Preheat your oven to 350°F (175°C) to ensure even baking.
Grease your 9x5-inch loaf pan with canola oil or line it with parchment paper for easy removal.
In a large mixing bowl, combine the canola oil and granulated sugar. Whisk until blended. Add the beaten eggs, vanilla extract, and almond extract. Mix until smooth.
Stir in the mashed bananas and coconut milk into the wet mixture until well combined.
In another bowl, whisk together flour, baking powder, baking soda, and salt to evenly distribute the leavening agents.
Gradually add the dry ingredients to the wet mixture, stirring until just combined. Avoid overmixing.
Fold in the shredded coconut gently into the batter.
Pour the batter into the prepared loaf pan, smoothing the top.
Bake for 60-70 minutes, or until a toothpick inserted comes out clean. Watch closely towards the end to prevent overbaking.
Cool the loaf in the pan for 10 minutes, then transfer to a cooling rack to cool completely. Slice and enjoy!