Mizuho Financial Group, Inc. · TSE:8411
Mizuho Financial — Mizuho Financial Group, Inc. Sponosred ADR (Japan) — H1 FY2024 Earnings Presentation
76 slides from Mizuho Financial's earnings presentation, Nov 15, 2024
Slide 1: Investor Presentation for FY24 H1 Apr.2024-Sep.2024
Investor Presentation for FY24 H1 Apr.2024-Sep.2024 November 15, 2024 1
Slide 2: Mizuho and Art
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
Slide 3: The first half of the medium-term business plan – increased speed for further growth
The first half of the medium-term business plan – increased speed for further growth Steadily laying the groundwork for sustainable growth while producing solid financial results Closed previous plan 1 year ahead of schedule Current medium-term business plan FY23 FY24 FY25 （Outlook） （Final Year Ta
Slide 4: Progress on improving our P/B ratio
Progress on improving our P/B ratio Steady improvement in ROE and P/B ratio, but P/B ratio still short of 1x P/B ratio & ROE Remaining Challenges ROE1 P/B ratio = Cost of Expected Rate 0.79 Maintain steady profit growth and gain trust from Capital - of Growth 0.75 (Oct-242) the market Cost of ca
Slide 5: Solid financial progress in medium-term business plan
Solid financial progress in 1 medium-term business plan Distinctive business portfolio 2 achieving stable growth 3 Enhancing our competitive edge 4 Effective use of capital Appendix 5
Slide 6: Enhancing corporate value
Enhancing corporate value P/B ratio > 1x top priority for management Improve ROE while reducing cost of capital by continuously growing profits and maintaining financial discipline Achieve steady profit growth P.7 (Sustainable growth in core profits) Growth in EPS Improve RORA P.8-9 Business foc
Slide 7: Achieving steady profit growth
Achieving steady profit growth Increased profits through steady growth in focus areas and banking book Revised earnings outlook for FY24 upward by JPY 100.0B to 1.17T FY23 FY24 Outlook (JPY B) （vs FY22） （vs FY22） (1) Asset & wealth Focus areas 1,170.0 +9.0 +26.0 management Banking and others (2)
Slide 8: Improving asset profitability
Improving asset profitability Successfully redeploying capital from low-profit assets to high-profit assets, resulting in solid improvement in RORA (JPY T, rounded figures) Reduction FY23 FY24 H1 -JPY 2.1T -JPY 1.1T 88 FX effects Residential mortgages etc. Selective approach based on clients’ in
Slide 9: Progress on the sales of cross-shareholdings
Progress on the sales of cross-shareholdings Steady progress toward sales target of JPY 300B Reached 200B reduction outlook for Employee Retirement Benefit Trust Fund Fully committed to reduction going forward (JPY B) Balance (Book value) 1,962.9 Basic Policy +応諾額 Mar-23 to Sep-24 Will not h
Slide 10: Disciplined cost management
Disciplined cost management Relentless efforts in reviewing products and services to be eliminated, to manage the cost, whilst expenses increased mainly in governance/infrastructure Managed to keep expense ratio under good control, while allocating expenses to our focus areas Expenses* (JPY B) G
Slide 11: Distinctive business portfolio achieving stable growth
Solid financial progress in 1 medium-term business plan Distinctive business portfolio 2 achieving stable growth 3 Enhancing our competitive edge 4 Effective use of capital Appendix 11
Slide 12: Mizuho's Business Portfolio (FY23)
Mizuho’s Business Portfolio (FY23) Business portfolio centered on customer business with large and mid-cap corporates. Majority of credit exposure at investment grade In Japan Customer Groups Exposure (avg. lending balance) Cover approx. 80% In Japan of listed companies Individuals approx. 50% in
Slide 13: Diversification of core business profits
Diversification of core business profits Stable profits through diversification of revenue sources and disciplined cost management even under Negative Interest Rate Policy (NIRP) Breakdown of Revenue1 & Expense Ratio (Gross Profits, JPY T, vs FY152) JPY 1.1T By revenue source +0.7 （FY15=0, rounded
Slide 14: Business Portfolio in Japan (FY23)
Business Portfolio in Japan (FY23) Stable revenue growth under NIRP by leveraging vast corporate customer base Breakdown of Corporate business Well-diversified revenue structure. Large transactions1 accounting for only approx. 5% of non-interest income. Corporates approx. Interest Non- 70% inter
Slide 15: Business Portfolio outside Japan (FY23)
Business Portfolio outside Japan (FY23) Enhanced CIB model in Americas. Achieved growth and stability through balanced revenue mix. Over 50% of overseas revenue coming Primary from the Americas Interest income Non-interest income Expanding strategically Financing mainly to with a focus on IG
Slide 16: Bond Portfolio
Bond Portfolio JGBs: Maintaining conservative approach in risk taking amid possibility of additional rate hikes by BOJ Foreign Bonds: Increased Held-to-Maturity (“HTM”) balance ahead of FRB cuts to offset decrease in Loan and Deposit income (P.63) JGBs 2 Banks Foreign Bonds 2 Banks (Other Securi
Slide 17: Distinctive business portfolio achieving stable growth
Distinctive business portfolio achieving stable growth While achieving stable growth, proactively adjusted portfolio to enhance resilience to changes in external environment to secure upside of profit growth Stable growth External environment Business Loans to large and mid-cap corporates, BOJ r
Slide 18: Enhancing our competitive edge
Solid financial progress in 1 medium-term business plan Distinctive business portfolio 2 achieving stable growth 3 Enhancing our competitive edge 4 Effective use of capital Appendix 18
Slide 19: What we will discuss in this chapter
What we will discuss in this chapter ①Strengthening individual business Asset and wealth management Improving customer experience in Japan Ideal State Ideal State Future core Most user friendly & trusted partner clients Most reliable brand in asset & for mass retail customers wealth management Seaml
Slide 20: Progress and challenges in Business focus areas (individual business)
Progress and challenges in Business focus areas (individual business) Progress and accomplishments Going forward Improved customer experience on Account Continue to improve customers’ openings experience in each channel Face-to-face, Remote & Online channels +10% Began transition to new-style
Slide 21: Improving customer experience (1) Disciplined investment framework
Improving customer experience (1) Disciplined investment framework Approach investment with discipline and long term perspective in order to recoup CapEx through cost efficiency and productivity. Build best in class optimized client channels Progress P.22 Enhance Promote digitalization Investm
Slide 22: Improving customer experience (2) Strengthen Channels
Improving customer experience (2) Strengthen Channels Upgrade channels and digital marketing infrastructure to improve UX Enhance attractiveness of our bank account through improved UX and consulting capabilities Face-to-face “Trustworthy and reliable services” Account openings Beginning trans
Slide 23: Business overview of Alliance with Rakuten Group/ Rakuten Card
Business overview of Alliance with Rakuten Group/ Rakuten Card Through business alliances, we aim to provide highly convenient and beneficial services to both individual and corporate customers, while building a win-win relationship with our partners Individual customers Expansion of Mutual Ecosys
Slide 24: Progress in collaboration with Rakuten Group
Progress in collaboration with Rakuten Group Steady progress in collaboration with Rakuten Securities. Expect further acceleration in business expansion with Rakuten Group Nov. 2022 Dec. 2023 Apr. 2024 Dec. 2024 (plan) Invested 19.99％ Increased stake to 14.99％ stake Equity-method affiliate 49％ Est
Slide 25: Improving customer experience (3) Accelerating operational reform
Improving customer experience (3) Accelerating operational reform Reviewing, consolidating and digitalizing processes for improved productivity Need to consider how to keep stability in operations as staff numbers are set to decline going forward from decrease in the working-age population Recen
Slide 26: Asset & wealth management in Japan
Asset & wealth management in Japan Growth slower than expected. Need measures for further improvement Progress Improvement measures Collaboration between entities picking up Develop and scale human Increase in fund wrap balance resources BK-SC collaboration Net increase in fund wrap Need m
Slide 27: Progress and challenges in business focus topics (corporate business)
Progress and challenges in business focus topics (corporate business) Progress and accomplishments Going forward Large・Mid Cap Proactively approached business opportunities Capture more cross-border M&A business generated from corporate actions of clients by strengthening collaboration with Gree
Slide 28: Enhancing the competitiveness of Japanese companies
Enhancing the competitiveness of Japanese companies Proactive approach to corporate action-related business delivering promising results Mindset of Japanese corporate CEOs changing to pursue more growth, backed by TSE reforms and so on. Not only in blue chip but also in the mid-cap space Acceler
Slide 29: Sustainability & Innovation
Sustainability & Innovation Origination of sustainable financing on track to meet target. Making good progress in focus areas as a first mover. Executed several strategic investments Recent Financing Performance Focus areas for promoting carbon neutral Sustainable Finance1 JPY 100T Leading market
Slide 30: Global CIB Business model (1) Mizuho Americas' presence is growing
Global CIB Business model (1) Mizuho Americas’ presence is growing Creating a virtuous cycle of stable growth by raising brand awareness and attracting top talent in the U.S. market Gradual, strategic expansion across the capital markets League table rankings trending upwards Up to FY18 FY24 Outlo
Slide 31: Global CIB Business model (2) Greenhill
Global CIB Business model (2) Greenhill PMI in good shape. Strengthening capital market business through joint proposals with Greenhill Fee Wallet1 PMI Business Americas / M&A biggest wallet Reshuffled coverage team in the US. share in investment banking Retained GHL talent whilst Joint propos
Slide 32: Global CIB Business model (3) Promoting collaboration between regions
Global CIB Business model (3) Promoting collaboration between regions Well established as top-level financial institution in Asia for global IB business Greenhill as cornerstone for global collaboration between four regions: Japan/Americas/EMEA/APAC Expand global talent pool by transferring st
Slide 33: Strengthening the source of Mizuho's corporate value – our people
Strengthening the source of Mizuho’s corporate value – our people Improve employee engagement/inclusion so that our employees can fully realize their capabilities and have success Ensuring diversity in management and decision makers Launching new HR framework Established Creating an environm
Slide 34: New HR framework “CANADE” officially launched in July 2024
New HR framework “CANADE” officially launched in July 2024 By supporting employees’ self-driven career developments and encouraging to take on challenges, realize our vision where employees and Mizuho grow together Outline and aims of “CANADE” Recent achievements Abandon traditional Japanese HR
Slide 35: Culture Transformation
Culture Transformation Mizuho is a Major Partner of the Japan National Football Team Foster a corporate culture encouraging creativity and constructive discussion. Unleash employees’ enthusiasm Creating a sense of unity Dialogue between management and employees MIZUHO BLUE DREAM MATCH 2024 Con
Slide 36: Effective use of capital
Solid financial progress in 1 medium-term business plan Distinctive business portfolio 2 achieving stable growth 3 Enhancing our competitive edge 4 Effective use of capital Appendix 36
Slide 37: Capital utilization: Moving into a new stage
Capital utilization: Moving into a new stage Capital policy Pursuing the optimal balance among capital adequacy, growth investment （unchanged） and enhancement of shareholder return Capital accumulated enough as a result of solid progress in business plan. Now moving into a new stage Optimal bala
Slide 38: Disciplined growth investments
Disciplined growth investments Continue disciplined approach toward growth investments, actively pursue investment opportunities that will contribute to the growth of our focus business areas Justify the investment while comparing the target ROE with implied cost of capital Approach for discipline
Slide 39: Shareholder Return Policy
Shareholder Return Policy Progressive dividends are our principal approach while intermittent Shareholder share buybacks will also be considered Taking 40% dividend payout ratio as a guide, decide based on the return policy Dividends: steady growth of our stable earnings base (unchanged) Consider ou
Slide 40: Enhancement of shareholder return
Enhancement of shareholder return Increased the dividend forecast for FY24 in line with the upward revision of the earnings outlook, expecting dividend to increase for 4th consecutive year In addition, repurchase of own shares (and cancelation) was resolved ever since the last buyback in 2008 Ca
Slide 41: Improving ROE and EPS to seek higher stock price
Improving ROE and EPS to seek higher stock price While Net Income Attributable to FG is now at a historical high level, ROE and EPS still need improvement Aim for higher ROE, EPS and stock price while pursuing profit growth, proactively and appropriately controlling capital Net Income Attribute
Slide 42: Why invest in Mizuho?
Why invest in Mizuho? Solid financial progress Distinctive business Progress in initiatives in our medium-term 独⾃の競争⼒創出 portfolio achieving enhancing our business plan に向けた取り組みに進展 stable growth competitive edge Forbes Japan “New Best Companies”, shaping the future with multi-stakeholders 7th TIME Wo
Slide 43: Appendix
Solid financial progress in 1 medium-term business plan Distinctive business portfolio 2 achieving stable growth 3 Enhancing our competitive edge 4 Effective use of capital Appendix
Slide 44: Summary of Financial Results
Summary of Financial Results (JPY B) FY24 H1 YoY 1 Consolidated Gross Profits: 1 Consolidated Gross Profits1 1 1,561.5 +230.3 Strong performance in Customer Groups in and outside Japan. Large increase from growth in Banking income, capturing 2 G&A Expenses2 2 -885.7 -89.6 market movement, and other
Slide 45: Financial Results by In-house Company
Financial Results by In-house Company (JPY B) Group aggregate, preliminary figures Gross Profits G&A Expenses Net Business Profits Net Income ROE3 FY24 H1 YoY1 FY24 H1 YoY1 FY24 H1 YoY1 FY24 H1 YoY1 FY24 H1 Customer Groups 1,095.8 +114.1 -695.7 -87.7 417.3 +25.8 378.4 +84.1 8.2% RBC 379.9 +31.9 -343
Slide 46: FY24 Earnings Outlook & Shareholder return
FY24 Earnings Outlook & Shareholder return Earnings outlook Consolidated FY23 FY24 Revising earnings outlook for FY24 upward, (JPY B) Results H1 Revised vs May considering strong H1 results as well as the Results Outlook Consolidated Net Business Profits + additional BOJ rate hike in July Net Gain
Slide 47: Financial Results by In-house Company (Details) (1)
Financial Results by In-house Company (Details) (1) (JPY B) Group Aggregate1 RBC CIBC GCIBC Outlook Outlook Outlook FY23 H1 FY24 H1 YoY FY23 H1 FY24 H1 YoY FY23 H1 FY24 H1 YoY (Progress) (Progress) (Progress) Gross Profits 1 348.0 379.9 +31.9 261.7 301.2 +39.6 344.5 385.1 +40.7 o/w Interest Income 2
Slide 48: Financial Results by In-house Company (Details) (2)
Financial Results by In-house Company (Details) (2) (JPY B) Group Aggregate1 GMC AMC Outlook Outlook FY23 H1 FY24 H1 YoY FY23 H1 FY24 H1 YoY (Progress) (Progress) Gross Profits 1 285.1 401.3 +116.2 Gross Profits 1 27.6 29.6 +2.0 Banking2 2 89.1 176.9 +87.8 o/w Investment Trusts 2 17.3 18.9 +1.6 S&T
Slide 49: ROE by In-house company
ROE by In-house company Steady improvement in ROE at each In-house company ROE movement1 Current medium-term business plan Previous Medium-term business plan Current FY224 FY24 H14 Consolidated ROE2 RBC 2.0% 3.8% 8.9% CIBC 8.9% 10.9% 6.6% 8.1% GCIBC 7.6% 8.6% TSE ROE3 5.8% GMC 14.7% 13.7% 6.1% （S&
Slide 50: Consolidated Gross Profits
Consolidated Gross Profits Net Interest Income (NII)1 Net Fee and Commission Income + Fiduciary Income (JPY B) (JPY B) 593.3 Other 414.8 433.0 Other 78.9 78.2 MSUSA etc3 522.3 528.6 89.8 30.5 46.7 SC Consolidated 51.8 84.0 International 64.5 82.6 TB Operations2 40.0 42.8 non-consolidated 191.6 BK 20
Slide 51: Net Interest Income
Net Interest Income Domestic Operations 2 Banks International Operations 2 Banks (JPY B) (JPY B) Markets Loans and Deposits Markets -40.2 +54.6 Other Loans Stocks +25.5 (Cash dividends) Funding +6.2 -1.9 JGBs +80.3 +21.5 Deposits -87.4 311.8 Corporate Loans and Bonds* 191.6 Deposits 181.5 -25.7 +47.
Slide 52: Non-interest Income
Non-interest Income1 (JPY B) Figures in ( ) represent YoY +61.4 612.9 Domestic Corporate Solutions Business RBC: 210.4 (+18.9) 111.7 112.2 551.4 IB Business: 27.7 (+6.2) Solutions Business2: 53.8 (+6.4) Individual Wealth Real estate: 23.3 (+1.7) Management3: 68.3 (+7.4) (Ref.) Total Assets in Credit
Slide 53: Financial Results by Group Company
Financial Results by Group Company (JPY B) Net Business Profits1 FY23 H1 FY24 H1 YoY Interim Net Income1 BK on a non-consolidated basis 360.0 468.8 +108.8 FG TB on a non-consolidated basis 9.6 9.9 +0.2 Consolidated 566.1 SC (U.S.-based entities aggregated basis)2 83.0 116.0 +33.0 347 34.7 AM-One3 10
Slide 54: Overview of Balance Sheet (Sep-24)
Overview of Balance Sheet1 (Sep-24) Of which Non-JPY3 Total Assets JPY 277T (-1.3) Loans covered by customer deposits and stable mid-long term funding, such as corporate bonds and Loans Deposits/NCDs currency swaps USD 530.5B (+14.4) 92 (-0.4) 167 (-3.5) Customer deposits4 197.0 (-2.3) RBC Individ
Slide 55: Macro environments boosting capital demand
Macro environments boosting capital demand Macro statistics Increase in CapEx1,2 M&A1,3 Production base increase in Japan4 (JPY T) (K Transactions) (Response, %) Companies investing in production bases overseas 1,500 1.5 100 Domestic corporate M&A Companies investing in 105 production bases in Japan
Slide 56: Loans in Japan
Loans in Japan1 (JPY T) Average bal. <Period-end bal.> Loan and Deposit Rate Margin2 55.8 57.0 (vs. FY23) 54.6 <56.4> Returns on Loans and Bills Discounted (a) <56.6> Cost of Deposits (b) <54.6> RBC Loans and Deposit Rate Margin (a-b) 8.2 7.9 Individual 8.6 <7.8> (-0.3) <8.0> <8.4> 0.89% 0.76% 0.76%
Slide 57: Loans outside Japan
Loans outside Japan1 (USD B) Average bal. 260.5 <Period-end bal.> Loan and Deposit Rate Margin2 (vs. FY23) <251.0> 245.7 Returns on Loans and Bills Discounted (a) 236.0 Cost of Deposits (b) <231.2> Loans and Deposit Rate Margin (a-b) <236.2> 56.6 5.84% 5.84% <49.9> 49.5 EMEA <46.1> 46.2 3.48% 4.48%
Slide 58: Asset Quality
Asset Quality Credit-related Costs Non Performing Loans based on BA1 and FRA2,3 (JPY B) 1450 Consolidated (JPY T) Consolidated -106.3 NPL Ratio (entirely) 4 NPL Ratio outside Japan 1250 Outside 1.25 Japan5 1.20 1.16 1050 1.07 Recorded reserves -89.3 from a forward- 1.00 looking perspective 850 -10.3
Slide 59: Portfolio outside Japan (Sep-24)
Portfolio outside Japan (Sep-24) (USD B) Americas IG Corporate Approx. 80% BB rated above. 59% Selectively expanding business Non-IG with focus sectors Outside Japan Corporate Americas 5％ 24.8 EXP1 876.1 o/w focus sectors 32% 519.3 1% （IDI, TMT, HC2） Inter Bank etc Central Banks/ LBO Finance: Go
Slide 60: Securities Portfolio
Securities Portfolio1 Other Securities Consolidated JGB Portfolio1 2 Banks (JPY B) Net Unrealized (JPY T) Avg. Remaining period6 (yrs) Acquisition cost basis Gains (Losses)2 0.7 0.6 Sep-24 vs Mar-24 Sep-24 vs Mar-24 0.3 1 Total 31,271.2 -133.3 1,325.5 -129.9 16.4 2 Japanese Stocks 887.1 -29.7 1,966.
Slide 61: Basel Regulatory Disclosures
Basel Regulatory Disclosures Capital Ratio Consolidated Other Regulatory Ratios Consolidated (JPY B) (JPY B) 18.65% Mar-23 Mar-24 Sep-24 16.93% Total 16.05% 16.37% 14.85% Leverage Ratio 4.46% 4.70% 5.02% Tier1 13.91% 13.69% External TLAC Ratio 12.73% CET1 11.80% Risk Weighted Assets Basis 24.02% 25.
Slide 62: Financial impact of BOJ rate hikes
Financial impact of BOJ rate hikes Mar. 2024 ① Abolishing of NIRP1 Jul. 2024 ② Additional hike ③ Sensitivity (conceptual) Estimated financial impact for FY24 +10bps2 +15bps per +10bps O/w up to Mar-25 Over a full year +JPY 45 B +JPY 40 B +JPY 60 B +JPY 50 B4 As of Sep-24 JPY B/S (Sep-24)3 (JPY T) (c
Slide 63: Financial impact of FRB rate cuts
Financial impact of FRB rate cuts Strengthened resilience to lowering USD rate by increasing Held to Maturity bonds (HTM) Estimated impact of FRB’s rate cuts Almost NO Impact* Hiking phase Cutting phase Though Loan/Deposit income is expected to Impact of rate cuts decrease in line with policy ra
Slide 64: Strategic Capital and Business Alliance with Rakuten Card
Strategic Capital and Business Alliance with Rakuten Card Summary Financial Impacts Signed strategic business alliance among Impact on CET1 ratio*: Approx. -4.0 bps FG, BK, UC Card, Orient Corporation, Rakuten Group and Rakuten Card Investment amount: Approx. JPY 165.0 B Investment to Rakute
Slide 65: Strategic Capital and Business Alliance with Rakuten Securities Holdings
Strategic Capital and Business Alliance with Rakuten Securities Holdings Total accounts2 Newly opened accounts2,3 No. of retail customers: (No. of accounts, M) (Age group) Rakuten IDs 100M 24M 5 major securities companies 5 major online securities companies Mizuho SC Rakuten （Ref.）Breakdown of Accou
Slide 66: Mizuho and Golub Capital announce a strategic partnership
Mizuho and Golub Capital announce a strategic partnership Mizuho and Golub Capital LLC (together with its affiliates, “Golub Capital”) have reached an agreement to form a strategic partnership As part of the agreement, Mizuho has purchased a passive, non-voting minority stake in Golub Capital’s
Slide 67: Mass retail banking in Asia
Mass retail banking in Asia Capturing the growth of Asia through Digital Finance Population scale and the outlook for economic growth. Policy for selecting target countries for investment Volume of numbers of young generation without bank accounts (the unbanked segment). Vietnam Indonesia No.1
Slide 68: Building a diverse talent portfolio
Building a diverse talent portfolio Accelerate growth by ensuring a workplace where a diversified pool of talents work together Securing diverse human capital Ensuring diversity at management Level Executive officers Percentage of women Mid-career hires New graduate hires appointed this FY in role
Slide 69: Sustainability (1) Highlights
Sustainability (1) Highlights Responses to climate change Conservation of natural capital In line with TNFD best practice recommendations, published (Scope 1,2) Emissions from our own business Climate & Nature-related Report, a comprehensive summary of our initiatives addressing climate change and
Slide 70: Sustainability (2) External Recognition
Sustainability (2) External Recognition 弱い Awards2 ESG Ratings1 Low スコア Score 強い High Industry avg. D&I Award S&P Global Best Workplace 0 25 43 50 70 75 100 MSCI CCC B BB BBB A AAA PRIDE Index 2023 AA FTSE 0 1 2 3 4 4.6 5 Industry avg. Sustainalytics 60+ 50 40 30 25.7 21.5 10 0 Environmental Finance
Slide 71: Governance (1) Skill Matrix of the Board of Directors
Governance (1) Skill Matrix of the Board of Directors The table below lists the particular core skills that each director possess in relation to the skills that the Board of Directors as a whole should possess Human Resources Risk Management Financial Control / / Internal Control Committees (☆Chai
Slide 72: Governance (2) Compensation framework for executives
Governance (2) Compensation framework for executives Example of composition of compensation Link to Payment Payment Executive Officers responsible for business execution Compensation type performance Non-executive timing method (range) Group Executive Officers Group CEO Officers Base Compensation1 N
Slide 73: Governance (3) Indicators for performance-linked compensation
Governance (3) Indicators for performance-linked compensation Medium-to-long term Incentive Compensation (Stock Compensation II) Evaluation of Medium-to-long term performance indicators1 Relationship between achievement rate and evaluation Evaluation axes Performance indicators Weight factor (Exampl
Slide 74: Governance (4) Engagement with listed companies and voting process
Governance (4) Engagement with listed companies and voting process for shareholder proposals Comprehensive judgement made on the approval or rejection of all proposals, following the exercise criteria and through dialogue with the issuing company In particular, for companies judged to have gover
Slide 75: Definitions
Definitions Financial accounting - 2 Banks: BK+TB on a non-consolidated basis - Consolidated Net Business Profits: Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments - Net Gains (Losses)
Slide 76: Abbreviations, Foreign exchange rate and Forward-looking Statements
Abbreviations Foreign exchange rate FG : Mizuho Financial Group, Inc. RBC : Retail & Business Banking Company TTM Sep-23 Mar-24 Sep-24 BK : Mizuho Bank, Ltd. CIBC : Corporate & Investment Banking Company TB : Mizuho Trust & Banking Co., Ltd. GCIBC : Global Corporate & Investment Banking Company USD/
Mizuho Financial Group, Inc. Sponosred ADR (Japan) — H1 FY2024 Earnings Presentation on 6ix