Real Madrid have announced that they made a €13 million profit in 2021-22, meaning the club avoided making a loss in each of the three seasons following the COVID-19 pandemic.

Madrid enjoyed a successful campaign on the field last season, winning the Champions League for the fifth time in eight years as well as the LaLiga title.

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The club estimates that it was hit by a drop in income of around €400 million as a result of the pandemic, with games being played behind closed doors from June 2020 until May 2021.

In a statement on Monday, Madrid said that their income had risen from €653 million in 2020-21 to €722 million in 2021-22 -- a 10% increase -- as the impact of coronavirus continued to diminish, although that figure remains below pre-pandemic levels.

The club's matchday revenue at the Santiago Bernabeu stadium has also been hit by major redevelopment work, due to be completed next year, which has seen its capacity reduced.

The financial result after tax for 2021-22 was a profit of €12.9 million, an increase from the €874,000 profit the club posted in 2020-21.

Madrid's cash position now stands at €425 million, thanks in large part to a €360 million investment from the U.S. firm Sixth Street announced in May this year.

That figure does not include the costs of the stadium redevelopment, which is being paid for by an €800 million loan agreement with JP Morgan and Bank of America.

The club's accounts for 2021-22 will be put to a members' vote for approval in a general assembly on Oct. 2.

Madrid, who are currently top of LaLiga after winning all five of their league games so far this season, will host RB Leipzig on Wednesday in Champions League group F.