<TABLE> <S> <C>

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF DORAL FINANCIAL CORPORATION FOR THE THREE MONTHS ENDED
MARCH 31, 1998, AND IT IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          12,906
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               143,348
<TRADING-ASSETS>                               655,084
<INVESTMENTS-HELD-FOR-SALE>                    457,073
<INVESTMENTS-CARRYING>                         137,000
<INVESTMENTS-MARKET>                           137,135
<LOANS>                                        648,320
<ALLOWANCE>                                      1,334
<TOTAL-ASSETS>                               2,254,379
<DEPOSITS>                                     328,419
<SHORT-TERM>                                 1,365,547
<LIABILITIES-OTHER>                            127,476
<LONG-TERM>                                    196,542
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          8
<COMMON>                                        20,242
<OTHER-SE>                                     216,145
<TOTAL-LIABILITIES-AND-EQUITY>               2,254,379
<INTEREST-LOAN>                                 10,586
<INTEREST-INVEST>                               19,374
<INTEREST-OTHER>                                 1,084
<INTEREST-TOTAL>                                31,044
<INTEREST-DEPOSIT>                               3,597
<INTEREST-EXPENSE>                              23,202
<INTEREST-INCOME-NET>                            7,672
<LOAN-LOSSES>                                      170
<SECURITIES-GAINS>                               9,394
<EXPENSE-OTHER>                                 11,552
<INCOME-PRETAX>                                 12,590
<INCOME-PRE-EXTRAORDINARY>                      12,590
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    11,097
<EPS-PRIMARY>                                     0.57
<EPS-DILUTED>                                     0.55
<YIELD-ACTUAL>                                    7.24
<LOANS-NON>                                      2,932
<LOANS-PAST>                                    32,348
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                  1,432
<ALLOWANCE-OPEN>                                 1,241
<CHARGE-OFFS>                                        0
<RECOVERIES>                                        23
<ALLOWANCE-CLOSE>                                1,434
<ALLOWANCE-DOMESTIC>                               170
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>