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Business Description
Doral Financial Corporation is a diversified financial services company engaged in mortgage banking, commercial banking, institutional broker-dealer activities and insurance agency activities. Its activities are principally conducted in Puerto Rico and in the New York City metropolitan area. The Company operates 56 mortgage banking offices in Puerto Rico and one office on the United States mainland. It is engaged in commercial banking activities through its subsidiary, Doral Bank PR, which operates through 37 branches in Puerto Rico. The Company conducts its mortgage banking activities in Puerto Rico primarily through its HF Mortgage Bankers division, and through its subsidiaries, Doral Mortgage Corporation, Centro Hipotecario de Puerto Rico, Inc. and Sana Investment Mortgage Bankers, Inc. On the United States mainland, it conducts its mortgage banking activities through its subsidiary, Doral Money, Inc.

Financial Information
For the nine months ended 9/30/04, total interest income rose 25% to $410.4 million. Net interest income after loan loss prov. rose 69% to $191.1 million. Net income applicable to Common rose 47% to $339.1 million. Results reflect increase in interest income and improved gross margins.