Cramer has been skeptical of the financials lately. However, he's not skeptical of all financials.
"If these two banks can make this much money in this environment, who knows how much they can make if the economy ever gets moving," Cramer said. "That's what I thought after talking to Jamie Dimon and listening to the conference call of Wells Fargo, the largest mortgage lender in the country."
Looking at JPMorgan's recent earnings release, Cramer said JPMorgan made huge amounts of money in trading, both equities and fixed income. That he says was how JPMorgan was able to generate $6.5 billion this quarter, a 31% surge in profits.
"That alone would make me want to buy this stock if my charitable trust didn't already own it, because it shows how many levers this gigantic commercial bank with the fortress balance sheet has within its enterprise," Cramer said
Looking at the price action, it's clear that not everyone is as enthusiastic as Jim Cramer. Despite the profit surge, shares closed modestly lower on Friday.
"That happened because, in the end, the lifeblood of a bank is lending, and the lending at JPMorgan was tepid," Cramer explained.