Edgar Filing: MIZUHO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2016

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- .

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date: November 14, 2016

Mizuho Financial Group, Inc.

By:		/s/ Koichi Iida
Name:		Koichi Iida
Title:		Managing Executive Officer / Group CFO

For Immediate Release:

Financial Statements for the Second Quarter of Fiscal 2016

(Six months ended September 30, 2016)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2016



Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Masahiro Kosugi	General Manager of Accounting	Phone: +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):		November 28, 2016	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 6, 2016
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 2016 (for the six months ended September 30, 2016)

(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 F2016		1,563,262		(4.5	)		420,944		(26.7	)		358,183		(6.7	)
1H F2015		1,637,697		8.2			574,590		6.8			384,198		8.1


Note:		Comprehensive Income: 1H F2016: ¥199,853 million, 106.4%; 1H F2015: ¥96,820 million, (87.0)%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2016		14.21		14.11
1H F2015		15.48		15.13

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2016		192,679,978		8,970,260		4.2
Fiscal 2015		193,458,580		9,353,244		4.2


Reference:		Own Capital: As of September 30, 2016: ¥8,253,934 million; As of March 31, 2016: ¥8,167,813 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 2015		—		3.75		—		3.75		7.50
Fiscal 2016		—		3.75
Fiscal 2016 (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 2016 (for the fiscal year ending March 31, 2017)


	(%: Changes from the previous fiscal year)
	Profit Attributable to Owners of Parent					Net Income per Share of Common Stock
	¥ million		%			¥
Fiscal 2016		600,000		(10.5	)		23.72


Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2016: No
	2.	The number of shares of common stock used in the above calculation is based on the weighted average of “the average number of shares during the 1H of fiscal 2016” and “the number of shares as of September 30, 2016 (which is expected to be the average number of shares during the 2H of fiscal 2016)”.

* 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, 2016

25,386,307,945 shares

As of March 31, 2016

25,030,525,657 shares

② Period-end treasury stock:

As of September 30, 2016

21,895,432 shares

As of March 31, 2016

10,929,211 shares

③ Average number of outstanding shares :

1st Half of Fiscal 2016

25,204,800,899 shares

1st Half of Fiscal 2016

24,718,566,203 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2016 (for the six months ended September 30, 2016)


(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 F2016		352,171		13.1			334,013		12.4			324,541		10.5			323,274		7.3
1H F2015		311,130		(13.8	)		297,082		(14.6	)		293,675		(15.3	)		301,115		(13.0	)

	Net Income per Share of Common Stock
			¥
1H F2016				12.82
1H F2015				12.12

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2016		8,569,404		5,424,552		63.2
Fiscal 2015		7,064,211		5,197,208		73.5

Reference:

Own Capital:

As of September 30, 2016: ¥5,422,798 million; As of March 31, 2016: ¥5,194,445 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.com/index.html and also at the SEC’s web site at www.sec.gov.

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

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 2015		—		10.00		—		10.00		20.00
Fiscal 2016		—


Note:		Mizuho Financial Group Inc. (“MHFG”) acquired all of the Eleventh Series Class XI Preferred Stock as of July 1, 2016 that had not been requested for acquisition by June 30, 2016 and cancelled all of the Eleventh Series Class XI Preferred Stock held by MHFG on July 13, 2016. Accordingly, cash dividend payments related to the Eleventh Series Class XI Preferred Stock will not be made in fiscal 2016.

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 2016

[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 22, 2016 (Tuesday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

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 “Revised Implementation Guidance on Recoverability of Deferred Tax Assets”)

MHFG has applied “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26, March 28, 2016) (hereinafter, the “Recoverability Implementation Guidance”) from this interim period ended September 30, 2016 and partially revised the accounting method of recoverability of deferred tax assets.

The Recoverability Implementation Guidance has been applied in accordance with the transitional treatment set forth in Article 49(4) of the Recoverability Implementation Guidance. The differences between (i) the amounts of Deferred Tax Assets and Deferred Tax Liabilities when provisions applicable from ① to ③ of Article 49(3) of the Recoverability Implementation Guidance were applied as of April 1, 2016, and (ii) the amounts of Deferred Tax Assets and Deferred Tax Liabilities at the end of the fiscal year ended March 31, 2016, were added to Retained Earnings as of April 1, 2016.

As a result, Deferred Tax Assets (before offset) and Retained Earnings each increased by ¥ 1,426 million as of April 1, 2016.

As a result of reflection of the effects on the Net Asset as of April 1, 2016, Retained Earnings increased by ¥1,426 million as of April 1, 2016 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, 2016			As of September 30, 2016
Assets
Cash and Due from Banks	¥	36,315,471		¥	42,715,384
Call Loans and Bills Purchased		893,545			899,865
Receivables under Resale Agreements		7,805,798			9,258,984
Guarantee Deposits Paid under Securities Borrowing Transactions		3,407,390			3,195,977
Other Debt Purchased		2,979,797			2,527,270
Trading Assets		13,004,522			12,511,953
Money Held in Trust		175,638			227,975
Securities		39,505,971			32,705,104
Loans and Bills Discounted		73,708,884			73,030,669
Foreign Exchange Assets		1,447,743			1,452,483
Derivatives other than for Trading Assets		3,157,752			2,957,197
Other Assets		4,144,131			4,272,085
Tangible Fixed Assets		1,085,791			1,071,524
Intangible Fixed Assets		804,567			869,070
Net Defined Benefit Asset		646,428			673,562
Deferred Tax Assets		36,517			77,011
Customers’ Liabilities for Acceptances and Guarantees		4,798,158			4,675,296
Reserves for Possible Losses on Loans		(459,531	)		(441,438	)

Total Assets	¥	193,458,580		¥	192,679,978

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2016			As of September 30, 2016
Liabilities
Deposits	¥	105,629,071		¥	110,171,994
Negotiable Certificates of Deposit		11,827,533			9,568,325
Call Money and Bills Sold		2,521,008			1,791,651
Payables under Repurchase Agreements		16,833,346			17,739,258
Guarantee Deposits Received under Securities Lending Transactions		2,608,971			1,314,573
Commercial Paper		1,010,139			827,552
Trading Liabilities		10,276,133			9,878,751
Borrowed Money		7,503,543			7,243,394
Foreign Exchange Liabilities		492,473			582,971
Short-term Bonds		648,381			408,033
Bonds and Notes		6,120,928			7,131,121
Due to Trust Accounts		5,067,490			4,053,768
Derivatives other than for Trading Liabilities		2,571,597			2,001,471
Other Liabilities		5,532,596			5,755,737
Reserve for Bonus Payments		62,171			47,174
Reserve for Variable Compensation		2,836			1,488
Net Defined Benefit Liability		51,514			52,668
Reserve for Director and Corporate Auditor Retirement Benefits		1,685			1,376
Reserve for Possible Losses on Sales of Loans		267			3
Reserve for Contingencies		5,271			4,889
Reserve for Reimbursement of Deposits		16,154			15,828
Reserve for Reimbursement of Debentures		39,245			35,273
Reserves under Special Laws		2,024			2,219
Deferred Tax Liabilities		414,799			337,644
Deferred Tax Liabilities for Revaluation Reserve for Land		67,991			67,247
Acceptances and Guarantees		4,798,158			4,675,296

Total Liabilities	¥	184,105,335		¥	183,709,717

Net Assets
Common Stock and Preferred Stock	¥	2,255,790		¥	2,256,275
Capital Surplus		1,110,164			1,111,299
Retained Earnings		3,197,616			3,464,082
Treasury Stock		(3,609	)		(5,098	)

Total Shareholders’ Equity		6,559,962			6,826,558

Net Unrealized Gains (Losses) on Other Securities		1,296,039			1,134,348
Deferred Gains or Losses on Hedges		165,264			167,078
Revaluation Reserve for Land		148,483			146,794
Foreign Currency Translation Adjustments		(53,689	)		(85,900	)
Remeasurements of Defined Benefit Plans		51,752			65,055

Total Accumulated Other Comprehensive Income		1,607,851			1,427,376

Stock Acquisition Rights		2,762			1,754
Non-Controlling Interests		1,182,668			714,572

Total Net Assets		9,353,244			8,970,260

Total Liabilities and Net Assets	¥	193,458,580		¥	192,679,978

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, 2015		For the six months ended September 30, 2016
Ordinary Income	¥	1,637,697	¥	1,563,262
Interest Income		720,592		678,188
Interest on Loans and Bills Discounted		463,500		442,430
Interest and Dividends on Securities		158,508		129,547
Fiduciary Income		26,399		24,729
Fee and Commission Income		369,856		359,011
Trading Income		145,813		213,872
Other Operating Income		186,370		165,262
Other Ordinary Income		188,664		122,198
Ordinary Expenses		1,063,107		1,142,318
Interest Expenses		197,081		241,807
Interest on Deposits		77,722		92,531
Fee and Commission Expenses		76,897		76,101
Trading Expenses		1,686		1,467
Other Operating Expenses		41,511		32,009
General and Administrative Expenses		673,456		704,164
Other Ordinary Expenses		72,475		86,766

Ordinary Profits		574,590		420,944

Extraordinary Gains		19,573		1,426
Extraordinary Losses		2,233		3,245

Income before Income Taxes		591,930		419,125

Income Taxes:
Current		134,814		101,907
Deferred		38,853		(63,140	)

Total Income Taxes		173,667		38,766

Profit		418,262		380,358

Profit Attributable to Non-controlling Interests		34,064		22,175

Profit Attributable to Owners of Parent	¥	384,198	¥	358,183

1-5

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2015			For the six months ended September 30, 2016
Profit	¥	418,262		¥	380,358
Other Comprehensive Income		(321,442	)		(180,505	)
Net Unrealized Gains (Losses) on Other Securities		(349,353	)		(161,503	)
Deferred Gains or Losses on Hedges		32,591			1,814
Revaluation Reserve for Land		10			(5	)
Foreign Currency Translation Adjustments		(3,313	)		(21,853	)
Remeasurements of Defined Benefit Plans		(1,109	)		13,420
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(267	)		(12,377	)

Comprehensive Income		96,820			199,853

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		63,060			179,392
Comprehensive Income Attributable to Non-controlling Interests		33,759			20,461

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

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
	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

1-7

Mizuho Financial Group, Inc.

For the six months ended September 30, 2016


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962
Cumulative Effects of Changes in Accounting Policies							1,426						1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,790		1,110,164			3,199,042			(3,609	)		6,561,388
Changes during the period
Issuance of New Shares		484		484									969
Cash Dividends							(94,827	)					(94,827	)
Profit Attributable to Owners of Parent							358,183						358,183
Repurchase of Treasury Stock										(1,869	)		(1,869	)
Disposition of Treasury Stock				(55	)					380			324
Cancellation of Treasury Stock				(1	)					1			—
Transfer from Revaluation Reserve for Land							1,683						1,683
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				706									706
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		484		1,134			265,039			(1,488	)		265,170

Balance as of the end of the period		2,256,275		1,111,299			3,464,082			(5,098	)		6,826,558


	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		1,296,039			165,264		148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,353,244
Cumulative Effects of Changes in Accounting Policies																								1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,296,039			165,264		148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,354,670
Changes during the period
Issuance of New Shares																								969
Cash Dividends																								(94,827	)
Profit Attributable to Owners of Parent																								358,183
Repurchase of Treasury Stock																								(1,869	)
Disposition of Treasury Stock																								324
Cancellation of Treasury Stock																								—
Transfer from Revaluation Reserve for Land																								1,683
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								706
Net Changes in Items other than Shareholders’ Equity		(161,691	)		1,814		(1,689	)		(32,211	)		13,302		(180,475	)		(1,008	)		(468,096	)		(649,579	)
Total Changes during the period		(161,691	)		1,814		(1,689	)		(32,211	)		13,302		(180,475	)		(1,008	)		(468,096	)		(384,409	)

Balance as of the end of the period		1,134,348			167,078		146,794			(85,900	)		65,055		1,427,376			1,754			714,572			8,970,260

(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, 2016			As of September 30, 2016
Assets
Current Assets
Cash and Due from Banks	¥	16,442		¥	84,155
Other Current Assets		74,374			88,204
Total Current Assets		90,816			172,359
Fixed Assets
Tangible Fixed Assets		165,803			165,626
Intangible Fixed Assets		8,451			11,502
Investments		6,799,139			8,219,915
Investments in Subsidiaries and Affiliates		6,022,661			6,009,518
Long-term Loans to Subsidiaries and Affiliates		624,517			2,063,960
Other Investments		151,961			146,436
Total Fixed Assets		6,973,394			8,397,044

Total Assets	¥	7,064,211		¥	8,569,404

Liabilities
Current Liabilities
Short-term Borrowings	¥	686,345		¥	515,560
Short-term Bonds		500,000			500,000
Accrued Corporate Taxes		29			446
Reserve for Bonus Payments		319			332
Reserve for Variable Compensation		343			240
Other Current Liabilities		10,171			19,072
Total Current Liabilities		1,197,207			1,035,651
Non-Current Liabilities
Bonds and Notes		584,517			1,998,960
Long-term Borrowings		40,000			65,000
Reserve for Employee Retirement Benefits		3,761			4,233
Other Non-Current Liabilities		41,516			41,006
Total Non-Current Liabilities		669,794			2,109,200

Total Liabilities	¥	1,867,002		¥	3,144,851

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	2,255,790		¥	2,256,275
Capital Surplus
Capital Reserve		1,195,682			1,196,167
Other Capital Surplus		147			91
Total Capital Surplus		1,195,830			1,196,258
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,698,699			1,927,146
Retained Earnings Brought Forward		1,698,699			1,927,146
Total Retained Earnings		1,703,049			1,931,496
Treasury Stock		(2,813	)		(4,141	)

Total Shareholders’ Equity		5,151,857			5,379,889

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		42,588			42,909

Total Valuation and Translation Adjustments		42,588			42,909

Stock Acquisition Rights		2,762			1,754

Total Net Assets		5,197,208			5,424,552

Total Liabilities and Net Assets	¥	7,064,211		¥	8,569,404

1-9

Mizuho Financial Group, Inc.

(2) Non-Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2015		For the six months ended September 30, 2016
Operating Income	¥	311,130	¥	352,171
Operating Expenses
General and Administrative Expenses		14,047		18,158
Total Operating Expenses		14,047		18,158

Operating Profits		297,082		334,013

Non-Operating Income		5,983		17,198
Non-Operating Expenses		9,389		26,669

Ordinary Profits		293,675		324,541

Extraordinary Gains		8,147		—
Extraordinary Losses		2		8

Income before Income Taxes		301,821		324,532

Income Taxes:
Current		651		1,190
Deferred		54		67

Total Income Taxes		706		1,258

Net Income	¥	301,115	¥	323,274

1-10

Mizuho Financial Group, Inc.

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

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

1-11

Mizuho Financial Group, Inc.

For the six months ended September 30, 2016


	*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		2,255,790		1,195,682		147			1,195,830			4,350		1,698,699			1,703,049			(2,813	)		5,151,857
Changes during the period
Issuance of New Shares		484		484					484														969
Cash Dividends														(94,827	)		(94,827	)					(94,827	)
Net Income														323,274			323,274						323,274
Repurchase of Treasury Stock																				(1,430	)		(1,430	)
Disposition of Treasury Stock						(55	)		(55	)										101			46
Cancellation of Treasury Stock						(1	)		(1	)										1			—
Net Changes in Items other than Shareholders’ Equity
Total Changes during the period		484		484		(56	)		428			—		228,446			228,446			(1,327	)		228,031

Balance as of the end of the period		2,256,275		1,196,167		91			1,196,258			4,350		1,927,146			1,931,496			(4,141	)		5,379,889


	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		42,588		2,762			5,197,208
Changes during the period
Issuance of New Shares							969
Cash Dividends							(94,827	)
Net Income							323,274
Repurchase of Treasury Stock							(1,430	)
Disposition of Treasury Stock							46
Cancellation of Treasury Stock							—
Net Changes in Items other than Shareholders’ Equity		320		(1,008	)		(687	)
Total Changes during the period		320		(1,008	)		227,343

Balance as of the end of the period		42,909		1,754			5,424,552

1-12

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2016

(Six months ended September 30, 2016)

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2016

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Use and Source of Funds

NON

2-6

4. Net Gains/Losses on Securities

CON

NON

2-7

5. Unrealized Gains/Losses on Securities

CON

NON

2-9

6. Projected Redemption Amounts for Securities

NON

2-11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2-12

8. Employee Retirement Benefits

NON

CON

2-13

9. Capital Ratio

CON

NON

2-15

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-16

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-18

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

CON

NON

2-19

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

CON

NON

2-20

5. Coverage on Disclosed Claims under the FRA

NON

2-22

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

NON

2-24

7. Results of Removal of NPLs from the Balance Sheet

NON

2-25

8. Status of Loans by Industry

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

NON

2-26

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

NON

2-28

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

(1) Balance of Housing and Consumer Loans

NON

2-29

(2) Loans to SMEs and Individual Customers

NON

2-29

10. Status of Loans by Region

NON

2-30

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

2-31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-33

2. Number of Directors and Employees

NON

2-34

3. Number of Branches and Offices

NON

2-35

4. Earnings Plan for Fiscal 2016

CON

NON

2-36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-37

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

2-38

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-39

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

2-40

Statement of Trust Assets and Liabilities

2-41

Comparison of Balances of Principal Items

2-42

Mizuho Securities Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2-43

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

2-44

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2016

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2016
					Change			First Half of Fiscal 2015
Consolidated Gross Profits	1		1,089,677			(42,179	)		1,131,857
Net Interest Income	2		436,380			(87,131	)		523,511
Fiduciary Income	3		24,729			(1,669	)		26,399
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		282,910			(10,048	)		292,958
Net Trading Income	6		212,404			68,277			144,127
Net Other Operating Income	7		133,252			(11,607	)		144,859
General and Administrative Expenses	8		(704,164	)		(30,708	)		(673,456	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(10,313	)		3,737			(14,050	)
Losses on Write-offs of Loans	10		*(10,480*	)		3,740			(14,220	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		23,843			5,844			17,998
Net Gains (Losses) related to Stocks	12		60,862			(53,988	)		114,850
Equity in Income from Investments in Affiliates	13		11,327			(5,201	)		16,529
Other	14		(50,288	)		(31,149	)		(19,139	)

Ordinary Profits	15		420,944			(153,645	)		574,590

Net Extraordinary Gains (Losses)	16		(1,819	)		(19,159	)		17,340
Income before Income Taxes	17		419,125			(172,804	)		591,930
Income Taxes—Current	18		(101,907	)		32,906			(134,814	)
—Deferred	19		63,140			101,994			(38,853	)
Profit	20		380,358			(37,903	)		418,262
Profit Attributable to Non-controlling Interests	21		(22,175	)		11,889			(34,064	)

Profit Attributable to Owners of Parent	22		358,183			(26,014	)		384,198


Credit-related Costs (including Credit Costs for Trust Accounts)	23		13,529			9,581			3,948

* 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		403,245			(43,480	)		446,725

* 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		142			(5	)		147
Number of affiliates under the equity method	26		22			(2	)		24

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2016												First Half of Fiscal 2015
		MHBK			MHTB			Aggregate Figures			Change			First Half of Fiscal 2015
Gross Profits	1		707,357			60,815			768,172			(54,809	)		822,982
Domestic Gross Profits	2		419,605			54,575			474,180			(2,531	)		476,711
Net Interest Income	3		260,933			12,363			273,296			(26,709	)		300,006
Fiduciary Income	4					24,295			24,295			(2,487	)		26,782
Trust Fees for Jointly Operated Designated Money Trust	5					*1,596*			*1,596*			141			1,455
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		114,490			12,718			127,208			5,575			121,633
Net Trading Income	8		(5,326	)		1,590			(3,736	)		(7,385	)		3,648
Net Other Operating Income	9		49,508			3,607			53,116			28,475			24,640
International Gross Profits	10		287,752			6,239			293,992			(52,278	)		346,270
Net Interest Income	11		101,427			2,936			104,363			(46,515	)		150,878
Net Fee and Commission Income	12		69,129			(587	)		68,542			(8,762	)		77,305
Net Trading Income	13		80,390			(1,113	)		79,276			38,834			40,442
Net Other Operating Income	14		36,804			5,004			41,809			(35,834	)		77,644
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(423,676	)		(40,662	)		(464,339	)		(7,745	)		(456,593	)
Expense Ratio	16		*59.8*	%		*66.8*	%		*60.4*	%		4.9	%		55.4	%
Personnel Expenses	17		(156,150	)		(19,078	)		(175,229	)		(4,773	)		(170,456	)
Non-Personnel Expenses	18		(238,715	)		(19,514	)		(258,230	)		(1,208	)		(257,022	)
Premium for Deposit Insurance	19		*(16,079*	)		*(708*	)		*(16,788*	)		(882	)		(15,905	)
Miscellaneous Taxes	20		(28,810	)		(2,069	)		(30,879	)		(1,764	)		(29,115	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		283,681			20,152			303,833			(62,555	)		366,389

Excluding Net Gains (Losses) related to Bonds	22		*190,713*			*11,521*			*202,234*			(87,164	)		289,399

Reversal of (Provision for) General Reserve for Losses on Loans	23		8,685			—			8,685			8,685			—

Net Business Profits	24		292,366			20,152			312,518			(53,870	)		366,389

Net Gains (Losses) related to Bonds	25		*92,967*			*8,631*			*101,598*			24,609			76,989

Net Non-Recurring Gains (Losses)	26		(11,196	)		10,699			(496	)		(75,905	)		75,409
Net Gains (Losses) related to Stocks	27		51,346			14,039			65,385			(34,270	)		99,656
Expenses related to Portfolio Problems	28		(15,823	)		(2	)		(15,825	)		(3,810	)		(12,015	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		16,094			471			16,565			5,017			11,548
Other	30		(62,813	)		(3,809	)		(66,622	)		(42,842	)		(23,780	)

Ordinary Profits	31		281,170			30,851			312,022			(129,775	)		441,798

Net Extraordinary Gains (Losses)	32		(1,220	)		(61	)		(1,282	)		(6,297	)		5,014
Net Gains (Losses) on Disposition of Fixed Assets	33		*184*			*(61*	)		*122*			(5,161	)		5,284
Losses on Impairment of Fixed Assets	34		*(1,405*	)		—			*(1,405*	)		(1,135	)		(269	)
Income before Income Taxes	35		279,949			30,789			310,739			(136,072	)		446,812
Income Taxes—Current	36		(76,978	)		(7,952	)		(84,930	)		31,518			(116,448	)
—Deferred	37		9,716			(261	)		9,455			35,770			(26,315	)

Net Income	38		212,688			22,576			235,264			(68,783	)		304,048

* 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		8,955			469			9,425			9,892			(466	)

* 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		8,685			352			9,038			7,209			1,829
Losses on Write-offs of Loans	42		7,427			(2	)		7,425			10,637			(3,211	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(7,091	)		118			(6,973	)		(7,548	)		575
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		4			0			4			(580	)		584
Reversal of (Provision for) Reserve for Contingencies	45		362			—			362			169			192
Other (including Losses on Sales of Loans)	46		(431	)		—			(431	)		5			(437	)
Total	47		8,955			469			9,425			9,892			(466	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2016
					Change			First Half of Fiscal 2015
Gross Profits	1		707,357			(48,921	)		756,279
Domestic Gross Profits	2		419,605			(3,058	)		422,663
Net Interest Income	3		260,933			(23,865	)		284,799
Net Fee and Commission Income	4		114,490			4,376			110,113
Net Trading Income	5		(5,326	)		(11,491	)		6,164
Net Other Operating Income	6		49,508			27,922			21,586
International Gross Profits	7		287,752			(45,863	)		333,616
Net Interest Income	8		101,427			(44,631	)		146,058
Net Fee and Commission Income	9		69,129			(8,454	)		77,584
Net Trading Income	10		80,390			43,353			37,037
Net Other Operating Income	11		36,804			(36,130	)		72,935
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(423,676	)		(5,845	)		(417,831	)
Expense Ratio	13		*59.8*	%		4.6	%		55.2	%
Personnel Expenses	14		(156,150	)		(3,665	)		(152,485	)
Non-Personnel Expenses	15		(238,715	)		(448	)		(238,266	)
Premium for Deposit Insurance	16		*(16,079*	)		(794	)		(15,285	)
Miscellaneous Taxes	17		(28,810	)		(1,730	)		(27,079	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		283,681			(54,767	)		338,448

Excluding Net Gains (Losses) related to Bonds	19		*190,713*			(78,642	)		269,355

Reversal of (Provision for) General Reserve for Losses on Loans	20		8,685			8,685			—

Net Business Profits	21		292,366			(46,082	)		338,448

Net Gains (Losses) related to Bonds	22		*92,967*			23,874			69,092

Net Non-Recurring Gains (Losses)	23		(11,196	)		(83,802	)		72,606
Net Gains (Losses) related to Stocks	24		51,346			(45,591	)		96,938
Expenses related to Portfolio Problems	25		(15,823	)		(3,808	)		(12,015	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		16,094			5,566			10,528
Other	27		(62,813	)		(39,969	)		(22,844	)

Ordinary Profits	28		281,170			(129,884	)		411,055

Net Extraordinary Gains (Losses)	29		(1,220	)		(5,492	)		4,271
Net Gains (Losses) on Disposition of Fixed Assets	30		*184*			(4,356	)		4,541
Losses on Impairment of Fixed Assets	31		*(1,405*	)		(1,135	)		(269	)
Income before Income Taxes	32		279,949			(135,377	)		415,326
Income Taxes—Current	33		(76,978	)		33,172			(110,150	)
—Deferred	34		9,716			32,467			(22,750	)

Net Income	35		212,688			(69,737	)		282,426


Credit-related Costs	36		8,955			10,443			(1,487	)

* 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		8,685			7,427			1,257
Losses on Write-offs of Loans	38		7,427			10,639			(3,211	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39		(7,091	)		(7,218	)		126
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40		4			(580	)		584
Reversal of (Provision for) Reserve for Contingencies	41		362			169			192
Other (including Losses on Sales of Loans)	42		(431	)		5			(437	)
Total	43		8,955			10,443			(1,487	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2016						First Half of Fiscal 2015
					Change			First Half of Fiscal 2015
Gross Profits	1		60,815			(5,887	)		66,703
Domestic Gross Profits	2		54,575			527			54,048
Net Interest Income	3		12,363			(2,843	)		15,207
Fiduciary Income	4		24,295			(2,487	)		26,782
Trust Fees for Jointly Operated Designated Money Trust	5		*1,596*			141			1,455
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		12,718			1,198			11,519
Net Trading Income	8		1,590			4,106			(2,516	)
Net Other Operating Income	9		3,607			553			3,054
International Gross Profits	10		6,239			(6,414	)		12,654
Net Interest Income	11		2,936			(1,884	)		4,820
Net Fee and Commission Income	12		(587	)		(307	)		(279	)
Net Trading Income	13		(1,113	)		(4,518	)		3,404
Net Other Operating Income	14		5,004			295			4,708
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(40,662	)		(1,900	)		(38,762	)
Expense Ratio	16		*66.8*	%		8.7	%		58.1	%
Personnel Expenses	17		(19,078	)		(1,107	)		(17,971	)
Non-Personnel Expenses	18		(19,514	)		(759	)		(18,755	)
Premium for Deposit Insurance	19		*(708*	)		(88	)		(619	)
Miscellaneous Taxes	20		(2,069	)		(33	)		(2,035	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		20,152			(7,788	)		27,940

Excluding Net Gains (Losses) related to Bonds	22		*11,521*			(8,522	)		20,043

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

Net Business Profits	24		20,152			(7,788	)		27,940

Net Gains (Losses) related to Bonds	25		*8,631*			734			7,897

Net Non-Recurring Gains (Losses)	26		10,699			7,897			2,802
Net Gains (Losses) related to Stocks	27		14,039			11,321			2,717
Expenses related to Portfolio Problems	28		(2	)		(2	)		(0	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		471			(548	)		1,020
Other	30		(3,809	)		(2,873	)		(936	)

Ordinary Profits	31		30,851			108			30,742

Net Extraordinary Gains (Losses)	32		(61	)		(804	)		742
Net Gains (Losses) on Disposition of Fixed Assets	33		*(61*	)		(804	)		742
Losses on Impairment of Fixed Assets	34		—			—			—
Income before Income Taxes	35		30,789			(695	)		31,485
Income Taxes—Current	36		(7,952	)		(1,653	)		(6,298	)
—Deferred	37		(261	)		3,303			(3,564	)

Net Income	38		22,576			953			21,622

* 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		469			(551	)		1,020

* 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		352			(218	)		571
Losses on Write-offs of Loans	42		(2	)		(2	)		(0	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		118			(330	)		449
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		469			(551	)		1,020

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
Mizuho Bank			First Half of Fiscal 2016						First Half of Fiscal 2015
Mizuho Bank						Change			First Half of Fiscal 2015
Return on Interest-Earning Assets		1		0.57			(0.06	)		0.64
Return on Loans and Bills Discounted *¹		2		0.90			(0.09	)		1.00
Return on Securities		3		0.48			0.01			0.47
Cost of Funding (including Expenses)		4		0.73			0.00			0.73
Cost of Deposits (including Expenses)		5		0.79			(0.01	)		0.80
Cost of Deposits ²*		6		*0.01*			(0.03	)		0.04
Cost of Other External Liabilities		7		0.20			0.03			0.17

Net Interest Margin	(1)-(4)	8		(0.15	)		(0.07	)		(0.08	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.10			(0.08	)		0.19
Loan and Deposit Rate Margin	(2)-(6)	10		0.89			(0.06	)		0.96

1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include Negotiable Certificates of Deposit (“NCDs”). (Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		0.96			(0.10	)		1.06
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.17			(0.08	)		0.25
Loan and Deposit Rate Margin	(11)-(6)	13		0.95			(0.07	)		1.02

			*(%)*
Mizuho Trust & Banking			First Half of Fiscal 2016						First Half of Fiscal 2015
Mizuho Trust & Banking						Change			First Half of Fiscal 2015
Return on Interest-Earning Assets		14		0.49			(0.18	)		0.68
Return on Loans and Bills Discounted *¹		15		0.68			(0.23	)		0.91
Return on Securities		16		0.76			(0.29	)		1.06
Cost of Funding		17		0.09			(0.07	)		0.16
Cost of Deposits *²		18		0.04			(0.03	)		0.07

Net Interest Margin	(14)-(17)	19		0.40			(0.11	)		0.52
Loan and Deposit Rate Margin	(15)-(18)	20		0.64			(0.19	)		0.83

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		0.75			(0.16	)		0.92
Loan and Deposit Rate Margin	(21)-(18)	22		0.71			(0.13	)		0.84

(Reference)			*(%)*
Aggregate Figures for the 2 Banks			First Half of Fiscal 2016						First Half of Fiscal 2015
Aggregate Figures for the 2 Banks						Change			First Half of Fiscal 2015
Return on Loans and Bills Discounted *¹		23		0.88			(0.10	)		0.99
Cost of Deposits *²		24		0.01			(0.03	)		0.04

Loan and Deposit Rate Margin	(23)-(24)	25		0.87			(0.07	)		0.95

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include NCDs.
(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		0.94			(0.11	)		1.05
Loan and Deposit Rate Margin	(26)-(24)	27		0.93			(0.07	)		1.01

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2016

First Half of Fiscal 2015

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

140,372,105

0.81

(2,017,379

)

(0.04

)

142,389,485

0.85

Loans and Bills Discounted

68,297,590

1.13

(2,191,933

)

(0.00

)

70,489,523

1.13

Securities

31,438,449

0.76

(6,196,201

)

(0.00

)

37,634,651

0.76

Source of Funds

140,082,105

0.29

(1,959,741

)

0.04

142,041,847

0.24

Deposits

102,255,276

0.15

8,050,164

0.03

94,205,111

0.12

NCDs

9,334,025

0.37

(6,723,681

)

0.17

16,057,707

0.20

(Domestic Operations)

Use of Funds

98,899,606

0.57

(1,704,621

)

(0.06

)

100,604,227

0.64

Loans and Bills Discounted

46,087,694

0.89

(1,243,518

)

(0.10

)

47,331,212

0.99

Securities

19,678,561

0.48

(5,760,475

)

0.01

25,439,036

0.47

Source of Funds

98,937,606

0.05

(1,215,182

)

(0.02

)

100,152,788

0.08

Deposits

80,746,519

0.01

6,651,088

(0.02

)

74,095,430

0.03

NCDs

5,924,246

0.01

(4,758,106

)

(0.06

)

10,682,352

0.08

(International Operations)

Use of Funds

44,374,602

1.29

(870,816

)

0.04

45,245,418

1.25

Loans and Bills Discounted

22,209,896

1.62

(948,414

)

0.21

23,158,311

1.41

Securities

11,759,887

1.22

(435,726

)

(0.15

)

12,195,614

1.37

Source of Funds

44,046,602

0.84

(1,302,617

)

0.24

45,349,219

0.60

Deposits

21,508,756

0.69

1,399,075

0.24

20,109,680

0.45

NCDs

3,409,779

1.01

(1,965,575

)

0.57

5,375,354

0.43

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

First Half of Fiscal 2016

First Half of Fiscal 2015

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,656,213

0.60

418,998

(0.21

)

6,237,214

0.81

Loans and Bills Discounted

3,491,245

0.73

399,748

(0.18

)

3,091,496

0.92

Securities

1,269,233

0.98

(187,131

)

(0.41

)

1,456,364

1.40

Source of Funds

6,639,593

0.14

639,455

(0.03

)

6,000,137

0.18

Deposits

3,093,483

0.04

342,225

(0.03

)

2,751,257

0.07

NCDs

303,689

0.02

(225,231

)

(0.05

)

528,921

0.08

(Domestic Operations)

Use of Funds

6,070,639

0.49

373,040

(0.18

)

5,697,598

0.68

Loans and Bills Discounted

3,260,320

0.68

390,939

(0.23

)

2,869,380

0.91

Securities

818,540

0.76

(217,175

)

(0.29

)

1,035,716

1.06

Source of Funds

6,033,181

0.09

618,919

(0.07

)

5,414,261

0.16

Deposits

3,075,047

0.04

337,054

(0.03

)

2,737,993

0.07

NCDs

303,689

0.02

(225,231

)

(0.05

)

528,921

0.08

(International Operations)

Use of Funds

715,201

1.36

35,175

(0.36

)

680,026

1.72

Loans and Bills Discounted

230,924

1.52

8,808

0.48

222,115

1.03

Securities

450,692

1.38

30,044

(0.85

)

420,648

2.23

Source of Funds

736,039

0.53

9,753

0.23

726,286

0.29

Deposits

18,435

0.63

5,171

0.41

13,264

0.22

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Bonds		102,553			25,202			77,351
Gains on Sales and Others		116,863			21,002			95,861
Losses on Sales and Others		(10,881	)		13,207			(24,088	)
Impairment (Devaluation)		(829	)		(507	)		(322	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,598	)		(8,499	)		5,900

	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Stocks		60,862			(53,988	)		114,850
Gains on Sales		76,772			(56,426	)		133,199
Losses on Sales		(5,912	)		9,724			(15,636	)
Impairment (Devaluation)		(5,005	)		(3,904	)		(1,100	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(2	)		2
Gains (Losses) on Derivatives other than for Trading		(4,993	)		(3,379	)		(1,613	)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Bonds		101,598			24,609			76,989
Gains on Sales and Others		116,130			20,070			96,059
Losses on Sales and Others		(11,104	)		13,547			(24,651	)
Impairment (Devaluation)		(828	)		(509	)		(319	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,598	)		(8,499	)		5,900

	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Stocks		65,385			(34,270	)		99,656
Gains on Sales		76,161			(40,693	)		116,854
Losses on Sales		(4,518	)		10,261			(14,780	)
Impairment (Devaluation)		(1,263	)		(457	)		(806	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(2	)		2
Gains (Losses) on Derivatives other than for Trading		(4,993	)		(3,379	)		(1,613	)

2-7

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Bonds		92,967			23,874			69,092
Gains on Sales and Others		105,789			20,628			85,160
Losses on Sales and Others		(9,556	)		8,551			(18,108	)
Impairment (Devaluation)		(828	)		(509	)		(319	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,436	)		(4,795	)		2,359

	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Stocks		51,346			(45,591	)		96,938
Gains on Sales		61,906			(50,553	)		112,459
Losses on Sales		(4,481	)		8,733			(13,215	)
Impairment (Devaluation)		(1,260	)		(462	)		(798	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(0	)		0
Gains (Losses) on Derivatives other than for Trading		(4,816	)		(3,308	)		(1,508	)

Mizuho Trust & Banking

	*(Millions of yen)*
	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Bonds		8,631			734			7,897
Gains on Sales and Others		10,340			(558	)		10,898
Losses on Sales and Others		(1,547	)		4,995			(6,542	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(162	)		(3,703	)		3,541

	First Half of Fiscal 2016						First Half of Fiscal 2015
				Change			First Half of Fiscal 2015
Net Gains (Losses) related to Stocks		14,039			11,321			2,717
Gains on Sales		14,255			9,859			4,395
Losses on Sales		(36	)		1,528			(1,565	)
Impairment (Devaluation)		(3	)		4			(8	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			(1	)		1
Gains (Losses) on Derivatives other than for Trading		(176	)		(70	)		(105	)

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, 2016

As of March 31, 2016

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

28,403,769

1,646,991

1,836,712

189,721

1,881,867

2,059,653

177,785

Japanese Stocks

3,227,085

1,428,096

1,512,427

84,331

1,610,444

1,681,963

71,518

Japanese Bonds

13,495,391

88,333

104,157

15,824

136,507

148,010

11,502

Japanese Government Bonds

10,374,817

53,991

56,931

2,939

95,841

96,247

406

Other

11,681,292

130,561

220,127

89,565

134,915

229,679

94,764

Foreign Bonds

8,952,774

47,303

64,950

17,647

41,068

67,936

26,867

*	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 ¥15,052 million and ¥26,715 million, which were recognized in the statement of income for September 30, 2016 and March 31, 2016, 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, 2016 and March 31, 2016 are ¥1,631,939 million and ¥1,855,152 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, 2016 and March 31, 2016 are ¥1,134,348 million and ¥1,296,039 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2016

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

4,258,676

59,242

60,271

1,029

55,634

61,012

5,378

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2016

As of March 31, 2016

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

27,360,566

1,454,588

1,649,663

195,075

1,683,177

1,866,086

182,908

Japanese Stocks

3,152,080

1,359,327

1,450,377

91,050

1,538,996

1,616,269

77,272

Japanese Bonds

13,282,572

88,114

103,918

15,804

136,369

147,837

11,467

Japanese Government Bonds

10,374,571

53,974

56,914

2,939

95,823

96,229

405

Other

10,925,913

7,146

95,367

88,220

7,811

101,979

94,168

Foreign Bonds

8,661,762

45,407

62,958

17,550

38,292

65,084

26,791

Mizuho Bank

Other Securities

26,141,509

1,350,496

1,536,306

185,809

1,561,480

1,736,571

175,090

Japanese Stocks

2,939,362

1,262,410

1,349,417

87,007

1,426,461

1,500,946

74,484

Japanese Bonds

12,746,945

87,094

102,376

15,282

134,139

145,317

11,178

Japanese Government Bonds

9,894,060

53,088

55,708

2,620

93,595

94,000

405

Other

10,455,202

991

84,512

83,520

880

90,308

89,427

Foreign Bonds

8,330,863

40,082

57,346

17,264

32,634

59,229

26,595

Mizuho Trust & Banking

Other Securities

1,219,056

104,091

113,357

9,265

121,696

129,514

7,817

Japanese Stocks

212,718

96,917

100,959

4,042

112,535

115,323

2,787

Japanese Bonds

535,626

1,019

1,541

522

2,230

2,519

289

Japanese Government Bonds

480,510

885

1,205

319

2,228

Other

470,711

6,155

10,855

4,700

6,930

11,671

4,740

Foreign Bonds

330,898

5,325

5,612

286

5,658

5,854

196

*	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 ¥15,052 million and ¥26,715 million, which were recognized in the statement of income for September 30, 2016 and March 31, 2016, 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, 2016 and March 31, 2016 are ¥1,439,535 million and ¥1,656,462 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, 2016 and March 31, 2016 are as follows:


	*(Millions of yen)*
	As of September 30, 2016		As of March 31, 2016
Aggregate Figures		1,046,423		1,204,073
Mizuho Bank		962,192		1,106,333
Mizuho Trust & Banking		84,231		97,740

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2016

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

4,258,676

59,242

60,271

1,029

55,634

61,012

5,378

Mizuho Bank

4,258,676

59,242

60,271

1,029

55,634

61,012

5,378

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2016

As of March 31, 2016

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

108,663

133,943

136,923

2,980

162,062

164,161

2,098

Mizuho Bank

108,663

133,943

136,923

2,980

162,062

164,161

2,098

Mizuho Trust & Banking

—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amount is as follows:

Consolidated

(Millions of yen)

As of September 30, 2016

As of
March 31, 2016

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,631,939

(223,213

)

1,855,152

Japanese Stocks

1,429,877

(174,031

)

1,603,909

Japanese Bonds

88,333

(48,173

)

136,507

Japanese Government Bonds

53,991

(41,850

)

95,841

Other

113,727

(1,007

)

114,735

Foreign Bonds

30,469

9,580

20,889

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2016

As of
March 31, 2016

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,439,535

(216,926

)

1,656,462

Japanese Stocks

1,361,108

(171,352

)

1,532,461

Japanese Bonds

88,114

(48,255

)

136,369

Japanese Government Bonds

53,974

(41,849

)

95,823

Other

(9,687

)

2,681

(12,368

)

Foreign Bonds

28,573

10,461

18,112

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, 2016								Change												Maturity as of March 31, 2016
	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		2,790.4		10,586.1		2,354.5		833.2		(653.2	)		(4,928.1	)		(3.0	)		27.8			3,443.7		15,514.2		2,357.6		805.3
Japanese Government Bonds		2,395.2		9,354.2		1,911.0		50.0		(694.4	)		(4,894.0	)		(83.2	)		50.0			3,089.7		14,248.2		1,994.2		—
Japanese Local Government Bonds		33.6		99.9		139.2		0.6		13.6			4.6			21.2			(0.0	)		20.0		95.2		117.9		0.6
Japanese Corporate Bonds		361.6		1,132.0		304.3		782.5		27.5			(38.7	)		58.8			(22.1	)		334.0		1,170.8		245.4		804.6
Other		2,510.1		2,196.4		2,369.0		2,690.0		(226.9	)		(424.7	)		(358.0	)		39.6			2,737.0		2,621.1		2,727.0		2,650.4

Mizuho Bank
Japanese Bonds		2,686.6		10,186.4		2,326.1		833.2		(468.1	)		(5,074.2	)		72.0			27.8			3,154.8		15,260.6		2,254.0		805.3
Japanese Government Bonds		2,293.2		8,999.2		1,891.0		50.0		(519.4	)		(5,061.0	)		(3.2	)		50.0			2,812.7		14,060.2		1,894.2		—
Japanese Local Government Bonds		33.5		97.3		138.9		0.6		13.7			4.5			21.4			(0.0	)		19.8		92.8		117.5		0.6
Japanese Corporate Bonds		359.8		1,089.8		296.2		782.5		37.6			(17.8	)		53.8			(22.1	)		322.2		1,107.6		242.3		804.6
Other		2,509.4		2,174.1		2,211.5		2,549.5		(225.3	)		(422.3	)		(243.7	)		27.2			2,734.7		2,596.5		2,455.2		2,522.3

Mizuho Trust & Banking
Japanese Bonds		103.8		399.7		28.4		—		(185.1	)		146.1			(75.0	)		—			288.9		253.5		103.5		—
Japanese Government Bonds		102.0		355.0		20.0		—		(175.0	)		167.0			(80.0	)		—			277.0		188.0		100.0		—
Japanese Local Government Bonds		0.0		2.5		0.2		—		(0.1	)		0.1			(0.1	)		—			0.1		2.4		0.3		—
Japanese Corporate Bonds		1.7		42.1		8.1		—		(10.0	)		(20.9	)		5.0			—			11.7		63.1		3.1		—
Other		0.6		22.2		157.5		140.4		(1.6	)		(2.3	)		(114.2	)		12.4			2.2		24.6		271.8		128.0

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, 2016								Change												As of March 31, 2016
	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		1,871.0		14,795.0		8,495.7		25,161.8		(1,148.4	)		(948.0	)		(288.2	)		(2,384.7	)		3,019.5		15,743.0		8,783.9		27,546.6
Receive Float / Pay Fixed		325.3		2,625.7		3,456.8		6,407.9		(165.5	)		(890.8	)		(787.3	)		(1,843.6	)		490.9		3,516.5		4,244.1		8,251.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		2,196.4		17,420.8		11,952.5		31,569.8		(1,314.0	)		(1,838.8	)		(1,075.6	)		(4,228.4	)		3,510.4		19,259.6		13,028.1		35,798.2

Mizuho Bank
Receive Fixed / Pay Float		1,871.0		14,795.0		8,375.7		25,041.8		(1,148.4	)		(948.0	)		(218.2	)		(2,314.7	)		3,019.5		15,743.0		8,593.9		27,356.6
Receive Float / Pay Fixed		325.3		2,501.2		3,386.8		6,213.4		(155.5	)		(890.3	)		(787.3	)		(1,833.1	)		480.9		3,391.5		4,174.1		8,046.6
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		2,196.4		17,296.2		11,762.5		31,255.2		(1,304.0	)		(1,838.3	)		(1,005.6	)		(4,147.9	)		3,500.4		19,134.6		12,768.1		35,403.2

Mizuho Trust & Banking
Receive Fixed / Pay Float		—		—		120.0		120.0		—			—			(70.0	)		(70.0	)		—		—		190.0		190.0
Receive Float / Pay Fixed		—		124.5		70.0		194.5		(10.0	)		(0.4	)		—			(10.4	)		10.0		125.0		70.0		205.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		—		124.5		190.0		314.5		(10.0	)		(0.4	)		(70.0	)		(80.4	)		10.0		125.0		260.0		395.0

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2016					Change						As of March 31, 2016
	Deferred Hedge Gains/Losses					Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses			Gains		Losses				Gains		Losses
Aggregate Figures		1,015.1		701.9	313.1		43.8		(24.1	)	68.0		971.2		726.1	245.1
Mizuho Bank		900.9		591.3	309.6		29.5		(35.6	)	65.1		871.4		626.9	244.4
Mizuho Trust & Banking		114.1		110.6	3.5		14.3		11.4		2.8		99.8		99.1	0.7

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks

(Millions of yen)

First Half of
Fiscal 2016

Change

First Half of
Fiscal 2015

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

(A)

1,277,566

83,586

1,193,979

Discount Rate (%)

0.01~0.80

0.07~1.62

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

(B)

1,879,920

(3,369

)

1,883,289

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

(C)

(83,523

)

144,306

(227,830

)

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

(B)+ (C) - (A)

518,830

57,350

461,479

Mizuho Bank

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

(A)

1,128,224

72,344

1,055,879

Discount Rate (%)

0.01~0.80

0.07~1.62

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

(B)

1,691,292

(5,862

)

1,697,155

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

(C)

(94,033

)

131,547

(225,581

)

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

(B)+ (C) - (A)

469,034

53,340

415,694

Mizuho Trust & Banking

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

(A)

149,342

11,242

138,099

Discount Rate (%)

0.01~0.80

0.07~1.62

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

(B)

188,627

2,493

186,134

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

(C)

10,509

12,759

(2,249

)

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

(B)+ (C) - (A)

49,795

4,010

45,785

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 2016
				Change			First Half of Fiscal 2015
Service Cost		(14,402	)		(2,108	)		(12,294	)
Interest Cost		(1,863	)		2,041			(3,905	)
Expected Return on Plan Assets		15,457			(2,120	)		17,578
Accumulation (Amortization) of Unrecognized Actuarial Differences		(17,901	)		(20,239	)		2,337
Other		(1,278	)		363			(1,642	)

Total		(19,988	)		(22,063	)		2,074

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2016
				Change			First Half of Fiscal 2015
Service Cost		(12,299	)		(1,795	)		(10,504	)
Interest Cost		(1,643	)		1,805			(3,448	)
Expected Return on Plan Assets		13,875			(1,878	)		15,753
Accumulation (Amortization) of Unrecognized Actuarial Differences		(15,198	)		(18,298	)		3,100
Other		(1,134	)		261			(1,396	)

Total		(16,400	)		(19,904	)		3,504

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2016
				Change			First Half of Fiscal 2015
Service Cost		(2,102	)		(313	)		(1,789	)
Interest Cost		(219	)		236			(456	)
Expected Return on Plan Assets		1,582			(242	)		1,824
Accumulation (Amortization) of Unrecognized Actuarial Differences		(2,703	)		(1,941	)		(762	)
Other		(143	)		101			(245	)

Total		(3,587	)		(2,158	)		(1,429	)

Consolidated

Retirement Benefit Obligations


		*(Millions of yen)*
		First Half of Fiscal 2016
					Change			First Half of Fiscal 2015
Retirement Benefit Obligations (at the beginning of the fiscal year)	(A)		1,465,148			104,193			1,360,954
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		2,060,062			3,244			2,056,818
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		(66,853	)		162,971			(229,825	)
Net Defined Benefit Asset (at the beginning of the fiscal year)	(D)		646,428			(96,954	)		743,382
Net Defined Benefit Liability (at the beginning of the fiscal year)	(A)-(B)+(D)		51,514			3,995			47,518

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	First Half of Fiscal 2016
				Change			First Half of Fiscal 2015
Service Cost		(21,668	)		(4,453	)		(17,214	)
Interest Cost		(2,190	)		3,444			(5,634	)
Expected Return on Plan Assets		17,309			(2,201	)		19,510
Accumulation (Amortization) of Unrecognized Actuarial Differences		(19,328	)		(21,001	)		1,673
Other		(2,979	)		552			(3,531	)

Total		(28,856	)		(23,659	)		(5,196	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2016 (Preliminary)					As of March 31, 2016
International Standard			Change			As of March 31, 2016
(1) Total Capital Ratio		15.84		0.43			15.41
(2) Tier 1 Capital Ratio		12.94		0.30			12.64
(3) Common Equity Tier 1 Capital Ratio		10.98		0.48			10.50
(4) Total Capital		9,767.8		129.2			9,638.6
(5) Tier 1 Capital		7,982.5		77.4			7,905.0
(6) Common Equity Tier 1 Capital		6,769.3		202.9			6,566.4
(7) Risk weighted Assets		61,648.4		(882.6	)		62,531.1
(8) Total Required Capital (7)X8%		4,931.8		(70.6	)		5,002.4

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30, 2016
(Preliminary)

As of
March 31,
2016

As of
September 30,
2016
(Preliminary)

International Standard

Change

(1) Total Capital Ratio

16.01

0.55

15.46

16.37

(2) Tier 1 Capital Ratio

13.22

0.47

12.75

13.39

(3) Common Equity Tier 1 Capital Ratio

11.02

0.21

10.81

11.06

(4) Total Capital

9,012.1

231.8

8,780.2

8,846.2

(5) Tier 1 Capital

7,440.1

196.4

7,243.6

7,238.5

(6) Common Equity Tier 1 Capital

6,202.3

60.0

6,142.2

5,976.5

(7) Risk weighted Assets

56,261.3

(509.6

)

56,771.0

54,032.8

(8) Total Required Capital (7)X8%

4,500.9

(40.7

)

4,541.6

4,322.6

Mizuho Trust & Banking

International Standard

(1) Total Capital Ratio

19.95

0.43

19.52

20.16

(2) Tier 1 Capital Ratio

18.80

0.59

18.21

19.05

(3) Common Equity Tier 1 Capital Ratio

18.80

0.59

18.21

19.05

(4) Total Capital

479.1

6.9

472.1

488.5

(5) Tier 1 Capital

451.6

11.2

440.4

461.6

(6) Common Equity Tier 1 Capital

451.6

11.2

440.4

461.6

(7) Risk weighted Assets

2,401.3

(16.8

)

2,418.1

2,422.8

(8) Total Required Capital (7)X8%

192.1

(1.3

)

193.4

193.8

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, 2016										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		30,309		0.04		5,994			0.00			24,315		0.03
Non-Accrual Delinquent Loans		377,554		0.51		(19,166	)		(0.02	)		396,720		0.53
Loans Past Due for 3 Months or More		781		0.00		(126	)		(0.00	)		907		0.00
Restructured Loans		436,229		0.59		(26,879	)		(0.03	)		463,108		0.62

Total		844,874		1.15		(40,178	)		(0.04	)		885,052		1.20

Total Loans		73,030,669		100.00		(678,215	)					73,708,884		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		107,342				(36,576)						143,919

Trust Account
	As of September 30, 2016										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,882		21.98		(6	)		1.14			2,888		20.84
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,882		21.98		(6	)		1.14			2,888		20.84

Total Loans		13,111		100.00		(749	)					13,861		100.00


Consolidated + Trust Account
	As of September 30, 2016										As of March 31, 2016
			%		Change			%					%
Loans to Bankrupt Obligors		30,309		0.04		5,994			0.00			24,315		0.03
Non-Accrual Delinquent Loans		380,436		0.52		(19,172	)		(0.02	)		399,609		0.54
Loans Past Due for 3 Months or More		781		0.00		(126	)		(0.00	)		907		0.00
Restructured Loans		436,229		0.59		(26,879	)		(0.03	)		463,108		0.62

Total		847,757		1.16		(40,184	)		(0.04	)		887,941		1.20

Total Loans		73,043,780		100.00		(678,965	)					73,722,746		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, 2016										As of March 31, 2016
(Banking Account + Trust Account)			%		Change			%					%

Loans to Bankrupt Obligors		28,309		0.03		6,313			0.00			21,996		0.02
Non-Accrual Delinquent Loans		341,721		0.47		(14,204	)		(0.01	)		355,925		0.48
Loans Past Due for 3 Months or More		781		0.00		(126	)		(0.00	)		907		0.00
Restructured Loans		375,786		0.51		(21,717	)		(0.01	)		397,503		0.53

Total		746,598		1.03		(29,734	)		(0.02	)		776,333		1.05

Total Loans		72,443,860		100.00		(1,440,707	)					73,884,568		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		97,551				(36,172	)					133,724
Mizuho Bank
Loans to Bankrupt Obligors		28,269		0.04		6,335			0.00			21,934		0.03
Non-Accrual Delinquent Loans		333,819		0.48		(13,435	)		(0.01	)		347,255		0.49
Loans Past Due for 3 Months or More		781		0.00		(126	)		(0.00	)		907		0.00
Restructured Loans		369,222		0.53		(21,829	)		(0.02	)		391,052		0.55

Total		732,094		1.05		(29,056	)		(0.02	)		761,150		1.08

Total Loans		69,100,177		100.00		(1,274,215	)					70,374,392		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		96,651				(36,170	)					132,821
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		39		0.00		(22	)		(0.00	)		61		0.00
Non-Accrual Delinquent Loans		5,019		0.15		(762	)		(0.01	)		5,781		0.16
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		6,563		0.19		112			0.01			6,450		0.18

Total		11,622		0.34		(671	)		(0.00	)		12,294		0.35

Total Loans		3,330,571		100.00		(165,742	)					3,496,313		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		900				(2	)					903
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,882		21.98		(6	)		1.14			2,888		20.84
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,882		21.98		(6	)		1.14			2,888		20.84

Total Loans		13,111		100.00		(749	)					13,861		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, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Reserves for Possible Losses on Loans		441,438		(18,092	)		459,531
General Reserve for Possible Losses on Loans		287,852		(16,976	)		304,828
Specific Reserve for Possible Losses on Loans		153,577		(1,112	)		154,689
Reserve for Possible Losses on Loans to Restructuring Countries		8		(4	)		13
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		115,422		(42,384	)		157,807

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Reserves for Possible Losses on Loans		377,388		(7,438	)		384,827
General Reserve for Possible Losses on Loans		252,989		(9,038	)		262,027
Specific Reserve for Possible Losses on Loans		124,390		1,604			122,786
Reserve for Possible Losses on Loans to Restructuring Countries		8		(4	)		13
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		105,226		(41,898	)		147,125
Mizuho Bank
Reserves for Possible Losses on Loans		372,223		(6,966	)		379,190
General Reserve for Possible Losses on Loans		248,258		(8,685	)		256,943
Specific Reserve for Possible Losses on Loans		123,957		1,722			122,234
Reserve for Possible Losses on Loans to Restructuring Countries		8		(4	)		13
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		103,950		(41,891	)		145,842
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		5,164		(471	)		5,636
General Reserve for Possible Losses on Loans		4,730		(352	)		5,083
Specific Reserve for Possible Losses on Loans		433		(118	)		552
Reserve for Possible Losses on Loans to Restructuring Countries		0		(0	)		0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		1,275		(7	)		1,282

*	Reserve for Possible Losses on Entrusted Loans (¥40 million and ¥42 million for September 30, 2016 and March 31, 2016, 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, 2016

As of
March 31, 2016

Change

Mizuho Financial Group

52.24

0.32

51.92

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

Non-Consolidated

(%)

As of September 30, 2016

As of
March 31, 2016

Change

Total

50.74

0.98

49.75

Mizuho Bank

50.84

1.02

49.81

Mizuho Trust & Banking (Banking Account)

44.43

(1.40

)

45.84

* 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, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		80,276		(2,887	)		83,164
Claims with Collection Risk		353,637		(7,655	)		361,293
Claims for Special Attention		437,010		(27,005	)		464,016
Total		870,925		(37,548	)		908,473
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		115,035		(42,344	)		157,380
Trust Account
	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,882		(6	)		2,888
Claims for Special Attention		—		—			—
Total		2,882		(6	)		2,888
Consolidated + Trust Account
	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		80,276		(2,887	)		83,164
Claims with Collection Risk		356,519		(7,662	)		364,182
Claims for Special Attention		437,010		(27,005	)		464,016
Total		873,807		(37,555	)		911,362

*	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, 2016										As of March 31, 2016
(Banking Account + Trust Account)			%		Change			%					%

Claims against Bankrupt and Substantially Bankrupt Obligors		67,532		0.08		(490	)		0.00			68,022		0.08
Claims with Collection Risk		344,594		0.42		(9,104	)		(0.00	)		353,699		0.43
Claims for Special Attention		376,567		0.46		(21,843	)		(0.01	)		398,411		0.48
Sub-total		788,694		0.98		(31,438	)		(0.02	)		820,133		1.00
Normal Claims		79,509,184		99.01		(1,499,907	)		0.02			81,009,092		98.99
Total		80,297,878		100.00		(1,531,346	)					81,829,225		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		105,024				(41,894	)					146,919
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		66,199		0.08		(803	)		0.00			67,003		0.08
Claims with Collection Risk		337,985		0.43		(8,000	)		(0.00	)		345,986		0.44
Claims for Special Attention		370,004		0.48		(21,955	)		(0.01	)		391,960		0.50
Sub-total		774,189		1.00		(30,760	)		(0.02	)		804,950		1.02
Normal Claims		76,137,457		98.99		(1,330,161	)		0.02			77,467,619		98.97
Total		76,911,647		100.00		(1,360,922	)					78,272,569		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		103,950				(41,891	)					145,842
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		1,332		0.03		313			0.01			1,019		0.02
Claims with Collection Risk		3,726		0.11		(1,097	)		(0.02	)		4,824		0.13
Claims for Special Attention		6,563		0.19		112			0.01			6,450		0.18
Sub-total		11,622		0.34		(671	)		(0.00	)		12,294		0.34
Normal Claims		3,361,497		99.65		(169,002	)		0.00			3,530,500		99.65
Total		3,373,119		100.00		(169,674	)					3,542,794		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		1,073				(2	)					1,076
(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,882		21.98		(6	)		1.14			2,888		20.84
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,882		21.98		(6	)		1.14			2,888		20.84
Normal Claims		10,229		78.01		(743	)		(1.14	)		10,972		79.15
Total		13,111		100.00		(749	)					13,861		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, 2016

As of
March 31, 2016

Change

Claims against Bankrupt and Substantially Bankrupt Obligors

67.5

(0.4

)

68.0

Collateral, Guarantees, and equivalent

59.8

(0.7

)

60.5

Reserve for Possible Losses

7.7

0.2

7.4

Claims with Collection Risk

341.7

(9.0

)

350.8

Collateral, Guarantees, and equivalent

163.8

(12.2

)

176.1

Reserve for Possible Losses

116.6

1.3

115.3

Claims for Special Attention

376.5

(21.8

)

398.4

Collateral, Guarantees, and equivalent

133.9

(21.0

)

155.0

Reserve for Possible Losses

101.3

0.5

100.7

Total

785.8

(31.4

)

817.2

Collateral, Guarantees, and equivalent

357.6

(34.0

)

391.7

Reserve for Possible Losses

225.7

2.1

223.5

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

66.1

(0.8

)

67.0

Collateral, Guarantees, and equivalent

58.5

(1.0

)

59.5

Reserve for Possible Losses

7.6

0.2

7.4

Claims with Collection Risk

337.9

(8.0

)

345.9

Collateral, Guarantees, and equivalent

160.7

(11.4

)

172.2

Reserve for Possible Losses

116.3

1.5

114.7

Claims for Special Attention

370.0

(21.9

)

391.9

Collateral, Guarantees, and equivalent

133.5

(21.0

)

154.5

Reserve for Possible Losses

98.6

0.7

97.8

Total

774.1

(30.7

)

804.9

Collateral, Guarantees, and equivalent

352.8

(33.4

)

386.3

Reserve for Possible Losses

222.5

2.4

220.0

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

1.3

0.3

1.0

Collateral, Guarantees, and equivalent

1.2

0.2

1.0

Reserve for Possible Losses

0.0

0.0

Claims with Collection Risk

3.7

(1.0

)

4.8

Collateral, Guarantees, and equivalent

3.0

(0.7

)

3.8

Reserve for Possible Losses

0.3

(0.1

)

0.5

Claims for Special Attention

6.5

0.1

6.4

Collateral, Guarantees, and equivalent

0.4

(0.0

)

0.4

Reserve for Possible Losses

2.7

(0.1

)

2.9

Total

11.6

(0.6

)

12.2

Collateral, Guarantees, and equivalent

4.7

(0.5

)

5.3

Reserve for Possible Losses

3.1

(0.2

)

3.4

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.8

(0.0

)

2.8

Collateral, Guarantees, and equivalent

2.8

(0.0

)

2.8

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Coverage Amount		583.3		(31.8	)		615.2
Reserves for Possible Losses on Loans		225.7		2.1			223.5
Collateral, Guarantees, and equivalent		357.6		(34.0	)		391.7

	*(%)*
Coverage Ratio		74.3		(1.0	)		75.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.0		(0.9	)		83.0
Claims for Special Attention		62.4		(1.7	)		64.2
Claims against Special Attention Obligors		*65.4*		(2.2	)		67.7

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.6		(0.4	)		66.0
Claims for Special Attention		41.7		0.3			41.4
Claims against Special Attention Obligors		*43.4*		(0.8	)		44.3

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		26.58		0.85			25.72
Claims against Watch Obligors excluding Special Attention Obligors		3.56		(0.09	)		3.66
Claims against Normal Obligors		0.06		(0.00	)		0.07

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		575.3		(31.0	)		606.4
Reserves for Possible Losses on Loans		222.5		2.4			220.0
Collateral, Guarantees, and equivalent		352.8		(33.4	)		386.3

	*(%)*
Coverage Ratio		74.3		(1.0	)		75.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		81.9		(0.9	)		82.9
Claims for Special Attention		62.7		(1.6	)		64.3
Claims against Special Attention Obligors		*65.2*		(2.2	)		67.4

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		65.6		(0.4	)		66.0
Claims for Special Attention		41.6		0.4			41.2
Claims against Special Attention Obligors		*43.4*		(0.7	)		44.2

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		26.73		0.91			25.81
Claims against Watch Obligors excluding Special Attention Obligors		3.58		(0.10	)		3.69
Claims against Normal Obligors		0.06		(0.00	)		0.07

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		7.9		(0.8	)		8.8
Reserves for Possible Losses on Loans		3.1		(0.2	)		3.4
Collateral, Guarantees, and equivalent		4.7		(0.5	)		5.3

	*(%)*
Coverage Ratio		68.5		(3.5	)		72.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		92.4		0.6			91.8
Claims for Special Attention		48.5		(4.3	)		52.8
Claims against Special Attention Obligors		*74.3*		(2.5	)		76.8

Reserve Ratio against Non-collateralized Claims
	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		56.3		(1.7	)		58.0
Claims for Special Attention		44.7		(4.2	)		49.0
Claims against Special Attention Obligors		*44.7*		(3.9	)		48.7

(Reference) Reserve Ratio
	*(%)*
Claims against Special Attention Obligors		20.74		(1.22	)		21.97
Claims against Watch Obligors excluding Special Attention Obligors		1.97		0.35			1.62
Claims against Normal Obligors		0.04		(0.00	)		0.04

2-23

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes:

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 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016
	As of March 31, 2014		As of March 31, 2015		As of March 31, 2016		As of September 30, 2016
							MHBK		MHTB *		Aggregate Figures for the 2 Banks
							MHBK		MHTB *				Change from March 31, 2016
Claims against Bankrupt and Substantially Bankrupt Obligors		67.2		39.8		26.2		20.2		0.4		20.6		(5.5	)
Claims with Collection Risk		472.0		297.9		176.1		138.8		5.0		143.9		(32.1	)
Amount Categorized as above up to Fiscal 2013		539.3		337.8		202.3		159.1		5.5		164.6		(37.6	)
of which the amount which was in the process of being removed from the balance sheet		61.4		32.4		21.2		16.3		0.4		16.8		(4.4	)
Claims against Bankrupt and Substantially Bankrupt Obligors				16.8		11.8		8.4		0.0		8.5		(3.3	)
Claims with Collection Risk				104.5		59.3		50.8		0.6		51.5		(7.8	)
Amount Newly Categorized as above during Fiscal 2014				121.4		71.2		59.3		0.7		60.0		(11.1	)
of which the amount which was in the process of being removed from the balance sheet				15.6		11.8		8.4		0.0		8.5		(3.3	)
Claims against Bankrupt and Substantially Bankrupt Obligors						29.9		27.2		0.3		27.6		(2.2	)
Claims with Collection Risk						118.2		87.8		0.5		88.4		(29.8	)
Amount Newly Categorized as above during Fiscal 2015						148.1		115.1		0.8		116.0		(32.1	)
of which the amount which was in the process of being removed from the balance sheet						23.9		25.8		0.3		26.2		2.2
Claims against Bankrupt and Substantially Bankrupt Obligors								10.2		0.4		10.6		10.6
Claims with Collection Risk								60.3		0.3		60.6		60.6
Amount Newly Categorized as above during the First Half of Fiscal 2016								70.6		0.7		71.3		71.3
of which the amount which was in the process of being removed from the balance sheet								10.2		0.4		10.6		10.6
Claims against Bankrupt and Substantially Bankrupt Obligors		67.2		56.6		68.0		66.1		1.3		67.5		(0.4	)
Claims with Collection Risk		472.0		402.5		353.6		337.9		6.6		344.5		(9.1	)
Total		539.3		459.2		421.7		404.1		7.9		412.1		(9.5	)
of which the amount which was in the process of being removed from the balance sheet		61.4		48.0		57.1		60.9		1.3		62.2		5.1


*	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 2016


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(15.0	)		(15.0	)		—
Restructuring		(4.2	)		(4.2	)		—
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(18.3	)		(18.3	)		—
Direct Write-off		33.9			33.9			—
Other		(77.1	)		(75.7	)		(1.4	)
Debt recovery		(48.5	)		(48.1	)		(0.4	)
Improvement in Business Performance		(28.6	)		(27.5	)		(1.0	)

Total		(80.9	)		(79.4	)		(1.5	)

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, 2016										As of March 31, 2016
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		55,449.4		697.8		(81.0	)		(17.7	)		55,530.4		715.6
Manufacturing		7,922.5		286.7		(221.9	)		(1.0	)		8,144.5		287.7
Agriculture & Forestry		42.7		0.2		(2.0	)		(1.3	)		44.8		1.5
Fishery		1.0		—		(0.1	)		(0.3	)		1.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		216.6		0.0		(17.8	)		(0.0	)		234.5		0.0
Construction		666.9		12.3		(62.2	)		(3.1	)		729.2		15.4
Utilities		2,181.8		1.5		(183.1	)		0.2			2,365.0		1.2
Communication		1,471.9		10.7		118.5			(4.9	)		1,353.3		15.6
Transportation & Postal Industry		2,354.1		5.8		101.5			(5.7	)		2,252.5		11.5
Wholesale & Retail		4,755.4		134.5		(243.6	)		5.7			4,999.0		128.8
Finance & Insurance		6,150.8		3.0		(489.9	)		0.2			6,640.8		2.8
Real Estate		6,926.5		37.8		59.8			(6.1	)		6,866.6		43.9
Commodity Lease		1,958.7		1.4		(29.9	)		0.0			1,988.7		1.4
Service Industries		2,608.2		61.1		(58.3	)		(1.0	)		2,666.5		62.1
Local Governments		880.0		2.8		(41.6	)		(0.0	)		921.7		2.8
Governments		3,934.0		—		1,663.7			—			2,270.2		—
Other		13,377.4		139.4		(673.8	)		(0.3	)		14,051.2		139.8
Overseas Total (including Loans Booked Offshore)		17,815.6		48.7		(1,405.5	)		(11.9	)		19,221.1		60.6
Governments		767.0		—		(209.8	)		—			976.8		—
Financial Institutions		5,307.1		—		53.0			—			5,254.0		—
Other		11,741.5		48.7		(1,248.7	)		(11.9	)		12,990.2		60.6

Total		73,265.0		746.5		(1,486.5	)		(29.7	)		74,751.6		776.3

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

As of September 30, 2016: ¥515.5 billion (from MHBK)

As of March 31, 2016: ¥686.3 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, 2016										As of March 31, 2016
	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)		51,289.5		683.3		130.4			(17.1	)		51,159.0		700.4
Manufacturing		7,405.8		281.0		(211.2	)		(0.9	)		7,617.1		281.9
Agriculture & Forestry		42.7		0.2		(2.0	)		(1.3	)		44.8		1.5
Fishery		1.0		—		(0.1	)		(0.3	)		1.2		0.3
Mining, Quarrying Industry & Gravel Extraction Industry		214.3		0.0		(17.9	)		(0.0	)		232.2		0.0
Construction		629.1		12.1		(61.5	)		(3.1	)		690.6		15.3
Utilities		1,941.4		1.5		(135.3	)		0.2			2,076.7		1.2
Communication		1,360.4		10.7		77.9			(4.9	)		1,282.4		15.6
Transportation & Postal Industry		2,145.5		5.7		90.6			(5.7	)		2,054.8		11.5
Wholesale & Retail		4,581.0		134.2		(231.6	)		5.6			4,812.6		128.6
Finance & Insurance		5,798.1		3.0		(441.5	)		0.2			6,239.7		2.8
Real Estate		5,870.3		36.0		63.3			(5.3	)		5,807.0		41.3
Commodity Lease		1,688.7		1.4		(20.2	)		0.0			1,708.9		1.4
Service Industries		2,550.1		60.6		(51.6	)		(1.4	)		2,601.7		62.1
Local Governments		867.6		—		(40.8	)		—			908.4		—
Governments		3,742.9		—		1,736.3			—			2,006.6		—
Other		12,449.8		136.2		(623.6	)		(0.1	)		13,073.5		136.3
Overseas Total (including Loans Booked Offshore)		17,810.6		48.7		(1,404.6	)		(11.9	)		19,215.3		60.6
Governments		766.6		—		(209.7	)		—			976.4		—
Financial Institutions		5,307.1		—		53.0			—			5,254.0		—
Other		11,736.8		48.7		(1,247.9	)		(11.9	)		12,984.8		60.6

Total		69,100.1		732.0		(1,274.2	)		(29.0	)		70,374.3		761.1

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,159.8		14.5		(211.4	)		(0.6	)		4,371.3		15.1
Manufacturing		516.6		5.6		(10.7	)		(0.0	)		527.3		5.7
Agriculture & Forestry		—		—		—			—			—		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.2		—		0.0			—			2.2		—
Construction		37.8		0.1		(0.6	)		(0.0	)		38.5		0.1
Utilities		240.3		—		(47.8	)		—			288.2		—
Communication		111.5		—		40.5			—			70.9		—
Transportation & Postal Industry		208.6		0.0		10.8			(0.0	)		197.7		0.0
Wholesale & Retail		174.4		0.2		(11.9	)		0.0			186.4		0.2
Finance & Insurance		352.7		—		(48.3	)		—			401.0		—
Real Estate		1,056.1		1.7		(3.4	)		(0.8	)		1,059.6		2.5
Commodity Lease		270.0		—		(9.7	)		—			279.8		—
Service Industries		58.1		0.4		(6.6	)		0.4			64.7		0.0
Local Governments		12.4		2.8		(0.8	)		(0.0	)		13.2		2.8
Governments		191.0		—		(72.5	)		—			263.5		—
Other		927.5		3.2		(50.1	)		(0.2	)		977.7		3.4
Overseas Total (including Loans Booked Offshore)		5.0		—		(0.8	)		—			5.8		—
Governments		0.3		—		(0.0	)		—			0.4		—
Financial Institutions		—		—		—			—			—		—
Other		4.6		—		(0.7	)		—			5.4		—

Total		4,164.8		14.5		(212.3	)		(0.6	)		4,377.2		15.1

*	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, 2016										As of March 31, 2016
					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)		716.4		73.3		(15.1	)		(0.8	)		731.5		74.2
Manufacturing		299.8		72.7		2.2			0.5			297.6		72.1
Agriculture & Forestry		0.2		34.6		(1.3	)		(28.8	)		1.5		63.5
Fishery		—		—		(0.3	)		—			0.3		12.2
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		12.3		72.1		(3.2	)		4.9			15.5		67.2
Utilities		1.5		36.5		0.2			13.2			1.2		23.3
Communication		10.8		69.5		(4.9	)		(12.0	)		15.7		81.6
Transportation & Postal Industry		5.8		61.3		(5.7	)		(5.7	)		11.5		67.1
Wholesale & Retail		138.5		61.6		5.2			(2.1	)		133.3		63.7
Finance & Insurance		3.0		47.4		0.2			(20.9	)		2.8		68.3
Real Estate		37.8		88.8		(6.1	)		2.4			44.0		86.4
Commodity Lease		1.4		87.6		0.0			3.7			1.4		83.8
Service Industries		61.9		64.7		(0.9	)		(3.3	)		62.9		68.1
Local Governments		2.8		100.0		(0.0	)		—			2.8		100.0
Other		140.0		87.3		(0.4	)		(0.9	)		140.4		88.2
Overseas Total (including Loans Booked Offshore)		72.2		83.5		(16.2	)		(1.0	)		88.5		84.6
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		72.2		83.5		(16.2	)		(1.0	)		88.5		84.6
Total		788.6		74.3		(31.4	)		(1.0	)		820.1		75.3

*	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, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Housing and Consumer Loans		11,006.8		(361.3	)		11,368.1
Housing Loans for owner’s residential housing		*9,674.3*		(275.4	)		9,949.7

Mizuho Bank

Housing and Consumer Loans		10,883.0		(349.5	)		11,232.5
Housing Loans		9,966.1		(305.5	)		10,271.7
for owner’s residential housing		*9,562.3*		(264.9	)		9,827.2
Consumer loans		916.8		(43.9	)		960.8

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans		123.7		(11.8	)		135.5
Housing Loans for owner’s residential housing		*111.9*		(10.5	)		122.4
* Above figures are aggregate banking and trust account amounts. (2) Loans to SMEs and Individual Customers Non-Consolidated Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

	*(%, Billions of yen)*
	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.6		(1.3	)		59.0
Loans to SMEs and Individual Customers		31,966.3		(813.9	)		32,780.3

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		58.1		(1.8	)		59.9
Loans to SMEs and Individual Customers		29,800.2		(856.7	)		30,657.0

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		52.0		3.4			48.5
Loans to SMEs and Individual Customers		2,166.0		42.8			2,123.2

*	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, 2016

As of March 31, 2016

Non-Accrual,
Past Due &
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

6,121.2

27.2

(684.9

)

2.7

6,806.1

24.5

Hong Kong

1,371.8

8.7

(4.8

)

(0.1

)

1,376.6

8.9

South Korea

554.9

—

(135.8

)

—

690.8

—

Singapore

1,034.7

16.4

(160.2

)

1.9

1,195.0

14.5

Thailand

799.8

1.8

(47.4

)

1.0

847.2

0.7

Central and South America

3,500.4

50.8

(433.6

)

1.3

3,934.0

49.4

North America

5,625.8

17.1

(136.2

)

(5.0

)

5,762.1

22.1

Eastern Europe

52.3

0.8

(2.6

)

(0.3

)

55.0

1.2

Western Europe

2,978.3

13.6

(414.4

)

(6.5

)

3,392.8

20.1

Other

2,228.2

9.7

(136.2

)

(1.7

)

2,364.5

11.4

Total

20,506.4

119.5

(1,808.2

)

(9.4

)

22,314.6

129.0

2-30

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2016 to September 30, 2021)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		3,004.5
Income before Income Taxes	2		3,053.7
Tax Adjustments *¹	3		303.0
Taxable Income before Current Deductible Temporary Differences *²	4		3,356.7

Effective Statutory Tax Rate	5		30.80%/30.56	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,028.5

*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, 2016.

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


	*(Billions of yen)*
Fiscal 2012		80.5
Fiscal 2013		304.2
Fiscal 2014		546.7
Fiscal 2015		496.0
First Half of Fiscal 2016(estimate)		230.0

*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 2016 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2016						As of March 31, 2016
					Change			As of March 31, 2016
Reserves for Possible Losses on Loans	7		127.6			(7.4	)		135.1
Impairment of Securities	8		159.6			1.2			158.3
Net Unrealized Losses on Other Securities	9		22.4			2.2			20.1
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		256.3			3.4			252.8

Total Deferred Tax Assets	14		566.0			(0.5	)		566.5

Valuation Allowance	15		(184.0	)		9.8			(193.9	)

Sub-Total [ 14 + 15 ]	16		382.0			9.3			372.6

Amount related to Retirement Benefits Accounting *¹	17		(145.2	)		(1.8	)		(143.3	)
Net Unrealized Gains on Other Securities	18		(372.5	)		54.8			(427.3	)
Net Deferred Hedge Gains	19		(85.5	)		(18.9	)		(66.5	)
Other	20		(34.2	)		3.2			(37.4	)

Total Deferred Tax Liabilities	21		(637.4	)		37.2			(674.7	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(255.4	)		46.5			(302.0	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(373.2	)		55.1			(428.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(85.5	)		(18.9	)		(66.5	)
Tax effects related to others	25		203.3			10.3			192.9

*1	Amount related to Retirement Benefits Accounting includes ¥(75.4) billion related to gains on securities contributed to employee retirement benefit trust.

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

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

Future taxable income was estimated using assumptions used in the Business Plan, etc. 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): ¥3,004.5 billion [1]

Income before Income Taxes: ¥3,053.7 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,356.7 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 ¥566.0 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥184.0 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥637.4 billion [21], ¥255.4 billion [22] of Net Deferred Tax Liabilities were recorded on the balance sheet.

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

2-31

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2016 to September 30, 2021)
Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	1		239.3
Income before Income Taxes	2		221.3
Tax Adjustments *¹	3		(7.0	)
Taxable Income before Current Deductible Temporary Differences *²	4		214.3

Effective Statutory Tax Rate	5		30.80%/30.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		65.7

*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, 2016.

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


	*(Billions of yen)*
Fiscal 2012		26.8
Fiscal 2013		39.9
Fiscal 2014		14.6
Fiscal 2015		45.1
First Half of Fiscal 2016 (estimate)		24.0

*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 2016 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2016						As of March 31, 2016
					Change			As of March 31, 2016
Reserves for Possible Losses on Loans	7		1.8			(0.0	)		1.9
Impairment of Securities	8		14.8			(0.7	)		15.6
Net Unrealized Losses on Other Securities	9		0.5			0.2			0.3
Reserve for Employee Retirement Benefits	10		10.5			0.3			10.2
Net Deferred Hedge Losses	11		—			—			—
Tax Losses Carried Forward	12		—			—			—
Other	13		4.4			(0.3	)		4.7

Total Deferred Tax Assets	14		32.3			(0.5	)		32.9

Valuation Allowance	15		(15.6	)		(0.0	)		(15.6	)

Sub-Total [ 14 + 15 ]	16		16.7			(0.5	)		17.2

Amount related to Retirement Benefits Accounting *¹	17		(4.5	)		—			(4.5	)
Net Unrealized Gains on Other Securities	18		(19.6	)		4.2			(23.9	)
Net Deferred Hedge Gains	19		(1.0	)		(0.8	)		(0.2	)
Other	20		(0.4	)		0.1			(0.6	)

Total Deferred Tax Liabilities	21		(25.7	)		3.5			(29.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(9.0	)		2.9			(12.0	)
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(19.8	)		4.0			(23.9	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(1.0	)		(0.8	)		(0.2	)
Tax effects related to others	25		11.8			(0.2	)		12.1

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

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

Future taxable income was estimated using assumptions used in the Business Plan, etc. 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): ¥239.3 billion [1]

Income before Income Taxes: ¥221.3 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥214.3 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 ¥32.3 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥15.6 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥25.7 billion [21], ¥9.0 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.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated


	*(Billions of yen)*
	As of September 30, 2016					As of March 31, 2016
Aggregate Figures for the 2 Banks			Change			As of March 31, 2016

Deposits		88,881.2		809.9			88,071.3

Individual Deposits		40,587.1		345.9			40,241.2
Corporate Deposits		41,393.4		698.3			40,695.0
Financial/Government Institutions		6,900.6		(234.3	)		7,135.0
Mizuho Bank
Deposits		85,607.8		578.8			85,028.9

Individual Deposits		39,545.5		381.6			39,163.9
Corporate Deposits		40,064.7		675.8			39,388.9
Financial/Government Institutions		5,997.4		(478.6	)		6,476.1
Mizuho Trust & Banking
Deposits		3,273.4		231.0			3,042.4

Individual Deposits		1,041.6		(35.6	)		1,077.3
Corporate Deposits		1,328.6		22.4			1,306.1
Financial/Government Institutions		903.2		244.2			658.9

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

2-33

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

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



	As of September 30, 2016					As of March 31, 2016
			Change			As of March 31, 2016
Directors, Executive Officers as defined in the Companies Act, and Auditors		66		(2	)		68
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		118		8			110
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		41,511		2,604			38,907

Aggregate Figures for Mizuho Financial Group, and the 2 Banks

Directors, Executive Officers as defined in the Companies Act, and Auditors		49		(3	)		52
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		100		10			90
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		34,158		2,245			31,913

Mizuho Financial Group

Directors and Executive Officers as defined in the Companies Act		23		(3	)		26
Executive Officers as defined in the Companies Act		15		(3	)		18
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		53		16			37
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		1,371		53			1,318

Mizuho Bank

Directors and Auditors		20		—			20
Executive Officers as defined in our internal regulations and Specialist Officers (excluding those doubling as Directors)		68		2			66
Employees (excluding Executive Officers as defined in our internal regulations and Specialist Officers)		29,452		2,097			27,355

Mizuho Trust & Banking

Directors and Auditors		13		—			13
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		22		1			21
Employees (excluding Executive Officers as defined in our internal regulations)		3,335		95			3,240

Mizuho Securities

Directors and Auditors		19		1			18
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		31		(2	)		33
Employees (excluding Executive Officers as defined in our internal regulations)		7,353		359			6,994

*1.	Mizuho Financial Group and Mizuho Bank have newly introduced “Specialist Officer” positions from April 1, 2016.

*2.	In the tables that denote aggregate figures for more than one company, the numbers have been adjusted for Directors, Executive Officers as defined in our internal regulations, and Specialist Officers doubling other positions.

*3.	The number of Executive Officers as defined in our internal regulations includes those doubling as Directors of Mizuho Financial Group.

*4.	The figures for Mizuho Securities are denoted for reference.

2-34

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of September 30, 2016				As of March 31, 2016
			Change		As of March 31, 2016
Head Offices and Domestic Branches		455		—		455
Overseas Branches		25		—		25
Domestic Sub-Branches		60		—		60
Overseas Sub-Branches		17		—		17
Overseas Representative Offices		6		—		6
* 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		—		25
Domestic Sub-Branches		41		—		41
Overseas Sub-Branches		17		—		17
Overseas Representative Offices		6		—		6
* 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		19		—		19
Overseas Sub-Branches		—		—		—
Overseas Representative Offices		—		—		—

2-35

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2016

Consolidated

(Billions of yen)

Fiscal 2016

Ordinary Profits

770.0

Profit Attributable to Owners of Parent

600.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2016

Aggregate Figures
for the 2 Banks

MHBK

MHTB *

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

575.0

530.0

45.0

Ordinary Profits

525.0

475.0

50.0

Net Income

380.0

345.0

35.0

Credit-related Costs

(55.0

)

(55.0

)

—

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

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

2-36

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2016 (A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	35,301,082		¥	30,156,145		¥	5,144,936
Call Loans		167,201			266,249			(99,048	)
Receivables under Resale Agreements		674,114			368,351			305,763
Other Debt Purchased		568,268			729,842			(161,574	)
Trading Assets		5,693,784			6,421,352			(727,567	)
Money Held in Trust		3,167			3,197			(29	)
Securities		31,663,053			37,903,140			(6,240,086	)
Loans and Bills Discounted		69,100,177			70,374,392			(1,274,215	)
Foreign Exchange Assets		1,346,301			1,343,546			2,754
Derivatives other than for Trading		4,671,257			5,008,314			(337,056	)
Other Assets		2,207,754			1,688,087			519,666
Tangible Fixed Assets		823,914			836,484			(12,570	)
Intangible Fixed Assets		692,726			636,583			56,143
Prepaid Pension Cost		475,146			469,034			6,111
Customers’ Liabilities for Acceptances and Guarantees		5,134,450			5,297,202			(162,752	)
Reserves for Possible Losses on Loans		(372,223	)		(379,190	)		6,966

Total Assets	¥	158,150,176		¥	161,122,736		¥	(2,972,559	)

Liabilities
Deposits	¥	101,928,492		¥	100,197,037		¥	1,731,455
Negotiable Certificates of Deposit		8,992,754			11,177,095			(2,184,341	)
Call Money		965,292			1,127,524			(162,231	)
Payables under Repurchase Agreements		7,332,471			7,588,922			(256,451	)
Guarantee Deposits Received under Securities Lending Transactions		763,564			786,431			(22,866	)
Commercial Paper		672,313			777,601			(105,288	)
Trading Liabilities		4,762,196			5,198,295			(436,098	)
Borrowed Money		9,535,065			8,697,522			837,542
Foreign Exchange Liabilities		843,780			682,188			161,591
Bonds and Notes		3,951,738			4,376,773			(425,034	)
Derivatives other than for Trading		3,731,362			4,423,937			(692,574	)
Other Liabilities		1,966,872			2,998,753			(1,031,881	)
Reserve for Bonus Payments		15,099			20,437			(5,337	)
Reserve for Variable Compensation		634			1,300			(666	)
Reserve for Possible Losses on Sales of Loans		3			267			(263	)
Reserve for Contingencies		204			800			(595	)
Reserve for Reimbursement of Deposits		14,739			15,041			(302	)
Reserve for Reimbursement of Debentures		35,273			39,245			(3,971	)
Deferred Tax Liabilities		255,482			302,072			(46,589	)
Deferred Tax Liabilities for Revaluation Reserve for Land		67,247			67,991			(743	)
Acceptances and Guarantees		5,134,450			5,297,202			(162,752	)

Total Liabilities		150,969,040			153,776,443			(2,807,403	)

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,328			2,286,795			(466	)
Capital Reserve		655,418			655,324			93
Other Capital Surplus		1,630,910			1,631,471			(560	)
Retained Earnings		2,167,359			2,231,469			(64,110	)
Appropriated Reserve		225,810			169,829			55,981
Other Retained Earnings		1,941,548			2,061,640			(120,091	)
Retained Earnings Brought Forward		1,941,548			2,061,640			(120,091	)

Total Shareholders’ Equity		5,857,753			5,922,330			(64,577	)

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		962,192			1,106,333			(144,141	)
Net Deferred Hedge Gains (Losses), net of Taxes		214,396			169,143			45,252
Revaluation Reserve for Land, net of Taxes		146,794			148,483			(1,689	)

Total Valuation and Translation Adjustments		1,323,382			1,423,961			(100,578	)

Total Net Assets		7,181,136			7,346,292			(165,156	)

Total Liabilities and Net Assets	¥	158,150,176		¥	161,122,736		¥	(2,972,559	)

2-37

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, 2016 (A)			For the six months ended September 30, 2015 (B)		Change (A) - (B)
Ordinary Income	¥	1,075,664		¥	1,151,966	¥	(76,301	)
Interest Income		570,512			607,917		(37,404	)
Interest on Loans and Bills Discounted		*388,213*			401,045		(12,831	)
Interest and Dividends on Securities		*119,871*			144,430		(24,559	)
Fee and Commission Income		233,330			239,556		(6,226	)
Trading Income		75,454			49,353		26,100
Other Operating Income		107,111			117,133		(10,022	)
Other Ordinary Income		89,256			138,004		(48,747	)

Ordinary Expenses		794,494			740,910		53,583
Interest Expenses		208,153			177,060		31,092
Interest on Deposits		*79,496*			58,867		20,628
Fee and Commission Expenses		49,709			51,858		(2,148	)
Trading Expenses		390			6,151		(5,761	)
Other Operating Expenses		20,797			22,612		(1,814	)
General and Administrative Expenses		441,372			416,470		24,902
Other Ordinary Expenses		74,070			66,756		7,313

Ordinary Profits		281,170			411,055		(129,884	)

Extraordinary Gains		1,423			5,881		(4,458	)

Extraordinary Losses		2,643			1,610		1,033

Income before Income Taxes		279,949			415,326		(135,377	)
Income Taxes:
Current		76,978			110,150		(33,172	)
Deferred		(9,716	)		22,750		(32,467	)

Net Income	¥	212,688		¥	282,426	¥	(69,737	)

2-38

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2016 (A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,739,206		¥	1,665,011		¥	74,195
Call Loans		11,628			5,520			6,107
Guarantee Deposits Paid under Securities Borrowing Transactions		110,036			215,970			(105,933	)
Other Debt Purchased		10,862			13,358			(2,496	)
Trading Assets		132,466			127,305			5,161
Money Held in Trust		3,053			2,578			475
Securities		1,262,886			1,492,120			(229,233	)
Loans and Bills Discounted		3,330,571			3,496,313			(165,742	)
Foreign Exchange Assets		4,733			3,675			1,057
Other Assets		78,257			80,648			(2,391	)
Tangible Fixed Assets		24,681			24,632			48
Intangible Fixed Assets		27,961			24,022			3,939
Prepaid Pension Cost		49,438			49,795			(356	)
Customers’ Liabilities for Acceptances and Guarantees		40,209			43,749			(3,539	)
Reserves for Possible Losses on Loans		(5,164	)		(5,636	)		471

Total Assets	¥	6,820,830		¥	7,239,067		¥	(418,236	)

Liabilities
Deposits	¥	3,286,590		¥	3,056,268		¥	230,322
Negotiable Certificates of Deposit		262,710			353,070			(90,360	)
Call Money		729,953			1,162,877			(432,923	)
Payables under Repurchase Agreements		60,672			67,602			(6,930	)
Guarantee Deposits Received under Securities Lending Transactions		313,198			420,713			(107,515	)
Trading Liabilities		124,363			121,483			2,879
Borrowed Money		298,083			366,955			(68,871	)
Foreign Exchange Liabilities		—			0			(0	)
Bonds and Notes		10,000			10,000			—
Due to Trust Accounts		1,092,577			1,019,554			73,022
Other Liabilities		58,240			60,074			(1,833	)
Reserve for Bonus Payments		2,100			1,953			147
Reserve for Variable Compensation		206			401			(194	)
Reserve for Reimbursement of Deposits		1,089			1,113			(23	)
Deferred Tax Liabilities		9,079			12,043			(2,963	)
Acceptances and Guarantees		40,209			43,749			(3,539	)

Total Liabilities		6,289,077			6,697,859			(408,782	)

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		182,167			180,091			2,076
Appropriated Reserve		27,427			23,327			4,099
Other Retained Earnings		154,739			156,763			(2,023	)
Retained Earnings Brought Forward		154,739			156,763			(2,023	)

Total Shareholders’ Equity		445,042			442,965			2,076

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		84,231			97,740			(13,508	)
Net Deferred Hedge Gains (Losses), net of Taxes		2,478			501			1,977

Total Valuation and Translation Adjustments		86,710			98,241			(11,530	)

Total Net Assets		531,753			541,207			(9,454	)

Total Liabilities and Net Assets	¥	6,820,830		¥	7,239,067		¥	(418,236	)

2-39

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, 2016 (A)		For the six months ended September 30, 2015 (B)		Change (A) - (B)
Ordinary Income	¥	95,275	¥	98,773	¥	(3,498	)
Fiduciary Income		24,295		26,782		(2,487	)
Interest Income		20,045		25,460		(5,415	)
Interest on Loans and Bills Discounted		*12,920*		14,294		(1,374	)
Interest and Dividends on Securities		*6,261*		10,222		(3,961	)
Fee and Commission Income		24,508		24,160		347
Trading Income		476		888		(412	)
Other Operating Income		10,355		14,440		(4,084	)
Other Ordinary Income		15,593		7,040		8,553

Ordinary Expenses		64,423		68,030		(3,607	)
Interest Expenses		4,747		5,435		(688	)
Interest on Deposits		*702*		1,079		(376	)
Fee and Commission Expenses		12,377		12,919		(542	)
Other Operating Expenses		1,743		6,676		(4,933	)
General and Administrative Expenses		43,714		39,729		3,985
Other Ordinary Expenses		1,841		3,269		(1,428	)

Ordinary Profits		30,851		30,742		108

Extraordinary Gains		—		864		(864	)

Extraordinary Losses		61		122		(60	)

Income before Income Taxes		30,789		31,485		(695	)
Income Taxes:
Current		7,952		6,298		1,653
Deferred		261		3,564		(3,303	)

Net Income	¥	22,576	¥	21,622	¥	953

2-40

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


As of September 30, 2016		*Millions of yen*
Assets		Amount		Liabilities	Amount
Loans and Bills Discounted			834,328	Money Trusts		18,261,755
Securities			1,129,763	Pension Trusts		3,929,675
Beneficiary Rights to the Trusts			47,262,342	Property Formation Benefit Trusts		3,651
Securities held in Custody Accounts			379,551	Investment Trusts		15,801,296
Money Claims			4,348,076	Money Entrusted Other than Money Trusts		1,430,173
Tangible Fixed Assets			6,017,769	Securities Trusts		7,712,291
Intangible Fixed Assets			323,752	Money Claims Trusts		3,237,100
Other Claims			82,419	Land and Fixtures Trusts		333,531
Due from Banking Account			1,092,577	Composite Trusts		11,369,974
Cash and Due from Banks			614,074	Other Trusts		5,204

Total			62,084,656	Total		62,084,656


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 ¥45,972,963 million.
3.	Joint trust assets under the management of other companies: ¥400,686 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 ¥13,111 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,882 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			13,111	Principal		738,433
Securities			2	Reserve		40
Others			725,462	Others		102

Total			738,576	Total		738,576

2-41

Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2016 (A)		As of March 31, 2016 (B)		Change (A) - (B)
Total Amount of Funds		25,744,383		25,771,881		(27,498	)
Deposits		3,286,590		3,056,268		230,322
Negotiable Certificates of Deposit		262,710		353,070		(90,360	)
Money Trusts		18,261,755		18,620,805		(359,049	)
Pension Trusts		3,929,675		3,738,037		191,638
Property Formation Benefit Trusts		3,651		3,700		(48	)
Loans and Bills Discounted		4,164,899		4,377,247		(212,347	)
of Banking accounts		3,330,571		3,496,313		(165,742	)
of Trust accounts		834,328		880,933		(46,605	)
Securities for Investments		2,392,649		2,512,268		(119,618	)
of Banking accounts		1,262,886		1,492,120		(229,233	)
of Trust accounts		1,129,763		1,020,148		109,614

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Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO SECURITIES


	*Millions of yen*
	As of September 30, 2016(A)			As of March 31, 2016 (B)			Change (A) - (B)
Assets
Current Assets
Cash and Bank Deposits	¥	365,091		¥	283,049		¥	82,041
Cash Segregated as Deposits for Customers and Others		222,425			170,684			51,741
Trading Assets		6,100,324			5,990,021			110,303
Receivables—Unsettled Trades		—			27,923			(27,923	)
Operating Investment Securities		20,477			19,010			1,466
Operating Loans Receivable		2,860			3,100			(240	)
Receivables Related to Margin Transactions		83,875			98,958			(15,082	)
Collateralized Short-Term Financing Agreements-Receivable		3,839,234			3,949,642			(110,408	)
Advances Paid		199			107			92
Securities: Fail to Deliver		18,535			11,937			6,598
Short-Term Loans Receivable		27,109			50,711			(23,602	)
Deferred Tax Assets		31,907			8,735			23,172
Other Current Assets		439,610			404,314			35,295
Less: Allowance for Doubtful Accounts		(8	)		(16	)		8
Noncurrent Assets
Property and Equipment		14,155			14,540			(385	)
Intangible Assets		46,066			42,370			3,695
Investments and Other Assets		285,447			308,153			(22,705	)

Total Assets	¥	11,497,312		¥	11,383,246		¥	114,066

Liabilities
Current Liabilities
Trading Liabilities	¥	4,450,664		¥	4,445,062		¥	5,602
Payables—Unsettled Trades		1,088,242			—			1,088,242
Payables Related to Margin Transactions		25,861			42,278			(16,417	)
Collateralized Short-Term Financing Agreements-Payable		3,120,581			3,861,722			(741,140	)
Deposits Received		208,311			136,356			71,954
Guarantee Deposits Received		190,198			154,013			36,185
Securities: Fail to Receive		6,105			4,271			1,833
Short-Term Borrowings		319,998			479,403			(159,405	)
Commercial Paper		317,800			513,700			(195,900	)
Bonds and Notes Due within One Year		83,095			55,602			27,492
Lease Obligations		372			377			(5	)
Income Taxes Payable		819			4,400			(3,581	)
Accrued Employees’ Bonuses		10,840			13,217			(2,376	)
Provision for Variable Compensation		406			790			(383	)
Provision for Bonus Point Redemption		749			623			126
Other Current Liabilities		28,099			31,422			(3,323	)
Noncurrent Liabilities
Bonds and Notes		539,438			548,766			(9,328	)
Long-Term Borrowings		279,200			409,400			(130,200	)
Lease Obligations		665			857			(191	)
Provision for Retirement Benefits		18,814			18,034			779
Other Noncurrent Liabilities		1,812			1,885			(73	)
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities		2,200			2,005			194

Total Liabilities		10,694,276			10,724,190			(29,914	)

Net Assets
Common Stock		125,167			125,167			—
Capital Surplus		381,649			381,649			—
Additional Paid—in Capital		285,831			285,831			—
Other Capital Surplus		95,817			95,817			—
Retained Earnings		278,686			149,594			129,091
Other Retained Earnings		278,686			149,594			129,091
Retained Earnings Brought Forward		278,686			149,594			129,091

Total Shareholders’ Equity		785,502			656,411			129,091

Net Unrealized Gains on (Operating) Investment Securities, net of Tax		19,830			21,626			(1,796	)
Net Deferred Gains or Losses on Hedges, net of Tax		(2,296	)		(18,982	)		16,685

Total Valuation and Translation Adjustments		17,533			2,644			14,888

Total Net Assets		803,036			659,056			143,980

Total Liabilities and Net Assets	¥	11,497,312		¥	11,383,246		¥	114,066

2-43

Mizuho Securities Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO SECURITIES


	*Millions of yen*
	For the six months ended September 30, 2016 (A)			For the six months ended September 30, 2015 (B)			Change (A) - (B)
Operating Revenues	¥	176,709		¥	159,906		¥	16,803
Commissions		75,907			79,643			(3,736	)
Net Gain on Trading		81,846			64,068			17,777
Net Gain on Operating Investment Securities		66			3,272			(3,205	)
Interest and Dividend Income		18,889			12,921			5,968

Interest Expenses		17,169			12,547			4,622

Net Operating Revenues		159,539			147,358			12,180

Selling, General and Administrative Expenses		118,210			116,372			1,837
Transaction-Related Expenses		26,091			26,701			(609	)
Personnel Expenses		45,085			42,297			2,787
Real Estate Expenses		13,195			12,659			536
Administrative Expenses		22,441			24,112			(1,670	)
Depreciation and Amortization		8,152			7,080			1,071
Taxes and Dues		1,484			1,894			(410	)
Provision of Allowance for Doubtful Accounts		(81	)		(198	)		117
Other		1,841			1,826			14

Operating Income		41,329			30,986			10,343

Non-Operating Income		6,929			4,139			2,789
Non-Operating Expenses		661			467			194

Ordinary Income		47,597			34,659			12,938

Extraordinary Gain		67,834			13,143			54,691

Extraordinary Loss		1,519			800			719

Income before Income Taxes		113,911			47,002			66,909
Income Taxes:
Current		79			78			0
Deferred		(33,394	)		13,943			(47,337	)

Net Income	¥	147,227		¥	32,979		¥	114,247

2-44