Oriental Expects Earnings to Continue Improving

Management Raises to $1.75 Expected Core EPS for Fiscal 2002



Apr 10, 2001, 01:00 ET from Oriental Financial Group

    SAN JUAN, Puerto Rico, April 10 /PRNewswire/ -- Oriental Financial Group
 (NYSE:   OFG) reported that it sees continued improvements in its earning
 outlook due to its strategies and recent interest rate reductions by the
 Federal Reserve.
     "We believe the definitive effect of these events will be very noticeable
 in our fiscal year ending June 30, 2002," said Jose E. Fernandez, president
 and chief executive officer of Oriental Financial Group. "We are raising our
 previous estimate of core earnings per share of $1.45 to $1.75 for fiscal year
 2002."
     Oriental said its earnings per share estimates do not include the effects
 of non-operating items nor take into account additional rate reductions that
 could further improve the Group's results.
     "Our decision during fiscal year 2000 to focus on secured lending
 activities and enhance fee-income operations have improved the Group's
 performance," Fernandez remarked. "Our non-interest revenues have become a
 trustworthy source of income amid different interest-rate and economic
 scenarios, while our low-risk lending policies have improved asset quality and
 reduced credit losses. In sum, we believe that the Group is in very good
 position to pursue its strategic objectives in the new financial marketplace
 that currently is starting to enjoy the benefits of the recent rate reductions
 by the Federal Reserve totaling 150 basis-points."
 
     About Oriental Financial Group
     Oriental Financial Group is a financial holding company that provides
 diversified financial services to clients throughout Puerto Rico. The
 Company's core businesses are financial planning, trust, money management and
 investment brokerage services, as well as a full range of consumer and
 mortgage banking products through 19 financial centers.
 
     This release contains forward-looking statements. These statements, which
 reflect management's beliefs and expectations, are subject to risks and
 uncertainties involved in the Company'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.
 
 

SOURCE Oriental Financial Group
    SAN JUAN, Puerto Rico, April 10 /PRNewswire/ -- Oriental Financial Group
 (NYSE:   OFG) reported that it sees continued improvements in its earning
 outlook due to its strategies and recent interest rate reductions by the
 Federal Reserve.
     "We believe the definitive effect of these events will be very noticeable
 in our fiscal year ending June 30, 2002," said Jose E. Fernandez, president
 and chief executive officer of Oriental Financial Group. "We are raising our
 previous estimate of core earnings per share of $1.45 to $1.75 for fiscal year
 2002."
     Oriental said its earnings per share estimates do not include the effects
 of non-operating items nor take into account additional rate reductions that
 could further improve the Group's results.
     "Our decision during fiscal year 2000 to focus on secured lending
 activities and enhance fee-income operations have improved the Group's
 performance," Fernandez remarked. "Our non-interest revenues have become a
 trustworthy source of income amid different interest-rate and economic
 scenarios, while our low-risk lending policies have improved asset quality and
 reduced credit losses. In sum, we believe that the Group is in very good
 position to pursue its strategic objectives in the new financial marketplace
 that currently is starting to enjoy the benefits of the recent rate reductions
 by the Federal Reserve totaling 150 basis-points."
 
     About Oriental Financial Group
     Oriental Financial Group is a financial holding company that provides
 diversified financial services to clients throughout Puerto Rico. The
 Company's core businesses are financial planning, trust, money management and
 investment brokerage services, as well as a full range of consumer and
 mortgage banking products through 19 financial centers.
 
     This release contains forward-looking statements. These statements, which
 reflect management's beliefs and expectations, are subject to risks and
 uncertainties involved in the Company'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.
 
 SOURCE  Oriental Financial Group