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Jim Cramer on JPMorgan: 'I Would Hate to Be Against Them'

And just like that, earnings season is here, and more than ever due to the economic pressures created by the coronavirus pandemic, bank earnings are in full focus.

JPMorgan Chase reported earnings ahead of the opening bell Tuesday. Adjusted earnings per share of $1.38 may have been down 51% from the prior year, but still came in firmly ahead of Wall Street consensus forecasts of $1.04 per share.

Total revenue of $33 billion also came in ahead of estimates of $30.3 billion.

JPMorgan said loss provisions for the quarter total $10.5 billion, up from the $9.3 billion last year and over $2 billion higher than the $8.3 billion sum of the March quarter. However, JPMorgan still plans to maintain its dividend of 90 cents per share.

“During these unprecedented times, JPMorgan Chase remains resilient and steadfast in using all of our resources to support our colleagues, clients and communities across the globe,” CEO Jamie Dimon said in the earnings release.

Dimon also lauded the bank’s ability to raise record quarterly revenue amid the pandemic. “We earned $4.7 billion of net income in the second quarter despite building $8.9 billion of credit reserves because we generated our highest quarterly revenue ever, which demonstrates the benefit of our diversified global business model,” Dimon said. 

Jim Cramer said that JPMorgan has a "fabulous" balance sheet and at the end of the day, it certainly isn't a stock he would bet against. "I would hate to bet against them," Cramer said.

JPMorgan is a holding in Cramer's Action Alerts Plus charitable portfolio. 

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