Mizuho Financial Group (8411) Q2 2025 earnings summary

Executive summary

• Net income attributable to owners rose 36% YoY to JPY 566.1B in FY24 H1, with consolidated ROE at 8.9%.

• Ordinary income increased 8% YoY to JPY 4,585.2B, and comprehensive income rose 6.1% YoY to JPY 591.8B.

• Net income per share was JPY 223.35, up from JPY 164.03 in 1H FY2023.

• Revised FY24 earnings outlook upward, with net income forecast at JPY 820B and net business profits at JPY 1.17T.

• Announced increased annual dividend forecast to JPY 130/share and a share buyback of up to JPY 100B.

Financial highlights

• Consolidated gross profits rose to JPY 1,561.5B (+JPY 230.3B YoY), driven by strong customer and market performance.

• Ordinary profits surged 30.1% YoY to JPY 747.1B; ordinary income up 8% YoY.

• Net business profits reached JPY 696.6B (+25% YoY), with 65% progress toward the full-year plan.

• G&A expenses increased to JPY 885.7B (+JPY 89.6B YoY), but expense ratio improved to 56.7% (-3.0ppt YoY).

• Total assets stood at JPY 277.4T as of September 30, 2024, slightly down from March 31, 2024.

Outlook and guidance

• Full-year net income forecast raised to JPY 820B, net business profits to JPY 1.17T, and net income per share to JPY 323.48.

• Annual dividend forecast increased to JPY 130/share (+JPY 25 YoY), with share buybacks up to JPY 100B planned.

• CET1 capital ratio at 10.5% (Basel III finalization basis), supporting further growth investment and shareholder returns.