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Mizuho Financial Group 6-K 2015

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 2015

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, 2015
Mizuho Financial Group, Inc.
By:  

/s/ Junichi Shinbo

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


For Immediate Release:   July 31, 2015

 

  

Consolidated Financial Statements for the First Quarter of Fiscal 2015

<Under Japanese GAAP>

   LOGO

 

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

 

Stock Code Number (Japan):   8411       
Stock Exchange (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, 2015  

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 2015 (for the three months ended June 30, 2015)

(1) Consolidated Results of Operations

 

(%: Changes from the corresponding period of the previous fiscal year)  
     Ordinary Income     Ordinary Profits     Profit
Attributable to
Owners of Parent
 
     ¥ million      %     ¥ million      %     ¥ million      %  

1Q F2015

     796,953         13.0        264,069         14.7        158,017         2.1   

1Q F2014

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

 

Note:  

Comprehensive Income:

1Q F2015: ¥184,795 million, (51.2)%; 1Q F2014 ¥378,900 million, 529.7%

 

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

1Q F2015

     6.41         6.22   

1Q F2014

     6.37         6.09  

(2) Consolidated Financial Conditions

 

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

1Q F2015

     191,841,095         9,370,377         4.2  

Fiscal 2014

     189,684,749         9,800,538         4.3  

 

Reference:

  

Own Capital:

As of June 30, 2015: ¥8,173,059 million; As of March 31, 2015: ¥8,161,121 million

Note:

  

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling 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 2014

    —          3.50        —          4.00        7.50   

Fiscal 2015

    —             

Fiscal 2015 (estimate)

      3.75        —          3.75        7.50   

 

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 2015 (for the fiscal year ending March 31, 2016)

 

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

1H F2015

           —           —           —     

Fiscal 2015

           630,000         2.9         25.30   

 

Notes:    1.    Revision of the latest announced earnings estimates for fiscal 2015: 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, 2015 (which is assumed to be the average number of shares during the remaining term of fiscal 2015)” 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

① Changes in accounting policies due to revisions of accounting standards, etc.: Yes

② Changes in accounting policies other than ① above: No

③ Changes in accounting estimates: No

④ 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

 

① Period-end issued shares (including treasury stock):

  As of June 30, 2015       24,771,432,317 shares       As of March 31, 2015       24,621,897,967 shares

② Period-end treasury stock:

  As of June 30, 2015       13,304,407 shares       As of March 31, 2015       11,649,262 shares

③ Average outstanding shares (first quarter):

  1Q Fiscal 2015       24,634,014,930 shares       1Q Fiscal 2014       24,260,622,714 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 2014

    —          10.00        —          10.00        20.00   

Fiscal 2015

    —             

Fiscal 2015 (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 2015   

[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)

(Application of “Accounting Standard for Business Combinations” and others)

MHFG has applied “Revised Accounting Standard for Business Combinations (ASBJ Statement No. 21, September 13, 2013) (hereinafter, the “Business Combinations Accounting Standard”), “Revised Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, September 13, 2013) (hereinafter, the “Consolidation Accounting Standard”), “Revised Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, September 13, 2013) (hereinafter, the “Business Divestitures Accounting Standard” ) and other standards from the first quarter ended June 30, 2015. Accordingly, the accounting methods have been changed to record the difference arising from changes in equity in subsidiaries which MHFG continues to control as capital surplus, and to record business acquisition costs as expenses for the fiscal year in which incurred. In addition, regarding business combinations occurring on or after April 1, 2015, the accounting method has been changed to retroactively reflect adjustments to the amount allocated to acquisition costs arising from the finalization of the provisional accounting treatment on the consolidated financial statements of the period in which the business combination occurs. Furthermore, presentation of Net Income and others has been changed and presentation of Minority Interests has been changed to Non-controlling Interests. In order to reflect the changes in presentation of financial statements, reclassification was made accordingly in the quarterly consolidated financial statements for the three months ended June 30, 2014 and the consolidated financial statements for the fiscal year ended March 31, 2015.

The Business Combinations Accounting Standard and other standards have been applied in accordance with the transitional treatment set forth in Article 58-2 (3) of the Business Combinations Accounting Standard, Article 44-5 (3) of the Consolidation Accounting Standard and Article 57-4 (3) of the Business Divestitures Accounting Standard. The cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were added to or deducted from capital surplus and retained earnings as of April 1, 2015.

As a result, Goodwill decreased by ¥48,063 million, Retained Earnings decreased by ¥48,999 million, and Capital Surplus increased by ¥935 million as of April 1, 2015. In addition, Ordinary Profits and Income before Income Taxes for the three months ended June 30, 2015 each increased by ¥728 million.

 

1-2


Mizuho Financial Group, Inc.

 

2. Quarterly Consolidated Financial Statements

(1) Consolidated Balance Sheets

 

     Millions of yen  
     As of
March 31,
2015
    As of
June 30,
2015
 

Assets

    

Cash and Due from Banks

   ¥ 29,096,166      ¥ 32,210,436   

Call Loans and Bills Purchased

     444,115        473,424   

Receivables under Resale Agreements

     8,582,239        9,076,038   

Guarantee Deposits Paid under Securities Borrowing Transactions

     4,059,340        3,937,612   

Other Debt Purchased

     3,239,831        3,140,584   

Trading Assets

     10,781,735        12,010,968   

Money Held in Trust

     157,728        162,525   

Securities

     43,278,733        41,105,354   

Loans and Bills Discounted

     73,415,170        73,835,666   

Foreign Exchange Assets

     1,623,736        1,666,158   

Derivatives other than for Trading Assets

     3,544,243        3,048,977   

Other Assets

     4,066,424        3,764,810   

Tangible Fixed Assets

     1,078,051        1,075,225   

Intangible Fixed Assets

     657,556        656,484   

Net Defined Benefit Asset

     743,382        758,026   

Deferred Tax Assets

     36,938        36,426   

Customers’ Liabilities for Acceptances and Guarantees

     5,404,843        5,349,531   

Reserves for Possible Losses on Loans

     (525,486     (467,154

Reserve for Possible Losses on Investments

     (2     (2
  

 

 

   

 

 

 

Total Assets

   ¥ 189,684,749      ¥ 191,841,095   
  

 

 

   

 

 

 

 

1-3


Mizuho Financial Group, Inc.

 

     Millions of yen  
     As of
March 31,
2015
    As of
June 30,
2015
 

Liabilities

    

Deposits

   ¥ 97,757,545      ¥ 99,510,391   

Negotiable Certificates of Deposit

     15,694,906        17,723,219   

Call Money and Bills Sold

     5,091,198        5,214,331   

Payables under Repurchase Agreements

     19,612,120        19,707,405   

Guarantee Deposits Received under Securities Lending Transactions

     2,245,639        2,297,514   

Commercial Paper

     538,511        333,696   

Trading Liabilities

     8,743,196        8,523,549   

Borrowed Money

     7,195,869        7,136,047   

Foreign Exchange Liabilities

     473,060        482,459   

Short-term Bonds

     816,705        816,010   

Bonds and Notes

     6,013,731        5,985,991   

Due to Trust Accounts

     1,780,768        1,337,318   

Derivatives other than for Trading Liabilities

     3,474,332        3,040,642   

Other Liabilities

     4,261,955        4,272,414   

Reserve for Bonus Payments

     59,869        17,004   

Net Defined Benefit Liability

     47,518        47,896   

Reserve for Director and Corporate Auditor Retirement Benefits

     1,527        1,453   

Reserve for Possible Losses on Sales of Loans

     13        78   

Reserve for Contingencies

     7,845        6,184   

Reserve for Reimbursement of Deposits

     15,851        14,507   

Reserve for Reimbursement of Debentures

     48,878        46,503   

Reserves under Special Laws

     1,607        1,753   

Deferred Tax Liabilities

     524,321        532,604   

Deferred Tax Liabilities for Revaluation Reserve for Land

     72,392        72,207   

Acceptances and Guarantees

     5,404,843        5,349,531   
  

 

 

   

 

 

 

Total Liabilities

   ¥ 179,884,211      ¥ 182,470,717   
  

 

 

   

 

 

 

Net Assets

    

Common Stock and Preferred Stock

   ¥ 2,255,404      ¥ 2,255,790   

Capital Surplus

     1,110,006        1,111,391   

Retained Earnings

     2,769,371        2,778,190   

Treasury Stock

     (3,616     (4,288
  

 

 

   

 

 

 

Total Shareholders’ Equity

     6,131,166        6,141,083   
  

 

 

   

 

 

 

Net Unrealized Gains (Losses) on Other Securities

     1,737,348        1,773,174   

Deferred Gains or Losses on Hedges

     26,635        (3,122

Revaluation Reserve for Land

     146,419        146,029   

Foreign Currency Translation Adjustments

     (40,454     (45,187

Remeasurements of Defined Benefit Plans

     160,005        161,081   
  

 

 

   

 

 

 

Total Accumulated Other Comprehensive Income

     2,029,955       2,031,975   
  

 

 

   

 

 

 

Stock Acquisition Rights

     3,820        2,840   

Non-Controlling Interests

     1,635,595        1,194,477   
  

 

 

   

 

 

 

Total Net Assets

     9,800,538        9,370,377   
  

 

 

   

 

 

 

Total Liabilities and Net Assets

   ¥ 189,684,749      ¥ 191,841,095   
  

 

 

   

 

 

 

 

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, 2014
     For the three
months ended
June 30, 2015
 

Ordinary Income

   ¥ 704,709       ¥ 796,953   

Interest Income

     342,102         352,996   

Interest on Loans and Bills Discounted

     224,619         233,262   

Interest and Dividends on Securities

     76,483         69,628   

Fiduciary Income

     10,592         11,425   

Fee and Commission Income

     147,126         175,692   

Trading Income

     61,282         51,042   

Other Operating Income

     76,665         121,710   

Other Ordinary Income

     66,940         84,085   

Ordinary Expenses

     474,670         532,883   

Interest Expenses

     78,138         97,020   

Interest on Deposits

     26,556         37,617   

Fee and Commission Expenses

     34,963         39,392   

Trading Expenses

     —           1,712   

Other Operating Expenses

     20,368         37,108   

General and Administrative Expenses

     318,736         331,319   

Other Ordinary Expenses

     22,462         26,330   
  

 

 

    

 

 

 

Ordinary Profits

     230,039         264,069   
  

 

 

    

 

 

 

Extraordinary Gains

     0         5,328   

Extraordinary Losses

     1,503         1,724   
  

 

 

    

 

 

 

Income before Income Taxes

     228,536         267,673   
  

 

 

    

 

 

 

Income Taxes:

     

Current

     53,098         67,098   

Deferred

     99         20,202   
  

 

 

    

 

 

 

Total Income Taxes

     53,197         87,300   
  

 

 

    

 

 

 

Profit

     175,338         180,372   
  

 

 

    

 

 

 

Profit Attributable to Non-controlling Interests

     20,614         22,355   
  

 

 

    

 

 

 

Profit Attributable to Owners of Parent

   ¥ 154,723       ¥ 158,017   
  

 

 

    

 

 

 

 

1-5


Mizuho Financial Group, Inc.

 

[Consolidated Statements of Comprehensive Income]

 

     Millions of yen  
     For the three
months ended
June 30, 2014
    For the three
months ended
June 30, 2015
 

Profit

   ¥ 175,338      ¥ 180,372   

Other Comprehensive Income

     203,562        4,422   

Net Unrealized Gains (Losses) on Other Securities

     178,868        37,876   

Deferred Gains or Losses on Hedges

     22,959        (29,728

Revaluation Reserve for Land

     —          (4

Foreign Currency Translation Adjustments

     (1,293     (4,881

Remeasurements of Defined Benefit Plans

     3,632        (565

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

     (605     1,725   
  

 

 

   

 

 

 

Comprehensive Income

     378,900        184,795   
  

 

 

   

 

 

 

(Breakdown)

    

Comprehensive Income Attributable to Owners of Parent

     360,135        160,422   

Comprehensive Income Attributable to Non-controlling Interests

     18,765        24,372   

 

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 2015

<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”)

 

 

 

FINANCIAL INFORMATION FOR THE FIRST QUARTER OF FISCAL 2015

   See above Notes    Page  

1. Income Analysis

   CON    NON      2- 1     

2. Net Gains/Losses on Stocks

   CON    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 Act (“FRA”)

   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 2015

1. Income Analysis

Consolidated

 

            (Billions of yen)  
            First Quarter of
Fiscal 2015
       
                  Change     First Quarter of
Fiscal 2014
 

Consolidated Gross Profits

     1         537.6        33.3        504.2   

Net Interest Income

     2         255.9        (7.9     263.9   

Fiduciary Income

     3         11.4        0.8        10.5   

Credit Costs for Trust Accounts

     4         —          —          —     

Net Fee and Commission Income

     5         136.2        24.1        112.1   

Net Trading Income

     6         49.3        (11.9     61.2   

Net Other Operating Income

     7         84.6        28.3        56.2   

General and Administrative Expenses

     8         (331.3     (12.5     (318.7

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

     9         (7.5     (2.4     (5.0

Reversal of Reserves for Possible Losses on Loans, etc.

     10         12.5        (23.7     36.3   

Net Gains (Losses) related to Stocks

     11         61.9        46.1        15.7   

Equity in Income from Investments in Affiliates

     12         1.0        (3.1     4.1   

Other

     13         (10.2     (3.4     (6.7
     

 

 

   

 

 

   

 

 

 

Ordinary Profits

     14         264.0        34.0        230.0   
     

 

 

   

 

 

   

 

 

 

Net Extraordinary Gains (Losses)

     15         3.6        5.1        (1.5

Income before Income Taxes

     16         267.6        39.1        228.5   

Income Taxes

     17         (87.3     (34.1     (53.1

Profit

     18         180.3        5.0        175.3   

Profit Attributable to Non-controlling Interests

     19         (22.3     (1.7     (20.6
     

 

 

   

 

 

   

 

 

 

Profit Attributable to Owners of Parent

     20         158.0        3.2        154.7   
     

 

 

   

 

 

   

 

 

 

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

     21         5.0        (26.2     31.3   

 

* 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         188.0        11.2        176.8   

 

* 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         148        (11     159   

Number of affiliates under the equity method

     24         23        2        21   

 

2-1


Mizuho Financial Group, Inc.

 

Non-Consolidated

Aggregate Figures for the 2 Banks

 

            (Billions of yen)  
            First Quarter of Fiscal 2015      First Quarter of
Fiscal 2014
 
            MHBK     MHTB     Aggregate
Figures
     Change     

Gross Profits

     1         356.7        31.0        387.8         17.3         370.5   

Net Interest Income

     2         208.9        11.2        220.2         (7.7      227.9   

Fiduciary Income

     3           11.5        11.5         1.0         10.4   

Trust Fees for Jointly Operated Designated Money Trust

     4           —          —           —           —     

Credit Costs for Trust Accounts

     5           —          —           —           —     

Net Fee and Commission Income

     6         84.5        3.4        88.0         11.2         76.7   

Net Trading Income

     7         (3.1     0.5        (2.5      (19.2      16.6   

Net Other Operating Income

     8         66.3        4.3        70.6         31.9         38.7   

General and Administrative Expenses (excluding Non-Recurring Losses)

     9         (212.9     (19.2     (232.1      (13.9      (218.2
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

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

     10         143.8        11.8        155.6         3.3         152.3   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

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

     11         —          —          —           —           —     
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Business Profits

     12         143.8        11.8        155.6         3.3         152.3   

Net Gains (Losses) related to Bonds

     13         45.5        4.4        49.9         6.1         43.8   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Non-Recurring Gains (Losses)

     14         40.3        2.3        42.7         13.8         28.8   

Net Gains (Losses) related to Stocks

     15         51.4        1.9        53.3         41.5         11.7   

Expenses related to Portfolio Problems

     16         (6.3     (0.0     (6.3      (2.7      (3.5

Reversal of Reserves for Possible Losses on Loans, etc.

     17         6.8        0.4        7.3         (27.4      34.7   

Other

     18         (11.5     (0.1     (11.6      2.5         (14.1
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Ordinary Profits

     19         184.2        14.1        198.4         17.1         181.2   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Extraordinary Gains (Losses)

     20         3.1        0.7        3.8         4.9         (1.0

Income before Income Taxes

     21         187.3        14.9        202.3         22.1         180.1   

Income Taxes

     22         (70.2     (4.5     (74.8      (29.6      (45.1
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net Income

     23         117.1        10.3        127.4         (7.5      135.0   
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

 

* 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         0.4        0.4        0.9         (30.2      31.2   

 

* 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         4.3        0.2        4.6         (12.3      17.0   

Losses on Write-offs of Loans

     27         (3.2     (0.0     (3.2      (4.7      1.5   

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

     28         (1.8     0.2        (1.6      (14.5      12.8   

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

     29         0.6        —          0.6         0.4         0.1   

Reversal of (Provision for) Reserve for Contingencies

     30         0.7        —          0.7         0.9         (0.1

Other (including Losses on Sales of Loans)

     31         (0.1     —          (0.1      0.0         (0.1

Total

     32         0.4        0.4        0.9         (30.2      31.2   

 

2-2


Mizuho Financial Group, Inc.

 

2. Net Gains/Losses on Stocks

Consolidated

 

      (Billions of yen)  
   First Quarter of
Fiscal 2015
    Change     First Quarter of
Fiscal 2014
 

Net Gains (Losses) related to Stocks

     61.9        46.1        15.7   

Gains on Sales

     64.4        46.9        17.5   

Losses on Sales

     (2.3     (2.0     (0.3

Impairment (Devaluation)

     (0.0     1.6        (1.7

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

     —          (0.0     0.0   

Gains (Losses) on Derivatives other than for Trading

     (0.1     (0.4     0.2   

Non-Consolidated

Aggregate Figures for the 2 Banks

 

     First Quarter of
Fiscal 2015
    Change     First Quarter of
Fiscal 2014
 

Net Gains (Losses) related to Stocks

     53.3        41.5        11.7   

Gains on Sales

     55.4        43.9        11.5   

Losses on Sales

     (1.9     (1.8     (0.0

Impairment (Devaluation)

     (0.0     (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

     (0.1     (0.4     0.2   

 

Mizuho Bank

 

  

     First Quarter of
Fiscal 2015
    Change     First Quarter of
Fiscal 2014
 

Net Gains (Losses) related to Stocks

     51.4        41.4        9.9   

Gains on Sales

     53.3        43.6        9.6   

Losses on Sales

     (1.9     (1.8     (0.0

Impairment (Devaluation)

     (0.0     (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        (0.2     0.2   

 

Mizuho Trust & Banking

 

  

     First Quarter of
Fiscal 2015
    Change     First Quarter of
Fiscal 2014
 

Net Gains (Losses) related to Stocks

     1.9        0.0        1.8   

Gains on Sales

     2.0        0.2        1.8   

Losses on Sales

     (0.0     (0.0     —     

Impairment (Devaluation)

     (0.0     0.0        (0.0

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

     —          —          —     

Gains (Losses) on Derivatives other than for Trading

     (0.1     (0.1     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, 2015      As of March 31, 2015  
       Book Value        Unrealized Gains/Losses        Book Value        Unrealized Gains/Losses  
                  Gains            Losses                      Gains            Losses    

MHFG (Consolidated)

                      

Other Securities

     35,585.8         2,575.4        2,736.1         160.6         37,704.5         2,531.3         2,623.1         91.8   

Japanese Stocks

     4,298.7         2,360.3        2,376.7         16.3         4,121.9         2,158.9         2,187.3         28.4   

Japanese Bonds

     19,468.9         29.7        47.3         17.5         20,328.4         44.1         55.8         11.7   

Japanese Government Bonds

     16,481.8         15.3        20.9         5.5         17,415.7         22.6         24.0         1.3   

Other

     11,818.1         185.3        312.0         126.7         13,254.1         328.3         380.0         51.7   

Foreign Bonds

     8,497.3         (77.8     26.5         104.4         10,032.5         40.0         80.7         40.6   

 

* 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 ¥58.9 billion and ¥52.0 billion, which were recognized in the statement of income for June 30, 2015 and March 31, 2015 respectively, by applying the fair-value hedge method.

(2) Bonds Held to Maturity

 

     (Billions of yen)  
     As of June 30, 2015     As of March 31, 2015  
       Book Value       Unrealized Gains/Losses       Book Value       Unrealized Gains/Losses  
                 Gains           Losses                   Gains           Losses    

MHFG (Consolidated)

       5,523.6              18.7               29.6           10.8           5,647.3             30.4               31.2           0.7    

Non-Consolidated

Aggregate Figures for the 2 Banks

(1) Other Securities

 

     (Billions of yen)  
     As of June 30, 2015      As of March 31, 2015  
       Book Value        Unrealized Gains/Losses        Book Value        Unrealized Gains/Losses  
                  Gains            Losses                      Gains            Losses    

MHBK

                      

Other Securities

     32,880.3         2,182.7        2,339.7         157.0         34,603.2         2,138.8         2,234.0         95.2   

Japanese Stocks

     3,921.3         2,115.6        2,133.1         17.4         3,762.8         1,933.2         1,966.6         33.4   

Japanese Bonds

     18,289.1         29.2        46.2         17.0         19,003.1         42.8         53.9         11.0   

Japanese Government Bonds

     15,595.1         14.8        20.2         5.3         16,338.4         21.4         22.6         1.2   

Other

     10,669.8         37.8        160.3         122.5         11,837.2         162.7         213.3         50.6   

Foreign Bonds

     8,102.1         (77.5     23.4         101.0         9,390.4         28.2         68.3         40.1   

MHTB

                      

Other Securities

     1,475.9         171.0        177.0         5.9         1,863.6         174.5         177.7         3.2   

Japanese Stocks

     282.2         157.5        159.3         1.7         270.5         145.6         147.6         1.9   

Japanese Bonds

     831.7         0.3        0.8         0.5         974.0         1.1         1.7         0.5   

Japanese Government Bonds

     780.6         0.4        0.5         0.1         905.2         1.1         1.2         0.1   

Other

     361.9         13.1        16.9         3.7         619.0         27.6         28.3         0.7   

Foreign Bonds

     189.4         (1.4     1.7         3.1         438.1         10.1         10.5         0.3   

Total

                      

Other Securities

     34,356.3         2,353.7        2,516.8         163.0         36,466.8         2,313.3         2,411.7         98.4   

Japanese Stocks

     4,203.5         2,273.1        2,292.4         19.2         4,033.3         2,078.8         2,114.3         35.4   

Japanese Bonds

     19,120.9         29.6        47.1         17.5         19,977.2         44.0         55.6         11.6   

Japanese Government Bonds

     16,375.7         15.3        20.8         5.5         17,243.6         22.5         23.9         1.3   

Other

     11,031.7         50.9        177.2         126.3         12,456.3         190.3         241.7         51.3   

Foreign Bonds

     8,291.6         (79.0     25.1         104.1         9,828.5         38.3         78.8         40.5   

 

* 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 ¥58.9 billion and ¥52.0 billion, which were recognized as Income/Loss for June 30, 2015 and March 31, 2015 respectively, by applying the fair-value hedge method.

 

2-4


Mizuho Financial Group, Inc.

 

(2) Bonds Held to Maturity

 

     (Billions of yen)  
     As of June 30, 2015      As of March 31, 2015  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
               Gains      Losses                Gains      Losses  

MHBK

     5,523.6         18.7         29.6         10.8         5,647.3         30.4         31.2         0.7   

MHTB

     —           —           —           —           —           —           —           —     

Total

     5,523.6         18.7         29.6         10.8         5,647.3         30.4         31.2         0.7   

 

(3) Investments in Subsidiaries and Affiliates

 

  

     (Billions of yen)  
     As of June 30, 2015      As of March 31, 2015  
     Book Value      Unrealized Gains/Losses      Book Value      Unrealized Gains/Losses  
               Gains      Losses                Gains      Losses  

MHBK

     118.3         220.9         220.9         —           118.3         159.5         159.5         —     

MHTB

     —           —           —           —           —           —           —           —     

Total

     118.3         220.9         220.9         —           118.3         159.5         159.5         —     

(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. 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, 2015     As of
March 31,
2015
 
     Unrealized Gains/Losses     Unrealized
Gains/Losses
 
           Change    

Other Securities

           2,516.4        37.1        2,479.3   

Japanese Stocks

     2,326.6                194.4        2,132.1   

Japanese Bonds

     29.7        (14.3     44.1   

Japanese Government Bonds

     15.3        (7.2     22.6   

Other

     160.0        (142.9     303.0   

Foreign Bonds

     (103.1     (117.8     14.7   

 

Non-Consolidated

 

Aggregate Figures for the 2 Banks

      
     (Billions of yen)  
     As of June 30, 2015     As of
March 31,
2015
 
     Unrealized Gains/Losses     Unrealized
Gains/Losses
 
           Change    

Other Securities

           2,294.8        33.5                2,261.2   

Japanese Stocks

     2,239.5                187.4        2,052.1   

Japanese Bonds

     29.6        (14.4     44.0   

Japanese Government Bonds

     15.3        (7.2     22.5   

Other

     25.6        (139.4     165.0   

Foreign Bonds

     (104.3     (117.3     13.0   

 

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, 2015     As of March 31, 2015  
     Deferred Hedge Gains/Losses     Deferred Hedge Gains/Losses  
     Gains      Losses            Gains      Losses         

MHBK

             592.7                 652.3                 (59.5             642.2                 652.3                 (10.0

MHTB

     87.7         92.9         (5.1     90.8         93.2         (2.4

Total

     680.5         745.2         (64.6     733.1         745.6         (12.5

 

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 Act (“FRA”)

Consolidated

 

     (Billions of yen)  
     As of June 30, 2015     As of
March 31,
2015
 
Consolidated           Change    

Claims against Bankrupt and Substantially Bankrupt Obligors

     72.4         (4.9     77.3   

Claims with Collection Risk

     393.7         (10.5     404.2   

Claims for Special Attention

     537.8         (80.5     618.4   

Total

     1,004.0         (95.9     1,100.0   

Trust Account

       

Claims against Bankrupt and Substantially Bankrupt Obligors

     —           —          —     

Claims with Collection Risk

     2.9         (0.0     2.9   

Claims for Special Attention

     —           —          —     

Total

     2.9         (0.0     2.9   

Total (Consolidated + Trust Account)

       

Claims against Bankrupt and Substantially Bankrupt Obligors

     72.4         (4.9     77.3   

Claims with Collection Risk

     396.7         (10.5     407.2   

Claims for Special Attention

     537.8         (80.5     618.4   

Total

     1,007.0         (95.9     1,103.0   

 

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, 2015     As of
March 31,
2015
 
           Change    

Claims against Bankrupt and Substantially Bankrupt Obligors

     52.0        (4.5     56.6   

Claims with Collection Risk

     393.7        (8.8     402.5   

Claims for Special Attention

     462.8        (80.0     542.9   

Sub-total [1]

     908.7        (93.4     1,002.1   

NPL ratio [1]/[2]

     1.09     (0.11 )%      1.20

Normal Claims

     82,158.7        117.7        82,041.0   

Total [2]

     83,067.4        24.2        83,043.1   
MHBK                   

Claims against Bankrupt and Substantially Bankrupt Obligors

     50.9        (4.5     55.4   

Claims with Collection Risk

     382.9        (8.5     391.5   

Claims for Special Attention

     454.4        (80.2     534.7   

Sub-total [3]

     888.4        (93.3     981.7   

NPL ratio [3]/[4]

     1.11     (0.11 )%      1.22

Normal Claims

     79,038.2        138.2        78,899.9   

Total [4]

     79,926.6        44.9        79,881.7   
MHTB                   

Banking Account

      

Claims against Bankrupt and Substantially Bankrupt Obligors

     1.1        (0.0     1.1   

Claims with Collection Risk

     7.7        (0.2     8.0   

Claims for Special Attention

     8.3        0.2        8.1   

Sub-total [5]

     17.3        (0.1     17.4   

NPL ratio [5]/[6]

     0.55     (0.00 )%      0.55

Normal Claims

     3,108.5        (19.5     3,128.0   

Total [6]

     3,125.8        (19.6     3,145.4   

Trust Account

      

Claims against Bankrupt and Substantially Bankrupt Obligors

     —          —          —     

Claims with Collection Risk

     2.9        (0.0     2.9   

Claims for Special Attention

     —          —          —     

Sub-total [7]

     2.9        (0.0     2.9   

NPL ratio [7]/[8]

     19.98     1.30     18.68

Normal Claims

     11.9        (1.0     13.0   

Total [8]

     14.9        (1.0     16.0   

 

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, 2015     As of
March 31,
2015
 
             Change    

MHBK

     95,032.1         1,503.7        93,528.3   

MHTB

     2,757.3         120.2        2,637.0   

Total

     97,789.4         1,624.0        96,165.3   
(1)-2 Domestic Deposits        
Aggregate Figures for the 2 Banks        
      (Billions of yen)  
      As of June 30, 2015     As of
March 31,
2015
 
             Change    

MHBK

     79,115.7         (112.6     79,228.3   

Individual deposits

     39,102.7         763.3        38,339.3   

MHTB

     2,755.1         131.1        2,623.9   

Individual deposits

     1,128.9         (18.1     1,147.1   

Total

     81,870.8         18.5        81,852.3   

Individual deposits

     40,231.6         745.1        39,486.5   

 

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, 2015     As of
March 31,
2015
 
             Change    

MHBK

     71,115.3         241.4        70,873.8   

MHTB

     3,082.4         14.0        3,068.4   

Total

     74,197.8         255.5        73,942.2   

 

Note: Loans to MHFG are included as follows:

As of June 30, 2015:    ¥661.2 billion (from MHBK)

As of March 31, 2015: ¥700.1 billion (from MHBK)

(3) Interest Margins (Domestic Operations)

Mizuho Bank

 

          (%)  
          First Quarter of
Fiscal 2015
(For the three months)
     Change     First Quarter of
Fiscal 2014
(For the three months)
 

Return on Loans and Bills Discounted

   1      1.00         (0.05     1.05   

Cost of Deposits

   2      0.04         (0.00     0.04   

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

   3      0.96         (0.05     1.01   

 

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 and others

  

Return on Loans and Bills Discounted

   4      1.07         (0.09     1.17   

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

     5      1.03         (0.09     1.13   

Mizuho Trust & Banking

 

          (%)  
          First Quarter of
Fiscal 2015
(For the three months)
     Change     First Quarter of
Fiscal 2014
(For the three months)
 

Return on Loans and Bills Discounted

   6      0.93         (0.08     1.02   

Cost of Deposits

   7      0.07         (0.00     0.07   

Loan and Deposit Rate Margin [6]-[7]

   8      0.85         (0.08     0.94   

 

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 and others

  

Return on Loans and Bills Discounted

   9      0.93         (0.10     1.03   

Loan and Deposit Rate Margin [9]-[7]

   10      0.85         (0.10     0.96   

(Reference)

Aggregate Figures for the 2 Banks

 

           (%)  
          First Quarter of
Fiscal 2015
(For the three months)
     Change     First Quarter of
Fiscal 2014
(For the three months)
 

Return on Loans and Bills Discounted

   11      0.99         (0.05     1.05   

Cost of Deposits

   12      0.04         (0.00     0.04   

Loan and Deposit Rate Margin [11]-[12]

   13      0.95         (0.05     1.01   

 

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 and others

  

Return on Loans and Bills Discounted

   14      1.06         (0.09     1.16   

Loan and Deposit Rate Margin [14]-[12]

   15      1.02         (0.09     1.12   

 

2-9

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