Norwich have wiped out all of their external debt and returned a small profit after tax of £500,000.
The Premier League club revealed the figures on Thursday morning in accounts published for the year end 31 May, 2013.
Overall revenue at Carrow Road was up to £78.7m from £74.3m in 2012, with a profit of £500,000 which was down from £13.5m as the club moved to slash external debt from £11.3m to around £900,000, with £700,000 of that as 'preference shares' and the remaining balance now paid off since 1 June.
Norwich chairman Alan Bowkett admits he is delighted with the figures, as the club look to cement their place in the top flight this season.
Bowkett said: "Again these are a pleasing set of financial results in line with our objective of attempting to run the club as a mutual.
"We have been able to cement our position in the Premier League by increasing our expenditure on football by 46 per cent and yet still be one of a few clubs in the Premier League to remain in profit.
"Additionally, subsequent to the accounts cut-off date, we have paid back all of our external debt.
"My thanks to all the team at Norwich City Football Club, both on and off the field."