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Summary Results for FY2014

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Summary of Income Statement

  • Consolidated Net Income of JPY 611.9 billion, 111% against the earnings estimate of JPY 550.0 billion for FY2014
  • Consolidated Net Business Profits increased by JPY 132.6 billion YoY
  • Gross Profits of MHBK + MHTB and Net Operating Revenues of MHSC both increased significantly YoY
  • Annual Cash Dividend per Share of Common Stock of JPY 7.5, +JPY 1 compared to FY2013 (Dividend Payout Ratio: 30.1%)

Consolidated

(JPY Bn)
  FY2014 Change from FY2013
Consolidated Gross Profits 2,247.7 212.4
Consolidated Net Business Profits* 876.9 132.6
Credit–related Costs −4.6 −117.5
Net Gains (Losses) related to Stocks 131.9 54.8
Ordinary Profits 1,010.8 23.2
Consolidated Net Income 611.9 −76.4
Cash Dividend per Share of Common Stock JPY 7.5 +JPY 1.0
  • *Consolidated Gross Profits − G&A Expenses (excluding Non–Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

MHBK + MHTB

(JPY Bn)
  FY2014 Change from FY2013
Gross Profits 1,629.7 122.8
of which Customer Groups 1,366.1 61.3
of which Trading & Others 263.6 61.5
G&A Expenses (excluding Non–Recurring Losses) −908.3 −44.0
Net Business Profits 721.3 78.7
Credit–related Costs −7.8 −124.5
Net Gains (Losses) related to Stocks 96.1 38.5
Ordinary Profits 754.4 −47.2
Net Income 480.4 −102.0

MHSC

(JPY Bn)
  FY2014 Change from FY2013
Net Operating Revenues 395.5 72.3
SG&A Expenses −311.1 −28.5
Ordinary Income 86.4 43.3
Net Income 58.6 7.4

Difference in Net Income between Consolidated and MHBK + MHTB + MHSC

(JPY Bn)
  FY2014 Change from FY2013
Major Overseas Subsidiaries (MHBK) 32.5 9.2
Mizuho Credit Guarantee 21.6 5.0
Other Subsidiaries & Consolidation Adjustments 18.8 4.0

Domestic Loan

Domestic Loan Balance*1 (excluding loans to the Japanese Government)

2H FY2014 average domestic loan balance, excluding loans to the Japanese Government, increased by JPY 1.2 trillion from 2H FY2013 and JPY 1.1 trillion from 1H FY2014

MHBK + MHTB
Bar graph

Total Loan Balance*1

MHBK + MHTB
Table
  • *1Banking account, excluding loans to Mizuho Financial Group, Inc.

Domestic Loan and Deposit Rate Margin*2

MHBK + MHTB
Line graph
  • *2Domestic operations, excluding loans to financial institutions (including Mizuho Financial Group, Inc.) and the Japanese Government

(Reference) Loan Spread

(MHBK, managerial accounting)
Line graph

Overseas Loan (MHBK)

Overseas Loan Balance*1

2H FY2014 average overseas loan balance increased by USD 16.2 billion from 2H FY2013 and USD 10.1 billion from 1H FY2014

Bar graph

  • *1MHBK, managerial accounting figures, including the banking subsidiaries in China, the US, the Netherlands and Indonesia

(Reference) Loan Spread*1

Line graph

  • *1MHBK, managerial accounting figures, including the banking subsidiaries in China, the US, the Netherlands and Indonesia

(Reference) Foreign Currency–denominated Customer Deposits*2

Bar graph

  • *2Including foreign currency deposits (domestic)

Non–interest Income

Non–interest Income from Customer Groups

MHBK + MHTB
Bar graph

(Reference) Sales of Investment Products

MHBK + MHTB
Bar graph
  • *1Total of Individual Annuities, Investment Trusts (excl. MMF) and Foreign Currency Deposits

(Reference) Syndicated Loans League Table*2

Table

  • *2Preparared by Mizuho based on data from Thomson Reuters, bookrunner basis (Apr. 2014 to Mar. 2015)
  • *3Financial closing date basis
  • *4USD, EUR, JPY, AUD, HKD and SGD

Financial Soundness (1) (MHBK + MHTB)

Disclosed Claims under the FRA*1 and NPL*2 Ratio*3

Balance of Disclosed Claims under the FRA as of March 2015 increased from March 2014
NPL ratio as of March 2015 remained at a low level of 1.20%

Bar graph

  • *1The Financial Reconstruction Act
  • *2Non–Performing Loan
  • *3Banking account + trust account

Credit–related Costs*3

Credit–related Costs for FY2014 recorded JPY 7.8 billion

Bar graph

  • *3Banking account + trust account

Financial Soundness (2)

Unrealized Gains (Losses) on Other Securities (Consolidated) *1 *2

Unrealized Gains (Losses) on Other Securities increased from March 2014

Bar graph

  • *1The base amount to be recorded directly to Net Assets after tax and other necessary adjustments
  • *2Other securities which have readily determinable fair values

JGB Balance (MHBK + MHTB) *2

JGB balance decreased from March 2014

Bar graph

  • *2Other securities which have readily determinable fair values
  • *3Including bonds with remaining period of one year or less
  • *4Excluding Floating–rate Notes

BIS Capital Ratio

BIS Capital Ratio

Common Equity Tier 1 Ratio (CET1 Ratio)

Steadily accumulated CET1 Capital

  • CET1 Ratio as of March 2015: 9.43%
  • CET1 Ratio including Eleventh Series Class XI Preferred Stock*1: 9.77%
  • *1Calculated by Mizuho including Eleventh Series Class XI Preferred Stock (balance as of March 2014: JPY 312.6 billion, balance as of March 2015: JPY 213.1 billion, mandatory conversion date: July 1, 2016)

Fully–effective Basis*2

  • CET1 Ratio on a fully–effective basis (including Eleventh Series Class XI Preferred Stock) *2: 10.46%
  • *2Calculated by Mizuho based on fully–effective Basel 3 Rule as of March 2019, deducting total amount of regulatory adjustments

Leverage Ratio

  • Leverage Ratio as of March 2015: 3.83%
(JPY Bn)
  Mar. 2014 Mar. 2015
(1) Common Equity Tier 1 Capital (CET1) 5,304.4 6,153.1
Capital, Stock Surplus and Retained Earnings 5,362.7 5,917.1
(2) Additional Tier 1 Capital 1,540.3 1,347.2
Eligible Tier 1 capital instruments subject to phase–out arrangements 1,666.5 1,458.1
(3) Tier 2 Capital 1,811.2 2,008.1
Tier 2 capital instruments 154.3 330.4
Eligible Tier 2 capital instruments subject to phase–out arrangements 1,349.6 1,108.8
(4) Total Capital (1)+(2)+(3) 8,655.9 9,508.4
(5) Risk weighted Assets 60,274.0 65,191.9
Credit Risk Assets 54,068.7 58,602.7
Market Risk Equivalent Assets 2,919.0 3,473.8
Operational Risk Equivalent Assets 3,286.3 3,115.3
(6) Total Capital Ratio 14.36% 14.58%
Tier 1 Capital Ratio 11.35% 11.50%
Common Equity Tier 1 Ratio (CET1 Ratio) 8.80% 9.43%
CET1 Ratio (including Eleventh Series Class XI Preferred Stock*1) 9.32% 9.77%
CET1 Ratio (fully–effective Basis*2, including Eleventh Series Class XI Preferred Stock) 9.08% 10.46%
(7) Leverage Ratio   3.83%

(Reference) Mizuho Securities

Quarterly Net Income

(MHSC Consolidated)
Bar graph

Overview of Net Operating Revenues

(MHSC Consolidated) (JPY Bn)
  FY2013 FY2014 Change
Net Operating Revenues 323.1 395.5 72.3
of which Commissions 209.7 228.5 18.8
of which Net gain on trading 69.8 122.1 52.2
of which Net gain (loss) on operating investment securities 3.8 18.2 14.4
of which Net financial income 39.8 26.6 −13.1

Retail Related Results

Net Inflow of Client Assets
Bar graph
Sales of Publicly–offered Equity Investment Trusts
Bar graph

League Tables (Apr. 2014 to Mar. 2015)

  Rank  
M&A Advisory for Announced Deals*1 1st 167 Deals
Total Japan Equity*2 3rd 13.0% Market Share
Total Japan Publicly Offered Bonds*3 1st 19.6% Market Share
ABS Lead Manager*4 1st 37.4% Market Share
  • *1Number of deals basis. Any Japanese involvement announced, excluding real estate deals.
    Source: Prepared by Mizuho based on the data from Thomson Reuters
  • *2Underwriting amount basis, pricing date basis. Deals including Initial public offering, Public offering, Convertible bonds and REITs.
    Source: Prepared by Mizuho based on data from I–N Information Systems
  • *3Underwriting amount basis, pricing date basis. Deals including Straight bonds, Investment corporation bonds, Zaito agency bonds, Municipal bonds (Lead manager method only), Samurai bonds and Preferred securities.
    Source: Prepared by Mizuho based on data from I–N Information Systems
  • *4Transaction amount basis, due payment date basis.
    Source: Prepared by Mizuho based on data from Thomson Reuters

(Reference) Progress of the Medium–term Business Plan (Consolidated)

Image

  FY2014 Results FY2015 Plan Plan for the final year of the Medium–term Business Plan
Consolidated ROE 10.0%*1(8.3%) Mid 9% range*1(Approx. 8%) Approx. 9%
RORA (Consolidated Net Income on Risk–weighted Assets) 0.9% Approx. 0.9% Approx. 0.9%
Common Equity Tier 1 Capital Ratio*2 (Fully–effective basis) 10.46% 10 to 11% 8% or higher
    FY2014 Results FY2015 Plan Plan for the final year of the Medium–term Business Plan
Profitability Consolidated Net Income JPY 611.9 billion JPY 630 billion JPY 550 billion level
Efficiency Group Expense Ratio*3 59.0% Mid 50% range Mid 50% range
of which Expense Ratio (Banking Subsidiaries)*4 55.7% Lower 50% level Lower 50% level
Soundness Ratio of Stock Portfolio against Tier 1 Capital*5 25.5% 25% or lower Approx. 25%
  • *1Excluding Net Unrealized Gains on Other Securities basis. Figure shown in ( ) includes Net Unrealized Gains on Other Securities
  • *2Including Eleventh Series Class XI Preferred Stock
  • *3MHBK + MHTB + MHSC
  • *4MHBK + MHTB
  • *5Including hedging effects. Tier 1 Capital is calculated based on Basel 3 phase–in basis, including Eleventh Series Class XI Preferred Stock in the Common Equity Tier 1 Capital

(Reference) Progress of the Medium–term Business Plan (MHBK + MHTB + MHSC)

Income from Customer Groups

Aim to increase income from Customer Groups by JPY 200 billion*1 in 3 years by FY2015

Results

+JPY 210 billion (vs. FY2012)

FY2013 and FY2014 (Cumulative Amount)

(managerial accounting, rounded figures) (JPY Bn)
  Net Interest Income Non–interest Income
Domestic Operations +3 +77
Overseas Operations +49 +81
Total +52 +158
  • *1Including foreign exchange translation impact

(Reference) Income from Customer Groups

Results

Bar graph

Proportion of Income from Overseas Customers

Aim 33% level of Customer Groups in FY2015

Pie graph

Proportion of Non–interest Income from Customer Groups

Aim 50% level of Customer Groups in FY2015

Pie graph

One MIZUHO Synergy*2

Aim to achieve JPY 90 billion Synergy Effects*3 in 3 years by FY2015

(rounded figures) (JPY Bn)
  Plan (for 3 years) Results (for 2 years)
Revenue Synergies +60 +98
Cost Synergies +30 +27
Total +90 +125
  • *2FY2013 and FY2014 (Cumulative Amount)
  • *3Figures are in comparison with FY2012 results based on managerial accounting

(As of May 15, 2015)

This presentation 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") and our report on Form 6–K furnished to the SEC on January 27, 2015, both of which are 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.

Definition

  • MHBK + MHTB: Simple aggregate figures for Mizuho Bank (MHBK) and Mizuho Trust & Banking (MHTB) on a non–consolidated basis
  • MHSC: Figures for Mizuho Securities (MHSC) on a consolidated basis
  • Figures of MHBK up to 1Q FY2013 are simple aggregate of former Mizuho Bank and former Mizuho Corporate Bank

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