The London club, who sit sixth in the Premier League, incurred losses of £3.5m the previous year, but turned that around courtesy of success on and off the pitch.
West Ham revealed that revenue increased to an all-time high, as turnover rose to £114.8m from £89.8m 12 months ago thanks in no small part to a new broadcast deal.
Sam Allardyce guided West Ham out of trouble last season and they have exceeded expectations so far in the 2014-15 campaign.
Joint-Chairman David Sullivan told the club's official website: "My Board and I are satisfied with the achievements we have made in the 2013-14 season, the highlights for us being retaining our Premier League status and reaching the semi-final of the Capital One Cup, signing an agreement to sell the Boleyn Ground in preparation for our move to the Olympic Stadium for the 2016-17 season, and our fantastic support despite our many injuries and therefore subsequent challenging performances on the pitch.
"We continue to believe we will deliver both on and off the pitch by investing in the team, the brand and managing the business well."
West Ham vice-chairman Karren Brady added: "Through the hard work of a fantastic, dedicated, loyal and determined team both on and off the pitch the club has grown in size, revenue and in stature this season.
"The management team off the pitch were able to capitalise and maximise on all the opportunities the manager and the team delivered on the pitch."
