Data from the Bank of Korea released on Tuesday shows that South Korean companies held a record level of excess cash in the first quarter, driven by strong corporate profits from robust semiconductor exports.

According to the central bank's figures, the net financial assets held by non-financial firms—the value of financial assets minus financial liabilities—reached 20.8 trillion won (approximately $136 billion) by the end of March. This marks a substantial increase from 100 billion won recorded just three months earlier.

This level represents the highest quarterly figure since the Bank of Korea began compiling this data series in 2009.

An official from the central bank explained that companies are typically net borrowers, as they usually borrow more funds for investment and other business purposes than they earn. However, in the first quarter, corporate net profits surged significantly due to semiconductor exports, resulting in a financial surplus.

Separately, the net financial assets of South Korean households increased to 79.2 trillion won in Q1, up from 67 trillion won three months prior. This rise was attributed in part to increased year-end bonuses and a reduction in the supply of new apartments.

The total financial assets held by households and non-profit organizations stood at 6,417.1 trillion won as of the end of March, an increase of 209.4 trillion won from the previous quarter.

Their liabilities also rose, reaching 2,466.8 trillion won, up from 2.6 trillion won three months earlier.

The ratio of financial assets to liabilities held by households was recorded at 2.6.