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 May 2017

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NO. 333-213187) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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


Date: May 15, 2017

Mizuho Financial Group, Inc.

By:		/s/ Makoto Umemiya


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


For Immediate Release:

Financial Statements for Fiscal 2016

<Under Japanese GAAP>

Company Name:

Mizuho Financial Group, Inc. (“MHFG”)


Stock Code Number (Japan):	8411		May 15, 2017
Stock Exchange Listings:	Tokyo Stock Exchange (First Section), New York Stock Exchange
URL:	https://www.mizuho-fg.com/index.html
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Masahiro Kosugi	General Manager of Accounting
Phone:	+81-3-6838-6101


Ordinary General Meeting of Shareholders (scheduled):	June 23, 2017
Filing of Yuka Shoken Hokokusho to the Kanto Local		Commencement of Dividend Payment (scheduled):	June 5, 2017
Finance Bureau (scheduled):	June 26, 2017	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 2016 (for the fiscal year ended March 31, 2017)

(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 2016		3,292,900		2.4		737,512		(26.0	)		603,544		(10.0	)
Fiscal 2015		3,215,274		1.1		997,529		(1.3	)		670,943		9.6

Note:

Comprehensive Income:

Fiscal 2016: ¥558,131 million, 83.2%; Fiscal 2015: ¥304,594 million, (84.3)%


	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 2016		23.86		23.78		7.2		0.3		22.3
Fiscal 2015		26.94		26.42		8.3		0.5		31.0

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2016: ¥18,899 million; Fiscal 2015: ¥24,299 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2016		200,508,610		9,273,361		4.2		335.96
Fiscal 2015		193,458,580		9,353,244		4.2		322.46

Reference:

Own Capital:

As of March 31, 2017 ¥8,522,268 million; As of March 31, 2016 ¥8,167,813 million

Note:

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

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

(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 2016		4,690,131		5,796,391		(24,537	)		45,523,663
Fiscal 2015		4,104,197		3,687,897		(521,023	)		35,089,122

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		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2015		—		3.75		—		3.75		7.50		187,078		27.8		2.3
Fiscal 2016		—		3.75		—		3.75		7.50		190,347		31.4		2.2
Fiscal 2017 (estimate)		—		3.75		—		3.75		7.50				34.6


Note:		Please refer to Cash Dividends for Shareholders of Classified Stock (unlisted) mentioned later, the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2017 (for the fiscal year ending March 31, 2018)


	(%: 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 F2017			—		—			—
Fiscal 2017			550,000		(8.8	)		21.67


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, 2017.

øNotes

(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

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

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ Restatements: No


(Note)		For more information, please refer to “Change in Accounting Policies” on page 1-14 of the attachment.

(3) Issued Shares of Common Stock


① Year-end issued shares (including treasury stock):	As of March 31, 2017	25,386,307,945 shares	As of March 31, 2016	25,030,525,657 shares
② Year-end treasury stock:	As of March 31, 2017	19,992,754 shares	As of March 31, 2016	10,929,211 shares
③ Average number of outstanding shares:	Fiscal 2016	25,285,898,988 shares	Fiscal 2015	24,806,160,636 shares

(Reference) Non-Consolidated Financial Statements for Fiscal 2016

Financial Highlights for Fiscal 2016 (for the fiscal year ended March 31, 2017)

(1) Non-Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Operating Income					Operating Profits					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%			¥ million		%
Fiscal 2016		378,084		13.3			339,157		12.1			326,482		10.0			326,676		7.3
Fiscal 2015		333,500		(11.7	)		302,436		(13.8	)		296,562		(15.1	)		304,389		(12.7	)


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
Fiscal 2016		12.91		12.86
Fiscal 2015		12.17		11.98

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2016		9,269,369		5,342,523		57.6		210.51
Fiscal 2015		7,064,211		5,197,208		73.5		203.58

Reference:

Own Capital:

As of March 31, 2017: ¥5,340,769 million; As of March 31, 2016: ¥5,194,445 million


Note:		Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights) / Total Assets × 100
		Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

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: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on January 13, 2017, 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.

Cash Dividends for Shareholders of Classified Stock

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


	Annual Cash Dividends per Share										Total Cash Dividends (Annual)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Annual)
	¥		¥		¥		¥		¥		¥ million
Eleventh Series Class XI Preferred Stock
Fiscal 2015		—		10.00		—		10.00		20.00		2,429
Fiscal 2016		—

Note:

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

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	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 2016 and Dividend Estimates for Fiscal 2017	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)
	(Change 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.

An MHFG IR conference for institutional investors and analysts is scheduled for May 22, 2017 (Monday). 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.

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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, 2017, the global economy as a whole continued to recover gradually, while weakness in the recovery is seen in some regions. As for the future direction of the economy, although continued recovery is expected, particularly in the United States, concerns over a downturn still linger, and such factors as the policy management of the new president of the United States, the political climate in Europe, trends in China’s economy and increased geopolitical risk need continued and careful observation.

In the United States, employment conditions continued to be generally favorable, and the economy continued to be on a recovery trend, supported by steady consumer spending and increased exports. The economy is expected to continue to be on a trend of gradual expansion, backed by policies of the new president; however, concerns such as increasing uncertainty about the future direction of the economy caused by foreign exchange and trade policies under the new administration require attention.

In Europe, the economies continued to recover gradually due to such factors as the recovery of consumer spending and the pickup in exports. It is expected that the economies of the region will continue to exhibit the same trend; however, political developments in Europe, including the United Kingdom’s Brexit negotiations, elections in European countries and non-performing loan problems in southern European countries, require further attention.

In Asia, China’s economy was stable, partly due to support from governmental policies. Going forward, with continued support provided by fiscal policies, including investment in infrastructure and tax reductions, China’s economy is expected to remain generally unchanged for the time being. The economies of emerging countries have picked up due to such factors as the steadiness of China’s economy and the increase in resource prices. As for the future direction of the economies, partially due to concerns such as depreciation in the currencies of emerging countries and increased capital outflow pressures, the pace of economic expansion is expected to remain gradual.

In Japan, benefiting from improvement of overseas economies, the economy continued to recover gradually mainly in the areas of exports and capital investment. Going forward, the economy is expected to continue to recover gradually, due to such factors as an improved export environment and the effectiveness of various policies; however, increasing uncertainty in overseas economies requires continued attention.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,092.7 billion for fiscal 2016, decreasing by ¥128.8 billion from the previous fiscal year.

Gross Profits of aggregate figures for Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. on a non-consolidated basis (on a non-consolidated aggregated basis of the banks) decreased by ¥157.9 billion on a year-on-year basis to ¥1,441.4 billion mainly due to the impact of negative interest rates. General and Administrative Expenses on a non-consolidated aggregated basis of the banks increased by ¥36.1 billion on a year-on-year basis to ¥947.1 billion.

Net Operating Revenues on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥49.2 billion on a year-on-year basis to ¥365.9 billion due to the impact of the decrease in consolidated subsidiaries as a result of corporate restructuring in the group companies and other factors, offset in part by an increase in Net Gain on Trading.

Selling, General and Administrative Expenses on a consolidated basis of Mizuho Securities Co., Ltd. decreased by ¥38.6 billion on a year-on-year basis to ¥290.9 billion.

As a result, Consolidated Net Business Profits decreased by ¥189.4 billion on a year-on-year basis to ¥663.4 billion.

Consolidated Credit-related Costs amounted to ¥47.5 billion.

Consolidated Net Gains (Losses) related to Stocks increased by ¥36.4 billion on a year-on-year basis to net gains of ¥242.1 billion due to the progress in cross-shareholding disposal and other factors.

As a result, Ordinary Income decreased by ¥260.0 billion on a year-on-year basis to ¥737.5 billion.

Extraordinary Gains (Losses) increased by ¥35.9 billion on a year-on-year basis to net gains of ¥46.6 billion due to extraordinary gains as a result of the establishment of Asset Management One Co., Ltd.

Tax-related Expenses decreased by ¥144.8 billion on a year-on-year basis to ¥137.7 billion due to the recording of deferred tax assets as a result of corporate restructuring in the group companies and other factors.

As a result, Profit Attributable to Owners of Parent for fiscal 2016 decreased by ¥67.3 billion on a year-on-year basis to ¥603.5 billion. This result shows a 100% achievement against the earnings plan for fiscal 2016 of ¥600.0 billion.

As for earnings estimates for fiscal 2017, we estimate Ordinary Profits of ¥790.0 billion and Profit Attributable to Owners of Parent of ¥550.0 billion on a consolidated basis.

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Mizuho Financial Group, Inc.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2017 amounted to ¥200,508.6 billion, increasing by ¥7,050.0 billion from the end of the previous fiscal year, mainly due to increases in Cash and Due from banks.

Securities were ¥32,353.1 billion, decreasing by ¥7,152.8 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥78,337.7 billion, increasing by ¥4,628.9 billion from the end of the previous fiscal year.

Deposits and Negotiable Certificates of Deposit amounted to ¥130,676.4 billion, increasing by ¥13,219.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,273.3 billion, decreasing by ¥79.8 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥7,001.2 billion, Accumulated Other Comprehensive Income was ¥1,520.9 billion and Non-controlling Interests was ¥749.3 billion.

Net Cash Provided by Operating Activities was ¥4,690.1 billion mainly due to increased deposits. Net Cash Provided by Investing Activities was ¥5,796.3 billion mainly due to purchase, sale, and redemption of securities, and Net Cash Used in Financing Activities was ¥24.5 billion mainly due to issuance of subordinated bonds, redemption of preferred stocks, and cash dividends paid.

As a result, Cash and Cash Equivalents as of March 31, 2017 was ¥45,523.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2016 and Dividend Estimates for Fiscal 2017

We continue to perform disciplined capital management policy which maintains the optimum balance between strengthening of stable capital base and steady returns to shareholders.

As for a policy to return profits to shareholders, we have implemented a steady dividend payout policy setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration.

Based on this policy, we have decided to make cash dividend payments on common stock of ¥3.75 as year-end dividends for the fiscal year ended March 31, 2017 (annual cash dividends of ¥7.50 including interim dividends of ¥3.75) as predicted in Dividend Estimates for Fiscal 2016.

The board of directors has considered thoroughly and decided the above cash dividend payments taking into account our business environment comprehensively such as the financial result for fiscal 2016 in which Profit Attributable to Owners of Parent amounted to ¥603.5 billion and achieved earnings estimates, future earnings forecasts, profit base, capital, and domestic and international regulation trends such as the Basel framework.


Common Stock	¥	3.75 per share	(as predicted in Dividend Estimates for Fiscal 2016)
Annual cash dividends including interim dividends	¥	7.50 per share	(as predicted in Dividend Estimates for Fiscal 2016)

Furthermore, in accordance with the Articles of Incorporation, we decide distribution of dividends from surplus not by the resolution at the general meeting of shareholders but by the resolution at the board of directors unless otherwise stipulated by laws and regulations. We have decided the year-end cash dividend payments on common stock for the fiscal year ended March 31, 2017 at the board of directors held today.

For fiscal 2017, we continuously aim to make steady dividend payouts setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration and realize steady returns to shareholders. We will comprehensively consider the business environment such as the Group’s business results, profit base, capital, and domestic and international regulation trends such as the Basel framework in determining cash dividend payments.

As for the dividend estimates of common stock for fiscal 2017, we predict cash dividend payments of ¥7.50 per share of common stock, which is the same as fiscal 2016. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.


(Dividend Estimates for Fiscal 2017)

Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

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Mizuho Financial Group, Inc.

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.

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Mizuho Financial Group, Inc.

3. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2016			As of March 31, 2017
Assets
Cash and Due from Banks	¥	36,315,471		¥	47,129,583
Call Loans and Bills Purchased		893,545			1,035,746
Receivables under Resale Agreements		7,805,798			8,967,777
Guarantee Deposits Paid under Securities Borrowing Transactions		3,407,390			3,350,051
Other Debt Purchased		2,979,797			2,745,204
Trading Assets		13,004,522			10,361,787
Money Held in Trust		175,638			247,583
Securities		39,505,971			32,353,158
Loans and Bills Discounted		73,708,884			78,337,793
Foreign Exchange Assets		1,447,743			1,828,782
Derivatives other than for Trading Assets		3,157,752			2,170,750
Other Assets		4,144,131			4,180,339
Tangible Fixed Assets		1,085,791			1,136,329
Buildings		344,311			348,068
Land		605,626			641,284
Lease Assets		24,919			26,210
Construction in Progress		19,698			22,134
Other Tangible Fixed Assets		91,237			98,631
Intangible Fixed Assets		804,567			1,045,486
Software		318,920			308,595
Goodwill		23,440			74,772
Lease Assets		11,304			16,013
Other Intangible Fixed Assets		450,900			646,105
Net Defined Benefit Asset		646,428			797,762
Deferred Tax Assets		36,517			56,066
Customers’ Liabilities for Acceptances and Guarantees		4,798,158			5,273,581
Reserves for Possible Losses on Loans		(459,531	)		(509,175	)

Total Assets	¥	193,458,580		¥	200,508,610

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2016			As of March 31, 2017
Liabilities
Deposits	¥	105,629,071		¥	120,045,217
Negotiable Certificates of Deposit		11,827,533			10,631,277
Call Money and Bills Sold		2,521,008			1,255,172
Payables under Repurchase Agreements		16,833,346			17,969,753
Guarantee Deposits Received under Securities Lending Transactions		2,608,971			1,679,300
Commercial Paper		1,010,139			789,705
Trading Liabilities		10,276,133			7,923,285
Borrowed Money		7,503,543			6,307,230
Foreign Exchange Liabilities		492,473			526,053
Short-term Bonds		648,381			226,348
Bonds and Notes		6,120,928			7,564,535
Due to Trust Accounts		5,067,490			4,784,077
Derivatives other than for Trading Liabilities		2,571,597			1,784,857
Other Liabilities		5,532,596			3,883,168
Reserve for Bonus Payments		62,171			67,633
Reserve for Variable Compensation		2,836			3,018
Net Defined Benefit Liability		51,514			55,236
Reserve for Director and Corporate Auditor Retirement Benefits		1,685			1,327
Reserve for Possible Losses on Sales of Loans		267			298
Reserve for Contingencies		5,271			5,680
Reserve for Reimbursement of Deposits		16,154			19,072
Reserve for Reimbursement of Debentures		39,245			32,720
Reserves under Special Laws		2,024			2,309
Deferred Tax Liabilities		414,799			337,800
Deferred Tax Liabilities for Revaluation Reserve for Land		67,991			66,585
Acceptances and Guarantees		4,798,158			5,273,581

Total Liabilities	¥	184,105,335		¥	191,235,249

Net Assets
Common Stock and Preferred Stock	¥	2,255,790		¥	2,256,275
Capital Surplus		1,110,164			1,134,416
Retained Earnings		3,197,616			3,615,449
Treasury Stock		(3,609	)		(4,849	)

Total Shareholders’ Equity		6,559,962			7,001,291

Net Unrealized Gains (Losses) on Other Securities		1,296,039			1,289,985
Deferred Gains or Losses on Hedges		165,264			10,172
Revaluation Reserve for Land		148,483			145,609
Foreign Currency Translation Adjustments		(53,689	)		(69,657	)
Remeasurements of Defined Benefit Plans		51,752			144,866

Total Accumulated Other Comprehensive Income		1,607,851			1,520,976

Stock Acquisition Rights		2,762			1,754
Non-controlling Interests		1,182,668			749,339

Total Net Assets		9,353,244			9,273,361

Total Liabilities and Net Assets	¥	193,458,580		¥	200,508,610

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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, 2016		For the fiscal year ended March 31, 2017
Ordinary Income	¥	3,215,274	¥	3,292,900
Interest Income		1,426,256		1,445,555
Interest on Loans and Bills Discounted		921,653		934,108
Interest and Dividends on Securities		308,089		279,888
Interest on Call Loans and Bills Purchased		6,847		5,234
Interest on Receivables under Resale Agreements		41,328		79,599
Interest on Securities Borrowing Transactions		8,640		13,806
Interest on Due from Banks		67,248		77,294
Other Interest Income		72,449		55,624
Fiduciary Income		53,458		50,627
Fee and Commission Income		751,712		752,982
Trading Income		313,106		326,230
Other Operating Income		326,065		338,276
Other Ordinary Income		344,674		379,228
Recovery of Written-off Claims		18,273		33,630
Other		326,401		345,597
Ordinary Expenses		2,217,744		2,555,387
Interest Expenses		422,574		577,737
Interest on Deposits		167,540		223,564
Interest on Negotiable Certificates of Deposit		35,354		46,054
Interest on Call Money and Bills Sold		7,711		3,234
Interest on Payables under Repurchase Agreements		59,983		120,362
Interest on Securities Lending Transactions		2,988		2,793
Interest on Commercial Paper		2,285		7,386
Interest on Borrowed Money		21,505		17,832
Interest on Short-term Bonds		1,080		238
Interest on Bonds and Notes		98,474		123,056
Other Interest Expenses		25,648		33,214
Fee and Commission Expenses		144,160		149,439
Trading Expenses		2,598		898
Other Operating Expenses		79,650		92,856
General and Administrative Expenses		1,349,593		1,467,221
Other Ordinary Expenses		219,166		267,233
Provision for Reserves for Possible Losses on Loans		4,446		61,557
Other		214,720		205,676

Ordinary Profits	¥	997,529	¥	737,512

1-7

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Extraordinary Gains	¥	20,362		¥	58,814
Gains on Disposition of Tangible Fixed Assets		7,540			2,588
Other Extraordinary Gains		12,822			56,226
Extraordinary Losses		9,640			12,134
Losses on Disposition of Tangible Fixed Assets		4,811			5,197
Losses on Impairment of Fixed Assets		4,412			6,651
Other Extraordinary Losses		416			285

Income before Income Taxes		1,008,252			784,193

Income Taxes:
Current		216,354			199,794
Refund of Income Taxes		(3,065	)		(3,259	)
Deferred		69,260			(58,800	)

Total Income Taxes		282,549			137,735

Profit		725,702			646,457

Profit Attributable to Non-controlling Interests		54,759			42,913

Profit Attributable to Owners of Parent	¥	670,943		¥	603,544

1-8

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Profit	¥	725,702		¥	646,457
Other Comprehensive Income		(421,108	)		(88,326	)
Net Unrealized Gains (Losses) on Other Securities		(438,896	)		(10,965	)
Deferred Gains or Losses on Hedges		138,829			(155,158	)
Revaluation Reserve for Land		3,630			(11	)
Foreign Currency Translation Adjustments		(10,712	)		(12,514	)
Remeasurements of Defined Benefit Plans		(109,362	)		93,588
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(4,597	)		(3,266	)

Comprehensive Income		304,594			558,131

(Breakdown)
Comprehensive Income Attributable to Owners of Parent		250,405			519,532
Comprehensive Income Attributable to Non-controlling Interests		54,188			38,598

1-9

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2016


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,404		1,110,006			2,769,371			(3,616	)		6,131,166
Cumulative Effects of Changes in Accounting Policies				935			(48,999	)					(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,404		1,110,942			2,720,371			(3,616	)		6,083,102
Changes during the period
Issuance of New Shares		386		386									772
Cash Dividends							(195,264	)					(195,264	)
Profit Attributable to Owners of Parent							670,943						670,943
Repurchase of Treasury Stock										(653	)		(653	)
Disposition of Treasury Stock				81						659			741
Transfer from Revaluation Reserve for Land							1,566						1,566
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(1,245	)								(1,245	)
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		386		(777	)		477,244			6			476,859

Balance as of the end of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges		Revaluation Reserve for Land		Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,737,348			26,635		146,419		(40,454	)		160,005			2,029,955			3,820			1,635,595			9,800,538
Cumulative Effects of Changes in Accounting Policies																								(48,063	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,737,348			26,635		146,419		(40,454	)		160,005			2,029,955			3,820			1,635,595			9,752,474
Changes during the period
Issuance of New Shares																								772
Cash Dividends																								(195,264	)
Profit Attributable to Owners of Parent																								670,943
Repurchase of Treasury Stock																								(653	)
Disposition of Treasury Stock																								741
Transfer from Revaluation Reserve for Land																								1,566
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								(1,245	)
Net Changes in Items other than Shareholders’ Equity		(441,308	)		138,628		2,064		(13,235	)		(108,252	)		(422,104	)		(1,057	)		(452,927	)		(876,089	)

Total Changes during the period		(441,308	)		138,628		2,064		(13,235	)		(108,252	)		(422,104	)		(1,057	)		(452,927	)		(399,230	)

Balance as of the end of the period		1,296,039			165,264		148,483		(53,689	)		51,752			1,607,851			2,762			1,182,668			9,353,244

1-10

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2017


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,255,790		1,110,164			3,197,616			(3,609	)		6,559,962
Cumulative Effects of Changes in Accounting Policies							1,426						1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,255,790		1,110,164			3,199,042			(3,609	)		6,561,388
Changes during the period
Issuance of New Shares		484		484									969
Cash Dividends							(190,001	)					(190,001	)
Profit Attributable to Owners of Parent							603,544						603,544
Repurchase of Treasury Stock										(1,904	)		(1,904	)
Disposition of Treasury Stock				(55	)					663			608
Cancellation of Treasury Stock				(1	)					1			—
Transfer from Revaluation Reserve for Land							2,863						2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				23,823									23,823
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		484		24,251			416,406			(1,239	)		439,903

Balance as of the end of the period		2,256,275		1,134,416			3,615,449			(4,849	)		7,001,291


	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities			Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans		Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non-Controlling Interests			Total Net Assets
Balance as of the beginning of the period		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,353,244
Cumulative Effects of Changes in Accounting Policies																									1,426
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,296,039			165,264			148,483			(53,689	)		51,752		1,607,851			2,762			1,182,668			9,354,670
Changes during the period
Issuance of New Shares																									969
Cash Dividends																									(190,001	)
Profit Attributable to Owners of Parent																									603,544
Repurchase of Treasury Stock																									(1,904	)
Disposition of Treasury Stock																									608
Cancellation of Treasury Stock																									—
Transfer from Revaluation Reserve for Land																									2,863
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																									23,823
Net Changes in Items other than Shareholders’ Equity		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(521,212	)

Total Changes during the period		(6,054	)		(155,091	)		(2,874	)		(15,967	)		93,113		(86,875	)		(1,008	)		(433,328	)		(81,308	)

Balance as of the end of the period		1,289,985			10,172			145,609			(69,657	)		144,866		1,520,976			1,754			749,339			9,273,361

1-11

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Cash Flow from Operating Activities
Income before Income Taxes	¥	1,008,252			¥	784,193
Depreciation		159,953				166,265
Losses on Impairment of Fixed Assets		4,412				6,651
Amortization of Goodwill		830				2,816
Losses (Gains) on Step Acquisition		—				(56,226	)
Equity in Loss (Gain) from Investments in Affiliates		(24,299	)			(18,899	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(53,529	)			57,472
Increase (Decrease) in Reserve for Possible Losses on Investments		(2	)			—
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		253				31
Increase (Decrease) in Reserve for Contingencies		(678	)			(254	)
Increase (Decrease) in Reserve for Bonus Payments		3,918				5,809
Increase (Decrease) in Reserve for Variable Compensation		2,836				182
Decrease (Increase) in Net Defined Benefit Asset		(65,012	)			(17,677	)
Increase (Decrease) in Net Defined Benefit Liability		3,123				3,740
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		157				(358	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		303				2,917
Increase (Decrease) in Reserve for Reimbursement of Debentures		(9,633	)			(6,524	)
Interest Income—accrual basis		(1,426,256	)			(1,445,555	)
Interest Expenses—accrual basis		422,574				577,737
Losses (Gains) on Securities		(356,138	)			(357,710	)
Losses (Gains) on Money Held in Trust		(178	)			292
Foreign Exchange Losses (Gains)—net		470,492				107,847
Losses (Gains) on Disposition of Fixed Assets		(2,729	)			2,608
Decrease (Increase) in Trading Assets		(2,450,614	)			2,426,324
Increase (Decrease) in Trading Liabilities		1,716,637				(2,142,414	)
Decrease (Increase) in Derivatives other than for Trading Assets		291,667				946,548
Increase (Decrease) in Derivatives other than for Trading Liabilities		(821,313	)			(748,426	)
Decrease (Increase) in Loans and Bills Discounted		(1,784,739	)			(5,192,399	)
Increase (Decrease) in Deposits		8,985,486				15,000,099
Increase (Decrease) in Negotiable Certificates of Deposit		(3,415,748	)			(919,375	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		459,006				(1,139,322	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(295,214	)			(416,740	)
Decrease (Increase) in Call Loans, etc.		(60,388	)			(1,333,261	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		651,949				57,338
Increase (Decrease) in Call Money, etc.		(4,087,190	)			152,026
Increase (Decrease) in Commercial Paper		505,568				(216,041	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		363,332				(929,671	)
Decrease (Increase) in Foreign Exchange Assets		99,358				(410,914	)
Increase (Decrease) in Foreign Exchange Liabilities		20,826				33,814
Increase (Decrease) in Short-term Bonds (Liabilities)		(168,323	)			(422,033	)
Increase (Decrease) in Bonds and Notes		(177,448	)			745,704
Increase (Decrease) in Due to Trust Accounts		3,286,722				(283,413	)
Interest and Dividend Income—cash basis		1,458,441				1,454,769
Interest Expenses—cash basis		(386,135	)			(553,494	)
Other—net		43,034				(987,540	)

Subtotal		4,373,564				4,936,937

Cash Refunded (Paid) in Income Taxes		(269,366	)			(246,806	)

Net Cash Provided by (Used in) Operating Activities		4,104,197				4,690,131

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2016			For the fiscal year ended March 31, 2017
Cash Flow from Investing Activities
Payments for Purchase of Securities		(43,017,178	)			(46,111,207	)
Proceeds from Sale of Securities		36,284,439				41,930,689
Proceeds from Redemption of Securities		10,774,422				10,419,553
Payments for Increase in Money Held in Trust		(21,840	)			(88,905	)
Proceeds from Decrease in Money Held in Trust		3,945				28,521
Payments for Purchase of Tangible Fixed Assets		(67,298	)			(105,634	)
Payments for Purchase of Intangible Fixed Assets		(257,072	)			(285,561	)
Proceeds from Sale of Tangible Fixed Assets		12,913				8,932
Proceeds from Sale of Intangible Fixed Assets		0				2
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		(24,432	)			—

Net Cash Provided by (Used in) Investing Activities		3,687,897				5,796,391

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		40,000				25,000
Repayments of Subordinated Borrowed Money		(189,000	)			(80,000	)
Proceeds from Issuance of Subordinated Bonds		434,517				795,000
Payments for Redemption of Subordinated Bonds		(107,600	)			(76,000	)
Proceeds from Issuance of Common Stock		4				6
Proceeds from Investments by Non-controlling Shareholders		1,353				3,322
Repayments to Non-controlling Shareholders		(452,500	)			(467,320	)
Cash Dividends Paid		(195,283	)			(190,031	)
Cash Dividends Paid to Non-controlling Shareholders		(49,877	)			(31,168	)
Payments for Purchase of Stocks of Subsidiaries (not affecting the scope of consolidation)		(2,626	)			(216	)
Payments for Repurchase of Treasury Stock		(13	)			(1,434	)
Proceeds from Sale of Treasury Stock		2				0
Payments for Repurchase of Treasury Stock of Subsidiaries		—				(1,695	)

Net Cash Provided by (Used in) Financing Activities		(521,023	)			(24,537	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(22,723	)			(27,645	)

Net Increase (Decrease) in Cash and Cash Equivalents		7,248,347				10,434,339

Cash and Cash Equivalents at the beginning of the fiscal year		27,840,775				35,089,122
Net Increase (Decrease) in Cash and Cash Equivalents from Merger of Consolidated Subsidiaries		—				201

Cash and Cash Equivalents at the end of the fiscal year	¥	35,089,122			¥	45,523,663

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.

(Change in Accounting Policies)

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

MHFG has applied “Revised Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26, March 28, 2016) (hereinafter, the “Recoverability Implementation Guidance”) from the consolidated fiscal year ended March 31, 2017 and partially revised the accounting method of recoverability of deferred tax assets.

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

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

As a result of reflection of the effects on the Net Assets as of April 1, 2016, the balance of Retained Earnings as of April 1, 2016 in the consolidated statements of changes in net assets increased by ¥1,426 million.

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 as of April, 2016. 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 business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans), and the amount of 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) is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, and Other Operating Income.

Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) is the amount of which General and administrative expenses (excluding non-recurring expenses) and Others (Equity in income from investments in affiliates and certain other consolidation adjustments) are deducted from Gross profits (excluding the amounts of credit costs of trust accounts).

Asset information by segment is not prepared on the grounds that management does not use asset information of each segment for the purpose of asset allocation or performance evaluation.

Gross profits (excluding the amounts of credit costs of trust accounts) relating to transactions between segments is based on current market prices.

1-15

Mizuho Financial Group, Inc.

3. Gross profits (excluding the amounts of credit costs of trust accounts) and 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) 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)		646,100			445,100		386,500		539,400		49,600		26,040		2,092,740
General and administrative expenses (excluding Non-Recurring Losses)		678,300			186,700		237,800		200,900		29,300		87,492		1,420,492
Others		—			—		—		—		—		(8,831	)	(8,831	)
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)		(32,200	)		258,400		148,700		338,500		20,300		(70,283	)	663,416


(Notes) 1.		Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.

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

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) 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) 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) 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)		2,092,740
Other Ordinary Income		379,228
General and Administrative Expenses		(1,467,221	)
Other Ordinary Expenses		(267,233	)

Ordinary Profits recorded in Consolidated Statement of Income		737,512

(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) 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)		663,416
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		(46,729	)
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(80,201	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others		32,662
Net Gains (Losses) related to Stocks		242,145
Net Extraordinary Gains (Losses)		46,680
Others		(73,779	)

Income before Income Taxes recorded in Consolidated Statement of Income		784,193

1-17

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


		Fiscal 2015		Fiscal 2016
Net Assets per Share of Common Stock		¥	322.46	¥	355.96
Net Income per Share of Common Stock		¥	26.94	¥	23.86
Diluted Net Income per Share of Common Stock		¥	26.42	¥	23.78

1. Total Net Assets per Share of Common Stock is based on the following information:
		Fiscal 2015		Fiscal 2016
Net Assets per Share of Common Stock
Total Net Assets	¥ million		9,353,244		9,273,361
Deductions from Total Net Assets	¥ million		1,285,343		751,093
Paid-in Amount of Preferred Stock	¥ million		98,923		—
Cash Dividends on Preferred Stock	¥ million		989		—
Stock Acquisition Rights	¥ million		2,762		1,754
Non-Controlling Interests	¥ million		1,182,668		749,339
Net Assets (year-end) related to Common Stock	¥ million		8,067,900		8,522,268
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		25,019,596		25,366,315

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:
		Fiscal 2015		Fiscal 2016
Net Income per Share of Common Stock
Profit Attributable to Owners of Parent	¥ million		670,943		603,544
Amount not attributable to Common Stock	¥ million		2,429		—
Cash Dividends on Preferred Stock	¥ million		2,429		—
Profit Attributable to Owners of Parent related to Common Stock	¥ million		668,513		603,544
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		24,806,160		25,285,898

Diluted Net Income per Share of Common Stock
Adjustment to Profit Attributable to Owners of Parent	¥ million		2,429		—
Cash Dividends on Preferred Stock	¥ million		2,429		—
Increased Number of Shares of Common Stock	Thousands of shares		580,872		94,403
Preferred Stock	Thousands of shares		563,044		82,993
Stock Acquisition Rights	Thousands of shares		17,828		11,409
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			—		—

3. 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, 2017. The number of such Treasury Stock shares deducted during the period is 9,000 thousand. 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 number of such Treasury Stock shares deducted during the period is 6,000 thousand.

(Subsequent Events)

There is no applicable information.

1-18

SELECTED FINANCIAL INFORMATION

For Fiscal 2016

<Under Japanese GAAP>

LOGO

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 2016	*See above Notes*		*Page*

1. Income Analysis	CON	NON		2- 1

2. Interest Margins (Domestic Operations)	NON			2- 5

3. Use and Source of Funds	NON			2- 6

4. Net Gains/Losses on Securities	CON	NON		2- 7

5. Unrealized Gains/Losses on Securities	CON	NON		2- 9

6. Projected Redemption Amounts for Securities	NON			2- 11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting	NON			2- 12

8. Employee Retirement Benefits	NON	CON		2- 13

9. Capital Ratio	CON	NON		2- 15

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

1. Status of Non-Accrual, Past Due & Restructured Loans	CON	NON		2- 16

2. Status of Reserves for Possible Losses on Loans	CON	NON		2- 18

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans	CON	NON		2- 19

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)	CON	NON		2- 20

5. Coverage on Disclosed Claims under the FRA	NON			2- 22

6. Overview of Non-Performing Loans (“NPLs”)	NON			2- 24

7. Results of Removal of NPLs from the Balance Sheet	NON			2- 25

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry	NON			2- 26

(2) Disclosed Claims under the FRA and Coverage Ratio by Industry	NON			2- 28

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

(1) Balance of Housing and Consumer Loans	NON			2- 29

(2) Loans to SMEs and Individual Customers	NON			2- 29

10. Status of Loans by Region	NON			2- 30

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

1. Estimation for Calculating Deferred Tax Assets	NON			2- 31

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2- 33

2. Number of Directors and Employees

NON

2- 34

3. Number of Branches and Offices

NON

2- 35

4. Earnings Plan for Fiscal 2017

CON

NON

2- 36

Attachments

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 37

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

2- 38

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 39

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

2- 40

Statement of Trust Assets and Liabilities

2- 41

Comparison of Balances of Principal Items

2- 42

Mizuho Securities Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

2- 43

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

2- 44

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 January 13, 2017, 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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2016

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2016
					Change			Fiscal 2015
Consolidated Gross Profits	1		2,092,740			(128,875	)	2,221,615
Net Interest Income	2		867,818			(135,864	)	1,003,682
Fiduciary Income	3		50,627			(2,830	)	53,458
Credit Costs for Trust Accounts	4		—			—		—
Net Fee and Commission Income	5		603,542			(4,009	)	607,551
Net Trading Income	6		325,332			14,824		310,507
Net Other Operating Income	7		245,419			(995	)	246,415
General and Administrative Expenses	8		(1,467,221	)		(117,628	)	(1,349,593)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Losses on Loans)	9		(80,201	)		(32,456	)	(47,745)
Losses on Write-offs of Loans	10		*(15,827*	)		30,782		(46,610)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	11		32,662			15,364		17,297
Net Gains (Losses) related to Stocks	12		242,145			36,466		205,678
Equity in Income from Investments in Affiliates	13		18,899			(5,400	)	24,299
Other	14		(101,510	)		(27,487	)	(74,023)

Ordinary Profits	15		737,512			(260,016	)	997,529

Net Extraordinary Gains (Losses)	16		46,680			35,957		10,722
Income before Income Taxes	17		784,193			(224,059	)	1,008,252
Income Taxes - Current	18		(196,535	)		16,754		(213,289)
- Deferred	19		58,800			128,060		(69,260)
Profit	20		646,457			(79,244	)	725,702
Profit Attributable to Non-controlling Interests	21		(42,913	)		11,846		(54,759)

Profit Attributable to Owners of Parent	22		603,544			(67,398	)	670,943


Credit-related Costs (including Credit Costs for Trust Accounts)	23		(47,539	)		(17,091	)	(30,447)
* 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		663,416			(189,438	)	852,854
* 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		139			(4	)	143
Number of affiliates under the equity method	26		18			(9	)	27

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016												Fiscal 2015
		MHBK			MHTB			Aggregate Figures			Change			Fiscal 2015
Gross Profits	1		1,320,376			121,098			1,441,475			(157,923	)		1,599,398
Domestic Gross Profits	2		848,421			114,159			962,580			43,834			918,746
Net Interest Income	3		517,259			24,105			541,365			(54,859	)		596,225
Fiduciary Income	4					50,075			50,075			(3,248	)		53,324
Trust Fees for Jointly Operated Designated Money Trust	5					*3,248*			*3,248*			286			2,962
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		236,012			32,318			268,331			2,419			265,912
Net Trading Income	8		33,754			3,751			37,506			96,001			(58,495	)
Net Other Operating Income	9		61,393			3,907			65,301			3,521			61,779
International Gross Profits	10		471,955			6,939			478,894			(201,757	)		680,652
Net Interest Income	11		202,499			5,480			207,980			(61,608	)		269,588
Net Fee and Commission Income	12		140,245			(989	)		139,256			(9,135	)		148,391
Net Trading Income	13		46,654			(2,570	)		44,084			(110,210	)		154,294
Net Other Operating Income	14		82,555			5,018			87,574			(20,802	)		108,377
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(866,546	)		(80,612	)		(947,159	)		(36,184	)		(910,975	)
Expense Ratio	16		*65.6*	%		*66.5*	%		*65.7*	%		8.7	%		56.9	%
Personnel Expenses	17		(320,341	)		(37,577	)		(357,918	)		(20,478	)		(337,440	)
Non-Personnel Expenses	18		(490,220	)		(39,216	)		(529,437	)		(11,438	)		(517,999	)
Premium for Deposit Insurance	19		*(32,159*	)		*(1,416*	)		*(33,576*	)		(1,765	)		(31,810	)
Miscellaneous Taxes	20		(55,984	)		(3,818	)		(59,803	)		(4,267	)		(55,535	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		453,830			40,485			494,316			(194,107	)		688,423
Excluding Net Gains (Losses) related to Bonds	22		*366,365*			*31,390*			*397,756*			(147,982	)		545,739

Reversal of (Provision for) General Reserve for Losses on Loans	23		(45,148	)		—			(45,148	)		(45,964	)		815

Net Business Profits	24		408,681			40,485			449,167			(240,071	)		689,239
Net Gains (Losses) related to Bonds	25		*87,465*			*9,095*			*96,560*			(46,124	)		142,684

Net Non-Recurring Gains (Losses)	26		51,117			22,589			73,707			(12	)		73,719
Net Gains (Losses) related to Stocks	27		180,263			30,243			210,506			29,073			181,433
Expenses related to Portfolio Problems	28		(36,079	)		(2	)		(36,081	)		8,570			(44,651	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		31,052			856			31,909			14,839			17,070
Other	30		(124,119	)		(8,508	)		(132,627	)		(52,494	)		(80,132	)

Ordinary Profits	31		459,799			63,075			522,875			(240,083	)		762,958

Net Extraordinary Gains (Losses)	32		(4,845	)		(1,722	)		(6,568	)		(6,125	)		(442	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(1,625*	)		*(239*	)		*(1,864*	)		(4,989	)		3,125
Losses on Impairment of Fixed Assets	34		*(3,219*	)		*(1,483*	)		*(4,703*	)		(1,135	)		(3,568	)
Income before Income Taxes	35		454,954			61,352			516,306			(246,209	)		762,515
Income Taxes - Current	36		(129,486	)		(16,787	)		(146,273	)		31,096			(177,370	)
- Deferred	37		17,098			917			18,016			72,508			(54,492	)

Net Income	38		342,566			45,482			388,049			(142,603	)		530,653

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



Credit-related Costs	39	(50,175	)	854	(49,320	)	(22,554	)	(26,766	)

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



(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40			—		—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	41	(45,148	)	540		(44,608	)	(45,821	)	1,212
Losses on Write-offs of Loans	42	19,160		(2	)	19,158		45,268		(26,109	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	(20,141	)	316		(19,824	)	(18,427	)	(1,396	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	10		0		10		(542	)	552
Reversal of (Provision for) Reserve for Contingencies	45	538		—		538		(69	)	608
Other (including Losses on Sales of Loans)	46	(4,595	)	—		(4,595	)	(2,961	)	(1,633	)
Total	47	(50,175	)	854		(49,320	)	(22,554	)	(26,766	)

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016						Fiscal 2015
					Change
Gross Profits	1		1,320,376			(143,443	)		1,463,820
Domestic Gross Profits	2		848,421			43,710			804,710
Net Interest Income	3		517,259			(50,726	)		567,986
Net Fee and Commission Income	4		236,012			(1,159	)		237,172
Net Trading Income	5		33,754			88,671			(54,916	)
Net Other Operating Income	6		61,393			6,926			54,467
International Gross Profits	7		471,955			(187,154	)		659,109
Net Interest Income	8		202,499			(59,564	)		262,064
Net Fee and Commission Income	9		140,245			(8,895	)		149,140
Net Trading Income	10		46,654			(102,713	)		149,368
Net Other Operating Income	11		82,555			(15,980	)		98,536
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(866,546	)		(33,236	)		(833,310	)
Expense Ratio	13		*65.6*	%		8.7	%		56.9	%
Personnel Expenses	14		(320,341	)		(18,744	)		(301,596	)
Non-Personnel Expenses	15		(490,220	)		(10,256	)		(479,964	)
Premium for Deposit Insurance	16		*(32,159*	)		(1,588	)		(30,571	)
Miscellaneous Taxes	17		(55,984	)		(4,234	)		(51,749	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	18		453,830			(176,679	)		630,509
Excluding Net Gains (Losses) related to Bonds	19		*366,365*			(138,756	)		505,121

Reversal of (Provision for) General Reserve for Losses on Loans	20		(45,148	)		(45,964	)		815
Net Business Profits	21		408,681			(222,643	)		631,325
Net Gains (Losses) related to Bonds	22		*87,465*			(37,922	)		125,388

Net Non-Recurring Gains (Losses)	23		51,117			(21,633	)		72,751
Net Gains (Losses) related to Stocks	24		180,263			1,960			178,302
Expenses related to Portfolio Problems	25		(36,079	)		8,567			(44,646	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	26		31,052			15,155			15,896
Other	27		(124,119	)		(47,317	)		(76,801	)

Ordinary Profits	28		459,799			(244,277	)		704,076

Net Extraordinary Gains (Losses)	29		(4,845	)		(3,682	)		(1,162	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(1,625*	)		(4,030	)		2,405
Losses on Impairment of Fixed Assets	31		*(3,219*	)		348			(3,568	)
Income before Income Taxes	32		454,954			(247,959	)		702,913
Income Taxes - Current	33		(129,486	)		31,938			(161,424	)
- Deferred	34		17,098			68,375			(51,276	)

Net Income	35		342,566			(147,646	)		490,212


Credit-related Costs	36		(50,175	)		(22,240	)		(27,934	)

* Credit-related Costs [36] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Losses on Loans [20] + Gains on Reversal of Reserves for Possible Losses on Loans, and others [26]


(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Losses on Loans	37	(45,148	)	(45,964	)	815
Losses on Write-offs of Loans	38	19,160		45,265		(26,104	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39	(20,141	)	(17,968	)	(2,172	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40	10		(542	)	552
Reversal of (Provision for) Reserve for Contingencies	41	538		(69	)	608
Other (including Losses on Sales of Loans)	42	(4,595	)	(2,961	)	(1,633	)
Total	43	(50,175	)	(22,240	)	(27,934	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2016						Fiscal 2015
					Change
Gross Profits	1		121,098			(14,479	)		135,578
Domestic Gross Profits	2		114,159			123			114,035
Net Interest Income	3		24,105			(4,132	)		28,238
Fiduciary Income	4		50,075			(3,248	)		53,324
Trust Fees for Jointly Operated Designated Money Trust	5		*3,248*			286			2,962
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		32,318			3,579			28,739
Net Trading Income	8		3,751			7,330			(3,578	)
Net Other Operating Income	9		3,907			(3,404	)		7,311
International Gross Profits	10		6,939			(14,603	)		21,542
Net Interest Income	11		5,480			(2,043	)		7,524
Net Fee and Commission Income	12		(989	)		(240	)		(748	)
Net Trading Income	13		(2,570	)		(7,497	)		4,926
Net Other Operating Income	14		5,018			(4,821	)		9,840
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(80,612	)		(2,948	)		(77,664	)
Expense Ratio	16		*66.5*	%		9.2	%		57.2	%
Personnel Expenses	17		(37,577	)		(1,733	)		(35,843	)
Non-Personnel Expenses	18		(39,216	)		(1,181	)		(38,034	)
Premium for Deposit Insurance	19		*(1,416*	)		(176	)		(1,239	)
Miscellaneous Taxes	20		(3,818	)		(32	)		(3,786	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Losses on Loans)	21		40,485			(17,428	)		57,913
Excluding Net Gains (Losses) related to Bonds	22		*31,390*			(9,226	)		40,617

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

Net Business Profits	24		40,485			(17,428	)		57,913
Net Gains (Losses) related to Bonds	25		*9,095*			(8,201	)		17,296

Net Non-Recurring Gains (Losses)	26		22,589			21,621			968
Net Gains (Losses) related to Stocks	27		30,243			27,112			3,130
Expenses related to Portfolio Problems	28		(2	)		3			(5	)
Gains on Reversal of Reserves for Possible Losses on Loans, and others	29		856			(316	)		1,173
Other	30		(8,508	)		(5,177	)		(3,330	)

Ordinary Profits	31		63,075			4,193			58,882

Net Extraordinary Gains (Losses)	32		(1,722	)		(2,442	)		719
Net Gains (Losses) on Disposition of Fixed Assets	33		*(239*	)		(958	)		719
Losses on Impairment of Fixed Assets	34		*(1,483*	)		(1,483	)		—
Income before Income Taxes	35		61,352			1,750			59,602
Income Taxes - Current	36		(16,787	)		(841	)		(15,945	)
- Deferred	37		917			4,133			(3,215	)

Net Income	38		45,482			5,042			40,440

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

Credit-related Costs	39		854			(313	)		1,167


(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40	—		—		—
Reversal of (Provision for) General Reserve for Losses on Loans	41	540		142		397
Losses on Write-offs of Loans	42	(2	)	3		(5)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43	316		(459	)	776
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44	0		(0	)	0
Reversal of (Provision for) Reserve for Contingencies	45	—		—		—
Other (including Losses on Sales of Loans)	46	—		—		—
Total	47	854		(313	)	1,167

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			Fiscal 2016						Fiscal 2015
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.56			(0.07	)		0.64
Return on Loans and Bills Discounted *1		2		0.87			(0.11	)		0.99
Return on Securities		3		0.51			0.01			0.50
Cost of Funding (including Expenses)		4		0.73			0.00			0.73
Cost of Deposits (including Expenses)		5		0.79			(0.01	)		0.81
Cost of Deposits 2*		6		*0.00*			(0.02	)		0.03
Cost of Other External Liabilities		7		0.21			0.02			0.19

Net Interest Margin	(1)-(4)	8		(0.17	)		(0.07	)		(0.09	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.08			(0.09	)		0.17
Loan and Deposit Rate Margin	(2)-(6)	10