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Mizuho Financial Group Inc ADR - Stock Quote MFG

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Morningstar's Mizuho Financial Group Inc ADR Stock Analysis

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Mizuho Has More of a Focus on Large Corporate Borrowers Than Some Other Japanese Banks

Michael Makdad Senior Equity Analyst

Business Strategy and Outlook

| Michael Makdad |

Mizuho Financial Group is one of Japan’s three largest banking groups, with a 7.2% share of domestic loans and 8.6% share of deposits as of March 2021. In Japan, the environment for banks has been tough for years and we expect it to remain so. The long-running deflationary environment in the country has led to persistently low demand for loans, with the loan/deposit ratio having declined from 74% in 2000 to around 57% at present. The liabilities/net assets ratio for Japan’s approximately 1 million business corporations declined from a highly leveraged 4 times in the mid-1990s to a reasonably healthy 126% in 2019 as borrowers prioritized paying down existing debt rather than taking out new loans for investment, but we are concerned that credit costs may increase in the early 2020s after many corporations increased their borrowing in 2020 and as the aftermath of the pandemic affects some firms' business models.

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Mizuho Financial Group Inc ADR's Company Profile

Business Description

Mizuho Financial Group is roughly tied with megabank peer Sumitomo Mitsui Financial Group for the status as Japan's second- largest bank after Mitsubishi UFJ Financial Group. As of March 2021, Mizuho's market share of domestic loans was 7.2%, compared with 7.0% for SMFG and 8.5% for MUFG. In Japan, Mizuho has more of a corporate focus than SMFG, which has a larger retail business. Its overseas weighting is slightly smaller than that of MUFG. Unlike its two Japanese megabank peers that own foreign banks outright or hold noncontrolling stakes in local banks overseas, Mizuho expanded in recent years beyond its traditional Japanese borrowers, mainly through its core banking and securities units, focusing on the financing needs of global multinational corporations.

1-5-5, Otemachi, Otemachi Tower, Chiyoda-ku
Tokyo, 100-8176, Japan
T +81 352241111
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Mar 31, 2022
Stock Type
Employees 53,222