Whisk together flour, baking powder, salt, cinnamon, and nutmeg in a bowl.
In a separate bowl, beat together apple sauce, eggs, sugar, and vegetable oil until smooth.
Stir the dry ingredients into the wet mixture.
Fold the apples into the batter.
Line a loaf pan with parchment paper and brush lightly with oil.
Pour the batter into the pan.
Bake for 60-70 minutes at 350F.
Take out of the oven and leave to cool.
Combine cream, butter, and brown sugar in a pot. Set over medium heat until sugar is fully dissolved.
Blend in powdered sugar and vanilla.
Drizzle caramel icing over the bread.