The Baggies have also been able to reduce their net debt from £10million to just £2million.
The financial success followed a successful first season back in the Premier League.
West Brom avoided instant relegation back to the Championship for only the second time after head coach Roy Hodgson revived their fortunes when replacing Roberto Di Matteo in February.
Albion's continued prudence in transfer outlays was reflected in a profit in that department of £3million.
They splashed out £5.2million on new signings but received £8.2million back from players who were off-loaded.
But the latest figures do not take into account that, since the end of the financial year, the commitment in terms of fulfilling players' contracts has risen from £37million to £48million.
Albion will hold their annual general meeting at the club's new London office on February 9.