South Korea's household credit set a new record in the first quarter, though the growth rate slowed slightly.

According to the Bank of Korea(BOK) on Tuesday, household credit stood at one-thousand-765 trillion won as of the end of March, the highest since the central bank began compiling related data in 2003.

Household credit refers to a comprehensive household debt that consists of credit purchases and loans for households that have been extended by financial institutions, including commercial lenders and mutual savings banks.

However, it grew at a slower pace in the first quarter, some eight trillion won less than the previous quarter, as banks tightened rules on loans.

Household lending at banks and other financial institutions, meanwhile, reached a record one-thousand-666 trillion won in the first quarter, up 34-point-six trillion won from three months earlier.

Mortgage loans rose 20-point-four trillion won on-quarter to 931 trillion won.