Mizuho Financial Group (8411) Q3 2025 earnings summary

Executive summary

• Consolidated net business profits rose 15% year-over-year to JPY 964.2B, with strong top-line growth and solid progress toward the full-year outlook.

• Profit attributable to owners of parent increased 33% year-over-year to JPY 855.3B, surpassing the full-year target.

• Ordinary income rose 14.8% year-over-year to ¥7,073.5B for the nine months ended December 31, 2024.

• Non-interest income grew, driven by investment banking, real estate, and wealth management, especially in the Americas and APAC.

• Comprehensive income declined 34.5% year-over-year to ¥637.0B, reflecting negative other comprehensive items.

Financial highlights

• Consolidated gross profits reached JPY 2,306.9B, up JPY 288.9B year-over-year, supported by BoJ rate hikes and non-interest income growth.

• Ordinary profits rose to JPY 1,126.5B, up JPY 243.6B year-over-year.

• EPS for the period was ¥337.64, up from ¥253.41 a year earlier.

• Net gains related to stocks were JPY 114.4B, up JPY 54.6B year-over-year.

• G&A expenses increased to JPY 1,370.6B, mainly due to investments in growth areas, governance, yen depreciation, and inflation.

Outlook and guidance

• Full-year consolidated net business profits outlook is JPY 1.17T, with 82% progress achieved by Q3.

• Full-year profit attributable to owners of parent outlook is JPY 820.0B, with 104% progress by Q3.

• No revision to previously announced earnings or dividend guidance.

• BoJ rate hikes expected to add JPY 225B to FY25 profits, with sensitivity of +JPY 120B per +25bps rate increase.