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Mizuho Financial Group 6-K 2014

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic
  4. Graphic
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 July 2014

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

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

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

 

 

 


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:   July 31, 2014
Mizuho Financial Group, Inc.
By:  

/s/ Junichi Shinbo

Name:   Junichi Shinbo
Title:   Managing Executive Officer / Group CFO


For Immediate Release:   July 31, 2014

 

  

Consolidated Financial Statements for the First Quarter of Fiscal 2014

<Under Japanese GAAP>

   LOGO

 

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

 

Stock Code Number (Japan):   8411         
Stock Exchanges (Japan):   Tokyo Stock Exchange (First Section)      
URL:   http://www.mizuho-fg.co.jp/english/         
Representative:   Yasuhiro Sato    President & CEO      
For Inquiry:   Yutaka Ueki    General Manager of Accounting    Phone:                        +81-3-6838-6101
Filing of Shihanki Hokokusho (scheduled):                                           August 14, 2014    Trading Accounts:    Established
Commencement of Dividend Payment (scheduled):         
Supplementary Materials on Quarterly Results:    Attached      
IR Conference on Quarterly Results:    Not scheduled      

Amounts less than one million yen are rounded down.

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

(1) Consolidated Results of Operations

 

(%: Changes from the corresponding period of the previous fiscal year)  
     Ordinary Income     Ordinary Profits     Net Income  
     ¥ million      %     ¥ million      %     ¥ million      %  

1Q F2014

     704,709         (10.1     230,039         (20.4     154,723         (37.5

1Q F2013

     783,901         6.2        289,118         38.2        247,953         34.8   

 

Note:

 

Comprehensive Income:

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

 

     Net Income
per Share of
Common Stock
     Diluted Net Income
per Share of
Common Stock
 
     ¥      ¥  

1Q F2014

     6.37         6.09   

1Q F2013

     10.26         9.77   

(2) Consolidated Financial Conditions

 

     Total Assets      Total Net Assets      Own Capital Ratio  
     ¥ million      ¥ million      %  

1Q F2014

     181,751,622         8,370,689         3.7   

Fiscal 2013

     175,822,885         8,304,549         3.6   

 

Reference:

  

Own Capital:

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

Note:

  

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Minority Interests) / Total Assets × 100

Our Capital Ratio stated above was not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock

 

    Annual Cash Dividends per Share  
     First
Quarter-end
    Second
Quarter-end
    Third
Quarter-end
    Fiscal
Year-end
    Total  
    ¥     ¥     ¥     ¥     ¥  

Fiscal 2013

    —          3.00        —          3.50        6.50   

Fiscal 2014

    —             

Fiscal 2014 (estimate)

      3.50        —          3.50        7.00   

 

Notes:

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

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

 

     (%: Changes from the corresponding period of the previous fiscal year)  
               Net Income     Net Income
per Share of
Common Stock
 
               ¥ million      %     ¥  

1H F2014

           —           —          —     

Fiscal 2014

           550,000         (20.1     22.40   

 

Notes:

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


* Notes

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

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

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

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

Changes in accounting policies other than  above: No

ƒ Changes in accounting estimates: No

Restatements: No

 

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

(4) Issued Shares of Common Stock

 

 Period-end issued shares (including treasury stock):

   As of June 30, 2014        24,276,791,377 shares        As of March 31, 2014        24,263,885,187 shares

Period-end treasury stock:

   As of June 30, 2014        12,188,101 shares        As of March 31, 2014        13,817,747 shares

ƒ Average outstanding shares (first quarter):

   1Q Fiscal 2014        24,260,622,714 shares        1Q Fiscal 2013        24,163,716,200 shares

(*Presentation of Implementation Status of Quarterly Review Procedure)

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

 

 

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

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

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

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

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

 

 


Cash Dividends for Shareholders of Classified Stock

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

 

    Annual Cash Dividends per Share  
    First Quarter-end     Second Quarter-end     Third Quarter-end     Fiscal Year-end     Total  
    ¥     ¥     ¥     ¥     ¥  

Eleventh Series Class XI Preferred Stock

         

Fiscal 2013

    —          10.00        —          10.00        20.00   

Fiscal 2014

    —             

Fiscal 2014 (estimate)

      10.00        —          10.00        20.00   


Mizuho Financial Group, Inc.

 

m Contents of Attachment

 

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

[Note to XBRL]

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

 

1-1


Mizuho Financial Group, Inc.

 

1. Matters Related to Summary Information (Notes)

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

(Changes in accounting policies)

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

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

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

 

1-2


Mizuho Financial Group, Inc.

 

2. Quarterly Consolidated Financial Statements

(1) Consolidated Balance Sheets

 

     Millions of yen  
     As of
March 31,
2014
    As of
June 30,
2014
 

Assets

    

Cash and Due from Banks

   ¥ 20,610,276      ¥ 22,140,701   

Call Loans and Bills Purchased

     467,758        557,765   

Receivables under Resale Agreements

     8,349,528        9,086,056   

Guarantee Deposits Paid under Securities Borrowing Transactions

     5,010,740        5,326,753   

Other Debt Purchased

     3,263,057        3,196,529   

Trading Assets

     11,469,811        13,070,477   

Money Held in Trust

     168,369        145,765   

Securities

     43,997,517        45,438,335   

Loans and Bills Discounted

     69,301,405        68,708,227   

Foreign Exchange Assets

     1,576,167        1,561,800   

Derivatives other than for Trading Assets

     2,820,468        2,573,922   

Other Assets

     2,840,720        3,880,497   

Tangible Fixed Assets

     925,266        914,397   

Intangible Fixed Assets

     531,501        532,031   

Net Defined Benefit Asset

     413,073        447,138   

Deferred Tax Assets

     104,909        53,686   

Customers’ Liabilities for Acceptances and Guarantees

     4,588,646        4,693,966   

Reserves for Possible Losses on Loans

     (616,307     (576,402

Reserve for Possible Losses on Investments

     (27     (27
  

 

 

   

 

 

 

Total Assets

   ¥ 175,822,885      ¥ 181,751,622   
  

 

 

   

 

 

 

 

1-3


Mizuho Financial Group, Inc.

 

     Millions of yen  
     As of
March 31,
2014
    As of
June 30,
2014
 

Liabilities

    

Deposits

   ¥ 89,055,505      ¥ 88,869,074   

Negotiable Certificates of Deposit

     12,755,776        15,821,938   

Call Money and Bills Sold

     7,194,432        7,159,877   

Payables under Repurchase Agreements

     16,797,803        17,942,947   

Guarantee Deposits Received under Securities Lending Transactions

     6,085,331        8,086,904   

Commercial Paper

     677,459        578,703   

Trading Liabilities

     8,183,037        8,073,026   

Borrowed Money

     7,838,357        7,272,628   

Foreign Exchange Liabilities

     323,327        329,953   

Short-term Bonds

     584,568        655,305   

Bonds and Notes

     5,245,743        5,306,469   

Due to Trust Accounts

     1,300,655        1,246,081   

Derivatives other than for Trading Liabilities

     3,004,497        2,622,254   

Other Liabilities

     3,570,902        4,396,503   

Reserve for Bonus Payments

     52,641        11,751   

Net Defined Benefit Liability

     46,006        43,592   

Reserve for Director and Corporate Auditor Retirement Benefits

     1,547        1,201   

Reserve for Possible Losses on Sales of Loans

     1,259        2,156   

Reserve for Contingencies

     6,309        6,598   

Reserve for Reimbursement of Deposits

     16,451        14,906   

Reserve for Reimbursement of Debentures

     54,956        53,837   

Reserves under Special Laws

     1,273        1,360   

Deferred Tax Liabilities

     50,783        108,833   

Deferred Tax Liabilities for Revaluation Reserve for Land

     81,060        81,060   

Acceptances and Guarantees

     4,588,646        4,693,966   
  

 

 

   

 

 

 

Total Liabilities

   ¥ 167,518,336      ¥ 173,380,932   
  

 

 

   

 

 

 

Net Assets

    

Common Stock and Preferred Stock

   ¥ 2,254,972      ¥ 2,255,404   

Capital Surplus

     1,109,508        1,109,995   

Retained Earnings

     2,315,608        2,398,426   

Treasury Stock

     (3,874     (3,686
  

 

 

   

 

 

 

Total Shareholders’ Equity

     5,676,215        5,760,140   
  

 

 

   

 

 

 

Net Unrealized Gains (Losses) on Other Securities

     733,522        914,836   

Deferred Gains or Losses on Hedges

     (6,677     16,345   

Revaluation Reserve for Land

     140,745        140,745   

Foreign Currency Translation Adjustments

     (63,513     (65,990

Remeasurements of Defined Benefit Plans

     (22,979     (19,428
  

 

 

   

 

 

 

Total Accumulated Other Comprehensive Income

     781,096        986,507   
  

 

 

   

 

 

 

Stock Acquisition Rights

     3,179        2,083   

Minority Interests

     1,844,057        1,621,958   
  

 

 

   

 

 

 

Total Net Assets

     8,304,549        8,370,689   
  

 

 

   

 

 

 

Total Liabilities and Net Assets

   ¥ 175,822,885      ¥ 181,751,622   
  

 

 

   

 

 

 

 

1-4


Mizuho Financial Group, Inc.

 

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

[Consolidated Statements of Income]

 

     Millions of yen  
     For the three
months  ended

June 30, 2013
    For the three
months  ended

June 30, 2014
 

Ordinary Income

   ¥ 783,901      ¥ 704,709   

Interest Income

     355,698        342,102   

Interest on Loans and Bills Discounted

     224,055        224,619   

Interest and Dividends on Securities

     87,310        76,483   

Fiduciary Income

     10,614        10,592   

Fee and Commission Income

     152,937        147,126   

Trading Income

     52,380        61,282   

Other Operating Income

     107,293        76,665   

Other Ordinary Income

     104,977        66,940   
  

 

 

   

 

 

 

Ordinary Expenses

     494,782        474,670   

Interest Expenses

     80,715        78,138   

Interest on Deposits

     24,736        26,556   

Fee and Commission Expenses

     31,806        34,963   

Trading Expenses

     2,331        —     

Other Operating Expenses

     47,414        20,368   

General and Administrative Expenses

     303,482        318,736   

Other Ordinary Expenses

     29,032        22,462   
  

 

 

   

 

 

 

Ordinary Profits

     289,118        230,039   
  

 

 

   

 

 

 

Extraordinary Gains

     450        0   
  

 

 

   

 

 

 

Extraordinary Losses

     1,469        1,503   
  

 

 

   

 

 

 

Income before Income Taxes and Minority Interests

     288,099        228,536   
  

 

 

   

 

 

 

Income Taxes:

    

Current

     52,292        53,098   

Deferred

     (33,159     99   
  

 

 

   

 

 

 

Total Income Taxes

     19,133        53,197   
  

 

 

   

 

 

 

Income before Minority Interests

     268,966        175,338   
  

 

 

   

 

 

 

Minority Interests in Net Income

     21,012        20,614   
  

 

 

   

 

 

 

Net Income

   ¥ 247,953      ¥ 154,723   
  

 

 

   

 

 

 

 

1-5


Mizuho Financial Group, Inc.

 

[Consolidated Statements of Comprehensive Income]

 

     Millions of yen  
     For the three
months  ended

June 30, 2013
    For the three
months  ended
June 30, 2014
 

Income before Minority Interests

   ¥ 268,966      ¥ 175,338   

Other Comprehensive Income

     (208,797     203,562   

Net Unrealized Gains (Losses) on Other Securities

     (128,791     178,868   

Deferred Gains or Losses on Hedges

     (92,252     22,959   

Foreign Currency Translation Adjustments

     7,392        (1,293

Remeasurements of Defined Benefit Plans

     —          3,632   

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

     4,853        (605
  

 

 

   

 

 

 

Comprehensive Income

     60,169        378,900   
  

 

 

   

 

 

 

(Breakdown)

    

Comprehensive Income Attributable to Owners of the Parent

     36,270        360,135   

Comprehensive Income Attributable to Minority Interests

     23,898        18,765   

 

1-6


Mizuho Financial Group, Inc.

 

(3) Note for Assumption of Going Concern

There is no applicable information.

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

There is no applicable information.

 

1-7


SELECTED FINANCIAL INFORMATION

For the First Quarter of Fiscal 2014

<Under Japanese GAAP>

 

 

 

LOGO

Mizuho Financial Group, Inc.


C O N T E N T S

 

 

Notes:

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

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

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

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

 

 

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2014

   See above Notes    Page  

1. Income Analysis

   CON    NON      2- 1     

2. Net Gains/Losses on Stocks

   NON         2- 3     

3. Unrealized Gains/Losses on Securities

   CON    NON      2- 4     

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

   NON         2- 6     

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

   CON    NON      2- 7     

6. Status of Deposits and Loans

   NON         2- 9     

 

 

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

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

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

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

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

 


Mizuho Financial Group, Inc.

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2014

1. Income Analysis

CONSOLIDATED

 

            (Billions of yen)  
            First Quarter of
Fiscal 2014
       
                  Change     First Quarter of
Fiscal 2013
 

Consolidated Gross Profits

     1         504.2        (12.3     516.6   

Net Interest Income

     2         263.9        (11.0     274.9   

Fiduciary Income

     3         10.5        (0.0     10.6   

Credit Costs for Trust Accounts

     4         —          —          —     

Net Fee and Commission Income

     5         112.1        (8.9     121.1   

Net Trading Income

     6         61.2        11.2        50.0   

Net Other Operating Income

     7         56.2        (3.5     59.8   

General and Administrative Expenses

     8         (318.7     (15.2     (303.4

Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)

     9         (5.0     3.8        (8.8

Reversal of Reserves for Possible Losses on Loans, etc.

     10         36.3        (12.1     48.5   

Net Gains (Losses) related to Stocks

     11         15.7        (11.4     27.2   

Equity in Income from Investments in Affiliates

     12         4.1        (0.2     4.4   

Other

     13         (6.7     (11.3     4.5   
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

     14         230.0        (59.0     289.1   
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     15         (1.5     (0.4     (1.0

Income before Income Taxes and Minority Interests

     16         228.5        (59.5     288.0   

Income Taxes

     17         (53.1     (34.0     (19.1

Income before Minority Interests

     18         175.3        (93.6     268.9   

Minority Interests in Net Income

     19         (20.6     0.3        (21.0
     

 

 

   

 

 

   

 

 

 

Net Income

     20         154.7        (93.2     247.9   
     

 

 

   

 

 

   

 

 

 

Credit-related Costs (including Credit Costs for Trust Accounts)

     21         31.3        (8.3     39.7   

 

Credit-related Costs [21]  = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [9] + Reversal of Reserves for Possible Losses on Loans, etc. [10] + Credit Costs for Trust Accounts [4]

    

(Reference)   

Consolidated Net Business Profits

     22         176.8        (28.7     205.5   

 

Consolidated Net Business Profits [22] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

    

Number of consolidated subsidiaries

     23         159        (3     162   

Number of affiliates under the equity method

     24         21        (1     22   

 

2-1


Mizuho Financial Group, Inc.

 

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

            (Billions of yen)  
            First Quarter of Fiscal 2014      First Quarter of
Fiscal 2013
 
            MHBK     MHTB     Aggregate
Figures
     Change     

Gross Profits

     1         341.6        28.8        370.5         (15.3      385.8   

Net Interest Income

     2         218.9        8.9        227.9         (13.8      241.7   

Fiduciary Income

     3           10.4        10.4         (0.0      10.4   

Trust Fees for Jointly Operated Designated Money Trust

     4           —          —           —           —     

Credit Costs for Trust Accounts

     5           —          —           —           —     

Net Fee and Commission Income

     6         72.2        4.4        76.7         1.4         75.3   

Net Trading Income

     7         16.1        0.5        16.6         7.4         9.2   

Net Other Operating Income

     8         34.3        4.3        38.7         (10.3      49.0   

General and Administrative Expenses (excluding Non-Recurring Losses)

     9         (199.6     (18.5     (218.2      (7.1      (211.0
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) *

     10         142.0        10.3        152.3         (22.5      174.8   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Reversal of (Provision for) General Reserve for Possible Losses on Loans

     11         —          —          —           —           —     
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Business Profits

     12         142.0        10.3        152.3         (22.5      174.8   

Net Gains (Losses) related to Bonds

     13         39.3        4.4        43.8         13.1         30.7   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Non-Recurring Gains (Losses)

     14         25.5        3.3        28.8         (31.5      60.4   

Net Gains (Losses) related to Stocks

     15         9.9        1.8        11.7         (9.0      20.8   

Expenses related to Portfolio Problems

     16         (3.5     (0.0     (3.5      3.2         (6.8

Reversal of Reserves for Possible Losses on Loans, etc.

     17         32.9        1.8        34.7         (11.8      46.6   

Other

     18         (13.7     (0.4     (14.1      (13.9      (0.2
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Ordinary Profits

     19         167.5        13.6        181.2         (54.0      235.3   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Extraordinary Gains (Losses)

     20         (1.0     (0.0     (1.0      (0.0      (1.0

Income before Income Taxes

     21         166.4        13.6        180.1         (54.1      234.2   

Income Taxes

     22         (54.9     9.7        (45.1      (31.3      (13.7
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Income

     23         111.5        23.4        135.0         (85.4      220.4   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

 

*       Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) of MHTB excludes the amounts of Credit Costs for Trust Accounts [5].

           

Credit-related Costs

     24         29.3        1.8        31.2         (8.5      39.7   

 

Credit-related Costs [24] =  Expenses related to Portfolio Problems [16] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [11] + Reversal of Reserves for Possible Losses on Loans, etc. [17] + Credit Costs for Trust Accounts [5]

    

(Reference) Breakdown of Credit-related Costs

               

Credit Costs for Trust Accounts

     25           —          —           —           —     

Reversal of (Provision for) General Reserve for Possible Losses on Loans

     26         14.8        2.1        17.0         (19.1      36.1   

Losses on Write-offs of Loans

     27         1.5        (0.0     1.5         1.4         0.0   

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans

     28         13.1        (0.2     12.8         11.9         0.9   

Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

     29         0.1        0.0        0.1         0.1         0.0   

Reversal of (Provision for) Reserve for Contingencies

     30         (0.1     —          (0.1      (3.0      2.8   

Other (including Losses on Sales of Loans)

     31         (0.1     —          (0.1      0.0         (0.2

Total

     32         29.3        1.8        31.2         (8.5      39.7   

 

2-2


Mizuho Financial Group, Inc.

 

2. Net Gains/Losses on Stocks

Non-Consolidated

Aggregate Figures for the 2 Banks

 

      (Billions of yen)  
   First Quarter of
Fiscal 2014
(A)
    Change
(A) - (B)
    First Quarter of
Fiscal 2013
(B)
 

Net Gains (Losses) related to Stocks

     11.7        (9.0     20.8   

Gains on Sales

     11.5        (10.5     22.0   

Losses on Sales

     (0.0     1.1        (1.2

Impairment “Devaluation”

     (0.0     0.9        (0.9

Reversal of (Provision for) Reserve for Possible Losses on Investments

     0.0        (0.0     0.0   

Gains (Losses) on Derivatives other than for Trading

     0.2        (0.6     0.9   

 

Mizuho Bank

 

  

     First Quarter of
Fiscal 2014
(A)
    Change
(A) - (B)
    First Quarter of
Fiscal 2013
(B)
 

Net Gains (Losses) related to Stocks

     9.9        (5.2     15.1   

Gains on Sales

     9.6        (6.6     16.2   

Losses on Sales

     (0.0     1.1        (1.1

Impairment “Devaluation”

     (0.0     0.9        (0.9

Reversal of (Provision for) Reserve for Possible Losses on Investments

     0.0        (0.0     0.0   

Gains (Losses) on Derivatives other than for Trading

     0.2        (0.6     0.9   

 

Mizuho Trust & Banking

 

      
     First Quarter of
Fiscal 2014
(A)
    Change
(A) - (B)
    First Quarter of
Fiscal 2013
(B)
 

Net Gains (Losses) related to Stocks

     1.8        (3.8     5.7   

Gains on Sales

     1.8        (3.9     5.7   

Losses on Sales

     —          0.0        (0.0

Impairment “Devaluation”

     (0.0     (0.0     —     

Reversal of (Provision for) Reserve for Possible Losses on Investments

     —          (0.0     0.0   

Gains (Losses) on Derivatives other than for Trading

     0.0        0.0        0.0   

 

2-3


Mizuho Financial Group, Inc.

 

3. Unrealized Gains/Losses on Securities

 

   

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

CONSOLIDATED

(1) Other Securities

 

     (Billions of yen)  
     As of June 30, 2014      As of March 31, 2014  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
              Gains      Losses               Gains      Losses  

MHFG (Consolidated)

                     

Other Securities

     41,157.9         1,391.7        1,644.2         252.5         40,212.5         1,127.6        1,475.5         347.8   

Japanese Stocks

     3,289.3         1,289.3        1,365.5         76.1         3,110.8         1,106.9        1,197.8         90.8   

Japanese Bonds

     25,547.8         38.3        49.7         11.3         25,094.5         31.3        48.1         16.7   

Japanese Government Bonds

     22,582.2         17.1        18.4         1.2         22,057.5         13.4        17.8         4.4   

Other

     12,320.8         63.9        229.0         165.0         12,007.1         (10.6     229.5         240.2   

Foreign Bonds

     9,240.4         (102.8     37.4         140.2         9,114.2         (170.6     32.1         202.7   

 

* In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased,” and certain items in “Other Assets” are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.
   Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.
* Unrealized Gains/Losses include ¥37.8 billion and ¥37.4 billion, which were recognized in the statement of income for June 30, 2014 and March 31, 2014 respectively, by applying the fair-value hedge method and others.

(2) Bonds Held to Maturity

 

     (Billions of yen)  
     As of June 30, 2014      As of March 31, 2014  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
               Gains      Losses                Gains      Losses  

MHFG (Consolidated)

     4,431.2         23.8         23.8         —           4,040.0         17.7         17.9         0.2   

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

(1) Other Securities

 

     (Billions of yen)  
     As of June 30, 2014      As of March 31, 2014  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
              Gains      Losses               Gains      Losses  

MHBK

                     

Other Securities

     38,090.2         1,120.0        1,367.1         247.1         37,216.7         874.5        1,215.8         341.2   

Japanese Stocks

     2,985.7         1,117.5        1,194.0         76.4         2,816.2         945.0        1,038.3         93.2   

Japanese Bonds

     24,245.6         37.1        47.8         10.6         23,788.1         30.4        46.2         15.7   

Japanese Government Bonds

     21,468.4         16.5        17.4         0.8         20,931.3         13.1        16.8         3.7   

Other

     10,858.8         (34.7     125.3         160.0         10,612.3         (100.9     131.3         232.2   

Foreign Bonds

     8,514.6         (103.8     33.0         136.9         8,510.8         (165.7     30.8         196.6   

MHTB

                     

Other Securities

     1,853.8         106.7        114.9         8.2         1,814.0         84.1        95.0         10.9   

Japanese Stocks

     222.6         96.6        100.5         3.9         207.7         82.3        86.0         3.7   

Japanese Bonds

     902.9         1.3        1.7         0.4         1,016.3         1.0        1.8         0.7   

Japanese Government Bonds

     837.7         0.6        0.9         0.3         946.6         0.2        0.9         0.6   

Other

     728.2         8.7        12.5         3.8         589.9         0.7        7.1         6.4   

Foreign Bonds

     576.5         0.6        3.5         2.8         445.9         (4.4     0.4         4.9   

Total

                     

Other Securities

     39,944.1         1,226.7        1,482.1         255.3         39,030.7         958.6        1,310.8         352.1   

Japanese Stocks

     3,208.4         1,214.2        1,294.5         80.3         3,024.0         1,027.3        1,124.3         96.9   

Japanese Bonds

     25,148.5         38.4        49.6         11.1         24,804.4         31.5        48.0         16.5   

Japanese Government Bonds

     22,306.2         17.1        18.3         1.2         21,878.0         13.3        17.7         4.4   

Other

     11,587.1         (25.9     137.9         163.8         11,202.2         (100.1     138.4         238.6   

Foreign Bonds

     9,091.1         (103.1     36.5         139.7         8,956.8         (170.2     31.3         201.5   

 

* In addition to securities, NCDs and certain items in other debt purchased are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the date above.
   Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the date above.
* Unrealized Gains/Losses include ¥37.8 billion and ¥37.4 billion, which were recognized as Income/Loss for June 30, 2014 and March 31, 2014 respectively, by applying the fair-value hedge method and others.

 

2-4


Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

 

     (Billions of yen)  
     As of June 30, 2014      As of March 31, 2014  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
               Gains      Losses                Gains      Losses  

MHBK

     4,431.2         23.8         23.8         —           4,040.0         17.7         17.9         0.2   

MHTB

     —           —           —           —           —           —           —           —     

Total

     4,431.2         23.8         23.8         —           4,040.0         17.7         17.9         0.2   

 

(3) Investments in Subsidiaries and Affiliates

 

  

     (Billions of yen)  
     As of June 30, 2014      As of March 31, 2014  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
               Gains      Losses                Gains      Losses  

MHBK

     118.3         169.4         169.9         0.4         118.3         140.5         141.2         0.6   

MHTB

     —           —           —           —           —           —           —           —     

Total

     118.3         169.4         169.9         0.4         118.3         140.5         141.2         0.6   

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

CONSOLIDATED

 

     (Billions of yen)  
     As of June 30, 2014      As of
March 31,
2014
 
     Unrealized Gains/Losses      Unrealized
Gains/Losses
 
            Change     

Other Securities

     1,353.9         263.6         1,090.2   

Japanese Stocks

     1,287.5         179.3         1,108.2   

Japanese Bonds

     38.3         7.0         31.3   

Other

     27.9         77.3         (49.3

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

     (Billions of yen)  
     As of June 30, 2014      As of
March 31,
2014
 
     Unrealized Gains/Losses      Unrealized
Gains/Losses
 
           Change     

Other Securities

     1,188.9        267.6         921.2   

Japanese Stocks

     1,212.4        183.8         1,028.5   

Japanese Bonds

     38.4        6.9         31.5   

Other

     (61.9     76.8         (138.8

 

2-5


Mizuho Financial Group, Inc.

 

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

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

     (Billions of yen)  
     As of June 30, 2014     As of March 31, 2014  
     Deferred Hedge Gains/Losses     Deferred Hedge Gains/Losses  
     Gains      Losses            Gains      Losses         

MHBK

     610.2         572.2         37.9        577.1         579.2         (2.0

MHTB

     75.1         79.1         (3.9     68.1         74.7         (6.6

Total

     685.3         651.3         34.0        645.2         654.0         (8.7

 

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

 

2-6


Mizuho Financial Group, Inc.

 

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

CONSOLIDATED

 

     (Billions of yen)  
     As of June 30, 2014     As of
March 31,
2014
 
Consolidated           Change    

Claims against Bankrupt and Substantially Bankrupt Obligors

     77.6         (2.6     80.2   

Claims with Collection Risk

     455.9         (29.0     484.9   

Claims for Special Attention

     487.8         (20.8     508.7   

Total

     1,021.3         (52.5     1,073.9   

Trust Account

       

Claims against Bankrupt and Substantially Bankrupt Obligors

     —           —          —     

Claims with Collection Risk

     3.0         —          3.0   

Claims for Special Attention

     —           —          —     

Total

     3.0         —          3.0   

Total (Consolidated + Trust Account)

       

Claims against Bankrupt and Substantially Bankrupt Obligors

     77.6         (2.6     80.2   

Claims with Collection Risk

     458.9         (29.0     488.0   

Claims for Special Attention

     487.8         (20.8     508.7   

Total

     1,024.4         (52.5     1,076.9   

 

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

 

2-7


Mizuho Financial Group, Inc.

 

NON-CONSOLIDATED

Aggregate Figures for the 2 Banks

 

     (Billions of yen, %)  
Total (Banking Account + Trust Account)    As of June 30, 2014     As of
March 31,
2014
 
           Change    

Claims against Bankrupt and Substantially Bankrupt Obligors

     65.7        (1.5     67.2   

Claims with Collection Risk

     443.8        (28.2     472.0   

Claims for Special Attention

     401.3        (10.8     412.1   

Sub-total [1]

     910.8        (40.5     951.4   

NPL ratio [1]/[2]

     1.17     (0.04 )%      1.21

Normal Claims

     76,841.4        (691.0     77,532.5   

Total [2]

     77,752.2        (731.6     78,483.9   
MHBK    As of June 30, 2014     As of
March 31,
2014
 
           Change    

Claims against Bankrupt and Substantially Bankrupt Obligors

     64.0        (1.4     65.5   

Claims with Collection Risk

     426.0        (28.6     454.6   

Claims for Special Attention

     397.7        (8.6     406.3   

Sub-total [3]

     887.8        (38.7     926.5   

NPL ratio [3]/[4]

     1.19     (0.04 )%      1.23

Normal Claims

     73,697.3        (599.0     74,296.4   

Total [4]

     74,585.1        (637.7     75,222.9   
MHTB    As of June 30, 2014     As of
March 31,
2014
 
           Change    

Banking Account

      

Claims against Bankrupt and Substantially Bankrupt Obligors

     1.6        (0.0     1.7   

Claims with Collection Risk

     14.7        0.4        14.2   

Claims for Special Attention

     3.5        (2.2     5.8   

Sub-total [5]

     20.0        (1.8     21.8   

NPL ratio [5]/[6]

     0.63     (0.03 )%      0.67

Normal Claims

     3,129.8        (91.7     3,221.5   

Total [6]

     3,149.8        (93.6     3,243.4   

Trust Account

      

Claims against Bankrupt and Substantially Bankrupt Obligors

     —          —          —     

Claims with Collection Risk

     3.0        —          3.0   

Claims for Special Attention

     —          —          —     

Sub-total [7]

     3.0        —          3.0   

NPL ratio [7]/[8]

     17.64     0.25     17.38

Normal Claims

     14.2        (0.2     14.4   

Total [8]

     17.2        (0.2     17.5   

 

Notes: 1. Trust Account denotes trust accounts with contracts indemnifying the principal amounts.
   2. NPL: Non-Performing Loans

 

2-8


Mizuho Financial Group, Inc.

 

6. Status of Deposits and Loans

NON-CONSOLIDATED

(1)-1 Deposits

Aggregate Figures for the 2 Banks

 

      (Billions of yen)  
      As of June 30, 2014     As of
March 31,
2014
 
             Change    

MHBK

     85,729.6         (318.9     86,048.6   

MHTB

     2,153.0         (38.9     2,192.0   

Total

     87,882.7         (357.9     88,240.6   

(1)-2 Domestic Deposits

Aggregate Figures for the 2 Banks

 

      (Billions of yen)  
      As of June 30, 2014     As of
March 31,
2014
 
             Change    

MHBK

     74,497.9         (379.6     74,877.5   

Individual deposits

     37,853.9         577.8        37,276.0   

MHTB

     2,126.8         (27.8     2,154.6   

Individual deposits

     1,212.6         (14.1     1,226.7   

Total

     76,624.8         (407.4     77,032.2   

Individual deposits

     39,066.5         563.6        38,502.8   

 

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

(2) Loans and Bills Discounted

Aggregate Figures for the 2 Banks

 

      (Billions of yen)  
      As of June 30, 2014     As of
March 31,
2014
 
             Change    

MHBK

     66,220.4         (616.0     66,836.5   

MHTB

     3,041.4         (96.4     3,137.8   

Total

     69,261.9         (712.5     69,974.4   

 

Note: Loans to MHFG are included as follows:

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

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

(3) Interest Margins (Domestic Operations)

Mizuho Bank

 

            (%)
            First Quarter of
Fiscal 2014
(For the three months)
     Change    

First Quarter of
Fiscal 2013
(For the three months)

MHBK

          

Return on Loans and Bills Discounted

     1         1.05         (0.08   1.13

Cost of Deposits

     2         0.04         (0.01   0.05

Loan and Deposit Rate Margin [1]-[2]

     3         1.01         (0.06   1.07

 

Notes:    1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).

               2. Deposits include NCDs.

 

(Reference) After excluding Loans to the Japanese government

 

MHBK

          

Return on Loans and Bills Discounted

     4         1.17         (0.08   1.25

Loan and Deposit Rate Margin [4]-[2]

     5         1.13         (0.06   1.20

 

2-9

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