Edgar Filing: MIZUHO FINANCIAL GROUP INC

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 January 2011

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8333

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:		January 31, 2011

Mizuho Financial Group, Inc.

By:		/s/ Takeo Nakano
Name:		Takeo Nakano
Title:		Managing Director / CFO


For Immediate Release:		January 31, 2011

Consolidated Financial Statements for the Third Quarter of Fiscal 2010

(Nine months ended December 31, 2010)

<Under Japanese GAAP>


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

Stock Code Number (Japan):	8411
Stock Exchanges (Japan):	Tokyo Stock Exchange (First Section), Osaka Securities Exchange (First Section)
URL:	http://www.mizuho-fg.co.jp/english/
Representative:	Takashi Tsukamoto	President & CEO
For Inquiry:	Tatsuya Yamada	Executive Officer, General Manager of Accounting
Phone:	+81-3-5224-2030
Filing of Shihanki Hokokusho (scheduled):		February 14, 2011	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 Third Quarter of Fiscal 2010 (for the nine months ended December 31, 2010)

(1) Consolidated Results of Operations (Accumulated Period)


(%: Changes from the corresponding period of the previous fiscal year)
	Ordinary Income					Ordinary Profits				Net Income
	¥ million		%			¥ million		%		¥ million		%
3Q F2010		2,087,201		(2.1	)		556,486		248.3		422,072		234.2
3Q F2009		2,133,685		(23.1	)		159,762		—		126,280		—


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
3Q F2010		22.11		20.32
3Q F2009		9.30		8.45

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
3Q F2010		154,051,514		6,734,168		2.8		181.56
Fiscal 2009		156,253,572		5,837,053		2.2		191.53

Reference:

Own Capital:

As of December 31, 2010: ¥4,427,781 million; As of March 31, 2010: ¥3,513,050 million



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

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2009		—		0.00		—		8.00		8.00
Fiscal 2010		—		0.00		—
Fiscal 2010 (estimate)								6.00		6.00

Notes:

Revision of estimates for cash dividends for shareholders of common stock during this quarter:

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. Earnings Estimates for Fiscal 2010 (for the fiscal year ending March 31, 2011)


	(%: Changes from the corresponding period of the previous fiscal year)
		Net Income				Net Income per Share of Common Stock
		¥ million		%		¥
Fiscal 2010			500,000		108.8		24.83


Notes:	1.	Revision of the earnings estimates during this quarter: No

	2.	The average number of shares of outstanding common stock for fiscal 2010 used in calculating the above Net Income per Share of Common Stock is based on the following:

•

The average of the “average number of shares during 1Q, 2Q and 3Q” and the “number of shares as of December 31, 2010 (which is assumed to be the average number of shares during 4Q of fiscal 2010)” is used.

•

The increase or decrease during 4Q of fiscal 2010, such as an increase in the number of shares of common stock due to the request for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock, is not taken into consideration.

Mizuho Financial Group, Inc.

4. Others (Please refer to “Other Information” on page 1-3 of [Attachment] for details.)

(1) Changes in Significant Subsidiaries during the Period: No

(Note) Above are the changes in specified subsidiaries accompanying changes in the scope of consolidation during the period.

(2) Adoption of Simplified Accounting Methods and Specified Accounting Methods: Yes

(Note)

Above is the adoption of Simplified Accounting Methods and Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements.

(3) Changes in Accounting Methods and Presentation of Quarterly Consolidated Financial Statements

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

‚Changes other than above: No

(Note)

Above are the changes of accounting methods and presentation of quarterly consolidated financial statements which are to be described in the changes of fundamental and important matters for the preparation of Quarterly Consolidated Financial Statements.

(4) Issued Shares of Common Stock


Period-end issued shares (including treasury stock):	As of December 31, 2010: As of March 31, 2010:	21,585,203,880 shares; 15,494,397,690 shares
‚ Period-end treasury stock:	As of December 31, 2010: As of March 31, 2010:	5,652,349 shares; 9,397,093 shares
ƒ Average outstanding shares (accumulated period):	3Q Fiscal 2010: 3Q Fiscal 2009:	19,085,283,623 shares; 13,572,772,650 shares

(*Presentation of Implementation Status of Quarterly Review Procedure)

The review procedure of quarterly financial statements based on the Financial Instruments and Exchange Law is not 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 Management Policy and 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.

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:


	Cash Dividends per Share
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Eleventh Series Class XI Preferred Stock
Fiscal 2009		—		0.00		—		20.00		20.00
Fiscal 2010		—		0.00		—
Fiscal 2010 (estimate)								20.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2009		—		0.00		—		30.00		30.00
Fiscal 2010		—		0.00		—
Fiscal 2010 (estimate)								30.00		30.00

Mizuho Financial Group, Inc.

mContents of Attachment


1.	Qualitative Information related to Financial Statements	p.1-2
	(1) Qualitative Information related to Consolidated Results of Operations	p.1-2
	(2) Qualitative Information related to Consolidated Financial Conditions	p.1-2
	(3) Qualitative Information related to Consolidated Earnings Estimates	p.1-2

2.	Other Information	p.1-3
	(1) Changes in Significant Subsidiaries	p.1-3
	(2) Simplified Accounting Methods and Specified Accounting Methods	p.1-3
	(3) Changes of Accounting Methods and Presentation	p.1-3

3.	Quarterly Consolidated Financial Statements	p.1-4
	(1) Consolidated Balance Sheets	p.1-4
	(2) Consolidated Statements of Income	p.1-6
	(3) Note for Assumption of Going Concern	p.1-7
	(4) Note for Significant Changes in the Amount of Shareholders’ Equity	p.1-7
	øSelected Financial Information For the Third Quarter of Fiscal 2010

[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. Qualitative Information related to Financial Statements

(Please refer to “Summary Results for the Third Quarter of Fiscal 2010” on page 2-1 for more information.)

(1) Qualitative Information related to Consolidated Results of Operations

Reviewing the economic environment over the past nine months ended December 31, 2010, there are indications of regional variations in the speed of the continuing gradual recovery in the global economy which has been led by newly developing countries, and in Europe and the United States the risk remains of a slackening in the economy as global fiscal tightening makes its impact.

In the United States, there is movement towards recovery on the basis of steady exports and capital investment together with positive trends in consumer spending, but with rising unemployment and so on there is a risk of a stalling in economic growth. In Europe, overall economic growth is stagnant, and there is a growing gap between the richer and the poorer countries, while the effect of the fiscal problems experienced by certain countries on the financial markets and the real economy and so on means a continuing lack of visibility regarding the future of the global economy. In Asia, the increase in demand in the Chinese market has a knock-on effect in inducing an increase in exports and production activity in neighboring economies, and while the pace of growth is slowing, the region continues to maintain strong economic growth, although there are increasing concerns about inflation.

In Japan, although positive growth is being maintained as corporate profits improve among other factors, in addition to the various stimulus programs losing their effectiveness, with the continuing appreciation of the value of the yen against other currencies and the mild deflationary situation and so on, the current improvements in the economy are coming to a standstill. There are several causes for concern over the future direction of the economy, such as a slowing in economies abroad and a worsening in the employment situation, combining with the fluctuations in exchange rates, and the risk remains of these factors serving as a drag on economic growth.

In light of this economic environment, we will aim to enhance further our corporate value through the steady implementation of our Transformation Program, which consists of the three pillars of the program for improving profitability, the program for enhancing financial base and the program for strengthening front-line business capabilities.

Under the foregoing business environment, we recorded Net Income of ¥422.0 billion for the third quarter of the fiscal year ending March 31, 2011.

(2) Qualitative Information related to Consolidated Financial Conditions

Consolidated total assets as of December 31, 2010 amounted to ¥154,051.5 billion, decreasing by ¥2,202.0 billion from the end of the previous fiscal year.

Net Assets amounted to ¥6,734.1 billion, increasing by ¥897.1 billion from the end of the previous fiscal year. Shareholders’ Equity amounted to ¥4,256.9 billion, Valuation and Translation Adjustments amounted to ¥170.8 billion, and Minority Interests amounted to ¥2,303.6 billion.

In Assets, the balance of Loans and Bills Discounted amounted to ¥61,645.7 billion, decreasing by ¥518.8 billion from the end of the previous fiscal year while Securities were ¥41,842.1 billion, decreasing by ¥1,254.3 billion from the end of the previous fiscal year. In Liabilities, Deposits amounted to ¥74,875.4 billion, decreasing by ¥1,464.3 billion from the end of the previous fiscal year.

(3) Qualitative Information related to Consolidated Earnings Estimates

Based on the financial results for the third quarter of fiscal 2010, MHFG has not changed its consolidated earnings estimates for fiscal 2010, which were announced on November 12, 2010, and estimates Net Income of ¥500.0 billion for fiscal 2010.

The above estimates constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Please see the “forward-looking statements” legend for a description of the factors that could affect our ability to meet these estimates.

1-2

Mizuho Financial Group, Inc.

2. Other Information

(1) Changes in Significant Subsidiaries

(Changes in specified subsidiaries accompanying changes in the scope of consolidation during the period)

There is no applicable information.

(2) Simplified Accounting Methods and Specified Accounting Methods

[Simplified Accounting Methods]

Depreciation

As for tangible fixed assets that are depreciated by the declining-balance method, the depreciation expense is computed by the proportional distribution of the depreciation expense for the fiscal year.

‚ Reserves for Possible Losses on Loans

For the claims mentioned below, reserves for possible losses on loans are maintained at the estimated rate of losses for the second quarter of fiscal 2010.

The claims other than the claims extended to “Bankrupt Obligors” and “Substantially Bankrupt Obligors.”

The claims other than the claims extended to “Intensive Control Obligors” for which reserves are provided for the losses estimated for each individual loan.

[Specified Accounting Methods]

There is no applicable information.

(3) Changes of Accounting Methods and Presentation

[Changes in Accounting Methods]

(Accounting Standard for Equity Method of Accounting for Investments and Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method)

Mizuho Financial Group has applied “Accounting Standard for Equity Method of Accounting for Investments” (ASBJ Statement No. 16, March 10, 2008) and “Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method” (PITF No. 24, March 10, 2008) beginning with the first quarter of fiscal 2010.

This application does not affect the financial statements.

(Adoption of Accounting Standard for Asset Retirement Obligations)

Mizuho Financial Group has applied “Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18, March 31, 2008) and “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008) beginning with the first quarter of fiscal 2010.

As a result, Income before Income Taxes and Minority Interests decreased by ¥3,482 million. The change in Asset Retirement Obligations (which is in “Other Liabilities”) due to commencement of application of the accounting standards is ¥7,454 million.

[Additional Information]

(Issuance of New Shares by the Spread Method)

The spread method is adopted for the issuance of new shares (5,609,000 thousand shares) with a payment date of July 21, 2010. This is a method where the new shares are underwritten and purchased by the initial purchasers at the amount to be paid to MHFG (¥125.27 per share), and sold by the underwriters to the investors at an issue price (¥130.00 per share) different from the amount to be paid to MHFG.

Using the spread method, the aggregate amount of the difference between (a) the issue price and (b) the amount to be paid to MHFG is retained by the initial purchasers, and allocated to each of the underwriters as underwriting fees. Accordingly, Other Ordinary Expenses does not include the amount equivalent to such underwriting fees of ¥26,530 million related to the issuance.

The amount equivalent to such underwriting fees of ¥9,734 million, recognized as profit by consolidated subsidiaries, is eliminated and recorded as an increase in Capital Surplus.

1-3

Mizuho Financial Group, Inc.

3. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS

(1) CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of December 31, 2010			As of March 31, 2010 (Selected items)
Assets
Cash and Due from Banks	¥	4,649,090		¥	5,211,477
Call Loans and Bills Purchased		254,320			605,238
Receivables under Resale Agreements		7,932,190			7,129,676
Guarantee Deposits Paid under Securities Borrowing Transactions		6,886,666			5,744,901
Other Debt Purchased		1,793,569			2,040,445
Trading Assets		14,523,698			13,986,791
Money Held in Trust		94,523			119,438
Securities		41,842,149			43,096,460
Loans and Bills Discounted		61,645,762			62,164,579
Foreign Exchange Assets		835,691			707,803
Derivatives other than for Trading Assets		6,213,925			7,060,302
Other Assets		2,695,760			3,742,205
Tangible Fixed Assets		937,399			927,337
Intangible Fixed Assets		431,983			427,278
Deferred Tax Assets		496,375			533,030
Customers’ Liabilities for Acceptances and Guarantees		3,600,112			3,643,706
Reserves for Possible Losses on Loans		(781,681	)		(887,073	)
Reserve for Possible Losses on Investments		(21	)		(29	)

Total Assets	¥	154,051,514		¥	156,253,572

1-4

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of December 31, 2010			As of March 31, 2010 (Selected items)
Liabilities
Deposits	¥	74,875,478		¥	76,339,779
Negotiable Certificates of Deposit		10,935,213			10,287,808
Debentures		928,750			1,517,797
Call Money and Bills Sold		5,095,721			5,786,370
Payables under Repurchase Agreements		11,429,875			12,075,802
Guarantee Deposits Received under Securities Lending Transactions		6,562,737			6,615,512
Commercial Paper		85,388			—
Trading Liabilities		8,573,080			7,579,695
Borrowed Money		9,373,604			9,663,867
Foreign Exchange Liabilities		287,802			172,990
Short-term Bonds		514,297			492,397
Bonds and Notes		5,063,364			4,970,257
Due to Trust Accounts		1,073,432			1,025,431
Derivatives other than for Trading Liabilities		5,427,625			6,614,116
Other Liabilities		3,280,706			3,376,769
Reserve for Bonus Payments		15,337			48,946
Reserve for Employee Retirement Benefits		36,165			34,263
Reserve for Director and Corporate Auditor Retirement Benefits		2,114			2,112
Reserve for Possible Losses on Sales of Loans		1,840			15,258
Reserve for Contingencies		14,259			14,809
Reserve for Reimbursement of Deposits		13,940			14,748
Reserve for Reimbursement of Debentures		12,317			10,824
Reserves under Special Laws		1,378			2,149
Deferred Tax Liabilities		14,305			12,226
Deferred Tax Liabilities for Revaluation Reserve for Land		98,495			98,875
Acceptances and Guarantees		3,600,112			3,643,706

Total Liabilities		147,317,346			150,416,519

Net Assets
Common Stock and Preferred Stock		2,181,375			1,805,565
Capital Surplus		937,680			552,135
Retained Earnings		1,141,079			854,703
Treasury Stock		(3,196	)		(5,184	)

Total Shareholders’ Equity		4,256,938			3,207,219

Net Unrealized Gains on Other Securities, net of Taxes		45,303			176,931
Net Deferred Hedge Gains, net of Taxes		90,824			83,093
Revaluation Reserve for Land, net of Taxes		137,823			138,430
Foreign Currency Translation Adjustments		(103,108	)		(92,623	)

Total Valuation and Translation Adjustments		170,843			305,831

Stock Acquisition Rights		2,776			2,301
Minority Interests		2,303,610			2,321,700

Total Net Assets		6,734,168			5,837,053

Total Liabilities and Net Assets	¥	154,051,514		¥	156,253,572

1-5

Mizuho Financial Group, Inc.

(2) CONSOLIDATED STATEMENTS OF INCOME


	*Millions of yen*
	For the nine months ended December 31, 2009			For the nine months ended December 31, 2010
Ordinary Income	¥	2,133,685		¥	2,087,201
Interest Income		1,195,892			1,086,525
Interest on Loans and Bills Discounted		808,101			675,443
Interest and Dividends on Securities		254,247			259,606
Fiduciary Income		34,751			34,307
Fee and Commission Income		395,647			404,189
Trading Income		239,508			226,432
Other Operating Income		152,838			269,578
Other Ordinary Income		115,046			66,167

Ordinary Expenses		1,973,922			1,530,715
Interest Expenses		332,260			264,106
Interest on Deposits		130,375			83,625
Interest on Debentures		9,501			5,488
Fee and Commission Expenses		73,447			77,642
Other Operating Expenses		119,708			112,066
General and Administrative Expenses		983,228			954,297
Other Ordinary Expenses		465,277			122,601

Ordinary Profits		159,762			556,486

Extraordinary Gains		108,446			40,280

Extraordinary Losses		62,097			9,571

Income before Income Taxes and Minority Interests		206,111			587,195

Income Taxes:
Current		20,448			17,738
Refund of Income Taxes		(6,064	)
Deferred		(8,809	)		74,945
Total Income Taxes		5,574			92,684

Income before Minority Interests		200,536			494,510

Minority Interests in Net Income		74,256			72,438

Net Income	¥	126,280		¥	422,072

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


	*Millions of yen*
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of March 31, 2010		1,805,565		552,135		854,703			(5,184	)		3,207,219
Changes for the nine months ended December 31, 2010
Issuance of New Shares		375,810		385,544		—			—			761,354
Cash Dividends		—		—		(134,966	)		—			(134,966	)
Net Income (Accumulated Period)		—		—		422,072			—			422,072
Repurchase of Treasury Stock		—		—		—			(2	)		(2	)
Disposition of Treasury Stock		—		—		(1,314	)		1,990			675
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		585			—			585
Total Changes for the nine months ended December 31, 2010		375,810		385,544		286,376			1,987			1,049,718
Balance as of December 31, 2010		2,181,375		937,680		1,141,079			(3,196	)		4,256,938

1-7

SELECTED FINANCIAL INFORMATION

For the Third Quarter of Fiscal 2010

(Nine months ended December 31, 2010)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes :

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

“NON” : Non-consolidated figures of Mizuho Bank, Ltd. (“MHBK”), Mizuho Corporate Bank, Ltd. (“MHCB”) and Mizuho

Trust & Banking Co., Ltd. (“MHTB”).

SUMMARY RESULTS FOR THE THIRD QUARTER OF FISCAL 2010

(Nine months ended December 31, 2010)

Page

2- 1

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2010

See above Notes

Page

1. Income Analysis

CON

NON

3- 1

2. Net Gains/Losses on Stocks

NON

3- 3

3. Unrealized Gains/Losses on Securities

CON

NON

3- 4

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

NON

3- 6

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

CON

NON

3- 7

6. Status of Deposits and Loans

NON

3- 9

Summary Results for the Third Quarter of Fiscal 2010

(Nine months ended December 31, 2010)

I. Summary of Income Analysis

Consolidated Net Business Profits

•

Consolidated Gross Profits for the nine months ended December 31, 2010 increased by JPY 73.9 billion on a year-on-year basis to JPY 1,567.2 billion.

Gross Profits of the banking subsidiaries increased by JPY 36.2 billion on a year-on-year basis (increased by JPY 113.8 billion after the adjustment of the impact for fiscal 2009 of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs). This is due to an increase in income from the Trading segment derived from flexible and timely operations properly interpreting market trends, in addition to a year-on-year increase in income from Customer Groups (JPY 24.6 billion), both domestically and overseas, arising mainly from non-interest income.

G&A expenses of the banking subsidiaries decreased by JPY 18.9 billion on a year-on-year basis mainly due to continued overall cost reduction efforts running through the first half of fiscal 2010.

•

Aggregated consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities and Mizuho Investors Securities) decreased by JPY 23.2 billion on a year-on-year basis.

•

As a result, Consolidated Net Business Profits amounted to JPY 610.8 billion, a year-on-year increase of JPY 83.2 billion.

Consolidated Net Income

•

Credit-related Costs of the 3 Banks recorded a reversal, as in the first half of fiscal 2010, which amounted to JPY 21.8 billion. This was an improvement of JPY 186.9 billion on a year-on-year basis, primarily due to improved obligor classifications through our business revitalization support to corporate customers and other factors. Consolidated Credit-related Costs also amounted to a reversal of JPY 0.1 billion, an improvement of JPY 216.5 billion on a year-on-year basis.

•

Net Losses related to Stocks of the 3 Banks amounted to JPY 14.2 billion. This is mainly as a consequence of recording devaluation losses for certain stocks after a decline in stock prices.

•

As a result, Consolidated Net Income for the nine months ended December 31, 2010 increased by JPY 295.7 billion on a year-on-year basis to JPY 422.0 billion.

(Consolidated)


	3Q of FY2010 (Apr. 1 - Dec. 31, 2010)
			Change from 3Q of FY2009
(JPY Bn)
Consolidated Gross Profits		1,567.2		73.9
Consolidated Net Business Profits*		610.8		83.2
Credit-related Costs		0.1		216.5
Net Gains (Losses) related to Stocks		-7.4		9.4
Ordinary Profits		556.4		396.7
Net Income		422.0		295.7

Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

(Reference) 3 Banks


	3Q of FY2010 (Apr. 1 - Dec. 31, 2010)
			Change from 3Q of FY2009
(JPY Bn)
Gross Profits		1,244.3		* 36.2
G&A Expenses (excluding Non-Recurring Losses)		-655.8		18.9
Net Business Profits		588.4		* 55.2
Credit-related Costs		21.8		186.9
Net Gains (Losses) related to Stocks		-14.2		1.2
Ordinary Profits		465.0		304.0
Net Income		438.7		238.2

The results of 3Q of FY2009 included the impact on banking subsidiaries (JPY 77.5 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs. After adjustment for this impact, the change from 3Q of FY2009 for Gross Profits is JPY 113.8 billion, and that for Net Business Profits is JPY 132.7 billion, respectively

2-1

Net Interest Income

•

The average loan balance for the three-month period from October to December 2010 decreased by JPY 0.8 trillion from the first half of fiscal 2010. This is due to a decrease in domestic loans mainly to large corporate customers and overseas loans including the foreign exchange translation impact. Meanwhile, the loan balance as of December 31, 2010 was JPY 61.1 trillion, almost unchanged compared with that as of the end of the first half of fiscal 2010 (September 30, 2010). While loans to Deposit Insurance Corporation of Japan and the Japanese Government decreased by JPY 0.4 trillion, the remainder of the total loan balance increased.

•

The domestic loan-and-deposit rate margin for the three-month period from October to December 2010 was 1.35%, the same level as for the three-month period from July to September 2010.

LOGO

Non-Interest Income

•

Non-interest income from Customer Groups of the 3 Banks on a managerial accounting basis for the nine months ended December 31, 2010 increased by JPY 37.0 billion on a year-on-year basis.

•

As well as income associated with investment trusts and individual annuities from individual customers substantially increasing on a year-on-year basis, income associated with foreign exchanges business, overseas business, trust and asset management business of Mizuho Trust & Banking and other factors also increased.

•

During the three-month period from October to December 2010, non-interest income from Customer Groups of the 3 Banks increased on a year-on-year basis.

LOGO

2-2

II. Financial Soundness

•

The balance of Disclosed Claims under the Financial Reconstruction Law (3 Banks) amounted to JPY 1,227.5 billion, a decrease of JPY 74.5 billion, and NPL Ratio was 1.79%, an improvement of 0.11%, from those as of September 30, 2010, respectively.

•

Unrealized Gains on Other Securities amounted to JPY 87.8 billion, a decrease of JPY 14.5 billion from that as of September 30, 2010. This is because, while Unrealized Gains on Japanese Stocks increased, Unrealized Gains on Japanese Bonds and Other decreased associated with increases in interest rates both domestically and overseas.

•

We will announce our Consolidated Capital Adequacy Ratio as of December 31, 2010 at a later date.


	December 31, 2010
				Change from Sep. 30, 2010
(JPY Bn, %)
Net Deferred Tax Assets (DTAs) (Consolidated)		482.0			35.0
Disclosed Claims under the Financial Reconstruction Law (3 Banks)		1,227.5			-74.5
NPL Ratio		1.79	%		-0.11	%
Unrealized Gains (Losses) on Other Securities (Consolidated) *		87.8			-14.5

*	The base amount to be recorded directly to Net Assets after tax and other necessary adjustments

III. Disciplined Capital Management

•

It has become increasingly important for financial institutions to strengthen capital base amid the ongoing global discussions on the revision of capital regulations. Therefore, as our medium-term target, we aim to increase our consolidated Tier 1 capital ratio to 12% level and our prime capital* ratio to 8% or above.

Prime Capital = Tier 1 capital - preferred debt securities - preferred stock (excluding mandatory convertible preferred stock)

•

We announced Mizuho’s Transformation Program in May 2010, and are addressing the issues for improving profitability and enhancing financial base. We will strive to further strengthen our financial base mainly by accumulating retained earnings and improving asset efficiency through the steady implementation of the Program. Accordingly, we believe we will be able to sufficiently meet new capital regulations.

•

In this fiscal year, we have strengthened our capital base mainly as a result of earning JPY 422 billion of Consolidated Net Income for the nine months ended December 31 and through issuing common stock in the first half of fiscal 2010. We continue to pursue “disciplined capital management” policy, optimally balancing “strengthening of stable capital base” and “steady returns to shareholders” in accordance with changes in the business environment, our financial condition or other factors.

(Note) The outstanding balance of Eleventh Series Class XI Preferred Stock as of December 31, 2010 (excluding treasury stock) was JPY 473.0 billion (49.8% out of JPY 943.7 billion of the initial amount issued had been already converted into common stock).

2-3

[Reference]

Breakdown of Earnings by Business Segment


[3 Banks]	3Q of FY2010 (Apr. 1 - Dec. 31, 2010)
			Change from 3Q of FY2009
(JPY Bn)
Gross Profits		905.3		24.6
G&A Expenses		-527.7		6.5
Customer Groups		377.6		31.2
Gross Profits		338.8		11.5	(89.1	)
G&A Expenses		-128.1		12.3
Trading & Others		210.7		23.9	(101.5	)
Gross Profits		1,244.3		36.2	(113.8	)
G&A Expenses		-655.8		18.9
Net Business Profits		588.4		55.2	(132.7	)


(Note)		The figures in parentheses reflect the adjustment of the impact on banking subsidiaries in FY2009 (JPY 77.5 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs.

Definition

3 Banks: Aggregate figures for Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking on a non-consolidated basis.

2-4

Mizuho Financial Group, Inc.

FINANCIAL INFORMATION FOR THE THIRD QUARTER OF FISCAL 2010

1. Income Analysis

CONSOLIDATED


		*(Billions of yen)*
		Third Quarter of Fiscal 2010 (Accumulated Period)			Change			Third Quarter of Fiscal 2009 (Accumulated Period)			Fiscal 2009
Consolidated Gross Profits	1		1,567.2			73.9			1,493.2			1,996.6
Net Interest Income	2		822.4			(41.2	)		863.6			1,151.7
Fiduciary Income	3		34.3			(0.4	)		34.7			49.1
Credit Costs for Trust Accounts	4		—			—			—			—
Net Fee and Commission Income	5		326.5			4.3			322.1			466.0
Net Trading Income	6		226.4			(13.0	)		239.5			312.3
Net Other Operating Income	7		157.5			124.3			33.1			17.4
General and Administrative Expenses	8		(954.2	)		28.9			(983.2	)		(1,317.2	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	9		(45.7	)		206.5			(252.3	)		(262.3	)
Net Gains (Losses) related to Stocks	10		(7.4	)		9.4			(16.8	)		4.2
Equity in Income from Investments in Affiliates	11		(2.6	)		(4.8	)		2.2			2.8
Other	12		(0.5	)		82.6			(83.1	)		(96.9	)

Ordinary Profits	13		556.4			396.7			159.7			327.1

Net Extraordinary Gains (Losses)	14		30.7			(15.6	)		46.3			50.6
Reversal of Reserves for Possible Losses on Loans, etc.	15		*45.9*			10.0			35.8			43.0
Reversal of Reserve for Possible Losses on Investments	16		*0.0*			0.0			—			—

Income before Income Taxes and Minority Interests	17		587.1			381.0			206.1			377.7

Income Taxes	18		(92.6	)		(87.1	)		(5.5	)		(43.1	)
Income before Minority Interests	19		494.5			293.9			200.5			334.6
Minority Interests in Net Income	20		(72.4	)		1.8			(74.2	)		(95.2	)

Net Income	21		422.0			295.7			126.2			239.4



Credit-related Costs (including Credit Costs for Trust Accounts)	22		0.1			216.5			(216.4	)		(219.3	)
* Credit-related Costs [22] = 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. [15] + Credit Costs for Trust Accounts [4]
(Reference)
Consolidated Net Business Profits	23		610.8			83.2			527.5			702.6
* Consolidated Net Business Profits [23] = 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	24		158			(7	)		165			162
Number of affiliates under the equity method	25		21			(2	)		23			21

3-1

Mizuho Financial Group, Inc.

NON-CONSOLIDATED

Aggregated Figures of the 3 Banks


		*(Billions of yen)*
		Third Quarter of Fiscal 2010 (Accumulated Period)
		MHBK			MHCB			MHTB			Aggregated Figures			Change			Third Quarter of Fiscal 2009 (Accumulated Period)			Fiscal 2009
Gross Profits	1		613.6			532.2			98.3			1,244.3			36.2			1,208.0			1,593.1
Net Interest Income	2		424.8			293.3			31.4			749.5			(95.6	)		845.1			1,102.6
Fiduciary Income	3								33.9			33.9			(0.3	)		34.2			48.5
Credit Costs for Trust Accounts	4								—			—			—			—			—
Net Fee and Commission Income	5		105.9			83.5			20.0			209.5			8.3			201.1			289.0
Net Trading Income	6		55.1			52.0			2.3			109.5			9.9			99.6			136.6
Net Other Operating Income	7		27.7			103.3			10.6			141.7			113.9			27.8			16.3
General and Administrative Expenses (excluding Non-Recurring Losses)	8		(418.3	)		(171.9	)		(65.5	)		(655.8	)		18.9			(674.8	)		(907.2	)

*Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	9		195.3			360.2			32.8			588.4			55.2			533.2			685.9

Reversal of (Provision for) General Reserve for Possible Losses on Loans	10		—			—			—			—			(10.1	)		10.1			47.6

Net Business Profits	11		195.3			360.2			32.8			588.4			45.0			543.4			733.5
Net Gains (Losses) related to Bonds	12		*34.5*			*101.5*			*11.1*			*147.2*			106.8			40.4			25.5

Net Non-Recurring Gains (Losses)	13		(80.1	)		(36.2	)		(7.0	)		(123.3	)		258.9			(382.3	)		(427.8	)
Net Gains (Losses) related to Stocks	14		(7.3	)		(7.9	)		1.0			(14.2	)		1.2			(15.5	)		10.9
Expenses related to Portfolio Problems	15		(38.8	)		(5.8	)		(1.6	)		(46.3	)		163.1			(209.4	)		(246.1	)
Other	16		(33.9	)		(22.4	)		(6.3	)		(62.7	)		94.5			(157.3	)		(192.6	)

Ordinary Profits	17		115.2			324.0			25.8			465.0			304.0			161.0			305.6

Net Extraordinary Gains (Losses)	18		19.4			32.5			1.5			53.5			21.0			32.5			37.2
Reversal of Reserves for Possible Losses on Loans, etc.	19		*23.0*			*44.0*			*1.0*			*68.1*			33.9			34.1			41.4
Reversal of Reserve for Possible Losses on Investments	20		*0.0*			*0.1*			—			*0.1*			(1.4	)		1.5			0.0

Income before Income Taxes	21		134.7			356.5			27.3			518.6			325.0			193.5			342.9

Income Taxes	22		6.2			(80.8	)		(5.3	)		(79.9	)		(86.7	)		6.8			(29.8	)

Net Income	23		140.9			275.7			22.0			438.7			238.2			200.4			313.1

* 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 [4].

Credit-related Costs	24		(15.7	)		38.2			(0.6	)		21.8			186.9			(165.1	)		(157.1	)
* Credit-related Costs [24] = Expenses related to Portfolio Problems [15] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [10] + Reversal of Reserves for Possible Losses on Loans, etc. [19] + Credit Costs for Trust Accounts [4] (Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	25								—			—			—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	26		21.9			17.8			1.7			41.4			31.3			10.1			47.6
Losses on Write-offs of Loans	27		(19.3	)		5.5			(1.4	)		(15.2	)		59.9			(75.2	)		(88.2	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	28		(17.0	)		14.0			(0.6	)		(3.5	)		84.6			(88.2	)		(99.4	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	29		—			0.1			0.0			0.1			(0.1	)		0.2			0.3
Reversal of (Provision for) Reserve for Contingencies	30		—			0.6			(0.1	)		0.4			(0.1	)		0.6			1.5
Other (including Losses on Sales of Loans)	31		(1.3	)		(0.1	)		—			(1.4	)		11.3			(12.8	)		(18.8	)
Total	32		(15.7	)		38.2			(0.6	)		21.8			186.9			(165.1	)		(157.1	)

3-2

Mizuho Financial Group, Inc.

2. Net Gains/Losses on Stocks

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	Third Quarter of Fiscal 2010 (Accumulated Period)			Change			Third Quarter of Fiscal 2009 (Accumulated Period)
Net Gains (Losses) related to Stocks		(14.1	)		(0.1	)		(13.9	)
Gains on Sales		32.7			(45.4	)		78.2
Losses on Sales		(23.5	)		(14.3	)		(9.2	)
Impairment (Devaluation)		(23.1	)		31.1			(54.2	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0.1			(1.3	)		1.5
Gains (Losses) on Derivatives other than for Trading		(0.3	)		29.9			(30.3	)

*	Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Bank


	Third Quarter of Fiscal 2010 (Accumulated Period)			Change			Third Quarter of Fiscal 2009 (Accumulated Period)
Net Gains (Losses) related to Stocks		(7.3	)		1.6			(9.0	)
Gains on Sales		3.5			(21.1	)		24.6
Losses on Sales		(3.9	)		(1.5	)		(2.3	)
Impairment (Devaluation)		(7.6	)		3.4			(11.1	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0.0			0.0			(0.0	)
Gains (Losses) on Derivatives other than for Trading		0.7			20.9			(20.2	)

*	Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Corporate Bank


	Third Quarter of Fiscal 2010 (Accumulated Period)			Change			Third Quarter of Fiscal 2009 (Accumulated Period)
Net Gains (Losses) related to Stocks		(7.8	)		(2.7	)		(5.0	)
Gains on Sales		25.5			(26.3	)		51.8
Losses on Sales		(18.7	)		(12.1	)		(6.6	)
Impairment (Devaluation)		(13.6	)		28.1			(41.7	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0.1			(1.4	)		1.5
Gains (Losses) on Derivatives other than for Trading		(1.1	)		8.9			(10.0	)

*	Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking


	Third Quarter of Fiscal 2010 (Accumulated Period)			Change			Third Quarter of Fiscal 2009 (Accumulated Period)
Net Gains (Losses) related to Stocks		1.0			0.9			0.1
Gains on Sales		3.6			1.9			1.7
Losses on Sales		(0.8	)		(0.6	)		(0.2	)
Impairment (Devaluation)		(1.8	)		(0.4	)		(1.3	)
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	)

3-3

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 December 31, 2010									As of September 30, 2010									As of December 31, 2009
	Book Value (=Fair Value)		Unrealized Gains/Losses							Book Value (=Fair Value)		Unrealized Gains/Losses							Book Value (=Fair Value)		Unrealized Gains/Losses
	Book Value (=Fair Value)					Gains		Losses		Book Value (=Fair Value)					Gains		Losses		Book Value (=Fair Value)					Gains		Losses
MHFG (Consolidated)
Other Securities		41,484.6		82.4			658.3		575.8		43,941.3		96.8			668.6		571.7		38,531.5		89.9			654.9		564.9
Japanese Stocks		2,715.9		216.0			457.9		241.9		2,615.8		86.8			377.3		290.5		2,808.9		210.6			471.4		260.7
Japanese Bonds		31,192.7		27.1			95.1		67.9		31,306.3		118.0			146.0		28.0		27,377.8		90.8			101.5		10.7
Other		7,575.9		(160.7	)		105.2		265.9		10,019.0		(107.9	)		145.2		253.1		8,344.7		(211.5	)		81.9		293.4

*	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 ¥(5.4) billion, ¥(5.5) billion and ¥14.8 billion, which were recognized in the statement of income as of the end of December 2010, as of the end of September 2010 and as of the end of December 2009, respectively, by applying the fair-value hedge method and others.

(2) Bonds Held to Maturity

(Billions of yen)

As of December 31, 2010

As of September 30, 2010

As of December 31, 2009

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

MHFG (Consolidated)

1,053.0

8.1

8.6

0.4

903.6

12.4

—

506.3

5.3

—

NON-CONSOLIDATED

Aggregated Figures of the 3 Banks

(1) Other Securities


	*(Billions of yen)*
	As of December 31, 2010									As of September 30, 2010									As of December 31, 2009
	Book Value (=Fair Value)		Unrealized Gains/Losses							Book Value (=Fair Value)		Unrealized Gains/Losses							Book Value (=Fair Value)		Unrealized Gains/Losses
	Book Value (=Fair Value)					Gains		Losses		Book Value (=Fair Value)					Gains		Losses		Book Value (=Fair Value)					Gains		Losses
MHBK
Other Securities		19,230.2		(15.9	)		158.1		174.1		19,453.3		(0.6	)		178.2		178.9		16,752.0		(1.8	)		148.0		149.8
Japanese Stocks		706.7		(4.9	)		86.9		91.9		687.0		(38.4	)		67.6		106.1		687.5		(15.9	)		76.5		92.5
Japanese Bonds		16,352.0		11.9			47.1		35.2		15,683.6		48.8			73.4		24.5		13,633.2		51.4			58.1		6.6
Other		2,171.4		(22.9	)		24.0		46.9		3,082.6		(11.0	)		37.2		48.2		2,431.2		(37.3	)		13.3		50.6
MHCB
Other Securities		19,543.4		58.6			422.7		364.1		22,053.4		55.5			416.2		360.6		19,410.1		56.3			414.5		358.1
Japanese Stocks		1,782.4		159.2			307.7		148.5		1,708.6		68.7			253.9		185.2		1,865.7		153.7			312.4		158.7
Japanese Bonds		13,010.1		9.9			41.2		31.2		14,118.3		56.7			60.0		3.2		12,332.1		28.9			32.1		3.1
Other		4,750.8		(110.4	)		73.8		184.2		6,226.4		(69.9	)		102.2		172.1		5,212.2		(126.3	)		69.9		196.2
MHTB
Other Securities		2,131.8		30.0			60.7		30.6		1,963.0		34.7			61.7		27.0		1,722.0		26.6			63.2		36.5
Japanese Stocks		194.0		37.5			50.4		12.9		185.5		29.0			41.9		12.9		200.4		36.9			51.8		14.8
Japanese Bonds		1,454.8		4.6			6.0		1.3		1,177.4		11.5			11.8		0.2		967.1		9.4			10.3		0.9
Other		482.9		(12.0	)		4.2		16.3		600.0		(5.8	)		7.9		13.7		554.3		(19.7	)		0.9		20.7
Total
Other Securities		40,905.5		72.7			641.6		568.8		43,469.7		89.6			656.2		566.6		37,884.2		81.2			625.8		544.5
Japanese Stocks		2,683.2		191.7			445.1		253.3		2,581.2		59.2			363.5		304.3		2,753.8		174.7			440.8		266.1
Japanese Bonds		30,817.0		26.5			94.4		67.8		30,979.4		117.2			145.2		28.0		26,932.5		89.9			100.6		10.7
Other		7,405.2		(145.5	)		102.0		247.6		9,909.0		(86.8	)		147.4		234.2		8,197.8		(183.4	)		84.3		267.7

*	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 ¥10.9 billion, ¥10.5 billion and ¥38.1 billion, which were recognized as Income/Loss as of the end of December 2010, as of the end of September 2010, and as of the end of December 2009, respectively, by applying the fair-value hedge method and others.

3-4

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity


	*(Billions of yen)*
	As of December 31, 2010								As of September 30, 2010								As of December 31, 2009
	Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses						Book Value		Unrealized Gains/Losses
	Book Value				Gains		Losses		Book Value				Gains		Losses		Book Value				Gains		Losses
MHBK		1,050.6		8.1		8.6		0.4		900.6		12.3		12.3		—		500.4		5.3		5.3		—
MHCB		—		—		—		—		—		—		—		—		—		—		—		—
MHTB		—		—		—		—		—		—		—		—		—		—		—		—
Total		1,050.6		8.1		8.6		0.4		900.6		12.3		12.3		—		500.4		5.3		5.3		—

(3) Investments in Subsidiaries and Affiliates


	*(Billions of yen)*
	As of December 31, 2010									As of September 30, 2010									As of December 31, 2009
	Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses							Book Value		Unrealized Gains/Losses
	Book Value					Gains		Losses		Book Value					Gains		Losses		Book Value					Gains		Losses
MHBK		88.2		(32.1	)		—		32.1		88.2		(34.3	)		—		34.3		88.2		(29.0	)		—		29.0
MHCB		338.0		(130.8	)		—		130.8		338.0		(155.3	)		—		155.3		338.0		(60.2	)		—		60.2
MHTB		—		—			—		—		—		—			—		—		—		—			—		—
Total		426.3		(162.9	)		—		162.9		426.3		(189.7	)		—		189.7		426.3		(89.2	)		—		89.2

(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
December 31,
2010

As of
September 30,
2010

As of
December 31,
2009

Unrealized Gains/Losses

Change from
September 30,
2010

Change from
December 31,
2009

Unrealized
Gains/Losses

Other Securities

87.8

(14.5

)

12.8

102.4

75.0

Japanese Stocks

216.0

129.2

5.3

86.8

210.6

Japanese Bonds

25.1

(92.9

)

(42.9

)

118.0

68.0

Other

(153.2

)

(50.8

)

50.3

(102.4

)

(203.6

)

NON-CONSOLIDATED

Aggregated Figures of the 3 Banks

(Billions of yen)

As of
December 31,
2010

As of
September 30,
2010

As of
December 31,
2009

Unrealized Gains/Losses

Change from
September 30,
2010

Change from
December 31,
2009

Unrealized
Gains/Losses

Other Securities

61.8

(17.1

)

18.8

79.0

43.0

Japanese Stocks

191.7

132.5

17.0

59.2

174.7

Japanese Bonds

24.4

(92.8

)

(42.6

)

117.2

67.1

Other

(154.3

)

(56.9

)

44.4

(97.4

)

(198.7

)

3-5

Mizuho Financial Group, Inc.

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

NON-CONSOLIDATED

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of December 31, 2010						As of September 30, 2010						As of December 31, 2009
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
MHBK		95.3		83.7	11.5			120.5		90.4	30.1			127.7		94.5	33.1
MHCB		688.8		409.4	279.3			785.2		449.5	335.7			710.4		501.7	208.7
MHTB		68.3		77.1	(8.7	)		68.9		75.7	(6.8	)		61.9		72.5	(10.6	)

Total		852.4		570.3	282.1			974.7		615.6	359.0			900.1		668.8	231.2

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

3-6

Mizuho Financial Group, Inc.

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

CONSOLIDATED


	*(Billions of yen)*
	As of December 31, 2010								As of September 30, 2010		As of December 31, 2009
			Change from September 30, 2010			Change from December 31, 2009			As of September 30, 2010		As of December 31, 2009
Consolidated
Claims against Bankrupt and Substantially Bankrupt Obligors		246.3		(12.9	)		(58.3	)		259.2		304.7
Claims with Collection Risk		559.8		(56.9	)		(99.3	)		616.7		659.1
Claims for Special Attention		541.7		3.6			78.0			538.0		463.7
Total		1,347.9		(66.1	)		(79.7	)		1,414.0		1,427.6
Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Claims with Collection Risk		3.1		(0.0	)		(0.0	)		3.1		3.1
Claims for Special Attention		—		—			—			—		—
Total		3.1		(0.0	)		(0.0	)		3.1		3.1
Total (Consolidated + Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		246.3		(12.9	)		(58.3	)		259.2		304.7
Claims with Collection Risk		562.9		(56.9	)		(99.3	)		619.8		662.3
Claims for Special Attention		541.7		3.6			78.0			538.0		463.7
Total		1,351.0		(66.1	)		(79.7	)		1,417.1		1,430.8

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

3-7

Mizuho Financial Group, Inc.

NON-CONSOLIDATED

Aggregated Figures of the 3 Banks


	*(Billions of yen, %)*
	As of December 31, 2010									As of September 30, 2010			As of December 31, 2009
				Change from September 30, 2010			Change from December 31, 2009			As of September 30, 2010			As of December 31, 2009
Total (Banking Account + Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		232.1			(13.6	)		(53.6	)		245.8			285.8
Claims with Collection Risk		554.3			(56.7	)		(98.0	)		611.0			652.4
Claims for Special Attention		441.0			(4.1	)		8.2			445.1			432.7
Sub-total [1]		1,227.5			(74.5	)		(143.4	)		1,302.0			1,370.9
NPL ratio [1]/[2]		*1.79*	%		(0.11	)%		(0.14	)%		1.90	%		1.93	%

Normal Claims		67,105.2			121.6			(2,254.3	)		66,983.6			69,359.5

Total [2]		68,332.7			47.0			(2,397.7	)		68,285.6			70,730.5


MHBK
Claims against Bankrupt and Substantially Bankrupt Obligors		174.2			(6.3	)		(26.3	)		180.5			200.5
Claims with Collection Risk		426.6			28.2			28.6			398.3			397.9
Claims for Special Attention		263.6			(14.2	)		1.0			277.9			262.6
Sub-total [3]		864.5			7.6			3.3			856.9			861.2
NPL ratio [3]/[4]		*2.44*	%		0.03	%		0.00	%		2.41	%		2.44	%

Normal Claims		34,488.5			(148.9	)		126.1			34,637.4			34,362.3

Total [4]		35,353.0			(141.3	)		129.4			35,494.3			35,223.5


MHCB
Claims against Bankrupt and Substantially Bankrupt Obligors		25.3			(5.5	)		(5.3	)		30.8			30.7
Claims with Collection Risk		90.4			(88.1	)		(145.1	)		178.5			235.5
Claims for Special Attention		160.2			9.4			(0.2	)		150.7			160.5
Sub-total [5]		276.0			(84.1	)		(150.7	)		360.2			426.7
NPL ratio [5]/[6]		*0.93*	%		(0.29	)%		(0.40	)%		1.22	%		1.33	%

Normal Claims		29,344.5			390.6			(2,096.4	)		28,953.9			31,440.9

Total [6]		29,620.6			306.4			(2,247.1	)		29,314.1			31,867.7


MHTB
Banking Account
Claims against Bankrupt and Substantially Bankrupt Obligors		32.5			(1.7	)		(21.9	)		34.3			54.5
Claims with Collection Risk		34.2			3.1			18.4			31.1			15.7
Claims for Special Attention		17.0			0.6			7.5			16.4			9.5
Sub-total [7]		83.9			2.0			4.0			81.8			79.8
NPL ratio [7]/[8]		*2.51*	%		0.14	%		0.30	%		2.37	%		2.21	%

Normal Claims		3,247.9			(119.7	)		(281.2	)		3,367.6			3,529.1

Total [8]		3,331.8			(117.6	)		(277.1	)		3,449.5			3,608.9

Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—			—			—			—			—
Claims with Collection Risk		3.1			(0.0	)		(0.0	)		3.1			3.1
Claims for Special Attention		—			—			—			—			—
Sub-total [9]		3.1			(0.0	)		(0.0	)		3.1			3.1
NPL ratio [9]/[10]		*11.36*	%		0.15	%		1.03	%		11.20	%		10.32	%

Normal Claims		24.2			(0.3	)		(2.8	)		24.5			27.0

Total [10]		27.3			(0.3	)		(2.9	)		27.7			30.2


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

3-8

Mizuho Financial Group, Inc.

6. Status of Deposits and Loans

NON-CONSOLIDATED

(1)-1 Deposits

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of December 31, 2010								As of September 30, 2010		As of December 31, 2009
			Change from September 30, 2010			Change from December 31, 2009			As of September 30, 2010		As of December 31, 2009
MHBK		54,771.7		97.2			181.9			54,674.4		54,589.7
MHCB		18,312.4		(896.1	)		211.8			19,208.6		18,100.6
MHTB		2,278.2		(45.7	)		(297.6	)		2,323.9		2,575.8
Total		75,362.4		(844.5	)		96.2			76,207.0		75,266.2

(1)-2 Domestic Deposits

Aggregated Figures of the 3 Banks

(Billions of yen)

As of December 31, 2010

As of
September 30, 2010

As of
December 31, 2009

Change from
September 30, 2010

Change from
December 31, 2009

MHBK

54,743.1

94.4

202.1

54,648.7

54,540.9

Individual deposits

34,237.8

733.6

528.8

33,504.2

33,709.0

MHCB

10,639.7

(745.6

)

455.2

11,385.3

10,184.4

Individual deposits

24.5

20.8

22.1

3.6

2.3

MHTB

2,271.7

(45.5

)

(296.9

)

2,317.2

2,568.7

Individual deposits

1,622.5

(29.7

)

(151.3

)

1,652.3

1,773.9

Total

67,654.6

(696.7

)

360.4

68,351.3

67,294.1

Individual deposits

35,884.9

724.6

399.5

35,160.2

35,485.3

Note: Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.

(2) Loans and Bills Discounted

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of December 31, 2010								As of September 30, 2010		As of December 31, 2009
			Change from September 30, 2010			Change from December 31, 2009			As of September 30, 2010		As of December 31, 2009

MHBK		33,086.6		(192.3	)		276.2			33,279.0		32,810.4
MHCB		25,558.1		131.4			(2,012.5	)		25,426.7		27,570.6
MHTB		3,217.4		(120.7	)		(278.0	)		3,338.2		3,495.4
Total		61,862.2		(181.6	)		(2,014.3	)		62,043.9		63,876.5

Note:

Loans to MHFG are included as follows:

As of December 31, 2010: ¥740.7 billion (¥700.0 billion from MHBK and ¥40.7 billion from MHCB)

As of September 30, 2010: ¥700.0 billion (from MHBK)

As of December 31, 2009: ¥700.0 billion (from MHBK)

(3) Interest Margins (Domestic Operations)

Aggregated Figures of MHBK and MHCB

	68.60	68.60		68.60		68.60			68.60		68.60
			*(%)*
			Third Quarter of Fiscal 2010 (For the nine months)					Third Quarter of Fiscal 2009 (For the nine months)
					Change			Third Quarter of Fiscal 2009 (For the nine months)		Fiscal 2009
MHBK
Return on Loans and Bills Discounted		1		1.48		(0.09	)		1.57		1.57
Cost of Deposits and Debentures		2		0.10		(0.06	)		0.16		0.16
Loan and Deposit Rate Margin [1]-[2]		3		1.37		(0.03	)		1.41		1.41
MHCB
Return on Loans and Bills Discounted		4		1.04		(0.16	)		1.20		1.18
Cost of Deposits and Debentures		5		0.14		(0.09	)		0.24		0.22
Loan and Deposit Rate Margin [4]-[5]		6		0.90		(0.06	)		0.96		0.96
Total
Return on Loans and Bills Discounted		7		1.32		(0.11	)		1.44		1.43
Cost of Deposits and Debentures		8		0.11		(0.07	)		0.18		0.17
Loan and Deposit Rate Margin [7]-[8]		9		1.21		(0.04	)		1.26		1.26
Notes: 1. Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2.Deposits and Debentures include NCDs. (Reference)After excluding Loans to Deposit Insurance Corporation of Japan and the Japanese government
Total
Return on Loans and Bills Discounted		10		1.47		(0.12	)		1.59		1.58
Loan and Deposit Rate Margin [10]-[8]		11		1.36		(0.05	)		1.41		1.40

3-9