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QUARTERLY EARNINGS NEWS RELEASE

FOR RELEASE:
Tuesday, April 15, 2003

ORIENTAL REPORTS RECORD EARNINGS OF $37 MILLION FOR FIRST NINE MONTHS OF FISCAL
2003 ON STRONG THIRD QUARTER RESULTS

San Juan, Puerto Rico, April 15,2003 Oriental Financial Group Inc., (NYSE: OFG)
a diversified financial holding company specializing in financial services,
including full-service banking, mortgage lending, investment brokerage and
insurance services, today reported that net income for the first nine months of
the current fiscal year, ended March 31, 2003, reached a new record of $37
million, an increase of 35 percent from $27.4 million for the same period in
fiscal 2002. Per share income (fully diluted) for the nine months rose by 34
percent to $1.92, against $1.43 per fully diluted share a year earlier.

Earnings for the third quarter in fiscal 2003 grew to $13 million, compared to
$10.4 million for the same quarter in fiscal 2002, an increase of 25 percent.
On a per share basis (fully diluted), earnings rose to $0.67, compared with
$0.55 (fully diluted) in the same three-month period of fiscal 2002, an
increase of 22 percent.

"Strong earnings performance for the third quarter enabled Oriental to exceed
the record earnings turned in for the first nine months of the previous fiscal
year," said Jose E. Fernandez, President, Chairman and Chief Executive Officer.

Shareholders' equity rose substantially to $200.1 million for the nine months
ended March 31, 2003, up 42.5 percent from $140.4 million for the same period
in fiscal 2002. The growth was mainly the result of the net income for the
period and an increase in the market value and corresponding unrealized gain on
investment securities available for sale, which is accounted for as an increase
in shareholders' equity.

As a result, the return on equity (ROE) was 31.06 percent for the first nine
months of fiscal 2003, which is among the highest in the industry. The return
on assets increased by 13 percent for the nine-month period, reaching 1.85
percent in fiscal 2003, compared with 1.64 percent a year earlier.

ASSETS SURPASS $5 BILLION MARK

Total combined assets, including bank assets and assets managed by the trust
division and the investment broker/dealer subsidiary, increased by 8 percent to
$5.3 billion as of March 31, 2003, compared with $4.9 billion as of the same
date in fiscal 2002.

The increase, which put assets over the $5 billion mark, was largely due to
growth in bank assets and the acquisition of Caribbean Pension Consultants,
Inc., (CPC) in January 2003. CPC is a third party administrator of private
pension plans, headquartered in Boca Raton, Florida, with approximately $400
million in pension assets under administration.

"We welcome CPC into the Group because it represents important synergies for
the growth of our trust business, as well as operating economies and improved
efficiency that can result in substantial gains in fee income," Fernandez said.
"In addition, CPC's proven track record over the past 25 years provides a solid

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base from which further expansion of our core businesses can be realized in the
U.S. mainland and in Puerto Rico."

Net interest income, generated by consumer, commercial and mortgage lending, as
well as investments, for the third quarter and the first nine months of fiscal
2003 was $19.7 million and $56.3 million, respectively, compared with $16.9
million and $42.2 million for the same periods of the previous year, which
represents increases of 16 percent and 33 percent, respectively. "The increase
in net interest income reflects the positive impact of a lower interest rate
environment on the market, especially for mortgage lending, even while interest
rate spreads were narrowing" Fernandez said.

DEPOSITS CLIMB OVER $1 BILLION

Total non-interest income, derived from banking, trust, brokerage, insurance,
mortgage banking and other fees, rose 17 percent for the third quarter to $8.6
million, compared to $7.3 million for the same quarter in the previous year.
The nine-month period saw non-interest income grow 11 percent to $24.7 million
from $22.3 million. Total deposits for the nine-month period also increased by
25 percent to just over $1 billion, compared to $830.5 million for the same
period in fiscal 2002.

In February 2003, the Board of Directors declared a regular cash dividend of
$0.14 per common share for the third quarter of the current fiscal year, which
ends on June 30, 2003. The cash dividend is payable on April 15, 2003 to
holders of record on March 31, 2003 with an ex-dividend date of March 27, 2003.

The Board also authorized a new program for the repurchase of up to $9 million
of the Group's outstanding shares of common stock, which supersedes the ongoing
repurchase program established earlier. The Board took this action on March 25,
2003 in the best interests of the shareholders of the Group and will make such
repurchases from time to time, depending on market conditions and prices.

FIRST CUSTOMERS' BILL OF RIGHTS

Also in March 2003, Oriental launched its Customers' Bill of Rights, which is
the first formal commitment made by a bank in Puerto Rico to provide excellence
in service under the Oriental Way approach to building client relationships.

The Board of Directors, the senior management and the employees are dedicating
their energies to the implementation of the Oriental Way and to carry it
forward we have established an exciting team concept that will involve us all
in learning new ways to perform tasks and reach objectives.

"We are firmly committed to continue to make the necessary investment in the
application of information technologies and delivery systems that will
transform the Oriental Way in every aspect of banking service and financial
management," Fernandez said.


ABOUT ORIENTAL FINANCIAL GROUP

Oriental, founded in 1964, is now a financial holding company operating under
U.S. banking regulations. Oriental provides comprehensive financial services to
its clients throughout Puerto Rico and offers third party pension plan
administration in the continental U.S. and Puerto Rico through its wholly-owned
subsidiary, Caribbean Pension Consultants, Inc., which is headquartered in Boca
Raton, Florida.

The Group's core businesses include a full range of consumer, commercial and
mortgage banking services delivered through 23 financial centers, as well as
financial planning, trust, insurance, investment brokerage and investment
banking services. More information about the Group can be found at
www.OrientalOnline.com.

This release may contain forward-looking statements that reflect management's
beliefs and expectations and are subject to risks and uncertainties inherent to
the Group's businesses, including (without limitation): the effect of economic
and market conditions, the level and volatility of interest rates and
securities, the actions undertaken by both current and potential competitors,
the impact of current, pending or future legislation and regulation both in the
United States and in Puerto Rico, and the potential effects of technological
changes.