MIZUHO FINANCIAL GROUP INC

For the period ended Mar 31, 2025. Filed Jun 25, 2025.

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.

FY2025 · Filed Jun 25, 2025

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

See the whole filing, with its images and exhibits

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, 2023, 2024 and 2025. Average balances are generally based on a daily average. Month-end, quarter-end orhalf-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.

	2023			2024			2025
	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	39,586	30	0.07%	45,926	30	0.07%	56,125	136	0.24%
Foreign	16,626	476	2.86%	19,600	991	5.06%	16,279	832	5.11%
Total	56,212	506	0.90%	65,526	1,021	1.56%	72,404	968	1.34%
Call loans and funds sold:
Domestic	3,367	—	0.01%	4,889	—	0.00%	197	1	0.46%
Foreign	1,019	14	1.34%	1,031	33	3.21%	747	20	2.71%
Total	4,386	14	0.32%	5,920	33	0.56%	944	21	2.24%
Receivables under resale agreements and securities borrowing transactions:
Domestic	8,649	47	0.54%	8,980	72	0.80%	11,437	86	0.75%
Foreign	9,049	261	2.88%	11,663	667	5.72%	14,726	782	5.31%
Total	17,698	308	1.74%	20,643	739	3.58%	26,163	868	3.32%
Trading account assets:
Domestic	5,938	96	1.61%	6,554	91	1.40%	6,638	98	1.48%
Foreign	11,582	330	2.85%	15,142	623	4.12%	17,061	724	4.24%
Total	17,520	426	2.43%	21,697	715	3.29%	23,699	822	3.47%
Investments:
Domestic	28,172	96	0.34%	24,888	96	0.38%	18,481	125	0.68%
Foreign	5,191	79	1.53%	7,332	210	2.87%	9,343	358	3.84%
Total	33,363	175	0.53%	32,220	306	0.95%	27,825	484	1.74%
Loans (1):
Domestic	57,462	558	0.97%	58,582	636	1.09%	60,835	748	1.23%
Foreign	37,035	1,402	3.79%	38,942	2,317	5.95%	38,452	2,256	5.87%
Total	94,497	1,960	2.07%	97,524	2,953	3.03%	99,287	3,004	3.03%
Total interest-earning assets:
Domestic	143,174	827	0.58%	149,820	925	0.62%	153,713	1,195	0.78%
Foreign	80,502	2,562	3.18%	93,710	4,842	5.17%	96,608	4,972	5.15%
Total	223,676	3,389	1.52%	243,529	5,767	2.37%	250,322	6,167	2.46%
Noninterest-earning assets:
Cash and due from banks	2,553			2,148			2,212
Other noninterest-earning assets (2)	22,769			28,538			27,308
Allowance for credit losses	(740)			(727)			(761)
Total noninterest-earning assets	24,582			29,959			28,759
Total average assets	248,258			273,489			279,081

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 36.3%, 39.5% and 38.7%, respectively, for the fiscal years ended March 31, 2023, 2024 and 2025.

	2023			2024			2025
	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	96,854	71	0.07%	98,446	130	0.13%	97,231	177	0.18%
Foreign	37,983	990	2.61%	44,214	2,047	4.63%	45,379	2,041	4.50%
Total	134,837	1,061	0.79%	142,660	2,177	1.53%	142,610	2,218	1.56%
Call money and funds purchased:
Domestic	1,602	1	0.10%	1,841	2	0.13%	2,393	7	0.30%
Foreign	593	16	2.65%	427	20	4.63%	238	9	3.98%
Total	2,195	17	0.79%	2,268	22	0.98%	2,630	17	0.63%
Payables under repurchase agreements and securities lending transactions:
Domestic	7,140	68	0.95%	7,250	137	1.89%	16,769	550	3.28%
Foreign	20,772	603	2.90%	29,076	1,580	5.43%	24,918	1,359	5.45%
Total	27,912	671	2.40%	36,326	1,716	4.72%	41,686	1,909	4.58%
Other short-term borrowings (1):
Domestic	3,503	5	0.16%	2,268	5	0.21%	2,993	18	0.59%
Foreign	1,810	55	2.98%	1,790	91	5.08%	1,673	131	7.85%
Total	5,313	60	1.12%	4,058	96	2.36%	4,666	149	3.19%
Trading account liabilities:
Domestic	4,277	56	1.32%	4,567	53	1.16%	4,062	61	1.50%
Foreign	1,547	45	2.91%	1,800	122	6.77%	1,939	164	8.47%
Total	5,824	101	1.74%	6,366	175	2.75%	6,001	225	3.75%
Long-term debt:
Domestic	12,587	229	1.82%	14,353	308	2.15%	14,488	315	2.17%
Foreign	1,270	41	3.24%	1,403	68	4.86%	1,720	75	4.36%
Total	13,857	270	1.95%	15,757	376	2.39%	16,208	390	2.41%
Total interest-bearing liabilities:
Domestic	125,963	430	0.34%	128,724	634	0.49%	137,935	1,127	0.82%
Foreign	63,975	1,750	2.73%	78,710	3,928	4.99%	75,866	3,780	4.98%
Total	189,938	2,180	1.15%	207,434	4,562	2.20%	213,801	4,907	2.30%
Noninterest-bearing liabilities (2)	49,721			56,954			56,295
Equity	8,599			9,101			8,984
Total average liabilities and equity	248,258			273,489			279,081
Net interest income and average interest rate spread		1,209	0.37%		1,205	0.17%		1,260	0.16%
Net interest income as a percentage of average total interest-earning assets			0.54%			0.49%			0.50%

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 32.6%, 34.9% and 33.0%, respectively, for the fiscal years ended March 31, 2023, 2024 and 2025.

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, 2024 compared to the fiscal year ended March 31, 2023 and the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. 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, 2024versusfiscal year ended March 31, 2023 · Fiscal year ended March 31, 2025versusfiscal year ended March 31, 2024
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	5	(4)	1	7	99	106
Foreign	85	429	515	(168)	9	(159)
Total	90	426	516	(161)	108	(53)
Call loans and funds sold:
Domestic	—	—	—	—	1	1
Foreign	—	19	19	(9)	(4)	(13)
Total	—	19	19	(9)	(3)	(12)
Receivables under resale agreements and securities borrowing transactions:
Domestic	2	23	25	20	(5)	15
Foreign	75	331	406	175	(61)	114
Total	77	354	431	195	(66)	129
Trading account assets:
Domestic	10	(14)	(4)	1	6	7
Foreign	102	192	293	79	22	101
Total	111	177	289	80	27	107
Investments:
Domestic	(11)	11	—	(25)	54	29
Foreign	33	98	131	58	91	148
Total	22	109	131	33	145	178
Loans:
Domestic	11	68	78	24	87	112
Foreign	72	842	914	(29)	(32)	(61)
Total	83	910	993	(5)	55	51
Total interest and dividend income:
Domestic	16	83	100	27	242	270
Foreign	367	1,911	2,279	106	24	130
Total	383	1,995	2,378	133	267	400

Fiscal year ended March 31, 2024versusfiscal year ended March 31, 2023 · Fiscal year ended March 31, 2025versusfiscal year ended March 31, 2024
Increase (decrease) due tochanges in · Netchange · Increase (decrease) due tochanges in · Netchange
Volume · Yield · Volume · Yield
(in billions of yen)
Interest expense:
Deposits:
Domestic	1	57	59	(2)	49	48
Foreign	162	895	1,057	54	(60)	(6)
Total	164	952	1,116	52	(11)	41
Call money and funds purchased:
Domestic	—	1	1	1	4	5
Foreign	(4)	8	4	(9)	(2)	(10)
Total	(4)	9	5	(8)	3	(6)
Payables under repurchase agreements and securities lending transactions:
Domestic	1	68	69	179	233	413
Foreign	241	736	977	(226)	5	(221)
Total	242	803	1,045	(46)	239	192
Other short-term borrowings:
Domestic	(2)	1	(1)	2	11	13
Foreign	(1)	38	37	(6)	46	40
Total	(3)	39	36	(4)	57	53
Trading account liabilities:
Domestic	4	(7)	(3)	(6)	14	8
Foreign	7	70	77	9	33	42
Total	11	62	74	4	47	50
Long-term debt:
Domestic	32	47	79	3	4	7
Foreign	4	23	27	15	(9)	7
Total	36	70	106	18	(5)	14
Total interest expense:
Domestic	36	167	203	177	316	493
Foreign	410	1,769	2,179	(162)	14	(148)
Total	447	1,935	2,382	15	330	345
Net interest income:
Domestic	(20)	(83)	(103)	(150)	(73)	(223)
Foreign	(43)	143	100	268	10	278
Total	(63)	59	(4)	118	(63)	55

II. Investment portfolio

The following table shows the book value, contractual maturity and the weighted average yield ofheld-to-maturity securities at March 31, 2025. The amortized cost is the basis of the book value forheld-to-maturity securities. The weighted average yield is calculated based on the amortized cost forheld-to-maturity 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	—	—	210	0.09%	210	0.23%	—	—	419	0.16%
Total domestic	—	—	210	0.09%	210	0.23%	—	—	419	0.16%
Foreign:
Agency mortgage-backed securities	—	—	—	—	—	—	3,766	4.91%	3,766	4.91%
Total foreign	—	—	—	—	—	—	3,766	4.91%	3,766	4.91%
Total	—	—	210	0.09%	210	0.23%	3,766	4.91%	4,186	4.44%

In addition toheld-to-maturity securities, the MHFG Group’s Investments also include available-for-sale securities, equity securities and other investments. See Note 3 “Investments” to the consolidated financial statements included elsewhere in this annual report for information regarding available-for-sale 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, 2025:

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	18,320	19,022	7,875	662	45,879	9,211	18,347
Small and medium-sized companies	1,025	863	650	208	2,746	423	1,299
Retail:
Housing Loan	466	1,487	2,859	2,010	6,822	877	5,479
Others	714	370	162	29	1,275	272	289
Sovereign	3,293	269	113	17	3,693	252	147
Banks and other financial institutions	423	429	16	—	867	327	118
Total domestic	24,241	22,440	11,675	2,927	61,282	11,362	25,679
Foreign:
Corporate	15,719	15,096	2,749	370	33,934	1,071	17,143
Retail	1	2	4	4	10	1	8
Sovereign	280	304	197	—	781	—	501
Banks and other financial institutions	1,478	1,495	143	134	3,251	211	1,562
Total foreign	17,478	16,896	3,093	508	37,975	1,284	19,214
Total	41,719	39,336	14,768	3,435	99,257	12,646	44,893

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, 2024 and 2025:

(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	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%
	Allowance forcredit losses	Total loans	Ratio ofallowance forcredit losses tototal loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	598	45,879	1.30%
Small and medium-sized companies	41	2,746	1.49%
Retail:
Housing Loan	41	6,822	0.60%
Others	9	1,275	0.74%
Sovereign	—	3,693	—
Banks and other financial institutions	—	867	0.04%
Total domestic	690	61,282	1.13%
Foreign	127	37,975	0.33%
Total	816	99,257	0.82%

Ratio of allowance for credit losses to total loans in large companies of corporate under Domestic increased by 0.15% from 1.15% at March 31, 2024 to 1.30% at March 31, 2025 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	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%
	Nonaccrualloans	Total loans	Ratio ofnonaccrualloans to totalloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	800	45,879	1.74%
Small and medium-sized companies	92	2,746	3.37%
Retail:
Housing Loan	30	6,822	0.44%
Others	43	1,275	3.37%
Sovereign	—	3,693	—
Banks and other financial institutions	—	867	—
Total domestic	965	61,282	1.58%
Foreign	96	37,975	0.25%
Total	1,062	99,257	1.07%

Ratio of nonaccrual loans to total loans in large companies of corporate under Domestic decreased by 0.37% from 2.11% at March 31, 2024 to 1.74% at March 31, 2025 due to a decrease in nonaccrual loans.

(3) Allowance for credit losses to nonaccrual loans

	Allowance forcredit losses	Nonaccrualloans	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%
	Allowance forcredit losses	Nonaccrual loans	Ratio ofallowance forcredit losses tononaccrualloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	598	800	74.80%
Small and medium-sized companies	41	92	44.40%
Retail:
Housing Loan	41	30	134.24%
Others	9	43	21.98%
Sovereign	—	—	—
Banks and other financial institutions	—	—	—
Total domestic	690	965	71.45%
Foreign	127	96	131.78%
Total	816	1,062	76.91%

Ratio of allowance for credit losses to nonaccrual loans in large companies of corporate under Domestic increased by 20.25% from 54.55% at March 31, 2024 to 74.80% at March 31, 2025 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, 2024 and 2025:

	Average loans	Net charge-offs	Ratio of net charge-offs to 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%
	Average loans	Net charge-offs	Ratio of netcharge-offsto averageloans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	45,863	4	0.01%
Small and medium-sized companies	2,503	5	0.18%
Retail:
Housing Loan	6,983	1	0.02%
Others	1,340	4	0.28%
Sovereign	2,884	—	—
Banks and other financial institutions	952	—	—
Total domestic	60,525	14	0.02%
Foreign	37,743	14	0.04%
Total	98,268	28	0.03%

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, 2024 and 2025:

	2024		2025
	Amount	% of loans ineach categoryto total loans	Amount	% of loans ineach categoryto total loans
(in billions of yen, except percentages)
Domestic:
Corporate:
Large companies	528	46.65%	598	46.22%
Small and medium-sized companies	36	2.47%	41	2.77%
Retail:
Housing Loan	45	7.28%	41	6.87%
Others	11	1.42%	9	1.28%
Sovereign	—	2.49%	—	3.72%
Banks and other financial institutions	—	1.25%	—	0.87%
Total domestic	620	61.57%	690	61.74%
Foreign	130	38.43%	127	38.26%
Total	750	100.00%	816	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, 2023, 2024 and 2025:

	2023		2024		2025
	Averageamount	Averagerate	Averageamount	Averagerate	Averageamount	Averagerate
(in billions of yen, except percentages)
Domestic offices:
Noninterest-bearing demand deposits	27,205	—	28,177	—	28,369	—
Interest-bearing demand deposits	65,641	0.04%	69,050	0.08%	68,525	0.13%
Time deposits	18,640	0.24%	21,031	0.36%	25,679	0.31%
Certificates of deposit	12,573	—	8,365	—	3,028	—
Foreign offices:
Noninterest-bearing demand deposits	2,838	—	2,960	—	2,822	—
Interest-bearing deposits, principally time deposits	30,466	2.55%	34,218	4.52%	35,084	4.39%
Certificates of deposit	7,517	2.82%	9,996	5.00%	10,294	4.87%
Total	164,880	0.64%	173,796	1.25%	173,801	1.28%

The total amounts of deposits by foreign depositors in domestic offices at March 31, 2023, 2024 and 2025 were ¥1,491 billion, ¥1,182 billion and ¥719 billion, respectively.

The estimated amounts of uninsured deposits at March 31, 2024 and 2025 were ¥114,173 billion and ¥118,917 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, 2025, 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	11,627	2,494	14,121
Due after three months through six months	2,846	114	2,960
Due after six months through twelve months	2,779	151	2,930
Due after twelve months	1,021	50	1,071
Total	18,272	2,809	21,081
Foreign offices:
Due in three months or less	21,624	7,137	28,761
Due after three months through six months	1,698	3,010	4,709
Due after six months through twelve months	1,505	1,082	2,587
Due after twelve months	50	361	411
Total(Note)	24,877	11,590	36,467
Total	43,150	14,399	57,548

Note: The estimated amount that exceeded the Federal Deposit Insurance Corporation insurance limit in the United States was ¥736 billion as of March 31, 2025.

MIZUHO FINANCIAL GROUP, INC.

Index to Consolidated Financial Statements

Consolidated Financial Statements of Mizuho Financial Group, Inc. and Subsidiaries
	Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 789)		F-2
Consolidated Balance Sheets as of March 31, 2024 and 2025		F-8
Consolidated Statements of Income for the fiscal years ended March 31, 2023, 2024 and 2025		F-10
Consolidated Statements of Comprehensive Income for the fiscal years ended March 31, 2023, 2024 and 2025		F-11
Consolidated Statements of Equity for the fiscal years ended March 31, 2023, 2024 and 2025		F-12
Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2023, 2024 and 2025		F-13
Notes to Consolidated Financial Statements		F-15

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.