LIC Housing Finance Ltd (LICHFL), on Monday, announced its new customer friendly initiatives and plans for the third quarter.

Briefing reporters here, LICHFL Director and Chief Executive S K Mitter said that the company plans to inject an additional Rs 400 crore equity capital by middle of January 2008.

“There has been a good performance in almost all areas of operations in the quarter just ended. Our business growth is higher than the industry rate.

We have been able to reduce the gross non performing assets (NPAs) significantly both sequentially as well as on year-on-year basis. The company is poised to move into the next level of growth and performance. We are also considering an enhancement of the equity capital,” he said.

Mr Mitter also said that the company has recorded a healthy growth in business during the Q2 ended September 2007. “Our Q2 net profit is up by 53 per cent at Rs  116.37 crores compared to Rs 75.93 crores in the corresponding period last year,” he said.

“Apart from the present housing loan schemes, the company is also set to launch a reverse mortgage product shortly,” he added.

“We have already inaugurated an assisted living community centre for senior citizens in Bangalore and the second project is coming up at Bhubaneswar,” he said.

“We also plan to set up similar care homes at Kochi, Jaipur and Chandigarh next year,” Mr Mitter added.