Covic won the votes of 466 out of 495 delegates attending, while 29 ballots were declared invalid. He was the only candidate for the post.
Covic was elected for a term of four years, unlike previous presidents who had been elected for two-year terms.
Addressing the convention after the re-election, Covic called on the Croat parties in Bosnia and Herzegovina to work together to ensure equal status for the Croat people in the forthcoming process of constitutional change in Bosnia and Herzegovina.
His statement followed a plea made by the secretary-general of Croatia's HDZ, Ivan Jarnjak, at a meeting in Mostar on Friday evening. Jarnjak called on Bosnian Croat parties and politicians to unite in the defence of interests of the Croat people in that country.
Commenting on last year's departure of some members of the HDZ BiH to form a new party, the HDZ 1990, Covic said it was "a wrong move," adding that everyone who accepted the HDZ BiH's platform could join the party regardless of previous differences.
Covic said that the HDZ BiH was facing "full transformation from a movement into a modern political party."