This paper presents a filter bank summation method to perform spectral splitting of input signal for binaural dichotic presentation along with dynamic range compression coupled with noise reduction algorithm based on wiener filter. This helps to compensate the effect of spectral masking, reduced dynamic range, and improves speech perception for moderate sensorineural hearing loss in the adverse listening conditions. We have considered cascaded structure of noise reduction technique; Filter Bank Summation (FBS) based amplitude compression and spectral splitting. Wiener filter produces the enhanced signal by removing unwanted noise. The signal is split into eighteen frequency bands, ranging from 0-5KHz, based on auditory critical bandwidths. To reduce the dynamic range, amplitude compression is carried out using constant compression factor in each of the bands. Subjective and objective assessment based on Mean Opinion Score (MOS) and Perceptual Evaluation of Speech Quality (PESQ) scores, respectively, are used to test the Perceived quality of speech for different Signalto-Noise Ratio (SNR) conditions. Vowel Consonant Vowel (VCV) syllable /aba/ and sentences were used as the test material. The results of the listening tests showed MOS scores for processed speech sentence "sky that morning was clear and bright blue"