Preheat oven to 350 degrees F (175 degrees C). Grease and flour two 9x5-inch loaf pans.
Mix sugar, pumpkin puree, flour, mashed bananas, oil, eggs, baking soda, nutmeg, cinnamon, allspice, and cloves together in a large bowl. Pour in water slowly, mixing until batter is well blended.
Divide batter between prepared loaf pans.
Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 1 hour 15 minutes. Cool in the pan for 10 minutes; turn out onto a wire rack to cool completely.