<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, 1999 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-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                          35,522
<INT-BEARING-DEPOSITS>                         141,531
<FED-FUNDS-SOLD>                               156,573
<TRADING-ASSETS>                               646,901
<INVESTMENTS-HELD-FOR-SALE>                    617,233
<INVESTMENTS-CARRYING>                         185,426
<INVESTMENTS-MARKET>                           187,426
<LOANS>                                      1,066,837
<ALLOWANCE>                                      5,435
<TOTAL-ASSETS>                               3,138,122
<DEPOSITS>                                     649,378
<SHORT-TERM>                                 1,575,373
<LIABILITIES-OTHER>                            240,092
<LONG-TERM>                                    325,589
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      1,503
<COMMON>                                        40,485
<OTHER-SE>                                     305,702
<TOTAL-LIABILITIES-AND-EQUITY>               3,138,122
<INTEREST-LOAN>                                 18,201
<INTEREST-INVEST>                               20,036
<INTEREST-OTHER>                                 3,501
<INTEREST-TOTAL>                                41,738
<INTEREST-DEPOSIT>                               6,652
<INTEREST-EXPENSE>                              25,224
<INTEREST-INCOME-NET>                            9,862
<LOAN-LOSSES>                                      295
<SECURITIES-GAINS>                              21,764
<EXPENSE-OTHER>                                 21,555
<INCOME-PRETAX>                                 17,804
<INCOME-PRE-EXTRAORDINARY>                      17,804
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    15,671
<EPS-PRIMARY>                                     0.37
<EPS-DILUTED>                                     0.36
<YIELD-ACTUAL>                                    1.27
<LOANS-NON>                                      3,233
<LOANS-PAST>                                    60,489
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                    973
<ALLOWANCE-OPEN>                                 5,166
<CHARGE-OFFS>                                      175
<RECOVERIES>                                       149
<ALLOWANCE-CLOSE>                                5,435
<ALLOWANCE-DOMESTIC>                             5,435
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>