Mizuho Financial Group, Inc. (MFG): Business Model Canvas [Dec-2025 Updated]

You're looking at Mizuho Financial Group, Inc. (MFG) right now, and honestly, the story isn't just about their massive balance sheet-projected profit attributable to owners of parent at ¥1,130 billion for FY2025-it's about their pivot. After a decade watching the big banks, I see MFG aggressively using key partnerships, like the one with Rakuten Group, to fuel a massive Digital Transformation (DX) push, moving beyond just traditional Global Corporate & Investment Banking (CIB). We need to see how their Key Resources, like that huge asset base of ¥288,757,081 million as of September 30, 2025, are being redeployed into hyper-personalized digital value propositions and sustainable finance advisory, because that's where the future fee income is. Dive into this Business Model Canvas to see the concrete structure behind their strategy to stay relevant in this new digital-first banking world.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Mizuho Financial Group, Inc. (MFG) relies on to execute its strategy as of late 2025. These alliances are crucial for expanding reach and capability, especially in specialized finance and digital infrastructure.

Rakuten Group: Strategic alliance for retail finance and digital services.

Mizuho Financial Group, Inc. deepened its retail finance footprint by acquiring a 14.99% stake in Rakuten Card Co., Ltd.. The agreed share transfer amount was expected to be 164,997 million yen. This move is designed to integrate with Rakuten's ecosystem, which includes over 900,000 affiliate companies. The alliance planned to launch a co-branded credit card in December 2024, allowing users to accumulate Rakuten Points and get preferential ATM fees. For the fiscal year ending December 2024, Rakuten Group anticipated recording a special profit of JPY 159bn from this sale.

Google Cloud: Accelerating digital transformation and cloud-centric development.

The strategic collaboration with Google Cloud, announced in March 2022, continues to be central to MFG's IT modernization. The goal involves building a digital marketing platform on Google Cloud integrated with Google Analytics to enable hyper-personalization using advanced data analytics and artificial intelligence. This partnership also targets the creation of new digital financial services, such as banking-as-a-service (BaaS). Mizuho Financial Group, as of March 31, 2025, held total assets of US$2 trillion globally.

Golub Capital: Exclusive distributor of private credit products to Japanese investors.

Mizuho Financial Group, Inc. purchased a passive, non-voting minority stake of less than 5% in Golub Capital's management companies. This partnership makes Mizuho the exclusive distributor of Golub Capital's investment products to retail and high-net-worth investors in Japan. As of July 1, 2024, Golub Capital managed over $70 billion in capital. For its FY25 plan, Mizuho aimed to shift approximately 150 people from in-person sales roles to focus on higher-tier customers, supporting this asset management push.

Global Fintechs/Startups: Co-creation in areas like embedded finance and AI.

Mizuho continues to make growth investments by carefully selecting opportunities to strengthen its competitive edge, which includes working with various fintechs. The investment in Rakuten Card is a prime example of this fintech alignment. The group is looking to drive business realization through close work with investee companies.

Augusta & Co: Acquisition to enhance European renewable energy advisory.

Mizuho completed the acquisition of 100% of the equity shares of Augusta & Co. Limited in October 2025. Augusta & Co. is a specialist financial advisory firm focused on the renewable energy and energy transition sector in EMEA. To date, Augusta & Co. has completed over 130 transactions and raised approximately €30 billion for its clients. This acquisition complements Mizuho's global M&A advisory platform.

Here's a quick look at the scale of some of these key relationships:

The integration of Augusta & Co. adds specialist expertise to Mizuho's global reach, which includes over 900 offices and 60,000 employees worldwide.

Finance: update the integration timeline for Augusta & Co. employees by end of Q4 2025.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Key Activities

You're looking at the core engine driving Mizuho Financial Group, Inc. (MFG) right now, late in 2025. Here's the breakdown of what they are actively doing to generate value, grounded in their latest reported figures.

Global Corporate & Investment Banking (CIB): Core financing and advisory services.

The Global Corporate & Investment Banking (CIB) segment remains a focus area in the medium-term plan, aiming to build a unique competitive edge. You can see the segment's importance reflected in the H1 FY2025 results, where the banking business within the markets segment and the CIBC business were key profit drivers in the prior period.

Mizuho Financial Group, Inc. is actively expanding its global advisory footprint. For instance, in fiscal year 2025, Mizuho announced its acquisition of shares in Augusta &Co, which is a European financial advisory firm specializing in the renewable energy and energy transition sector.

Here's a look at the scale of the balance sheet supporting these activities as of the first quarter of fiscal 2025 (ended June 30, 2025):

Digital Transformation (DX): Building hyper-personalized platforms and BaaS (Banking-as-a-Service).

Digital transformation is a massive undertaking for Mizuho Financial Group, Inc. They are pouring capital into this to shift basic services to self-service and transform branches into consulting spaces. The megabanks, including MFG, are reportedly investing over ¥1 trillion in digital initiatives in 2025.

Mizuho Financial Group, Inc. has outlined a medium-term plan that includes a JPY 100 billion investment specifically for digital transformation efforts. They are also focusing on creating new platforms to support SMEs' DX efforts.

Key digital and partnership activities include:

• Joint development of "M's Paybridge," an inter-company payment platform service, launched in April 2025.
• Planned investment to make UPSIDER, Inc., a corporate credit card business, a consolidated subsidiary by September 2025.
• The SME remote RM (Relationship Manager) system serves approximately 60,000 corporate clients as of the latest reports.

Asset and Wealth Management: Strengthening investment management and product offerings.

The strategy explicitly calls for the 'Support for the doubling of asset-based income,' so you know this area is a priority. Mizuho Financial Group, Inc. is working to build trusted relationships with retail customers to increase assets under management and related revenue, especially amid volatile financial markets.

The overall financial health supports these growth ambitions. For the six months ended September 30, 2025 (H1 FY2025), the Profit Attributable to Owners of Parent reached JPY 689.95 billion.

The medium-term plan sets a target for Consolidated Net Business Profits for the full fiscal year 2025 to be between JPY 1.1 trillion and JPY 1.6 trillion.

Risk Management and Regulatory Compliance: Maintaining a stable and sound portfolio.

Maintaining a sound financial status is a stated goal, especially given the uncertain business environment. This involves disciplined cost management and a focus on asset profitability through Return on Risk-Weighted Assets (RORA).

The capital position remains strong, which is the foundation for all other activities. As of March 31, 2025, the Common Equity Tier 1 (CET1) capital ratio under Basel III stood at 13.23%.

For the fiscal year ending March 2026 (FY2025 projection), Mizuho Financial Group, Inc. projected annual bad loan costs of ¥140 billion.

Securities Underwriting and Trading: Capital markets activities via Mizuho Securities.

Mizuho Securities is central to capital markets activities, providing full-line securities services. While deal pipelines accumulated reasonably well, execution was delayed due to uncertainty in early 2025, but the firm is positioned for when corporate actions pick up. The Markets (GMC) segment showed strong performance in H1 FY24, with significant year-over-year profit increases.

The firm continues to actively manage its cross-shareholdings, planning to reduce the book value by ¥350.0 billion or more over the three years starting from fiscal 2025.

Here's how the overall profit picture looked for the first half of the fiscal year ending March 2026:

• Profit Attributable to Owners of Parent (H1 FY2025): $4.46 billion (JPY 689.95 billion).
• Diluted Earnings Per Share (H1 FY2025): JPY 276.20.
• Projected Full-Year FY2025 Earnings Per Share: JPY 453.49.

Finance: draft 13-week cash view by Friday.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Key Resources

You're looking at the hard assets Mizuho Financial Group, Inc. (MFG) relies on to execute its strategy. These aren't just buildings and cash; they are the foundational elements that enable their complex financial operations across the globe.

Core Subsidiaries and Global Footprint

The operational backbone of Mizuho Financial Group, Inc. is built around its principal banking and securities arms. These entities work together to deliver integrated financial solutions, which is a key part of their value proposition. You can see the structure laid out here:

Financial Capital

The sheer scale of Mizuho Financial Group, Inc.'s balance sheet is a primary resource. This massive financial capacity underpins its lending, investment banking, and market-making activities. Honestly, this is the first thing any counterparty looks at.

The latest reported figure for the consolidated balance sheet shows the scale of this resource as of the second quarter of fiscal 2025:

• Total Assets as of September 30, 2025: ¥288,757,081 million.
• Total Net Assets as of September 30, 2025: ¥11,076,007 million.
• Own Capital Ratio as of September 30, 2025: 3.8%.

Technology Platform

Modern infrastructure is now a non-negotiable resource in finance. Mizuho Financial Group, Inc. is actively modernizing its systems, moving toward a multi-cloud environment to enhance agility and customer experience. This shift is critical for near-term risk mitigation against system failures, which they've experienced before.

Key technology assets include:

• A new digital marketing platform built on Google Cloud, integrated with Google Analytics.
• An existing group-wide system development platform on Amazon Web Services (AWS).
• The goal is to leverage advanced data analytics and Artificial Intelligence (AI) technology for hyper-personalized marketing.

Customer Base

The depth and quality of the client relationships are invaluable. Mizuho Financial Group, Inc. serves a mix of retail customers and major corporations, with a strong focus on high-grade corporate clients. This concentration of quality relationships drives significant business profit.

Here's a snapshot of the lending balance distribution by customer group as of March 31, 2025:

To be defintely clear, approximately 80% of their Japanese corporate clients are mainly blue-chip companies from the Forbes Global 2000 list of Japan-listed entities. Also, about 70% of their non-Japan lending exposure is to investment-grade counterparties.

Finance: draft 13-week cash view by Friday.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Value Propositions

You're looking at the core value Mizuho Financial Group, Inc. (MFG) is delivering to its clients as of late 2025, grounded in their latest reported figures.

Integrated Financial Solutions: Seamless, group-wide services across banking, trust, and securities.

Mizuho Financial Group, Inc. provides a full spectrum of services by integrating its core entities. Mizuho Bank handles deposits, lending, and exchange settlement for everyone from individuals to foreign corporations, while Mizuho Trust & Banking manages trust, real estate, and asset management functions. Mizuho Securities covers the securities side. This integration is key to maximizing customer lifetime value, especially through partnerships.

The group is actively weaving its services into customer ecosystems. For instance, the alliance with Rakuten Group aims to create a new retail model. This is supported by concrete digital offerings:

• Customers earn "Mizuho Points" for salary deposits and daily banking, exchangeable at a rate of 1pt = 1 JPY-a first for a Japanese bank.
• The Mizuho-Rakuten Card settlement volume shows a 3.7x comparison figure.
• The Mizuho Point Mall, launched in April 2025, is the first by a Japanese bank compatible with three major loyalty programs: PayPay points, Rakuten points, and d-points, allowing for interchangeable use with no value loss.

Global CIB Expertise: Sophisticated financing and M&A advisory for large corporates.

Mizuho Financial Group, Inc. aims to be a top 10 global Corporate & Investment Banking (CIB) player and a strategic partner. The integration of Greenhill has been a specific move to bolster M&A advisory capabilities, leveraging increased sector coverage.

Here's a look at the scale and performance in the Global CIB space, based on recent reporting:

The 'Mizuho | Greenhill' platform delivers a full-suite of CIB capabilities across the Americas, EMEA, and APAC.

Hyper-Personalized Digital Experience: Timely, tailored financial recommendations via AI/data.

To compete with digital challengers, Mizuho Financial Group, Inc. is heavily investing in its digital shift. The three megabanks in Japan, including MFG, are reportedly investing over ¥1 trillion in 2025 for digital transformation initiatives.

The value proposition here centers on making banking access and service highly convenient and tailored:

• The online banking app is undergoing revamps for simplicity, including an AI mode option for chat/voice transactions.
• A strategic partnership with beBit, Inc. was launched in March 2025 to match the app's UI/UX to individual users.
• The channel strategy optimizes banking processes into three styles: digital, remote, and face-to-face.

Asset & Wealth Management: Comprehensive support for asset formation and succession in Japan.

Mizuho Financial Group, Inc. is leveraging its vast client base across banking, trust, and securities to grow its asset management business. The ambition is clear: to join the "trillion-dollar club" in asset management within 10 years, targeting $1t (JPY 70t) in Assets Under Management (AUM).

Specific targets and current scale include:

• Hopes to boost private assets from about JPY 4t to JPY 20t.
• Mizuho is cited as having the No.1 AUM among institutions whose main business is banking.
• The group services 370K iDeCo plan participants and 1.54 million DC (Corporate) plan participants.

For context, the affiliate Asset Management One USA Inc. reported regulatory AUM of $7.3 billion as of December 31, 2024.

Sustainable Finance: Green loans, transition finance, and ESG-related advisory services.

Sustainability is integrated into the management strategy, focusing on climate change response and capturing business opportunities through finance and investment. Mizuho Financial Group, Inc. has a firm medium-term goal for sustainable finance.

Key figures related to this commitment include:

• Target to provide JPY 100 trillion in sustainable finance by FY2030.
• Cumulative sustainable finance provided from FY2019 through FY2024 reached JPY 40.3 trillion.
• Environment and climate-related finance for FY2024 (Apr. 2024 - Mar. 2025) stood at JPY 16.0 trillion.
• Mizuho launched 'Avoided Emissions Impact Finance' in October 2025, following the publication of its 'Avoided Emissions Focus Report' in October 2024 and the updated WBCSD guidance in July 2025.

The overall group performance in H1 FY2025 showed ordinary profits of ¥849,626 million and a raised full-year profit attributable to owners estimate to ¥1,130,000 million. Finance: draft 13-week cash view by Friday.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Customer Relationships

You're looking at how Mizuho Financial Group, Inc. (MFG) manages its connections with customers as of late 2025. It's a mix of high-tech digital service and deep, in-person advisory, especially for the corporate side.

Dedicated Consulting: In-person and remote advisory for complex financial needs

Mizuho Financial Group, Inc. is actively reshaping its physical footprint to support high-value interactions. The strategy involves shifting routine transactions to digital channels to transform branches into spaces focused on in-person consulting for customers. Mizuho Atelier is one example of this shift, focusing on consultation services. The group has established clear consulting frameworks, particularly for asset management, detailing processes for selecting investment trust products and subsequent monitoring and review. This commitment to a trusted partner approach is codified in their revised Policies for Customer-oriented Business Conduct, clarified in April 2025. They are definitely prioritizing deep advisory relationships.

Co-creation Model: Innovating with clients on DX and sustainability initiatives

The corporate purpose itself centers on this: 'Proactively innovate together with our clients for a prosperous and sustainable future.' This isn't just talk; it translates into concrete joint efforts. For sustainability, Mizuho Financial Group, Inc. is advancing its JPY 100 trillion sustainable finance target. They presented a 'Grand Design' for the ideal Japanese industrial structure in 2050, which involves co-creating with various industry clients and engaging in cross-industry collaboration to achieve this vision. On the DX front, they are using their embedded finance solution, 'House Coin,' to co-create services. For instance, Mizuho Bank and Panasonic Corporation's Electric Works Company jointly developed 'everiwa wallet,' a dedicated payment service for the 'everiwa Charger Share' EV charging infrastructure sharing platform. This shows a commitment to building new business models alongside clients.

Digital Self-Service: Enhanced UI/UX for routine transactions via mobile and web

To free up staff for that dedicated consulting, the digital experience needs to be seamless. Mizuho Financial Group, Inc. is investing over ¥1 trillion in digital initiatives in 2025 to compete with digital challengers. A key focus is the continuous improvement of the User Interface/User Experience (UI/UX) for the Mizuho Direct online banking app and website. A major recent enhancement was the launch of Mizuho Point Mall in April 2025. This platform is the first by a Japanese bank to allow the interchangeable use of PayPay points, Rakuten points, and d-points with no loss in value, as of March 4, 2025. This directly addresses customer convenience for everyday banking activities.

Relationship Banking: Long-term, trusted partner approach with corporate clients

For corporate and investment banking clients, the approach is about being a long-term, trusted partner, which is a core value for the firm. This is supported by the group's sheer scale; as of the end of June 2024, Mizuho Financial Group, Inc.'s consolidated total assets stood at ¥292.3 trillion. The focus in the EMEA region, for example, is on providing corporates and institutions with unparalleled access and expertise in Japan and Asia, positioning Mizuho International plc as the partner of choice for European companies in their home market. The firm's full-year net profit guidance for FY2025 was raised to ¥820 billion, showing the underlying strength supporting these long-term relationships. This relationship focus is also seen in their commitment to supporting clients' transition risks, with engagement and support for GHG emission reductions in carbon-related sectors.

Here's a quick look at some of the scale and investment figures related to these customer-facing strategies:

You should review the engagement scores and inclusion scores from the Staff Survey to gauge internal alignment with this customer-centric approach, as these scores reflect employee perception of collaboration.

• Branch strategy: Shift basic services to digital.
• Digital goal: Enhance Mizuho Direct UI/UX.
• Co-creation focus: Hydrogen, carbon credit, and 'Impact.'
• Advisory focus: Investment trust product monitoring.
• Relationship goal: Act as a trusted partner always.

Finance: draft 13-week cash view by Friday.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Channels

You're looking at how Mizuho Financial Group, Inc. (MFG) reaches its customers as of late 2025. The strategy centers on optimizing three styles: digital, remote, and face-to-face, all connected seamlessly.

Physical Branch Network: Flexible branch models focused on core in-person consulting.

Mizuho Financial Group, Inc. is actively shifting its physical footprint to focus on high-value interactions. The goal is to transform branches into spaces primarily for in-person consulting, moving routine transactions to digital channels. This involves rolling out new, flexible branch models.

The network size for Mizuho Bank, Ltd. as of June 30, 2025, shows the domestic presence:

The strategy includes reviewing branch opening hours to support this shift toward consultation-only visits.

Digital Channels: Mobile banking apps and online platforms.

Digital channels are crucial for driving the shift of banking processes and operations. Mizuho Financial Group, Inc. is investing heavily in improving the user interface/user experience (UI/UX) of its online banking app, Mizuho Direct.

Key digital metrics and investment figures include:

• Digital transformation investment in 2025: Over ¥1 trillion across the three megabanks.
• Mizuho Direct Monthly Active Users (MAU): Trend shows an increase from 3.49 million in FY2023 to 4.10 million in FY2025 (as per chart data).
• Goal: Provide digital services allowing retail customers and corporate clients to complete transactions without visiting a branch.

Remote Consulting: Contact centers and digital channels for remote advisory.

Remote consulting leverages technology to provide advisory services anytime, anywhere. This includes developing next-generation contact centers that incorporate Artificial Intelligence (AI) technology.

The expected efficiency gains from these remote channels are concrete:

• Time saved by next-generation contact centers (utilizing AI): Estimated at 7,000 hrs/year.
• Service Goal: Offer investment advice available anytime, anywhere.

Partner Ecosystems: Embedded finance solutions and joint services with partners like Rakuten.

Mizuho Financial Group, Inc. is actively extending its services through strategic alliances to enhance customer convenience and expand reach. The partnership with Rakuten Group is central to this effort.

Specific partnership channel activities include:

• Rakuten Card Co-branded Card: The Mizuho Rakuten Card began offering Rakuten points benefits in December 2024. Mizuho holds a 14.99% stake in Rakuten Card.
• Point Integration: Launched Mizuho Point Mall in April 2025, the first Japanese bank platform to allow interchangeability of PayPay points, Rakuten points, and d-points with no loss in value (as of March 4, 2025).
• NISA Services: Rolling out services for the NISA (Nippon Individual Savings Account) in partnership with Rakuten Securities.
• Embedded Finance: Jointly developed everiwa wallet with Panasonic Corporation for contactless payment/receipt of EV charging fees, based on the embedded finance solution House Coin.

Global Offices: International branches for Corporate & Investment Banking.

The global channel strategy supports Corporate & Investment Banking (CIB) clients expanding into new markets. Mizuho Financial Group, Inc. maintains an expansive international footprint.

The global network scale as of late 2025 includes:

Mizuho Americas LLC, the Intermediate Holding Company, covers corporate and investment banking, global markets, and treasury services for institutional and corporate clients in the U.S..

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Customer Segments

You're looking at the core client groups Mizuho Financial Group, Inc. (MFG) targets across its integrated banking, trust, and securities structure as of late 2025.

Japanese Large and Mid-Cap Corporations: This segment is the backbone, served by the Corporate & Investment Banking Company (CIBC) and Global Corporate & Investment Banking Company (GCIBC). The focus is on financing, risk management, and advisory services.

• Corporate clients where Mizuho acted as lead underwriter: 624 as of March 25 (Source 3).
• The corporate portfolio is a large part of the total Allowances for Loan Losses recorded on the consolidated balance sheet as of March 31, 2025 (Source 5).

Mass-Market Retail Customers in Japan: This group drives growth in digital engagement and asset formation, increasingly through strategic alliances.

• Number of customers using investment products (KPI as of FY2024): 2.30 million (Source 1).
• Balance of retail deposits as of FY2024: ¥46.2 trillion (Source 4).
• Target for number of deposit account openings in FY2025: 500 thousand (Source 4).
• Mizuho Direct (online banking app/website) monthly active users as of FY2024: 4.45 million (Source 4).
• Total participants in defined contribution plans (iDeCo and Corporate DC) as of March 25: 1.91 million (comprising 370K iDeCo participants and 1.54 million Corporate DC plan participants) (Source 3).

High Net Worth Individuals: Clients for Asset and Wealth Management services, often overlapping with the upper tier of the retail segment.

Here's a quick look at the scale of the wealth management client base as of March 25:

Global Institutional Investors: These clients engage with Mizuho Securities and the Global Markets Company (GMC) for securities and private credit products.

Mizuho Financial Group, Inc. reported a Common Equity Tier 1 capital ratio under Basel III of 13.23% as of March 31, 2025 (Source 7). The total assets of Mizuho Financial Group were reported as more than £1.4 trillion (Source 6).

Government Agencies and Local Governments: These entities interact with Mizuho Bank for general financial products and services, and with Mizuho Trust & Banking for services like pension administration. Mizuho Securities also serves public sector entities (Source 7). The firm is actively pursuing DX initiatives with partners, such as payment infrastructure collaboration (Source 4).

The Profit Attributable to Owners of Parent for the fiscal year ended March 31, 2025, was ¥885.4 billion (Source 7). This financial strength supports the entire client base.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Cost Structure

Personnel Costs for Mizuho Financial Group, Inc. involve the compensation for its global workforce. The consolidated total number of employees as of March 31, 2025, was reported as 52,554. For the first half of Fiscal Year 2025 (six months ended September 30, 2025), the reported Personnel Expenses on a consolidated basis amounted to ¥187,950 million.

General and Administrative (G&A) Expenses cover the operating costs across Mizuho Financial Group, Inc.'s extensive network. Consolidated General and Administrative Expenses, excluding Non-Recurring Losses, for the six months ended September 30, 2025, totaled ¥508,303 million. For the full Fiscal Year 2024 (ended March 31, 2025), the reported G&A Expenses were ¥1,840.7 billion. The estimate for Fiscal Year 2025 projected an increase in G&A Expenses by ¥176.7 billion year-on-year.

Technology Investment is a significant component, driven by the push for Digital Transformation (DX) and system modernization. Mizuho Financial Group, Inc. has announced a medium-term target for digital investment of JPY 100 billion.

Funding Costs are directly impacted by the interest rate environment. Following two interest rate hikes by the Bank of Japan in Fiscal Year 2024, funding rates have risen, leading to short-term cost pressures for Mizuho Financial Group, Inc. The company continues to focus on strengthening and diversifying funding sources.

Governance and Regulatory Compliance Costs are embedded within operating expenses, reflecting the high demands of global financial regulation. The estimated year-on-year increase in General and Administrative Expenses for Fiscal Year 2025 was attributed mainly to external factors, including inflation and resource deployment to growth areas and governance-related costs.

Here's a quick look at some key cost-related figures for the latest reported periods:

The breakdown of the workforce size as of the last reported fiscal year end includes:

• Total Consolidated Employees as of March 31, 2025: 52,554.
• Another reported figure for employees as of March 31, 2025, was 65,256.

Finance: draft 13-week cash view by Friday.

Mizuho Financial Group, Inc. (MFG) - Canvas Business Model: Revenue Streams

You're looking at how Mizuho Financial Group, Inc. actually brings in the money, based on their latest figures from the first half of Fiscal Year 2025 (1H FY2025), which ended September 30, 2025. The overall picture shows a strong reliance on core banking income, though trading revenue saw a dip compared to the prior year's strong showing.

The projected full-year target for FY2025 Profit Attributable to Owners of Parent has been revised upward to ¥1,130,000 million, which is a 27.6% increase year over year based on the latest outlook. This upward revision reflects the robust performance seen in the first half.

Here's a breakdown of the key components making up the Consolidated Gross Profits for the first half of Fiscal 2025, compared to the same period last year. Honestly, the jump in Net Interest Income is what's really driving the current momentum, helped by the Bank of Japan's policy rate adjustments.

Net Interest Income shows earnings from lending operations and rising interest rates really paying off; it hit ¥652,680 million in the first half, a significant increase of ¥169,823 million year over year. That's a clear win from the rate environment.

Fee and Commission Income, which covers things like securities, trust banking, and advisory services, remains a substantial pillar. You can see the detail here:

• Net Fee and Commission Income totaled ¥467,387 million for 1H FY2025.
• Trust Fees specifically contributed ¥31,570 million.

Trading Revenue, which comes from Sales & Trading (S&T) activities in Global Markets, was ¥423,220 million in the first half. To be fair, this was down by ¥135,240 million compared to the prior year's first half, suggesting market volatility was captured differently or was less favorable in certain segments this period. Still, performance in Global Investment Banking and the ability to monetize DCM (Debt Capital Markets) deals helped overall.

Net Gains related to Stocks provided a nice boost, coming in at ¥130,448 million, which was ¥50,492 million higher than the first half of Fiscal 2024. This profit came from strategic shareholdings and investments, which is always a factor for Japanese banks reducing cross-shareholdings.

The Profit Attributable to Owners of Parent for the first half alone reached ¥689,947 million, marking a 21.8% increase year over year, which puts them well on track for that full-year target. Finance: draft 13-week cash view by Friday.