Preheat your oven to 375°F (190°C).
Grease a 9x5 inch loaf pan with melted butter or non-stick spray.
In a large bowl, whisk together the flour, baking powder, salt, pepper, and cayenne pepper (if using).
In a separate bowl, whisk together the milk, olive oil, and eggs until well combined.
Add the wet ingredients to the dry ingredients and stir gently until just combined.
Stir in the shredded cheese, olives, and thyme (if using) until evenly distributed throughout the batter.
Pour the batter into the prepared loaf pan and spread evenly.
Bake for 45-50 minutes, or until a wooden skewer inserted into the center comes out clean.
Let the bread cool in the pan for about 10–15 minutes before transferring it to a wire rack to cool completely.