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    8411   JP3885780001

MIZUHO FINANCIAL GROUP, INC.

(8411)
  Report
Delayed Quote. Delayed Japan Exchange - 01/26 01:00:00 am
1557 JPY   +0.74%
01/24MIZUHO FINANCIAL : Amendment to Current Report by Foreign Issuer (Form 6-K/A)
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01/24MIZUHO FINANCIAL : Opening remarks (PDF/234KB)
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01/24MIZUHO FINANCIAL : Summary of Q&A (PDF/252KB)
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Mizuho Financial : Current Report by Foreign Issuer (Form 6-K)

11/29/2021 | 06:11am EST

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant's name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

Form 20-F ☒ Form40-F ☐

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

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

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

Yes ☐ No ☒

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

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.'S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

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

Date: November 29, 2021
Mizuho Financial Group, Inc.
By:

/s/ Makoto Umemiya

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

UNAUDITED INTERIM CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021

On November 29, 2021, we published our unaudited interim consolidated financial statements as of and for the six months ended September 30, 2021 prepared in accordance with Japanese GAAP as part of our interim securities report (shihanki hokokusho) for the same period filed by us with the relevant Japanese authorities. We have included in this report on Form 6-K an English translation of the unaudited interim consolidated financial statements and the notes thereto included in such interim securities report. Japanese GAAP differs in certain respects from U.S. GAAP. For a description of certain differences between U.S. GAAP and Japanese GAAP, see "Item 5. Operating and Financial Review and Prospects-Reconciliation with Japanese GAAP" in our most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission.

- 1 -

Financial Information

1.

Mizuho Financial Group, Inc. ("MHFG") is a specified business company under Article 17-15, Paragraph 2 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc. and prepares the interim consolidated financial statements in the second quarter.

2.

The interim consolidated financial statements of MHFG are prepared in accordance with the "Ordinance on the Terminology, Forms, and Preparation Methods of Interim Consolidated Financial Statements" (Ordinance of the Ministry of Finance No. 24 of 1999). The classification of assets and liabilities and that of income and expenses are in accordance with the "Ordinance for Enforcement of the Banking Act" (Ordinance of the Ministry of Finance No. 10 of 1982).

3.

Ernst & Young ShinNihon LLC conducted a semiannual audit on the interim consolidated financial statements of MHFG for the six months ended September 30, 2021, pursuant to Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act.

- 2 -

I. Interim Consolidated Financial Statements

(1) Interim Consolidated Balance Sheet

(Millions of yen)

As of
March 31, 2021

As of
September 30, 2021

Assets

Cash and Due from Banks

*8 47,981,981 *8 47,075,429

Call Loans and Bills Purchased

589,776 330,455

Receivables under Resale Agreements

11,623,654 16,932,692

Guarantee Deposits Paid under Securities Borrowing Transactions

2,707,711 2,412,626

Other Debt Purchased

3,208,004 3,137,520

Trading Assets

*8 12,589,294 *8 12,610,648

Money Held in Trust

582,368 637,862

Securities

*1, *8, *15 43,697,262 *1, *8, *15 43,725,034

Loans and Bills Discounted

*3, *4, *5, *6, *7, *8, *9 83,704,675 *3, *4, *5, *6, *7, *8, *9 82,198,528

Foreign Exchange Assets

*7 2,084,756 *7 2,228,808

Derivatives other than for Trading Assets

1,719,349 1,407,561

Other Assets

*8 6,174,020 *8 5,296,681

Tangible Fixed Assets

*10, *11 1,135,449 *10, *11 1,118,837

Intangible Fixed Assets

620,224 603,477

Net Defined Benefit Asset

1,109,107 959,987

Deferred Tax Assets

31,402 27,842

Customers' Liabilities for Acceptances and Guarantees

6,602,744 7,085,422

Reserves for Possible Losses on Loans

(575,572 ) (594,023 )

Reserve for Possible Losses on Investments

(0 ) (1 )

Total Assets

225,586,211 227,195,390

- 3 -

(Millions of yen)

As of
March 31, 2021

As of
September 30, 2021

Liabilities

Deposits

*8 133,312,406 *8 129,291,662

Negotiable Certificates of Deposit

17,192,572 19,215,068

Call Money and Bills Sold

1,312,790 1,431,315

Payables under Repurchase Agreements

*8 18,607,255 *8 22,277,769

Guarantee Deposits Received under Securities Lending Transactions

*8 958,148 *8 1,229,187

Commercial Paper

2,105,067 1,969,424

Trading Liabilities

8,115,377 6,464,003

Borrowed Money

*8, *12 7,441,822 *8, *12 7,495,869

Foreign Exchange Liabilities

532,042 500,486

Short-term Bonds

456,045 543,561

Bonds and Notes

*13 10,321,672 *13 10,513,503

Due to Trust Accounts

1,160,608 1,182,263

Derivatives other than for Trading Liabilities

1,739,671 1,480,764

Other Liabilities

5,862,013 6,469,900

Reserve for Bonus Payments

104,131 58,833

Reserve for Variable Compensation

2,935 1,014

Net Defined Benefit Liability

71,049 71,775

Reserve for Director and Corporate Auditor Retirement Benefits

683 488

Reserve for Possible Losses on Sales of Loans

1,074 181

Reserve for Contingencies

6,762 8,562

Reserve for Reimbursement of Deposits

22,099 19,901

Reserve for Reimbursement of Debentures

14,419 12,157

Reserves under Special Laws

3,135 3,127

Deferred Tax Liabilities

215,557 166,823

Deferred Tax Liabilities for Revaluation Reserve for Land

*10 61,915 *10 61,436

Acceptances and Guarantees

6,602,744 7,085,422

Total Liabilities

216,224,003 217,554,505

Net Assets

Common Stock

2,256,767 2,256,767

Capital Surplus

1,135,940 1,125,324

Retained Earnings

4,421,655 4,712,422

Treasury Stock

(7,124 ) (8,164 )

Total Shareholders' Equity

7,807,239 8,086,349

Net Unrealized Gains (Losses) on Other Securities

1,132,460 1,154,756

Deferred Gains or Losses on Hedges

31,618 (743 )

Revaluation Reserve for Land

*10 136,384 *10 135,297

Foreign Currency Translation Adjustments

(139,514 ) (80,968 )

Remeasurements of Defined Benefit Plans

288,088 229,137

Total Accumulated Other Comprehensive Income

1,449,035 1,437,480

Stock Acquisition Rights

134 95

Non-controlling Interests

105,797 116,959

Total Net Assets

9,362,207 9,640,884

Total Liabilities and Net Assets

225,586,211 227,195,390

- 4 -

(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income

Interim Consolidated Statement of Income

(Millions of yen)

For the six months ended

September 30, 2020

For the six months ended

September 30, 2021

Ordinary Income

1,576,761 1,579,249

Interest Income

693,651 615,622

Interest on Loans and Bills Discounted

490,811 422,172

Interest and Dividends on Securities

122,600 119,583

Fiduciary Income

27,143 29,728

Fee and Commission Income

397,087 416,769

Trading Income

238,219 226,614

Other Operating Income

156,922 142,799

Other Ordinary Income

*1 63,736 *1 147,714

Ordinary Expenses

1,309,150 1,179,909

Interest Expenses

253,522 141,461

Interest on Deposits

91,376 28,002

Fee and Commission Expenses

77,475 86,326

Trading Expenses

1,455 35,301

Other Operating Expenses

68,248 59,622

General and Administrative Expenses

681,287 667,594

Other Ordinary Expenses

*2 227,161 *2 189,602

Ordinary Profits

267,610 399,340

Extraordinary Gains

*3 72,735 *3 51,553

Extraordinary Losses

*4 6,955 *4 4,271

Income before Income Taxes

333,391 446,622

Income Taxes:

Current

74,186 65,604

Deferred

41,813 (10,941 )

Total Income Taxes

116,000 54,663

Profit

217,390 391,958

Profit Attributable to Non-controlling Interests

1,867 6,301

Profit Attributable to Owners of Parent

215,523 385,657

- 5 -

Interim Consolidated Statement of Comprehensive Income

(Millions of yen)

For the six months ended

September 30, 2020

For the six months ended

September 30, 2021

Profit

217,390 391,958

Other Comprehensive Income

158,782 (9,048 )

Net Unrealized Gains (Losses) on Other Securities

212,348 23,805

Deferred Gains or Losses on Hedges

(5,843 ) (32,261 )

Foreign Currency Translation Adjustments

(36,529 ) 50,061

Remeasurements of Defined Benefit Plans

(9,851 ) (58,390 )

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

(1,341 ) 7,736

Comprehensive Income

376,172 382,910

(Breakdown)

Comprehensive Income Attributable to Owners of Parent

377,963 375,995

Comprehensive Income Attributable to Non-controlling Interests

(1,791 ) 6,914

- 6 -

(3) Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2020

(Millions of yen)
Shareholders' Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock Total
Shareholders'

Equity

Balance as of the beginning of the period

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

Cumulative Effects of Changes in
Accounting Policies

(32,639 ) (32,639 )

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

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

Changes during the period

Cash Dividends

(95,208 ) (95,208 )

Profit Attributable to Owners of
Parent

215,523 215,523

Repurchase of Treasury Stock

(1,995 ) (1,995 )

Disposition of Treasury Stock

(80 ) 1,385 1,305

Transfer from Revaluation Reserve
for Land

(1,178 ) (1,178 )

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

(519 ) (519 )

Transfer from Retained Earnings to
Capital Surplus

80 (80 ) -

Net Changes in Items other than
Shareholders' equity

Total Changes during the period

- (519 ) 119,056 (610 ) 117,926

Balance as of the end of the period

2,256,767 1,135,948 4,260,606 (7,025 ) 7,646,297
Accumulated Other Comprehensive Income Stock
Acquisition
Rights
Non-
controlling
Interests
Total Net
Assets
Net Unrealized
Gains (Losses)
on Other
Securities
Deferred Gains
or Losses on
Hedges
Revaluation
Reserve for
Land
Foreign
Currency
Translation
Adjustments
Remeasurements
of Defined
Benefit Plans
Total
Accumulated
Other
Comprehensive
Income

Balance as of the beginning of the period

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

Cumulative Effects of Changes in Accounting Policies

- (32,639 )

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

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

Changes during the period

Cash Dividends

(95,208 )

Profit Attributable to Owners of
Parent

215,523

Repurchase of Treasury Stock

(1,995 )

Disposition of Treasury Stock

1,305

Transfer from Revaluation Reserve
for Land

(1,178 )

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

(519 )

Transfer from Retained Earnings to Capital Surplus

-

Net Changes in Items other than Shareholders' equity

215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 156,070

Total Changes during the period

215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 273,997

Balance as of the end of the period

1,038,781 66,262 137,834 (170,773 ) 84,475 1,156,580 134 102,192 8,905,205

- 7 -

For the six months ended September 30, 2021

(Millions of yen)
Shareholders' Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock Total
Shareholders'

Equity

Balance as of the beginning of the period

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

Cumulative Effects of Changes in
Accounting Policies

(724 ) (724 )

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

2,256,767 1,135,940 4,420,931 (7,124 ) 7,806,515

Changes during the period

Cash Dividends

(95,201 ) (95,201 )

Profit Attributable to Owners of
Parent

385,657 385,657

Repurchase of Treasury Stock

(2,646 ) (2,646 )

Disposition of Treasury Stock

(51 ) 1,606 1,554

Transfer from Revaluation Reserve
for Land

1,086 1,086

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

(10,616 ) (10,616 )

Transfer from Retained Earnings to
Capital Surplus

51 (51 ) -

Net Changes in Items other than
Shareholders' equity

Total Changes during the period

- (10,616 ) 291,490 (1,040 ) 279,833

Balance as of the end of the period

2,256,767 1,125,324 4,712,422 (8,164 ) 8,086,349
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

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

Cumulative Effects of Changes in Accounting Policies

- (724 )

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

1,132,460 31,618 136,384 (139,514 ) 288,088 1,449,035 134 105,797 9,361,483

Changes during the period

Cash Dividends

(95,201 )

Profit Attributable to Owners of
Parent

385,657

Repurchase of Treasury Stock

(2,646 )

Disposition of Treasury Stock

1,554

Transfer from Revaluation Reserve
for Land

1,086

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

(10,616 )

Transfer from Retained Earnings to Capital Surplus

-

Net Changes in Items other than Shareholders' equity

22,295 (32,361 ) (1,086 ) 58,546 (58,950 ) (11,555 ) (39 ) 11,161 (433 )

Total Changes during the period

22,295 (32,361 ) (1,086 ) 58,546 (58,950 ) (11,555 ) (39 ) 11,161 279,400

Balance as of the end of the period

1,154,756 (743 ) 135,297 (80,968 ) 229,137 1,437,480 95 116,959 9,640,884

- 8 -

(4) Interim Consolidated Statement of Cash Flows

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Cash Flow from Operating Activities

Income before Income Taxes

333,391 446,622

Depreciation

80,450 82,327

Losses on Impairment of Fixed Assets

1,391 2,577

Amortization of Goodwill

1,869 1,882

Equity in Loss (Gain) from Investments in Affiliates

(11,559 ) (16,519 )

Increase (Decrease) in Reserves for Possible Losses on Loans

53,470 17,235

Increase (Decrease) in Reserve for Possible Losses on Investments

0 0

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

504 (893 )

Increase (Decrease) in Reserve for Contingencies

(1,028 ) 1,362

Increase (Decrease) in Reserve for Bonus Payments

(18,630 ) (45,632 )

Increase (Decrease) in Reserve for Variable Compensation

(1,092 ) (1,920 )

Decrease (Increase) in Net Defined Benefit Asset

(31,468 ) 37,380

Increase (Decrease) in Net Defined Benefit Liability

1,180 7,462

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

(308 ) (194 )

Increase (Decrease) in Reserve for Reimbursement of Deposits

(2,646 ) (2,198 )

Increase (Decrease) in Reserve for Reimbursement of Debentures

(1,009 ) (2,261 )

Interest Income - accrual basis

(693,651 ) (615,622 )

Interest Expenses - accrual basis

253,522 141,461

Losses (Gains) on Securities

(1,779 ) (55,028 )

Losses (Gains) on Money Held in Trust

(1,565 ) (576 )

Foreign Exchange Losses (Gains) - net

190,646 (94,978 )

Losses (Gains) on Disposition of Fixed Assets

(588 ) 1,242

Losses (Gains) on Revision of Retirement Benefit Plan

(58,684 ) -

Losses (Gains) on Cancellation of Employee Retirement Benefit Trust

(7,895 ) (51,093 )

Decrease (Increase) in Trading Assets

(1,348,924 ) (18,340 )

Increase (Decrease) in Trading Liabilities

(1,148,807 ) (1,635,601 )

Decrease (Increase) in Derivatives other than for Trading Assets

513,769 307,018

Increase (Decrease) in Derivatives other than for Trading Liabilities

(356,773 ) (255,687 )

Decrease (Increase) in Loans and Bills Discounted

(3,180,082 ) 1,665,708

Increase (Decrease) in Deposits

3,706,210 (4,210,533 )

Increase (Decrease) in Negotiable Certificates of Deposit

887,125 2,046,043

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

2,040,630 51,827

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

58,994 (261,460 )

Decrease (Increase) in Call Loans, etc.

6,119,257 (4,925,790 )

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

52,362 295,085

Increase (Decrease) in Call Money, etc.

1,321,413 3,660,343

Increase (Decrease) in Commercial Paper

521,600 (159,028 )

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

136,184 271,038

Decrease (Increase) in Foreign Exchange Assets

96,730 (139,049 )

Increase (Decrease) in Foreign Exchange Liabilities

(107,635 ) (31,586 )

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

(42,210 ) 87,515

Increase (Decrease) in Bonds and Notes

506,833 73,621

Increase (Decrease) in Due to Trust Accounts

280,752 21,655

Interest and Dividend Income - cash basis

768,705 697,501

Interest Expenses - cash basis

(333,961 ) (178,443 )

Other - net

(200,012 ) 875,912

Subtotal

10,376,684 (1,909,617 )

Cash Refunded (Paid) in Income Taxes

(131,734 ) (92,701 )

Net Cash Provided by (Used in) Operating Activities

10,244,949 (2,002,318 )

- 9 -

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Cash Flow from Investing Activities

Payments for Purchase of Securities

(48,153,087 ) (58,427,590 )

Proceeds from Sale of Securities

24,703,651 30,635,786

Proceeds from Redemption of Securities

14,798,919 28,645,491

Payments for Increase in Money Held in Trust

(63,426 ) (61,361 )

Proceeds from Decrease in Money Held in Trust

4,841 6,119

Payments for Purchase of Tangible Fixed Assets

(36,629 ) (11,779 )

Payments for Purchase of Intangible Fixed Assets

(47,263 ) (43,042 )

Proceeds from Sale of Tangible Fixed Assets

12,855 2,326

Proceeds from Sale of Intangible Fixed Assets

- 480

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

497 -

Net Cash Provided by (Used in) Investing Activities

(8,779,640 ) 746,430

Cash Flow from Financing Activities

Proceeds from Subordinated Borrowed Money

30,000 -

Repayments of Subordinated Borrowings

- (4,000 )

Proceeds from Issuance of Subordinated Bonds

287,000 140,950

Payments for Redemption of Subordinated Bonds

(50,000 ) (35,000 )

Proceeds from Investments by Non-controlling Shareholders

2,543 34

Repayments to Non-controlling Shareholders

- (96 )

Cash Dividends Paid

(95,242 ) (95,198 )

Cash Dividends Paid to Non-controlling Shareholders

(4,074 ) (7,014 )

Payments for Repurchase of Treasury Stock

(1,503 ) (1,825 )

Proceeds from Sale of Treasury Stock

838 869

Payments for Repurchase of Treasury Stock of Subsidiaries

(5,414 ) (0 )

Net Cash Provided by (Used in) Financing Activities

164,147 (1,281 )

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents

(120,684 ) 71,025

Net Increase (Decrease) in Cash and Cash Equivalents

1,508,771 (1,186,144 )

Cash and Cash Equivalents at the beginning of the period

39,863,604 46,981,399

Cash and Cash Equivalents at the end of the period

*1 41,372,376 *1 45,795,255

- 10 -

Notes to Interim Consolidated Financial Statements

Fundamental and Important Matters for the Preparation of Interim Consolidated Financial Statements

1.

Scope of Consolidation

(1)

Number of consolidated subsidiaries: 160

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

Change in scope of consolidation

During the six months ended September 30, 2021, Mizuho Growth Fund No.4 Limited Partnership and eight other companies were newly included in the scope of consolidation as a result of establishment.

During the six months ended September 30, 2021, Mizuho Australia Ltd. and eight other companies were excluded from the scope of consolidation as a result of liquidation and other factors.

(2)

Number of non-consolidated subsidiaries: 0

2.

Application of the Equity Method

(1)

Number of non-consolidated subsidiaries under the equity method: 0

(2)

Number of affiliates under the equity method: 29

Names of principal companies:

Custody Bank of Japan, Ltd.

Orient Corporation

Mizuho Leasing Company, Limited

Change in scope of equity method

During the six months ended September 30, 2021, Cotra Ltd. was newly included in the scope of equity method as a result of establishment.

(3)

Number of non-consolidated subsidiaries not under the equity method: 0

(4)

Affiliates not under the equity method:

Pec International Leasing Co., Ltd.

Affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG's interim consolidated financial statements in terms of Net Income (Loss) (amount corresponding to MHFG's equity position), Retained Earnings (amount corresponding to MHFG's equity position), Accumulated Other Comprehensive Income (amount corresponding to MHFG's equity position) and others.

3.

Interim Balance Sheet Dates of Consolidated Subsidiaries

(1)

Interim balance sheet dates of consolidated subsidiaries are as follows:

June 30 39 companies
September 30 121 companies
(2)

Consolidated Subsidiaries were consolidated based on their interim financial statements as of and for the period ended their respective interim balance sheet dates.

The necessary adjustments have been made to the interim financial statements for any significant transactions that took place between their respective interim balance sheet dates and the date of the interim consolidated financial statements.

- 11 -

4.

Standards of Accounting Method

(1)

Credited Loans pursuant to Trading Securities and Trading Income & Expenses

Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis and recorded in Other Debt Purchased on the interim consolidated balance sheet. Other Debt Purchased related to the relevant credited loans is stated at fair value at the interim consolidated balance sheet date. Interest received and the gains or losses on the sale of the relevant credited loans during the six months ended September 30, 2021, including the gains or losses resulting from any change in the value between the beginning and the end of the six months ended September 30, 2021, are recognized in Other Operating Income and Other Operating Expenses on the interim consolidated statement of income.

(2)

Trading Assets & Liabilities and Trading Income & Expenses

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates, currency exchange rates, market prices of securities and related indices are recognized on a trade date basis and recorded in Trading Assets or Trading Liabilities on the interim consolidated balance sheet. Income or expenses generated on the relevant trading transactions are recorded in Trading Income or Trading Expenses on the interim consolidated statement of income.

Securities and other monetary claims held for trading purposes are stated at fair value at the interim consolidated balance sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at fair value, assuming that such transactions are terminated and settled at the interim consolidated balance sheet date.

Trading Income and Trading Expenses include the interest received and the interest paid during the six months ended September 30, 2021, the gains or losses resulting from any change in the value of securities and other monetary claims between the beginning and the end of the six months ended September 30, 2021, and the gains or losses resulting from any change in the value of financial derivatives between the beginning and the end of the six months ended September 30, 2021, assuming they were settled at the end of the six months ended September 30, 2021.

For financial derivatives, fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(3)

Securities

(a)

Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average method. Investments in affiliates not under the equity method are stated at acquisition cost and determined by the moving average method. Other Securities are stated at market price (cost of securities sold is calculated primarily by the moving average method). Stocks and others without a quoted market price are stated at acquisition cost and determined by the moving average method.

The net unrealized gains (losses) on Other Securities are included directly in Net Assets, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method.

(b)

Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as described in (a) above.

(4)

Derivative Transactions

Derivative transactions (other than transactions for trading purposes) are valued at fair value.

Fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(5)

Depreciation of Fixed Assets

1)

Tangible Fixed Assets (Except for Lease Assets)

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the declining-balance method. The amount based on estimated annual depreciation expenses is allocated to each period.

The range of useful lives is as follows:

Buildings

3 years to 50 years

Others

2 years to 20 years

- 12 -

2)

Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-used software are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determined by MHFG and consolidated subsidiaries.

3)

Lease Assets

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned with finance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to fixed assets owned by us.

(6)

Deferred Assets

Bond issuance costs are expensed as incurred.

(7)

Reserves for Possible Losses on Loans

Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance with internally established standards for write-offs and reserve provisions.

For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under the Company Law or other similar laws ("Bankrupt Obligors"), and to obligors that are effectively in similar conditions ("Substantially Bankrupt Obligors"), reserves are maintained at the amounts of claims net of direct write-offs described below and the expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees. For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt ("Intensive Control Obligors"), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees.

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan.

For claims extended to other obligors, reserves for the next one year or three years are maintained at rates derived from historical credit loss experience or historical bankruptcy experience for one or three years and making necessary adjustments such as future prospects and others. Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established "Self-assessment Standard," and the results of the assessments are verified and examined by the independent examination departments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥113,626 million (¥116,834 million at the end of the fiscal year ended March 31, 2021).

Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience and other factors for general claims and the assessment for each individual loan for other claims.

- 13 -

(Additional Information)

In light of the principles set forth in the report entitled "Japanese Financial Services Agency ("JFSA")'s supervisory approaches to lending business and loan loss provisioning" published by JFSA in December 18, 2019, we have reflected the potential impact of the spread of COVID-19 and its prolongation on Reserves for Possible Losses on Loans for some credit. More specifically, we have estimated the expected loss amount that reflects the impact of the prolongation of COVID-19. The estimate includes the future prospect of business environment of each industry and the forecasted GDP growth rate as major assumptions. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the interim consolidated financial statements from those of the previous fiscal year.

(8)

Reserve for Possible Losses on Investments

Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments in securities, after taking into consideration the financial condition and other factors concerning the investee company.

(9)

Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amount accrued at the end of the six months ended September 30, 2021, based on the estimated future payments.

(10)

Reserve for Variable Compensation

To prepare for the payments of performance payments and stock compensation to be paid as variable compensation within compensation for directors, group executive officers and operating officers of Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho Securities Co., Ltd., and certain consolidated subsidiaries, the amount accrued at the end of the six months ended September 30, 2021 among the estimated payments based on the standard amount regarding variable compensation of the fiscal year ending March 31, 2021 is provided.

(11)

Reserve for Director and Corporate Auditor Retirement Benefits

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments to directors, corporate auditors, and executive officers, is recognized at the amount accrued by the end of the six months ended September 30, 2021, based on the internally established standards.

(12)

Reserve for Possible Losses on Sales of Loans

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amount deemed necessary based on a reasonable estimate of possible future losses.

(13)

Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered by other specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

(14)

Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from liabilities at the estimated amount of future claims for withdrawal by depositors.

(15)

Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from liabilities at the estimated amount for future claims.

(16)

Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange. This is the reserve pursuant to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

- 14 -

(17)

Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement benefits to the period up to the end of the six months ended September 30, 2021. Unrecognized prior service cost and unrecognized actuarial differences are recognized as follows:

Unrecognized prior service cost: Recognized mainly as income or expenses in the period of occurrence.

Unrecognized actuarial difference: Recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees (mainly 10 years) of the respective fiscal years.

Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation at the end of the six months ended September 30, 2021 to be retirement benefit obligations in computing net defined benefit liability and retirement benefit expenses.

(18)

Revenues

Securities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues. Brokerage fees and commissions include fees earned from the execution of customer transactions and sales commissions of stocks, bonds and investment trusts, which are recognized at the point in time on transaction date with the customer. Asset-based revenues include fees received from investment trust management companies in return for administration services, such as record keeping services, of investment trusts, which are recognized over time in the period when the related service is provided.

Deposits and Lending business fees consist of Deposit-related fees and Lending-related fees. Deposit related fees are within the scope of "Accounting Standard for Revenue Recognition", while most of Lending-related fees such as commitment fees and arrangement fees are not. Deposit-related fees include account transfer fees, which are recognized at the point in time on transaction date with the customer or at the point in time when the related service is provided.

Remittance business fees include service charges for domestic and international funds transfers and collections, which are recognized at the point in time when the related service is provided.

Trust-related business fees mainly consist of brokerage commissions of real estate property, consulting fees of real estate property and charged of stock transfer agent services. Brokerage commissions of real estate property are commissions that are received as consideration for services related to real estate brokerage, and are recognized in principle at the time of the conclusion of a sales contract for the subject real estate or trust beneficiary rights. Consulting fees of real estate property are commissions that are received as consideration for services related to real estate consulting, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided. Stock transfer agent service fees are commissions that are received as consideration for services related to transfer agent business and associated services, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Agency business fees mainly consist of administration service fees related to MHFG Group's agency business such as Japan's principal public lottery program and revenues from standing proxy services related to stocks and others, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Fees for other customer services include various revenues such as sales commissions of life insurance, service charges for electronic banking, financial advisory fees, and service charges for software development. Sales commissions of life insurance are received in return for selling insurance products and recognized mainly at the point in time on transaction date with the customer. Service charges for electronic banking are mainly monthly basic usage fees and recognized over time in the period when the related service is provided. Financial advisory fees are received as consideration for services supporting market research and business strategy planning, which are recognized over time in the period when the related service is provided. Service charges for software development are recognized mainly over time in the period when the related service is provided.

- 15 -

Fiduciary income mainly consists of trust fees earned through fiduciary asset management and administrative service, which are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the period when the related service is provided.

Part of other ordinary income include underwriting fees from trading securities, credit card interchange fees and asset management business fees which are within the scope of "Accounting Standard for Revenue Recognition". Underwriting fees are recognized at the point on the date which all the consideration of the transaction are fixed. Credit card interchange fees are recognized at the point on the settlement of the credit card payment transactions. Asset management business fees consist of investment trust management fees and investment advisory fees for investment trusts, which are recognized over time in the period when the related service is provided.

(19)

Assets and Liabilities denominated in foreign currencies

Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidated banking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily at the exchange rates in effect at the interim consolidated balance sheet date, with the exception of the investments in affiliates not under the equity method, which are translated at historical exchange rates.

Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective interim balance sheet dates.

(20)

Hedge Accounting

(a)

Interest Rate Risk

The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied as hedge accounting methods.

The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for in accordance with the method stipulated in the "Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks" (JICPA Industry Committee Practical Guideline No.24, October 8, 2020).

The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetary claims and liabilities is assessed as follows:

i)

as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both the hedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in the same maturity bucket.

ii)

as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between a base interest rate index of the hedged instrument and that of the hedging instrument.

The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of cash flows of the hedged instruments with that of the hedging instruments.

(b)

Foreign Exchange Risk

Domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries apply the deferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities denominated in foreign currencies as stipulated in the "Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks" (JICPA Industry Committee Practical Guideline No.25, October 8, 2020). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of the foreign exchange risk.

In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method to portfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates in foreign currency and Other Securities in foreign currency (except for bonds) identified as hedged items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts exceeds the amount of acquisition cost of the hedged foreign securities in foreign currency.

- 16 -

(c)

Inter-company Transactions

Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between trading accounts and other accounts, which are designated as hedges, are not eliminated, and related gains and losses are recognized in the statement of income or deferred under hedge accounting, because these inter-company derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treated as hedge transactions objectively in accordance with JICPA Industry Committee Practical Guideline No. 24 and 25.

As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied.

(d)

Hedging relationships which apply "Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR"

Among above (a) to (c), all hedging relationships included in the scope of applying the "Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR" (ASBJ Practical Solutions No.40, September 29, 2020) are subject to this exceptional treatment. The detail of the hedging relationships which apply the treatment are as follows.

Hedging method: the deferred method, the fair-value hedge method or the exceptional accrual method

Hedging instruments: interest-rate swaps, currency-swap transactions or exchange swap transactions, etc

Hedged instruments: financial assets and liabilities, financial assets and liabilities denominated in foreign currencies, etc

The variety of Hedge transactions: to offset market fluctuation risks, to fix the cash flows

(21)

Scope of Cash and Cash Equivalents on Interim Consolidated Statements of Cash Flows

In the interim consolidated statements of cash flows, Cash and Cash Equivalents consist of cash and due from central banks included in "Cash and Due from Banks" on the interim consolidated balance sheet.

(22)

Adoption of the Consolidated Taxation System

MHFG and some domestic consolidated subsidiaries of the Group have applied the Consolidated Taxation System from the beginning of the interim period ended September 30, 2021.

Changes in Accounting Policies

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the interim period ended September 30, 2021.

In accordance with "Accounting Standard for Revenue Recognition", MHFG recognizes revenue at the time of the transfer of promised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in exchange for those goods or services.

In accordance with transitional treatment set out in the proviso of Article 84 of "Accounting Standard for Revenue Recognition", the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the interim consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the interim consolidated balance sheet, the interim consolidated statement of income, interim consolidated statement of cash flows and per share information for the interim period ended September 30, 2021 is immaterial.

And in accordance with the transitional treatment set forth in Article 89-3 of "Accounting Standard for Revenue Recognition", comparative period is not noted in "Revenue recognition".

- 17 -

Additional Information

The Board Benefit Trust ("BBT") Program

Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate value through the continuous and stable growth of MHFG group pursuant to MHFG's basic management policy defined under the Mizuho Financial Group's Corporate Identity, MHFG has introduced a stock compensation program using a trust (the "Program") that functions as an incentive for each Director, Group Executive Officer, and Operating officers to exert maximum effort in performing his or her duties, and also as consideration for such exertion of effort.

(1)

Outline of the Program

The Program has adopted the Board Benefit Trust ("BBT") framework. MHFG's shares on the stock market will be acquired through a trust established based on the underlying funds contributed by MHFG, and MHFG's shares will be distributed to Directors, Executive Officers, and Operating officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. (the "Company Group") and other entities in accordance with the Rules on Distribution of Shares to be prescribed in advance. The framework consists of the stock compensation program based on the Company Group Officer's responsibilities and others in their respective company ("Stock Compensation I"), the stock compensation program based on the performance evaluation of the Company Group ("Stock Compensation II") and the stock compensation program based on Company Group Officer's responsibilities in their respective company and the performance evaluation of the Company Group, which distributes MHFG's shares to Operating officers of MHFG and certain consolidated subsidiaries ("Stock Benefit").

Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on their responsibilities and others. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated based on the status of achieving our Five-Year Business Plan. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Benefit will be paid in the collective form of MHFG's share which is based on responsibilities in their respective company and the performance evaluation of the Company Group. Reduction and forfeit of the benefit can be occurred in the program.

Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amount equivalent to the market value of its stock in lieu of stock compensation in accordance with the Rules on Distribution of Shares.

Voting rights related to MHFG's shares belonging to the trust assets under the trust shall not be exercised.

(2)

MHFG's Shares Outstanding in the Trust

MHFG's shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of September 30, 2021 was ¥4,950 million for 3,080 thousand shares (the carrying amount as of March 31, 2021 was ¥4,144 million for 2,554 thousand shares).

Application of tax-effect accounting to the Transition from the Consolidated Taxation System to the Group Aggregation System

MHFG and some domestic consolidated subsidiaries of the Group record amounts of deferred tax assets and deferred tax liabilities based on the provisions of tax laws prior to amendment under the treatment in Paragraph 3 of "Treatment of the application of the tax-effect accounting in relation to the transition from the consolidated tax system to the aggregate group system" (Practical Solutions No.39 March 31, 2020), without applying the provisions of Paragraph 44 of "Guidance on Accounting Standard for tax-effect accounting" (Implementation Guidance No.28 February 16, 2018), regarding the tax items for which review of the non-consolidated Tax Payment System was implemented in accordance with the transition to the aggregated group system established under the "Act for Partial Revision of the Income Tax Act, etc." (Act No. 8 of 2020) and the transition to the aggregated group system.

- 18 -

Notes to Interim Consolidated Balance Sheet

*1.

The total amount of shares and investments in affiliates

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Shares

348,355 369,717

Investments

537 539
2.

MHFG does not have unsecured loaned securities which the borrowers have the right to sell or repledge.

In certain transactions, MHFG has the right to sell or repledge the following unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral.

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Securities repledged

13,417,819 14,413,874

Securities neither repledged nor re-loaned at the end of the period/the fiscal year

1,520,936 3,366,439
*3.

Loans to Bankrupt Obligors and Non-Accrual Delinquent Loans, which are included in Loans and Bills Discounted, are as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Loans to Bankrupt Obligors

19,554 23,211

Non-Accrual Delinquent Loans

415,318 329,493

Loans to Bankrupt Obligors are loans, excluding loans written-off, on which delinquencies in payment of principal and/or interest have continued for a significant period of time or for some other reason there is no prospect of collecting principal and/or interest ("Non-Accrual Loans"), as per Article 96, Paragraph 1, Item 3, Subsections 1 to 5 or Item 4 of the Corporate Tax Law Enforcement Ordinance (Government Ordinance No. 97, 1965).

Non-Accrual Delinquent Loans represent Non-Accrual Loans other than (i) Loans to Bankrupt Obligors and (ii) loans on which interest payments have been deferred in order to assist or facilitate the restructuring of the obligors.

*4.

Balance of Loans Past Due for Three Months or More, which is included in Loans and Bills Discounted, is as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Loans Past Due for Three Months or More

534 1,126

Loans Past Due for Three Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since the next day following the first due date without such payments, and which are not included in Loans to Bankrupt Obligors, or Non-Accrual Delinquent Loans.

- 19 -

*5.

Balance of Restructured Loans, which is included in Loans and Bills Discounted, is as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Restructured Loans

377,049 457,085

Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g., reduction of, or exemption from, stated interest, deferral of interest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans and Loans Past Due for Three Months or More are not included.

*6.

Total balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, Loans Past Due for Three Months or More, and Restructured Loans is as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Total

812,457 810,916

The amounts given in *3 through *6 above are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

*7.

In accordance with Committee Practical Guideline No. 24, bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sell or pledge these commercial bills, foreign exchange bills purchased and others. The face values of these bills are as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021
1,614,811 1,677,322

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*8.

Breakdown of assets pledged as collateral is as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

The following assets are pledged as collateral:

Trading Assets

2,217,478 3,327,058

Securities

6,913,993 9,726,415

Loans and Bills Discounted

10,142,050 9,720,854

Total

19,273,522 22,774,328

The following liabilities are collateralized by the above assets:

Deposits

764,255 810,945

Payables under Repurchase Agreements

6,333,580 9,366,306

Guarantee Deposits Received under Securities Lending Transactions

935,121 1,931,774

Borrowed Money

6,282,906 6,379,874

In addition to the above, the following items are pledged as collateral in connection with the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others or as a substitute for margins for futures transactions and others:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Cash and Due from Banks

63,463 59,280

Trading Assets

179,925 334,445

Securities

3,353,832 3,514,555

Loans and Bills Discounted

99,964 82,181

Other Assets includes margins for futures transactions, guarantee deposits, and collateral pledged for financial instruments and others as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Margins for Futures Transactions

185,323 300,897

Guarantee Deposits

110,674 109,487

Collateral Pledged for Financial Instruments and Others

1,886,061 1,663,523

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*9.

Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking subsidiaries are bound to extend loans up to a prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounts is as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Unutilized balance

107,724,379 101,924,846

Amount relating to contracts of which the original contractual maturity is one year or less, or which are unconditionally cancelable at any time

80,332,843 73,933,105

Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affect future cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse the execution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation, necessity to preserve a claim or other similar reasons. The banking subsidiaries require collateral such as real estate and securities when deemed necessary at the time the contract is entered into. In addition, they periodically monitor customers' business conditions in accordance with internally established standards and take necessary measures to manage credit risks such as amendments to contracts.

*10.

In accordance with the Land Revaluation Law (Proclamation No. 34 dated March 31, 1998), land used for business operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder, net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.

Revaluation date: March 31, 1998

Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations was revalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No. 119 promulgated on March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on the basis of the appraisal valuation stipulated in Paragraph 5.

*11.

Accumulated Depreciation of Tangible Fixed Assets

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Accumulated Depreciation

875,674 894,876
*12.

Borrowed Money includes subordinated borrowed money with a covenant that performance of the obligation is subordinated to that of other obligations.

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Subordinated Borrowed Money

213,000 209,000

- 22 -

*13.

Bonds and Notes includes subordinated bonds.

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Subordinated Bonds

3,796,982 3,907,591
14.

The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Money trusts

842,669 832,615
*15.

Liabilities for guarantees on corporate bonds included in "Securities," which are issued by private placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act)

(Millions of yen)
As of March 31, 2021 As of September 30, 2021
1,407,731 1,269,509

- 23 -

Notes to Interim Consolidated Statement of Income

*1.

Other Ordinary Income includes the following:

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Gains on Sales of Stocks

44,129 116,459

Share of profit of entities accounted for using equity method

11,559 16,519
*2.

Other Ordinary Expenses includes the following:

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Losses on Sales of Stocks

24,008 80,931

Provision for Reserves for Possible Losses on Loans

76,704 52,686
*3.

Extraordinary Gains includes the following:

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Gains on Cancellation of Employee Retirement Benefit Trust

7,895 51,093

Accumulation (Amortization) of Unrecognized Prior Service Cost

62,004 -

"Accumulation (Amortization) of Unrecognized Prior Service Cost" resulted from prior service cost incurred in connection with the revision of the retirement benefit plan.

*4.

Extraordinary Losses is as follows:

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Losses on Impairment of Fixed Assets

1,391 2,577

Losses on Disposition of Fixed Assets

2,243 1,693

Losses on Transfer to Defined Contribution Pension Plan

3,320 -

"Losses on Transfer to Defined Contribution Pension Plan" resulted from the transfer of part of the defined benefit pension plan to the defined contribution pension plan.

- 24 -

Notes to Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2020

1.

Types and number of issued shares and of treasury stock are as follows:

(Thousands of shares)
As of
April 1, 2020
Increase during
the period
Decrease during
the period
As of
September 30, 2020
Remarks

Issued Shares

Common Stock

25,392,498 - - 25,392,498

Total

25,392,498 - - 25,392,498

Treasury Stock

Common Stock

32,106 14,344 7,768 38,683 (Note )

Total

32,106 14,344 7,768 38,683
(Note) Increases are due to acquisition of treasury stock by BBT trust account (10,958 thousand shares), and repurchase of shares constituting less than one unit and other factors (3,386 thousand shares). Decreases are due to distribution and sale of treasury stock through BBT trust account (5,030 thousand shares), exercise of stock acquisition rights (stock options) (420 thousand shares) and other factors. The number of shares as of September 30, 2020 includes the number of treasury stock held by BBT trust account (25,564 thousand shares).
2.

Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

Breakdown

of stock

acquisition

rights

Class of shares
to be issued or

transferred upon
exercise of
stock acquisition
rights
Number of shares to be issued or transferred upon
exercise of stock acquisition rights (Shares)
Balance as of
September 30,
2020

(Millions of yen)
Remarks
As of
April 1,
2020
Increase
during the
period
Decrease
during the
period
As of
September 30,
2020

MHFG

Stock acquisition rights (Treasury stock acquisition rights) -
-

(-


)


-

(-


)


-

(-


)


-

(-


)


-

(-


)

Stock acquisition rights as stock option - 134

Consolidated subsidiaries (Treasury stock acquisition rights)

-
-

(-


)

Total

-
134

(-


)

- 25 -

3.

Cash dividends distributed by MHFG are as follows:

(1)

Cash dividends paid during the six months ended September 30, 2020

Resolution

Type

Cash Dividends

(Millions of yen)

Cash

Dividends

per Share

(Yen)

Record Date

Effective Date

May 15, 2020

The Board of Directors

Common Stock 95,208 3.75 March 31, 2020 June 8, 2020
(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on May 15, 2020 include ¥73 million of cash dividends on treasury stock held by BBT trust account.
2. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash Dividends per Share is recorded at the amount before the share consolidation.
(2)

Cash dividends with record dates falling in the six months ended September 30, 2020 and effective dates coming after the end of the period

Resolution

Type

Cash Dividends

(Millions of yen)

Resource of

Dividends

Cash

Dividends

per Share

(Yen)

Record Date

Effective Date

November 12, 2020

The Board of Directors

Common Stock 95,209 Retained Earnings 3.75 September 30, 2020 December 7, 2020
(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on November 12, 2020 include ¥95 million of cash dividends on treasury stock held by BBT trust account.
2. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash Dividends per Share is recorded at the amount before the share consolidation.

- 26 -

For the six months ended September 30, 2021

1.

Types and number of issued shares and of treasury stock are as follows:

(Thousands of shares)
As of
April 1, 2021
Increase during
the period
Decrease during
the period
As of
September 30, 2021
Remarks

Issued Shares

Common Stock

2,539,249 - - 2,539,249

Total

2,539,249 - - 2,539,249

Treasury Stock

Common Stock

3,889 1,604 894 4,599 (Note )

Total

3,889 1,604 894 4,599
(Note) Increases are due to acquisition of treasury stock by BBT trust account (1,062 thousand shares), and repurchase of shares constituting less than one unit and other factors (542 thousand shares). Decreases are due to distribution and sale of treasury stock through BBT trust account (536 thousand shares), exercise of stock acquisition rights (stock options) (23 thousand shares) and other factors. The number of shares as of September 30, 2021 includes the number of treasury stock held by BBT trust account (3,080 thousand shares).
2.

Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

Breakdown

of stock

acquisition

rights

Class of shares
to be issued or
transferred upon
exercise of
stock acquisition
rights
Number of shares to be issued or transferred upon
exercise of stock acquisition rights (Shares)
Balance as of
September 30,
2021

(Millions of yen)
Remarks
As of
April 1,
2021
Increase
during the
period
Decrease
during the
period
As of
September 30,
2021

MHFG

Stock acquisition rights (Treasury stock
acquisition rights)
-
-

(-


)


-

(-


)


-

(-


)


-

(-


)


-

(-


)

Stock acquisition rights
as stock option
- 95

Consolidated subsidiaries
(Treasury stock
acquisition rights)

-
-

(-


)

Total

-
95

(-


)

- 27 -

3.

Cash dividends distributed by MHFG are as follows:

(1)

Cash dividends paid during the six months ended September 30, 2021

Resolution

Type

Cash Dividends

(Millions of yen)

Cash

Dividends

per Share

(Yen)

Record Date

Effective Date

May 14, 2021

The Board of Directors

Common Stock 95,201 37.50 March 31, 2021 June 8, 2021
(Note) Cash dividends based on the resolution of the Board of Directors held on May 15, 2021 include ¥95 million of cash
dividends on treasury stock held by BBT trust account.
(2)

Cash dividends with record dates falling in the six months ended September 30, 2021 and effective dates coming after the end of the period

Resolution

Type

Cash Dividends

(Millions of yen)

Resource of
Dividends

Cash

Dividends

per Share

(Yen)

Record Date

Effective Date

November 12, 2021

The Board of Directors

Common Stock 101,545 Retained Earnings 40.00 September 30, 2021 December 7, 2021

(Note)

Cash dividends based on the resolution of the Board of Directors held on November 12, 2021 include ¥123 million of cash
dividends on treasury stock held by BBT trust account.

Notes to Interim Consolidated Statement of Cash Flows

*1.

Cash and Cash Equivalents at the end of the period on the Interim Consolidated Statement of Cash Flows reconciles to Cash and Due from Banks on the Interim Consolidated Balance Sheet as follows:

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

Cash and Due from Banks

42,498,278 47,075,429

Due from Banks excluding central banks

(1,125,902 ) (1,280,173 )

Cash and Cash Equivalents

41,372,376 45,795,255

- 28 -

Lease Transactions

1.

Finance Leases (Lessees)

Finance lease transactions that do not transfer ownership:

1)

Lease Assets:

(a)

Tangible fixed assets: mainly equipment

(b)

Intangible fixed assets: software

2)

The method for computing the amount of depreciation is described in "4. Standards of Accounting Method (5) Depreciation of Fixed Assets."

2.

Operating Leases

The future lease payments subsequent to the end of the fiscal year for non-cancelable operating lease transactions are summarized as follows:

(1)

Lessees:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Due in One Year or Less

52,280 48,596

Due after One Year

275,241 266,258

Total

327,521 314,854
(2)

Lessors:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021

Due in One Year or Less

7,191 7,479

Due after One Year

1,591 3,369

Total

8,782 10,848

- 29 -

Financial Instruments

1.

Matters relating to fair value of financial instruments and others

The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts), fair values and differences between them. Stocks and others without a quoted market price and Investments in Partnerships and others are excluded from the table below (see (Note 1)). In addition, notes concerning Cash and Due from Banks, Call Loans and Bills Purchased, Receivables under Resale Agreements, Guarantee Deposits Paid under Securities Borrowing Transactions, Call Money and Bills Sold, Payables under Repurchase Agreements, Guarantee Deposits Received under Securities Lending Transactions, and Due to Trust Accounts are omitted since these instruments are mainly settled in the short term and the fair values approximate the book values.

As of March 31, 2021

(Millions of yen)
Consolidated Balance
Sheet Amount
Fair Value Difference

(1)   Other Debt Purchased

3,208,004 3,208,136 132

(2)   Trading Assets

   Trading Securities

6,421,348 6,421,348 -

(3)   Money Held in Trust

579,764 579,764 -

(4)   Securities

   Bonds Held to Maturity

885,529 903,599 18,069

   Other Securities

41,681,945 41,681,945 -

(5)   Loans and Bills Discounted

83,704,675

   Reserves for Possible Losses on Loans (*1)

(513,832 )
83,190,843 84,213,843 1,023,000

Total Assets

135,967,435 137,008,638 1,041,203

(1)   Deposits

133,312,406 133,303,018 (9,387 )

(2)   Negotiable Certificates of Deposit

17,192,572 17,191,241 (1,331 )

(3)   Trading Liabilities

   Securities Sold, Not yet Purchased

2,402,420 2,402,420 -

(4)   Borrowed Money

7,441,822 7,435,289 (6,533 )

(5)   Bonds and Notes

10,321,672 10,529,372 207,700

Total Liabilities

170,670,893 170,861,341 190,447

- 30 -

(Millions of yen)
Consolidated Balance
Sheet Amount
Fair Value Difference

Derivative Transactions (*2)

Derivative Transactions not Qualifying for Hedge Accounting

272,522

Derivative Transactions Qualifying for Hedge Accounting (*3)

124,703

Total Derivative Transactions

397,225 397,225 -
(*1)

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.

Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.

(*2)

Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3)

The deferred method is mainly applied. "Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR" (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 31 -

As of September 30, 2021

(Millions of yen)
Interim Consolidated
Balance Sheet Amount
Fair Value Difference

(1)   Other Debt Purchased

3,137,520 3,137,661 140

(2)   Trading Assets

   Trading Securities

8,028,212 8,028,212 -

(3)   Money Held in Trust

635,086 635,086 -

(4)   Securities

   Bonds Held to Maturity

1,394,142 1,403,581 9,439

   Other Securities

41,101,360 41,101,360 -

(5)   Loans and Bills Discounted

82,198,528

   Reserves for Possible Losses on Loans (*1)

(529,605 )
81,668,922 82,829,668 1,160,745

Total Assets

135,965,246 137,135,571 1,170,325

(1)   Deposits

129,291,662 129,279,700 (11,962 )

(2)   Negotiable Certificates of Deposit

19,215,068 19,213,867 (1,201 )

(3)   Trading Liabilities

   Securities Sold, Not yet Purchased

2,477,688 2,477,688 -

(4)   Borrowed Money

7,495,869 7,490,947 (4,922 )

(5)   Bonds and Notes

10,513,503 10,725,226 211,723

Total Liabilities

168,993,791 169,187,428 193,636

Derivative Transactions (*2)

Derivative Transactions not Qualifying for Hedge Accounting

390,989

Derivative Transactions Qualifying for Hedge Accounting (*3)

102,903

Total Derivative Transactions

493,892 493,892 -
(*1)

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded. Items other than Loans and Bills Discounted are recorded at the interim consolidated balance sheet amounts due to immateriality of their reserves.

(*2)

Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3)

The deferred method is mainly applied. "Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR" (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 32 -

(Note 1)

The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts) of Stocks and others without a quoted market price, and Investments in Partnerships and others. These amounts are not included in Money Held in Trust and Other Securities in fair value information of financial instruments.

(Millions of yen)

Category

As of March 31, 2021 As of September 30, 2021

Stocks and others without a quoted market price (*1)

479,094 496,342

Investments in Partnerships and others (*2)

304,404 365,706
*1

Stocks and others without a quoted market price include unlisted stocks and others and in accordance with Article 5 of "Implementation Guidance on Disclosures about Fair Value of Financial Instruments" (ASBJ Guidance No.19, July 4, 2019), these items are not subject to disclosure of the fair value.

*2

Investments in Partnerships and others are mainly silent partnership, investment partnership, and money held in trust with the investment in a silent partnership as the component of the trust property. In accordance with Article 27 of "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No.31, July 4, 2019), these items are not subject to disclosure of the fair value.

3

During the fiscal year ended March 31, 2021, the amount of impairment (devaluation) was ¥4,490 million on a consolidated basis. During the six months ended September 30, 2021, the amount of impairment (devaluation) was ¥1,402 million on a consolidated basis.

2.

Matters relating to breakdown of fair value of financial instruments by level

Fair values of financial instruments are categorized into three levels as below on the basis of the observability and the materiality of the valuation inputs used in fair value measurements.

Fair values of Level 1: Fair values measured by quoted prices of the assets or liabilities being measured which are given in active markets among observable valuation inputs

Fair values of Level 2: Fair values measured by inputs other than inputs included within Level 1 among observable valuation inputs

Fair values of Level 3: Fair values measured by unobservable valuation inputs

When several inputs that have significant impact on fair value measurement are used and those inputs are categorized into different levels, the fair value is categorized into the lowest priority level for fair value measurement among the levels in which each of the inputs belongs.

- 33 -

(1)

Financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

As of March 31, 2021

(Millions of yen)

Category

Fair Value
Level 1 Level 2 Level 3 Total

Other Debt Purchased

- 46,102 636,815 682,918

Trading Assets

Trading Securities

Japanese Government Bonds

1,797,490 11,106 - 1,808,597

Japanese Local Government Bonds

- 108,835 - 108,835

Japanese Corporate Bonds

- 1,518,933 1,897 1,520,830

Stocks

98,183 0 223 98,407

Other

770,911 1,879,783 130,532 2,781,227

Money Held in Trust

- 551,395 3 551,399

Securities

Other Securities

Stocks

2,857,921 - 8,063 2,865,985

Japanese Government Bonds

20,597,775 322,807 - 20,920,582

Japanese Local Government Bonds

- 463,559 - 463,559

Japanese Corporate Bonds

- 653,764 2,107,142 2,760,906

Foreign Bonds

5,157,651 6,502,601 773,659 12,433,912

Other

40,067 - 13,920 53,988

Derivative Transactions

Interest Rate and Bond-Related Transactions

57,102 4,601,052 28,902 4,687,057

Currency-Related Transactions

- 3,305,074 25,583 3,330,657

Stocks-Related Transactions

168,398 338,917 48,563 555,879

Commodity-Related Transactions

3,538 8,339 17,472 29,350

Credit Derivative Transactions

- 91,452 3,002 94,454

Total Assets

31,549,042 20,403,726 3,795,782 55,748,550

Trading Liabilities

Securities Sold, Not yet Purchased

2,082,161 264,577 132 2,346,872

Derivative Transactions

Interest Rate and Bond-Related Transactions

57,232 4,412,401 3,960 4,473,594

Currency-Related Transactions

- 3,323,191 725 3,323,916

Stocks-Related Transactions

200,835 116,626 45,119 362,581

Commodity-Related Transactions

- 9,443 16,631 26,075

Credit Derivative Transactions

- 112,257 1,750 114,007

Total Liabilities

2,340,229 8,238,497 68,319 10,647,046
(*)

Investment trust and others applying the transitional measures set forth in Article 26 of "Implementation Guidance on Accouting Standard for Fair Value Measurements" (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the consolidated balance sheet is ¥2,307,126 million and ¥55,548 million.

- 34 -

As of September 30, 2021

(Millions of yen)

Category

Fair Value
Level 1 Level 2 Level 3 Total

Other Debt Purchased

- 42,927 556,800 599,727

Trading Assets

Trading Securities

Japanese Government Bonds

2,499,462 8,736 - 2,508,198

Japanese Local Government Bonds

- 63,252 - 63,252

Japanese Corporate Bonds

- 1,384,621 0 1,384,621

Stocks

467,036 - 200 467,236

Other

1,034,328 2,237,159 130,926 3,402,413

Money Held in Trust

- 591,634 3 591,638

Securities

Other Securities

Stocks

2,923,256 - 9,870 2,933,126

Japanese Government Bonds

18,806,856 196,186 - 19,003,042

Japanese Local Government Bonds

- 494,943 - 494,943

Japanese Corporate Bonds

- 968,884 1,967,085 2,935,970

Foreign Bonds

6,496,970 6,428,679 563,733 13,489,382

Other

42,620 - 13,787 56,408

Derivative Transactions

Interest Rate and Bond-Related Transactions

31,684 3,391,044 27,748 3,450,476

Currency-Related Transactions

- 2,465,259 23,276 2,488,536

Stocks-Related Transactions

183,129 282,484 57,116 522,730

Commodity-Related Transactions

8,503 9,158 32,934 50,596

Credit Derivative Transactions

- 113,153 3,850 117,003

Total Assets

32,493,848 18,678,124 3,387,335 54,559,308

Trading Liabilities

Securities Sold, Not yet Purchased

2,123,521 304,958 201 2,428,681

Derivative Transactions

Interest Rate and Bond-Related Transactions

25,958 3,208,897 5,866 3,240,722

Currency-Related Transactions

- 2,381,684 1,294 2,382,978

Stocks-Related Transactions

165,963 98,639 63,451 328,055

Commodity-Related Transactions

- 15,179 32,101 47,281

Credit Derivative Transactions

- 134,242 2,170 136,413

Total Liabilities

2,315,444 6,143,602 105,086 8,564,133
(*)

Investment trust and others applying the transitional measures set forth in Article 26 of "Implementation Guidance on Accounting Standard for Fair Value Measurements" (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the interim consolidated balance sheet is ¥2,410,996 million and ¥49,006 million.

- 35 -

(2)

Financial instruments other than financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

As of March 31, 2021

(Millions of yen)

Category

Fair Value
Level 1 Level 2 Level 3 Total

Other Debt Purchased

- 11,397 2,513,688 2,525,086

Money Held in Trust

- - 7,700 7,700

Securities

Bonds Held to Maturity

Japanese Government Bonds

489,514 - - 489,514

Foreign Bonds

- 414,085 - 414,085

Loans and Bills Discounted

- - 84,213,843 84,213,843

Total Assets

489,514 425,482 86,735,232 87,650,229

Deposits

- 133,303,018 - 133,303,018

Negotiable Certificates of Deposit

- 17,191,241 - 17,191,241

Borrowed Money

- 7,349,171 86,117 7,435,289

Bonds and Notes

- 9,712,019 817,353 10,529,372

Total Liabilities

- 167,555,450 903,470 168,458,921

As of September 30, 2021

(Millions of yen)

Category

Fair Value
Level 1 Level 2 Level 3 Total

Other Debt Purchased

- 10,743 2,527,189 2,537,933

Money Held in Trust

- - 23,426 23,426

Securities

Bonds Held to Maturity

Japanese Government Bonds

487,406 - - 487,406

Foreign Bonds

- 916,175 - 916,175

Loans and Bills Discounted

- - 82,829,668 82,829,668

Total Assets

487,406 926,919 85,380,284 86,794,610

Deposits

- 129,279,700 - 129,279,700

Negotiable Certificates of Deposit

- 19,213,867 - 19,213,867

Borrowed Money

- 7,404,184 86,762 7,490,947

Bonds and Notes

- 9,749,115 976,110 10,725,226

Total Liabilities

- 165,646,868 1,062,872 166,709,740

- 36 -

(Note 1)

Explanation of valuation techniques and valuation inputs used in fair value measurements

Assets

Other Debt Purchased

Fair values of securitized products of other debt purchased are based on the values deemed as market prices obtained by the reasonable estimate such as those obtained from brokers and financial information vendors and are categorized as Level 3 when significant unobservable valuation inputs are used for the obtained price and as Level 2 when other inputs are used.

With respect to other debt purchased other than those described above, when the present values of the expected future cash flows are considered to be fair values, those other debt purchased are mainly categorized as Level 3 since the discount rate and other significant valuation inputs are unobservable. When those are short term in nature and the book values are considered to be fair values, those other debt purchased are categorized as Level 3.

Trading Assets

Fair values of trading assets for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly government bonds.

In the case the market is inactive even if the quoted market price is available, those trading assets are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

When fair vales are measured at the present value of the expected future cash flows and others using significant unobservable inputs, those trading assets are categorized as Level 3, which includes mainly bonds with warrants and trust beneficiary rights.

Money Held in Trust

With respect to securities managed as trust assets in a directed money trust for separate investment with the management of securities as its primary purpose, fair values of stocks are measured at the price in stock exchanges and bonds are measured at market price or valuation price obtained from brokers or financial information vendors and are categorized as Level 2 or Level 3 based on the level of components.

The notes to Money Held in Trust based on holding purpose are stated in "Money Held in Trust."

Securities

Fair values of securities for which unadjusted quoted market prices in active markets are available are categorized as Level 1 which includes mainly stocks and government bonds. In the case the market is inactive even if the quoted market price is available, those securities are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

Fair values of investment trusts are measured at the disclosed net asset value and others. Those are not categorized into Levels by applying the transitional measures set forth in Article 26 of "Implementation Guidance on Accounting Standard for Fair Value Measurements."

Fair values of private placement bonds are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories based on the internal ratings and terms and are mainly categorized as Level 3 since the discount rate is unobservable.

Fair values of securitized products are based on valuations obtained from brokers and others, and reasonably measured prices based on the reasonable estimates of our management and are categorized as Level 3 when significant unobservable valuation inputs are used and as Level 2 when other inputs are used. In deriving reasonably measured prices based on the reasonable estimates of our management mentioned above, we used the discounted cash flow method. The price decision variables include default rates, recovery rates, prepayment rates, and discount rates.

The notes to Securities based on holding purpose are stated in "Securities."

Loans and Bills Discounted

Fair values of loans and bills discounted are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to the types, internal ratings and terms of the loans and bills discounted and are categorized as Level 3 since the discount rate is unobservable.

In addition, fair values of claims against bankrupt obligors, substantially bankrupt obligors, and intensive control obligors whose bad debts are measured at the present value of the expected future cash flows or the estimated amounts calculated based on the recoverability from collateral and guarantees approximate the amount of claims and others minus the amount of reserves for possible losses on loans in the interim consolidated balance sheet (the consolidated balance sheet) as of the interim consolidated balance sheet date (the consolidated balance sheet date) and those amount are considered to be fair values which are categorized as Level 3.

- 37 -

Among the loans and bills discounted, for those without a fixed maturity due to loan characteristics such as limiting loans to within the value of pledged assets, book values are considered to be fair values since fair values are expected to approximate book values based on the estimated loan periods, interest rates and other conditions. Fair values of those loans and bills discounted are categorized as Level 3.

Liabilities

Deposits and Negotiable Certificates of Deposit

For demand deposits, the payment amounts required on the interim consolidated balance sheet date (the consolidated balance sheet date) (i.e., book values) are considered to be fair values.

In addition, fair values of time deposits and negotiable certificates of deposits are calculated by classifying them based on their terms and by discounting the future cash flows. The discount rates used in such calculations are the market interest rates. Since fair values of those whose deposit terms are short (i.e., within six months) approximate book values, the book values are considered to be fair values and those fair values are categorized as Level 2.

Trading Liabilities

Fair values of trading liabilities for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly listed stocks and government bonds.

In the case the market is inactive even if the quoted market price is available, those trading liabilities are categorized as Level 2, which includes mainly corporate bonds.

When significant unobservable inputs are used, those trading liabilities are categorized as Level 3.

Borrowed Money

Fair values of borrowed money are measured mainly by discounting the total amount of the principal and interest of such borrowed money classified by period lengths at the interest rates considered to be applicable to similar loans and are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Bonds and Notes

With respect to bonds and notes issued by MHFG and its consolidated subsidiaries, fair values of bonds and notes with market prices are measured at the market prices and fair values of those without market prices are calculated by discounting the total amount of the principal and interest at the interest rates considered to be applicable to similar bonds and notes. Bonds and notes with market prices are categorized as Level 2. Those without market prices are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Derivative Transactions

Derivative transactions that can be measured at unadjusted quoted prices in active markets are categorized as Level 1, which includes such transactions as bonds futures and interest rate futures.

However, since most derivative transactions are over-the-counter transactions and there are no quoted market prices, market values are measured using valuation techniques such as the discounted cash flow method and the Black-Scholes model, depending on the type of transaction and the maturity period. The main inputs which are used in those valuation techniques are interest rate, currency rate, volatility and others. In addition, price adjustments based on counterparty's credit risk and consolidated subsidiary's own credit risk and price adjustments for unsecured funding are made. When unobservable inputs are not used or impact of unobservable inputs are not material, transactions are categorized as Level 2, which includes such transactions as plain vanilla interest rate swaps and foreign exchange forwards. When significant unobservable inputs are used, transactions are categorized as Level 3, which includes transactions such as commodity related transactions.

- 38 -

(Note 2)

Information relating to fair values of Level 3 among the financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

(1)

Quantitative information of significant unobservable valuation inputs

As of March 31, 2021

Category

Principal valuation
technique

Significant unobservable
valuation input

Range of valuation
input

Weighted average

Other Debt Purchased

Securitized products

Discounted cash flow method Prepayment rate 1.7% - 16.5% 6.7%
Default rate 0.0% -1.0% 0.0%
Discount rate 0.2% - 1.7% 0.5%

Trading Assets

Trading Securities

Discounted cash flow method Discount rate 0.4% - 4.3% 1.0%

Securities

Japanese Corporate Bonds

Private placement bonds

Discounted cash flow method Discount rate 0.0% - 6.6% 0.7%

Foreign Bonds

Securitized products

Discounted cash flow method Prepayment rate 10.1% - 18.2% 18.1%
Default rate 1.0% - 24.2% 1.7%
Recovery rate 10.0% - 67.7% 65.6%
Discount rate 0.4% - 1.4% 1.1%

Other

Discounted cash flow method Discount rate 0.0% - 5.0% 0.4%

Trading Liabilities

Securities Sold, Not yet Purchased

Discounted cash flow method Discount rate 1.4% 1.4%

Derivative Transactions

Interest Rate and Bond-Related Transactions

Option valuation model IR - IR correlation 35.0% - 100.0% -

Currency-Related Transactions

Option valuation model FX - IR correlation 22.9% - 49.6%
-

FX - FX correlation 42.5% - 64.7% -

Stocks-Related Transactions

Option valuation model Equity - IR correlation 25.0% -
Equity - FX correlation (32.5)% - 50.0% -
Equity correlation 0.0% - 100.0% -
Equity volatility 8.4% - 70.7% -

Commodity-Related Transactions

Option valuation model Commodity volatility 0.0% - 63.1% -

Credit Derivative Transactions

Discounted cash flow method Default rate 0.0% - 4.8% -
Credit correlation 17.2% - 100.0% -

- 39 -

As of September 30, 2021

Category

Principal valuation
technique

Significant unobservable
valuation input

Range of valuation
input

Weighted average

Other Debt Purchased

Securitized products

Discounted cash flow method Prepayment rate 1.0% - 16.9% 6.3%
Default rate 0.0% - 0.9% 0.0%
Discount rate 0.2% - 1.7% 0.5%

Trading Assets

Trading Securities

Discounted cash flow method Discount rate 0.6% - 1.9% 0.7%

Securities

Japanese Corporate Bonds

Private placement bonds

Discounted cash flow method Discount rate 0.0% - 7.2% 0.7%

Foreign Bonds

Securitized products

Discounted cash flow method Prepayment rate 22.1% - 24.0% 23.8%
Default rate 0.4% - 30.4% 1.6%
Recovery rate 10.0% - 67.7% 64.5%
Discount rate 0.2% - 1.4% 1.0%

Other

Discounted cash flow method Discount rate 0.0% - 5.0% 0.6%

Derivative Transactions

Interest Rate and Bond-Related Transactions

Option valuation model IR - IR correlation 23.1% - 100.0% -

Currency-Related Transactions

Option valuation model FX - IR correlation 23.9% - 51.3% -
FX - FX correlation 41.3% - 64.8% -

Stocks-Related Transactions

Option valuation model Equity - IR correlation 25.0% -
Equity - FX correlation (17.8)% - 93.2% -
Equity correlation 7.1% - 100.0% -
Equity volatility 7.1% - 100.7% -

Commodity-Related Transactions

Option valuation model Commodity volatility 0.0% - 41.0% -

Credit Derivative Transactions

Discounted cash flow method Default rate 0.0% - 5.9% -
Credit correlation 16.8% - 100.0% -

- 40 -

(2)

Adjustment sheet from beginning balance to ending balance as of interim period (ending balance as of period) and unrealized gains (losses) recognized as gains (losses) for the period

As of March 31, 2021

(Millions of yen)
Beginning
balance

Gains(losses) for the period/ other
comprehensive income

Net amount
of purchase,
sale, issue,
and
settlement
Transfer to
fair values

of Level 3
(*3)
Transfer from
fair values of
Level 3

(*4)
Ending
balance as of
period
Unrealized
gains (losses)
on financial
assets and
liabilities

held as of
the consolidated
balance sheet

date among
the amount
recorded to

gains (losses)
for the period
(*1)
Recorded to
gains(losses) for
the period (*1)
Recorded to other
comprehensive
income

(*2)

Other Debt Purchased

151,219 (3 ) (125 ) 485,724 - - 636,815 -

Trading Assets

Trading Securities

Japanese Corporate Bonds

797 (6 ) - 1,106 - - 1,897 (2 )

Stocks

206 - - 17 - - 223 -

Other

156,666 6,344 - (31,596 ) 116 (999 ) 130,532 4,968

Money Held in Trust

3 0 - 0 - - 3 -

Securities

Other Securities

Stocks

6,317 - 296 1,450 - - 8,063 -

Japanese Corporate Bonds

2,201,133 533 (633 ) (70,069 ) - (23,821 ) 2,107,142 -

Foreign Bonds

847,601 39,316 40,442 (166,932 ) 13,230 - 773,659 -

Other

18,663 548 (897 ) (4,393 ) - - 13,920 -

Trading Liabilities

Securities Sold, Not yet Purchased

232 0 - (100 ) - - 132 (0 )

Derivative Transactions

Interest Rate and Bond-Related Transactions

7,696 4,387 - 12,858 - - 24,942 13,343

Currency-Related Transactions

16,277 10,141 - (1,561 ) - - 24,857 10,526

Stocks-Related Transactions

69,571 (67,728 ) - 1,601 - - 3,444 (33,744 )

Commodity-Related Transactions

1,240 525 - (924 ) - - 841 49

Credit Derivative Transactions

3,516 (2,522 ) - (246 ) 1,252 (748 ) 1,251 (3,471 )

- 41 -

(*1)

Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other Operating Expenses in the consolidated statement of income.

(*2)

Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the consolidated statement of comprehensive income.

(*3)

Those are the transfers from Level 2 to Level 3, due to changes in observability of valuation inputs which are used in fair value measurements based on market liquidity. The transfer was made on the beginning of the accounting period.

(*4)

Those are the transfers from Level 3 to Level 2, mainly due to increase of the observability of the discount rate which is used in fair value measurements for private placement bonds. The transfer was made on the beginning of the accounting period.

- 42 -

As of September 30, 2021

(Millions of yen)
Beginning
balance

Gains(losses) for the period/other
comprehensive income

Net amount
of purchase,
sale, issue,
and
settlement
Transfer to
fair values

of Level 3
Transfer from
fair values of
Level 3
Ending
balance as of
interim period
Unrealized
gains (losses)
on financial
assets and
liabilities

held as of
the interim
consolidated
balance sheet

date among
the amount
recorded to

gains (losses)
for the period
(*1)
Recorded to
gains(losses) for
the period (*1)
Recorded to other
comprehensive
income

(*2)

Other Debt Purchased

636,815 (1 ) (15 ) (79,997 ) - - 556,800 -

Trading Assets

Trading Securities

Japanese Corporate Bonds

1,897 (0 ) - (1,897 ) - - 0 -

Stocks

223 - - (23 ) - - 200 (354 )

Other

130,532 967 - (24 ) - (547 ) 130,926 (200 )

Money Held in Trust

3 0 - - - - 3 -

Securities

Other Securities

Stocks

8,063 - 6 1,800 - - 9,870 -

Japanese Corporate Bonds

2,107,142 (217 ) 2,622 (142,460 ) - - 1,967,085 -

Foreign Bonds

773,659 3,704 (578 ) (213,052 ) - - 563,733 -

Other

13,920 (768 ) 953 (317 ) - - 13,787 -

Trading Liabilities

Securities Sold, Not yet Purchased

132 1 - 200 - (132 ) 201 (2 )

Derivative Transactions

Interest Rate and Bond-Related Transactions

24,942 (11,970 ) - 8,910 - - 21,881 (7,101 )

Currency-Related Transactions

24,857 (3,159 ) - 284 - - 21,982 (3,081 )

Stocks-Related Transactions

3,444 (13,672 ) - 3,892 - - (6,335 ) 3,240

Commodity-Related Transactions

841 284 - (293 ) - - 833 123

Credit Derivative Transactions

1,251 (789 ) - 1,719 (597 ) 96 1,680 1,055

- 43 -

(*1)

Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other Operating Expenses in the interim consolidated statement of income.

(*2)

Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the interim consolidated statement of comprehensive income.

- 44 -

(3)

Explanation of the process of fair value measurement

In MHFG, middle-offices and back-offices have established policies and procedures related to the measurement of fair values and procedures related to usage of the valuation model. For the fair values and the level categories, the validity of the valuation techniques and valuation inputs used in fair value measurement are verified.

In fair value measurement, valuation models in which the nature, characteristics and risks of individual assets are most appropriately reflected are used. In addition, when quoted prices obtained from third parties are used, the validity of the prices is verified by appropriate methods such as confirmation of valuation techniques and used valuation inputs and comparison with the fair values of similar financial instruments.

(4)

Explanation of the impact on fair values in the case where significant unobservable inputs are varied

Prepayment rate

The prepayment rate is the estimated rate at which voluntary unscheduled repayments of the principal of the underlying assets are expected to occur. The movement of the prepayment rate is generally negatively correlated with borrower delinquency. A significant change in the prepayment rate would significantly impact the valuation of the fair values of financial instruments either positively or negatively, depending on the structure of financial instruments.

Default rate

The default rate is an estimate of the likelihood of not collecting contractual payments. A significant increase (decrease) in the default rate would generally be accompanied by a decrease (increase) in the recovery rate and an increase (decrease) in the discount rate. It would also generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Recovery rate

The recovery rate is an estimate of the percentage of contractual payments that would be collected in the event of a default. A significant increase (decrease) in recovery rate would generally be accompanied by a decrease (increase) in the default rate. It would also generally significantly impact the valuation of the fair values of financial instruments positively (negatively).

Discount rate

The discount rate is an adjustment rate to a benchmark market interest rate such as TIBOR or swap rates. It primarily consists of a risk premium component which is the amount of compensation that market participants require due to the uncertainty inherent in the financial instruments' cash flows resulting from credit risk. A significant increase (decrease) in discount rate would generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Correlation

Correlation is the likelihood of the movement of one input relative to another based on an established relationship. A significant change in correlation would significantly impact the valuation of derivatives either positively or negatively, depending on the nature of the underlying assets.

Volatility

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, a significant increase (decrease) in volatility would result in a significant increase (decrease) in option values and, for a long position in an option, it would result in a significant increase (decrease) in the fair values of financial instruments.

- 45 -

Securities

In addition to "Securities" on the interim consolidated balance sheet (the consolidated balance sheet), Negotiable Certificates of Deposit in "Cash and Due from Banks," certain items in "Other Debt Purchased" and certain items in "Other Assets" are also included.

1.

Bonds Held to Maturity

As of March 31, 2021

(Millions of yen)

Type

Consolidated Balance

Sheet Amount

Fair Value

Difference

Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount

Japanese Government Bonds 479,958 489,514 9,555

Foreign Bonds

274,173 285,842 11,669

Sub-total

754,131 775,356 21,225

Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount

Japanese Government Bonds - - -

Foreign Bonds

131,397 128,242 (3,155)

Sub-total

131,397 128,242 (3,155)

Total

885,529 903,599 18,069

As of September 30, 2021

(Millions of yen)

Type

Interim Consolidated

Balance Sheet Amount

Fair Value

Difference

Bonds Whose Fair Values Exceed the Interim Consolidated Balance Sheet Amount

Japanese Government Bonds 479,969 487,406 7,436
Foreign Bonds 249,613 258,047 8,434

Sub-total

729,582 745,453 15,871

Bonds Whose Fair Values Do Not Exceed the Interim Consolidated Balance Sheet Amount

Japanese Government Bonds - - -
Foreign Bonds 664,560 658,128 (6,431)

Sub-total

664,560 658,128 (6,431)

Total

1,394,142 1,403,581 9,439

- 46 -

2.

Other Securities

As of March 31, 2021

(Millions of yen)

Type

Consolidated Balance
Sheet Amount
Acquisition Cost Difference

Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost

Stocks 2,726,040 981,426 1,744,614

Bonds

14,440,198 14,415,433 24,765

Japanese Government Bonds

12,716,957 12,713,374 3,583

Japanese Local Government Bonds

196,757 196,213 544

Japanese Corporate Bonds

1,526,483 1,505,845 20,637

Other

7,865,959 7,645,538 220,421

Foreign Bonds

6,246,882 6,180,203 66,678

Other Debt Purchased

44,418 43,662 755

Other

1,574,659 1,421,672 152,986

Sub-total

25,032,198 23,042,398 1,989,800

Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost

Stocks 139,945 186,294 (46,348 )

Bonds

9,704,849 9,774,593 (69,743 )

Japanese Government Bonds

8,203,625 8,238,926 (35,301 )

Japanese Local Government Bonds

266,801 267,459 (657 )

Japanese Corporate Bonds

1,234,423 1,268,208 (33,785 )

Other

7,657,854 7,928,309 (270,454 )

Foreign Bonds

6,187,029 6,286,717 (99,687 )

Other Debt Purchased

638,500 638,687 (187 )

Other

832,325 1,002,904 (170,579 )

Sub-total

17,502,649 17,889,197 (386,547 )

Total

42,534,848 40,931,595 1,603,253
(Note)

Unrealized Gains (Losses) includes ¥32,481 million which was recognized in the statement of income by applying the fair-value hedge method.

- 47 -

As of September 30, 2021

(Millions of yen)

Type

Interim Consolidated
Balance Sheet Amount
Acquisition Cost Difference

Other Securities Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition Cost

Stocks 2,772,975 992,007 1,780,968

Bonds

9,128,315 9,106,305 22,009

Japanese Government Bonds

7,335,374 7,334,260 1,113

Japanese Local Government Bonds

244,606 243,893 713

Japanese Corporate Bonds

1,548,334 1,528,151 20,182

Other

7,132,850 6,949,323 183,526

Foreign Bonds

5,767,481 5,709,351 58,129

Other Debt Purchased

40,343 39,640 703

Other

1,325,025 1,200,332 124,693

Sub-total

19,034,141 17,047,636 1,986,505

Other Securities Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost

Stocks 160,150 206,591 (46,441 )

Bonds

13,305,641 13,362,767 (57,125 )

Japanese Government Bonds

11,667,668 11,693,083 (25,415 )

Japanese Local Government Bonds

250,336 250,822 (485 )

Japanese Corporate Bonds

1,387,636 1,418,861 (31,224 )

Other

9,430,457 9,686,257 (255,800 )

Foreign Bonds

7,721,901 7,827,757 (105,855 )

Other Debt Purchased

559,384 559,521 (136 )

Other

1,149,170 1,298,979 (149,808 )

Sub-total

22,896,249 23,255,616 (359,367 )

Total

41,930,391 40,303,253 1,627,137
(Note)

Unrealized Gains (Losses) includes ¥38,068 million which was recognized in the statement of income by applying the fair-value hedge method.

- 48 -

3.

Impairment ("Devaluation") of Securities

Certain Securities other than Trading Securities (excluding Stocks and others without a quoted market price and Investments in Partnerships and others) are devalued to the fair value, and the difference between the acquisition cost and the fair value is treated as a loss for the six months ended September 30, 2021 (the fiscal year ended March 31, 2021) (impairment (devaluation)), if the fair value has significantly deteriorated compared with the acquisition cost (including amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value.

The amount of impairment (devaluation) for the fiscal year ended March 31, 2021 was ¥4,657 million.

The amount of impairment (devaluation) for the six months ended September 30, 2021 was ¥1,800 million.

The criteria for determining whether a security's fair value has "significantly deteriorated" are outlined as follows:

Securities whose fair value is 50% or less of the acquisition cost

Securities whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market price maintains a certain level or lower

- 49 -

Money Held in Trust

1.

Money Held in Trust Held to Maturity

There was no Money Held in Trust held to maturity.

2.

Other in Money Held in Trust (other than for investment purposes and held to maturity purposes)

As of March 31, 2021

(Millions of yen)
Consolidated
Balance Sheet
Amount
Acquisition Cost Difference Other in Money
Held in Trust
Whose
Consolidated
Balance Sheet
Amount Exceeds
Acquisition Cost
Other in Money
Held in Trust
Whose
Consolidated
Balance Sheet
Amount Does Not
Exceed
Acquisition Cost

Other in Money Held in Trust

9,804 9,804 - - -
(Note)

"Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost" and "Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost" are components of "Difference."

As of September 30, 2021

(Millions of yen)
Interim
Consolidated
Balance Sheet
Amount
Acquisition Cost Difference Other in Money
Held in Trust
Whose Interim
Consolidated
Balance Sheet
Amount Exceeds
Acquisition Cost
Other in Money
Held in Trust
Whose Interim
Consolidated
Balance Sheet
Amount Does Not
Exceed

Acquisition Cost

Other in Money Held in Trust

25,702 25,702 - - -
(Note)

"Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition Cost" and "Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost" are components of "Difference."

- 50 -

Unrealized Gains (Losses) on Other Securities

Details of Unrealized Gains (Losses) on Other Securities on the interim consolidated balance sheet (consolidated balance sheet) are as follows:

As of March 31, 2021

(Millions of yen)
Amount

Difference between Acquisition Cost and Fair Value

1,585,324

Other Securities

1,585,324

(-) Deferred Tax Liabilities

439,907

Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount corresponding to Non-controlling Interests)

1,145,417

(-) Amount Corresponding to Non-controlling Interests

16,783

(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated Companies, which is attributable to MHFG

3,826

Net Unrealized Gains (Losses) on Other Securities

1,132,460

(Notes)

1. The difference between acquisition cost and fair value excludes ¥32,481 million in gains which were recognized in the statement of income for the fiscal year ended March 31, 2021 by applying the fair-value hedge method.

2.

"Other Securities" includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

As of September 30, 2021

(Millions of yen)
Amount

Difference between Acquisition Cost and Fair Value

1,617,495

Other Securities

1,617,495

(-) Deferred Tax Liabilities

448,400

Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount corresponding to Non-controlling Interests)

1,169,095

(-) Amount Corresponding to Non-controlling Interests

19,229

(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated Companies, which is attributable to MHFG

4,889

Net Unrealized Gains (Losses) on Other Securities

1,154,756

(Notes)

1. The difference between acquisition cost and fair value excludes ¥38,068 million in gains which were recognized in the statement of income for six months ended September 30, 2021 by applying the fair-value hedge method.
2. "Other Securities" includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

- 51 -

Derivatives Information

Derivative Transactions not Qualifying for Hedge Accounting

With regard to derivative transactions not qualifying for hedge accounting, contract value or contractual principal equivalents, fair values and unrealized gains (losses) by type of transaction as of the interim consolidated balance sheet date (consolidated balance sheet date) are as follows. Contract value amounts do not indicate the market risk related to derivative transactions.

(1)

Interest Rate and Bond-Related Transactions

As of March 31, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Interest Rate Futures

Sold

5,352,260 3,517,173 (1,120 ) (1,120 )

Bought

11,939,410 5,980,115 2,199 2,199
Interest Rate Options

Sold

239,583 6,863 (111 ) (3 )

Bought

425,653 - 268 (315 )
Bond Futures

Sold

165,894 - 556 556

Bought

175,412 - (455 ) (455 )
Bond Futures Options

Sold

18,048 - (46 ) (46 )

Bought

77,541 - 169 119

Over-the-Counter

FRAs

Sold

42,665,863 - 45,060 45,060

Bought

42,609,545 - (46,135 ) (46,135 )
Interest Rate Swaps

Receive Fixed / Pay Float

449,922,359 341,882,271 3,014,574 3,014,574

Receive Float / Pay Fixed

442,383,440 332,409,368 (2,817,850 ) (2,817,850 )

Receive Float / Pay Float

147,723,342 121,666,164 5,791 5,791

Receive Fixed / Pay Fixed

291,810 235,502 (1,088 ) (1,088 )
Interest Rate Options

Sold

13,900,704 9,346,439 (53,039 ) (53,039 )

Bought

14,152,261 9,516,824 49,285 49,285
Bond Options

Sold

385,389 109,950 (8,336 ) (7,564 )

Bought

385,457 109,950 8,610 7,707
Bond Other

Sold

8,120 - (37 ) (37 )

Bought

21,342 - 188 188

Inter-Company or Internal Transactions

Interest Rate Swaps

Receive Fixed / Pay Float

5,083,479 4,451,482 983 983

Receive Float / Pay Fixed

13,498,632 11,151,452 (106,637 ) (106,637 )

Total

- - 92,832 92,174

(Note)

The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.

- 52 -

As of September 30, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Interest Rate Futures

Sold

6,431,909 4,887,354 5,103 5,103

Bought

15,943,916 8,021,160 (1,075 ) (1,075 )
Interest Rate Options

Sold

660,001 30,498 (931 ) (299 )

Bought

702,160 5,576 1,054 228
Bond Futures

Sold

390,559 - 2,363 2,363

Bought

283,272 - (1,153 ) (1,153 )
Bond Futures Options

Sold

738 - (0 ) (0 )

Bought

17,879 - 36 26

Over-the-Counter

FRAs

Sold

20,591,045 241,612 20,950 20,950

Bought

21,196,006 594,665 (20,451 ) (20,451 )
Interest Rate Swaps

Receive Fixed / Pay Float

405,897,033 302,580,016 2,312,133 2,312,133

Receive Float / Pay Fixed

402,604,215 297,805,006 (2,081,105 ) (2,081,105 )

Receive Float / Pay Float

145,843,833 118,143,138 (14,329 ) (14,329 )

Receive Fixed / Pay Fixed

258,984 209,601 2,666 2,666
Interest Rate Options

Sold

15,401,966 10,322,098 (32,289 ) (32,289 )

Bought

15,439,839 10,238,440 15,437 15,437
Bond Options

Sold

269,487 - (499 ) 461

Bought

304,930 - 1,305 (61 )
Bond Other

Sold

26,206 - (258 ) (258 )

Bought

40,117 - 261 261

Inter-Company or Internal Transactions

Interest Rate Swaps

Receive Fixed / Pay Float

5,158,986 4,685,658 14,489 14,489

Receive Float / Pay Fixed

6,860,822 6,109,489 (89,568 ) (89,568 )

Total

- - 134,138 133,528

(Note)

The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.

- 53 -

(2)

Currency-Related Transactions

As of March 31, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Futures

Sold

15,615 3,540 - -

Bought

78,356 32,799 - -

Over-the-Counter

Swaps 69,875,350 52,691,198 44,712 44,670
Forwards

Sold

63,766,682 3,575,704 (735,730 ) (735,730 )

Bought

37,077,896 1,863,936 715,575 715,575
Options

Sold

4,513,631 1,676,580 (81,683 ) (38,378 )

Bought

4,015,482 1,645,075 60,985 5,365

Inter-Company or Internal Transactions

Swaps 2,214,554 1,773,095 (10,879 ) 14,122
Forwards

Sold

15 - (0 ) (0 )

Bought

1,099 - 28 28

Total

- - (6,992 ) 5,653
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.

As of September 30, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Futures

Sold

20,142 1,793 - -

Bought

73,833 39,485 - -

Over-the-Counter

Swaps 72,820,677 56,073,657 160,482 75,511
Forwards

Sold

68,686,437 4,079,285 (598,818 ) (598,818 )

Bought

39,629,471 2,603,119 540,669 540,669
Options

Sold

3,593,324 1,565,871 (65,393 ) (27,841 )

Bought

3,359,311 1,460,708 32,482 (18,243 )

Inter-Company or Internal Transactions

Swaps 2,135,181 1,042,429 (2,016 ) 11,452
Forwards

Sold

- - - -

Bought

1,295 - 7 7

Total

- - 67,412 (17,263 )

(Note)

The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.

- 54 -

(3)

Stock-Related Transactions

As of March 31, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Index Futures

Sold

346,971 40,915 (37,863 ) (37,863 )

Bought

332,196 8,219 (162 ) (162 )
Index Futures Options

Sold

2,008,214 456,209 (195,420 ) (106,406 )

Bought

1,476,846 362,320 187,767 102,582

Over-the-Counter

Equity Linked Swaps 801,742 526,254 (4,324 ) (4,324 )
Options

Sold

575,890 435,591 (57,255 ) (57,255 )

Bought

465,704 392,903 62,373 62,373
Other

Sold

352,860 281,444 52,158 52,158

Bought

781,318 507,521 195,685 195,685

Total

- - 202,959 206,788

(Note)

The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.

As of September 30, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Index Futures

Sold

576,242 51,684 5,023 5,023

Bought

76,132 8,180 (131 ) (131 )
Index Futures Options

Sold

2,617,072 520,195 (202,010 ) (102,045 )

Bought

2,201,214 408,476 215,023 117,700

Over-the-Counter

Equity Linked Swaps 1,398,737 508,775 (14,701 ) (14,701 )
Options

Sold

919,970 620,195 (71,349 ) (71,349 )

Bought

637,310 575,443 66,534 66,534
Other

Sold

299,628 15,057 76,493 76,493

Bought

715,908 219,134 130,650 130,650

Total

- - 205,532 208,175

(Note)

The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.

- 55 -

(4)

Commodity-Related Transactions

As of March 31, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Futures

Sold

37,845 11,877 (6,361 ) (6,361 )

Bought

60,560 27,336 9,900 9,900

Over-the-Counter

Options

Sold

167,743 74,372 (24,310 ) (24,310 )

Bought

145,003 58,215 24,048 24,048

Total

- - 3,275 3,275
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
2. Commodities include oil, copper, aluminum and others.

As of September 30, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Listed

Futures

Sold

71,334 25,670 (17,985 ) (17,985 )

Bought

98,067 45,747 26,488 26,488

Over-the-Counter

Options

Sold

192,895 93,678 (46,650 ) (46,650 )

Bought

164,605 72,099 41,461 41,461

Total

- - 3,315 3,315
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
2. Commodities include oil, copper, aluminum and others.

- 56 -

(5)

Credit Derivative Transactions

As of March 31, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Over-the-Counter

Credit Derivatives

Sold

4,559,481 4,310,774 88,213 88,213

Bought

6,033,371 5,749,780 (107,766 ) (107,766 )

Total

- - (19,553 ) (19,553 )
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
2. "Sold" and "Bought" indicate assumption and cession of credit risk, respectively.

As of September 30, 2021

(Millions of yen)

Classification

Type

Contract Value Fair Value Unrealized Gains
(Losses)
Total Over One Year

Over-the-Counter

Credit Derivatives

Sold

5,066,330 4,836,161 108,181 108,181

Bought

6,567,025 6,244,894 (127,590 ) (127,590 )

Total

- - (19,409 ) (19,409 )
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
2. "Sold" and "Bought" indicate assumption and cession of credit risk, respectively.

- 57 -

Revenue recognition

1.

Revenue breakdown information

(Millions of yen)
For the six months ended
September 30, 2021

Ordinary Income

1,579,249

Fee and Commission Income

416,769

Securities-related business

100,363

Deposits and Lending business (1)

117,179

Remittance business

54,601

Trust-related business

38,699

Agency business

18,572

Guarantee-related business (2)

16,783

Fees for other customer services

70,570

Fiduciary Income

29,728

Other Ordinary Income (1)

1,132,751

Notes:

(1)

Part of these amounts are considered to be revenues from contracts that are within the scope of "Accounting Standard for Revenue Recognition".

(2)

These amounts are revenues from contracts that do not meet the scope of "Accounting Standard for Revenue Recognition".

(3)

In the above table, revenues that are within the scope of "Accounting Standard for Revenue Recognition" are mainly generated from "Retail & Business Banking Company", "Corporate & Institutional Company" and "Global Corporate Company".

2.

Contract assets, contract liabilities and receivables from contracts with customers

The balances of contract assets, contract liabilities and receivables from contracts with customers are included in other assets and other liabilities in the interim consolidated balance sheet. The balance of contract assets, contract liabilities and receivables from contracts with customers at the interim consolidated balance sheet date are immaterial.

3.

Price allocated to remaining performance obligations

The amount of revenue expected to be recognized in subsequent fiscal years is not material in terms of amount for the six months ended September 30, 2021. Contracts with a term of up to one year and contracts for which revenue can be recognized at the amount our group has the right to claim are not included in the subject of this report.

- 58 -

Business Segment Information, etc.

Business Segment Information

1.

Summary of reportable segment

MHFG has introduced an in-house company system based on the group's diverse customer segments. The aim of this system is to leverage MHFG's strengths and competitive advantage, which is the seamless integration of MHFG's banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

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

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

Retail & Business Banking Company:

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

Corporate & Institutional Company:

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

Global Corporate Company:

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

Global Markets Company:

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

Asset Management Company:

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

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group's operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

- 59 -

2.

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

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

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

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

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

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

- 60 -

3.

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

For the six months ended September 30, 2020

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

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

314,199 226,604 225,980 293,039 23,795 9,701 1,093,318

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

313,529 104,059 125,218 105,287 15,664 15,579 679,336

Equity in income from investments in affiliates

3,613 2,402 5,905 - 381 (741 ) 11,559

Amortization of goodwill and others

1,128 50 180 419 3,821 500 6,098

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

3,155 124,897 106,487 187,333 4,691 (7,119 ) 419,443

Fixed assets

516,242 195,699 162,828 95,605 - 750,936 1,721,310
(Notes) 1. "Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others" is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ (19,005) million, of which ¥ (20,380) million is included in the Global Markets Company.
2. "Others" includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.

"Others" in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.

Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using reasonable criteria of allocation.

4. Following the change in allocation method for transactions between each segment and "Others" made in April, 2021, reclassification was made on the above table to reflect the relevant change.

- 61 -

For the six months ended September 30, 2021

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

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

345,854 230,183 249,973 253,718 28,990 21,903 1,130,621

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

311,285 99,243 126,218 107,533 16,208 20,440 680,927

Equity in income from investments in affiliates

5,540 2,251 7,366 - 815 547 16,519

Amortization of goodwill and others

1,081 48 180 402 3,624 504 5,839

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

39,028 133,143 130,941 145,783 9,973 1,506 460,374

Fixed assets

538,613 182,543 166,683 96,298 - 738,177 1,722,314

(Notes)

1. "Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others" is reported instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 21,799 million, of which ¥ 22,898 million is included in the Global Markets Company.
2. "Others" includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.

"Others" in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.

Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using reasonable criteria of allocation.

- 62 -

4.

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

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

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

(1)

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

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

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

1,093,318 1,130,621

Net gains or losses related to ETFs and others

19,005 (21,799 )

Other Ordinary Income

63,736 147,714

General and Administrative Expenses

(681,287 ) (667,594 )

Other Ordinary Expenses

(227,161 ) (189,602 )

Ordinary Profits

267,610 399,340
(2)

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

(Millions of yen)
For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

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

419,443 460,374

Credit Costs for Trust Accounts

- -

General and Administrative Expenses (non-recurring losses)

4,146 19,172

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

(84,777 ) (59,856 )

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

3,555 10,225

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

(50,485 ) (6,867 )

Net Extraordinary Gains (Losses)

65,780 47,281

Others

(24,271 ) (23,707 )

Income before Income Taxes recorded in Interim Consolidated Statement of Income

333,391 446,622

- 63 -

Related Information

For the six months ended September 30, 2020

1.

Information about Geographic Areas

(1)

Ordinary Income

(Millions of yen)

Japan

Americas Europe Asia/Oceania
excluding Japan
Total
1,029,703 249,775 102,413 194,868 1,576,761
(Notes) 1. The above table shows Ordinary Income in lieu of sales of non-financial companies.
2. Ordinary income is segmented by country and region based on the location of our group office in consideration of geographical proximity, similarity of economic activities, and interrelationship of business activities.
(2)

Tangible Fixed Assets

Information on tangible fixed assets by geographical areas as of September 30, 2020 is not disclosed since tangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.

2.

Information about Major Customers

Information about major customers is not disclosed since there are no outside customers that accounted for more than 10% of Ordinary Income of the Company.

For the six months ended September 30, 2021

1.

Information about Geographic Areas

(1)

Ordinary Income

(Millions of yen)

Japan

Americas Europe Asia/Oceania
excluding Japan
Total
1,001,074 343,742 74,879 159,553 1,579,249
(Notes) 1. The above table shows Ordinary Income in lieu of sales of non-financial companies.
2. Ordinary income is segmented by country and region based on the location of our group office in consideration of geographical proximity, similarity of economic activities, and interrelationship of business activities.
(2)

Tangible Fixed Assets

Information on tangible fixed assets by geographical areas as of September 30, 2021 is not disclosed since tangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.

2.

Information about Major Customers

Information about major customers is not disclosed since there are no outside customers that accounted for more than 10% of Ordinary Income of the Company.

- 64 -

Information about Impairment Loss on Tangible Fixed Assets by Reportable Segment

For the six months ended September 30, 2020

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

Impairment Loss

586 2 - 10 - 793 1,391
For the six months ended September 30, 2021
(Millions of yen)
MHFG (Consolidated)
Retail &
Business
Banking
Company
Corporate &
Institutional
Company
Global
Corporate
Company
Global
Markets
Company
Asset
Management
Company
Others

Impairment Loss

493 55 168 5 - 1,856 2,577
Information about Amortization and Unamortized Balance of Goodwill by Reportable Segment
For the six months ended September 30, 2020
(Millions of yen)
MHFG (Consolidated)
Retail &
Business
Banking
Company
Corporate &
Institutional
Company
Global
Corporate
Company
Global
Markets
Company
Asset
Management
Company
Others

Amortization of Goodwill

-
-

180
-

1,335 354 1,869

Unamortized Balance of Goodwill


-


-

2,764
-

42,686 12,678 58,128

For the six months ended September 30, 2021

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

Amortization of Goodwill

-
-

180
-

1,335 367 1,882

Unamortized Balance of Goodwill


-


-

2,855
-

40,018 11,820 54,693

Information about Gain on Negative Goodwill Incurred by Reportable Segment

For the six months ended September 30, 2020

There is no applicable information.

For the six months ended September 30, 2021

There is no applicable information.

- 65 -

Per Share Information

1.

Net Assets per Share of Common Stock and its basis used for calculation

As of March 31, 2021 As of September 30, 2021

Net Assets per Share of Common Stock

Yen 3,650.87 3,757.45

(The basis used for calculating Net Assets per Share of Common Stock)

Total Net Assets

Millions of yen 9,362,207 9,640,884

Deductions from Total Net Assets

Millions of yen 105,932 117,054

Stock Acquisition Rights

Millions of yen 134 95

Non-Controlling Interests

Millions of yen 105,797 116,959

Net Assets related to Common Stock at the end of the period/the fiscal year

Millions of yen 9,256,275 9,523,829

Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated, at the end of the period/the fiscal year

Thousands of shares 2,535,360 2,534,650

- 66 -

2.

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

For the six months ended
September 30, 2020
For the six months ended
September 30, 2021

(1)   Net Income per Share of Common Stock

Yen 84.99 152.12

(The basis used for calculating Net Income per Share of Common Stock)

Profit Attributable to Owners of Parent

Millions of yen 215,523 385,657

Amount not attributable to Common Stock

Millions of yen - -

Profit Attributable to Owners of Parent related to Common Stock

Millions of yen 215,523 385,657

Average Outstanding Shares of Common Stock (during the period)

Thousands of shares 2,535,837 2,535,113

(2)   Diluted Net Income per Share of Common Stock

Yen 84.98 152.12

(The basis used for calculating Diluted Net Income per Share of Common Stock)

Adjustment to Profit Attributable to Owners of Parent

Millions of yen - -

Increased Number of Shares of Common Stock

Thousands of shares 92 70

Stock Acquisition Rights

Thousands of shares 92 70

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

- -
(Notes) 1. MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are calculated under the assumption that the share consolidation had been conducted at the beginning of fiscal 2020.
2. In the calculation of Net Assets per share, 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 total number of issued shares at the end of the period/the fiscal year. The number of such Treasury Stock shares deducted at the end of the previous fiscal year (March 31, 2021) was 2,554 thousand, and the number of such Treasury Stock shares deducted at the end of the period (September 30, 2021) was 3,080 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 six months ended September 30, 2020 was 2,146 thousand, and the average number of such Treasury Stock shares deducted during the six months ended September 30, 2021 was 2,706 thousand.

- 67 -

II. Others

There is no applicable information.

- 68 -

Disclaimer

Mizuho Financial Group Inc. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 11:09:03 UTC.


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Net income 2022 585 B 5 128 M 5 128 M
Net Debt 2022 - - -
P/E ratio 2022 6,65x
Yield 2022 5,21%
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Last Close Price 1 545,50 JPY
Average target price 1 888,33 JPY
Spread / Average Target 22,2%
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Tatsufumi Sakai Executive President, Group ECO & Director
Makoto Umemiya Executive Officer & Manager-Finance Planning
Yasuhiro Sato Executive President, Group CEO & Director
Hiroko Ota Co-Chairman
Satoshi Ishii Director & Group Chief Operating Officer