Message from the Group CEO

(Translation from the Japanese Interim Review 2023)

Masahiro Kihara Member of the Board of Directors President & Group CEO Mizuho Financial Group

In fiscal 2023, we saw a rise in geopolitical risk from the Russia-Ukraine and Middle East situations, among others. On the topic of the economy, in Japan the Bank of Japan's policy movements drew considerable attention, while in the global economy inflation continued, along with the monetary tightening in response to it, contributing to an emerging sense of stagnation and growing uncertainty.

Under such circumstances, our financial results for the first half of fiscal 2023 reflected both positive and negative effects from each of our products and businesses. Overall, however, we were able to post Profit Attributable to Owners of Parent of JPY 415.7 billion, mainly due to steady growth in customer and markets divisions. This represents progress of 68.1% towards the fiscal year plan we announced at the beginning of the term. Consequently, we have revised our earnings outlook for fiscal 2023 upward to JPY 640 billion (up JPY 30 billion from the outlook announced at the beginning of the fiscal year). In addition, in tandem with the aforementioned upward revision, we have raised our interim cash dividend per share for fiscal 2023 by JPY 2.50, to JPY 50.00, in accordance with our shareholder return policy of taking a dividend payout ratio of 40% into consideration as a guide. We estimate the fiscal year-end cash dividend will be JPY 50.00, an increase of JPY 2.50 from the previously announced estimate, and the annual cash dividend will be JPY 100, an increase of JPY 5 from the original estimate and JPY 15 compared to fiscal 2022.

Trend in earnings (JPY billion)


* Consolidated Gross Profits (including Net Gains (Losses) related to ETFs and Others) - G&A Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments.

At Mizuho, we kicked off fiscal 2023 by setting forth our new Purpose of "Proactively innovate together with our clients for a prosperous and sustainable future" and launching our new medium-term business plan. Our long-term goal for the future is to realize personal well-being and a sustainable society and economy. Towards this goal, we have established specific aims for the world in 10 years and have identified business focus areas for achieving said aims.

To expand the base for asset formation, asset management, and wealth management, we are supporting the doubling of asset-based income* and improving our customer experience in Japan. Looking towards the new Nippon Individual Savings Accounts rolling out in January 2024, we are strengthening our contacts with customers and elevating the convenience of our services across all of our channels—branches, digital, and call centers. For example, we are introducing branches dedicated to opening accounts, upgrading our app, and expanding our digital marketing. In November 2023, we announced that we were increasing our investment in Rakuten Securities and strengthening our strategic capital and business alliance with them in order to build a new retail business model that combines both online and offline businesses in the field of asset formation and asset management.
* The Kishida administration has announced the Doubling Asset-Based Income Plan, which encourages the shift of excess household funds from savings into investment.

To enhance the competitiveness of Japanese companies, we are creating a variety of sustainability-driven businesses, assisting middle-market firms in raising their corporate value and growing their businesses, and providing innovative companies with risk capital and solutions. In August 2023, we established the Mizuho Venture Debt Fund, and in December 2023 we established a debt fund for startups in collaboration with the company Upsider, Inc., which has developed a unique AI credit model. Outside Japan, we acquired the M&A advisory firm Greenhill, further expanding our business base in the Americas, the world's largest capital market.

We will align ourselves closely with the efforts of our clients and society and connect these efforts with one another. As part of this, we will go beyond the common wisdom we have held thus far and take on new challenges.

January 2024

sign: Masahiro Kihara
Member of the Board of Directors
President & Group CEO
Mizuho Financial Group

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