Company Reports

Mizuho Financial Group is one of Japan’s three largest banking groups. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho's first-quarter fiscal 2026 (ending March 2027) net income jumped 46% year on year to JPY 423 billion on broad-based growth in net interest income, net fee income and trading income. Return on equity increased to 12% from 8%, and the bank doubled its buyback program to JPY 200 billion.

Mizuho's fiscal 2025 net income jumped 41% to JPY 1.248 trillion, driven by improved net interest margin, lower effective tax and general expenses, as well as a doubling in share sale gains to JPY 287 billion. The company is guiding for net income to grow 4% to JPY 1.300 trillion in fiscal 2026.

Mizuho Financial Group is one of Japan’s three largest banking groups. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho's December-quarter net profit of JPY 330 billion brings the nine-month cumulative profit to JPY 1,020 billion, accounting for 90% of management's full-year profit guidance. Mizuho is increasing its share buyback by JPY 100 billion to JPY 400 billion for fiscal 2025.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Four Japanese banks—Mizuho, Resona, Sumitomo Mitsui Financial Group, and Sumitomo Mitsui Trust Group—announced results for the first quarter of their fiscal years ended March 2026. Japan’s largest bank, Mitsubishi UFJ Financial Group, will report on Aug. 4.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho Financial Group reported net income of JPY 885 billion for the fiscal year ended March 2025, and forecasts JPY 940 billion for the current year.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

We adjust our Morningstar Uncertainty Ratings for 14 of the 16 Asia, excluding China, stocks we cover after US President Donald Trump announced much more severe tariffs on imports than we or the market were expecting, raising uncertainty over future economic conditions across Asia.

Five major Japanese banks reported aggregate earnings of JPY 4.14 trillion for the nine months from April to December 2024, reaching over 99% of their full-year guidance with three months remaining.

The Bank of Japan raised its policy rate to 0.50% from 0.25%, marking the highest level since 2008, as the country’s persistent deflation shifts toward moderate inflation.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities, and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

Mizuho reported interim earnings of JPY 566 billion (75% of its guidance of JPY 750 billion for the year ending March 2025), raised its earnings guidance to JPY 820 billion and dividend plan by 13% to JPY 130 per share, and announced a JPY 100 billion buyback.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league-table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).

We transfer five Japanese banks to a new coverage analyst with minor tweaks to our earnings forecasts that do not change our fair value estimates for the Tokyo-listed shares. Our fair value estimates for Mitsubishi UFJ Financial Group's, or MUFG, and Mizuho Financial Group's ADRs rise by 9% each to $12.25 and $4.61, respectively, due to 9% appreciation in the Japanese yen against the US dollar.

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 6.8% share of domestic loans and 8.5% share of deposits as of March 2024. Mizuho lacks the large consumer finance, credit card, and leasing operations of its two rivals, leaving it dependent on banking, securities and asset management for future returns. Its wholesale securities business has been performing well, in our view, including overseas. In 2023, Mizuho bought investment banking firm Greenhill, which should bolster its league-table rankings in M&A advisory to complement Mizuho's existing strength in debt capital markets (with equity capital markets business overseas also growing).