Edgar Filing: MIZUHO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2010

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8333

Japan

(Address of principal executive office)

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

Form 20-F x Form 40-F ¨

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

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

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

Yes ¨ No x

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

SIGNATURES

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


Date:		November 12, 2010

Mizuho Financial Group, Inc.

By:		/s/ Takeo Nakano
Name:		Takeo Nakano
Title:		Managing Director / CFO


For Immediate Release:		November 12, 2010

Financial Statements for the Second Quarter of Fiscal 2010

(Six months ended September 30, 2010)

<Under Japanese GAAP>


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

Stock Code Number (Japan):	8411
Stock Exchanges (Japan):	Tokyo Stock Exchange (First Section), Osaka Securities Exchange (First Section)
URL:	http://www.mizuho-fg.co.jp/english/
Representative:	Takashi Tsukamoto	President & CEO
For Inquiry:	Tatsuya Yamada	Executive Officer, General Manager of Accounting
Phone:	+81-3-5224-2030
Filing of Shihanki Hokokusho (scheduled):		November 26, 2010	Trading Accounts:	Established
Commencement of Dividend Payment (scheduled):		—
Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2010 (for the six months ended September 30, 2010)

(1) Consolidated Results of Operations


(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits				Net Income
	¥ million		%			¥ million		%		¥ million		%
1H F2010		1,449,871		(2.3	)		423,829		308.3		341,759		289.2
1H F2009		1,485,032		(21.9	)		103,789		82.7		87,806		(7.1	)


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2010		19.15		17.50
1H F2009		6.89		6.17

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock		Consolidated Capital Adequacy Ratio (BIS Standard)
	¥ million		¥ million		%		¥		%
1H F2010		157,754,464		6,689,256		2.7		179.55		15.40
Fiscal 2009		156,253,572		5,837,053		2.2		191.53		13.46

Reference:

Own Capital:

As of September 30, 2010: ¥4,389,156 million; As of March 31, 2010: ¥3,513,050 million



Notes:	1.	Own Capital Ratio was calculated as follows: (Total Net Assets - Stock Acquisition Rights - Minority Interests) / Total Assets × 100
	2.	Consolidated Capital Adequacy Ratio (BIS Standard) is based on the “Standards for Bank Holding Company to Consider the Adequacy of Its Capital Based on Assets and Others Held by It and Its Subsidiaries Pursuant to Article 52-25 of the Banking Law” (Financial Services Agency Ordinance Announcement No. 20, March 27, 2006).
	3.	Consolidated Capital Adequacy Ratio (BIS) as of September 30, 2010 is a preliminary figure.

2. Cash Dividends for Shareholders of Common Stock


	Cash Dividends per Year
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2009		—		0.00		—		8.00		8.00
Fiscal 2010		—		0.00
Fiscal 2010 (estimate)						—		6.00		6.00


Notes:	1.	Revision of estimates for cash dividends for shareholders of common stock during this quarter: No

	2.	Please refer to the following “Cash Dividends for Shareholders of Classified Stock” for cash dividends for shareholders of classified stock (unlisted), the rights of which are different from those of common stock.

3.	Consolidated Earnings Estimates for Fiscal 2010 (for the fiscal year ending March 31, 2011)


	(%: Changes from the previous fiscal year)
	Net Income				Net Income per Share of Common Stock
	¥ million		%		¥
Fiscal 2010		500,000		108.8		24.84


Notes:	1.	Revision of the earnings estimates during this quarter: Yes

	2.	The average number of shares of outstanding common stock for fiscal 2010 used in calculating the above Net Income per Share of Common Stock is based on the following:

•

The average of “the average number of shares during the 1H Fiscal 2010” and “the number of shares as of September 30, 2010 (which is expected to be the average number of shares during the 2H of fiscal 2010)” is used.

•

It does not take into account any increase in the number of shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock in the 2H of fiscal 2010.

4.	Others (Please refer to “Other Information” on page 1-3 of [Attachment] for details.)

(1) Changes in Significant Subsidiaries during the Period: No

(Note) Above are the changes in specified subsidiaries accompanying changes in the scope of consolidation during the period.

(2) Changes in Accounting Methods and Presentation of Consolidated Financial Statements

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

‚Changes other than above: No

(Note)

Above are the changes of accounting methods and presentation of interim consolidated financial statements which are to be described in the changes of fundamental and important matters for the preparation of Interim Consolidated Financial Statements.

(3) Issued Shares of Common Stock


Period-end issued shares (including treasury stock):	As of September 30, 2010: As of March 31, 2010:	21,539,573,760 shares; 15,494,397,690 shares
‚ Period-end treasury stock:	As of September 30, 2010: As of March 31, 2010:	5,644,103 shares; 9,397,093 shares
ƒ Average number of outstanding shares:	1st Half of Fiscal 2010: 1st Half of Fiscal 2009:	17,846,169,840 shares; 12,743,594,595 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2010 (for the six months ended September 30, 2010)



(1) Non-Consolidated Results of Operations						(%: Changes from the previous first half)
	Operating Income					Operating Profits					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%			¥ million		%
1H F2010		32,606		66.3			22,991		130.6			16,770		450.1			16,585		436.1
1H F2009		19,607		(95.4	)		9,968		(97.6	)		3,048		(99.2	)		3,093		(99.3	)

	Net Income per Share of Common Stock
	¥
1H F2010		0.92
1H F2009		0.24

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
1H F2010		5,979,975		4,645,179		77.6		191.35
Fiscal 2009		5,225,971		4,011,146		76.7		223.59


Reference:		1. Own Capital: As of September 30, 2010: ¥4,643,393 million; As of March 31, 2010: ¥4,009,502 million
		2. Maximum amount available for dividends as of September 30, 2010: ¥1,414,778 million; As of March 31, 2010: ¥1,549,745 million
		(Note) “Maximum amount available for dividends” is calculated pursuant to Article 461, Paragraph 2 of the Company Law.

(Presentation of Implementation Status of Interim Review Procedure)

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

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

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

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

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

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

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

Cash Dividends for Shareholders of Classified Stock

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


	Cash Dividends per Share
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Eleventh Series Class XI Preferred Stock
Fiscal 2009		—		0.00		—		20.00		20.00
Fiscal 2010		—		0.00
Fiscal 2010 (estimate)						—		20.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2009		—		0.00		—		30.00		30.00
Fiscal 2010		—		0.00
Fiscal 2010 (estimate)						—		30.00		30.00

mContents of Attachment


1.	Qualitative Information related to Financial Results	p.1-2
	(1) Qualitative Information related to Consolidated Results of Operations	p.1-2
	(2) Qualitative Information related to Consolidated Financial Conditions	p.1-2
	(3) Qualitative Information related to Consolidated Earnings Estimates	p.1-2

2.	Other Information	p.1-3
	(1) Changes in Significant Subsidiaries	p.1-3
	(2) Changes in Accounting Methods and Presentation	p.1-3

3.	Interim Consolidated Financial Statements	p.1-4
	(1) Consolidated Balance Sheets	p.1-4
	(2) Consolidated Statements of Income	p.1-6
	(3) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-9

4.	Interim Non-Consolidated Financial Statements	p.1-10
	(1) Non-Consolidated Balance Sheets	p.1-10
	(2) Non-Consolidated Statements of Income	p.1-11
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-12
	(4) Note for Assumption of Going Concern	p.1-13

[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.

A MHFG IR conference for institutional investors and analysts is scheduled for November 24, 2010 (Wednesday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

1-1

1. QUALITATIVE INFORMATION RELATED TO FINANCIAL RESULTS

(Please refer to “Summary Results for the Second Quarter (First Half) of Fiscal 2010” on page 2-1 for more information.)

(1) Qualitative Information related to Consolidated Results of Operations

Reviewing the economic environment over the past six months ended September 30, 2010, there are indications of a slowing of the continuing gradual recovery in the global economy which has been led by newly developing countries, and there is a heightened risk of a slackening in the economy mainly in Europe and the United States as global fiscal tightening makes its impact.

In the United States, a sustained recovery is taking place on the basis of steady capital investment and positive trends in consumer spending, but business performance- and employment-related indices have been slow to improve and there is a risk of a stalling in economic growth. In Europe, economic growth is stagnant as consumer spending remains weak with long-term labor force adjustments and so on, added to which the difficulty in predicting the effect of the fiscal problems experienced by certain countries on the financial markets and the real economy and so on means that there exists a distinct lack of visibility regarding the future of the global economy. In Asia, the increase in demand in the Chinese market has a knock-on effect in inducing an increase in exports and production activity in neighboring economies, and while the pace of growth is slowing, the region is maintaining strong economic growth.

In Japan, although positive growth is being maintained as corporate profits improve among other factors, the mild deflationary situation is continuing and the sharp appreciation of the value of the yen against other currencies continues its course and so on, leading to a stalling in improvements in the economy. There are several causes for concern over the future direction of the economy in addition to how the various stimulus programs will lose their effectiveness going forward, there are also the risks of a slowing in economies abroad and a worsening in the employment situation, combining with the fluctuations in exchange rates to serve as a drag on economic growth.

In light of this economic environment, we will aim to further enhance our corporate value through the steady implementation of our Transformation Program, which consists of the program for improving profitability, the program for enhancing financial base and the program for strengthening front-line business capabilities.

Under the above economic environment, Net Income for the six months ended September 30, 2010 amounted to ¥341.7 billion, increasing by ¥253.9 billion from the corresponding period of the previous fiscal year.

(2) Qualitative Information related to Consolidated Financial Conditions

Consolidated total assets as of September 30, 2010 amounted to ¥157,754.4 billion, increasing by ¥1,500.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥6,689.2 billion, increasing by ¥852.2 billion from the end of the previous fiscal year. Shareholders’ Equity amounted to ¥4,176.4 billion, Valuation and Translation Adjustments amounted to ¥212.6 billion and Minority Interests amounted to ¥2,297.3 billion.

In Assets, the balance of Loans and Bills Discounted amounted to ¥62,069.8 billion, decreasing by ¥94.6 billion from the end of the previous fiscal year while Securities were ¥44,159.2 billion, increasing by ¥1,062.8 billion from the end of the previous fiscal year. In Liabilities, Deposits amounted to ¥75,612.0 billion, decreasing by ¥727.7 billion from the end of the previous fiscal year.

The Consolidated Capital Adequacy Ratio (Basel II BIS Standard) was 15.40% (preliminary).


	March 31, 2009	March 31, 2010	September 30, 2010
Basel II	10.53%	13.46%	15.40%

(3) Qualitative Information related to Consolidated Earnings Estimates

Based on the financial results for the second quarter of fiscal 2010, MHFG estimates Ordinary Profits of ¥670.0 billion (an increase of ¥100.0 billion from the estimate which was announced on May 14, 2010) and Net Income of ¥500.0 billion (an increase of ¥70.0 billion from the same estimate above) for fiscal 2010.

The above estimates constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Please see the “forward-looking statements” legend for a description of the factors that could affect our ability to meet these estimates.

1-2

2. Other Information

(1) Changes in Significant Subsidiaries

(Changes in specified subsidiaries accompanying changes in scope of consolidation during the period.)

There is no applicable information.

(2) Changes in Accounting Methods and Presentation

[Changes in Accounting Methods]

(Accounting Standard for Financial Instruments)

Mizuho Financial Group has applied “Accounting Standard for Financial Instruments” (ASBJ Statement No.10, March 10, 2008) and “Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No.19, March 10, 2008) from the end of the previous fiscal year.

As a result, Other Debt Purchased increased by ¥684 million, Securities increased by ¥26,317 million, Deferred Tax Assets decreased by ¥11,769 million, Reserves for Possible Losses on Loans decreased by ¥17,678 million, Net Unrealized Gains (Losses) on Other Securities, net of Taxes increased by ¥17,408 million, Minority Interests increased by ¥160 million, Income before Income Taxes and Minority Interests increased by ¥595 million, and Net Income increased by ¥596 million compared with the corresponding amounts under the previously applied method.

(Adoption of Accounting Standard for Equity Method of Accounting for Investments and Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method)

Mizuho Financial Group has applied “Accounting Standard for Equity Method of Accounting for Investments” (ASBJ Statement No. 16, March 10, 2008) and “Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method” (PITF No. 24, March 10, 2008) beginning with this interim period.

This application does not affect the financial statements.

(Adoption of Accounting Standard for Asset Retirement Obligations)

Mizuho Financial Group has applied “Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18, March 31, 2008) and “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008) beginning with this interim period.

As a result, Income before Income Taxes and Minority Interests decreased by ¥3,445 million. The change in Asset Retirement Obligations (which is in “Other Liabilities”) due to commencement of application of the accounting standards is ¥6,257 million.

[Additional Information]

(Issuance of New Shares by the Spread Method)

The spread method is adopted for the issuance of new shares (5,609,000 thousand shares) with a payment date of July 21, 2010. This is a method where the new shares are underwritten and purchased by the initial purchasers at the amount to be paid to MHFG (¥125.27 per share), and sold by the underwriters to the investors at an issue price (¥130.00 per share) different from the amount to be paid to MHFG.

Using the spread method, the aggregate amount of the difference between (a) the issue price and (b) the amount to be paid to MHFG is retained by the initial purchasers, and allocated to each of the underwriters as underwriting fees. Accordingly, Other Ordinary Expenses does not include the amount equivalent to such underwriting fees of ¥26,530 million related to the issuance.

The amount equivalent to such underwriting fees of ¥9,734 million, recognized as profit by consolidated subsidiaries, is eliminated and recorded as an increase in Capital Surplus.

1-3

3. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(1) CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of September 30, 2009			As of September 30, 2010			As of March 31, 2010 (Selected Items)
Assets
Cash and Due from Banks	¥	4,921,251		¥	3,650,486		¥	5,211,477
Call Loans and Bills Purchased		119,821			290,921			605,238
Receivables under Resale Agreements		8,726,629			8,389,628			7,129,676
Guarantee Deposits Paid under Securities Borrowing Transactions		5,654,671			6,376,329			5,744,901
Other Debt Purchased		2,329,381			1,801,283			2,040,445
Trading Assets		15,565,593			15,463,760			13,986,791
Money Held in Trust		114,708			102,452			119,438
Securities		37,938,463			44,159,283			43,096,460
Loans and Bills Discounted		64,267,283			62,069,897			62,164,579
Foreign Exchange Assets		539,477			779,968			707,803
Derivatives other than for Trading Assets		7,329,310			7,123,116			7,060,302
Other Assets		3,670,516			3,104,688			3,742,205
Tangible Fixed Assets		914,016			942,494			927,337
Intangible Fixed Assets		398,120			424,974			427,278
Deferred Tax Assets		625,718			459,541			533,030
Customers’ Liabilities for Acceptances and Guarantees		3,689,546			3,459,319			3,643,706
Reserves for Possible Losses on Loans		(942,063	)		(843,664	)		(887,073	)
Reserve for Possible Losses on Investments		(4,576	)		(17	)		(29	)

Total Assets	¥	155,857,870		¥	157,754,464		¥	156,253,572

1-4


	*Millions of yen*
	As of September 30, 2009			As of September 30, 2010			As of March 31, 2010 (Selected Items)
Liabilities
Deposits	¥	74,877,022		¥	75,612,075		¥	76,339,779
Negotiable Certificates of Deposit		9,073,581			10,531,592			10,287,808
Debentures		1,917,442			1,127,527			1,517,797
Call Money and Bills Sold		6,316,744			5,493,654			5,786,370
Payables under Repurchase Agreements		14,007,069			12,443,878			12,075,802
Guarantee Deposits Received under Securities Lending Transactions		5,773,990			6,319,242			6,615,512
Trading Liabilities		8,845,953			8,631,124			7,579,695
Borrowed Money		9,366,974			9,941,009			9,663,867
Foreign Exchange Liabilities		200,046			205,619			172,990
Short-term Bonds		494,095			524,597			492,397
Bonds and Notes		4,721,679			5,001,381			4,970,257
Due to Trust Accounts		1,045,344			1,032,497			1,025,431
Derivatives other than for Trading Liabilities		6,475,620			6,231,233			6,614,116
Other Liabilities		3,188,466			4,282,603			3,376,769
Reserve for Bonus Payments		39,784			34,143			48,946
Reserve for Employee Retirement Benefits		33,333			35,733			34,263
Reserve for Director and Corporate Auditor Retirement Benefits		1,841			2,049			2,112
Reserve for Possible Losses on Sales of Loans		27,666			2,815			15,258
Reserve for Contingencies		15,112			14,120			14,809
Reserve for Reimbursement of Deposits		14,371			14,912			14,748
Reserve for Reimbursement of Debentures		9,760			11,615			10,824
Reserves under Special Laws		2,187			1,376			2,149
Deferred Tax Liabilities		10,585			12,497			12,226
Deferred Tax Liabilities for Revaluation Reserve for Land		103,681			98,583			98,875
Acceptances and Guarantees		3,689,546			3,459,319			3,643,706

Total Liabilities	¥	150,251,905		¥	151,065,208		¥	150,416,519

Net Assets
Common Stock and Preferred Stock	¥	1,805,565		¥	2,181,375		¥	1,805,565
Capital Surplus		552,135			937,680			552,135
Retained Earnings		696,088			1,060,637			854,703
Treasury Stock		(5,183	)		(3,195	)		(5,184	)

Total Shareholders’ Equity		3,048,605			4,176,496			3,207,219

Net Unrealized Gains on Other Securities, net of Taxes		116,406			32,505			176,931
Net Deferred Hedge Gains, net of Taxes		69,733			142,572			83,093
Revaluation Reserve for Land, net of Taxes		145,447			137,952			138,430
Foreign Currency Translation Adjustments		(93,230	)		(100,371	)		(92,623	)

Total Valuation and Translation Adjustments		238,357			212,659			305,831

Stock Acquisition Rights		2,307			2,778			2,301
Minority Interests		2,316,695			2,297,321			2,321,700

Total Net Assets		5,605,965			6,689,256			5,837,053

Total Liabilities and Net Assets	¥	155,857,870		¥	157,754,464		¥	156,253,572

1-5

(2) CONSOLIDATED STATEMENTS OF INCOME


	*Millions of yen*
	For the six months ended September 30, 2009			For the six months ended September 30, 2010		For the fiscal year ended March 31, 2010 (Selected Items)
Ordinary Income	¥	1,485,032		¥	1,449,871	¥	2,817,625
Interest Income		816,397			733,453		1,571,994
Interest on Loans and Bills Discounted		553,527			454,147		1,047,718
Interest and Dividends on Securities		171,872			179,472		350,536
Fiduciary Income		24,150			24,058		49,100
Fee and Commission Income		269,596			271,146		557,312
Trading Income		197,911			177,612		312,330
Other Operating Income		73,294			185,542		179,021
Other Ordinary Income		103,681			58,058		147,866

Ordinary Expenses		1,381,242			1,026,042		2,490,498
Interest Expenses		235,319			179,908		420,287
Interest on Deposits		93,535			58,381		164,334
Interest on Debentures		6,714			3,986		11,959
Fee and Commission Expenses		47,571			51,976		91,271
Other Operating Expenses		93,261			59,031		161,584
General and Administrative Expenses		657,751			639,393		1,317,247
Other Ordinary Expenses		347,338			95,731		500,107

Ordinary Profits		103,789			423,829		327,127

Extraordinary Gains		98,649			34,961		118,259
Extraordinary Losses		58,255			7,713		67,621

Income before Income Taxes and Minority Interests		144,183			451,076		377,765

Income Taxes:
Current		15,542			11,236		25,253
Refund of Income Taxes		(3,897	)				(7,212	)
Deferred		(10,773	)		47,250		25,108
Total Income Taxes		871			58,486		43,148
Net Income before Minority Interests		143,312			392,590		334,617
Minority Interests in Net Income		55,505			50,831		95,212

Net Income	¥	87,806		¥	341,759	¥	239,404

1-6

(3) CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	*Millions of yen*
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the end of the previous period	¥	1,540,965		¥	1,805,565		¥	1,540,965
Changes during the period
Issuance of New Shares		264,600			375,810			264,600

Total Changes during the period		264,600			375,810			264,600

Balance as of the end of the period		1,805,565			2,181,375			1,805,565

Capital Surplus
Balance as of the end of the previous period		411,318			552,135			411,318
Changes during the period
Issuance of New Shares		271,729			385,544			271,729
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		(130,913	)		—			(130,913	)

Total Changes during the period		140,816			385,544			140,816

Balance as of the end of the period		552,135			937,680			552,135

Retained Earnings
Balance as of the end of the previous period		608,053			854,703			608,053
Changes during the period
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		87,806			341,759			239,404
Disposition of Treasury Stock		(661	)		(1,314	)		(662	)
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		130,913			—			130,913
Transfer from Revaluation Reserve for Land, net of Taxes		992			455			8,010

Total Changes during the period		88,035			205,934			246,649

Balance as of the end of the period		696,088			1,060,637			854,703

Treasury Stock
Balance as of the end of the previous period		(6,218	)		(5,184	)		(6,218	)
Changes during the period
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		1,037			1,989			1,038

Total Changes during the period		1,034			1,988			1,033

Balance as of the end of the period	¥	(5,183	)	¥	(3,195	)	¥	(5,184	)

1-7


	*Millions of yen*
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010
Total Shareholders’ Equity
Balance as of the end of the previous period	¥	2,554,119		¥	3,207,219		¥	2,554,119
Changes during the period
Issuance of New Shares		536,329			761,354			536,329
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		87,806			341,759			239,404
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		376			675			376
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		—			—			—
Transfer from Revaluation Reserve for Land, net of Taxes		992			455			8,010

Total Changes during the period		494,486			969,277			653,100

Balance as of the end of the period		3,048,605			4,176,496			3,207,219

Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Balance as of the end of the previous period		(519,574	)		176,931			(519,574	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		635,980			(144,425	)		696,505

Total Changes during the period		635,980			(144,425	)		696,505

Balance as of the end of the period		116,406			32,505			176,931

Net Deferred Hedge Gains, net of Taxes
Balance as of the end of the previous period		67,525			83,093			67,525
Changes during the period
Net Changes in Items other than Shareholders’ Equity		2,208			59,478			15,568

Total Changes during the period		2,208			59,478			15,568

Balance as of the end of the period		69,733			142,572			83,093

Revaluation Reserve for Land, net of Taxes
Balance as of the end of the previous period		146,447			138,430			146,447
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(999	)		(477	)		(8,017	)

Total Changes during the period		(999	)		(477	)		(8,017	)

Balance as of the end of the period	¥	145,447		¥	137,952		¥	138,430

1-8


	*Millions of yen*
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010
Foreign Currency Translation Adjustments
Balance as of the end of the previous period	¥	(114,765	)	¥	(92,623	)	¥	(114,765	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		21,535			(7,748	)		22,141

Total Changes during the period		21,535			(7,748	)		22,141

Balance as of the end of the period		(93,230	)		(100,371	)		(92,623	)

Total Valuation and Translation Adjustments
Balance as of the end of the previous period		(420,367	)		305,831			(420,367	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		658,725			(93,171	)		726,199

Total Changes during the period		658,725			(93,171	)		726,199

Balance as of the end of the period		238,357			212,659			305,831

Stock Acquisition Rights
Balance as of the end of the previous period		1,187			2,301			1,187
Changes during the period
Net Changes in Items other than Shareholders’ Equity		1,119			476			1,113

Total Changes during the period		1,119			476			1,113

Balance as of the end of the period		2,307			2,778			2,301

Minority Interests
Balance as of the end of the previous period		2,051,667			2,321,700			2,051,667
Changes during the period
Net Changes in Items other than Shareholders’ Equity		265,027			(24,379	)		270,033

Total Changes during the period		265,027			(24,379	)		270,033

Balance as of the end of the period		2,316,695			2,297,321			2,321,700

Total Net Assets
Balance as of the end of the previous period		4,186,606			5,837,053			4,186,606
Changes during the period
Issuance of New Shares		536,329			761,354			536,329
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		87,806			341,759			239,404
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		376			675			376
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		—			—			—
Transfer from Revaluation Reserve for Land, net of Taxes		992			455			8,010
Net Changes in Items other than Shareholders’ Equity		924,872			(117,074	)		997,346

Total Changes during the period		1,419,358			852,203			1,650,446

Balance as of the end of the period	¥	5,605,965		¥	6,689,256		¥	5,837,053

(4) NOTE FOR ASSUMPTION OF GOING CONCERN

There is no applicable information.

1-9

4. INTERIM NON-CONSOLIDATED FINANCIAL STATEMENTS

(1) NON-CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of September 30, 2009			As of September 30, 2010			As of March 31, 2010 (Selected Items)
Assets
Current Assets
Cash and Due from Banks	¥	12,322		¥	10,395		¥	15,133
Securities		—			751,620			—
Accounts Receivable		808			3,488			858
Other Current Assets		3,397			9,069			4,735
Total Current Assets		16,528			774,573			20,727
Fixed Assets
Tangible Fixed Assets		1,276			1,546			1,205
Intangible Fixed Assets		3,708			3,261			3,679
Investments		5,208,975			5,200,595			5,200,357
Investments in Subsidiaries and Affiliates		5,233,951			5,187,202			5,187,202
Other Investments		7,880			13,392			13,155
Reserve for Possible Losses on Investments		(32,856	)		—			—
Total Fixed Assets		5,213,961			5,205,402			5,205,243

Total Assets	¥	5,230,489		¥	5,979,975		¥	5,225,971

Liabilities
Current Liabilities
Short-term Borrowings	¥	700,000		¥	700,000		¥	700,000
Short-term Bonds		270,000			380,000			260,000
Accrued Corporate Taxes		65			65			93
Reserve for Bonus Payments		260			260			259
Other Current Liabilities		5,197			5,659			6,209
Total Current Liabilities		975,523			1,085,985			966,562
Non-Current Liabilities
Bonds and Notes		240,000			240,000			240,000
Reserve for Employee Retirement Benefits		1,360			1,622			1,470
Asset Retirement Obligations		—			639			—
Other Non-Current Liabilities		2,751			6,549			6,792
Total Non-Current Liabilities		244,111			248,810			248,262

Total Liabilities		1,219,635			1,334,796			1,214,824

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock		1,805,565			2,181,375			1,805,565
Capital Surplus
Capital Reserve		649,841			1,025,651			649,841
Total Capital Surplus		649,841			1,025,651			649,841
Retained Earnings
Appropriated Reserve		4,350			4,350			4,350
Other Retained Earnings		1,554,688			1,435,279			1,554,974
Retained Earnings Brought Forward		1,554,688			1,435,279			1,554,974
Total Retained Earnings		1,559,038			1,439,629			1,559,324
Treasury Stock		(5,183	)		(3,195	)		(5,184	)

Total Shareholders’ Equity		4,009,261			4,643,460			4,009,546

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(51	)		(66	)		(44	)

Total Valuation and Translation Adjustments		(51	)		(66	)		(44	)

Stock Acquisition Rights		1,643			1,786			1,643

Total Net Assets		4,010,853			4,645,179			4,011,146

Total Liabilities and Net Assets	¥	5,230,489		¥	5,979,975		¥	5,225,971

1-10

(2) NON-CONSOLIDATED STATEMENTS OF INCOME


	Millions of yen
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010 (Selected Items)
Operating Income	¥	19,607		¥	32,606		¥	33,792
Operating Expenses
General and Administrative Expenses		9,638			9,615			19,807
Total Operating Expenses		9,638			9,615			19,807

Operating Profits		9,968			22,991			13,984

Non-Operating Income		2,700			5,622			5,753
Non-Operating Expenses		9,620			11,843			18,650

Ordinary Profits		3,048			16,770			1,086

Extraordinary Gains		—			—			2,227
Extraordinary Losses		3			202			17

Income before Income Taxes		3,044			16,567			3,296

Income Taxes:
Current		2			2			4
Deferred		(50	)		(20	)		(88	)

Total Income Taxes		(48	)		(17	)		(83	)

Net Income	¥	3,093		¥	16,585		¥	3,379

1-11

(3) NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	Millions of yen
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the end of the previous period	¥	1,540,965		¥	1,805,565		¥	1,540,965
Changes during the period
Issuance of New Shares		264,600			375,810			264,600

Total Changes during the period		264,600			375,810			264,600

Balance as of the end of the period		1,805,565			2,181,375			1,805,565

Capital Surplus
Capital Reserve
Balance as of the end of the previous period		385,241			649,841			385,241
Changes during the period
Issuance of New Shares		264,600			375,810			264,600

Total Changes during the period		264,600			375,810			264,600

Balance as of the end of the period		649,841			1,025,651			649,841

Total Capital Surplus
Balance as of the end of the previous period		385,241			649,841			385,241
Changes during the period
Issuance of New Shares		264,600			375,810			264,600

Total Changes during the period		264,600			375,810			264,600

Balance as of the end of the period		649,841			1,025,651			649,841

Retained Earnings
Appropriated Reserve
Balance as of the end of the previous period		4,350			4,350			4,350
Changes during the period
Total Changes during the period		—			—			—

Balance as of the end of the period		4,350			4,350			4,350

Other Retained Earnings
Retained Earnings Brought Forward
Balance as of the end of the previous period		1,683,272			1,554,974			1,683,272
Changes during the period
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		3,093			16,585			3,379
Disposition of Treasury Stock		(661	)		(1,314	)		(662	)

Total Changes during the period		(128,583	)		(119,695	)		(128,297	)

Balance as of the end of the period		1,554,688			1,435,279			1,554,974

Total Retained Earnings
Balance as of the end of the previous period		1,687,622			1,559,324			1,687,622
Changes during the period
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		3,093			16,585			3,379
Disposition of Treasury Stock		(661	)		(1,314	)		(662	)

Total Changes during the period		(128,583	)		(119,695	)		(128,297	)

Balance as of the end of the period	¥	1,559,038		¥	1,439,629		¥	1,559,324

1-12


	Millions of yen
	For the six months ended September 30, 2009			For the six months ended September 30, 2010			For the fiscal year ended March 31, 2010
Treasury Stock
Balance as of the end of the previous period	¥	(6,218	)	¥	(5,184	)	¥	(6,218	)
Changes during the period
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		1,037			1,989			1,038

Total Changes during the period		1,034			1,988			1,033

Balance as of the end of the period		(5,183	)		(3,195	)		(5,184	)

Total Shareholders’ Equity
Balance as of the end of the previous period		3,607,610			4,009,546			3,607,610
Changes during the period
Issuance of New Shares		529,200			751,620			529,200
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		3,093			16,585			3,379
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		376			675			376

Total Changes during the period		401,650			633,913			401,936

Balance as of the end of the period		4,009,261			4,643,460			4,009,546

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes
Balance as of the end of the previous period		(32	)		(44	)		(32	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(19	)		(22	)		(12	)

Total Changes during the period		(19	)		(22	)		(12	)

Balance as of the end of the period		(51	)		(66	)		(44	)

Stock Acquisition Rights
Balance as of the end of the previous period		1,032			1,643			1,032
Changes during the period
Net Changes in Items other than Shareholders’ Equity		611			142			611

Total Changes during the period		611			142			611

Balance as of the end of the period		1,643			1,786			1,643

Total Net Assets
Balance as of the end of the previous period		3,608,611			4,011,146			3,608,611
Changes during the period
Issuance of New Shares		529,200			751,620			529,200
Cash Dividends		(131,015	)		(134,966	)		(131,015	)
Net Income		3,093			16,585			3,379
Repurchase of Treasury Stock		(3	)		(1	)		(4	)
Disposition of Treasury Stock		376			675			376
Net Changes in Items other than Shareholders’ Equity		591			120			598

Total Changes during the period		402,242			634,033			402,534

Balance as of the end of the period	¥	4,010,853		¥	4,645,179		¥	4,011,146

(4) NOTE FOR ASSUMPTION OF GOING CONCERN

There is no applicable information.

1-13

Summary Results for the Second Quarter (First Half) of Fiscal 2010

I. Summary of Income Analysis

Consolidated Net Business Profits

•

Consolidated Gross Profits for the first half of fiscal 2010 increased by JPY 95.6 billion on a year-on-year basis to JPY 1,100.8 billion.

Gross Profits of the banking subsidiaries increased by JPY 94.8 billion on a year-on-year basis (increased by JPY 139.8 billion after the adjustment of the impact for fiscal 2009 of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs). This is due to an increase in income from the Trading segment derived from flexible and timely operations properly interpreting market trends, in addition to a year-on-year increase in income from Customer Groups (JPY 22.0 billion), both domestically and overseas, arising mainly from non-interest income.

G&A expenses decreased by JPY 11.9 billion on a year-on-year basis mainly due to our overall cost reduction efforts.

•

Aggregated consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities and Mizuho Investors Securities) decreased by JPY 19.3 billion on a year-on-year basis.

•

As a result, Consolidated Net Business Profits amounted to JPY 464.9 billion, a year-on-year increase of JPY 105.4 billion.

Consolidated Net Income

•

Credit-related Costs of the 3 Banks amounted to a reversal of JPY 25.2 billion, an improvement of JPY142.2 billion on a year-on-year basis, primarily due to improved obligor classifications through our business revitalization support to corporate customers and other factors. Consolidated Credit-related Costs also amounted to a reversal of JPY 8.5 billion, an improvement of JPY 170.3 billion on a year-on-year basis.

•

Net Losses related to Stocks of the 3 Banks amounted to JPY 15.0 billion. This is mainly as a consequence of recording devaluation losses for certain stocks after a decline in stock prices, despite recording Gains on Sales through our efforts to reduce our stock portfolio.

•

As a result, Consolidated Net Income for the first half of fiscal 2010 increased by JPY 253.9 billion on a year-on-year basis to JPY 341.7 billion, which far exceeds our planned net income amount for the first half of fiscal 2010 (JPY 180 billion).

(Consolidated)


	1H of FY2010 (Apr. 1 - Sep. 30, 2010)
			Change from 1H of FY2009
(JPY Bn)
Consolidated Gross Profits		1,100.8		95.6
Consolidated Net Business Profits *		464.9		105.4
Credit-related Costs		8.5		170.3
Net Gains (Losses) related to Stocks		-10.5		-30.7
Ordinary Profits		423.8		320.0
Net Income		341.7		253.9

Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

(Reference) 3 Banks


	1H of FY2010 (Apr. 1 - Sep. 30, 2010)
			Change from 1H of FY2009
(JPY Bn)
Gross Profits		885.4		94.8	*
G&A Expenses (excluding Non-Recurring Losses)		-440.3		11.9
Net Business Profits		445.1		106.7	*
Credit-related Costs		25.2		142.2
Net Gains (Losses) related to Stocks		-15.0		-39.1
Ordinary Profits		355.2		260.7
Net Income		355.0		226.8

The results of “1H of FY2009” included the impact on banking subsidiaries (JPY 45.0 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs. After adjustment for this impact, the change from 1H of FY2009 for Gross Profits is JPY 139.8 billion, and that for Net Business Profits is JPY 151.8 billion, respectively

2-1

Net Interest Income

•

The average loan balance for the first half of fiscal 2010 decreased by JPY 1.9 trillion from the second half of fiscal 2009. This is due to a decrease in domestic loans mainly to large corporate customers and overseas loans (including foreign exchange translation impact).

•

The domestic loan-and-deposit rate margin for the same period was 1.36% and slightly decreased by 0.03% from the second half of fiscal 2009, mainly due to a decline in the return on loans that followed the decline of market rates.

LOGO

Non-Interest Income

•

Non-interest income from Customer Groups of the 3 Banks (managerial accounting basis) for the first half of fiscal 2010 increased by JPY 30.8 billion on a year-on-year basis.

•

As well as income associated with investment trusts and individual annuities from individual customers substantially increasing on a year-on-year basis, income associated with foreign exchange business, overseas business, trust and asset management business of Mizuho Trust & Banking and other factors also increased.

LOGO

2-2

II. Financial Soundness

•

The balance of Disclosed Claims under the Financial Reconstruction Law (3 Banks) decreased from that as of March 31, 2010. NPL Ratio also remained at a low level of 1.90%.

•

The balance of Consolidated Net Deferred Tax Assets decreased by JPY 73.7 billion from that as of March 31, 2010, and the ratio to Tier 1 Capital was 7.1%, a decline of 2.9% from March 31, 2010.

•

Our Consolidated Capital Adequacy Ratio was 15.40%, an improvement of 1.94% from that as of March 31, 2010.


	September 30, 2010
				Change from Mar. 31, 2010
(JPY Bn, %)
Consolidated Capital Adequacy Ratio		15.40	%		1.94	%
(Total Risk-based Capital)		(8,180.7	)		(522.6	)
Tier 1 Capital Ratio		11.78	%		2.69	%
(Tier 1 Capital)		(6,260.1	)		(1,086.6	)
Net Deferred Tax Assets (DTAs) (Consolidated)		447.0			-73.7
Net DTAs / Tier 1 Ratio		7.1	%		-2.9	%
Disclosed Claims under the Financial Reconstruction Law (3 Banks)		1,302.0			-17.8
NPL Ratio		1.90	%		-0.00	%
(Net NPL Ratio *1)		(0.85	%)		(0.06	%)
Unrealized Gains (Losses) on Other Securities (Consolidated) *2		102.4			-165.2

*1	(Disclosed Claims under the Financial Reconstruction Law - Reserves for Possible Losses on Loans)/(Total Claims - Reserves for Possible Losses on Loans) x 100

*2	The base amount to be recorded directly to Net Assets after tax and other necessary adjustments

III. Disciplined Capital Management

•

In July 2010, we issued common stock (the number of shares issued: 6 billion shares, total amount paid: JPY 751.6 billion). This was aimed at establishing capital base as a cornerstone for our sustainable growth for the future, in anticipation of the revision of capital regulations. Meanwhile, we recorded Consolidated Net Income of JPY 341.7 billion for the first half of fiscal 2010.

•

It has become increasingly important for financial institutions to strengthen capital base amid the ongoing global discussions on the revision of capital regulations. Therefore, as our medium-term target, we aim to increase our consolidated Tier 1 capital ratio to 12% level and our prime capital(*1) ratio to 8% or above, and as of September 30, 2010, our consolidated Tier 1 capital ratio and our prime capital ratio were 11.78% and 8.10%, respectively, as a result of the common stock issuance and the enhanced Consolidated Net Income in the first half of fiscal 2010.

•

We announced Mizuho’s Transformation Program in May 2010, and are addressing the issues for improving profitability and enhancing financial base. We will strive to further strengthen our financial base mainly by accumulating retained earnings and improving asset efficiency through the steady implementation of the Program. Accordingly, we believe we will be able to sufficiently meet new capital regulations.

Our preliminary simulation indicates that a common equity capital ratio(*2) of mid-8% is assumed as of the end of fiscal 2012, when the new capital regulation will be implemented.

•

We continue to pursue “disciplined capital management” policy, optimally balancing “strengthening of stable capital base” and “steady returns to shareholders” in accordance with changes in the business environment, our financial condition or other factors.

(*1)	Prime Capital = Tier 1 capital - preferred debt securities - preferred stock (excluding mandatory convertible preferred stock)

(*2)	Common equity capital ratio: calculated based on the inclusion of the Eleventh Series Class XI Preferred Stock(*3) that will be mandatorily converted in July 2016.

At this moment, details - such as the calculation method for the capital adequacy ratio in the new capital regulation - have yet to be determined. Therefore, the estimates above are estimated by Mizuho Financial Group based on the publicly-available materials issued so far.

(*3)	The outstanding balance of Eleventh Series Class XI Preferred Stock as of September 30, 2010 (excluding treasury stock) was JPY 486.0 billion (48.5% out of JPY 943.7 billion of the initial amount issued had been already converted into common stock).

2-3

Earnings Plan for Fiscal 2010

(Figures below are on a consolidated basis)

We plan Consolidated Net Business Profits for fiscal 2010 to be JPY 820.0 billion, an increase of JPY 70.0 billion compared with the original plan^(*) based on the results for the first half of fiscal 2010 (an increase of JPY 117.3 billion compared with the previous fiscal year).

We endeavor to further strengthen profitability primarily in non-interest income from Customer Groups of the banking subsidiaries mainly by enhancing further the group synergies.

(*) compared with the original plan announced on May 14, 2010

We anticipate Credit-related Costs to be JPY -85.0 billion, mainly by continued thorough credit management from the first half of fiscal 2010.

Based on the above, we plan Consolidated Net Income to be JPY 500.0 billion, an increase of JPY 70.0 billion compared with the original plan.

It has become increasingly important for financial institutions to strengthen capital base, and we plan to make cash dividend payments of JPY 6 per share of common stock for the fiscal year ending March 31, 2011, unchanged from our existing estimate, in consideration of the balance between “strengthening of stable capital base” and “steady returns to shareholders”. We plan to make dividend payments on preferred stock as prescribed.

(Consolidated)


	FY2010 (Plan)
			Change from FY2009
(JPY Bn)
Consolidated Net Business Profits*		820.0		117.3
Credit-related Costs		-85.0		134.3
Net Gains (Losses) related to Stocks		-15.0		-19.2
Ordinary Profits		670.0		342.8
Net Income		500.0		260.5

*	Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

(Reference) 3 Banks


	FY2010 (Plan)
			Change from FY2009
(JPY Bn)
Net Business Profits*		770.0		84.0
Credit-related Costs		-49.0		108.1
Net Gains (Losses) related to Stocks		-15.0		-25.9
Ordinary Profits		555.0		249.3
Net Income		506.0		192.8

*	The figure of FY2009 included the impact on banking subsidiaries (JPY 77.5 billion) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred securities by SPCs

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

2-4

[Reference]

Breakdown of Earnings by Business Segment


[3 Banks]	1H of FY2010 (Apr. 1 - Sep. 30, 2010)
			Change from 1H of FY2009
(JPY Bn)
Gross Profits		611.0		22.0
G&A Expenses		-355.6		4.4
Customer Groups		255.3		26.4
Gross Profits		274.4		72.8	(117.9	)
G&A Expenses		-84.6		7.5
Trading & Others		189.7		80.2	(125.3	)
Gross Profits		885.4		94.8	(139.8	)
G&A Expenses		-440.3		11.9
Net Business Profits		445.1		106.7	(151.8	)


(Note)		The figures in parentheses reflect the adjustment of the impact on banking subsidiaries (JPY 45.0 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs

Definition

3 Banks: Aggregate figures for Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking on a non-consolidated basis.

2-5

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2010

(Six months ended September 30, 2010)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

“NON(B&R)”: Aggregated figures of the relevant banks including past figures for their former financial subsidiaries for corporate revitalization.

*MHBK, MHCB and MHTB merged with their own financial subsidiaries for corporate revitalization respectively, as of October 1, 2005.

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


I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2010	*See above Notes*		*Page*

1. Income Analysis	CON	NON(B)		3- 1

2. Interest Margins (Domestic Operations)	NON(B)			3- 6

3. Use and Source of Funds	NON(B)			3- 7

4. Net Gains/Losses on Securities	NON(B)			3- 11

5. Unrealized Gains/Losses on Securities	CON	NON(B)		3- 13

6. Projected Redemption Amounts for Securities	NON(B)			3- 15

7. Overview of Derivative Transactions Qualifying for Hedge Accounting	NON(B)			3- 16

8. Employee Retirement Benefits	NON(B)	CON		3- 17

9. Capital Adequacy Ratio	CON			3- 19

II. REVIEW OF CREDITS	*See above Notes*		*Page*

1. Status of Non-Accrual, Past Due & Restructured Loans	CON	NON(B)		3- 21

2. Status of Reserves for Possible Losses on Loans	CON	NON(B)		3- 23

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans	CON	NON(B)		3- 24

4. Status of Disclosed Claims under the Financial Reconstruction Law (“FRL”)	CON	NON(B)		3- 25

5. Coverage on Disclosed Claims under the FRL	NON(B)			3- 27

6. Overview of Non-Performing Loans(“NPLs”)	NON(B)			3- 30

7. Results of Removal of NPLs from the Balance Sheet	NON(B&R)			3- 31

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry	NON(B)			3- 33

(2) Disclosed Claims under the FRL and Coverage Ratio by Industry	NON(B)			3- 35

9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans	NON(B)			3- 36

(2) Loans to SMEs and Individual Customers	NON(B)			3- 36

10. Status of Loans by Region

(1) Balance of Loans to Restructuring Countries	NON(B)			3- 37

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region	NON(B)			3- 37

III. DEFERRED TAXES	*See above Notes*		*Page*

1. Change in Deferred Tax Assets, etc.	CON	NON(B)		3- 38

2. Estimation of Deferred Tax Assets, etc.

(1) Calculation Policy	NON(B)			3- 39

(2) Estimation for Calculating Deferred Tax Assets	NON(B)			3- 40


IV. OTHERS	*See above Notes*			*Page*

1. Breakdown of Deposits (Domestic Offices)		NON(B)			3- 44

2. Number of Directors and Employees		HC	NON(B)		3- 45

3. Number of Branches and Offices		NON(B)			3- 46

4. Earnings Plan for Fiscal 2010		CON	NON(B)		3- 47

Attachments	*See above Notes*			*Page*

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)		NON(B)			3- 48

Comparison of Non-Consolidated Statements of Income (selected items)		NON(B)			3- 49

Non-Consolidated Statement of Changes in Net Assets		NON(B)			3- 50

Mizuho Corporate Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)		NON(B)			3- 51

Comparison of Non-Consolidated Statements of Income (selected items)		NON(B)			3- 52

Non-Consolidated Statement of Changes in Net Assets		NON(B)			3- 53

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2010

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2010			Change			First Half of Fiscal 2009
Consolidated Gross Profits	1		1,100,896			95,698			1,005,198
Net Interest Income	2		553,544			(27,534	)		581,078
Fiduciary Income	3		24,058			(92	)		24,150
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		219,169			(2,855	)		222,025
Net Trading Income	6		177,612			(20,298	)		197,911
Net Other Operating Income	7		126,511			146,478			(19,967	)
General and Administrative Expenses	8		(639,393	)		18,357			(657,751	)
Personnel Expenses	9		(312,781	)		19,511			(332,293	)
Non-Personnel Expenses	10		(299,928	)		(72	)		(299,856	)
Miscellaneous Taxes	11		(26,683	)		(1,081	)		(25,601	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(29,982	)		160,806			(190,788	)
Losses on Write-offs of Loans	13		*(29,429*	)		40,139			(69,568	)
Reversal of (Provision for) Reserves for Possible Losses on Loans	14		—			111,922			(111,922	)
Net Gains (Losses) related to Stocks	15		(10,567	)		(30,793	)		20,225
Equity in Income from Investments in Affiliates	16		2,503			1,057			1,446
Other	17		372			74,912			(74,540	)

Ordinary Profits	18		423,829			320,039			103,789
Net Extraordinary Gains (Losses)	19		27,247			(13,145	)		40,393
Reversal of Reserves for Possible Losses on Loans, etc.	20		*38,543*			9,544			28,998
Reversal of Reserve for Possible Losses on Investments	21		7			7			—

Income before Income Taxes and Minority Interests	22		451,076			306,893			144,183
Income Taxes - Current *	23		(11,236	)		408			(11,644	)
- Deferred	24		(47,250	)		(58,023	)		10,773
Net Income before Minority Interests	25		392,590			249,278			143,312
Minority Interests in Net Income	26		(50,831	)		4,674			(55,505	)

Net Income	27		341,759			253,952			87,806

*	Income Taxes - Current [23] includes Refund of Income Taxes.


Credit-related Costs (including Credit Costs for Trust Accounts)	28	8,561	170,350		(161,789	)
* Credit-related Costs [28] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans ) [12] + Reversal of Reserves for Possible Losses on Loans, etc. [20] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	29	464,991	105,475		359,516
* Consolidated Net Business Profits [29] = 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	30	163	(1	)	164
Number of affiliates under the equity method	31	21	(2	)	23

3-1

Aggregated Figures of the 3 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2010															First Half of Fiscal 2009
		MHBK			MHCB			MHTB			Aggregated Figures			Change			First Half of Fiscal 2009
Gross Profits	1		421,693			397,221			66,538			885,453			94,804			790,648
Domestic Gross Profits	2		360,060			177,617			62,323			600,001			22,435			577,566
Net Interest Income	3		273,537			108,651			18,240			400,429			(26,429	)		426,858
Fiduciary Income	4								23,806			23,806			8			23,797
Credit Costs for Trust Accounts	5								—			—			—			—
Net Fee and Commission Income	6		68,361			29,064			13,387			110,813			6,848			103,965
Net Trading Income	7		1,865			9,413			2,659			13,937			(5,004	)		18,942
Net Other Operating Income	8		16,295			30,488			4,230			51,014			47,011			4,003
International Gross Profits	9		61,633			219,603			4,214			285,451			72,369			213,082
Net Interest Income	10		12,347			96,185			2,043			110,577			(23,191	)		133,769
Net Fee and Commission Income	11		5,526			27,426			(23	)		32,929			819			32,109
Net Trading Income	12		40,798			36,779			(1,221	)		76,356			1,064			75,291
Net Other Operating Income	13		2,960			59,211			3,416			65,588			93,676			(28,088	)
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(279,368	)		(116,517	)		(44,465	)		(440,350	)		11,950			(452,301	)
Expense Ratio	15		*66.2*	%		*29.3*	%		*66.8*	%		*49.7*	%		(7.4	%)		57.2	%
Personnel Expenses	16		(93,812	)		(40,794	)		(16,978	)		(151,585	)		7,661			(159,247	)
Non-Personnel Expenses	17		(169,783	)		(69,691	)		(26,206	)		(265,681	)		5,401			(271,082	)
Premium for Deposit Insurance	18		*(23,231*	)		*(3,579*	)		*(1,350*	)		*(28,161*	)		(921	)		(27,239	)
Miscellaneous Taxes	19		(15,771	)		(6,031	)		(1,280	)		(23,083	)		(1,111	)		(21,971	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) *1	20		142,325			280,703			22,073			445,102			106,755			338,347
Excluding Net Gains (Losses) related to Bonds	21		*113,452*			*190,876*			*14,492*			*318,821*			(3,170	)		321,992

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			—			504			504			(24,997	)		25,502

Net Business Profits	23		142,325			280,703			22,578			445,607			81,757			363,849
Net Gains (Losses) related to Bonds	24		*28,872*			*89,826*			*7,581*			*126,281*			109,926			16,354

Net Non-Recurring Gains (Losses)	25		(53,041	)		(30,224	)		(7,051	)		(90,317	)		179,015			(269,333	)
Net Gains (Losses) related to Stocks	26		(6,258	)		(7,865	)		(904	)		(15,029	)		(39,133	)		24,104
Expenses related to Portfolio Problems	27		(25,306	)		(3,656	)		(1,916	)		(30,879	)		138,903			(169,783	)
Other	28		(21,476	)		(18,701	)		(4,230	)		(44,408	)		79,246			(123,654	)

Ordinary Profits	29		89,283			250,479			15,526			355,289			260,773			94,516

Net Extraordinary Gains (Losses)	30		25,312			19,029			449			44,790			20,970			23,820
Net Gains (Losses) on Disposition of Fixed Assets	31		*(732*	)		*(785*	)		*(43*	)		*(1,560*	)		786			(2,347	)
Losses on Impairment of Fixed Assets	32		*(1,633*	)		*(814*	)		(2	)		*(2,451*	)		268			(2,719	)
Reversal of Reserves for Possible Losses on Loans, etc.	33		*28,113*			*27,513*			35			*55,662*			28,340			27,322
Reversal of Reserve for Possible Losses on Investments	34		9			83			—			93			93			—
Income before Income Taxes	35		114,595			269,508			15,976			400,080			281,744			118,336
Income Taxes - Current *2	36		(247	)		(4,670	)		(4	)		(4,922	)		(4,142	)		(780	)
- Deferred	37		12,669			(49,142	)		(3,675	)		(40,148	)		(50,728	)		10,579

Net Income	38		127,017			215,695			12,297			355,009			226,873			128,135

1.Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) of MHTB excludes the amounts of Credit Costs for Trust Accounts [5]. 2.Income Taxes - Current [36] includes Refund of Income Taxes.

Credit-related Costs	39		2,807			23,856			(1,376	)		25,288			142,246			(116,958	)
* Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22] + Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40								—			—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		16,341			18,183			504			35,029			9,527			25,502
Losses on Write-offs of Loans	42		(8,439	)		4,244			(1,408	)		(5,602	)		37,602			(43,205	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(4,229	)		791			(508	)		(3,946	)		87,038			(90,984	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			161			0			161			34			126
Reversal of (Provision for) Reserve for Contingencies	45		—			606			35			641			(633	)		1,274
Other (including Losses on Sales of Loans)	46		(865	)		(129	)		—			(995	)		8,677			(9,672	)
Total	47		2,807			23,856			(1,376	)		25,288			142,246			(116,958	)

3-2

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2010			Change			First Half of Fiscal 2009
Gross Profits	1		421,693			13,469			408,224
Domestic Gross Profits	2		360,060			(8,137	)		368,198
Net Interest Income	3		273,537			(22,997	)		296,535
Net Fee and Commission Income	4		68,361			4,788			63,572
Net Trading Income	5		1,865			(853	)		2,718
Net Other Operating Income	6		16,295			10,924			5,371
International Gross Profits	7		61,633			21,607			40,026
Net Interest Income	8		12,347			(2,877	)		15,224
Net Fee and Commission Income	9		5,526			544			4,982
Net Trading Income	10		40,798			(1,347	)		42,145
Net Other Operating Income	11		2,960			25,287			(22,326	)
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(279,368	)		5,637			(285,005	)
Expense Ratio	13		*66.2*	%		(3.5	%)		69.8	%
Personnel Expenses	14		(93,812	)		4,247			(98,060	)
Non-Personnel Expenses	15		(169,783	)		2,329			(172,112	)
Premium for Deposit Insurance	16		*(23,231*	)		(635	)		(22,595	)
Miscellaneous Taxes	17		(15,771	)		(939	)		(14,831	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		142,325			19,106			123,218
Excluding Net Gains (Losses) related to Bonds	19		*113,452*			(7,231	)		120,684

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			(2,368	)		2,368

Net Business Profits	21		142,325			16,738			125,587
Net Gains (Losses) related to Bonds	22		*28,872*			26,338			2,534
Net Non-Recurring Gains (Losses)	23		(53,041	)		53,471			(106,512	)
Net Gains (Losses) related to Stocks	24		(6,258	)		304			(6,562	)
Expenses related to Portfolio Problems	25		(25,306	)		43,424			(68,730	)
Other	26		(21,476	)		9,742			(31,219	)

Ordinary Profits	27		89,283			70,209			19,074

Net Extraordinary Gains (Losses)	28		25,312			10,174			15,137
Net Gains (Losses) on Disposition of Fixed Assets	29		*(732*	)		836			(1,569	)
Losses on Impairment of Fixed Assets	30		*(1,633*	)		(1,332	)		(301	)
Reversal of Reserves for Possible Losses on Loans, etc.	31		*28,113*			11,612			16,501
Reversal of Reserve for Possible Losses on Investments	32		9			9			—
Income before Income Taxes	33		114,595			80,384			34,211
Income Taxes - Current	34		(247	)		23			(271	)
- Deferred	35		12,669			(7,223	)		19,892

Net Income	36		127,017			73,184			53,833


Credit-related Costs	37		2,807			52,668			(49,860	)
* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [31]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	38		16,341			13,973			2,368
Losses on Write-offs of Loans	39		(8,439	)		15,282			(23,721	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40		(4,229	)		22,348			(26,577	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41		—			—			—
Reversal of (Provision for) Reserve for Contingencies	42		—			—			—
Other (including Losses on Sales of Loans)	43		(865	)		1,064			(1,929	)
Total	44		2,807			52,668			(49,860	)

3-3

Mizuho Corporate Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2010		Change			First Half of Fiscal 2009
Gross Profits	1		397,221		78,574			318,646
Domestic Gross Profits	2		177,617		27,381			150,236
Net Interest Income	3		108,651		(766	)		109,417
Net Fee and Commission Income	4		29,064		679			28,384
Net Trading Income	5		9,413		(5,154	)		14,568
Net Other Operating Income	6		30,488		32,622			(2,133	)
International Gross Profits	7		219,603		51,193			168,409
Net Interest Income	8