Mizuho Financial Group (8411) Q2 2025 earnings summary

Executive summary

• Exceeded FY2025 financial targets ahead of schedule, driven by sustainable growth investments in areas such as Greenhill, Rakuten, and Golub Capital.

• Achieved strong financial results in FY24 H1, with net income attributable to FG up 36% year-over-year to JPY 566.1B and consolidated ROE at 8.9%.

• Focused on cost reduction, operational stability, and reinventing products/services amid a challenging environment.

• Shifted to a new HR framework (CANADE) and intensified cultural transformation, with extensive management-employee engagement.

• Emphasized the need for a balanced approach between growth investment and shareholder returns.

Financial highlights

• Forecasted FY2024 net business profit of JPY 1.17 trillion, up JPY 100 billion year-over-year.

• Consolidated gross profits rose to JPY 1,561.5B (+JPY 230.3B YoY), with net income per share at ¥223.35, up from ¥164.03 in 1H FY2023.

• Ordinary profits surged 30.1% YoY to ¥747.1 billion; ordinary income up 8.0%.

• Net income and ROE have both increased; EPS improvement remains a focus.

• Interim dividend per share raised to ¥65.00, with full-year estimate at ¥130.00.

Outlook and guidance

• Full-year profit attributable to owners forecast revised up to ¥820.0 billion, a 20.7% increase year-over-year.

• FY24 net business profits forecast raised to JPY 1.17T and net income to JPY 820B, reflecting strong H1 results and BOJ rate hike impact.

• Plans to further diversify revenue sources, especially non-interest income, and maintain a stable revenue structure.

• Continued investment in human capital and digital transformation to enhance productivity and customer experience.

• Dividend forecast revised upward, reflecting strong first-half results.