Step 1

Preheat oven to 350 degrees F. Coat a 9- x 5-inch loaf pan with cooking spray and dust with flour.

Step 2

In a large bowl, beat together oil and sugar; add egg and mix well.  In a medium bowl, combine flour, baking powder, baking soda, nutmeg, cinnamon and salt.  In another bowl, combine bananas, water, and vanilla.

Step 3

Add banana mixture to oil and sugar mixture alternately with flour mixture, mixing well after each addition. Stir in carrots and nuts and pour mixture into loaf pan.

Step 4

Bake 50 to 55 minutes, or until wooden toothpick inserted in center comes out clean. Cool 10 minutes, then remove to a wire rack to cool completely.

Step 5

To make Cream Cheese Frosting, in a medium bowl with an electric mixer, beat frosting ingredients until smooth and creamy.  Spread evenly over top of bread and serve or refrigerate until ready to serve (See Tip).