Mizuho Financial : Financial Statements for FY2022(Timely Disclosure)

For Immediate Release:

Consolidated Financial Statements for Fiscal 2022

(Under Japanese GAAP)

Company Name:	Mizuho Financial Group, Inc. ("MHFG")	May 15, 2023
Stock Code Number (Japan):	8411
Stock Exchange Listings:	Tokyo Stock Exchange (Prime Market), New York Stock Exchange
URL:	https://www.mizuhogroup.com
Representative:	Masahiro Kihara	President & Group CEO
For Inquiry:	Yasutoshi Tanaka	General Manager of Accounting	Phone: [phone]

Ordinary General Meeting of Shareholders (scheduled) :	June 23, 2023	Commencement of Dividend Payment (scheduled):	June 6, 2023
Filing of Yuka Shoken Hokokusho to														Trading Accounts: Established
		the Kanto Local Finance Bureau (scheduled):				June 16, 2023
Supplementary Materials on Annual Results: Attached
IR Conference on Annual Results: Scheduled
																										Amounts less than one million yen are rounded down.
1. Financial Highlights for Fiscal 2022 (for the fiscal year ended March 31, 2023)
(1) Consolidated Results of Operations																							(%: Changes from the previous fiscal year)
					Ordinary Income								Ordinary Profits						Profit Attributable to Owners of Parent
							¥ million					%							¥ million				%								¥ million	%
		Fiscal 2022				5,778,772			45.8						789,606				41.0							555,527	4.7
		Fiscal 2021				3,963,091			23.1						559,847				4.3							530,479	12.6
Note: Comprehensive Income:	Fiscal 2022:	¥					277,666 million,	489.2%;		Fiscal 2021:	¥			47,121 million,	(94.9)%
					Net Income				Diluted Net Income			Net Income				Ordinary Profits		Ordinary Profits
					per Share of							per Share of
												on Own Capital				to Total Assets		to Ordinary Income
					Common Stock						Common Stock
								¥											¥						%						%				%
		Fiscal 2022			219.20							219.19			6.1						0.3				13.6
		Fiscal 2021			209.27							209.26			5.7						0.2				14.1
Reference: Equity in Income from Investments in Affiliates:							Fiscal 2022:	¥		11,889 million;	Fiscal 2021:	¥				25,434 million
(2) Consolidated Financial Conditions
					Total Assets					Total Net Assets				Own Capital Ratio				Total Net Assets per Share
																	of Common Stock
								¥ million								¥ million									%						¥
		Fiscal 2022			254,258,203								9,208,463						3.5						3,603.98
		Fiscal 2021			237,066,142								9,201,031						3.8						3,581.39
Reference: Own Capital:	As of March 31, 2023:						¥			9,133,294 million;		As of March 31, 2022:	¥				9,077,382 million
Note: Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Non-controlling Interests) / Total Assets × 100
		Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.
(3) Conditions of Consolidated Cash Flows
					Cash Flows from					Cash Flows from				Cash Flows from				Cash and Cash Equivalents
					Operating Activities					Investing Activities				Financing Activities				at the end of the fiscal year
								¥ million								¥ million								¥ million						¥ million
		Fiscal 2022			8,867,246								6,605,667						(611,143)						65,825,681
		Fiscal 2021			4,917,186				(1,860,490)						(522,056)						50,136,299
2. Cash Dividends for Shareholders of Common Stock
								Annual Cash Dividends per Share								Total Cash				Dividends		Dividends
					First		Second				Third		Fiscal								Dividends		Pay-out Ratio		on Net Assets
													Annual					(Consolidated		(Consolidated
				quarter-end		quarter-end			quarter-end		year-end							(Total)
																		basis)		basis)
					¥						¥				¥				¥				¥			¥ million		%		%
		Fiscal 2021		－			40.00					－		40.00		80.00				203,087					38.2		2.2
		Fiscal 2022		－			42.50					－		42.50		85.00				215,772					38.7		2.3
		Fiscal 2023 (estimate)		－			47.50					－		47.50		95.00											39.5

3. Consolidated Earnings Estimates for Fiscal 2023 (for the fiscal year ending March 31, 2024)

(%: Changes from the corresponding period of the previous fiscal year)

			Profit Attributable to			Net Income
			Owners of Parent			per Share of Common Stock
	1H F2023		¥ million	%		¥
		－	－		－
	Fiscal 2023		610,000	9.8		240.61

Note: The number of shares of common stock used in the above calculation is based on the number of outstanding shares of common stock (excluding treasury stock) as of March 31, 2023.

Notes

1. Changes in Significant Subsidiaries during the Fiscal Year (changes in specified subsidiaries accompanying changes in the scope of consolidation): No
2. Changes in Accounting Policies and Accounting Estimates / Restatements

1. . Changes in accounting policies due to revisions of accounting standards: Yes
2. . Changes in accounting policies other than ⅰ above: No

1. Changes in accounting estimates: No
2. Restatements: No

Note: For more information, please refer to "Changes in Accounting Policies" on page 1－14 of the attachment.

(3) Issued Shares of Common Stock

1. . Year-end issued shares (including treasury stock):
2. . Year-end treasury stock:

iii. Average number of outstanding shares:

As of March 31, 2023	2,539,249,894	shares	As of March 31, 2022	2,539,249,894	shares
As of March 31, 2023	5,027,306	shares	As of March 31, 2022	4,659,024	shares
Fiscal 2022	2,534,340,257	shares	Fiscal 2021	2,534,897,183	shares

This immediate release is outside the scope of the audit.

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: impact of geopolitical disruptions and the corona virus pandemic; intensification of competition in the market for financial services; 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; impairment of the carrying value of our long-lived assets; problems related to our information technology systems, including as a result of cyber attacks; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels and meet other financial regulatory requirements; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our 5-Year Business Plan, 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") and our report on Form 6-K furnished to the SEC on December 28, 2022, both of which are available in the Financial Information section of our web page at www.mizuhogroup.com 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.

○Contents of Attachment

1. Overview of Consolidated Results of Operations and Financial Conditions……………………………… p.1-2

(1) Overview of Results of Operations…………………………………………………………………… p.1-2

1. 1. Overview of Financial Conditions……………………………………………………………………… p.1-3
   2. Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2022 and
      Dividend Estimates for Fiscal 2023…………………………………………………………………… p.1-3
2. Basic Stance on Selection of Accounting Standards……………………………………………………… p.1-4
3. Consolidated Financial Statements and Others…………………………………………………………… p.1-5
4. 1. Consolidated Balance Sheets…………………………………………………………………………… p.1-5
   2. Consolidated Statements of Income and Consolidated Statements of
      Comprehensive Income………………………………………………………………………………… p.1-7
   3. Consolidated Statements of Changes in Net Assets…………………………………………………… p.1-10

(4) Consolidated Statements of Cash Flows……………………………………………………………… p.1-12

1. Notes regarding Consolidated Financial Statements…………………………………………………… p.1-14 (Matters Related to the Assumption of Going Concern)
   (Changes in Accounting Policies) (Business Segment Information) (Per Share Information)
   (Subsequent Events)

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.

An MHFG IR conference for institutional investors and analysts is scheduled for Thursday, May 18, 2023. The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group website immediately after the conference.

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Mizuho Financial Group, Inc.

1. Overview of Consolidated Results of Operations and Financial Conditions

(1) Overview of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2023, while demand continued to recover, supported by the transition to a world of living with COVID-19 and fiscal expenditure by each country, global inflation was triggered by structural shifts in the labor market, natural resource supply constraints caused by the situation in Ukraine and other factors. In addition, the impact of the heightened pace of monetary tightening, which is centered on Europe and the United States, materialized and the outlook for the global economy remained uncertain.

In the United States, the economy continued to grow steadily, mainly in terms of consumption, even under steep inflation and sudden monetary tightening by the Federal Reserve Board (FRB) in response thereto. Wages, which support consumption, remained high as a result of labor supply constraints stemming from strong demand for labor, the spread of COVID-19 and other factors. While the FRB continued to tighten monetary policy based on these circumstances, several financial institutions have gone bankrupt and the economic outlook has become increasingly uncertain.

In Europe, economic growth slowed due to surging resource prices and resource supply constraints caused by the situation in Ukraine. Although the rise in gas prices came to a pause, the rise in food prices and other factors continued to increase inflation, pushing down consumption. However, as not only price increases but also wage growth is accelerating, the European Central Bank (ECB) has continued to raise interest rates. The economy is expected to remain somewhat sluggish in the future, affected by the rising rate of inflation and interest rate hikes. In addition, there are concerns that the financial market turmoil caused by uncertainty over the business management of financial institutions will have a significant impact on monetary policy and economic trends.

In Asia, China has experienced weak real estate investment for a prolonged time and consumer sentiment has also remained weak due to the "Zero COVID" policy. After the end of the "Zero COVID" policy, the number of infections temporarily rose in a steep manner but the infection rate eventually stabilized. Led mainly by services consumption, China has recently been recovering at a gradual rate. However, considering China's ongoing conflicts with the United States, there remains a high degree of uncertainty with respect to issues such as trade and national security. In emerging economies, the overall growth rate has been higher due to the relaxation of restrictions on activities. On the other hand, the trend of growth has recently slowed as the corresponding round of recovery of consumer demand following the COVID-19 pandemic has come to an end and the impact of inflation has slowed such growth.

In Japan, despite the weakened production activities of manufacturers due to sluggish capital investment and shortages of semiconductors, with the relaxation of restrictions on activities, gradual recovery is expected to continue mainly in domestic demand-oriented industries, such as service industries. Inflation rates that had been rising against the backdrop of increased resource prices and the depreciation of the yen are also expected to weaken in light of a pause in the surge in the commodity market. On the other hand, the slowdown of overseas economies due to monetary tightening in Europe and the United States that may diminish capital investments is a cause for concern. Concerns remain high about whether there will be a change in the financial policy of the Bank of Japan; and if the change is actually implemented, such change may affect the Japanese economy.

The prospects for the global economy are expected to remain uncertain given a lack of clarity as to the impact that global monetary tightening will have on the real economy. In addition, depending on the circumstances, such as the spread of financial system instabilities resulting from the bankruptcy of financial institutions in Europe and the United States, increasing tensions with respect to the situation in Ukraine and further worsening of inflation, particularly in the United States, there is a possibility of financial and capital market disruption and the risk of further economic downturn, which may also adversely affect the Japanese economy.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,278.4 billion for fiscal 2022, increasing by ¥25.9 billion from the previous fiscal year. General and Administrative Expenses increased by ¥52.3 billion on a year-on-year basis to ¥1,445.2 billion mainly due to increasing expenses as a result of currency

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fluctuations whereas further progress in cost reduction through structural reform was achived.

As a result, Consolidated Net Business Profits decreased by ¥45.9 billion on a year-on-year basis to ¥805.2 billion. Consolidated Net Business Profits + Net gains or losses related to ETFs and others, which consists of Consolidated Net Business Profits, Net gains or losses related to ETFs and others on a non-consolidated aggregated basis of the banks, and Net gains or losses related to operating investment securities on a consolidated basis of Mizuho Securities Co., Ltd., decreased by ¥46.0 billion on a year-on-year basis to ¥807.1 billion mainly due to a decline in profits after booking unrealized losses on foreign bonds portfolio in Markets Groups whereas we had a steady business performance in Customer Groups especially overseas.

Credit-related Costs decreased by ¥145.8 billion on a year-on-year basis to ¥89.3 billion mainly due to the elimination of a large provision for reserves relating to certain customers recorded in the previous fiscal year.

Net Gains (Losses) related to Stocks increased by ¥130.3 billion on a year-on-year basis to net gains of ¥86.4 billion mainly due to the elimination of losses on the cancellation of bear funds intended on fixing unrealized gain on stocks recorded in the previous fiscal year in addition to steady progress in the sale of cross-holding stocks.

As a result, Ordinary Income increased by ¥229.7 billion on a year-on-year basis to ¥789.6 billion.

Extraordinary Gains (Losses) decreased by ¥54.6 billion on a year-on-year basis to net losses of ¥10.6 billion mainly due to the elimination of a large amount of gains on cancellation of employee retirement benefit trust recorded in the previous fiscal year.

Tax-related Expenses increased by ¥158.1 billion on a year-on-year basis to ¥218.8 billion mainly due to the elimination of the influence of the tax effect of capital optimization of Mizuho Securities Co., Ltd. as part of our financial structural reform recorded in the previous fiscal year.

As a result, Profit Attributable to Owners of Parent for fiscal 2022 increased by ¥25.0 billion on a year-on-year basis to ¥555.5 billion.

As for earnings estimates for fiscal 2023, we estimate Ordinary Profits of ¥860.0 billion and Profit Attributable to Owners of Parent of ¥610.0 billion on a consolidated basis.

We will disclose promptly if we need to revise the above consolidated earnings estimates.

(2) Overview of Financial Conditions

Consolidated total assets as of March 31, 2023 amounted to ¥254,258.2 billion, increasing by ¥17,192.0 billion from the end of the previous fiscal year mainly due to an increase in Cash and Due from Banks.

Securities were ¥37,363.1 billion, decreasing by ¥7,277.9 billion from the end of the previous fiscal year. Loans and Bills Discounted amounted to ¥88,687.1 billion, increasing by ¥3,950.8 billion from the end of the previous fiscal year. Deposits and Negotiable Certificates of Deposit amounted to ¥164,287.3 billion, increasing by ¥8,587.5 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,208.4 billion, increasing by ¥7.4 billion from the end of the previous fiscal year. Shareholders' Equity was ¥8,471.1 billion, Accumulated Other Comprehensive Income was ¥662.1 billion, and Non-controlling Interests was ¥75.1 billion.

Net Cash Provided by Operating Activities was ¥8,867.2 billion mainly due to increased deposits. Net Cash Provided in Investing Activities was ¥6,605.6 billion mainly due to purchase, sale and redemption of securities, and Net Cash Used in Financing Activities was ¥611.1 billion mainly due to the redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2023 was ¥65,825.6 billion.

(3) Basic Policy on Profit Distribution, Dividend Payment for Fiscal 2022 and Dividend Estimates for Fiscal 2023

Based on our capital management policy of pursuing the optimum balance between capital adequacy, growth investment and enhancement of shareholder return, we maintain our shareholder return policy of progressive dividends as our principal approach while executing flexible and intermittent share buybacks. In addition, as for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration. As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution.

Based on this policy, at the meeting of the Board of Directors held today, we have decided to issue ¥42.5 of year-

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