Mizuho Financial Group, Inc.
8411・Prime Market・Banks
Business
Mizuho Financial Group is a bank holding company centered on Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities, comprising 263 consolidated subsidiaries and 25 equity-method affiliates. It provides comprehensive financial services to a broad customer base ranging from domestic individuals and SMEs to large domestic corporations and public corporations, as well as overseas Japanese and non-Japanese companies, through a five-company structure: Retail & Business Banking, Corporate & Investment Banking, Global CIB, Global Markets, and Asset Management. In April 2026, Mizuho Bank merged with Mizuho Research & Technologies, integrating banking functions with research, consulting, and IT capabilities.
Business Model
Revenue is composed of three pillars: net interest income (lending and securities investment), fees and commissions (fees and consulting), and net trading income (trading). The five companies combine banking, trust, and securities functions across customer segments to provide solutions, capturing domestic and overseas interest rate environments, capital markets, and asset management needs. In FY2025, consolidated net business profit plus ETF-Related Gains/Losses, etc. reached ¥1,461,100 million.
Company Strengths
Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities are positioned as wholly owned subsidiaries directly under the holding company, and a structure has been built under the five-company system to provide solutions that cut across customer segments. Consolidated gross profits for FY2025 reached ¥3,477,200 million, with a diversified revenue base—net interest income, fee and commission income, and trading income—forming a stable earnings foundation.
Loans to North America expanded to ¥16,313.5 billion, up ¥2,564.5 billion from the end of the previous fiscal year, while the full consolidation of Greenhill (US M&A advisory) and the agreement to acquire more than a 60% equity stake in Avendus Capital (India) have expanded the geographic and functional coverage of Global CIB. GCIBC recorded gross profits of ¥856,952 million.
The non-performing loan ratio (on a combined bank-only basis) stood at 0.76% as of the end of March 2026, down 0.17 percentage points from the end of the previous fiscal year, and the coverage ratio for bankrupt and reorganization claims remained at 100%. The consolidated Common Equity Tier 1 ratio was 13.16%, and the consolidated total capital adequacy ratio was 17.61%, both substantially above the regulatory levels required under international standards, reflecting a high degree of financial soundness.
ENVALITH's Perspective
Performance Trend
Ordinary income expanded 2.3x over five fiscal years, from ¥3,963,091 million in FY2022 (ended March 2022) to ¥9,085,438 million in FY2026 (ending March 2026). Net income attributable increased 2.4x over the same period, from ¥530,479 million in FY2022 (ended March 2022) to ¥1,248,632 million in FY2026 (ending March 2026), marking a new record high. As external factors, the rise in domestic interest rates (following the Bank of Japan's policy change) and the effect of yen depreciation boosted consolidated gross profit by ¥556,897 million year on year, while gains/losses related to equities, etc. (reflecting an increase in gains from sales of strategic shareholdings) rose by ¥183,948 million year on year to ¥325,176 million. Autonomous growth in fees and commissions also continued, and diversification of the revenue structure is progressing. For FY2027 (ending March 2027), net income is forecast at ¥1,300,000 million (up 4.1% year on year).
Growth Strategy
Expanding the earnings base centered on rising domestic interest rates, the shift toward an asset management-driven economy, and deepening of global CIB business
Against the backdrop of the Bank of Japan's policy rate hikes, domestic loan yields have risen (Mizuho Bank domestic business segment: 1.29%, up 0.34%pt year on year). The company aims to continuously capture improvements in the deposit-loan spread and achieve stable expansion of net interest income. Consolidated net interest income for FY2026 (ending March 2026) was ¥1,377,089 million, up ¥331,832 million year on year.
In response to growing individual asset formation needs driven by the expansion of the NISA program, the company is strengthening integrated asset management consulting across banking, trust, and securities businesses. Fees and commissions for FY2026 (ending March 2026) were ¥1,311,948 million, up ¥196,515 million year on year. The company is also advancing a transformation of its retail business model through a capital and business alliance with Rakuten Card.
The company continues to allocate management resources to the Americas and Asia, expanding loans to North America to ¥16,313.5 billion (up ¥2,564.5 billion from the end of the previous fiscal year). It aims to expand investment banking revenue by leveraging Greenhill's M&A capabilities and global network. GCIBC recorded gross profits of ¥856,952 million and net business profits of ¥367,735 million.
The company continues to promote the sale of strategic shareholdings, recording gains/losses related to stocks, etc. of ¥325,176 million in FY2026 (ending March 2026), up ¥183,948 million year on year. Proceeds from the sales are being directed toward growth investments and shareholder returns to improve capital efficiency. Share buybacks of ¥404,325 million were executed in FY2026 (ending March 2026), and an additional buyback of up to ¥100.0 billion was resolved in May 2026.
The company continues progressive dividend increases of approximately ¥5 per share each fiscal year, with the annual dividend for FY2026 (ending March 2026) at ¥145 per share (up from ¥140 in the previous fiscal year), and a forecast of ¥150 for FY2027 (ending March 2027). Total dividends amounted to ¥357,484 million, with a dividend payout ratio of 28.8%. While maintaining a Common Equity Tier 1 ratio of 9.9%, above the required level, the company continues to maintain a policy of a total payout ratio of 50% or more.
Last updated: July 19, 2026