By Jesús Aguado

MADRID (Reuters) - Spain's BBVA said on Tuesday that hyperinflation accounting in its Turkish unit Garanti reduced the group's net attributable profit by 324 million euros ($341 million) in the first quarter.

The impact of restating inflation-adjusted numbers from Jan. 1 onwards will be reflected in BBVA's second-quarter results.

Following the new accounting, BBVA restated its net profit in the first quarter to 1.326 billion euros.

BBVA said that considering Turkey's expected 2022 inflation, the earnings contribution in the country to the parent company's results will be non-material, and capital and tangible book value will be positively impacted in the coming quarters.

BBVA recently raised its stake in its Turkish lender Garanti to 86%.

Like larger Spanish rival Santander, BBVA has been expanding in emerging economies as it struggles to boost income in more mature markets, though some analysts cite risks from its exposure to macroeconomic uncertainty in Turkey.

According to international accounting standards, the need to adopt hyperinflationary accounting depends on the economic environment. One criterion is cumulative inflation of more than 100% in a three-year period, which Turkey met as of February 2022, BBVA said on Tuesday.

With monthly inflation in Turkey hitting 73.5% in May, BBVA executives had publicly said that the bank could start applying "hyperinflation accounting as early as in the second quarter".

The accounting technique had a positive impact of 19 basis points on BBVA's fully loaded core Tier-1 capital ratio as of end-March, which rose to 12.89%, and increased its book value by 254 million euros, it said.

BBVA on Tuesday affirmed its financial goals for 2024.

It also said it would start executing on July 1 the final tranche of a 1 billion euros share buyback to conclude its 3.5 billion euros program.

($1 = 0.9503 euros)

(Reporting by Jesús Aguado; Editing by Andrei Khalip and Richard Chang)