Mizuho Financial : Summary of Financial Results for FY2023

FY23

Financial Results (Under Japanese GAAP)

May 15, 2024

Mizuho and Art

Based on the concepts of "Feeling Energized by Art," "Making Art More Accessible," and "Changing yourself through Art," Mizuho, in collaboration with Tokyo University of the Arts, contributes to social innovation, and the overcoming of social challenges like improving gender equality and people's well- being, aiming to co-create a sustainable and abundant society in terms of its art and culture as well as its economics.

We asked students at the Tokyo University of the Arts, Department of DESIGN to give form to the ideas they took from Mizuho's Purpose, "Proactively innovate together with our clients for a prosperous and sustainable future". This marks our third featuring of their artwork for shareholder and investor presentations.

Artist: Uta Masai

Tokyo University of the Arts, Department of DESIGN

Second-year master's student

"I think we need a positive and exciting environment to inspire one another and grow together.

By sharing our excitement, we can gain new ideas and perspectives, enabling us to grow.

In this piece I have depicted the world of emotion, brimming with excitement and dynamism, that is vital in building more

fruitful and fulfilling relationships."

Overview

FY23 Results

FY24 Plan

Shareholder

Return

• Growth in Solutions and IB business together with favorable market conditions saw strong performance in Customer Groups and Markets
• Consolidated Net Business Profits exceeded JPY 1T and reached an all-time high
• Consolidated Net Business Profits of JPY 1.07T, Net Profits Attributable to FG of JPY 750.0B
• Aiming for early accomplishment of Medium-term business plan's final year targets (FY25) of Net Business Profits JPY 1-1.1T and Consolidated ROE 8%
• FY23: Annual dividend JPY +5 from interim estimate at JPY 105 per share (JPY +20 YoY)
• FY24: Estimate at 115 JPY per share marking fourth consecutive yearly increase (JPY +10 YoY)

Summary of Financial Results

(JPY B)

1. Consolidated Gross Profits1
2. G&A Expenses2
3. Consolidated Net Business Profits1
4. o/w Customer Groups
5. o/w Markets
6. Credit-relatedCosts
7. Net Gains (Losses) related to Stocks3
8. Ordinary Profits
9. Net Extraordinary Gains (Losses)

10 Net Income Attributable to FG

（Ref.)

1. Consolidated ROE6
2. Expense ratio (2÷1)

	FY23	YoY
1	2,672.2	+392.0
2	-1,681.9	-208.3
3	1,005.8	+198.6

791.4 +47.74

125.0 +65.14

4	-106.3	-17.0
	54.7	-29.9

914.0 +124.4

40.95+51.6

5	678.9	+123.4

6

7.6%

+1.0%

62.9%-1.6%

1. Consolidated Gross Profits:
   Growth in Interest, Solutions and IB-related income alongside market tailwinds led to strong performance in both Customer Groups and Markets. Realized losses in Securities portfolio by management intent.
2. G&A Expenses:
   Increase from resource deployment to growth areas and governance-related costs, as well as external factors such as Yen depreciation and inflation
3. Consolidated Net Business Profits :
   Reached JPY 1T in light of strong top-line growth. Customer Groups profit highest since beginning In-house Company system.
4. Credit-relatedCosts:
   Largely in line with annual plan of JPY -100.0B
5. Net Income Attributable to FG:
   Increase of 22.2% YoY, driven mainly by Consolidated Net Business Profits. Exceeded interim revised forecast of JPY 640.0B.
6. Consolidated ROE:
   Significant increase of 1% in light of profit growth and efficiency improvements

1. Incl. Net Gains (Losses) related to ETFs and others of -JPY 31.0B (-JPY 32.8B YoY). 2. Excl. Non-Recurring Losses and others. 3. Excl. Net Gains (Losses) related to ETFs and others. 4. Figures for YoY are recalculated based on the FY23 management accounting rules. 5. Of which JPY 52.7B are from the cancellation of the Employee Retirement Benefit Trust (+JPY 5.1B YoY).

6. Excl. Net Unrealized Gains (Losses) on other securities.

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Historical Performance

Consolidated Net Business Profits & Expense ratio

Net Income Attributable to FG & Consolidated ROE

(JPY B)

(JPY B)

12,000 Expense ratio

100%

Consolidated ROE2

Consolidated Net Business Profits1

1,005.8

9.0%

8.0%

Net Income Attributable to FG

7.7%

7.6%

10,000

90% 7.0%

8,000

5.8% 5.9%

6.6%

6.4%

8,000

853.1

799.7

78.8%

672.5

6.0%

807.17,000

80% 5.0%

6,000

4.0%

576.5

678.9

555.5

530.4

	72.3%
6,000	538.0	68.0%

408.3	64.0%	62.7%
4,000

2,000

3.0%

70%5,000

2.0%

4,000

64.6% 62.9%

1.0%

60%

3,000

0.0%

2,000

50%

1,000

448.5

1.2%

96.5

471.0

0

40% 0

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY17

FY18

FY19

FY20

FY21

FY22

FY23

1. Incl. Net Gains (Losses) related to ETFs and others 2. Excl. Net Unrealized Gains (Losses) on Other Securities.

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Financial Results by In-house Company

(JPY B)										Group aggregate, preliminary figures
		Gross Profits		G&A Expenses		Net Business Profits		Net Income		ROE3
		FY23	YoY1		FY23	YoY1		FY23	YoY1		FY23	YoY1		FY23
Customer Groups	2,033.0	+135.7		-1,257.4	-105.3		791.4	+47.7		555.3	+21.8		7.3%
RBC	749.2	+42.6		-651.1	-45.4		105.0	+24.7		51.2	+11.9		2.7%
CIBC	556.3	+47.6		-217.8	-15.7		346.2	+33.3		287.3	-7.4		9.2%
GCIBC	670.2	+43.0		-352.4	-43.1		337.4	-0.2		223.5	+27.5		9.0%
AMC	57.2	+2.4		-36.1	-1.1		2.8	-10.1		-6.6	-10.3		ー

Markets (GMC)2		432.5	+118.3		-307.4	-54.0		125.0	+65.1		82.8	+48.0		3.8%
o/w Banking2	45.4	+64.4		-50.0	-7.0		-4.6	+57.4
o/w Sales & Trading	387.1	+53.8		-257.4	-46.9		129.6	+7.6

1. Figures for YoY are recalculated based on the FY23 management accounting rules. 2. Incl. Net Gains (Losses) related to ETFs of 2 Banks. 3. Individual ROE for each In-house Company is calculated by

dividing its Net Income by its internal risk capital

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Overview of Balance Sheet1 (Mar-24)

Total Assets JPY 278T (+24.4)

Of which Non-JPY3

Loans

92 (+4.0)

Deposits/NCDs

171 (+7.1)

RBC Individual3	47.1 (+0.8)
3

• Customer deposits to loan ratio: 79%
• Breakdown of Customer deposits:
• JP Clients (inside + outside Japan): approx. 50%
• Non-JPClients (outside Japan): approx. 50%

(By region, approx.: Americas 20%, EMEA 10%, APAC 20%)

USD 498.3B (+12.1)

Securities

38 (+0.8)

JGBs	11.4（-5.7）
Foreign Bonds	15.8（+5.0）
Japanese Stocks	3.7（+0.7）

Other Assets

147 (+19.4)

RBC Corporate	32.6 (+1.7)
CIBC3	46.8 (+1.6)
GCIBC3	27.8 (+1.0)

Other Liabilities

96 (+16.1)

Net Assets

Loans4

253.6 (-30.9)

Securities

101.3 (+24.2)

Customer deposits4

201.5 (-24.4)

Mid-long term

funding5

105.5 (+17.8)

Market Operations6

137.1 (+20.7)

Cash and Due from Banks 72.9 (+5.8)

o/w Bank of Japan Current	57.5 (+6.3)
Account Balance2

10 (+1.1)

Others
	CD・CP
143.4 (+18.8)		54.1 (-2.0)

1. Figures in ( ) represent YoY. 2. 2 Banks. 3. BK+TB. FY23 management accounting rules. 4. BK in Japan and subsidiaries in China, the U.S., the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico.

1. Corporate bonds, currency swaps, etc. 6. Repos, interbank, Central bank deposits and others.

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Loans in Japan1

(JPY T)

54.754.6

<54.1><54.6>

8.98.6

<8.8><8.4>

15.916.0

<15.7><15.9>

29.930.0

<29.5><30.2>

Average bal.

<> bal.>

55.8 (YoY)

<56.6>

RBC

8.2 Individual

<8.0> (-0.4)

16.3 RBC

<16.5> Corporate

(+0.3)

CIBC

31.2 (+1.2)

<31.8>

Loan and Deposit Rate Margin2

Returns on Loans and Bills Discounted (a)

Cost of Deposits (b)

Loans and Deposit Rate Margin (a-b)

0.74%	0.76 %	0.76%
0.74%	0.76%	0.76%
0.00%	0.00%	0.00%
FY21	FY22	FY23

Loan Spread

RBC Corporate

CIBC

0.60 %0.61 %

0.58 %

0.55 %

0.52 %0.53 %

FY21

FY22

FY23

FY21

FY22

FY23

1. BK+TB. FY23 management accounting rules. Figures from FY21 to FY22 recalculated based on the new rules. Excl. loans between consolidated entities and loans to Japanese Government and others.
2. 2 Banks. Excl. loans to financial institutions (incl. FG), Japanese Government & others. Domestic operations.

8

Loans outside Japan1

(USD B)	265.0
		Average bal.
	<255.2>	250.0
	<> bal.>
242.8
	<235.4>	(YoY)
<248.2>
	57.4		EMEA
	<50.6>	50.3	(-7.1)
51.2
	<46.8>
<55.2>

	101.4		Americas
88.4	<107.4>	106.1	(+4.7)
<90.6>		<103.2>

Loan and Deposit Rate Margin2,3

Returns on Loans and Bills Discounted (a)

5.84%

Cost of Deposits (b)

Loans and Deposit Rate Margin (a-b)

3.48%4.48%

1.29%	2.35%
1.16%		1.36%
1.12%
0.12%
FY21	FY22	FY23

				Loan Spread
			1.07%	1.06%
			APAC	1.01%
103.2	106.2
93.6
<102.4>	<97.2>	(-12.6)
		<85.4>

FY21

FY22

FY23

FY21

FY22

FY23

1. Figures from FY21 to FY22 were recalculated based on the FY23 rules. Excl. loans between the consolidated entities. BK incl. the subsidiaries in China, the U.S., the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. 2. BK, International Operations. 3. There was an error in some of figures for Returns on Loans and Bills Discounted after FY22 mid-term period. The result for FY22 in this graph includes the corrected figures. Individually they are: FY22 - 2Q 2.34%, 3Q 2.98%, FY23 - 1Q 5.55%, 2Q 5.68%, 3Q 5.77% (accumulative totals for each FY)

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Non-interest Income1

(JPY B)

+83.5

1,095.4

1,178.9

RBC:	431.3 (+13.1)
Solutions Business2:	120.6	(+6.7)
Individual Asset	127.3	(+12.8)
Formation3:
(Ref.)
Total Assets in	61.8T	(+10.8)
Custody4:
NISA Accounts5:	740k	(+80)

CIBC:	297.7 (+32.5)
Solutions Business2:	164.1 (+28.3)

GCIBC:	347.4	(+35.2)
IB Business:	70.1	(+34.3)
Credit-related fees:	190.0	(+5.8)
AMC:	57.8	(+2.5)

Figures in ( ) represent YoY

Domestic Corporate Solutions Business

	248.9
219.2		IB Business:	47.4	(+6.2)
		Real-estate:	55.8	(+1.4)
		Credit-related	145.8	(+22.1)
		fees:
FY22	FY23
	Regional breakdown of GCIBC
312.3	347.4	EMEA:	57.3	(+2.0)
		Americas:	174.5	(+25.5)
		IB Business:	59.6	(+30.1)
		Credit-related fees:	104.0	(+1.3)
		FX & Derivatives,	10.9	(-6.0)
		others:
		APAC:	115.6	(+7.7)

FY22FY23

FY22

FY23

1. FY23 management accounting rules. Total for FY22 recalculated (originally JPY 1,113.4B). 2. Incl. fees related to investment banking business and real-estate brokerage. 3. BK investment trusts, annuities+SC individual segment, PB segment. 4. Combination of SC's Retail Banking Business Division and 2 Banks (Individual annuities, Investment trusts (excl. MMF), Foreign currency deposits). 5. BK+SC

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