Preheat oven to 325 degrees F. Lightly grease or use parchment to line a 9 x 5 inch loaf tin.
Sift together dry ingredients, (flour, baking powder and salt)
In a mixing bowl or stand mixer, cream together butter and almond paste. Add sugar and beat until smooth.
Add eggs, one at a time, mixing well between each egg. Add 1/2 cup milk, vanilla and almond extracts. (Reserve 1/4 cup milk for icing)
Slowly add flour mixture, until just mixed. Do not over mix.
Pour into loaf pan. Tap gently to remove air and smooth surface.
Bake in the center of the oven for 55 to 60 minutes, or until a toothpick inserted comes out clean. Cool. Invert pan to remove cake. Drizzle with icing, if desired, when cool.
To make the icing: add powdered sugar, 1 Tablespoon at a time, to 1/4 cup milk, until thin enough to drizzle over cake in ribbons. Top with toasted sliced almonds.
Notes
Make sure you purchase almond paste and not marzipan.