<TABLE> <S> <C>

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF DORAL FINANCIAL CORPORATION FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998, AND IT IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                          11,711
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               148,935
<TRADING-ASSETS>                               692,405
<INVESTMENTS-HELD-FOR-SALE>                    490,641
<INVESTMENTS-CARRYING>                         130,764
<INVESTMENTS-MARKET>                           133,078
<LOANS>                                        870,521
<ALLOWANCE>                                      3,095
<TOTAL-ASSETS>                               2,715,539
<DEPOSITS>                                     410,772
<SHORT-TERM>                                 1,546,502
<LIABILITIES-OTHER>                            274,044
<LONG-TERM>                                    224,839
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          8
<COMMON>                                        40,485
<OTHER-SE>                                     218,889
<TOTAL-LIABILITIES-AND-EQUITY>               2,715,539
<INTEREST-LOAN>                                 30,985
<INTEREST-INVEST>                               66,844
<INTEREST-OTHER>                                 6,734
<INTEREST-TOTAL>                               104,563
<INTEREST-DEPOSIT>                              12,032
<INTEREST-EXPENSE>                              68,336
<INTEREST-INCOME-NET>                           24,195
<LOAN-LOSSES>                                      474
<SECURITIES-GAINS>                              39,709
<EXPENSE-OTHER>                                 40,129
<INCOME-PRETAX>                                 42,801
<INCOME-PRE-EXTRAORDINARY>                      42,801
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    37,978
<EPS-PRIMARY>                                     0.94
<EPS-DILUTED>                                     0.91
<YIELD-ACTUAL>                                    1.45
<LOANS-NON>                                      3,446
<LOANS-PAST>                                    55,858
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                  1,432
<ALLOWANCE-OPEN>                                 1,241
<CHARGE-OFFS>                                       29
<RECOVERIES>                                        93
<ALLOWANCE-CLOSE>                                1,357
<ALLOWANCE-DOMESTIC>                               474
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>