Mizuho hits 90% of profit target in 9 months as net income tops $6.4b

Its expanded share buyback shows confidence in its capital base.

Mizuho has already achieved 90% of its full-year net profit for the fiscal year ending 31 March 2026.

The Japanese megabank has a nine-month cumulative profit of $6.4b (JPY1.02t). Overall performance is tracking above original forecast, according to Morningstar.

Mizuho is also increasing its share buyback by JPY100b for fiscal year 2025. This is a positive sign, said Lorrain Tan, director, Morningstar.

“We think the additional share buyback is a positive sign that Mizuho management is confident its capital base is growing and that there is flexibility to increase shareholder returns,” Tan said in an analyst note published on 3 November 2026.

Mizuho’s cost-to-income ratio is expected to decline for longer to factor in the potential for cost savings from using AI tools and operating leverage benefits, Tan said.

Its net interest margin (NIM) is likely to improve by 4 basis points annually through 2028, driven by a gradual cut in the Bank of Japan’s (BoJ) policy rates, she said

“While Mizuho is expanding its domestic retail banking operations, it remains a relatively small contributor to earnings relative to peers. Slowing market and investment banking activity, along with a faster decline in global interest rates, could offset BoJ rate hikes,” Tan wrote.

(US$1 = JPY156.27; as of 4 February 2026)