Preheat the oven to 350°F (175°C) and prepare a 9x5-inch loaf pan by greasing it or lining it with parchment paper.
Mash the ripe bananas in a large mixing bowl until smooth, leaving some chunks for texture.
Incorporate the wet ingredients: Add the sweetened condensed milk, eggs, melted butter, and vanilla extract to the mashed bananas. Mix well until combined.
Whisk together the dry ingredients in another bowl: all-purpose flour, baking soda, baking powder, and salt.
Combine both mixtures: Gradually add the dry ingredients to the wet ingredients, stirring gently until just combined.
Pour the batter into the prepared loaf pan, using a spatula to smooth the surface. If desired, sprinkle chopped nuts or chocolate chips on top.
Bake in the preheated oven for 50 to 60 minutes, or until a toothpick inserted in the center comes out clean.
Cool the bread in the pan for 10 minutes, then transfer to a wire rack to cool completely.
Store in an airtight container at room temperature for up to 3 days or freeze for longer storage.