6-K 1 d128175d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F  ☒    Form 40-F  ☐

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  ☒

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NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.


SIGNATURES

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

 

Date: May 14, 2021
Mizuho Financial Group, Inc.
By:  

/s/ Makoto Umemiya

Name:   Makoto Umemiya
Title:   Senior Managing Executive Officer / Group CFO


For Immediate Release:

 

  

Consolidated Financial Statements for Fiscal 2020

(Under Japanese GAAP)

  

 

Company Name:    Mizuho Financial Group, Inc. (“MHFG”)    May 14, 2021
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:   Tatsufumi Sakai   President & CEO    
For Inquiry:   Tomomichi Fujita   General Manager of Accounting  
Phone:   +81-3-6838-6101    
Ordinary General Meeting of Shareholders (scheduled):   June 23, 2021   Commencement of Dividend Payment (scheduled):   June 8, 2021
Filing of Yuka Shoken Hokokusho to the Kanto Local Finance Bureau (scheduled):   June 24, 2021   Trading Accounts: Established  
Supplementary Materials on Annual Results:   Attached    
IR Conference on Annual Results:   Scheduled    
Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2020 (for the fiscal year ended March 31, 2021)

(1) Consolidated Results of Operations

 

(%: Changes from the previous fiscal year)

 

     Ordinary Income     Ordinary Profits     Profit Attributable
to Owners of
Parent
 
     ¥ million      %     ¥ million      %     ¥ million      %  

Fiscal 2020

     3,218,095        (19.2     536,306        (15.9     471,020        5.0  

Fiscal 2019

     3,986,701        1.5       637,877        3.8       448,568        364.5  

Note:

 

Comprehensive Income:

Fiscal 2020: ¥931,888 million, —%; Fiscal 2019: ¥7,673 million, —%

 

     Net Income
per Share of
Common Stock
     Diluted Net Income
per Share of
Common Stock
     Net Income
on Own Capital
     Ordinary Profits
to Total Assets
     Ordinary Profits
to Ordinary Income
 
     ¥      ¥      %      %      %  

Fiscal 2020

     185.75        185.75        5.2        0.2        16.6  

Fiscal 2019

     176.87        176.86        5.1        0.3        16.0  

Reference:

 

Equity in Income from Investments in Affiliates:

Fiscal 2020: ¥19,912 million; Fiscal 2019: ¥30,382 million

Note:

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.

  

The impact from the share consolidation is reflected in Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

(2) Consolidated Financial Conditions

 

     Total Assets      Total Net Assets      Own Capital Ratio      Total Net Assets
per Share of
Common Stock
 
     ¥ million      ¥ million      %      ¥  

Fiscal 2020

     225,586,211        9,362,207        4.1        3,650.87  

Fiscal 2019

     214,659,077        8,663,847        3.9        3,372.96  

Reference:

 

Own Capital:

As of March 31, 2021: ¥9,256,275 million; As of March 31, 2020: ¥8,553,971 million

Note: 1.

  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.

Note: 2.

 

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.

The impact from the share consolidation is reflected in Total Net Assets per Share of Common Stock.

(3) Conditions of Consolidated Cash Flows

 

     Cash Flows from
Operating Activities
     Cash Flows from
Investing Activities
    Cash Flows from
Financing Activities
    Cash and Cash Equivalents
at the end of the fiscal year
 
     ¥ million      ¥ million     ¥ million     ¥ million  

Fiscal 2020

     16,613,235        (9,763,746     40,819       46,981,399  

Fiscal 2019

     1,901,893        (5,808,537     (281,849     39,863,604  

2. Cash Dividends for Shareholders of Common Stock

 

     Annual Cash Dividends per Share      Total Cash Dividends
(Total)
     Dividends Pay-out
Ratio

(Consolidated basis)
     Dividends on Net
Assets

(Consolidated basis)
 
   First
quarter-end
     Second
quarter-end
     Third
quarter-end
     Fiscal
year-end
     Annual  
     ¥      ¥      ¥      ¥      ¥      ¥ million      %      %  

Fiscal 2019

     —          3.75        —          3.75        7.50        190,416        42.4        2.1  

Fiscal 2020

     —          3.75        —          37.50        —          190,410        40.3        2.1  

Fiscal 2021 (estimate)

     —          37.50        —          37.50        75.00           37.3     

 

Note:

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in Cash Dividends per Share of Common Stock for the end of Fiscal 2020. If the share consolidation were not taken into consideration, it would be ¥3.75.

    

In addition, MHFG left the value of total annual dividend blank (—) as it is inappropriate simply to total the value of the dividend at the end of the first half of Fiscal 2020 and the value of the dividend at the end of Fiscal 2020.

3. Consolidated Earnings Estimates for Fiscal 2021 (for the fiscal year ending March 31, 2022)

 

(%: Changes from the corresponding period of the previous fiscal year)  
     Profit Attributable
to Owners of
Parent
     Net Income
per Share of
Common Stock
 
     ¥ million      %      ¥  

1H F2021

     —          —          —    

Fiscal 2021

     510,000        8.2        201.04  

Note:

  The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock as of March 31, 2021.


Notes

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

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

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

      ii. Changes in accounting policies other than i above: Yes

      iii. Changes in accounting estimates: No

      iv. Restatements: No

      Note: For more information, please refer to “Changes in Accounting Policies” on page 1 – 14 of the attachment.

(3) Issued Shares of Common Stock

 

      i.  Year-end issued shares

           (including treasury stock):

    As of March 31, 2021       2,539,249,894 shares       As of March 31, 2020       2,539,249,894 shares  

      ii. Year-end treasury stock:

    As of March 31, 2021       3,889,782 shares       As of March 31, 2020       3,210,681 shares  

      iii. Average number of outstanding shares:

    Fiscal 2020       2,535,683,043 shares       Fiscal 2019       2,536,066,121 shares  

 

Note:

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. The impact from the share consolidation is reflected in the number of Year-end issued shares (including treasury stock), Year-end treasury stock and Average outstanding shares.

This immediate release is outside the scope of the audit.

 

 

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on December 28, 2020, both of which are 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.

 

 


Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.   Overview of Consolidated Results of Operations and Financial Conditions      p.1-2  
  (1) Overview of Results of Operations      p.1-2  
  (2) Overview of Financial Conditions      p.1-3  
  (3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2020 and Dividend Estimates for Fiscal 2021      p.1-3  
2.   Basic Stance on Selection of Accounting Standards      p.1-4  
3.   Consolidated Financial Statements and Others      p.1-5  
  (1) Consolidated Balance Sheets      p.1-5  
  (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income      p.1-7  
  (3) Consolidated Statements of Changes in Net Assets      p.1-10  
  (4) Consolidated Statements of Cash Flows      p.1-12  
  (5) Notes regarding Consolidated Financial Statements      p.1-14  
 

(Matters Related to the Assumption of Going Concern)

  
 

(Changes in Accounting Policies)

  
 

(Business Segment Information)

  
 

(Per Share Information)

  
 

(Subsequent Events)

  

Note to XBRL

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

 

1-1


Mizuho Financial Group, Inc.

 

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2021, the global economy has been recovering from the sharp fall caused by the worldwide spread of COVID-19; however, recently, the spread of variants in some regions is inhibiting recovery.

In the United States, unemployment rose rapidly following the spread of COVID-19. However, as economic activity has resumed, the employment situation has improved. The FOMC (Federal Open Market Committee) is bolstering the economy by indicating that it will continue with monetary easing. Additional large-scale economic stimulus measures are also expected to boost the economy. Furthermore, progress in the vaccination rollout and other efforts has slowed down the spread of new infections. Nevertheless, the number of new infections still remains high and, therefore, future of the economy remains uncertain.

In Europe, although stringent lockdown measures caused a sharp contraction in consumption and production, the economic downturn seems to have bottomed out with the resumption of economic activity. In addition, as negotiations on the Free Trade Agreement (FTA) between the United Kingdom and the EU concluded, the negative impact of Brexit on the economy is expected to be limited. However, as economic activity remains stagnant due to the resurgence of infections and the subsequent resumption of lockdowns, concerns about the economic outlook still persist.

In Asia, China experienced continued recovery led by infrastructure investment and also experienced a recovery in private sector demand with rising consumer spending led by improvements in employment and income. However, considering its ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to China’s trade and other issues. Among emerging economies, some countries are experiencing additional pressure on their economies due to resurgence of infections. Even among countries that have brought COVID-19 infections under control, those that are highly dependent on natural resources and tourism and those that have limited capacity for fiscal stimulus are still experiencing adverse economic impacts.

In Japan, the economy has continued to recover, mainly through consumer consumption and exports, from the plummet caused by the restrictions of economic activities following the spread of infections. However, the recent resurgence of infections is casting a shadow on the recovery. Although measures taken by the government and Bank of Japan have curtailed the rise in unemployment and the number of corporate bankruptcies, the decline in consumer spending related to services was not prevented and has become a heavy drag on economic recovery.

As to the prospects for the global economy, a gradual recovery is expected, bolstered by the increasing availability of vaccines and the monetary easing and fiscal stimulus measures implemented by governments around the world. However, if vaccination rollout does not proceed smoothly as expected, there are concerns that the continued constraints on economic activities would hurt demand even further due to worsening employment and income situations. The Japanese economy may also experience a prolonged economic decline, eventually mounting to a significant contraction.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,198.6 billion for fiscal 2020, increasing by ¥136.4 billion from the previous fiscal year mainly due to the steady business performance in both Customer Groups and Markets. General and Administrative Expenses increased by ¥36.2 billion on a year-on-year basis to ¥1,414.6 billion mainly due to increased amortization expenses in unrecognized actuarial differences.

As a result, Consolidated Net Business Profits increased by ¥135.7 billion on a year-on-year basis to ¥797.7 billion.

Consolidated Net Business Profits + Net gains or losses related to ETFs and others, which consists of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., increased by ¥127.1 billion on a year-on-year basis to ¥799.7 billion.

 

1-2


Mizuho Financial Group, Inc.

 

Credit-related Costs increased by ¥33.2 billion on a year-on-year basis to ¥204.9 billion mainly due to recording expenses involved with the impact of COVID-19 on both domestic and international.

Net Gains (Losses) related to Stocks decreased by ¥125.0 billion on a year-on-year basis to net gains of ¥12.1 billion mainly due to improvements in the book value of bear funds.

As a result, Ordinary Income decreased by ¥101.5 billion on a year-on-year basis to ¥536.3 billion.

Extraordinary Gains (Losses) increased by ¥135.0 billion on a year-on-year basis to net gains of ¥115.8 billion mainly due to recording extraordinary gains in connection with the revision of the pension plan.

Tax-related Expenses increased by ¥13.2 billion on a year-on-year basis to ¥174.7 billion.

As a result, Profit Attributable to Owners of Parent for fiscal 2020 increased by ¥22.4 billion on a year-on-year basis to ¥471.0 billion.

As for earnings estimates for fiscal 2021, we estimate Ordinary Profits of ¥720.0 billion and Profit Attributable to Owners of Parent of ¥510.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates due to the further spread of COVID-19 or otherwise.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2021 amounted to ¥225,586.2 billion, increasing by ¥10,927.1 billion from the end of the previous fiscal year mainly due to an increase in securities.

Securities were ¥43,697.2 billion, increasing by ¥8,790.0 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥83,704.6 billion, increasing by ¥236.4 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥150,504.9 billion, increasing by ¥6,032.7 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,362.2 billion, increasing by ¥698.3 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,807.2 billion, Accumulated Other Comprehensive Income was ¥1,449.0 billion, and Non-controlling Interests was ¥105.7 billion.

Net Cash Provided by Operating Activities was ¥16,613.2 billion mainly due to increased call loans. Net Cash Used in Investing Activities was ¥9,763.7 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥40.8 billion mainly due to the issuance of subordinated bonds. As a result, Cash and Cash Equivalents as of March 31, 2021 was ¥46,981.3 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2020 and Dividend Estimates for Fiscal 2021

We have been implementing disciplined capital management by pursuing the optimum balance between strengthening of stable capital base and steady returns to shareholders, and set forth our shareholder return policy that we are maintaining the current level of dividends for the time being while aiming to strengthen our capital base further to enhance returns to shareholders at an early stage.

Based on this policy, we have decided to issue ¥37.5 of year-end cash dividends on common stock for Fiscal 2020 (annual cash dividends of ¥75.0 including interim dividends of ¥37.5, which reflects the impact from the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020) in accordance with the Dividend Estimate at the beginning of the fiscal year.

For Fiscal 2020, Profit Attributable to Owners of Parent was ¥471.0 billion and higher than our Earnings Estimate at the beginning of the fiscal year and Consolidated Common Equity Tier 1 capital ratio (Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities) was 9.1% and reached our target level of the 5-Year Business Plan which was set at the lower end of the 9-10% range. The Board of Directors has decided on such dividends taking into account our business environment comprehensively including our business results and capital adequacy mentioned above, and domestic and international regulation trends, including the Basel regulatory framework.

 

1-3


Mizuho Financial Group, Inc.

 

Common Stock

  ¥37.5 per share   (unchanged from the estimate at the beginning of Fiscal 2020)

Annual cash dividends incl. interim dividends

  ¥75.0 per share   (unchanged from the estimate at the beginning of Fiscal 2020)

Meanwhile, in accordance with the Articles of Incorporation, we may decide to issue dividends by resolution of the Board of Directors unless otherwise stipulated by laws and regulations. We decided on the year-end cash dividend payments on common stock for Fiscal 2020 at the meeting of the Board of Directors held today.

In response to the development of our capital accumulation, we decided to pursue the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, and set forth our shareholder return policy of progressive dividends being our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

As for the dividend estimates of common stock for Fiscal 2021, based on the new shareholder return policy, we predict ¥75.0 per share of common stock, which is the same as Fiscal 2020. We intend to continue payments of cash dividends at the interim period to return profits to our shareholders in a timely manner.

 

(Dividend Estimates for Fiscal 2021)     

Common Stock

   Cash Dividends per Share    ¥ 75.0    
  

of which Interim Dividends

   ¥ 37.5    

2. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of possible adoption in the future, MHFG is continuing research and study on the situation in Japan and Overseas and/or the development of IFRS.

 

1-4


Mizuho Financial Group, Inc.

 

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets

 

     Millions of yen  
     As of
March 31,

2020
    As of
March 31,
2021
 

Assets

    

Cash and Due from Banks

   ¥ 41,069,745     ¥ 47,981,981  

Call Loans and Bills Purchased

     584,686       589,776  

Receivables under Resale Agreements

     18,581,488       11,623,654  

Guarantee Deposits Paid under Securities Borrowing Transactions

     2,243,161       2,707,711  

Other Debt Purchased

     2,688,273       3,208,004  

Trading Assets

     13,248,734       12,589,294  

Money Held in Trust

     411,847       582,368  

Securities

     34,907,234       43,697,262  

Loans and Bills Discounted

     83,468,185       83,704,675  

Foreign Exchange Assets

     2,044,415       2,084,756  

Derivatives other than for Trading Assets

     1,944,060       1,719,349  

Other Assets

     5,206,121       6,174,020  

Tangible Fixed Assets

     1,103,622       1,135,449  

Buildings

     287,038       268,587  

Land

     610,305       624,429  

Lease Assets

     13,293       7,622  

Construction in Progress

     72,290       124,049  

Other Tangible Fixed Assets

     120,694       110,762  

Intangible Fixed Assets

     636,139       620,224  

Software

     429,136       410,026  

Goodwill

     61,276       56,249  

Lease Assets

     4,118       2,758  

Other Intangible Fixed Assets

     141,608       151,190  

Net Defined Benefit Asset

     846,782       1,109,107  

Deferred Tax Assets

     32,493       31,402  

Customers’ Liabilities for Acceptances and Guarantees

     6,066,527       6,602,744  

Reserves for Possible Losses on Loans

     (424,446     (575,572

Reserve for Possible Losses on Investments

     —         (0
  

 

 

   

 

 

 

Total Assets

   ¥ 214,659,077     ¥ 225,586,211  
  

 

 

   

 

 

 

 

1-5


Mizuho Financial Group, Inc.

 

     Millions of yen  
     As of
March 31,
2020
    As of
March 31,
2021
 

Liabilities

    

Deposits

   ¥ 131,189,673     ¥ 133,312,406  

Negotiable Certificates of Deposit

     13,282,561       17,192,572  

Call Money and Bills Sold

     2,263,076       1,312,790  

Payables under Repurchase Agreements

     17,971,098       18,607,255  

Guarantee Deposits Received under Securities Lending Transactions

     1,108,255       958,148  

Commercial Paper

     411,089       2,105,067  

Trading Liabilities

     9,604,890       8,115,377  

Borrowed Money

     5,209,947       7,441,822  

Foreign Exchange Liabilities

     509,405       532,042  

Short-term Bonds

     373,658       456,045  

Bonds and Notes

     8,906,432       10,321,672  

Due to Trust Accounts

     1,055,510       1,160,608  

Derivatives other than for Trading Liabilities

     1,619,151       1,739,671  

Other Liabilities

     6,111,195       5,862,013  

Reserve for Bonus Payments

     75,175       104,131  

Reserve for Variable Compensation

     2,559       2,935  

Net Defined Benefit Liability

     62,113       71,049  

Reserve for Director and Corporate Auditor Retirement Benefits

     944       683  

Reserve for Possible Losses on Sales of Loans

     637       1,074  

Reserve for Contingencies

     6,443       6,762  

Reserve for Reimbursement of Deposits

     27,851       22,099  

Reserve for Reimbursement of Debentures

     18,672       14,419  

Reserves under Special Laws

     2,509       3,135  

Deferred Tax Liabilities

     53,150       215,557  

Deferred Tax Liabilities for Revaluation Reserve for Land

     62,695       61,915  

Acceptances and Guarantees

     6,066,527       6,602,744  
  

 

 

   

 

 

 

Total Liabilities

   ¥ 205,995,229     ¥ 216,224,003  
  

 

 

   

 

 

 

Net Assets

    

Common Stock

   ¥ 2,256,767     ¥ 2,256,767  

Capital Surplus

     1,136,467       1,135,940  

Retained Earnings

     4,174,190       4,421,655  

Treasury Stock

     (6,414     (7,124
  

 

 

   

 

 

 

Total Shareholders’ Equity

     7,561,010       7,807,239  
  

 

 

   

 

 

 

Net Unrealized Gains (Losses) on Other Securities

     823,085       1,132,460  

Deferred Gains or Losses on Hedges

     72,081       31,618  

Revaluation Reserve for Land

     136,655       136,384  

Foreign Currency Translation Adjustments

     (133,178     (139,514

Remeasurements of Defined Benefit Plans

     94,317       288,088  
  

 

 

   

 

 

 

Total Accumulated Other Comprehensive Income

     992,960       1,449,035  
  

 

 

   

 

 

 

Stock Acquisition Rights

     213       134  

Non-controlling Interests

     109,662       105,797  
  

 

 

   

 

 

 

Total Net Assets

     8,663,847       9,362,207  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

   ¥ 214,659,077     ¥ 225,586,211  
  

 

 

   

 

 

 

 

1-6


Mizuho Financial Group, Inc.

 

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

Consolidated Statements of Income

 

                               
     Millions of yen  
     For the fiscal
year ended

March 31, 2020
    For the fiscal
year ended

March 31, 2021
 

Ordinary Income

   ¥ 3,986,701     ¥ 3,218,095  

Interest Income

     2,014,440       1,333,509  

Interest on Loans and Bills Discounted

     1,242,279       942,426  

Interest and Dividends on Securities

     266,861       240,494  

Interest on Call Loans and Bills Purchased

     5,356       2,190  

Interest on Receivables under Resale Agreements

     251,830       41,535  

Interest on Securities Borrowing Transactions

     18,779       2,946  

Interest on Due from Banks

     105,257       45,411  

Other Interest Income

     124,074       58,503  

Fiduciary Income

     58,565       55,160  

Fee and Commission Income

     778,842       843,953  

Trading Income

     406,539       388,441  

Other Operating Income

     412,114       358,254  

Other Ordinary Income

     316,198       238,776  

Recovery of Written-off Claims

     11,901       5,034  

Other

     304,296       233,741  

Ordinary Expenses

     3,348,823       2,681,789  

Interest Expenses

     1,280,897       427,826  

Interest on Deposits

     482,887       137,405  

Interest on Negotiable Certificates of Deposit

     124,332       28,906  

Interest on Call Money and Bills Sold

     8,686       1,907  

Interest on Payables under Repurchase Agreements

     351,012       56,199  

Interest on Securities Lending Transactions

     7,041       788  

Interest on Commercial Paper

     15,484       3,564  

Interest on Borrowed Money

     33,949       16,867  

Interest on Short-term Bonds

     31       55  

Interest on Bonds and Notes

     173,398       163,863  

Other Interest Expenses

     84,073       18,266  

Fee and Commission Expenses

     159,598       156,805  

Trading Expenses

     15,239       311  

Other Operating Expenses

     152,547       195,683  

General and Administrative Expenses

     1,378,398       1,414,608  

Other Ordinary Expenses

     362,142       486,554  

Provision for Reserves for Possible Losses on Loans

     161,005       180,636  

Other

     201,137       305,918  
  

 

 

   

 

 

 

Ordinary Profits

   ¥ 637,877       ¥ 536,306    
  

 

 

   

 

 

 

 

1-7


Mizuho Financial Group, Inc.

 

                               
     Millions of yen  
     For the fiscal
year ended

March 31, 2020
    For the fiscal
year ended

March 31, 2021
 

Extraordinary Gains

   ¥ 2,239     ¥ 142,202  

Gains on Disposition of Fixed Assets

     2,239       3,030  

Gains on Cancellation of Employee Retirement Benefit Trust

     —         76,996  

Accumulation (Amortization) of Unrecognized Prior Service Cost

     —         62,176  

Extraordinary Losses

     21,399       26,345  

Losses on Disposition of Fixed Assets

     6,138       9,606  

Losses on Impairment of Fixed Assets

     15,224       12,793  

Losses on Transfer to Defined Contribution Pension Plan

     —         3,320  

Other Extraordinary Losses

     36       625  
  

 

 

   

 

 

 

Income before Income Taxes

     618,717          652,163  
  

 

 

   

 

 

 

Income Taxes:

    

Current

     150,088       165,688  

Deferred

     11,408       9,099  
  

 

 

   

 

 

 

Total Income Taxes

     161,496       174,788  
  

 

 

   

 

 

 

Profit

        457,221       477,375  
  

 

 

   

 

 

 

Profit Attributable to Non-controlling Interests

     8,652       6,355  
  

 

 

   

 

 

 

Profit Attributable to Owners of Parent

   ¥ 448,568       ¥ 471,020    
  

 

 

   

 

 

 

 

1-8


Mizuho Financial Group, Inc.

 

Consolidated Statements of Comprehensive Income

 

                               
     Millions of yen  
     For the fiscal
year  ended

March 31, 2020
    For the fiscal
year  ended
March 31, 2021
 

Profit

   ¥    457,221     ¥    477,375  

Other Comprehensive Income

     (449,547     454,513  

Net Unrealized Gains (Losses) on Other Securities

     (359,779     305,969  

Deferred Gains or Losses on Hedges

     94,536       (40,294

Foreign Currency Translation Adjustments

     (20,650     (1,874

Remeasurements of Defined Benefit Plans

     (157,693     187,744  

Share of Other Comprehensive Income of Associates Accounted for Using Equity Method

     (5,961     2,968  
  

 

 

   

 

 

 

Comprehensive Income

     7,673         931,888    
  

 

 

   

 

 

 

(Breakdown)

    

Comprehensive Income Attributable to Owners of Parent

     (3,123     927,366  

Comprehensive Income Attributable to Non-controlling Interests

     10,797       4,522  

 

1-9


Mizuho Financial Group, Inc.

 

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2020

 

    Millions of yen  
    Shareholders’ Equity  
  Common
Stock
    Capital
Surplus
    Retained
Earnings
    Treasury
Stock
    Total Shareholders’
Equity
 

Balance as of the beginning of the period

    2,256,767       1,138,449       3,915,521       (7,703     7,303,034  

Changes during the period

         

Cash Dividends

        (190,405       (190,405

Profit Attributable to Owners of Parent

        448,568         448,568  

Repurchase of Treasury Stock

          (1,908     (1,908

Disposition of Treasury Stock

      (625       3,197       2,571  

Transfer from Revaluation Reserve for Land

        1,117         1,117  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

      (1,968         (1,968

Transfer from Retained Earnings to Capital Surplus

      611       (611       —    

Net Changes in Items other than Shareholders’ Equity

         
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

    —         (1,981     258,668       1,288       257,975  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

    2,256,767       1,136,467       4,174,190       (6,414     7,561,010  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

    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
 

Balance as of the beginning of the period

    1,186,401       (22,282     137,772       (111,057     254,936       1,445,770       707       444,525       9,194,038  

Changes during the period

                 

Cash Dividends

                    (190,405

Profit Attributable to Owners of Parent

                    448,568  

Repurchase of Treasury Stock

                    (1,908

Disposition of Treasury Stock

                    2,571  

Transfer from Revaluation Reserve for Land

                    1,117  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

                    (1,968

Transfer from Retained Earnings to Capital Surplus

                    —    

Net Changes in Items other than Shareholders’ Equity

    (363,316     94,364       (1,117     (22,120     (160,619     (452,809     (493     (334,862     (788,165
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

    (363,316     94,364       (1,117     (22,120     (160,619     (452,809     (493     (334,862     (530,190
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

    823,085       72,081       136,655       (133,178     94,317       992,960       213       109,662       8,663,847  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

1-10


Mizuho Financial Group, Inc.

 

For the fiscal year ended March 31, 2021

 

     Millions of yen  
     Shareholders’ Equity  
   Common
Stock
     Capital
Surplus
    Retained
Earnings
    Treasury
Stock
    Total Shareholders’
Equity
 

Balance as of the beginning of the period

     2,256,767        1,136,467       4,174,190       (6,414     7,561,010  

Cumulative Effects of Changes in Accounting Policies

          (32,639       (32,639

Balance as of the beginning of the period reflecting Changes in Accounting Policies

     2,256,767        1,136,467       4,141,550       (6,414     7,528,370  

Changes during the period

           

Cash Dividends

          (190,418       (190,418

Profit Attributable to Owners of Parent

          471,020         471,020  

Repurchase of Treasury Stock

            (2,545     (2,545

Disposition of Treasury Stock

        (99       1,835       1,736  

Transfer from Revaluation Reserve for Land

          271         271  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

        (526         (526

Decrease in retained earnings by increasing of equity method affiliates

          (668       (668

Transfer from Retained Earnings to Capital Surplus

        99       (99       —    

Net Changes in Items other than Shareholders’ Equity

           
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

     —          (526     280,105       (709     278,869  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

     2,256,767        1,135,940       4,421,655       (7,124     7,807,239  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

    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
 

Balance as of the beginning of the period

    823,085       72,081       136,655       (133,178     94,317       992,960       213       109,662       8,663,847  

Cumulative Effects of Changes in Accounting Policies

              —             (32,639

Balance as of the beginning of the period reflecting Changes in Accounting Policies

    823,085       72,081       136,655       (133,178     94,317       992,960       213       109,662       8,631,208  

Changes during the period

                 

Cash Dividends

                    (190,418

Profit Attributable to Owners of Parent

                    471,020  

Repurchase of Treasury Stock

                    (2,545

Disposition of Treasury Stock

                    1,736  

Transfer from Revaluation Reserve for Land

                    271  

Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders

                    (526

Decrease in retained earnings by increasing of equity method affiliates

                    (668

Transfer from Retained Earnings to Capital Surplus

                    —    

Net Changes in Items other than Shareholders’ Equity

    309,374       (40,463     (271     (6,336     193,770       456,074       (79     (3,865     452,130  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Changes during the period

    309,374       (40,463     (271     (6,336     193,770       456,074       (79     (3,865     730,999  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of the end of the period

    1,132,460       31,618       136,384       (139,514     288,088       1,449,035       134       105,797       9,362,207  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

1-11


Mizuho Financial Group, Inc.

 

(4) Consolidated Statements of Cash Flows

 

                                               
     Millions of yen  
     For the fiscal  year
ended

March 31, 2020
           For the fiscal  year
ended

March 31, 2021
 

Cash Flow from Operating Activities

                                                       

Income before Income Taxes

   ¥ 618,717                 ¥ 652,163  

Depreciation

     152,666          163,231  

Losses on Impairment of Fixed Assets

     15,224          12,793  

Amortization of Goodwill

     4,062          3,743  

Equity in Loss (Gain) from Investments in Affiliates

     (30,382        (19,912

Increase (Decrease) in Reserves for Possible Losses on Loans

     139,940          143,127  

Increase (Decrease) in Reserve for Possible Losses on Investments

     —            0  

Increase (Decrease) in Reserve for Possible Losses on Sales of Loans

     6          437  

Increase (Decrease) in Reserve for Contingencies

     1,793          1,564  

Increase (Decrease) in Reserve for Bonus Payments

     8,611          27,295  

Increase (Decrease) in Reserve for Variable Compensation

     (307        375  

Decrease (Increase) in Net Defined Benefit Asset

     (91,950        86,807  

Increase (Decrease) in Net Defined Benefit Liability

     2,590          (869

Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits

     (439        (260

Increase (Decrease) in Reserve for Reimbursement of Deposits

     8,782          (5,751

Increase (Decrease) in Reserve for Reimbursement of Debentures

     (6,893        (4,253

Interest Income—accrual basis

     (2,014,440        (1,333,509

Interest Expenses—accrual basis

     1,280,897          427,826  

Losses (Gains) on Securities

     (231,382        (49,071

Losses (Gains) on Money Held in Trust

     (121        (1,647

Foreign Exchange Losses (Gains)—net

     103,125          (173,635

Losses (Gains) on Disposition of Fixed Assets

     3,898          6,576  

Losses (Gains) on Revision of Retirement Benefit Plan

     —            (58,855

Losses (Gains) on Cancellation of Employee Retirement Benefit Trust

     —            (76,996

Decrease (Increase) in Trading Assets

     (1,435,994        1,188,511  

Increase (Decrease) in Trading Liabilities

     1,488,005          (2,021,852

Decrease (Increase) in Derivatives other than for Trading Assets

     (638,977        308,891  

Increase (Decrease) in Derivatives other than for Trading Liabilities

     475,833          36,977  

Decrease (Increase) in Loans and Bills Discounted

     (5,967,287        1,355,723  

Increase (Decrease) in Deposits

     7,732,005          801,380  

Increase (Decrease) in Negotiable Certificates of Deposit

     367,378          3,437,852  

Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)

     2,165,756          2,191,633  

Decrease (Increase) in Due from Banks (excluding Due from Central Banks)

     (365,564        239,094  

Decrease (Increase) in Call Loans, etc.

     (5,758,002        6,873,070  

Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions

     334,971          (464,549

Increase (Decrease) in Call Money, etc.

     3,128,355          (812,714

Increase (Decrease) in Commercial Paper

     (511,609        1,686,839  

Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions

     (376,328        (150,107

Decrease (Increase) in Foreign Exchange Assets

     (106,795        43,754  

Increase (Decrease) in Foreign Exchange Liabilities

     (159,598        18,923  

Increase (Decrease) in Short-term Bonds (Liabilities)

     18,119          82,387  

Increase (Decrease) in Bonds and Notes

     308,937          1,187,520  

Increase (Decrease) in Due to Trust Accounts

     (46,563        105,097  

Interest and Dividend Income—cash basis

     2,047,339          1,444,014  

Interest Expenses—cash basis

     (1,315,446        (496,241

Other—net

     650,590          (27,154
  

 

 

      

 

 

 

Subtotal

     1,999,524          16,830,231  
  

 

 

      

 

 

 

Cash Refunded (Paid) in Income Taxes

     (97,631        (216,995
  

 

 

      

 

 

 

Net Cash Provided by (Used in) Operating Activities

     1,901,893          16,613,235  
  

 

 

      

 

 

 

 

1-12


Mizuho Financial Group, Inc.

 

                                               
     Millions of yen  
     For the fiscal  year
ended

March 31, 2020
           For the fiscal  year
ended

March 31, 2021
 

Cash Flow from Investing Activities

       

Payments for Purchase of Securities

     (72,474,752        (97,434,015

Proceeds from Sale of Securities

     48,136,966                   51,925,747  

Proceeds from Redemption of Securities

     18,815,661          36,114,600  

Payments for Increase in Money Held in Trust

     (78,650        (183,852

Proceeds from Decrease in Money Held in Trust

     18,523          14,515  

Payments for Purchase of Tangible Fixed Assets

     (85,840        (107,392

Payments for Purchase of Intangible Fixed Assets

     (151,011        (108,812

Proceeds from Sale of Tangible Fixed Assets

     6,353          13,618  

Proceeds from Sale of Intangible Fixed Assets

     3,144          44  

Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)

     1,067          1,799  
  

 

 

      

 

 

 

Net Cash Provided by (Used in) Investing Activities

     (5,808,537        (9,763,746
  

 

 

      

 

 

 

Cash Flow from Financing Activities

       

Proceeds from Subordinated Borrowed Money

     15,000          45,000  

Repayments of Subordinated Borrowed Money

     (30,000        —    

Proceeds from Issuance of Subordinated Bonds

     483,000          555,000  

Payments for Redemption of Subordinated Bonds

     (213,000        (360,000

Proceeds from Investments by Non-controlling Shareholders

     2,883          2,988  

Repayments to Non-controlling Shareholders

     (303,000        (627

Cash Dividends Paid

     (190,386        (190,497

Cash Dividends Paid to Non-controlling Shareholders

     (9,568        (4,676

Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)

     (4,653        —    

Proceeds from Sale of Stocks of Subsidiaries (not affecting the scope of consolidation)

     —            40  

Payments for Repurchase of Treasury Stock

     (1,441        (1,848

Proceeds from Sale of Treasury Stock

     1,516          854  

Payments for Repurchase of Treasury Stock of Subsidiaries

     (32,199        (5,414
  

 

 

      

 

 

 

Net Cash Provided by (Used in) Financing Activities

     (281,849        40,819  
  

 

 

      

 

 

 

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents

     (202,776        227,487  
  

 

 

      

 

 

 

Net Increase (Decrease) in Cash and Cash Equivalents

     (4,391,269        7,117,795  
  

 

 

      

 

 

 

Cash and Cash Equivalents at the beginning of the fiscal year

     44,254,874          39,863,604  

Decrease in Cash and Cash Equivalents resulting from Exclusion of

Subsidiaries from Consolidation

     (0        —    
  

 

 

      

 

 

 

Cash and Cash Equivalents at the end of the fiscal year

   ¥ 39,863,604        ¥ 46,981,399  
  

 

 

      

 

 

 

 

1-13


Mizuho Financial Group, Inc.

 

(5) Notes regarding Consolidated Financial Statements

(Matters Related to the Assumption of Going Concern)

There is no applicable information.

(Changes in Accounting Policies)

(Accounting Standard for Fair Value Measurement and Others)

MHFG has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30 July 4, 2019) and others from the beginning of the consolidated fiscal year ended March 31, 2021.

In accordance with Article 8 of “Accounting Standard for Fair Value Measurement”, the fair value adjustment method used to determine the fair value of derivatives is revised to maximize the use of relevant observable inputs estimated from derivatives and others traded in the market.

In accordance with Article 20 of “Accounting Standard for Fair Value Measurement”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2020.

As a result, Retained Earnings decreased by ¥32,639 million, Trading Assets decreased by ¥50,380 million, Derivatives other than for Trading Assets decreased by ¥6,379 million, Trading Liabilities decreased by ¥6,529 million, Derivatives other than for Trading Liabilities decreased by ¥3,184 million, Deferred Tax Assets increased by ¥14,405 million, and Net Assets per Share decreased by ¥12.87 as of April 1, 2020. The share consolidation was taken place at a ratio of ten pre-consolidation shares to one post-consolidation share on October 1, 2020. Net Asset per share is calculated under the assumption that the share consolidation had been taken place at the beginning of fiscal 2019.

And in accordance with the transitional treatment set forth in Article 19 of “Accounting Standard for Fair Value Measurement” and Article 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), MHFG has applied a new accounting policy prescribed by “Accounting Standard for Fair Value Measurement” and others from the consolidated fiscal year ended March 31, 2021.

As a result, in principle, while fair value of Japanese stocks was previously determined based on the average quoted market price over the month preceding the consolidated balance sheet date, from the end of the consolidated fiscal year ended March 31, 2021, fair value of Japanese stocks is determined based on the quoted market price as of the consolidated balance sheet date.

 

1-14


Mizuho Financial Group, Inc.

 

(Business Segment Information)

1. Summary of reportable segment

MHFG has introduced an in-house company system based on the group’s diverse customer segments.

The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments.

Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

2. Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and Fixed assets by reportable segment

The following information of reportable segment is based on internal management reporting.

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, Other Operating Income, and Net gains or losses related to ETFs and others.

Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others is the amount of which General and administrative expenses (excluding non-recurring expenses and others), Equity in income from investments in affiliates, Amortization of goodwill and others (including amortization of intangible assets), and Others (consolidation adjustments) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others.

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

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

 

1-15


Mizuho Financial Group, Inc.

 

3. Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and Fixed assets by reportable segment

 

     Millions of yen  
     MHFG (Consolidated)        
     Retail &
Business
Banking
Company
     Corporate &
Institutional
Company
     Global
Corporate
Company
     Global
Markets
Company
     Asset
Management
Company
     Others
(Note 2)
       

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others

     679,878        491,861        450,623        487,212        50,404        40,750       2,200,728  

General and administrative expenses (excluding Non-Recurring Losses and others)

     640,566        209,551        251,133        218,202        32,946        56,275       1,408,673  

Equity in income from investments in affiliates

     5,446        3,920        10,913        —          1,114        (1,480     19,912  

Amortization of goodwill and others

     2,256        99        360        839        7,642        1,005       12,201  

Others

     —          —          —          —          —          —         —    

Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)
+ Net gains or losses related to ETFs and others

     42,502        286,131        210,043        268,171        10,930        (18,010     799,766  

Fixed assets

     546,985        185,096        162,089        93,896        87        767,521       1,755,674  

 

Notes: 1.

   Gross profits (excluding the amounts of credit costs of trust accounts) +Net gains or losses related to ETFs and others is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 2,034 million, of which ¥ (1,277) million is included in the Global Markets Company.

2.

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

3.

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

 

1-16


Mizuho Financial Group, Inc.

 

4. The difference between the total amounts of reportable segments and the recorded amounts in the Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others derived from internal management reporting by reportable segment are different from the amounts recorded in the Consolidated Statement of Income.

The contents of the difference for the period are as follows:

 

(1)

The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income

 

     Millions of yen  
     Amount  
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others      2,200,728  

Net gains or losses related to ETFs and others

     (2,034

Other Ordinary Income

     238,776  

General and Administrative Expenses

     (1,414,608

Other Ordinary Expenses

     (486,554
  

 

 

 

Ordinary Profits recorded in Consolidated Statement of Income

     536,306  
  

 

 

 

 

(2)

The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes recorded in the Consolidated Statement of Income

 

     Millions of yen  
     Amount  

Net Business Profits

(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others

     799,766  

Credit Costs for Trust Accounts

     —    

General and Administrative Expenses (non-recurring losses)

     6,266  

Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)

     (209,915

Gains on Reversal of Reserves for Possible Losses on Loans, and others

     4,940  

Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others

     10,091  

Net Extraordinary Gains (Losses)

     115,857  

Others

     (74,842
  

 

 

 

Income before Income Taxes recorded in Consolidated Statement of Income

     652,163  
  

 

 

 

 

1-17


Mizuho Financial Group, Inc.

 

(Per Share Information)

(Consolidated basis)

 

            Fiscal 2019      Fiscal 2020  

Net Assets per Share of Common Stock

      ¥    3,372.96      ¥    3,650.87  

Net Income per Share of Common Stock

      ¥ 176.87      ¥ 185.75  

Diluted Net Income per Share of Common Stock

                           ¥ 176.86      ¥ 185.75  

 

Notes:

1.

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.

    

The impact from the share consolidation is reflected in Net Assets per Share of Common Stock, Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock.

 

  2.

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

       Fiscal 2019      Fiscal 2020  

Net Assets per Share of Common Stock

 

     

Total Net Assets

   ¥ million        8,663,847        9,362,207  

Deductions from Total Net Assets

   ¥ million        109,876        105,932  

Stock Acquisition Rights

   ¥ million        213        134  

Non-Controlling Interests

   ¥ million        109,662        105,797  

Net Assets (year-end) related to Common Stock

   ¥ million        8,553,971          9,256,275  

Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share
of Common Stock was calculated

    

Thousands

of shares

 

 

       2,536,039        2,535,360  

 

  3.

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

       Fiscal 2019      Fiscal 2020  

Net Income per Share of Common Stock

 

     

Profit Attributable to Owners of Parent

   ¥ million        448,568        471,020  

Amount not attributable to Common Stock

   ¥ million        —          —    

Profit Attributable to Owners of Parent related to Common Stock

   ¥ million        448,568        471,020  

Average Outstanding Shares of Common Stock (during the period)

    

Thousands

of shares

 

 

       2,536,066          2,535,683  

Diluted Net Income per Share of Common Stock

 

     

Adjustment to Profit Attributable to Owners of Parent

   ¥ million        —          —    

Increased Number of Shares of Common Stock

    

Thousands

of shares

 

 

     158        89  

Stock Acquisition Rights

    

Thousands

of shares

 

 

     158        89  

Description of dilutive securities which were not included in the calculation of Diluted Net
Income per Share of Common Stock as they have no dilutive effects

        —          —    

 

1-18


Mizuho Financial Group, Inc.

 

  4.

In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the number of issued shares as of March 31, 2020 and 2021. The numbers of such Treasury Stock shares deducted during the period ended March 31, 2020 and 2021 are 1,963 thousand and 2,554 thousand, respectively.

 

   

In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period. The average numbers of such Treasury Stock shares deducted during the period ended March 31, 2020 and 2021 are 1,925 thousand and 2,350 thousand, respectively.

(Subsequent Events)

There is no applicable information.

 

1-19


SELECTED FINANCIAL INFORMATION

For Fiscal 2020

(Under Japanese GAAP)

 

 

 


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 FISCAL 2020

   See above Notes      Page  

1. Income Analysis

     CON        NON        2- 1    

2. Interest Margins (Domestic Operations)

     NON           2- 5    

3. Use and Source of Funds

     NON           2- 6    

4. Net Gains/Losses on Securities

     CON        NON        2- 8    

5. Unrealized Gains/Losses on Securities

     CON        NON        2- 10  

6. Projected Redemption Amounts for Securities

     NON           2- 12  

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

     NON           2- 13  

8. Employee Retirement Benefits

     NON        CON        2- 14  

9. Capital Ratio

     CON        NON        2- 17  

II. REVIEW OF CREDITS

   See above Notes      Page  

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

     CON        NON        2- 18  

2. Status of Reserves for Possible Losses on Loans

     CON        NON        2- 20  

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

     CON        NON        2- 21  

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

     CON        NON        2- 22  

5. Coverage on Non Performing Loans based on the FRA

     NON           2- 24  

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

     NON           2- 27  

7. Results of Removal of NPLs from the Balance Sheet

     NON           2- 28  

8. Status of Loans by Industry

        

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

     NON           2- 29  

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

     NON           2- 31  

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- 32  

(2) Loans to SMEs and Individual Customers

     NON           2- 32  

10. Status of Loans by Region

     NON           2- 33  

III. DEFERRED TAXES

   See above Notes      Page  

1. Estimation for Calculating Deferred Tax Assets

     NON           2- 34  

IV. OTHERS

   See above Notes      Page  

1. Breakdown of Deposits (Domestic Offices)

     NON           2- 36  

2. Number of Directors and Employees

           2- 37  

3. Number of Offices

           2- 37  

4. Earnings Plan for Fiscal 2021

     CON        NON        2- 38  


Attachments

             Page  

Mizuho Bank, Ltd.

        

Comparison of Non-Consolidated Balance Sheets (selected items)

           2- 39  

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

           2- 40  

Mizuho Trust & Banking Co., Ltd.

        

Comparison of Non-Consolidated Balance Sheets (selected items)

           2- 41  

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

           2- 42  

Statement of Trust Assets and Liabilities

           2- 43  

Comparison of Balances of Principal Items

           2- 44  

Mizuho Securities Co., Ltd.

        

Comparison of Non-Consolidated Balance Sheets (selected items)

           2- 45  

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

           2- 46  

 

 

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: impact of the corona virus pandemic; incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information-Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), and our report on Form 6-K furnished to the SEC on December 28, 2020, both of which are 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.

 


Mizuho Financial Group, Inc.

 

I. FINANCIAL DATA FOR FISCAL 2020

1. Income Analysis

Consolidated

 

            (Millions of yen)  
            Fiscal 2020     Fiscal 2019  
                  Change        

Consolidated Gross Profits

     1        2,198,693       136,473       2,062,219  

Net Interest Income

     2        905,683       172,140       733,542  

Fiduciary Income

     3        55,160       (3,405     58,565  

Credit Costs for Trust Accounts

     4        —         —         —    

Net Fee and Commission Income

     5        687,147       67,904       619,243  

Net Trading Income

     6        388,130       (3,169     391,299  

Net Other Operating Income

     7        162,571       (96,996     259,567  

General and Administrative Expenses

     8        (1,414,608     (36,209     (1,378,398

Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)

     9        (209,915     (26,606     (183,308

Losses on Write-offs of Loans

     10        (18,334     3,606       (21,940

Gains on Reversal of Reserves for Possible Losses on Loans, and others

     11        4,940       (6,664     11,605  

Net Gains (Losses) related to Stocks

     12        12,125       (125,048     137,174  

Equity in Income from Investments in Affiliates

     13        19,912       (10,469     30,382  

Other

     14        (74,842     (33,044     (41,797
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

     15        536,306       (101,570     637,877  
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     16        115,857       135,016       (19,159

Income before Income Taxes

     17        652,163       33,446       618,717  

Income Taxes - Current

     18        (165,688     (15,600     (150,088

- Deferred

     19        (9,099     2,308       (11,408

Profit

     20        477,375       20,154       457,221  

Profit Attributable to Non-controlling Interests

     21        (6,355     2,297       (8,652
     

 

 

   

 

 

   

 

 

 

Profit Attributable to Owners of Parent

     22        471,020       22,451       448,568  
     

 

 

   

 

 

   

 

 

 

Credit-related Costs (including Credit Costs for Trust Accounts)

     23        (204,974     (33,271     (171,703

 

* 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          797,731         135,748         661,982  

 

* 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                   160                    34                     126  

Number of affiliates under the equity method

     26        28       2       26  

 

2-1


Mizuho Financial Group, Inc.

 

Aggregate Figures for the 2 Banks

Non-Consolidated

 

            (Millions of yen)  
            Fiscal 2020     Fiscal 2019  
            MHBK     MHTB     Aggregate
Figures
    Change        

Gross Profits

     1        1,347,766       129,541       1,477,308       39,760       1,437,547  

Domestic Gross Profits

     2        650,437       118,078       768,515       (109,187     877,703  

Net Interest Income

     3        422,456       26,213       448,670       12,901       435,768  

Fiduciary Income

     4          55,962       55,962       (3,170     59,132  

Trust Fees for Jointly Operated Designated Money Trust

     5          4,022       4,022       (207     4,229  

Credit Costs for Trust Accounts (1)

     6          —         —         —         —    

Net Fee and Commission Income

     7        275,299       34,003       309,302       24,782       284,519  

Net Trading Income

     8        (21,434     1,517       (19,916     (77,025     57,109  

Net Other Operating Income

     9        (25,883     381       (25,502     (66,675     41,173  

International Gross Profits

     10        697,328       11,463       708,792       148,948       559,843  

Net Interest Income

     11        362,726       4,111       366,838       149,726       217,111  

Net Fee and Commission Income

     12        147,730       (470     147,260       11,059       136,200  

Net Trading Income

     13        104,995       140       105,135       10,951       94,183  

Net Other Operating Income

     14        81,876       7,682       89,558       (22,788     112,347  

General and Administrative Expenses (excluding Non-Recurring Losses)

     15        (815,110     (81,987     (897,098     25,187       (922,286

Expense Ratio

     16        60.4     63.2     60.7     (3.4 %)      64.1

Personnel Expenses

     17        (317,357     (38,772     (356,129     7,553       (363,683

Non-Personnel Expenses

     18        (450,074     (39,674     (489,748     16,005       (505,754

Premium for Deposit Insurance

     19        (32,167     (1,273     (33,440     (1,007     (32,433

Miscellaneous Taxes

     20        (47,678     (3,541     (51,220     1,628       (52,848
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     21        532,655       47,554       580,209       64,948       515,261  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)

     22        537,110       39,584       576,694       176,200       400,494  

Excluding Net Gains (Losses) from redemption of Investment Trusts

     23        530,143       39,054       569,197       173,556       395,641  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     24        (148,003     (315     (148,319     (42,090     (106,229
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Business Profits

     25        384,651       47,238       431,889       22,858       409,031  

Net Gains (Losses) related to Bonds

     26        (4,454     7,969       3,515       (111,252     114,767  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

     27        (106,584     (3,305     (109,889     (181,296     71,406      

Net Gains (Losses) related to Stocks

     28        (15,173     2,871       (12,301     (137,801     125,499  

Expenses related to Portfolio Problems

     29        (57,345     (192     (57,537     20,712       (78,250

Gains on Reversal of Reserves for Possible Losses on Loans, and others

     30        4,350       0       4,351       (6,387     10,738  

Other

     31        (38,416     (5,984     (44,401     (57,820     13,419  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ordinary Profits

     32        278,066       43,933       321,999       (158,438     480,438  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     33        95,714           14,956           110,671              127,646           (16,975

Net Gains (Losses) on Disposition of Fixed Assets

     34        (3,825     (1,213     (5,038     (2,025     (3,013

Losses on Impairment of Fixed Assets

     35        (10,725     (433     (11,159     2,802       (13,961

Accumulation (Amortization) of Unrecognized Prior Service Cost

     36        45,822       6,569       52,391       52,391       —    

Gains on Cancellation of Employee Retirement Benefit Trust

     37        66,630       10,365       76,996       76,996       —    

Losses on Transfer to Defined Contribution Pension Plan

     38        (2,187     (331     (2,519     (2,519     —    

Income before Income Taxes

     39        373,781       58,889       432,671       (30,792        463,463  

Income Taxes - Current

     40        (95,987     (8,573     (104,560     14,933       (119,493

- Deferred

     41        (10,404     (5,928     (16,333     (15,550     (782
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Income

     42        267,389       44,388       311,777       (31,408     343,186  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

    

(2)   Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22]

    

= Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]

 

Credit-related Costs

     43        (200,998 )          (507     (201,506     (27,765            (173,741)      

 

Credit-related Costs [43] =  Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]

 

(Reference) Breakdown of Credit-related Costs

             

Credit Costs for Trust Accounts

     44          —         —         —         —    

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

     45        (148,003     (315     (148,319     (42,090     (106,229

Losses on Write-offs of Loans

     46        (11,154     (0     (11,155     (2,817     (8,337

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

     47        (31,745     (191     (31,936     24,556       (56,492

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

     48        (1,301     —         (1,301     (1,306     5  

Reversal of (Provision for) Reserve for Contingencies

     49        (1,293     —         (1,293     375       (1,669

Other (including Losses on Sales of Loans)

     50        (7,498     —         (7,498     (6,481     (1,016

Total

     51        (200,998     (507     (201,506     (27,765     (173,741

 

2-2


Mizuho Financial Group, Inc.

 

Mizuho Bank

Non-Consolidated

 

  

        (Millions of yen)  
          Fiscal 2020     Fiscal 2019  
                    Change            

Gross Profits

   1      1,347,766       43,168       1,304,598  

Domestic Gross Profits

   2      650,437       (100,497     750,934  

Net Interest Income

   3      422,456       8,498       413,957  

Net Fee and Commission Income

   4      275,299       26,982       248,316  

Net Trading Income

   5      (21,434     (70,276     48,841  

Net Other Operating Income

   6      (25,883     (65,701     39,818  

International Gross Profits

   7      697,328       143,665       553,663  

Net Interest Income

   8      362,726       147,669       215,056  

Net Fee and Commission Income

   9      147,730       10,911       136,819  

Net Trading Income

   10      104,995       4,049       100,945  

Net Other Operating Income

   11      81,876       (18,965     100,841  

General and Administrative Expenses (excluding Non-Recurring Losses)

   12      (815,110     22,991       (838,102

Expense Ratio

   13      60.4 %          (3.7 %)          64.2

Personnel Expenses

   14      (317,357     6,559       (323,917

Non-Personnel Expenses

   15      (450,074     14,710       (464,785

Premium for Deposit Insurance

   16      (32,167     (1,028     (31,138

Miscellaneous Taxes

   17      (47,678     1,721       (49,400
     

 

 

   

 

 

   

 

 

 

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

   18      532,655       66,159       466,495  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas *

   19      537,110       172,803       364,306  

Excluding Net Gains (Losses) from redemption of Investment Trusts

   20      530,143       170,585       359,557  
     

 

 

   

 

 

   

 

 

 

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

   21      (148,003     (42,424     (105,579
     

 

 

   

 

 

   

 

 

 

Net Business Profits

   22      384,651       23,735       360,916  

Net Gains (Losses) related to Bonds

   23      (4,454     (106,644     102,189  
     

 

 

   

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

   24      (106,584     (176,430     69,845  

Net Gains (Losses) related to Stocks

   25      (15,173     (136,515     121,341  

Expenses related to Portfolio Problems

   26      (57,345     19,925       (77,270

Gains on Reversal of Reserves for Possible Losses on Loans, and others

   27      4,350       (6,088     10,439  

Other

   28      (38,416     (53,751     15,335  
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

   29      278,066       (152,695     430,762  
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

   30      95,714       112,902       (17,187

Net Gains (Losses) on Disposition of Fixed Assets

   31      (3,825     (194     (3,631

Losses on Impairment of Fixed Assets

   32      (10,725     2,830       (13,556

Accumulation (Amortization) of Unrecognized Prior Service Cost

   33      45,822       45,822       —    

Gains on Cancellation of Employee Retirement Benefit Trust

   34      66,630       66,630       —    

Losses on Transfer to Defined Contribution Pension Plan

   35      (2,187     (2,187     —    

Income before Income Taxes

   36      373,781       (39,793     413,574  

Income Taxes - Current

   37      (95,987     13,164       (109,151

- Deferred

   38      (10,404     (13,769     3,364  
     

 

 

   

 

 

   

 

 

 

Net Income

   39      267,389       (40,398     307,788  
     

 

 

   

 

 

   

 

 

 

 

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

    

Credit-related Costs

   40      (200,998     (28,587)       (172,410

 

Credit-related Costs [40]   =  Expenses related to Portfolio Problems [26] + Reversal of (Provision for) General Reserve for Losses on Loans [21] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [27]

   

(Reference) Breakdown of Credit-related Costs          

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

   41      (148,003     (42,424     (105,579

Losses on Write-offs of Loans

   42      (11,154     (2,520     (8,634

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

   43      (31,745     23,771       (55,516)  

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

   44      (1,301     (1,306     5  

Reversal of (Provision for) Reserve for Contingencies

   45      (1,293     375       (1,669

Other (including Losses on Sales of Loans)

   46      (7,498     (6,481     (1,016

Total

   47      (200,998     (28,587     (172,410

 

2-3


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking

Non-Consolidated

 

          (Millions of yen)  
          Fiscal 2020     Fiscal 2019  
                    Change            

Gross Profits

           129,541       (3,407        132,949  

Domestic Gross Profits

        118,078       (8,690     126,769  

Net Interest Income

        26,213       4,402       21,810  

Fiduciary Income

        55,962       (3,170     59,132  

Trust Fees for Jointly Operated Designated Money Trust

        4,022       (207     4,229  

Credit Costs for Trust Accounts (1)

        —         —         —    

Net Fee and Commission Income

        34,003       (2,199     36,202  

Net Trading Income

        1,517       (6,749     8,267  

Net Other Operating Income

        381       (973     1,355  

International Gross Profits

   10      11,463       5,283       6,179  

Net Interest Income

   11      4,111       2,056       2,055  

Net Fee and Commission Income

   12      (470     148       (619

Net Trading Income

   13      140       6,901       (6,761

Net Other Operating Income

   14      7,682       (3,823     11,505  

General and Administrative Expenses (excluding Non-Recurring Losses)

   15      (81,987     2,196       (84,183

Expense Ratio

   16      63.2 %          0.0 %           63.3 %  

Personnel Expenses

   17      (38,772     994       (39,766

Non-Personnel Expenses

   18      (39,674     1,294       (40,969

Premium for Deposit Insurance

   19      (1,273     21       (1,295

Miscellaneous Taxes

   20      (3,541     (92     (3,448
     

 

 

   

 

 

   

 

 

 

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

   21      47,554       (1,211     48,765  

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas (2)

   22      39,584       3,396       36,187  

Excluding Net Gains (Losses) from redemption of Investment Trusts

   23      39,054       2,970       36,083  
     

 

 

   

 

 

   

 

 

 

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

   24      (315     334       (649
     

 

 

   

 

 

   

 

 

 

Net Business Profits

   25      47,238       (876     48,115  

Net Gains (Losses) related to Bonds

   26      7,969       (4,607     12,577  
     

 

 

   

 

 

   

 

 

 

Net Non-Recurring Gains (Losses)

   27      (3,305     (4,866     1,560  

Net Gains (Losses) related to Stocks

   28      2,871       (1,285     4,157  

Expenses related to Portfolio Problems

   29      (192     787       (979

Gains on Reversal of Reserves for Possible Losses on Loans, and others

   30      0       (298     299  

Other

   31      (5,984     (4,068     (1,916
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

   32      43,933       (5,743     49,676  
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

   33      14,956       14,743       212  

Net Gains (Losses) on Disposition of Fixed Assets

   34      (1,213     (1,831     617  

Losses on Impairment of Fixed Assets

   35      (433     (28     (405

Accumulation (Amortization) of Unrecognized Prior Service Cost

   36      6,569       6,569       —    

Gains on Cancellation of Employee Retirement Benefit Trust

   37      10,365          10,365       —    

Losses on Transfer to Defined Contribution Pension Plan

   38      (331     (331     —    

Income before Income Taxes

   39      58,889       9,000       49,888  

Income Taxes - Current

   40      (8,573     1,769       (10,342

- Deferred

   41      (5,928     (1,781     (4,147
     

 

 

   

 

 

   

 

 

 

Net Income

   42         44,388             8,989           35,398   
     

 

 

   

 

 

   

 

 

 

 

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

   

(2)  Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans) from core business areas[22] =Net Business

   

        Profits(before Reversal of (Provision for) General Reserve for Losses on Loans)[21]-Net Gains (Losses) related to Bonds[26]

 

Credit-related Costs

   43      (507     822       (1,330

 

Credit-related Costs [43]   =  Expenses related to Portfolio Problems [29] + Reversal of (Provision for) General Reserve for Losses on Loans [24] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [30] + Credit Costs for Trust Accounts [6]

   

(Reference) Breakdown of Credit-related Costs

         

Credit Costs for Trust Accounts

   44      —         —         —    

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

   45      (315     334       (649

Losses on Write-offs of Loans

   46      (0     (296     296  

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

   47      (191     785       (976

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

   48      —         —         —    

Reversal of (Provision for) Reserve for Contingencies

   49      —         —         —    

Other (including Losses on Sales of Loans)

   50      —         —         —    

Total

   51      (507     822       (1,330

 

2-4


Mizuho Financial Group, Inc.

 

2. Interest Margins (Domestic Operations)

Non-Consolidated

 

                 (%)  
                 Fiscal 2020     Fiscal 2019  
Mizuho Bank                      Change        

Return on Interest-Earning Assets

      1      0.39       (0.03     0.43  

Return on Loans and Bills Discounted *1

      2      0.72       (0.03     0.76  

Return on Securities

      3      0.26       (0.15     0.42  

Cost of Funding (including Expenses)

      4      0.56       (0.08     0.65  

Cost of Deposits (including Expenses)

      5      0.57       (0.07     0.64  

Cost of Deposits *2

      6      0.00       (0.00     0.00  

Cost of Other External Liabilities

      7      0.41       (0.22     0.63  
        

 

 

   

 

 

   

 

 

 

Net Interest Margin

     (1)-(4)      8      (0.17     0.04       (0.21

Loan and Deposit Rate Margin (including Expenses)

     (2)-(5)      9      0.15       0.03       0.12  

Loan and Deposit Rate Margin

     (2)-(6)      10      0.72       (0.03     0.76  
        

 

 

   

 

 

   

 

 

 

 

*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      0.75       (0.03     0.78  

Loan and Deposit Rate Margin (including Expenses)

     (11)-(5)      12      0.17       0.03       0.14  

Loan and Deposit Rate Margin

     (11)-(6)      13      0.74       (0.03     0.78  
                 (%)  
                 Fiscal 2020     Fiscal 2019  
Mizuho Trust & Banking                      Change        

Return on Interest-Earning Assets

      14      0.58       0.10       0.47  

Return on Loans and Bills Discounted *1

      15      0.57       (0.01     0.59  

Return on Securities

      16      3.35       1.96       1.38  

Cost of Funding

      17      0.11       0.02       0.09  

Cost of Deposits *2

      18      0.01       (0.00     0.01  
        

 

 

   

 

 

   

 

 

 

Net Interest Margin

     (14)-(17)      19      0.46       0.08       0.38  

Loan and Deposit Rate Margin

     (15)-(18)      20      0.56       (0.01     0.58  
        

 

 

   

 

 

   

 

 

 

 

*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      0.60       (0.01     0.61  

Loan and Deposit Rate Margin

     (21)-(18)      22      0.59       (0.00     0.60  
                                        
(Reference)                (%)  
                 Fiscal 2020     Fiscal 2019  
Aggregate Figures for the 2 Banks                      Change        

Return on Loans and Bills Discounted *1

      23      0.71       (0.03     0.75  

Cost of Deposits *2

      24      0.00       (0.00     0.00  
        

 

 

   

 

 

   

 

 

 

Loan and Deposit Rate Margin

     (23)-(24)      25      0.71       (0.03     0.75  
        

 

 

   

 

 

   

 

 

 

 

*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      0.74       (0.03     0.77  

Loan and Deposit Rate Margin

     (26)-(24)      27      0.73       (0.03     0.77  

 

2-5


Mizuho Financial Group, Inc.

 

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

 

     (Millions of yen, %)  
     Fiscal 2020      Fiscal 2019  
                   Change                
     Average
Balance
     Rate      Average Balance     Rate      Average Balance      Rate  

(Total)

                

Use of Funds

     179,694,193        0.63        24,040,508       (0.41      155,653,684        1.05  

Loans and Bills Discounted

     84,803,030        0.97        7,705,327       (0.46      77,097,703        1.44  

Securities

     39,868,174        0.57        11,612,225       (0.34      28,255,948        0.91  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     178,410,512        0.20        23,094,382       (0.44      155,316,129        0.65  

Deposits

     130,401,624        0.08        10,523,845       (0.28      119,877,778        0.37  

NCDs

     16,138,886        0.16        1,900,335       (0.68      14,238,551        0.84  

(Domestic Operations)

                

Use of Funds

     120,959,437        0.39        13,229,838       (0.03      107,729,598        0.43  

Loans and Bills Discounted

     53,859,122        0.71        4,909,750       (0.03      48,949,371        0.75  

Securities

     25,022,730        0.26        7,423,128       (0.15      17,599,601        0.42  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     119,616,506        0.04        12,335,351       (0.00      107,281,154        0.04  

Deposits

     99,956,243        0.00        6,873,651       (0.00      93,082,592        0.00  

NCDs

     9,921,697        0.00        2,012,622       (0.00      7,909,075        0.00  

(International Operations)

                

Use of Funds

     60,743,214        1.11        9,655,194       (1.19      51,088,019        2.30  

Loans and Bills Discounted

     30,943,908        1.42        2,795,576       (1.21      28,148,331        2.64  

Securities

     14,845,444        1.08        4,189,097       (0.63      10,656,347        1.71  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     60,802,464        0.51        9,603,556       (1.36      51,198,908        1.88  

Deposits

     30,445,380        0.36        3,650,193       (1.30      26,795,186        1.67  

NCDs

     6,217,189        0.40        (112,286     (1.47      6,329,475        1.88  

 

2-6


Mizuho Financial Group, Inc.

 

Mizuho Trust & Banking (Banking Account)

 

     (Millions of yen, %)  
     Fiscal 2020      Fiscal 2019  
                   Change                
     Average
Balance
     Rate      Average Balance     Rate      Average Balance      Rate  

(Total)

                

Use of Funds

         5,962,461        0.65        (241,357     0.05            6,203,818        0.60  

Loans and Bills Discounted

     3,464,856        0.61        83,883       (0.11      3,380,972        0.72  

Securities

     571,839        2.71        (216,130     1.35        787,969        1.35  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     6,032,989        0.14        (589,866     (0.06      6,622,855        0.20  

Deposits

     3,088,333        0.01        (264,834     (0.00      3,353,168        0.01  

NCDs

     597,258        0.00               55,856       (0.00      541,402        0.00  

(Domestic Operations)

                

Use of Funds

     5,623,344        0.58        (144,182     0.10        5,767,526        0.47  

Loans and Bills Discounted

     3,348,271        0.58        156,352       (0.01      3,191,918        0.59  

Securities

     333,954        3.35        (165,526     1.96        499,480        1.38  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     5,671,305        0.11        (505,388     0.02        6,176,693        0.09  

Deposits

     3,084,615        0.01        (261,942     (0.00      3,346,557        0.01  

NCDs

     597,258        0.00        55,856       (0.00      541,402        0.00  

(International Operations)

                

Use of Funds

     378,225        1.61        (115,916     (0.33      494,142        1.94  

Loans and Bills Discounted

     116,584        1.55        (72,468     (1.37      189,053        2.93  

Securities

     237,884        1.80        (50,603     0.51        288,488        1.28  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Source of Funds

     400,794        0.50        (103,219     (1.00      504,013        1.50  

Deposits

     3,718        0.09        (2,892     (1.15      6,610        1.25  

NCDs

     —          —          —         —          —          —    

 

2-7


Mizuho Financial Group, Inc.

 

4. Net Gains/Losses on Securities

Consolidated

 

     (Millions of yen)  
     Fiscal 2020     Fiscal 2019  
                                      Change            

Net Gains (Losses) related to Bonds

     1,618       (112,624     114,242  

Gains on Sales and Others

     117,748       (107,085     224,833  

Losses on Sales and Others

     (116,363     (13,042     (103,320

Impairment (Devaluation)

     (3,332     (1,146     (2,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     (0     (0     —    

Gains (Losses) on Derivatives other than for Trading

     3,567       8,651       (5,084
     Fiscal 2020     Fiscal 2019  
           Change        

Net Gains (Losses) related to Stocks

     12,125       (125,048     137,174  

Gains on Sales

     204,293       (21,711     226,005  

Losses on Sales

     (147,457     (75,199     (72,258

Impairment (Devaluation)

     (5,815     35,875       (41,691

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         —         —    

Gains (Losses) on Derivatives other than for Trading

     (38,893     (64,012     25,118  

Non-Consolidated

 

Aggregate Figures for the 2 Banks

 

 

     (Millions of yen)  
     Fiscal 2020         Fiscal 2019      
                                      Change            

Net Gains (Losses) related to Bonds

     3,515       (111,252     114,767  

Gains on Sales and Others

     120,655       (105,518     226,174  

Losses on Sales and Others

     (117,405     (13,268     (104,136

Impairment (Devaluation)

     (3,312     (1,126     (2,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         —         —    

Gains (Losses) on Derivatives other than for Trading

     3,577       8,661       (5,084
     Fiscal 2020     Fiscal 2019  
           Change        

Net Gains (Losses) related to Stocks

     (12,301     (137,801     125,499  

Gains on Sales

     184,757       (29,412     214,169  

Losses on Sales

     (145,582     (74,856     (70,725

Impairment (Devaluation)

     (12,581     28,398       (40,980

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         2,082       (2,082

Gains (Losses) on Derivatives other than for Trading

     (38,893     (64,012     25,118  

 

2-8


Mizuho Financial Group, Inc.

 

Mizuho Bank

 

     (Millions of yen)  
     Fiscal 2020         Fiscal 2019      
                                      Change            

Net Gains (Losses) related to Bonds

     (4,454     (106,644     102,189  

Gains on Sales and Others

     109,032       (93,221     202,254  

Losses on Sales and Others

     (113,924     (20,946     (92,978

Impairment (Devaluation)

     (3,308     (1,122     (2,185

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         —         —    

Gains (Losses) on Derivatives other than for Trading

     3,746       8,646       (4,900
     Fiscal 2020         Fiscal 2019      
                                      Change            

Net Gains (Losses) related to Stocks

     (15,173     (136,515     121,341  

Gains on Sales

     170,679       (31,921     202,601  

Losses on Sales

     (140,546     (77,996     (62,550

Impairment (Devaluation)

     (10,875     27,653       (38,528

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         2,082       (2,082

Gains (Losses) on Derivatives other than for Trading

     (34,431     (56,332     21,901  
Mizuho Trust & Banking

 

     (Millions of yen)  
     Fiscal 2020         Fiscal 2019      
                                      Change            

Net Gains (Losses) related to Bonds

     7,969       (4,607     12,577  

Gains on Sales and Others

     11,623       (12,296     23,919  

Losses on Sales and Others

     (3,480     7,677       (11,157

Impairment (Devaluation)

     (4     (4     —    

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         —         —    

Gains (Losses) on Derivatives other than for Trading

     (169     15       (184
     Fiscal 2020         Fiscal 2019      
                                      Change            

Net Gains (Losses) related to Stocks

     2,871       (1,285     4,157  

Gains on Sales

     14,077       2,508       11,568  

Losses on Sales

     (5,036     3,139       (8,175

Impairment (Devaluation)

     (1,706     745       (2,451

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —         —         —    

Gains (Losses) on Derivatives other than for Trading

     (4,462     (7,679     3,216  

 

2-9


Mizuho Financial Group, Inc.

 

5. Unrealized Gains/Losses on Securities

 

   

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

Consolidated

(1) Other Securities

 

     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  
     Book Value
(= Fair Value)
     Unrealized Gains/Losses      Book Value
(= Fair Value)
     Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Other Securities

     42,534,848        1,603,253       1,989,800        386,547        33,337,628        1,171,146        1,543,609        372,462  

Japanese Stocks

     2,865,985        1,698,265       1,744,614        46,348        2,338,429        1,066,360        1,167,903        101,543  

Japanese Bonds

     24,145,048        (44,978     24,765        69,743        15,702,512        (54,100      30,037        84,137  

Japanese Government Bonds

     20,920,582        (31,717     3,583        35,301        12,601,934        (44,021      6,540        50,562  

Other

     15,523,814        (50,033     220,421        270,454        15,296,686        158,886        345,668        186,781  

Foreign Bonds

     12,433,912        (33,009     66,678        99,687        12,702,213        200,954        246,097        45,142  

 

                      

*   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.

*   As of March 31, 2021, fair value of securities is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

     As of March 31, 2020, 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 ¥32,481 million and ¥(5,191) million, which were recognized in the statement of income for March 31, 2021 and March 31, 2020, 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 March 31, 2021 and March 31, 2020 are ¥1,570,772 million and ¥1,176,337 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 and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of March 31, 2021 and March 31, 2020 are ¥1,132,460 million and ¥823,085 million, respectively.

 

(2) Bonds Held to Maturity

 

    

    

    

    

    

    

    

 

     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
           Gains      Losses             Gains      Losses  

Bonds Held to Maturity

     885,529        18,069       21,225        3,155        860,233        15,096             15,467          370  

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
     (= Fair Value)            Gains      Losses      (= Fair Value)             Gains      Losses  

Other Securities

     41,388,529        1,527,548       1,915,021        387,472        32,728,555        1,097,064        1,471,736        374,672  

Japanese Stocks

     2,779,891        1,624,579       1,673,165        48,585        2,253,467        994,275        1,098,051        103,776  

Japanese Bonds

     24,125,549        (44,985     24,758        69,743        15,675,573        (54,111      30,026        84,137  

Japanese Government Bonds

     20,909,339        (31,722     3,578        35,301        12,585,075        (44,028      6,533        50,562  

Other

     14,483,088        (52,045     217,097        269,142        14,799,514        156,900        343,658        186,758  

Foreign Bonds

     12,031,174        (32,575     65,800        98,375        12,360,799        199,672        244,795        45,122  

Mizuho Bank

                      

Other Securities

     41,113,338        1,441,229       1,826,408        385,178        31,816,754        1,033,585        1,393,577        359,992  

Japanese Stocks

     2,625,643        1,539,526       1,585,832        46,306        2,118,532        937,153        1,033,813        96,660  

Japanese Bonds

     24,010,684        (45,887     23,842        69,729        15,413,226        (55,616      28,480        84,097  

Japanese Government Bonds

     20,879,330        (31,720     3,578        35,299        12,406,892        (44,931      5,631        50,562  

Other

     14,477,009        (52,409     216,733        269,142        14,284,996        152,048        331,282        179,234  

Foreign Bonds

     12,031,174        (32,575     65,800        98,375        11,916,915        188,388        233,272        44,883  

Mizuho Trust & Banking

                      

Other Securities

     275,190        86,318       88,612        2,293        911,800        63,479        78,159        14,680  

Japanese Stocks

     154,247        85,052       87,332        2,279        134,934        57,122        64,237        7,115  

Japanese Bonds

     114,865        901       915        13        262,347        1,505        1,545        40  

Japanese Government Bonds

     30,009        (1     —          1        178,183        902        902        —    

Other

     6,078        364       364        0        514,518        4,851        12,376        7,524  

Foreign Bonds

     —          —         —          —          443,884        11,283        11,522        238  

 

*

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.

*

As of March 31, 2021, fair value of securities is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

  

As of March 31, 2020, 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 balance sheets and the acquisition costs.

*

Unrealized Gains/Losses include ¥32,481 million and ¥(5,191) million, which were recognized in the statement of income (aggregate figures for the 2 banks) for March 31, 2021 and March 31, 2020, respectively, by applying the fair-value hedge method. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment (aggregate figures for the 2 banks) as of March 31, 2021 and March 31, 2020 are ¥1,495,067 million and ¥1,102,255 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 and others regarding stocks and others without a quoted market price and Investments in Partnerships) as of March 31, 2021 and March 31, 2020 are as follows.

 

     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  

Aggregate Figures

     1,076,333        784,915  

Mizuho Bank

     1,009,001        734,953  

Mizuho Trust & Banking

     67,331        49,961  

 

2-10


Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value             Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

     885,529        18,069        21,225        3,155        860,233        15,096        15,467        370  

Mizuho Bank

     885,529        18,069        21,225        3,155        860,233        15,096        15,467        370  

Mizuho Trust & Banking

     —          —          —          —          —          —          —          —    

 

(3) Investment in Subsidiaries and Affiliates

 

Aggregate Figures for the 2 Banks

 

 

  
     (Millions of yen)  
     As of March 31, 2021      As of March 31, 2020  
            Unrealized Gains/Losses             Unrealized Gains/Losses  
     Book Value             Gains      Losses      Book Value             Gains      Losses  

Aggregate Figures

     135,771        286,554        286,573        19        135,771        151,877        153,740        1,862  

Mizuho Bank

     135,771        286,554        286,573        19        135,771        151,877        153,740        1,862  

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 March 31, 2021     As of
March 31,
2020
 
     Unrealized Gains/Losses     Unrealized
Gains/Losses
 
           Change  

Other Securities

     1,570,772       394,434       1,176,337  

Japanese Stocks

     1,665,784       594,233       1,071,551  

Japanese Bonds

     (44,978     9,121       (54,100

Japanese Government Bonds

     (31,717     12,303       (44,021

Other

     (50,033     (208,920     158,886  

Foreign Bonds

     (33,009     (233,963     200,954  

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     (Millions of yen)  
     As of March 31, 2021     As of
March 31,
2020
 
     Unrealized Gains/Losses     Unrealized  
           Change     Gains/Losses  

Other Securities

     1,495,067       392,812       1,102,255  

Japanese