DRAM performance and power efficiency considerations are becoming increasingly important. Bank partitioning partitions memory banks among cores and eliminates inter-thread interference, thus improving system performance of shared memory CMP systems. However, it doesn't take into account DRAM power consumption. We propose an application-aware page policy, which exploits potential benefits of page policy to optimize DRAM performance or minimize power consumption. The key idea is to dynamically assign page policy to applications according to their memory characteristics. As an improvement, we propose a power-aware bank partitioning to balance DRAM performance and power consumption. Experimental results show that our proposal increases system performance and significantly improves DRAM power efficiency.