Preheat the oven to 350℉. Lightly spray a loaf pan with cooking spray and set aside.
In a large bowl, cream together the sugar and butter until light and fluffy. Mix in the bananas, milk and eggs until fully combined.
In a separate bowl, mix together the flour and baking powder.
Slowly mix the dry ingredients into the wet ingredients until just combined.
Fold in the pecans and dried cranberries.
Pour the batter into the prepared loaf pan and bake in the preheated oven for 1 hour, or until a toothpick inserted comes out clean.