Preheat oven to 350°F.

Beat together butter or shortening and sugar until light and creamy. Add eggs one at a time, beating after each egg is added. Add about half of the mashed banana.

In a separate bowl, whisk together flour, baking powder, baking soda, spices and nuts. Add half of this dry mixture to the first (banana) mixture.

Beat well after each addition. Fold in the applesauce. Pour into a well greased loaf pan (8 1/2 by 4 1/2 by 2 1/2 inch).

Bake for 60 to 65 minutes. Remove from pan and allow to cool on wire rack before slicing.

Serve buttered or spread with whipped cream cheese and finely chopped nuts.