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 July 2014

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes  ¨    No  x

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

 

 

 

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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.

 

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For Immediate Release:		July 31, 2014

 

		Consolidated Financial Statements for the First Quarter of Fiscal 2014 <Under Japanese GAAP>

 

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

 

Stock Code Number (Japan):		8411
Stock Exchanges (Japan):		Tokyo Stock Exchange (First Section)
URL:		http://www.mizuho-fg.co.jp/english/
Representative:		Yasuhiro Sato		President & CEO
For Inquiry:		Yutaka Ueki		General Manager of Accounting		Phone:                        +81-3-6838-6101

Filing of Shihanki Hokokusho (scheduled):                                           August 14, 2014						Trading Accounts:    Established

Commencement of Dividend Payment (scheduled):		—
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Not scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the First Quarter of Fiscal 2014 (for the three months ended June 30, 2014)

(1) Consolidated Results of Operations

 

(%: Changes from the corresponding period of the previous fiscal year)
		Ordinary Income								Ordinary Profits								Net Income
		¥ million				%				¥ million				%				¥ million				%
1Q F2014			704,709				(10.1	)			230,039				(20.4	)			154,723				(37.5	)
1Q F2013			783,901				6.2				289,118				38.2				247,953				34.8

 

Note:		Comprehensive Income: 1Q F2014: ¥378,900 million, 529.7%; 1Q F2013 ¥60,169 million, —%

 

		Net Income per Share of Common Stock				Diluted Net Income per Share of Common Stock
		¥				¥
1Q F2014			6.37				6.09
1Q F2013			10.26				9.77

(2) Consolidated Financial Conditions

 

		Total Assets				Total Net Assets				Own Capital Ratio
		¥ million				¥ million				%
1Q F2014			181,751,622				8,370,689				3.7
Fiscal 2013			175,822,885				8,304,549				3.6

 

Reference:		Own Capital: As of June 30, 2014: ¥6,746,647 million; As of March 31, 2014: ¥6,457,311 million

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

2. Cash Dividends for Shareholders of Common Stock

 

		Annual Cash Dividends per Share
		First Quarter-end				Second Quarter-end				Third Quarter-end				Fiscal Year-end				Total
		¥				¥				¥				¥				¥
Fiscal 2013			—				3.00				—				3.50				6.50
Fiscal 2014			—
Fiscal 2014 (estimate)							3.50				—				3.50				7.00

 

Notes:		1. Revision of the latest announced estimates for cash dividends for shareholders of common stock: No
		2. Please refer to the following “Cash Dividends for Shareholders of Classified Stock” for cash dividends for shareholders of classified stock (unlisted), the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2014 (for the fiscal year ending March 31, 2015)

 

		(%: Changes from the corresponding period of the previous fiscal year)
						Net Income								Net Income per Share of Common Stock
						¥ million				%				¥
1H F2014							—				—				—
Fiscal 2014							550,000				(20.1	)			22.40

 

Notes:		1. Revision of the latest announced earnings estimates for fiscal 2014: No
		2. The number of shares of common stock used in the above calculation is based on the following:
		•		The average of “the average number of shares during 1Q” and “the number of outstanding shares as of June 30, 2014 (which is assumed to be the average number of shares during the remaining term of fiscal 2014)” is used.
		•		It does not take into account any increase in the number of outstanding shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock.

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* Notes

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

(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements: No

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

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

‚ Changes in accounting policies other than  above: No

ƒ Changes in accounting estimates: No

„ Restatements: No

 

(Note)		For more information, please refer to “(1) Changes in Accounting Policies and Accounting Estimates / Restatements” on page 1-2 of the attachment.

(4) Issued Shares of Common Stock

 

(*Presentation of Implementation Status of Quarterly Review Procedure)

The review procedure of quarterly financial statements based on the Financial Instruments and Exchange Law has not been completed at the time of the disclosure of these Consolidated Financial Statements.

 

 

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

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

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

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

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

 

 

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Cash Dividends for Shareholders of Classified Stock

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

 

		Annual Cash Dividends per Share
		First Quarter-end				Second Quarter-end				Third Quarter-end				Fiscal Year-end				Total
		¥				¥				¥				¥				¥
Eleventh Series Class XI Preferred Stock
Fiscal 2013			—				10.00				—				10.00				20.00
Fiscal 2014			—
Fiscal 2014 (estimate)							10.00				—				10.00				20.00

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Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

1.		Matters Related to Summary Information (Notes)		p.1-2
		(1) Changes in Accounting Policies and Accounting Estimates / Restatements		p.1-2
2.		Quarterly Consolidated Financial Statements		p.1-3
		(1) Consolidated Balance Sheets		p.1-3
		(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income		p.1-5
		(3) Note for Assumption of Going Concern		p.1-7
		(4) Note for Significant Changes in the Amount of Shareholders’ Equity		p.1-7
		ø SELECTED FINANCIAL INFORMATION For the First Quarter of Fiscal 2014

[Note to XBRL]

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

 

1-1

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Mizuho Financial Group, Inc.

 

1. Matters Related to Summary Information (Notes)

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

(Changes in accounting policies)

Mizuho Financial Group has applied “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) (hereinafter, the “Accounting Standard”) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Statement No. 25, May 17, 2012) (hereinafter, the “Guidance”), in terms of regulations stipulated in the text of the Accounting Standard, Paragraph 35 and the Guidance, Paragraph 67, beginning with the first quarter of fiscal 2014. We have reviewed the calculation method of retirement benefit obligations and service cost, changed the method of attributing the expected retirement benefits to periods of service from straight-line basis to benefit formula basis, and changed the method of determining the discount rate from the use of the discount rate based on the estimated average period of benefit payment and another period to the use of different discount rates according to each estimated period of benefit payment.

The Accounting Standard and the Guidance have been applied in accordance with the transitional treatment stipulated in the Accounting Standard, Paragraph 37, and the amount of financial impact resulting from the change in the calculation method of retirement benefit obligations and service cost was added to or deducted from retained earnings at the beginning of the first quarter of fiscal 2014.

As a result of this, Net Defined Benefit Asset increased by ¥19,795 million, Net Defined Benefit Liability decreased by ¥2,787 million, Retained Earnings increased by ¥16,107 million and Minority Interests increased by ¥573 million at the beginning of the first quarter of fiscal 2014. Ordinary Profits and Income before Income Taxes and Minority Interests increased by ¥2,054 million, respectively.

 

1-2

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Mizuho Financial Group, Inc.

 

2. Quarterly Consolidated Financial Statements

(1) Consolidated Balance Sheets

 

		Millions of yen
		As of March 31, 2014				As of June 30, 2014
Assets
Cash and Due from Banks		¥	20,610,276			¥	22,140,701
Call Loans and Bills Purchased			467,758				557,765
Receivables under Resale Agreements			8,349,528				9,086,056
Guarantee Deposits Paid under Securities Borrowing Transactions			5,010,740				5,326,753
Other Debt Purchased			3,263,057				3,196,529
Trading Assets			11,469,811				13,070,477
Money Held in Trust			168,369				145,765
Securities			43,997,517				45,438,335
Loans and Bills Discounted			69,301,405				68,708,227
Foreign Exchange Assets			1,576,167				1,561,800
Derivatives other than for Trading Assets			2,820,468				2,573,922
Other Assets			2,840,720				3,880,497
Tangible Fixed Assets			925,266				914,397
Intangible Fixed Assets			531,501				532,031
Net Defined Benefit Asset			413,073				447,138
Deferred Tax Assets			104,909				53,686
Customers’ Liabilities for Acceptances and Guarantees			4,588,646				4,693,966
Reserves for Possible Losses on Loans			(616,307	)			(576,402	)
Reserve for Possible Losses on Investments			(27	)			(27	)
Total Assets		¥	175,822,885			¥	181,751,622

 

1-3

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Mizuho Financial Group, Inc.

 

		Millions of yen
		As of March 31, 2014				As of June 30, 2014
Liabilities
Deposits		¥	89,055,505			¥	88,869,074
Negotiable Certificates of Deposit			12,755,776				15,821,938
Call Money and Bills Sold			7,194,432				7,159,877
Payables under Repurchase Agreements			16,797,803				17,942,947
Guarantee Deposits Received under Securities Lending Transactions			6,085,331				8,086,904
Commercial Paper			677,459				578,703
Trading Liabilities			8,183,037				8,073,026
Borrowed Money			7,838,357				7,272,628
Foreign Exchange Liabilities			323,327				329,953
Short-term Bonds			584,568				655,305
Bonds and Notes			5,245,743				5,306,469
Due to Trust Accounts			1,300,655				1,246,081
Derivatives other than for Trading Liabilities			3,004,497				2,622,254
Other Liabilities			3,570,902				4,396,503
Reserve for Bonus Payments			52,641				11,751
Net Defined Benefit Liability			46,006				43,592
Reserve for Director and Corporate Auditor Retirement Benefits			1,547				1,201
Reserve for Possible Losses on Sales of Loans			1,259				2,156
Reserve for Contingencies			6,309				6,598
Reserve for Reimbursement of Deposits			16,451				14,906
Reserve for Reimbursement of Debentures			54,956				53,837
Reserves under Special Laws			1,273				1,360
Deferred Tax Liabilities			50,783				108,833
Deferred Tax Liabilities for Revaluation Reserve for Land			81,060				81,060
Acceptances and Guarantees			4,588,646				4,693,966
Total Liabilities		¥	167,518,336			¥	173,380,932
Net Assets
Common Stock and Preferred Stock		¥	2,254,972			¥	2,255,404
Capital Surplus			1,109,508				1,109,995
Retained Earnings			2,315,608				2,398,426
Treasury Stock			(3,874	)			(3,686	)
Total Shareholders’ Equity			5,676,215				5,760,140
Net Unrealized Gains (Losses) on Other Securities			733,522				914,836
Deferred Gains or Losses on Hedges			(6,677	)			16,345
Revaluation Reserve for Land			140,745				140,745
Foreign Currency Translation Adjustments			(63,513	)			(65,990	)
Remeasurements of Defined Benefit Plans			(22,979	)			(19,428	)
Total Accumulated Other Comprehensive Income			781,096				986,507
Stock Acquisition Rights			3,179				2,083
Minority Interests			1,844,057				1,621,958
Total Net Assets			8,304,549				8,370,689
Total Liabilities and Net Assets		¥	175,822,885			¥	181,751,622

 

1-4

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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 three months  ended June 30, 2013				For the three months  ended June 30, 2014
Ordinary Income		¥	783,901			¥	704,709
Interest Income			355,698				342,102
Interest on Loans and Bills Discounted			224,055				224,619
Interest and Dividends on Securities			87,310				76,483
Fiduciary Income			10,614				10,592
Fee and Commission Income			152,937				147,126
Trading Income			52,380				61,282
Other Operating Income			107,293				76,665
Other Ordinary Income			104,977				66,940
Ordinary Expenses			494,782				474,670
Interest Expenses			80,715				78,138
Interest on Deposits			24,736				26,556
Fee and Commission Expenses			31,806				34,963
Trading Expenses			2,331				—
Other Operating Expenses			47,414				20,368
General and Administrative Expenses			303,482				318,736
Other Ordinary Expenses			29,032				22,462
Ordinary Profits			289,118				230,039
Extraordinary Gains			450				0
Extraordinary Losses			1,469				1,503
Income before Income Taxes and Minority Interests			288,099				228,536
Income Taxes:
Current			52,292				53,098
Deferred			(33,159	)			99
Total Income Taxes			19,133				53,197
Income before Minority Interests			268,966				175,338
Minority Interests in Net Income			21,012				20,614
Net Income		¥	247,953			¥	154,723

 

1-5

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Mizuho Financial Group, Inc.

 

[Consolidated Statements of Comprehensive Income]

 

		Millions of yen
		For the three months  ended June 30, 2013				For the three months  ended June 30, 2014
Income before Minority Interests		¥	268,966			¥	175,338
Other Comprehensive Income			(208,797	)			203,562
Net Unrealized Gains (Losses) on Other Securities			(128,791	)			178,868
Deferred Gains or Losses on Hedges			(92,252	)			22,959
Foreign Currency Translation Adjustments			7,392				(1,293	)
Remeasurements of Defined Benefit Plans			—				3,632
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method			4,853				(605	)
Comprehensive Income			60,169				378,900
(Breakdown)
Comprehensive Income Attributable to Owners of the Parent			36,270				360,135
Comprehensive Income Attributable to Minority Interests			23,898				18,765

 

1-6

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Mizuho Financial Group, Inc.

 

(3) Note for Assumption of Going Concern

There is no applicable information.

(4) Note for Significant Changes in the Amount of Shareholders’ Equity

There is no applicable information.

 

1-7

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SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2014

<Under Japanese GAAP>

 

 

 

Mizuho Financial Group, Inc.

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C O N T E N T S

 

 

Notes:

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

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

The former MHBK and the former Mizuho Corporate Bank, Ltd. (“MHCB”) conducted a merger on July 1, 2013.

Non-consolidated profit/loss figures for MHBK for the previous period (First Quarter of Fiscal 2013) are aggregate figures for the former MHBK and the former MHCB. Aggregate profit/loss figures for the 2 banks (MHBK and MHTB) for the previous period (First Quarter of Fiscal 2013) are aggregate figures for the former MHBK, the former MHCB, and MHTB.

 

 

 

— FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2014		See above Notes				Page
1. Income Analysis		CON		NON			2- 1
2. Net Gains/Losses on Stocks		NON					2- 3
3. Unrealized Gains/Losses on Securities		CON		NON			2- 4
4. Deferred Hedge Gains/Losses on Derivative Transactions Qualifying for Hedge Accounting		NON					2- 6
5. Status of Disclosed Claims under the Financial Reconstruction Law (“FRL”)		CON		NON			2- 7
6. Status of Deposits and Loans		NON					2- 9

 

 

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

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

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

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

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

 

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Mizuho Financial Group, Inc.

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2014

1. Income Analysis

CONSOLIDATED

 

						(Billions of yen)
						First Quarter of Fiscal 2014
										Change				First Quarter of Fiscal 2013
Consolidated Gross Profits			1				504.2				(12.3	)			516.6
Net Interest Income			2				263.9				(11.0	)			274.9
Fiduciary Income			3				10.5				(0.0	)			10.6
Credit Costs for Trust Accounts			4				—				—				—
Net Fee and Commission Income			5				112.1				(8.9	)			121.1
Net Trading Income			6				61.2				11.2				50.0
Net Other Operating Income			7				56.2				(3.5	)			59.8
General and Administrative Expenses			8				(318.7	)			(15.2	)			(303.4	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)			9				(5.0	)			3.8				(8.8	)
Reversal of Reserves for Possible Losses on Loans, etc.			10				36.3				(12.1	)			48.5
Net Gains (Losses) related to Stocks			11				15.7				(11.4	)			27.2
Equity in Income from Investments in Affiliates			12				4.1				(0.2	)			4.4
Other			13				(6.7	)			(11.3	)			4.5
Ordinary Profits			14				230.0				(59.0	)			289.1
Net Extraordinary Gains (Losses)			15				(1.5	)			(0.4	)			(1.0	)
Income before Income Taxes and Minority Interests			16				228.5				(59.5	)			288.0
Income Taxes			17				(53.1	)			(34.0	)			(19.1	)
Income before Minority Interests			18				175.3				(93.6	)			268.9
Minority Interests in Net Income			19				(20.6	)			0.3				(21.0	)
Net Income			20				154.7				(93.2	)			247.9
Credit-related Costs (including Credit Costs for Trust Accounts)			21				31.3				(8.3	)			39.7
Credit-related Costs [21]  = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [9] + Reversal of Reserves for Possible Losses on Loans, etc. [10] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits			22				176.8				(28.7	)			205.5
Consolidated Net Business Profits [22] = 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			23				159				(3	)			162
Number of affiliates under the equity method			24				21				(1	)			22

 

2-1

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Mizuho Financial Group, Inc.

 

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

						(Billions of yen)
						First Quarter of Fiscal 2014																First Quarter of Fiscal 2013
						MHBK				MHTB				Aggregate Figures				Change
Gross Profits			1				341.6				28.8				370.5				(15.3	)			385.8
Net Interest Income			2				218.9				8.9				227.9				(13.8	)			241.7
Fiduciary Income			3								10.4				10.4				(0.0	)			10.4
Trust Fees for Jointly Operated Designated Money Trust			4								—				—				—				—
Credit Costs for Trust Accounts			5								—				—				—				—
Net Fee and Commission Income			6				72.2				4.4				76.7				1.4				75.3
Net Trading Income			7				16.1				0.5				16.6				7.4				9.2
Net Other Operating Income			8				34.3				4.3				38.7				(10.3	)			49.0
General and Administrative Expenses (excluding Non-Recurring Losses)			9				(199.6	)			(18.5	)			(218.2	)			(7.1	)			(211.0	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) *			10				142.0				10.3				152.3				(22.5	)			174.8
Reversal of (Provision for) General Reserve for Possible Losses on Loans			11				—				—				—				—				—
Net Business Profits			12				142.0				10.3				152.3				(22.5	)			174.8
Net Gains (Losses) related to Bonds			13				39.3				4.4				43.8				13.1				30.7
Net Non-Recurring Gains (Losses)			14				25.5				3.3				28.8				(31.5	)			60.4
Net Gains (Losses) related to Stocks			15				9.9				1.8				11.7				(9.0	)			20.8
Expenses related to Portfolio Problems			16				(3.5	)			(0.0	)			(3.5	)			3.2				(6.8	)
Reversal of Reserves for Possible Losses on Loans, etc.			17				32.9				1.8				34.7				(11.8	)			46.6
Other			18				(13.7	)			(0.4	)			(14.1	)			(13.9	)			(0.2	)
Ordinary Profits			19				167.5				13.6				181.2				(54.0	)			235.3
Net Extraordinary Gains (Losses)			20				(1.0	)			(0.0	)			(1.0	)			(0.0	)			(1.0	)
Income before Income Taxes			21				166.4				13.6				180.1				(54.1	)			234.2
Income Taxes			22				(54.9	)			9.7				(45.1	)			(31.3	)			(13.7	)
Net Income			23				111.5				23.4				135.0				(85.4	)			220.4
*       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].
Credit-related Costs			24				29.3				1.8				31.2				(8.5	)			39.7
Credit-related Costs [24] =  Expenses related to Portfolio Problems [16] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [11] + Reversal of Reserves for Possible Losses on Loans, etc. [17] + Credit Costs for Trust Accounts [5]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts			25								—				—				—				—
Reversal of (Provision for) General Reserve for Possible Losses on Loans			26				14.8				2.1				17.0				(19.1	)			36.1
Losses on Write-offs of Loans			27				1.5				(0.0	)			1.5				1.4				0.0
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans			28				13.1				(0.2	)			12.8				11.9				0.9
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries			29				0.1				0.0				0.1				0.1				0.0
Reversal of (Provision for) Reserve for Contingencies			30				(0.1	)			—				(0.1	)			(3.0	)			2.8
Other (including Losses on Sales of Loans)			31				(0.1	)			—				(0.1	)			0.0				(0.2	)
Total			32				29.3				1.8				31.2				(8.5	)			39.7

 

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Mizuho Financial Group, Inc.

 

2. Net Gains/Losses on Stocks

Non-Consolidated

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		First Quarter of Fiscal 2014 (A)				Change (A) - (B)				First Quarter of Fiscal 2013 (B)
Net Gains (Losses) related to Stocks			11.7				(9.0	)			20.8
Gains on Sales			11.5				(10.5	)			22.0
Losses on Sales			(0.0	)			1.1				(1.2	)
Impairment “Devaluation”			(0.0	)			0.9				(0.9	)
Reversal of (Provision for) Reserve for Possible Losses on Investments			0.0				(0.0	)			0.0
Gains (Losses) on Derivatives other than for Trading			0.2				(0.6	)			0.9
Mizuho Bank
		First Quarter of Fiscal 2014 (A)				Change (A) - (B)				First Quarter of Fiscal 2013 (B)
Net Gains (Losses) related to Stocks			9.9				(5.2	)			15.1
Gains on Sales			9.6				(6.6	)			16.2
Losses on Sales			(0.0	)			1.1				(1.1	)
Impairment “Devaluation”			(0.0	)			0.9				(0.9	)
Reversal of (Provision for) Reserve for Possible Losses on Investments			0.0				(0.0	)			0.0
Gains (Losses) on Derivatives other than for Trading			0.2				(0.6	)			0.9
Mizuho Trust & Banking
		First Quarter of Fiscal 2014 (A)				Change (A) - (B)				First Quarter of Fiscal 2013 (B)
Net Gains (Losses) related to Stocks			1.8				(3.8	)			5.7
Gains on Sales			1.8				(3.9	)			5.7
Losses on Sales			—				0.0				(0.0	)
Impairment “Devaluation”			(0.0	)			(0.0	)			—
Reversal of (Provision for) Reserve for Possible Losses on Investments			—				(0.0	)			0.0
Gains (Losses) on Derivatives other than for Trading			0.0				0.0				0.0

 

2-3

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Mizuho Financial Group, Inc.

 

3. Unrealized Gains/Losses on Securities

 

•

Securities for which it is deemed to be extremely difficult to determine the fair value are excluded.

CONSOLIDATED

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2014																As of March 31, 2014
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)
Other Securities			41,157.9				1,391.7				1,644.2				252.5				40,212.5				1,127.6				1,475.5				347.8
Japanese Stocks			3,289.3				1,289.3				1,365.5				76.1				3,110.8				1,106.9				1,197.8				90.8
Japanese Bonds			25,547.8				38.3				49.7				11.3				25,094.5				31.3				48.1				16.7
Japanese Government Bonds			22,582.2				17.1				18.4				1.2				22,057.5				13.4				17.8				4.4
Other			12,320.8				63.9				229.0				165.0				12,007.1				(10.6	)			229.5				240.2
Foreign Bonds			9,240.4				(102.8	)			37.4				140.2				9,114.2				(170.6	)			32.1				202.7

 

*	In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased,” and certain items in “Other Assets” are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

*	Unrealized Gains/Losses include ¥37.8 billion and ¥37.4 billion, which were recognized in the statement of income for June 30, 2014 and March 31, 2014 respectively, by applying the fair-value hedge method and others.

(2) Bonds Held to Maturity

 

		(Billions of yen)
		As of June 30, 2014																As of March 31, 2014
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHFG (Consolidated)			4,431.2				23.8				23.8				—				4,040.0				17.7				17.9				0.2

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

(1) Other Securities

 

		(Billions of yen)
		As of June 30, 2014																As of March 31, 2014
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHBK
Other Securities			38,090.2				1,120.0				1,367.1				247.1				37,216.7				874.5				1,215.8				341.2
Japanese Stocks			2,985.7				1,117.5				1,194.0				76.4				2,816.2				945.0				1,038.3				93.2
Japanese Bonds			24,245.6				37.1				47.8				10.6				23,788.1				30.4				46.2				15.7
Japanese Government Bonds			21,468.4				16.5				17.4				0.8				20,931.3				13.1				16.8				3.7
Other			10,858.8				(34.7	)			125.3				160.0				10,612.3				(100.9	)			131.3				232.2
Foreign Bonds			8,514.6				(103.8	)			33.0				136.9				8,510.8				(165.7	)			30.8				196.6
MHTB
Other Securities			1,853.8				106.7				114.9				8.2				1,814.0				84.1				95.0				10.9
Japanese Stocks			222.6				96.6				100.5				3.9				207.7				82.3				86.0				3.7
Japanese Bonds			902.9				1.3				1.7				0.4				1,016.3				1.0				1.8				0.7
Japanese Government Bonds			837.7				0.6				0.9				0.3				946.6				0.2				0.9				0.6
Other			728.2				8.7				12.5				3.8				589.9				0.7				7.1				6.4
Foreign Bonds			576.5				0.6				3.5				2.8				445.9				(4.4	)			0.4				4.9
Total
Other Securities			39,944.1				1,226.7				1,482.1				255.3				39,030.7				958.6				1,310.8				352.1
Japanese Stocks			3,208.4				1,214.2				1,294.5				80.3				3,024.0				1,027.3				1,124.3				96.9
Japanese Bonds			25,148.5				38.4				49.6				11.1				24,804.4				31.5				48.0				16.5
Japanese Government Bonds			22,306.2				17.1				18.3				1.2				21,878.0				13.3				17.7				4.4
Other			11,587.1				(25.9	)			137.9				163.8				11,202.2				(100.1	)			138.4				238.6
Foreign Bonds			9,091.1				(103.1	)			36.5				139.7				8,956.8				(170.2	)			31.3				201.5

 

*	In addition to securities, NCDs and certain items in other debt purchased are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the date above.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the date above.

*	Unrealized Gains/Losses include ¥37.8 billion and ¥37.4 billion, which were recognized as Income/Loss for June 30, 2014 and March 31, 2014 respectively, by applying the fair-value hedge method and others.

 

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Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

 

		(Billions of yen)
		As of June 30, 2014																As of March 31, 2014
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHBK			4,431.2				23.8				23.8				—				4,040.0				17.7				17.9				0.2
MHTB			—				—				—				—				—				—				—				—
Total			4,431.2				23.8				23.8				—				4,040.0				17.7				17.9				0.2
(3) Investments in Subsidiaries and Affiliates
		(Billions of yen)
		As of June 30, 2014																As of March 31, 2014
		Book Value				Unrealized Gains/Losses												Book Value				Unrealized Gains/Losses
										Gains				Losses												Gains				Losses
MHBK			118.3				169.4				169.9				0.4				118.3				140.5				141.2				0.6
MHTB			—				—				—				—				—				—				—				—
Total			118.3				169.4				169.9				0.4				118.3				140.5				141.2				0.6

(Reference)

Unrealized Gains/Losses on Other Securities

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

For certain Other Securities, Unrealized Gains/Losses were recognized as Income/Loss by applying the fair-value hedge method and others. They were excluded from Unrealized Gains/Losses on Other Securities. These adjusted Unrealized Gains/Losses were the base amount, which was to be recorded directly to Net Assets after tax and other necessary adjustments. The base amount is as follows:

CONSOLIDATED

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
		Unrealized Gains/Losses								Unrealized Gains/Losses
						Change
Other Securities			1,353.9				263.6				1,090.2
Japanese Stocks			1,287.5				179.3				1,108.2
Japanese Bonds			38.3				7.0				31.3
Other			27.9				77.3				(49.3	)

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
		Unrealized Gains/Losses								Unrealized Gains/Losses
						Change
Other Securities			1,188.9				267.6				921.2
Japanese Stocks			1,212.4				183.8				1,028.5
Japanese Bonds			38.4				6.9				31.5
Other			(61.9	)			76.8				(138.8	)

 

2-5

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Mizuho Financial Group, Inc.

 

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

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2014												As of March 31, 2014
		Deferred Hedge Gains/Losses												Deferred Hedge Gains/Losses
		Gains				Losses								Gains				Losses
MHBK			610.2				572.2				37.9				577.1				579.2				(2.0	)
MHTB			75.1				79.1				(3.9	)			68.1				74.7				(6.6	)
Total			685.3				651.3				34.0				645.2				654.0				(8.7	)

 

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

 

2-6

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Mizuho Financial Group, Inc.

 

5. Status of Disclosed Claims under the Financial Reconstruction Law (“FRL”)

CONSOLIDATED

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
Consolidated						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			77.6				(2.6	)			80.2
Claims with Collection Risk			455.9				(29.0	)			484.9
Claims for Special Attention			487.8				(20.8	)			508.7
Total			1,021.3				(52.5	)			1,073.9
Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			3.0				—				3.0
Claims for Special Attention			—				—				—
Total			3.0				—				3.0
Total (Consolidated + Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors			77.6				(2.6	)			80.2
Claims with Collection Risk			458.9				(29.0	)			488.0
Claims for Special Attention			487.8				(20.8	)			508.7
Total			1,024.4				(52.5	)			1,076.9

 

Note: Trust Account denotes trust accounts with contracts indemnifying the principal amounts.

 

2-7

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Mizuho Financial Group, Inc.

 

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

		(Billions of yen, %)
Total (Banking Account + Trust Account)		As of June 30, 2014								As of March 31, 2014
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			65.7				(1.5	)			67.2
Claims with Collection Risk			443.8				(28.2	)			472.0
Claims for Special Attention			401.3				(10.8	)			412.1
Sub-total [1]			910.8				(40.5	)			951.4
NPL ratio [1]/[2]			1.17	%			(0.04	)%			1.21	%
Normal Claims			76,841.4				(691.0	)			77,532.5
Total [2]			77,752.2				(731.6	)			78,483.9
MHBK		As of June 30, 2014								As of March 31, 2014
						Change
Claims against Bankrupt and Substantially Bankrupt Obligors			64.0				(1.4	)			65.5
Claims with Collection Risk			426.0				(28.6	)			454.6
Claims for Special Attention			397.7				(8.6	)			406.3
Sub-total [3]			887.8				(38.7	)			926.5
NPL ratio [3]/[4]			1.19	%			(0.04	)%			1.23	%
Normal Claims			73,697.3				(599.0	)			74,296.4
Total [4]			74,585.1				(637.7	)			75,222.9
MHTB		As of June 30, 2014								As of March 31, 2014
						Change
Banking Account
Claims against Bankrupt and Substantially Bankrupt Obligors			1.6				(0.0	)			1.7
Claims with Collection Risk			14.7				0.4				14.2
Claims for Special Attention			3.5				(2.2	)			5.8
Sub-total [5]			20.0				(1.8	)			21.8
NPL ratio [5]/[6]			0.63	%			(0.03	)%			0.67	%
Normal Claims			3,129.8				(91.7	)			3,221.5
Total [6]			3,149.8				(93.6	)			3,243.4
Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors			—				—				—
Claims with Collection Risk			3.0				—				3.0
Claims for Special Attention			—				—				—
Sub-total [7]			3.0				—				3.0
NPL ratio [7]/[8]			17.64	%			0.25	%			17.38	%
Normal Claims			14.2				(0.2	)			14.4
Total [8]			17.2				(0.2	)			17.5

 

Notes:

1. Trust Account denotes trust accounts with contracts indemnifying the principal amounts.

2. NPL: Non-Performing Loans

 

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Mizuho Financial Group, Inc.

 

6. Status of Deposits and Loans

NON-CONSOLIDATED

(1)-1 Deposits

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
						Change
MHBK			85,729.6				(318.9	)			86,048.6
MHTB			2,153.0				(38.9	)			2,192.0
Total			87,882.7				(357.9	)			88,240.6

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
						Change
MHBK			74,497.9				(379.6	)			74,877.5
Individual deposits			37,853.9				577.8				37,276.0
MHTB			2,126.8				(27.8	)			2,154.6
Individual deposits			1,212.6				(14.1	)			1,226.7
Total			76,624.8				(407.4	)			77,032.2
Individual deposits			39,066.5				563.6				38,502.8

 

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

 

		(Billions of yen)
		As of June 30, 2014								As of March 31, 2014
						Change
MHBK			66,220.4				(616.0	)			66,836.5
MHTB			3,041.4				(96.4	)			3,137.8
Total			69,261.9				(712.5	)			69,974.4

 

Note: Loans to MHFG are included as follows:

As of June 30, 2014:    ¥500.6 billion (from MHBK)

As of March 31, 2014: ¥561.4 billion (from MHBK)

(3) Interest Margins (Domestic Operations)

Mizuho Bank

 

						(%)
						First Quarter of Fiscal 2014 (For the three months)				Change				First Quarter of Fiscal 2013 (For the three months)
MHBK
Return on Loans and Bills Discounted			1				1.05				(0.08	)		1.13
Cost of Deposits			2				0.04				(0.01	)		0.05
Loan and Deposit Rate Margin [1]-[2]			3				1.01				(0.06	)		1.07
Notes:    1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).                2. Deposits include NCDs.   (Reference) After excluding Loans to the Japanese government
MHBK
Return on Loans and Bills Discounted			4				1.17				(0.08	)		1.25
Loan and Deposit Rate Margin [4]-[2]			5				1.13				(0.06	)		1.20

 

2-9