MIZUHO FINANCIAL GROUP INC

For the period ended Mar 31, 2024. Filed Jun 26, 2024.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Jun 26, 2024

MFG$9.40+0.1%Stored close · as of Nov 6, 2026

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Contents

Selected Statistical Data

In preparing the selected statistical data set forth below, foreign activities are defined as business transactions that involve customers residing outside of Japan. However, as the operations of Mizuho Financial Group, Inc. and its subsidiaries (“the MHFG Group” or “the Group”) are highly and globally integrated, the MHFG Group has made certain estimates and assumptions in allocating assets, liabilities, income and expense between domestic and foreign operations. The Group considers domestic and foreign activities determined by such methods to be representative of the Group’s operations.

I. Distribution of assets, liabilities and equity; interest rates and interest differential

Average balances of balance sheet items, interest and dividend income, interest expense and average yields and rates

The following tables show the MHFG Group’s average balances of balance sheet items, Interest and dividend income, Interest expense, average yields on interest-earning assets, and average rates on interest-bearing liabilities for the fiscal years ended March 31, 2022, 2023 and 2024. Average balances are generally based on a daily average.

Month-end,

quarter-end

half-year-end

averages are used for certain average balances where it is not practicable to obtain applicable daily averages. The average balances determined by such methods are considered to be representative of the MHFG Group’s operations.

	2022			2023			2024
	Averagebalance	Interest anddividendincome	Averageyield	Averagebalance	Interest anddividendincome	Averageyield	Averagebalance	Interest anddividendincome	Averageyield
(in billions of yen, except percentages)
Assets:
Interest-earning assets:
Interest-bearing deposits in other banks:
Domestic	35,407	31	0.09%	39,586	30	0.07%	45,926	30	0.07%
Foreign	13,701	26	0.19%	16,626	476	2.86%	19,600	991	5.06%
Total	49,108	57	0.12%	56,212	506	0.90%	65,526	1,021	1.56%
Call loans and funds sold:
Domestic	2,178	—	(0.01%)	3,367	—	0.01%	4,889	—	0.00%
Foreign	557	1	0.28%	1,019	14	1.34%	1,031	33	3.21%
Total	2,735	1	0.05%	4,386	14	0.32%	5,920	33	0.56%
Receivables under resale agreements and securities borrowing transactions:
Domestic	11,340	1	0.01%	8,649	47	0.54%	8,980	72	0.80%
Foreign	8,353	35	0.43%	9,049	261	2.88%	11,663	667	5.72%
Total	19,693	36	0.19%	17,698	308	1.74%	20,643	739	3.58%
Trading account assets:
Domestic	5,781	85	1.47%	5,938	96	1.61%	6,554	91	1.40%
Foreign	13,513	160	1.18%	11,582	330	2.85%	15,142	623	4.12%
Total	19,294	245	1.27%	17,520	426	2.43%	21,697	715	3.29%
Investments:
Domestic	28,806	93	0.32%	28,172	96	0.34%	24,888	96	0.38%
Foreign	4,979	54	1.07%	5,191	79	1.53%	7,332	210	2.87%
Total	33,785	147	0.43%	33,363	175	0.53%	32,220	306	0.95%
Loans (1):
Domestic	56,690	473	0.83%	57,462	558	0.97%	58,582	636	1.09%
Foreign	32,295	485	1.50%	37,035	1,402	3.79%	38,942	2,317	5.95%
Total	88,985	958	1.08%	94,497	1,960	2.07%	97,524	2,953	3.03%
Total interest-earning assets:
Domestic	140,202	683	0.49%	143,174	827	0.58%	149,820	925	0.62%
Foreign	73,398	761	1.04%	80,502	2,562	3.18%	93,710	4,842	5.17%
Total	213,600	1,444	0.68%	223,676	3,389	1.52%	243,529	5,767	2.37%
Noninterest-earning assets:
Cash and due from banks	3,401			2,553			2,148
Other noninterest-earning assets (2)	17,561			22,769			28,538
Allowance for credit losses	(708)			(740)			(727)
Total noninterest-earning assets	20,254			24,582			29,959
Total average assets	233,854			248,258			273,489

Notes:

(1)	Average balances of loans include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans.

(2)	The fair value carrying amounts of derivative contracts are reported in Other noninterest-earning assets.

Within total average assets, the percentage attributable to foreign activities was 34.5%, 36.3% and 39.5%, respectively, for the fiscal years ended March 31, 2022, 2023 and 2024.

	2022			2023			2024
	Averagebalance	Interest expense	Averagerate	Averagebalance	Interest expense	Averagerate	Averagebalance	Interest expense	Averagerate
(in billions of yen, except percentages)
Liabilities and equity:
Interest-bearing liabilities:
Deposits:
Domestic	95,350	7	0.01%	96,854	71	0.07%	98,446	130	0.13%
Foreign	31,592	69	0.22%	37,983	990	2.61%	44,214	2,047	4.63%
Total	126,942	76	0.06%	134,837	1,061	0.79%	142,660	2,177	1.53%
Call money and funds purchased:
Domestic	1,211	—	0.01%	1,602	1	0.10%	1,841	2	0.13%
Foreign	503	1	0.20%	593	16	2.65%	427	20	4.63%
Total	1,714	1	0.06%	2,195	17	0.79%	2,268	22	0.98%
Payables under repurchase agreements and securities lending transactions:
Domestic	5,975	6	0.10%	7,140	68	0.95%	7,250	137	1.89%
Foreign	21,849	35	0.16%	20,772	603	2.90%	29,076	1,580	5.43%
Total	27,824	41	0.15%	27,912	671	2.40%	36,326	1,716	4.72%
Other short-term borrowings (1):
Domestic	7,100	2	0.03%	3,503	5	0.16%	2,268	5	0.21%
Foreign	2,187	3	0.17%	1,810	55	2.98%	1,790	91	5.08%
Total	9,287	5	0.06%	5,313	60	1.12%	4,058	96	2.36%
Trading account liabilities:
Domestic	2,190	46	2.09%	4,277	56	1.32%	4,567	53	1.16%
Foreign	1,069	14	1.31%	1,547	45	2.91%	1,800	122	6.77%
Total	3,259	60	1.83%	5,824	101	1.74%	6,366	175	2.75%
Long-term debt:
Domestic	11,098	176	1.59%	12,587	229	1.82%	14,353	308	2.15%
Foreign	1,026	15	1.41%	1,270	41	3.24%	1,403	68	4.86%
Total	12,124	191	1.57%	13,857	270	1.95%	15,757	376	2.39%
Total interest-bearing liabilities:
Domestic	122,924	237	0.19%	125,963	430	0.34%	128,724	634	0.49%
Foreign	58,226	137	0.24%	63,975	1,750	2.73%	78,710	3,928	4.99%
Total	181,150	374	0.21%	189,938	2,180	1.15%	207,434	4,562	2.20%
Noninterest-bearing liabilities (2)	43,681			49,721			56,954
Equity	9,023			8,599			9,101
Total average liabilities and equity	233,854			248,258			273,489
Net interest income and average interest rate spread		1,070	0.47%		1,209	0.37%		1,205	0.17%
Net interest income as a percentage of average total interest-earning assets			0.50%			0.54%			0.49%

Notes:

(1)	Other short-term borrowings include commercial paper.

(2)	The fair value carrying amounts of derivative contracts are reported in Noninterest-bearing liabilities.

Within total average liabilities, which is the total of interest-bearing liabilities and noninterest-bearing liabilities shown in the above table, the percentage attributable to foreign activities was 29.6%, 32.6% and 34.9%, respectively, for the fiscal years ended March 31, 2022, 2023 and 2024.

Analysis of net interest income

The following tables show changes in the MHFG Group’s Interest and dividend income, Interest expense, and Net interest income based on changes in volume and changes in rate for the fiscal year ended March 31, 2023 compared to the fiscal year ended March 31, 2022 and the fiscal year ended March 31, 2024 compared to the fiscal year ended March 31, 2023. Changes attributable to the combined impact of changes in rate and volume have been allocated proportionately to the changes due to volume changes and changes due to rate changes.

Fiscal year ended March 31, 2023versusfiscal year ended March 31, 2022 · Fiscal year ended March 31, 2024versusfiscal year ended March 31, 2023
Increase (decrease) due tochanges in · Netchange · Increase (decrease) due tochanges in · Netchange
Volume · Yield · Volume · Yield
(in billions of yen)
Interest and dividend income:
Interest-bearing deposits in other banks:
Domestic	4	(5)	(1)	5	(4)	1
Foreign	5	445	450	85	429	515
Total	9	440	449	90	426	516
Call loans and funds sold:
Domestic	—	—	—	—	—	—
Foreign	1	12	13	—	19	19
Total	1	12	13	—	19	19
Receivables under resale agreements and securities borrowing transactions:
Domestic	—	46	46	2	23	25
Foreign	3	223	226	75	331	406
Total	3	269	272	77	354	431
Trading account assets:
Domestic	2	9	11	10	(14)	(4)
Foreign	(22)	192	170	102	192	293
Total	(20)	201	181	111	177	289
Investments:
Domestic	(2)	5	3	(11)	11	—
Foreign	2	23	25	33	98	131
Total	—	28	28	22	109	131
Loans:
Domestic	6	79	85	11	68	78
Foreign	71	846	917	72	842	914
Total	77	925	1,002	83	910	993
Total interest and dividend income:
Domestic	10	134	144	16	83	100
Foreign	60	1,741	1,801	367	1,911	2,279
Total	70	1,875	1,945	383	1,995	2,378

Fiscal year ended March 31, 2023versusfiscal year ended March 31, 2022 · Fiscal year ended March 31, 2024versusfiscal year ended March 31, 2023
Increase (decrease) due tochanges in · Netchange · Increase (decrease) due tochanges in · Netchange
Volume · Yield · Volume · Yield
(in billions of yen)
Interest expense:
Deposits:
Domestic	—	64	64	1	57	59
Foreign	14	907	921	162	895	1,057
Total	14	971	985	164	952	1,116
Call money and funds purchased:
Domestic	—	1	1	—	1	1
Foreign	—	15	15	(4)	8	4
Total	—	16	16	(4)	9	5
Payables under repurchase agreements and securities lending transactions:
Domestic	1	61	62	1	68	69
Foreign	(1)	569	568	241	736	977
Total	—	630	630	242	803	1,045
Other short-term borrowings:
Domestic	—	3	3	(2)	1	(1)
Foreign	(1)	53	52	(1)	38	37
Total	(1)	56	55	(3)	39	36
Trading account liabilities:
Domestic	43	(33)	10	4	(7)	(3)
Foreign	6	25	31	7	70	77
Total	49	(8)	41	11	62	74
Long-term debt:
Domestic	24	29	53	32	47	79
Foreign	3	23	26	4	23	27
Total	27	52	79	36	70	106
Total interest expense:
Domestic	68	125	193	36	167	203
Foreign	21	1,592	1,613	410	1,769	2,179
Total	89	1,717	1,806	447	1,935	2,382
Net interest income:
Domestic	(58)	9	(49)	(20)	(83)	(103)
Foreign	39	149	188	(43)	143	100
Total	(19)	158	139	(63)	59	(4)

II. Investment portfolio

The following table shows the book value, contractual maturity and the weighted average yield of

securities at March 31, 2024. The amortized cost is the basis of the book value for

securities. The weighted average yield is calculated based on the amortized cost for

securities and considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.

	Maturity
	One year or less		After one yearthroughfive years		After five yearsthroughten years		After ten years		Total
	Amount	Yield	Amount	Yield	Amount	Yield	Amount	Yield	Amount	Yield
(in billions of yen, except percentages)
Held-to-maturity securities:
Domestic:
Japanese government bonds	100	0.47%	180	0.09%	240	0.21%	—	—	519	0.22%
Total domestic	100	0.47%	180	0.09%	240	0.21%	—	—	519	0.22%
Foreign:
Agency mortgage-backed securities	—	—	—	—	—	—	3,528	4.82%	3,528	4.82%
Total foreign	—	—	—	—	—	—	3,528	4.82%	3,528	4.82%
Total	100	0.47%	180	0.09%	240	0.21%	3,528	4.82%	4,048	4.23%

In addition to

securities, the MHFG Group’s Investments also include

securities, equity securities and other investments. See Note 3 “Investments” to the consolidated financial statements included elsewhere in this annual report for information regarding

securities, equity securities and other investments.

III. Loans

Maturities and sensitivities of loans to changes in interest rates

The following table shows the details of the loan portfolio by time remaining until maturity by category at March 31, 2024:

Maturity · Loans due afterone year
	One year orless	After one yearthroughfive years	After five yearsthroughfifteenyears	Afterfifteenyears	Total	Floatingrates	Fixedrates
(in billions of yen)
Domestic:
Corporate:
Large companies	18,962	17,581	8,490	888	45,921	18,163	8,796
Small and medium-sized companies	947	767	554	168	2,436	1,076	414
Retail:
Housing Loan	509	1,609	2,984	2,067	7,170	5,678	982
Others	752	420	197	33	1,403	307	343
Sovereign	1,929	319	166	32	2,447	159	359
Banks and other financial institutions	576	641	15	—	1,231	373	282
Total domestic	23,676	21,337	12,406	3,189	60,608	25,756	11,177
Foreign:
Corporate	14,942	15,633	2,972	358	33,905	18,015	947
Retail	1	2	3	4	10	7	2
Sovereign	239	167	281	—	687	448	—
Banks and other financial institutions	1,264	1,932	40	—	3,235	1,855	116
Total foreign	16,446	17,733	3,296	362	37,837	20,326	1,065
Total	40,121	39,070	15,702	3,551	98,445	46,082	12,242

IV. Allowance for credit losses on loans

The following table shows the credit ratios of the MHFG Group’s loans, nonaccrual loans and allowance for credit losses at March 31, 2023 and 2024:

(1) Allowance for credit losses to total loans

	Allowance forcredit losses	Total loans	Ratio ofallowance forcredit losses tototal loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	457	43,365	1.05%
Small and medium-sized companies	49	2,999	1.64%
Retail:
Housing Loan	51	7,507	0.69%
Others	12	1,548	0.78%
Sovereign	—	1,866	—
Banks and other financial institutions	1	645	0.13%
Total domestic	570	57,930	0.98%
Foreign	131	36,246	0.36%
Total	701	94,176	0.74%
	Allowance forcredit losses	Total loans	Ratio ofallowance forcredit losses tototal loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	528	45,921	1.15%
Small and medium-sized companies	36	2,436	1.48%
Retail:
Housing Loan	45	7,170	0.63%
Others	11	1,403	0.76%
Sovereign	—	2,447	—
Banks and other financial institutions	—	1,231	0.02%
Total domestic	620	60,608	1.02%
Foreign	130	37,837	0.34%
Total	750	98,445	0.76%

Ratio of allowance for credit losses to total loans in large companies of corporate under Domestic increased by 0.10% from 1.05% at March 31, 2023 to 1.15% at March 31, 2024 due mainly to changes in the business environment surrounding some large borrowers.

(2) Nonaccrual loans to total loans

	Nonaccrualloans	Total loans	Ratio ofnonaccrualloans to totalloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	980	43,365	2.26%
Small and medium-sized companies	122	2,999	4.05%
Retail:
Housing Loan	39	7,507	0.52%
Others	55	1,548	3.58%
Sovereign	—	1,866	—
Banks and other financial institutions	—	645	—
Total domestic	1,196	57,930	2.06%
Foreign	136	36,246	0.38%
Total	1,332	94,176	1.41%
	Nonaccrualloans	Total loans	Ratio ofnonaccrualloans to totalloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	967	45,921	2.11%
Small and medium-sized companies	97	2,436	4.00%
Retail:
Housing Loan	35	7,170	0.49%
Others	49	1,403	3.53%
Sovereign	—	2,447	—
Banks and other financial institutions	—	1,231	—
Total domestic	1,149	60,608	1.90%
Foreign	127	37,837	0.34%
Total	1,276	98,445	1.30%

Ratio of nonaccrual loans to total loans in large companies of corporate under Domestic decreased by 0.15% from 2.26% at March 31, 2023 to 2.11% at March 31, 2024 due to a decrease in nonaccrual loans and an increase in total loans.

(3) Allowance for credit losses to nonaccrual loans

	Allowance forcredit losses	Nonaccrualloans	Ratio ofallowance forcredit lossesto nonaccrualloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	457	980	46.62%
Small and medium-sized companies	49	122	40.39%
Retail:
Housing Loan	51	39	132.62%
Others	12	55	21.72%
Sovereign	—	—	—
Banks and other financial institutions	1	—	—
Total domestic	570	1,196	47.70%
Foreign	131	136	95.92%
Total	701	1,332	52.63%
	Allowance forcredit losses	Nonaccrual loans	Ratio ofallowance forcredit losses tononaccrualloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	528	967	54.55%
Small and medium-sized companies	36	97	36.99%
Retail:
Housing Loan	45	35	129.68%
Others	11	49	21.59%
Sovereign	—	—	—
Banks and other financial institutions	—	—	—
Total domestic	620	1,149	53.95%
Foreign	130	127	102.48%
Total	750	1,276	58.78%

Ratio of allowance for credit losses to nonaccrual loans in large companies of corporate under Domestic increased by 7.93% from 46.62% at March 31, 2023 to 54.55% at March 31, 2024 due mainly to changes in the business environment surrounding some large borrowers.

The following table shows ratio of net charge-offs to average loans at March 31, 2023 and 2024:

	Average loans	Net charge-offs	Ratio of net charge-offs to averageloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	42,778	147	0.34%
Small and medium-sized companies	3,071	—	—
Retail:
Housing Loan	7,643	2	0.02%
Others	1,628	3	0.19%
Sovereign	1,781	—	—
Banks and other financial institutions	700	—	—
Total domestic	57,601	152	0.26%
Foreign	36,666	65	0.18%
Total	94,267	217	0.23%
	Average loans	Net charge-offs	Ratio of netcharge-offsto averageloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	44,729	23	0.05%
Small and medium-sized companies	2,733	3	0.10%
Retail:
Housing Loan	7,342	1	0.01%
Others	1,474	3	0.18%
Sovereign	2,084	—	—
Banks and other financial institutions	836	—	—
Total domestic	59,197	29	0.05%
Foreign	37,609	5	0.01%
Total	96,807	34	0.04%

The following table shows an allocation of the MHFG Group’s allowance for credit losses and the percentage of loans in each category to total loans at March 31, 2023 and 2024:

	2023		2024
	Amount	% of loans ineach categoryto total loans	Amount	% of loans ineach categoryto total loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	457	46.05%	528	46.65%
Small and medium-sized companies	49	3.19%	36	2.47%
Retail:
Housing Loan	51	7.97%	45	7.28%
Others	12	1.64%	11	1.42%
Sovereign	—	1.98%	—	2.49%
Banks and other financial institutions	1	0.68%	—	1.25%
Total domestic	570	61.51%	620	61.57%
Foreign	131	38.49%	130	38.43%
Total	701	100.00%	750	100.00%

V. Deposits

The following table shows the average amount of, and the average rate on, the following deposit categories for the fiscal years ended March 31, 2022, 2023 and 2024:

	2022		2023		2024
	Averageamount	Averagerate	Averageamount	Averagerate	Averageamount	Averagerate
(in billions of yen, except percentages)
Domestic offices:
Noninterest-bearing demand deposits	26,071	—	27,205	—	28,177	—
Interest-bearing demand deposits	63,627	—	65,641	0.04%	69,050	0.08%
Time deposits	17,989	0.03%	18,640	0.24%	21,031	0.36%
Certificates of deposit	13,734	—	12,573	—	8,365	—
Foreign offices:
Noninterest-bearing demand deposits	2,741	—	2,838	—	2,960	—
Interest-bearing deposits, principally time deposits	24,669	0.23%	30,466	2.55%	34,218	4.52%
Certificates of deposit	6,923	0.20%	7,517	2.82%	9,996	5.00%
Total	155,754	0.05%	164,880	0.64%	173,796	1.25%

The total amounts of deposits by foreign depositors in domestic offices at March 31, 2022, 2023 and 2024 were ¥1,581 billion, ¥1,419 billion and ¥1,182 billion, respectively.

The estimated amounts of uninsured deposits at March 31, 2023 and 2024 were ¥126,067 billion and ¥114,173 billion, respectively. The uninsured deposits refer to the amounts of deposit accounts under certain categories that are not covered by the relevant insurance regimes and the aggregate amounts of the uninsured deposit accounts that exceed the respective limit of the insurance regime in each local jurisdiction. In Japan, categories such as deposits denominated in foreign currency and certificates of deposits are uninsured, and the insurance limit per client is ¥10 million. At March 31, 2024, the estimated amounts and remaining maturities of uninsured time deposits and certificates of deposit are shown in the following table:

	Timedeposits	Certificates ofdeposit	Total
(in billions of yen)
Domestic offices:
Due in three months or less	11,150	1,739	12,889
Due after three months through six months	2,181	324	2,506
Due after six months through twelve months	2,861	277	3,137
Due after twelve months	838	122	960
Total	17,031	2,461	19,492
Foreign offices:
Due in three months or less	20,569	6,807	27,376
Due after three months through six months	2,471	1,449	3,920
Due after six months through twelve months	1,326	528	1,854
Due after twelve months	50	345	395
Total(Note)	24,416	9,129	33,545
Total	41,447	11,591	53,037

Note: The estimated amount that exceeded the Federal Deposit Insurance Corporation insurance limit in the United States was ¥683 billion as of March 31, 2024.

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