IAG posted a pre-tax profit for July to September of €1.1bn ($1.2bn; £792m), up 48% from last year.
The company owns British Airways, Iberia, Vueling, and bought Aer Lingus earlier this year.
IAG announced on Thursday that it would be paying its first dividend, which will be 10 euro cents per share.
It has not paid a dividend since the company was created in 2011 by the merger of BA and Iberia.
It
has slightly raised its forecast for operating profits for the full
year to a range of €2.25bn to €2.3bn, having previously said it would be
over €2.2bn.
Analysts had been expecting strong results from the airline group and shares fell 4% in early trading in London.
Chief
executive Willie Walsh said: "We're reporting strong quarter results
with a positive contribution from all of our airlines."
On Thursday, Air France-KLM and Lufthansa both reported improving results.
The airline sector has been boosted by low fuel prices and recovering demand for air travel.
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