That figure represents a drop in surplus from the £9.1m for the equivalent period 12 months earlier and takes into account the £6m signing of Shane Long from Reading in the summer of 2011.
Turnover was up to a record £66.7m, 74% of which was paid out in salaries, while the club's net debt has been reduced from £2m to just £500,000.
Club chief executive Mark Jenkins said in a statement: "The club has continued to invest in its playing squad, both in transfer fees and wages and total salaries now exceed £50m per year.
"However, with careful budgeting and tight financial controls, we have managed to match our revenue to our costs and record a pre-tax profit of £1.5m."
The financial report is the first full set of accounts released by West Bromwich Albion Group Ltd since its formation in August 2010.