£5m of their income for 2011/12 came from compensation from Liverpool for manager Brendan Rodgers and his assistants, who left for Anfield.
The Swans lost £8.3m in the 2010/11 season that led to promotion from the Championship to the top flight.
A club statement said the turnaround was achieved despite operating costs, particularly wages, doubling in a year.
Swansea almost went out of business in 2002 before owner Tony Petty was bought out by a local consortium who have helped steer the Swans through the football pyramid.
On top of earning £32m per season for reaching the Premier League, clubs receive £500,000 for each place in the league plus a guaranteed £16m for two seasons should they be relegated, and further £8m for two seasons after that.
Swansea are pleased with their returns up to 31 May, 2012 in the wake of promotion to the Premier League.
The statement read: "Swansea City is set to confirm a profit of £14.6million following their debut campaign in the Barclays Premier League.
"The club is shortly due to release its full accounts for the year ending May 31, 2012, which reflects the club's successful first season in the Premier League with a 11th-place finish.
"The directors review of the business is set to reveal a turnover of £65.2 million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6 million, despite operating costs, particularly wages, being double those of the previous year.
"The net profit, which was boosted by the £5million received from Liverpool for the loss of management staff, more than counteracts the net loss of £8.3 million incurred as a result of the cost of the promotion push in the previous financial year.
"The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans."
Plans to create a £2.5m training facility at Landore in the city and forming a partnership with Swansea University to use some of their playing fields are also progressing.
And discusssions aimed at increasing the capacity at the Liberty Stadium are already underway "with the idea of a phased development over a two-year period when the timing is right".