		70.8

Total		71,124.6		812.4		250.8			(115.4	)		70,873.8		927.8

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,271.5		18.2		224.7			(2.1	)		4,046.7		20.4
Manufacturing		505.8		5.9		5.4			(1.0	)		500.3		6.9
Agriculture & Forestry		—		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.6		—		0.2			—			2.3		—
Construction		40.2		0.1		(3.4	)		(0.0	)		43.7		0.1
Utilities		299.3		—		12.2			—			287.0		—
Communication		71.5		—		(1.6	)		—			73.1		—
Transportation & Postal Industry		192.2		0.1		(9.4	)		0.0			201.6		0.0
Wholesale & Retail		189.4		0.3		2.0			(0.0	)		187.4		0.3
Finance & Insurance		392.9		—		(6.7	)		—			399.6		—
Real Estate		1,057.6		5.0		(5.9	)		(1.0	)		1,063.6		6.1
Commodity Lease		263.5		—		26.6			—			236.9		—
Service Industries		52.2		0.1		(0.2	)		(0.0	)		52.4		0.1
Local Governments		19.7		2.8		(2.3	)		(0.0	)		22.1		2.9
Governments		200.0		—		200.0			—			—		—
Other		984.1		3.6		7.9			(0.0	)		976.1		3.7
Overseas Total (including Loans Booked Offshore)		6.5		—		(0.2	)		—			6.8		—
Governments		0.5		—		(0.0	)		—			0.5		—
Financial Institutions		—		—		—			—			—		—
Other		6.0		—		(0.2	)		—			6.2		—

Total		4,278.0		18.2		224.5			(2.1	)		4,053.5		20.4

*	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, 2015										As of March 31, 2015
					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)		791.7		74.9		(103.4	)		4.7			895.2		70.1
Manufacturing		294.8		71.2		(100.7	)		6.0			395.5		65.1
Agriculture & Forestry		0.6		21.1		0.3			(20.4	)		0.2		41.6
Fishery		0.3		12.1		—			0.7			0.3		11.3
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		17.7		67.3		(4.3	)		(0.8	)		22.0		68.1
Utilities		1.7		20.5		1.7			(79.4	)		0.0		100.0
Communication		15.7		80.6		1.9			6.1			13.8		74.4
Transportation & Postal Industry		16.8		72.4		(4.7	)		11.8			21.6		60.6
Wholesale & Retail		135.5		66.2		(4.5	)		3.1			140.1		63.1
Finance & Insurance		6.6		38.6		1.2			13.5			5.4		25.1
Real Estate		52.0		83.5		(6.9	)		1.7			58.9		81.7
Commodity Lease		1.2		87.9		(0.0	)		0.1			1.2		87.7
Service Industries		68.8		73.3		1.5			6.2			67.2		67.1
Local Governments		2.8		100.0		(0.0	)		—			2.9		100.0
Other		176.5		88.1		11.0			0.8			165.4		87.2
Overseas Total (including Loans Booked Offshore)		86.3		75.4		(20.5	)		(12.9	)		106.9		88.3
Governments		—		—		—			—			—		—
Financial Institutions		0.0		100.0		(0.0	)		—			0.0		100.0
Other		86.3		75.4		(20.5	)		(12.9	)		106.8		88.3
Total		878.1		74.9		(124.0	)		2.8			1,002.1		72.1

*	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, 2015

As of
March 31, 2015

Change

Housing and Consumer Loans

11,632.9

(175.3

)

11,808.2

Housing Loans for owner’s residential housing

10,133.0

(129.9

)

10,263.0

Mizuho Bank

Housing and Consumer Loans

11,486.8

(175.8

)

11,662.6

Housing Loans

10,481.3

(171.5

)

10,652.8

for owner’s residential housing

10,001.4

(131.3

)

10,132.8

Consumer loans

1,005.4

(4.3

)

1,009.7

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

146.0

0.5

145.5

Housing Loans for owner’s residential housing

131.5

1.4

130.1

* 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, 2015

As of
March 31, 2015

Change

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

58.7

1.0

57.6

Loans to SMEs and Individual Customers

33,069.3

493.5

32,575.7

Mizuho Bank

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

59.4

1.2

58.2

Loans to SMEs and Individual Customers

30,929.2

416.9

30,512.3

Mizuho Trust & Banking (Banking Account + Trust Account)

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

50.0

(0.8

)

50.9

Loans to SMEs and Individual Customers

2,140.0

76.6

2,063.3

*	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, 2015

As of March 31, 2015

Non-Accrual,
Past Due &
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

6,921.0

33.6

80.0

13.4

6,840.9

20.1

Hong Kong

1,443.1

9.5

(67.4

)

(2.0

)

1,510.5

11.5

South Korea

767.4

—

(1.5

)

—

769.0

—

Singapore

1,109.8

23.0

71.5

16.1

1,038.2

6.9

Thailand

964.7

0.0

14.3

(0.9

)

950.4

1.0

Central and South America

4,390.1

68.9

194.5

(13.0

)

4,195.5

82.0

North America

5,817.5

10.9

125.2

3.3

5,692.3

7.6

Eastern Europe

52.2

4.2

24.2

(0.7

)

28.0

4.9

Western Europe

3,122.4

23.6

252.3

1.5

2,870.0

22.0

Other

2,024.4

12.5

196.3

2.6

1,828.0

9.8

Total

22,327.8

154.0

872.7

7.1

21,455.0

146.8

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, 2015 to September 30, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		4,042.0
Income before Income Taxes	2		3,927.9
Tax Adjustments *¹	3		6.0
Taxable Income before Current Deductible Temporary Differences *²	4		3,933.8

Effective Statutory Tax Rate	5		32.19%~33.00	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,270.5

*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, 2015.

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


	*(Billions of yen)*
Fiscal 2011		491.9
Fiscal 2012		107.3
Fiscal 2013		344.1
Fiscal 2014		561.3
First Half of Fiscal 2015(estimate)		332.0

*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, 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 2015 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2015						As of March 31, 2015
					Change			As of March 31, 2015
Reserves for Possible Losses on Loans	7		164.1			(10.2	)		174.3
Impairment of Securities	8		177.4			10.8			166.6
Net Unrealized Losses on Other Securities	9		11.8			4.8			6.9
Reserve for Employee Retirement Benefits	10		11.1			(0.4	)		11.5
Net Deferred Hedge Losses	11		1.1			(4.6	)		5.8
Tax Losses Carried Forward	12		—			—			—
Other	13		260.3			(16.1	)		276.5

Total Deferred Tax Assets	14		626.1			(15.8	)		641.9

Valuation Allowance	15		(203.5	)		(15.4	)		(188.1	)

Sub-Total [ 14 + 15 ]	16		422.6			(31.2	)		453.8

Amount related to Retirement Benefits Accounting *¹	17		(147.0	)		(8.4	)		(138.6	)
Net Unrealized Gains on Other Securities	18		(489.3	)		135.4			(624.7	)
Net Deferred Hedge Gains	19		(17.4	)		(17.4	)		—
Other	20		(42.9	)		7.3			(50.2	)

Total Deferred Tax Liabilities	21		(696.8	)		116.8			(813.6	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(274.2	)		85.5			(359.8	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(491.4	)		136.3			(627.8	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(16.3	)		(22.1	)		5.8
Tax effects related to others	25		233.5			(28.5	)		262.1

*1	Amount related to Retirement Benefits Accounting includes ¥(84.5) 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, 2015

As of
March 31, 2015

Change

Net Deferred Tax Assets

(396.7

)

90.5

(487.3

)

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, 2015 to September 30, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,743.0
Income before Income Taxes	2		3,660.0
Tax Adjustments *¹	3		14.1
Taxable Income before Current Deductible Temporary Differences *²	4		3,674.1

Effective Statutory Tax Rate	5		32.98%/32.19	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,186.6

*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, 2015.

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


	*(Billions of yen)*
Fiscal 2011		461.1
Fiscal 2012		80.5
Fiscal 2013		304.2
Fiscal 2014		546.7
First Half of Fiscal 2015 (estimate)		315.0

*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 2015 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2015						As of March 31, 2015
					Change			As of March 31, 2015
Reserves for Possible Losses on Loans	7		162.0			(10.1	)		172.2
Impairment of Securities	8		163.2			9.6			153.6
Net Unrealized Losses on Other Securities	9		11.7			4.8			6.9
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		—			(5.0	)		5.0
Tax Losses Carried Forward	12		—			—			—
Other	13		256.3			(13.0	)		269.3

Total Deferred Tax Assets	14		593.3			(13.7	)		607.1

Valuation Allowance	15		(188.8	)		(14.2	)		(174.5	)

Sub-Total [ 14 + 15 ]	16		404.5			(27.9	)		432.5

Amount related to Retirement Benefits Accounting *¹	17		(142.2	)		(8.4	)		(133.8	)
Net Unrealized Gains on Other Securities	18		(463.7	)		123.0			(586.8	)
Net Deferred Hedge Gains	19		(17.4	)		(17.4	)		—
Other	20		(42.4	)		6.9			(49.3	)

Total Deferred Tax Liabilities	21		(665.9	)		104.1			(770.0	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(261.3	)		76.1			(337.5	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(465.6	)		123.6			(589.3	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(17.4	)		(22.5	)		5.0
Tax effects related to others	25		221.7			(25.0	)		246.7

*1	Amount related to Retirement Benefits Accounting includes ¥(79.7) billion related to gains on securities contributed to employee retirement benefit trust.

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

Assessment of Recoverability of Deferred Tax Assets is based on 5. (1) ② 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 Losses on Loans): ¥3,743.0 billion [1]

Income before Income Taxes: ¥3,660.0 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,674.1 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 ¥593.3 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥188.8 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥665.9 billion [21], ¥261.3 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, 2015 to September 30, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		299.0
Income before Income Taxes	2		267.9
Tax Adjustments *¹	3		(8.1	)
Taxable Income before Current Deductible Temporary Differences *²	4		259.7

Effective Statutory Tax Rate	5		33.00%/32.20	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		83.9

*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, 2015.

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


	*(Billions of yen)*
Fiscal 2011		30.8
Fiscal 2012		26.8
Fiscal 2013		39.9
Fiscal 2014		14.6
First Half of Fiscal 2015 (estimate)		17.0

*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 the first half of fiscal 2015 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2015						As of March 31, 2015
					Change			As of March 31, 2015
Reserves for Possible Losses on Loans	7		2.1			(0.0	)		2.1
Impairment of Securities	8		14.1			1.1			12.9
Net Unrealized Losses on Other Securities	9		0.1			0.0			0.0
Reserve for Employee Retirement Benefits	10		11.1			(0.4	)		11.5
Net Deferred Hedge Losses	11		1.1			0.3			0.7
Tax Losses Carried Forward	12		—			—			—
Other	13		4.0			(3.1	)		7.2

Total Deferred Tax Assets	14		32.7			(2.0	)		34.8

Valuation Allowance	15		(14.7	)		(1.1	)		(13.5	)

Sub-Total [ 14 + 15 ]	16		18.0			(3.2	)		21.2

Amount related to Retirement Benefits Accounting *¹	17		(4.8	)		—			(4.8	)
Net Unrealized Gains on Other Securities	18		(25.5	)		12.3			(37.9	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.5	)		0.3			(0.8	)

Total Deferred Tax Liabilities	21		(30.9	)		12.7			(43.6	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(12.8	)		9.4			(22.3	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(25.8	)		12.6			(38.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		1.1			0.3			0.7
Tax effects related to others	25		11.7			(3.5	)		15.3

*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) ② 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 Losses on Loans): ¥299.0 billion [1]

Income before Income Taxes: ¥267.9 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥259.7 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 ¥32.7 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥14.7 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥30.9 billion [21], ¥12.8 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, 2015					As of March 31, 2015
Aggregate Figures for the 2 Banks			Change			As of March 31, 2015

Deposits		82,373.1		520.8			81,852.3

Individual Deposits		39,889.0		402.5			39,486.5
Corporate Deposits		36,338.0		(190.0	)		36,528.0
Financial/Government Institutions		6,146.0		308.2			5,837.7
Mizuho Bank
Deposits		79,460.0		231.7			79,228.3

Individual Deposits		38,775.8		436.4			38,339.3
Corporate Deposits		35,193.0		(249.3	)		35,442.3
Financial/Government Institutions		5,491.2		44.6			5,446.5
Mizuho Trust & Banking
Deposits		2,913.0		289.0			2,623.9

Individual Deposits		1,113.2		(33.8	)		1,147.1
Corporate Deposits		1,145.0		59.2			1,085.7
Financial/Government Institutions		654.7		263.6			391.1

*	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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Directors, Executive Officers as defined in the Companies Act, and Auditors		52		5			47
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		90		(1	)		91
Employees (excluding Executive Officers as defined in our internal regulations)		32,033		1,168			30,865
* 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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Directors and Executive Officers as defined in the Companies Act		26		6			20
Executive Officers as defined in the Companies Act		18		6			12
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		34		(4	)		38
Employees (excluding Executive Officers as defined in our internal regulations)		1,277		125			1,152
* MHFG transformed itself into a Company with Nominating Committee and others 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, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Directors and Auditors		20		1			19
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		66		1			65
Employees (excluding Executive Officers as defined in our internal regulations)		27,522		961			26,561

Mizuho Trust & Banking
Directors and Auditors		13		(2	)		15
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		21		4			17
Employees (excluding Executive Officers as defined in our internal regulations)		3,234		82			3,152

(Reference)

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

	As of September 30, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Directors, Executive Officers as defined in the Companies Act, and Auditors		68		5			63
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		110		—			110
Employees (excluding Executive Officers as defined in our internal regulations)		39,152		1,439			37,713
* The numbers have been adjusted for Directors, Auditors, and Executive Officers doubling other positions.

Mizuho Securities

	As of September 30, 2015					As of March 31, 2015
			Change			As of March 31, 2015
Directors and Auditors		18		—			18
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		33		1			32
Employees (excluding Executive Officers as defined in our internal regulations)		7,119		271			6,848

2-35

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of September 30, 2015					As of March 31, 2014
			Change			As of March 31, 2014
Head Offices and Domestic Branches		455		—			455
Overseas Branches		25		1			24
Domestic Sub-Branches		59		2			57
Overseas Sub-Branches		15		1			14
Overseas Representative Offices		6		(1	)		7
* Head Offices and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Bank

Head Office and Domestic Branches		419		—			419
Overseas Branches		25		1			24
Domestic Sub-Branches		41		1			40
Overseas Sub-Branches		15		1			14
Overseas Representative Offices		6		(1	)		7
* Head Office and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (46), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Trust & Banking

Head Office and Domestic Branches		36		—			36
Overseas Branches		—		—			—
Domestic Sub-Branches		18		1			17
Overseas Sub-Branches		—		—			—
Overseas Representative Offices		—		—			—

2-36

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2015

Consolidated

(Billions of yen)

Fiscal 2015

Ordinary Profits

980.0

Profit Attributable to Owners of Parent

630.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2015

Aggregate Figures
for the 2 Banks

MHBK

MHTB *

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

810.0

750.0

60.0

Ordinary Profits

790.0

735.0

55.0

Net Income

535.0

500.0

35.0

Credit-related Costs

(50.0

)

(50.0

)

—

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

The above 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, 2015 (A)			As of March 31, 2015 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	29,829,966		¥	25,803,781		¥	4,026,185
Call Loans		319,694			396,839			(77,144	)
Receivables under Resale Agreements		560,681			525,653			35,027
Guarantee Deposits Paid under Securities Borrowing Transactions		20,173			133,336			(113,162	)
Other Debt Purchased		578,249			543,683			34,566
Trading Assets		5,276,014			5,761,693			(485,678	)
Money Held in Trust		3,220			3,249			(28	)
Securities		38,445,416			41,235,710			(2,790,294	)
Loans and Bills Discounted		71,124,677			70,873,844			250,833
Foreign Exchange Assets		1,559,078			1,559,516			(437	)
Derivatives other than for Trading		4,625,858			5,062,613			(436,755	)
Other Assets		1,558,571			1,735,907			(177,336	)
Tangible Fixed Assets		829,837			828,583			1,253
Intangible Fixed Assets		561,470			469,546			91,923
Prepaid Pension Cost		441,987			415,694			26,292
Customers’ Liabilities for Acceptances and Guarantees		5,435,983			6,193,731			(757,747	)
Reserves for Possible Losses on Loans		(382,819	)		(434,828	)		52,008
Reserve for Possible Losses on Investments		—			(1	)		1

Total Assets	¥	160,788,060		¥	161,108,555		¥	(320,494	)

Liabilities
Deposits	¥	95,805,535		¥	93,528,342		¥	2,277,193
Negotiable Certificates of Deposit		13,639,653			14,830,058			(1,190,404	)
Call Money		3,636,215			3,469,055			167,160
Payables under Repurchase Agreements		9,936,844			10,131,327			(194,483	)
Guarantee Deposits Received under Securities Lending Transactions		245,228			513,983			(268,755	)
Commercial Paper		388,413			—			388,413
Trading Liabilities		4,210,264			4,397,160			(186,896	)
Borrowed Money		8,507,293			8,315,873			191,419
Foreign Exchange Liabilities		829,322			625,566			203,756
Short-term Bonds		21,000			25,000			(4,000	)
Bonds and Notes		4,502,391			4,624,117			(121,726	)
Derivatives other than for Trading		4,326,087			5,006,591			(680,503	)
Other Liabilities		1,791,826			1,640,679			151,146
Reserve for Bonus Payments		14,886			19,933			(5,047	)
Reserve for Possible Losses on Sales of Loans		220			13			207
Reserve for Contingencies		1,310			1,544			(234	)
Reserve for Reimbursement of Deposits		15,583			14,772			811
Reserve for Reimbursement of Debentures		42,905			48,878			(5,972	)
Deferred Tax Liabilities		261,382			337,508			(76,126	)
Deferred Tax Liabilities for Revaluation Reserve for Land		71,897			72,392			(494	)
Acceptances and Guarantees		5,435,983			6,193,731			(757,747	)

Total Liabilities		153,684,247			153,796,531			(112,284	)

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		2,023,100			1,982,352			40,748
Appropriated Reserve		169,829			121,296			48,532
Other Retained Earnings		1,853,271			1,861,055			(7,783	)
Retained Earnings Brought Forward		1,853,271			1,861,055			(7,783	)

Total Shareholders’ Equity		5,713,961			5,673,213			40,748

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,200,361			1,497,419			(297,058	)
Net Deferred Hedge Gains (Losses), net of Taxes		44,044			(5,028	)		49,072
Revaluation Reserve for Land, net of Taxes		145,446			146,419			(972	)

Total Valuation and Translation Adjustments		1,389,852			1,638,811			(248,958	)

Total Net Assets		7,103,813			7,312,024			(208,210	)

Total Liabilities and Net Assets	¥	160,788,060		¥	161,108,555		¥	(320,494	)

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, 2015 (A)		For the six months ended September 30, 2014 (B)		Change (A) - (B)
Ordinary Income	¥	1,151,966	¥	1,097,799	¥	54,166
Interest Income		607,917		605,686		2,230
Interest on Loans and Bills Discounted		*401,045*		397,614		3,431
Interest and Dividends on Securities		*144,430*		151,074		(6,643	)
Fee and Commission Income		239,556		214,957		24,599
Trading Income		49,353		24,072		25,281
Other Operating Income		117,133		125,889		(8,755	)
Other Ordinary Income		138,004		127,193		10,810

Ordinary Expenses		740,910		699,655		41,255
Interest Expenses		177,060		154,867		22,193
Interest on Deposits		*58,867*		42,339		16,527
Fee and Commission Expenses		51,858		47,953		3,905
Trading Expenses		6,151		2,710		3,441
Other Operating Expenses		22,612		34,602		(11,990	)
General and Administrative Expenses		416,470		418,479		(2,009	)
Other Ordinary Expenses		66,756		41,042		25,714

Ordinary Profits		411,055		398,143		12,911

Extraordinary Gains		5,881		1		5,880

Extraordinary Losses		1,610		2,209		(599	)

Income before Income Taxes		415,326		395,935		19,391
Income Taxes:
Current		110,150		100,841		9,308
Deferred		22,750		29,553		(6,802	)

Net Income	¥	282,426	¥	265,540	¥	16,886

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, 2015	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	121,296	¥	1,861,055		¥	1,982,352		¥	5,673,213		¥	1,497,419		¥	(5,028	)	¥	146,419		¥	1,638,811		¥	7,312,024

Changes during the period
Cash Dividends										48,532		(291,193	)		(242,661	)		(242,661	)														(242,661	)
Net Income												282,426			282,426			282,426															282,426
Transfer from Revaluation Reserve for Land, net of Taxes												983			983			983															983
Net Changes in Items other than Shareholders’ Equity																					(297,058	)		49,072			(972	)		(248,958	)		(248,958	)

Total Changes during the period		—		—		—		—		48,532		(7,783	)		40,748			40,748			(297,058	)		49,072			(972	)		(248,958	)		(208,210	)

Balance as of September 30, 2015	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	169,829	¥	1,853,271		¥	2,023,100		¥	5,713,961		¥	1,200,361		¥	44,044		¥	145,446		¥	1,389,852		¥	7,103,813

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, 2015 (A)			As of March 31, 2015 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,855,222		¥	1,457,944		¥	397,278
Call Loans		4,318			6,852			(2,533	)
Other Debt Purchased		15,052			48,713			(33,660	)
Trading Assets		74,011			67,185			6,826
Money Held in Trust		2,706			3,415			(708	)
Securities		1,419,344			1,887,153			(467,808	)
Loans and Bills Discounted		3,315,643			3,068,451			247,192
Foreign Exchange Assets		4,628			7,088			(2,460	)
Other Assets		118,008			79,017			38,990
Tangible Fixed Assets		24,763			26,561			(1,797	)
Intangible Fixed Assets		22,449			17,624			4,825
Prepaid Pension Cost		47,769			45,785			1,984
Customers’ Liabilities for Acceptances and Guarantees		43,861			41,828			2,032
Reserves for Possible Losses on Loans		(5,789	)		(6,811	)		1,022
Reserve for Possible Losses on Investments		—			(1	)		1

Total Assets	¥	6,941,994		¥	6,750,811		¥	191,183

Liabilities
Deposits	¥	2,915,231		¥	2,637,041		¥	278,190
Negotiable Certificates of Deposit		553,510			579,810			(26,300	)
Call Money		891,566			1,072,860			(181,293	)
Payables under Repurchase Agreements		47,988			12,022			35,966
Guarantee Deposits Received under Securities Lending Transactions		488,369			436,750			51,619
Trading Liabilities		71,694			63,242			8,452
Borrowed Money		277,368			221,967			55,400
Foreign Exchange Liabilities		0			—			0
Bonds and Notes		40,000			42,200			(2,200	)
Due to Trust Accounts		1,046,832			1,008,363			38,469
Other Liabilities		23,190			43,236			(20,046	)
Reserve for Bonus Payments		1,999			1,909			89
Reserve for Reimbursement of Deposits		1,101			1,079			22
Deferred Tax Liabilities		12,876			22,342			(9,466	)
Acceptances and Guarantees		43,861			41,828			2,032

Total Liabilities		6,415,589			6,184,654			230,934

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		161,272			168,935			(7,662	)
Appropriated Reserve		23,327			17,471			5,856
Other Retained Earnings		137,945			151,464			(13,519	)
Retained Earnings Brought Forward		137,945			151,464			(13,519	)

Total Shareholders’ Equity		424,147			431,810			(7,662	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		104,681			136,022			(31,341	)
Net Deferred Hedge Gains (Losses), net of Taxes		(2,424	)		(1,676	)		(748	)

Total Valuation and Translation Adjustments		102,256			134,345			(32,089	)

Total Net Assets		526,404			566,156			(39,751	)

Total Liabilities and Net Assets	¥	6,941,994		¥	6,750,811		¥	191,183

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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, 2015 (A)		For the six months ended September 30, 2014 (B)			Change (A) - (B)
Ordinary Income	¥	98,773	¥	92,006		¥	6,767
Fiduciary Income		26,782		25,301			1,481
Interest Income		25,460		24,188			1,272
Interest on Loans and Bills Discounted		*14,294*		15,704			(1,409	)
Interest and Dividends on Securities		*10,222*		7,662			2,560
Fee and Commission Income		24,160		23,820			340
Trading Income		888		1,035			(146	)
Other Operating Income		14,440		9,311			5,129
Other Ordinary Income		7,040		8,349			(1,309	)

Ordinary Expenses		68,030		61,204			6,826
Interest Expenses		5,435		5,306			128
Interest on Deposits		*1,079*		826			252
Fee and Commission Expenses		12,919		12,785			134
Other Operating Expenses		6,676		3,381			3,294
General and Administrative Expenses		39,729		38,904			824
Other Ordinary Expenses		3,269		825			2,443

Ordinary Profits		30,742		30,801			(58	)

Extraordinary Gains		864		—			864

Extraordinary Losses		122		106			16

Income before Income Taxes		31,485		30,695			790
Income Taxes:
Current		6,298		24			6,274
Deferred		3,564		(4,565	)		8,130

Net Income	¥	21,622	¥	35,236		¥	(13,614	)

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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, 2015	¥	247,369	¥	15,505	¥	15,505	¥	17,471	¥	151,464		¥	168,935		¥	431,810		¥	136,022		¥	(1,676	)	¥	134,345		¥	566,156

Changes during the period
Cash Dividends								5,856		(35,141	)		(29,284	)		(29,284	)											(29,284	)
Net Income										21,622			21,622			21,622												21,622
Net Changes in Items other than Shareholders’ Equity																			(31,341	)		(748	)		(32,089	)		(32,089	)

Total Changes during the period		—		—		—		5,856		(13,519	)		(7,662	)		(7,662	)		(31,341	)		(748	)		(32,089	)		(39,751	)

Balance as of September 30, 2015	¥	247,369	¥	15,505	¥	15,505	¥	23,327	¥	137,945		¥	161,272		¥	424,147		¥	104,681		¥	(2,424	)	¥	102,256		¥	526,404

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


As of September 30, 2015		*Millions of yen*
Assets		Amount		Liabilities	Amount
Loans and Bills Discounted			962,448	Money Trusts		19,395,230
Securities			1,105,292	Pension Trusts		4,336,732
Beneficiary Rights to the Trusts			45,656,431	Property Formation Benefit Trusts		5,203
Securities held in Custody Accounts			430,708	Investment Trusts		13,088,805
Money Claims			4,000,941	Money Entrusted Other than Money Trusts		1,484,934
Tangible Fixed Assets			5,638,322	Securities Trusts		7,544,354
Intangible Fixed Assets			321,952	Money Claims Trusts		3,190,140
Other Claims			220,859	Land and Fixtures Trusts		160,661
Due from Banking Account			1,046,832	Composite Trusts		10,651,780
Cash and Due from Banks			479,080	Other Trusts		5,026

Total			59,862,870	Total		59,862,870


Notes:
1.	The statement is exclusive of the Trusts that are difficult to value monetarily.
2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥44,431,643 million.
3.	Joint trust assets under the management of other companies: ¥529,712 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 ¥14,478 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,895 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			14,478	Principal		673,545
Securities			3	Reserve		44
Others			659,222	Others		115

Total			673,705	Total		673,705

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2015 (A)		As of March 31, 2015 (B)		Change (A) - (B)
Total Amount of Funds		27,205,908		24,555,608		2,650,300
Deposits		2,915,231		2,637,041		278,190
Negotiable Certificates of Deposit		553,510		579,810		(26,300	)
Money Trusts		19,395,230		17,392,804		2,002,425
Pension Trusts		4,336,732		3,940,731		396,000
Property Formation Benefit Trusts		5,203		5,220		(16	)
Loans and Bills Discounted		4,278,092		4,053,574		224,518
of Banking accounts		3,315,643		3,068,451		247,192
of Trust accounts		962,448		985,122		(22,674	)
Securities for Investments		2,524,637		3,021,274		(496,636	)
of Banking accounts		1,419,344		1,887,153		(467,808	)
of Trust accounts		1,105,292		1,134,120		(28,828	)

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