Whisk eggs in a large shallow bowl. Add coconut milk, vanilla, and shredded coconut and whisk together to combine.
Melt some butter in a large pan or skillet over medium heat.
Dredge each slice of bread into the coconut mixture, making sure the bread is fully coated on both sides. Let excess drip off.
Place bread on hot skillet. Cook for about 3 minutes, until the bottom of each slice of bread turns golden brown. Flip bread and cook for another 2-3 minutes.
Serve french toast with banana pecan caramel sauce drizzled over the top.