Preheat oven to 350°F (175°C). Grease a 9×5-inch loaf pan or line it with parchment paper.
In a large bowl, beat butter and sugar until light and fluffy (about 3 minutes).
Add eggs one at a time, mixing well after each addition. Stir in vanilla and almond extracts.
In a separate bowl, whisk together the flour, baking powder, and salt. Gradually add to the butter mixture, alternating with coconut milk, until just combined.
Fold in shredded coconut.
Pour the batter into the prepared loaf pan and smooth the top.
Bake for 1 hour to 1 hour 15 minutes. Start checking for doneness at 50 minutes with a toothpick (it should come out clean or with a few crumbs).
Let the cake cool in the pan for 10-15 minutes, then transfer to a wire rack.
For the glaze, whisk powdered sugar, coconut milk, and vanilla extract in a small bowl until smooth.
Drizzle the glaze over the cooled cake and garnish with extra shredded coconut.