When you think about high dividend yields, growth stocks are probably not the first things that come to mind. That's because growth companies typically invest their excess capital into expanding the business, as opposed to rewarding investors with higher dividends. But that does not mean that you can't have high-yield dividend stocks that are growing rapidly.

Here are two stocks that are both boosting their already high yields and generating excellent earnings growth.

1. CME Group

CME Group (CME -0.75%) is the nation's largest operator of derivatives exchanges, owning the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX). CME Group generates revenue through fees every time stock futures and options, commodities, interest rate products, and other derivatives are traded on its exchanges. It also makes money by selling market data to institutional investors. 

Its primary focus is on interest rate products, which represent about 30% of trades on its exchanges. With the Federal Reserve aggressively hiking interest rates over the past year-plus, CME Group has greatly benefited as it has sparked more trading on its platforms. In fact, 2022 was a record year with average daily volumes (ADV) of 23.3 million contracts -- a 19% increase over the previous year.

The first quarter was even better, as the firm had a record 66 million contracts on March 13, the day when Silicon Valley Bank and Signature Bank collapsed. Overall, CME averaged 26.9 million contracts in ADV in the first quarter -- ahead of the 2022 pace.

This translated to a 7% year-over-year increase in revenue and a 24% increase in net income to $884 million. That type of growth allowed CME Group to maintain its quarterly dividend of $1.10 per share at a yield of 2.4% (versus less than 1.6% for the S&P 500 index). The company has been able to increase its dividend each year for the past nine years, and that includes periods when interest rates were at 0%. With rates likely to remain high for the foreseeable future, you can expect this excellent dividend stock to keep growing.

2. JPMorgan Chase

JPMorgan Chase (JPM 0.06%) is the largest U.S. bank, and it has had a strong year so far for a few reasons. One, like CME Group, it has benefited from high interest rates, but not in exactly the same way. As a bank, JPMorgan Chase can charge higher interest rates on its loans, which generates more interest income. And the economy has remained resilient, so loan activity has continued to rise, which means more interest income.

Two, JPMorgan Chase came out of the tumultuous first quarter for banks as a clear winner, as customers flocked to the safety and stability of this mega bank and brought their deposits with them. In fact, JPMorgan Chase was able to increase its total deposits by 2% in the quarter compared to the previous quarter, while most other banks saw a decline in deposits.

It all contributed to a blowout quarter as revenue rose 25% to $39.3 billion, fueled by a 49% year-over-year increase in net interest income. Further, net income was up 52% year over year to $12.6 billion. The company actually boosted its 2023 forecast for net interest income by 11%, and it now expects $81 billion for the year. That's due to interest rates that will remain high and deposit expenses that should soften as the Fed starts to wind down rate hikes. JPMorgan Chase, because of its stability, probably won't be under as much pressure to compete for deposits by offering higher rates, thus boosting interest income.

With its strong growth and a sturdy balance sheet, JPMorgan should be able to maintain a robust dividend. It is currently paying out a $1 per share quarterly dividend at a yield of about 2.9%. It has boosted its dividend for eight straight years, and it should be able to maintain its earnings through this period of high interest rates and beyond, as the economy improves and its massive investment banking business roars back to life.

Both of the stocks have had positive returns this year and should continue to deliver both growth and dividends for investors.