Here's why Cramer says JPMorgan could reach $100 a share

• Rising yields is "nirvana" for the big banks, CNBC's Jim Cramer says.
• The 10-year Treasury notes rise in choppy trade after the Labor Department's jobs reports.
• Cramer says the jobs number gives the Fed the green-light for full speed ahead on normalization.

JPMorgan's stock could reach $100 a share soon and it's thanks in part to rising yields, CNBC's Jim Cramer said Friday.

Cramer spoke as the yield on the 10-year Treasury notes rose in choppy trade Friday morning following the Labor Department's jobs report. The report said the U.S. economy added 222,000 jobs in June, well above the expected 179,000.

"This is nirvana for banks," Cramer said on "Squawk on the Street." "This rate rise makes it ... so easy for Janet Yellen. It makes it so JPMorgan, you got to go to a $100 price target. ... It's going to have a remarkable quarter."

(Source: FactSet)

Bank profits increase when long-term rates rise.

JPM was trading at $93.37 on Friday morning, down fractionally. The SPDR S&P Bank exchange-traded fund (KBE) was lower, but big bank stocks had a strong showing last week. The ETF surged after positive results from the Federal Reserve's annual stress test.

Regarding the jobs number, Cramer said some on Wall Street will always find reasons to complain, but he remains optimistic about the economy.

"I look at that broad number and I say this is one of the reasons I remain more sanguine than I think many people," he said. "You get job growth (and) that still gives the Fed reason to do some normalization, which I want because that's good for banks."

"I've been in the business long enough to recognize when I see this level of employment, I can't just call it a bubble," he added.

Earlier this week, Cramer said he still expects the Fed to raise interest rates in September. He said the economy shows policymakers have room to do what they want without doing lost standing-damage.

—CNBC's Fred Imbert and Jeff Cox contributed to this report.