Big bank stocks are ‘dirt cheap’ after posting earnings, Jim Cramer says

Big bank stocks are ‘dirt cheap’ after posting earnings, Jim Cramer says

Big bank earnings are out and the results were positive enough to quell one concern about their valuations, CNBC's Jim Cramer said Thursday.

The stocks of large financial institutions like JPMorgan Chase and Wells Fargo have surged from last summer, far outgaining the market.

Cramer, himself an alum of Goldman Sachs' investment shop, said their quarterly numbers had to be strong enough to support their current valuations.

"We've got one less thing to worry about now that earnings season's gotten rolling. The banks are doing pretty darned good, even if their stocks don't necessarily reflect that fact," the "Mad Money" host said.

JP Morgan, Goldman and Wells Fargo all posted results on Wednesday, followed the next day by Citigroup and Bank of America. Despite each company showing top and bottom-line beats in the first quarter this year, their stock trades diverged in the wake of their reports.

After reviewing the reports, Cramer doubled down on his conviction that the banks are worth getting behind.

"I am still bullish on the financials, especially the investment banks like 'Goldman Slacks' and the turnaround plays like Wells Fargo," he said. "After these numbers, the banks have gotten dirt cheap. Believe me, they will not stay that way."

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