Mizuho Financial : Summary of Financial Results for the First Quarter of FY2020

FY20 Q1 Financial Results

(Under Japanese GAAP)

July 31, 2020

Contents

- Summary of Financial Results	P.3
- Financial Results by In-house Company	P.4
-	Overview of Balance Sheet	P.5
-	Loans	P.6
-	Non-interest Income	P.7
-	Credit Portfolio	P.8
-	Securities Portfolio	P.9
- Reference: Initiatives responding to COVID-19	P.10

FG: Mizuho Financial Group, Inc. BK: Mizuho Bank, Ltd. TB: Mizuho Trust & Banking Co., Ltd. SC: Mizuho Securities Co., Ltd.

AM One: Asset Management One Co., Ltd.

RBC: Retail & Business Banking Company, CIC: Corporate & Institutional Company, GCC: Global Corporate Company,

GMC: Global Markets Company, AMC: Asset Management Company

Definitions

2 Banks: Aggregate figures for BK and TB on a non-consolidated basis

Group aggregate: Aggregate figures for BK, TB, SC and other core group companies on a non-consolidated basis

2

Summary of Financial Results

(JPY B)

Consolidated Gross Profits +

Net Gains (Losses) related to ETFs and others1

G&A Expenses (excluding Non-Recurring Losses and others)2

Consolidated Net Business Profits3 +

Net Gains (Losses) related to ETFs and others1

Customer Groups 4

Markets 5

(Consolidated Net Business Profits) 3

Credit-related Costs

Net Gains (Losses) related to Stocks -

Net Gains (Losses) related to ETFs and others 1

Ordinary Profits

Net Extraordinary Gains (Losses)

Net Income Attributable to FG 7

FY20 Q1	YoY

558.0 32.7

-340.6-2.0

220.2 28.4

1. 10.4 6

1. 27.9 6

(231.7) (43.4)

-39.0-37.3

-1.5-26.1

1. -44.4

1. 3.1

122.3 -40.0

• Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others increased YoY, due to the steady business performance of both Customer Groups and Markets, and achieved 38% progress against FY20 plan of JPY 570 billion.
• Credit-relatedCosts were incurred in and outside Japan due to the impact of COVID-19, resulting in 19% of the FY20 estimate of JPY 200 billion.
• Net Income Attributable to FG progressed steadily and achieved 38% progress against FY20 plan of JPY 320 billion.

Net Income of core group companies

	FY20 Q1	YoY
BK (Consolidated)8	56.5	-90.1
TB (Consolidated)	4.5	-4.9
SC (Consolidated)	14.4	12.9
AM One	2.8	-1.1

1. Aggregate of Net Gains (Losses) related to ETFs (2 Banks) and Net Gains on Operating Investment Securities (SC Consolidated) was -JPY 11.4B (-JPY 15.0B YoY).
2. G&A Expenses (excluding Non-Recurring Losses) - Amortization of Goodwill and other items.
3. Consolidated Gross Profits - G&A Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments.
4. Aggregate of RBC, CIC, GCC and AMC. 5. GMC.

3

1. New management accounting rules were applied in FY20. Figures for YoY were recalculated based on the new rules.
2. Profit attributable to Owner of Parent.
3. Including Net Income of Mizuho Securities USA of JPY 16.4B (+JPY 11.4B YoY).

Financial Results by In-house Company

Group aggregate, management accounting

(JPY B)			1		G&A Expenses			1,3				1
Gross Profits		(excluding Non-Recurring		Net Business Profits		Net Income
							Losses and others) 2
			FY20 Q1	YoY4		FY20 Q1	YoY4		FY20 Q1	YoY4		FY20 Q1	YoY4
	Retail & Business Banking	142.6	-9.0		-161.3	4.7		-17.5	-4.9		-21.8		-6.3
	Corporate & Institutional	116.8	11.7		-53.1	-2.7		65.2	10.0		36.1		-14.6
	Global Corporate	113.0	10.5		-61.0	-3.5		54.7	6.7		29.3		-19.8
	Global Markets	168.6	30.9		-52.7	-3.0		115.6	27.9		80.1		18.6
	Asset Management	11.4	-1.3		-7.9	0.1		1.6	-1.3		0.7		-0.7
	Total	552.4	42.8		-336.0	-4.5		219.6	38.4		124.4		-22.7

FG Consolidated		558.0	32.7		-340.6	-2.0		220.2	28.4		122.3	-40.0

1. Net Gains (Losses) related to ETFs (2 Banks) are included in GMC.
   Net Gains (Losses) related to ETFs (2 Banks) and Net Gains on Operating Investment Securities (SC Consolidated) are included in FG Consolidated.
2. G&A Expenses (excluding Non-Recurring Losses) - Amortization of Goodwill and other items.
3. Gross Profits - G&A Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates - Amortization of Goodwill and other items.
4. New management accounting rules were applied in FY20. Figures for YoY were recalculated based on the new rules.

4

BK, management accounting

Overview of Balance Sheet

	Balance Sheet (As of Jun-20)	Consolidated
	Figures in ( ) represent changes from Mar-20

Total Assets: JPY 220T (+JPY 5.9T)

	Loans (Period-end Balance)1		2 Banks
	(JPY T)				88.5
				83.3
		78.4	79.9	2.1	Japanese Gov., etc.
73.3	1.4
1.6	1.4
	26.2
2.1				Outside Japan

Loans

JPY 88T

(+JPY 5.3T)

Securities

JPY 39T

(+JPY 4.4T)

JGBs:	JPY 16.5T (+JPY 3.4T)
Foreign Bonds:	JPY 13.4T (+JPY 0.3T)

Japanese Stocks: JPY 3.1T (+JPY 0.3T)

Deposits/NCDs

JPY 150T

(+JPY 5.7T)

Other Liabilities

JPY 61T

(+JPY 0.1T)

	22.6	23.4	25.9
19.4
			9.0	Individuals 2,3
	9.6	9.4	9.2
10.1
	23.5	23.9	24.6	25.3	SMEs 2,4
22.5		In Japan
				25.7	2
18.9	21.0	21.6	22.0	Large Corp., etc.

Mar-18Mar-19Sep-19Mar-20Jun-20

Non-JPY denominated Loans and Deposits (Period-end Balance)5

(USD B)

73%	74%	78%	75%	82%
								Proportion of
								Deposit to Loan
								Non-JPY denominated
								Loans6,7

Other Assets

JPY 92T

(-JPY 3.8T)

Net Assets

JPY 8T

(+JPY 0.0T)

		271.8	281.6	307.5		308.3	252.2		Non-JPY denominated
243.2		220.7	230.5
178.3	200.8				Customer Deposits 6,7

Mar-18Mar-19Sep-19Mar-20Jun-20

1. Excluding loans to FG. Banking account. 2. Preliminary figures. 3. Housing and Consumer Loans. 4. Calculated by deducting "Housing and Consumer Loans" from "Loans to SMEs and Individual Customers".

1. BK (including the subsidiaries in China, the US, the Netherlands, Indonesia and others). 6. Including loans and deposits in Japan.

1. New management accounting rules were applied in FY20. Figures from Mar-18 to Mar-20 were recalculated based on the new rules.

5

Loans

Loans in Japan (Average Balance)1

2 Banks

Loan and Deposit Rate Margin in Japan2

2 Banks

(JPY T)

+4.4

Returns on Loans and Bills Discounted

･･･ a

FY19 Q1

54.3

+3.7

Loan and Deposit Rate Margin

･･･ a - b

Costs of Deposits

･･･ b

0.86%

0.86%

50.9	51.1	51.7	53.3	54.5	55.0	58.7

0.85%	0.83%	0.80%	0.78%
	0.77%
		0.73%
0.84%
0.82%
0.80%	0.78%
	0.76%
		0.73%

																				0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
		FY17 H1 FY17 H2 FY18 H1 FY18 H2 FY19 H1 FY19 H2 FY20 Q1	FY17 H1	FY17 H2		FY18 H1	FY18 H2	FY19 H1	FY19 H2	FY20 Q1
	Loans outside Japan (Average Balance)3, 4								Loan Spread											BK, management accounting
(USD B)					BK, management accounting
						+45.2																					3, 4
								FY19 Q1			+29.6																	Outside Japan
				EMEA					244.4																			Loans to Middle Market Firms & SMEs in Japan
				Americas								289.6																Loans to Large Corporate Banking Clients in Japan
				Asia	207.4	227.6	244.0		248.5	260.0	65.7						0.89%	0.90%															0.86%
					59.0
202.5										0.84%
45.1	49.4		54.9																0.80%	0.81%	0.82%
37.9	36.5											0.64%
	74.3		77.5	82.1	100.6						0.62%	0.60%
70.2	68.5	69.4											0.58%	0.55%	0.54%	0.52%
	123.4
102.4	113.1	120.3		116.1	118.9
94.4
						0.48%	0.48%	0.48%	0.47%	0.49%	0.49%	0.49%
		FY17 H1	FY17 H2	FY18 H1	FY18 H2	FY19 H1	FY19 H2 FY20 Q1	FY17 H1	FY17 H2		FY18 H1	FY18 H2	FY19 H1	FY19 H2	FY20 Q1

1. Excluding loans to FG and the Japanese Government, etc. Banking account.
2. Excluding loans to financial institutions (including FG) and the Japanese Government, etc., Domestic Operations.
3. BK (including the subsidiaries in China, the US, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico).
4. New management accounting rules were applied in FY20. Figures from FY17 H1 to FY19 H2 were recalculated based on the new rules.

6

Non-interest Income

	Non-interest Income (Customer Groups)	1	Group aggregate, management accounting (rounded figures)
		Figures in ( ) represent changes from YoY

(JPY B)												Reference	Breakdown by entities
				+ 20
											(JPY B)										237
												222	217
				237					Individual Asset Formation2:		BK (in Japan)	83		84				86				Solution Business: 35 (+6)
	222	217																		Investment Trusts &
					31 (+4)
																								Individual Annuities: 5 (±0)
				74					Solution Businesses3:12 (-3)		BK (outside	48		42				57				Settlement & FX: 38 (-3)
								Settlement & FX: 21 (-2)		Japan)													Derivatives, etc. : 8 (-1)
										Trust &
										Derivatives, etc. : 10 (-3)			42		39				35
RBC	88	78							Asset
								Management	41		44				51
												Securities
												Others			8		8					8
										Solution Businesses3: 47 (+10)					FY18 Q1	FY19 Q1	FY20 Q1
				76					Settlement & FX: 17 (-1)	Reference	Investment Products					4
							Derivatives, etc. : 12 (+3)	(Sales and Outstanding Balance)
CIC	56	64							(JPY T)											Outstanding Balance of
									Amount of Sales
																						Assets in Custody
																		FY18	FY19	FY20
										EMEA: 12 (+4)							Q1	Q1	Q1														SC
													Individual		0.10	0.06	0.02
																												5
GCC	49			67					Americas: 33 (+10)		2 Banks		Annuities																				2 Banks
		52							Asia: 22 (+1)			Trusts		0.09	0.04	0.06				38.9		40.9	40.6
													Equity		0.23	0.26	0.35
AMC	13														Investment
13	12										Trusts
Others	16								SC	Japanese		0.34	0.27	0.00
10	8										Bonds					5.49		5.46	5.43
											Foreign		0.25	0.16	0.12
	FY18 Q1	FY19 Q1	FY20 Q1
								Bonds
1. New management accounting rules were applied in FY20. The original figures before the recalculation were FY18 Q1: JPY 222B and FY19 Q1: JPY 218B.		FY18 Q1		FY19 Q1			FY20 Q1
2. BK investment trusts, annuities + SC individual segment, PB segment. 3. Including fee related to investment banking business, and real estate brokerage.

1. SC: Retail and Business Banking Division. Past figures of Outstanding Balance of Assets in Custody were recalculated based on the new definitions from Mar-19.
2. Total of Individual Annuities, Investment Trusts (excl. MMF) and non-JPY deposits.

7

Credit Portfolio

	Credit-related Costs	Consolidated
(JPY B)	( ): Credit-related Costs Ratio1

Non Performing Loans based on FRA 3, 4Consolidated

(JPY T)

-19.5	-171.7	-39.0
(-2bps)	(-18bps)	(-3bps)

0.77

NPL Ratio	0.70

RBC ： -13.2

CIC ： -13.7

GCC： -12.9

-135.0

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with

Collection Risk

0.61

Recorded reserves
proactively based
on COVID-19	FY20 Plan
	-200

0.70% 0.75% 0.78%

Claims for Special

Attention

	FY18	FY19	FY20 Q1				Mar-19	Mar-20	Jun-20
Reference	Past figures					Reference	Past figures
(JPY B)					(bps)	(JPY T)			(%)
200					20	1.5
								NPL Ratio2
0					0
							2.0
						1
-200					-20				1.0
						0.5
					-40
-400	-536.7		Credit-related Costs Ratio	1, 2
								0.0
	(-68bps)					0
FY08			FY19		Mar-09			Mar-20

1. Ratio of Credit-related Costs against Total Claims (including Trust Account).2. Figures before FY13 was calculated by using Total Claims of aggregate for BK and TB on a non-consolidated basis.

1. Including Trust Account 4. Financial Reconstruction Act.

8

Securities Portfolio

Unrealized Gains (Losses) on Other Securities1, 2Consolidated

(JPY B)	1,649.9

1,363.6

1,176.387.9

104.7

Japanese Stocks	1,687.6

1,275.6

1,071.5

Others
	-37.7
			Mar-19	Mar-20	Jun-20
Japanese Stocks	1,687.6	1,071.5	1,275.6
Others	-37.7	104.7	87.9
	Japanese Bonds	5.2	-54.1	-63.5
	o/w JGB	5.9	-44.0	-54.2
	Foreign Bonds	21.7	200.9	180.3
	Others	-64.6	-42.0	-28.8
	o/w Bear Funds 3	－	86.2	-1.1

	Bond Portfolio2, 4		2 Banks
(JPY T)	JGB		Foreign Bonds

11.8	12.6	16.0							12.1	12.5
									7.1
		Mar-19	Mar-20	Jun-20	Mar-19	Mar-20	Jun-20
		Reference: Average remaining period/ yrs
		2.1	2.4	2.1					3.2	2.6	2.5
	Japanese Stock Portfolio2, 4				Consolidated
	(JPY B)									Reduction of JPY 300B
	-543.0							by Mar-22 from Mar-19
									-150.0

1,962.9

1,419.8

1,272.0 1,269.8

Mar-15

Mar-19

Mar-20

Jun-20

1. Changes in value to be recorded directly to Net Assets after tax and other necessary adjustments. Excluding Investments in Partnerships. Jun-20: Calculated based on the quoted market price if available, or
   other reasonable value, at the end of the month. Mar-19 and Mar-20: Japanese Stocks are calculated based on the average market price of the respective month. Others are calculated based on the quoted market price if available, or other reasonable value, at the respective period end.
2. Other Securities which have readily determinable fair values. 3. Hedging transactions aiming to fix unrealized gains on Japanese Stocks. 4. Acquisition cost basis.

9

Reference: Initiatives responding to COVID-19

Overall picture of our funding support programs

• In addition to existing credit facilities such as commitment line and revolving credit facility, we have prepared the following funding support programs totaling over JPY 1T

Loans responding to COVID-19(period-end balance)

Management accounting

• Although the pace of increase in loans has slowed down, loan demand from domestic middle market firms and SMEs continues to be high

(JPY T)

5.15.2

Debt	Mar	Mizuho COVID-19 Support Fund (No.1)
		Mizuho COVID-19 Support Fund (No.2)
	May
		Mizuho Post-COVID-19 Assist Fund
	May
	(Growth Strategy)
		Mizuho Private Placement Bond Fund
Product	Jun	responding to COVID-19
	(a part of fee being donated)

• Mezzanine Finance (subordinated loan, preferred stock)
• Quasi-equityloan
  - Provide and intermediate quasi-equity capital

Mizuho Post-COVID-19

JunAssist Fund

(Business Succession)

Equity		Increased	Mizuho Life Science	Capital Markets
	in June	Fund No.1
	SMEs	Firm size	Large
	corporations

10

		4.3		1.5
			2.2
		2.4
Outside	1.8			3.8
		2.9
Japan	1.7	1.8
In Japan	0.1
	Mar-20	Apr-20	May-20	Jun-20

Establishment of J-Coin Fund

• Established a fund to support organizations and individuals affected by COVID-19, utilizing J-Coin Platform

Mizuho	Financial institutions	J-Coin Pay Users
participating in J-Coin

J-Coin Fund

Medical	Children/	University/	Organizations
institutions/	college students	supporting regional
Needy families
personnel	etc.	revitalization etc.

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

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

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

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

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

11