Mizuho Financial Group, Inc.
8411・Prime Market・Banks
Retail & Business Banking Company (RBC)
Core company providing comprehensive financial services to domestic individuals, SMEs, and mid-sized companies
| Period | Current | Previous | Change |
|---|---|---|---|
| Gross profits (before amortization of trust account) + ETF-Related Gains/Losses, etc. (full year) | ¥984,610 million | Not disclosed | ↑ |
| Net business profits (before amortization of trust account, before provision for general reserve for possible losses on loans) + ETF-Related Gains/Losses, etc. (full year) | ¥237,515 million | Not disclosed | ↑ |
| General and administrative expenses (excluding non-recurring items, etc.) (full year) | ¥756,663 million | Not disclosed | ↑ |
| Equity in income (loss) of investments in affiliates (full year) | ¥11,712 million | Not disclosed | ↑ |
| Amortization of goodwill, etc. (full year) | ¥2,144 million | Not disclosed | — |
| Fixed assets (by segment) | ¥648,906 million | ¥603,769 million (as of cumulative Q3) | ↑ |
Business Details
RBC targets domestic individuals, SMEs, and mid-sized companies as its customer segment, and deploys integrated consulting sales leveraging the group's banking, trust, and securities functions. Its pillars are addressing asset formation and wealth succession needs, providing Corporate Action Support for Corporates, and enhancing convenience through the trinity of digital, remote, and in-person channels, while also working to expand its customer base through alliances such as the capital and business alliance with Rakuten Card. It is the core segment with the largest scale of fixed assets among Mizuho Group's five companies.
Recent Overview
Gross profits increased significantly due to strong non-interest business and the effect of rising yen interest rates
For the full year of FY2026 (ending March 2026), RBC's gross profits (before amortization of trust account) + ETF-Related Gains/Losses, etc. amounted to ¥984,610 million, maintaining the largest gross profit scale among the group's five companies. In addition to strong performance in domestic and overseas non-interest businesses, the capture of rising yen interest rates boosted net interest income. Meanwhile, expenses remained elevated at ¥756,663 million, and improving the expense ratio remains an ongoing challenge. Equity in income of investments in affiliates was ¥11,712 million, with continued earnings contribution from alliance partners such as Rakuten Card.
Key Products
Growth Drivers
- Expansion of net interest income due to rising domestic interest rates driven by the Bank of Japan's policy rate hikes
- Increase in fee and commission income driven by growing individual asset formation and investment needs triggered by the expansion of the NISA program
- Transformation of the payments and retail business model through the capital and business alliance with Rakuten Card (acquisition of 14.99% of common stock)
- Expansion of non-interest income through strengthened integrated consulting sales across the banking, trust, and securities group
- Increasing demand for Corporate Action Support for Corporates (M&A, business succession, etc.) for mid-sized companies
Risks
- Risk of profit pressure from persistently high expenses (full-year ¥756,663 million), with improving the expense ratio being a challenge
- Risk of increased non-performing loans due to deterioration in the domestic economy or rising credit costs
- Risk of customer base outflow due to intensifying competition from digitalization and fintech companies
- Risk of recurrence of system failures (continued strengthening of stable business operation systems is a challenge)
- Risk of balance decline due to increased refinancing and early repayment of mortgages, etc. amid rising interest rates
Last updated: June 19, 2026