The following example demonstrates the dynamic creation of a TImageList component used to draw a transparent bitmap. Example:

procedure TForm .Button Click(Sender: TObject);
var
  bm : TBitmap;
  il : TImageList;
begin
  bm := TBitmap.Create;
  bm.LoadFromFile('C:\DownLoad\TEST.BMP');
  il := TImageList.CreateSize(bm.Width,
                              bm.Height);
  il.DrawingStyle := dsTransparent;
  il.Masked := true;
  il.AddMasked(bm, clRed);
  il.Draw(Form .Canvas, 0, 0, 0);
  bm.Free;
  il.Free;
end;