I recently purchased a new Bold 9700 and I noticed that the battery drains very quickly. It only lasts about 4 hours if the Mobile Network, WiFi and Blue Tooth are enabled.
Also, I have recently installed the latest software updates.
Is it normal for the battery to drain this quickly while the phone is on stand by mode?
Not at all, the 9700 has the best power management of all current BlackBerry devices. I would suggest performing a battery pull as well ensure that no applications are running in the background by holding the menu key and looking at the application switch panel that pops up.
Look for any programs you left running in the background. Something is running, or you have a faulty battery. I can go all day in and out of coverage with radio on, BT on and still have battery at the end of the day.