MADRID, June 20 (Reuters) - The chairman of Spain's BBVA said on Monday the bank expected a neutral impact on its accounts one year after applying "hyperinflation" accounting in Turkey.

"What we have seen from our experience in the past is that it has a positive effect on capital and will have a negative impact on earnings, which means the effects on the contribution from the unit during the first year will be practically neutralized," Carlos Torres said.

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

With inflation in Turkey hitting 73.5% in May, Torres reiterated on Monday that the bank could start applying "hyperinflation accounting as early as in the second quarter". (Reporting by Jesús Aguado and Emma Pinedo; editing by Inti Landauro)