Preheat the oven to 350F (180C) degrees.
Line the bottom and horizontal sides of a 9x5 inch (or 9 1/2 by 5 1/2 inch) loaf pan with parchment paper so that there's an overhang across the long sides. Grease the exposed sides.
In a medium bowl, whisk together the flour, baking powder, baking soda and salt. Set aside.
In a large bowl whisk together the oil, peanut butter, sugar, eggs, vanilla and milk. I typically whisk the oil, peanut butter and sugar together first, then whisk in the eggs, vanilla and milk. This can also be done with an electric mixer.
Stir in the mashed bananas.
Gently fold the dry ingredients into the wet ingredients. If you notice that there are lumps of flour, whisk the mixture until smooth (lumps of banana are totally OK - you just don't want lumps of flour). Do not use an electric mixer for this step.
Fold in the chocolate chips.
Pour the batter into the prepared pan. Only fill until it's about 2/3 to 3/4 full. If your pan is only a 8 1/2 by 4 1/2 inches, you'll have some leftover batter. You can use this leftover batter to make a few muffins (they'll need about 15-20 minutes at 350F).
Bake in the middle of the preheated oven for about 55-65 minutes or until a toothpick inserted in the middle of the loaf comes out clean or with melted chocolate, but no gooey loaf batter. If the top of the loaf starts to brown too much, tent a piece of aluminium foil and place over top around 40 minutes.
Cool in the pan for at least 30 minutes before carefully removing